N-Q 1 form.htm Unassociated Document
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
4000 Ericsson Drive
Warrendale, PA 15086-7561
(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:  7/31/10


Date of Reporting Period:  Quarter ended 4/30/10







Item 1.                      Schedule of Investments


Automated Cash Management Trust

Portfolio of Investments

April 30, 2010 (unaudited)

Principal
Amount		Value
Asset-Backed Securities – 1.5%
Finance — Automotive – 1.5%
$682,0581,2Bank of America Auto Trust 2009-2, Class A1, 0.396%, 9/15/2010682,058
4,745,7301,2Bank of America Auto Trust 2009-3, Class A1, 0.296%, 11/15/20104,745,730
10,343,157CarMax Auto Owner Trust 2010-1, Class A1, 0.274%, 2/15/201110,343,157
6,536,5571,2Chrysler Financial Auto Securitization Trust 2009-B, Class A1, 0.305%, 12/8/20106,536,557
7,043,9861,2Ford Credit Auto Lease Trust 2010-A, Class A1, 0.282%, 2/15/20117,043,986
2,949,6751,2Ford Credit Auto Owner Trust 2009-E, Class A1, 0.294%, 12/15/20102,949,675
9,005,156World Omni Automobile Lease Securitization Trust 2009-A, Class A1, 0.402%, 11/15/20109,005,156
TOTAL41,306,319
Finance — Equipment – 0.0%
416,268John Deere Owner Trust 2009-B, Class A1, 0.344%, 11/2/2010416,268
TOTAL ASSET-BACKED SECURITIES41,722,587
Certificates of Deposit – 19.6%
Finance — Banking – 19.6%
25,000,000Abbey National Treasury Services PLC, 0.308%, 5/21/201025,000,000
115,000,000BNP Paribas SA, 0.220% - 0.340%, 5/5/2010 - 5/10/2010115,000,000
30,000,000Bank of Montreal, 0.249%, 5/4/201030,000,000
125,000,000Bank of Tokyo-Mitsubishi UFJ Ltd., 0.230%, 5/19/2010 - 6/4/2010125,000,000
9,000,000Barclays Bank PLC, 0.710%, 1/21/20119,000,000
150,000,000Credit Agricole Corporate and Investment Bank, 0.210% - 0.340%, 5/3/2010 - 8/20/2010150,000,000
50,000,000Mizuho Corporate Bank Ltd., 0.250%, 5/28/201050,000,000
40,000,000Societe Generale, Paris, 0.260%, 7/2/201040,000,000
TOTAL CERTIFICATES OF DEPOSIT544,000,000
Collateralized Loan Agreements – 20.5%
Finance — Banking – 20.5%
50,000,000Banc of America Securities LLC, 0.610%, 5/3/201050,000,000
100,000,000Barclays Capital, Inc., 0.400% - 0.450%, 5/3/2010 - 6/16/2010100,000,000
90,000,000Citigroup Global Markets, Inc., 0.710%, 5/3/201090,000,000
25,000,000Credit Suisse First Boston LLC, 0.270%, 5/5/201025,000,000
150,000,000Deutsche Bank Securities, Inc., 0.400% - 0.610%, 5/3/2010 - 6/15/2010150,000,000
30,000,000J.P. Morgan Securities, Inc., 0.530%, 6/22/201030,000,000
75,000,000RBS Securities, Inc., 0.660%, 5/5/201075,000,000
50,000,000Wells Fargo Securities, LLC, 0.350%, 5/3/201050,000,000
TOTAL COLLATERALIZED LOAN AGREEMENTS570,000,000
Commercial Paper – 29.8%;3
Aerospace/Auto – 4.7%
130,000,000Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 0.330% - 0.350%, 6/24/2010 - 7/13/2010129,920,338
Finance — Automotive – 3.6%
100,000,000FCAR Auto Loan Trust, (A1+/P1 Series), 0.300% - 0.490%, 7/6/2010 - 9/17/201099,856,607
Finance — Banking – 19.1%
105,000,0001,2Banco Bilbao Vizcaya Argentaria SA, 0.240% - 0.310%, 6/8/2010 - 7/8/2010104,963,433
40,000,000Citigroup Funding, Inc., 0.260%, 6/1/201039,991,045
66,000,0001,2Clipper Receivables Company LLC, 0.280% - 0.355%, 5/10/2010 - 7/6/201065,981,405
139,000,0001,2Grampian Funding LLC, 0.250% - 0.270%, 5/4/2010 - 5/28/2010138,985,458
75,000,000ING (U.S.) Funding LLC, 0.250%, 7/1/201074,968,229
15,170,000Los Angeles County, CA Metropolitan Transportation Authority, (Bank of America N.A. LOC), 0.250%, 5/4/201015,170,000
40,000,000Societe Generale North America, Inc., (GTD by Societe Generale, Paris), 0.260%, 7/1/201039,982,378
1
Principal
Amount		Value
$51,151,0001,2Ticonderoga Funding LLC, (Bank of America N.A. SWP), 0.280% - 0.300%, 6/21/2010 - 7/14/201051,125,210
TOTAL531,167,158
Finance — Commercial – 1.7%
19,072,0001,2Edison Asset Securitization LLC, 0.280%, 7/19/201019,060,281
3,000,0001,2Enterprise Funding Co. LLC, 0.220%, 5/3/20102,999,963
25,000,000General Electric Capital Corp., 0.200%, 5/4/201024,999,584
TOTAL47,059,828
Finance — Retail – 0.7%
20,000,0001,2Salisbury Receivables Company LLC, 0.230%, 5/12/201019,998,594
TOTAL COMMERCIAL PAPER828,002,525
Corporate Bonds – 2.1%
Finance — Banking – 1.5%
40,000,000JPMorgan Chase Bank, N.A., 0.257%, 5/20/201140,000,000
Finance — Commercial – 0.6%
16,800,000General Electric Capital Corp., 4.250% - 6.875%, 9/13/2010 - 2/22/201117,151,488
TOTAL CORPORATE BONDS57,151,488
Government Agency – 2.9%
Government Agency – 2.9%
80,000,000Federal Home Loan Bank System, 0.400% - 0.650%, 12/27/2010 - 5/25/201180,000,000
Loan Participation – 1.5%
Chemicals – 1.5%
40,000,000DuPont Teijin Films U.K. Ltd., (GTD by Du Pont (E.I.) de Nemours & Co.), 0.450%, 5/27/201040,000,000
Notes — Variable – 19.8%;4
Electrical Equipment – 0.4%
12,740,139Northwest Airlines, Inc., (GTD by General Electric Co.), 0.300%, 5/3/201012,740,139
Finance — Banking – 17.0%
75,000,000Australia & New Zealand Banking Group, Melbourne, 0.290% - 0.311%, 5/24/2010 - 5/28/201075,000,000
25,000,0001,2Australia & New Zealand Banking Group, Melbourne, 0.293%, 5/25/201025,000,000
9,000,000Barclays Bank PLC, 0.508%, 5/21/20109,000,000
4,080,000CNOS Building LLC, (U.S. Bank, N.A. LOC), 0.550%, 5/5/20104,080,000
8,235,000California Statewide Communities Development Authority, (Series 2005-B), (Union Bank, N.A. LOC), 0.650%, 5/6/20108,235,000
411,000Capital One Funding Corp., (Series 1995-F), (JPMorgan Chase Bank, N.A. LOC), 0.290%, 5/6/2010411,000
1,164,000Capital One Funding Corp., (Series 1996-C), (JPMorgan Chase Bank, N.A. LOC), 0.290%, 5/6/20101,164,000
4,540,000Grand Chute, WI, (U.S. Bank, N.A. LOC), 0.550%, 5/5/20104,540,000
300,000J.P. Morgan & Co., Inc., 0.289%, 5/7/2010300,000
50,000,000JPMorgan Chase Bank, N.A., 0.265%, 5/28/201050,000,000
2,695,000New York State HFA, (Series 2008-B), (Landesbank Hessen-Thuringen LOC), 0.310%, 5/5/20102,695,000
2,910,000Overland Park Professional Center LLC, (Series 2004), (U.S. Bank, N.A. LOC), 0.300%, 5/6/20102,910,000
50,000,0001,2Rabobank Nederland NV, Utrecht, 0.792%, 7/7/201050,000,000
39,550,000Rochester, MN Health Care Facility Authority, (Series B), 0.250%, 5/5/201039,550,000
25,000,000Toronto Dominion Bank, 0.249%, 5/4/201025,000,000
25,423,000Wachovia Corp., 0.402%, 6/1/201025,425,459
12,200,000West Memphis IDRB, S-B Power Tool Project, (Series 2000 A), (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/6/201012,200,000
136,000,000Westpac Banking Corp. Ltd., Sydney, 0.289% - 0.444%, 5/4/2010 - 7/19/2010136,026,995
TOTAL471,537,454
Finance — Commercial – 1.9%
52,964,000General Electric Capital Corp., 0.352% - 0.431%, 5/20/2010 - 7/28/201052,965,356
Government Agency – 0.5%
80,000Alabama HFA MFH, Turtle Lake Project (Series 2000-B), (FNMA LOC), 1.000%, 5/6/201080,000
10,000,000Capital Trust Agency, FL, (FNMA LOC), 0.260%, 5/6/201010,000,000
2
Principal
Amount		Value
$2,770,000Kentucky EDFA, Henderson County Health Care Corp., (FHLB of Cincinnati LOC), 0.770%, 5/6/20102,770,000
TOTAL12,850,000
TOTAL NOTES — VARIABLE550,092,949
Time Deposit – 2.0%
Finance — Banking – 2.0%
55,000,000Toronto Dominion Bank, 0.210%, 5/3/201055,000,000
Repurchase Agreement – 1.1%
31,631,000Interest in $8,020,000,000 joint repurchase agreement 0.21%, dated 4/30/2010 under which Bank of America, N.A. will repurchase securities provided as collateral for $8,020,140,350 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 1/20/2040 and market value of those underlying securities was $8,180,543,158.31,631,000
TOTAL INVESTMENTS — 100.8%
(AT AMORTIZED COST)5		2,797,600,549
OTHER ASSETS AND LIABILITIES  -  NET — (0.8)%6(21,880,568)
TOTAL NET ASSETS — 100%$2,775,719,981
1Denotes 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 April 30, 2010, these restricted securities amounted to $500,072,350, which represented 18.0% of total net assets.
2Denotes 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 April 30, 2010, these liquid restricted securities amounted to $500,072,350, which represented 18.0% of total net assets.
3Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
4Floating rate notes with current rate and next reset date shown.
5Also represents cost for federal tax purposes.
6Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2010.

Investment Valuation

Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures established by and under the general supervision of the Trustees.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2010, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

The following acronyms are used throughout this portfolio:

EDFA — Economic Development Finance Authority
FHLB — Federal Home Loan Bank
FNMA — Federal National Mortgage Association
GTD — Guaranteed
HFA — Housing Finance Authority
IDRB — Industrial Development Revenue Bond
LOC — Letter of Credit
MFH — Multi-Family Housing
SWP — Swap Agreement

3


Automated Government Money Trust

Portfolio of Investments

April 30, 2010 (unaudited)

Principal
Amount		Value
Repurchase Agreements – 82.1%
$30,000,0001Interest in $1,900,000,000 joint repurchase agreement 0.19%, dated 4/1/2010 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $1,900,922,556 on 7/6/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2040 and the market value of those underlying securities was $1,938,286,439.30,000,000
41,182,000Interest in $6,350,000,000 joint repurchase agreement 0.20%, dated 4/30/2010 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $6,350,105,833 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2020 and the market value of those underlying securities was $6,477,108,013.41,182,000
20,000,0001Interest in $1,000,000,000 joint repurchase agreement 0.19%, dated 4/13/2010 under which Credit Suisse First Boston Corp. will repurchase securities provided as collateral for $1,000,158,333 on 5/13/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 12/31/2016 and the market value of those underlying securities was $1,020,097,310.20,000,000
20,000,0001Interest in $860,000,000 joint repurchase agreement 0.19%, dated 4/13/2010 under which Credit Suisse First Boston Corp. will repurchase securities provided as collateral for $860,136,167 on 5/14/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2040 and the market value of those underlying securities was $877,276,507.20,000,000
50,000,000Interest in $500,000,000 joint repurchase agreement 0.20%, dated 4/30/2010 under which ING Financial Markets LLC will repurchase securities provided as collateral for $500,008,333 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2020 and the market value of those underlying securities was $510,004,130.50,000,000
50,000,000Interest in $1,750,000,000 joint repurchase agreement 0.20%, dated 4/30/2010 under which RBS Securities, Inc. will repurchase securities provided as collateral for $1,750,029,167 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 4/15/2015 and the market value of those underlying securities was $1,785,000,585.50,000,000
50,000,000Interest in $750,000,000 joint repurchase agreement 0.20%, dated 4/30/2010 under which Societe Generale, New York will repurchase securities provided as collateral for $750,012,500 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 8/15/2039 and the market value of those underlying securities was $765,012,835.50,000,000
50,000,000Interest in $1,000,000,000 joint repurchase agreement 0.20%, dated 4/30/2010 under which TD Securities (USA), LLC will repurchase securities provided as collateral for $1,000,016,667 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2040 and the market value of those underlying securities was $1,020,017,067.50,000,000
4,000,000Interest in $100,000,000 joint repurchase agreement 0.10%, dated 4/30/2010 under which UBS Securities LLC will repurchase a security provided as collateral for $100,000,833 on 5/3/2010. The security provided as collateral at the end of the period was a U.S. Treasury security maturing on 11/30/2013 and the market value of that underlying security was $102,003,515.4,000,000
TOTAL REPURCHASE AGREEMENTS315,182,000
U.S. Treasury – 17.8%
16,500,0002United States Treasury Bills, 0.155% - 0.545%, 7/1/201016,490,702
12,500,0002United States Treasury Bills, 0.220%, 9/16/201012,489,458
5,000,0002United States Treasury Bills, 0.285%, 8/26/20104,995,369
5,000,000United States Treasury Notes, 1.500%, 10/31/20105,030,877
9,500,000United States Treasury Notes, 2.000%, 9/30/20109,568,043
6,000,000United States Treasury Notes, 2.625%, 5/31/20106,011,495
4,500,000United States Treasury Notes, 4.375%, 12/15/20104,609,325
9,000,000United States Treasury Notes, 5.750%, 8/15/20109,146,477
TOTAL U.S. TREASURY68,341,746
TOTAL INVESTMENTS — 99.9%
(AT AMORTIZED COST)3		383,523,746
OTHER ASSETS AND LIABILITIES - NET — 0.1%4202,620
TOTAL NET ASSETS — 100%$383,726,366
1Although 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.
2Discount rate at time of purchase.
3Also represents cost for federal tax purposes.
1
4Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2010.

Investment Valuation

Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures established by and under the general supervision of the Board of Trustees.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2010, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

2


Federated Capital Reserves Fund

Portfolio of Investments

April 30, 2010 (unaudited)

Principal
Amount		Value
ASSET-BACKED SECURITIES – 5.2%
Finance — Automotive – 4.8%
$21,094,6721BMW Canada Auto Trust Series 2009-1, Class A1, 0.674%, 10/20/201021,094,671
7,248,841CarMax Auto Owner Trust 2009-2, Class A1, 0.279%, 11/15/20107,248,841
21,652,3441,2Chrysler Financial Auto Securitization Trust 2009-B, Class A1, 0.306%, 12/8/201021,652,344
401,881,5301,2Chrysler Financial Lease Trust 2010-A, Class A1, 0.377%, 3/15/2011401,881,530
29,357,8321Fleet Leasing Receivables Trust 2010-1, Class A1-B, 0.469%, 2/15/201129,357,832
13,586,828Hyundai Auto Receivables Trust 2009-A, Class A1, 0.357%, 9/15/201013,586,828
TOTAL494,822,046
Finance — Equipment – 0.4%
10,228,3931,2GE Equipment Small Ticket LLC Series 2009-1, Class A1, 0.382%, 11/15/201010,228,393
16,269,3501,2Great America Leasing Receivables 2009-1, Class A1, 0.495%, 11/15/201016,269,349
15,579,0201Marlin Leasing Receivables XII LLC Series 2010-1, Class A1, 0.438%, 2/15/201115,579,020
TOTAL42,076,762
TOTAL ASSET-BACKED SECURITIES536,898,808
BANK NOTES – 3.1%
Banking – 3.1%
325,000,000Bank of America N.A., 0.230% - 0.330%, 5/28/2010 - 7/27/2010325,000,000
TOTAL BANK NOTES325,000,000
CERTIFICATES OF DEPOSIT – 27.3%
Banking – 27.3%
225,000,000Banco Bilbao Vizcaya Argentaria SA, 0.270% - 0.310%, 7/6/2010 - 7/19/2010225,002,380
513,000,000Bank of Tokyo-Mitsubishi UFJ Ltd., 0.230% - 0.350%, 5/19/2010 - 7/28/2010513,000,000
100,000,000Barclays Bank PLC, 0.710%, 1/21/2011100,000,000
199,000,000Bayerische Landesbank, 0.400% - 0.405%, 5/17/2010 - 5/28/2010199,001,022
225,000,000BNP Paribas SA, 0.220% - 0.340%, 5/5/2010 - 7/12/2010225,000,000
250,000,000Credit Agricole Corporate and Investment Bank, 0.210% - 0.410%, 5/3/2010 - 9/20/2010250,000,000
200,000,000Credit Agricole Corporate and Investment Bank, 0.340%, 8/20/2010200,000,000
98,000,000Landesbank Baden-Wurttemberg, 0.300% - 0.330%, 5/24/2010 - 6/4/201098,000,000
485,000,000Mizuho Corporate Bank Ltd., 0.220% - 0.250%, 5/20/2010 - 5/24/2010485,000,000
428,000,000Societe Generale, Paris, 0.260% - 0.340%, 7/2/2010 - 8/2/2010428,000,000
105,000,000State Street Bank and Trust Co., 0.340%, 9/8/2010105,000,000
TOTAL2,828,003,402
TOTAL CERTIFICATES OF DEPOSIT2,828,003,402
COLLATERALIZED LOAN AGREEMENTS – 12.3%
Banking – 12.3%
100,000,000Banc of America Securities LLC, 0.618%, 5/3/2010100,000,000
105,000,000Barclays Capital, Inc., 0.406% - 0.466%, 5/3/2010 - 5/10/2010105,000,000
490,000,000Citigroup Global Markets, Inc., 0.720%, 5/3/2010490,000,000
300,000,000Credit Suisse First Boston LLC, 0.274%, 5/5/2010300,000,000
285,000,000Deutsche Bank Securities, Inc., 0.406% - 0.669%, 5/3/2010 - 6/22/2010285,000,000
TOTAL1,280,000,000
TOTAL COLLATERALIZED LOAN AGREEMENTS1,280,000,000
COMMERCIAL PAPER – 23.2%;3
Aerospace/Auto – 4.9%
102,600,0001,2BMW US Capital LLC, (GTD by Bayerische Motoren Werke AG), 0.340% - 0.400%, 5/3/2010 - 7/29/2010102,562,947
64,306,0001,2Nissan Motor Acceptance Corp., (Nissan Motor Co., Ltd. Support Agreement), 0.340% - 0.350%, 5/19/2010 - 5/25/201064,292,325
296,000,000Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 0.330% - 0.350%, 6/24/2010 - 7/9/2010295,827,749
1
Principal
Amount		Value
$44,597,0001,2Volkswagen of America, Inc., (GTD by Volkswagen AG), 0.280% - 0.400%, 5/4/2010 - 7/29/201044,574,857
TOTAL507,257,878
Banking – 14.0%
60,000,0001,2Banco Bilbao Vizcaya Argentaria SA, 0.270%, 6/18/201059,978,400
50,000,0001,2Clipper Receivables Company LLC, 0.351%, 8/23/201049,944,583
135,000,0001,2Danske Corp., Inc., 0.200%, 6/2/2010134,976,000
442,000,0001,2Grampian Funding LLC, 0.250% - 0.270%, 5/4/2010 - 5/28/2010441,957,426
300,000,000ING (U.S.) Funding LLC, 0.250%, 7/1/2010299,872,917
60,000,000KBC Bank N.V., 0.320%, 6/4/201060,000,000
100,000,000Landesbank Baden-Wurttemberg, 0.320%, 5/14/201099,988,444
150,000,0001,2Landesbank Hessen-Thuringen, 0.260%, 5/20/2010149,979,417
60,000,0001,2Sumitomo Mitsui Banking Corp., 0.270%, 5/28/201059,987,850
45,000,0001,2Surrey Funding Corporation, 0.200%, 5/3/201044,999,500
50,000,0001,2Ticonderoga Funding LLC, (Bank of America N.A. Swap Agreement), 0.280%, 6/25/201049,978,611
TOTAL1,451,663,148
Consumer Products – 0.4%
38,422,000Clorox Co., 0.270% — 0.300%, 5/3/2010 — 5/18/201038,419,841
Container/Packaging – 0.2%
25,000,000Bemis Co., Inc., 0.250%, 5/7/201024,998,958
Electric Power – 0.4%
37,200,0001,2Eaton Corp., 0.340% - 0.350%, 6/9/2010 - 6/29/201037,177,857
Finance — Automotive – 1.0%
108,000,000FCAR Auto Loan Trust, A1+/P1 Series, 0.310% - 0.501%, 7/1/2010 - 8/24/2010107,884,399
Finance — Commercial – 1.7%
41,000,0001,2Atlantic Asset Securitization LLC, 0.190%, 6/1/201040,993,292
13,000,0001,2Edison Asset Securitization LLC, 0.200%, 5/11/201012,999,278
75,000,000General Electric Capital Services, 0.361%, 9/20/201074,893,500
50,000,0001,2Versailles Commercial Paper LLC, 0.270%, 5/12/201049,995,875
TOTAL178,881,945
Finance — Retail – 0.2%
25,016,0001,2Falcon Asset Securitization Company LLC, 0.200%, 5/24/201025,012,803
Food & Beverage – 0.2%
24,000,0001,2H.J. Heinz Finance Co., (GTD by H.J. Heinz Co.), 0.400%, 7/28/201023,976,533
Retail – 0.2%
16,400,0001,2CVS Caremark Corp., 0.300%, 5/12/2010 — 5/13/201016,398,377
TOTAL COMMERCIAL PAPER2,411,671,739
CORPORATE BONDS – 0.8%
Banking – 0.7%
75,000,000JPMorgan Chase Bank, N.A., 0.258%, 5/20/201175,000,000
Finance — Commercial – 0.1%
1,000,000General Electric Capital Corp., 4.250%, 12/1/20101,021,022
8,000,000General Electric Capital Corp., 5.000%, 12/1/20108,209,872
TOTAL9,230,894
TOTAL CORPORATE BONDS84,230,894
GOVERNMENT AGENCIES – 4.9%
Government Agency – 4.9%
50,000,000Federal Home Loan Bank System Notes, 0.400%, 12/27/201050,000,000
28,000,000Federal Home Loan Bank System Notes, 0.500%, 1/5/201128,000,000
200,000,000Federal Home Loan Bank System Notes, 0.550%, 3/23/2011200,000,000
100,000,000Federal Home Loan Bank System Notes, 0.650%, 5/25/2011100,000,000
2
Principal
Amount		Value
$127,966,0001,2Straight A Funding , LLC, 0.190%, 5/20/2010127,953,168
TOTAL505,953,168
TOTAL GOVERNMENT AGENCIES505,953,168
MUNICIPALS – 2.1%
Banking – 2.1%
21,800,000California Infrastructure & Economic Development Bank, (Series 2008B), (Bank of America N.A. LOC), 0.260%, 5/3/201021,800,000
7,000,000Louisiana Public Facilities Authority, (Series 2008C), 0.500%, 5/3/20107,000,000
7,500,000Louisiana Public Facilities Authority, 0.450%, 5/3/20107,500,000
44,060,000Michigan Higher Education Facilities Authority, (Series 2006), (JPMorgan Chase Bank, N.A. LOC), 0.290%, 5/6/201044,060,000
29,000,000Michigan Strategic Fund, (Series 2007), 0.550%, 5/3/201029,000,000
10,500,000Mississippi Business Finance Corp., (Series 2007), (Regions Bank, Alabama LOC), 0.800%, 5/6/201010,500,000
15,000,000New York City, NY, (Fiscal 2008 Subseries J-6), (Landesbank Hessen-Thuringen LOC), 0.260%, 5/3/201015,000,000
26,650,000New York State Dormitory Authority, (Series 2005A), 0.240%, 5/6/201026,650,000
22,300,000New York State HFA, Series 2008-B, (Landesbank Hessen-Thuringen LOC), 0.310%, 5/5/201022,300,000
18,400,000New York State Local Government Assistance Corp., (Series 1995C), (Landesbank Hessen-Thuringen GTD LOC), 0.270%, 5/5/201018,400,000
19,845,000Walker, Dade & Catoosa Counties, GA Hospital Authority, (Series 2008), (Regions Bank, Alabama LOC), 0.800%, 5/6/201019,845,000
TOTAL222,055,000
TOTAL MUNICIPALS222,055,000
NOTES — VARIABLE – 18.1%;4
Banking – 16.8%
50,000,000Abbey National Treasury Services PLC, 0.308%, 5/21/201050,000,000
100,000,000Abbey National Treasury Services PLC, 0.317%, 5/28/2010100,000,000
11,600,000Advance Packaging Corp., Series 2006, (Fifth Third Bank, Cincinnati LOC), 0.530%, 5/6/201011,600,000
460,000Alabama State IDA, (Regions Bank, Alabama LOC), 3.250%, 5/1/2010460,000
7,580,000American Commercial Development, LLC, Series 2008, (Fulton Bank LOC), 2.100%, 5/6/20107,580,000
100,000,000Australia & New Zealand Banking Group, Melbourne, 0.311%, 5/24/2010100,000,000
225,000,000Barclays Bank PLC, 0.563%, 5/25/2010225,000,000
5,845,000Capital Markets Access Co. LC, ECO Stonecrest, LLC. Series 2006, (SunTrust Bank LOC), 0.660%, 5/5/20105,845,000
3,065,000Capital Markets Access Co. LC, Series 2005 E, (Regions Bank, Alabama LOC), 2.050%, 5/6/20103,065,000
3,495,000Courtesy Realty LLC, Series 2002, (Regions Bank, Alabama LOC), 1.050%, 5/6/20103,495,000
6,250,000Cunat Capital Corp., Northfield Corp., Series 206, (Fifth Third Bank, Cincinnati LOC), 1.250%, 5/6/20106,250,000
4,700,000Erwin Marine Sales, Inc., Series 2000, (Regions Bank, Alabama LOC), 1.050%, 5/6/20104,700,000
2,700,000Fairpoint Regional Utility System, Inc., (Regions Bank, Alabama LOC), 1.050%, 5/6/20102,700,000
2,160,000Flintrock Farms, Series 2006, (Fulton Bank LOC), 2.250%, 5/6/20102,160,000
900,000Frogtown LLC, Series 2004, (Comerica Bank LOC), 0.650%, 5/6/2010900,000
23,240,000Fuller Road Management Corp., Series 2007, (Key Bank, N.A. LOC), 0.530%, 5/6/201023,240,000
6,660,000Green Knight Economic Development Corp., Series 2004, (Fulton Bank LOC), 2.100%, 5/6/20106,660,000
2,565,000Grossman Realty LLC, Series 5, (Regions Bank, Alabama LOC), 1.050%, 5/6/20102,565,000
6,735,000Katz Capital Corp., Series 1999-A, (Fifth Third Bank, Cincinnati LOC), 0.530%, 5/6/20106,735,000
10,600,000Lakeline Austin Development, Ltd, Series 2005, (Wachovia Bank N.A. LOC), 0.300%, 5/6/201010,600,000
24,300,000Leeds, AL, Series 2006-A, (Regions Bank, Alabama LOC), 1.050%, 5/6/201024,300,000
6,440,000Leeds, AL, Series 2006-C, (Regions Bank, Alabama LOC), 1.050%, 5/6/20106,440,000
25,000,000Lloyds TSB Bank PLC, London, 0.199%, 5/6/201025,000,000
4,460,000Louisiana Land & Water Co., (Regions Bank, Alabama LOC), 3.400%, 5/6/20104,460,000
12,735,000Madison Hotel Investors I LLC, Series 2005 B, (Marshall & Ilsley Bank, Milwaukee LOC), 2.020%, 5/6/201012,735,000
10,830,000Maryland State Economic Development Corp., Human Genome Sciences Series 1999-B, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.970%, 5/4/201010,830,000
7,000,000Maryland State Economic Development Corp., Series 2001A Human Genome Sciences, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.760%, 5/4/20107,000,000
2,590,000Mesa Properties LLC, Series 2002, (RBC Bank (USA) LOC), 0.360%, 5/6/20102,590,000
7,215,000Metrodev Newark, LLC, Series 2008, (PNC Bank, N.A. LOC), 0.350%, 5/6/20107,215,000
3
Principal
Amount		Value
$27,375,000New York City Housing Development Corp., Series 2009 A2, (RBS Citizens Bank N.A. LOC), 0.300%, 5/5/201027,375,000
65,000,000New York City Housing Development Corp., Series 2009-A1, (RBS Citizens Bank N.A. LOC), 0.300%, 5/5/201065,000,000
9,200,000Ohio Venture Capital Fund LLC, (Fifth Third Bank, Cincinnati LOC), 0.530%, 5/6/20109,200,000
9,960,000Ohio Venture Capital Fund LLC, Series B-2, (Fifth Third Bank, Cincinnati LOC), 0.530%, 5/6/20109,960,000
8,200,000Ohio Venture Capital Fund LLC, Series E-2, (Fifth Third Bank, Cincinnati LOC), 0.530%, 5/6/20108,200,000
3,400,000Pennsylvania Community Behavioral Healthcare Cooperative, Series 2006, (Fulton Bank LOC), 2.100%, 5/6/20103,400,000
16,600,000Pineview Estates LC, Series 2008, (Fifth Third Bank, Cincinnati LOC), 0.490%, 5/6/201016,600,000
150,000,0001,2Rabobank Nederland NV, Utrecht, 0.792%, 7/7/2010150,000,000
4,155,500Ricker Realty & Development, LLC, Series 2005, (Fifth Third Bank, Cincinnati LOC), 0.530%, 5/6/20104,155,500
50,000,000Societe Generale, Paris, 0.288%, 5/28/201050,000,000
10,165,000Springfield Surgical Properties LLC, Series 2008, (Fifth Third Bank, Cincinnati LOC), 0.530%, 5/6/201010,165,000
10,120,000Summit Utilities, Inc., Series 2009-B, (UMB Bank, N.A. LOC), 0.820%, 5/6/201010,120,000
1,215,000Tipton, IN, Tipton County Memorial Hospital Project, Series 2006B, (Fifth Third Bank, Cincinnati LOC), 1.540%, 5/6/20101,215,000
200,000,000Toronto Dominion Bank, 0.249%, 5/4/2010200,000,000
2,860,000Trinity Baptist Church, Series 2003-A, (Regions Bank, Alabama LOC), 1.050%, 5/6/20102,860,000
7,935,000Vulcan, Inc., Series 2006, (Regions Bank, Alabama LOC), 1.050%, 5/6/20107,935,000
150,000,000Westpac Banking Corp. Ltd., Sydney, 0.299%, 5/4/2010150,000,000
75,000,000Westpac Banking Corp. Ltd., Sydney, 0.300%, 5/11/201075,000,000
259,000,000Westpac Banking Corp. Ltd., Sydney, 0.303%, 5/14/2010259,000,000
5,870,000Word of Life Christian Center, Series 2007, (Regions Bank, Alabama LOC), 1.050%, 5/6/20105,870,000
3,440,0001,2Yonkers, NY IDA, Salgra Realty, LLC Series 2006, (TD Banknorth N.A. LOC), 0.320%, 5/6/20103,440,000
TOTAL1,743,620,500
Finance — Commercial – 0.3%
2,700,000General Electric Capital Corp., 0.310%, 5/11/20102,699,179
7,490,000Woodgrain Millwork, Inc., Series 2004, (General Electric Capital Corp. LOC), 0.390%, 5/6/20107,490,000
15,975,000Ziegler Realty, (General Electric Capital Corp. LOC), 0.300%, 5/6/201015,975,000
4,470,000Ziegler Realty, Series 2008, (General Electric Capital Services LOC), 0.350%, 5/6/20104,470,000
TOTAL30,634,179
Government Agency – 1.0%
16,545,000Cunat Capital Corp., Sheffield Height Series 2006, (Federal Home Loan Bank of Chicago LOC), 0.300%, 5/6/201016,545,000
90,000,000Utah Telecommunication Open Infrastructure Agency, Series 2008, (Federal Home Loan Bank of Cincinnati LOC), 0.320%, 5/6/201090,000,000
TOTAL106,545,000
TOTAL NOTES — VARIABLE1,880,799,679
REPURCHASE AGREEMENTS – 4.5%
471,295,000Interest in $2,500,000,000 joint repurchase agreement 0.210%, dated 4/30/2010 under which Bank of America, N.A. will repurchase securities provided as collateral for $471,303,248 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/15/2040 and the market value of those underlying securities was $2,550,044,626.471,295,000
TOTAL REPURCHASE AGREEMENTS471,295,000
TOTAL INVESTMENTS — 101.5%
(AT AMORTIZED COST)5		10,545,907,690
OTHER ASSETS AND LIABILITIES  -  NET — (1.5)%6(159,367,931)
TOTAL NET ASSETS — 100%$10,386,539,759
1Denotes 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 April 30, 2010, these restricted securities amounted to $2,207,242,238, which represented 21.3% of total net assets.
2Denotes 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 April 30, 2010, these liquid restricted securities amounted to $2,141,210,715, which represented 20.6% of total net assets.
4
Additional information on restricted securities, excluding securities purchased under Rule 144A, if applicable, that have been deemed liquid by the Trustees, held at April 30, 2010, is as follows:
SecurityAcquisition DateAcquisition CostMarket Value
BMW Canada Auto Trust Series 2009-1, Class A1, 0.674%, 10/20/20109/23/2009$21,094,671$21,094,671
Fleet Leasing Receivables Trust 2010-1, Class A1-B, 0.469%, 2/15/20111/25/2010$29,357,832$29,357,832
Marlin Leasing Receivables XII LLC Series 2010-1, Class A1, 0.438%, 2/15/20112/4/2010$15,579,020$15,579,020
3Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest-bearing issues.
4Floating rate note with current rate and next reset date shown.
5Also represents cost for federal tax purposes.
6Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2010.

Investment Valuation

Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures established by and under the general supervision of the Trustees.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1  -  quoted prices in active markets for identical securitiesLevel 2  -  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)Level 3  -  significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2010, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

The following acronyms are used throughout this portfolio:

GTD — Guaranteed
HFA — Housing Finance Authority
IDA — Industrial Development Authority
LOC — Letter of Credit

5


Federated Government Reserves Fund

Portfolio of Investments

April 30, 2010 (unaudited)

Principal
Amount		Value
U.S. GOVERNMENT AGENCIES – 38.4%
$40,000,0001Federal Home Loan Bank System Discount Note, 0.420%, 5/17/201039,992,533
1,017,000,0002Federal Home Loan Bank System Floating Rate Notes, 0.129% - 0.268%, 5/2/2010 - 7/29/20101,016,520,274
56,000,000Federal Home Loan Bank System Note, 0.700%, 5/27/201156,000,000
779,166,667Federal Home Loan Bank System Notes, 0.270% - 5.250%, 5/26/2010 - 5/25/2011779,455,165
25,000,0001Federal Home Loan Mortgage Corp. Discount Note, 0.240%, 8/11/201024,983,000
487,960,0001Federal Home Loan Mortgage Corp. Discount Notes, 0.200% - 0.250%, 6/21/2010 - 10/5/2010487,682,845
277,000,0002Federal Home Loan Mortgage Corp. Floating Rate Notes, 0.216% - 0.263%, 5/19/2010 - 6/10/2010276,868,329
20,000,000Federal Home Loan Mortgage Corp. Note, 3.250%, 7/16/201020,128,647
557,667,0001Federal National Mortgage Association Discount Notes, 0.210% - 0.540%, 6/30/2010 - 10/25/2010557,181,035
353,000,0002Federal National Mortgage Association Floating Rate Notes, 0.160% - 0.216%, 5/11/2010 - 7/13/2010352,788,412
458,000,0001Straight A Funding, LLC (unconditional liquidity support from Federal Financing Bank) Discount Notes, 0.190% - 0.250%, 5/14/2010 - 7/1/2010457,910,003
TOTAL U.S. GOVERNMENT AGENCIES4,069,510,243
REPURCHASE AGREEMENTS – 63.5%
2,028,705,000Interest in $2,500,000,000 joint repurchase agreement 0.210%, dated 4/30/2010 under which Bank of America, N.A. will repurchase securities provided as collateral for $2,028,740,502 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/15/2040 and the market value of those underlying securities was $2,550,044,626.2,028,705,000
2,000,000,000Repurchase agreement 0.210%, dated 4/30/2010 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $2,000,035,000 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 11/25/2045 and the market value of those underlying securities was $2,060,036,051.2,000,000,000
937,426,000Interest in $945,000,000 joint repurchase agreement 0.210%, dated 4/30/2010 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $937,442,405 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/1/2040 and the market value of those underlying securities was $973,264,084.937,426,000
1,500,000,000Repurchase agreement 0.210%, dated 4/30/2010 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $1,500,026,250 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 11/25/2039 and the market value of those underlying securities was $1,545,027,038.1,500,000,000
250,000,0003Repurchase agreement 0.210%, dated 3/25/2010 under which Goldman Sachs and Co. will repurchase securities provided as collateral for $250,131,250 on 6/23/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 6/25/2047 and the market value of those underlying securities was $257,558,581.250,000,000
TOTAL REPURCHASE AGREEMENTS6,716,131,000
TOTAL INVESTMENTS — 101.9%
(AT AMORTIZED COST)4		10,785,641,243
OTHER ASSETS AND LIABILITIES - NET — (1.9)%5(200,896,738)
TOTAL NET ASSETS — 100%$10,584,744,505
1Discount rate at the time of purchase.
2Floating rate note with current rate and next reset date shown.
3Although 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.
4Also represents cost for federal tax purposes.
5Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2010.

Investment Valuation

Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with GAAP. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures established by and under the general supervision of the Board of Trustees.

1
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1 — quoted prices in active markets for identical securitiesLevel 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2010, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

2


Federated Master Trust

Portfolio of Investments

April 30, 2010 (unaudited)

Principal
Amount		Value
Asset-Backed Securities – 2.2%
Finance — Automotive – 2.1%
$1,481,770Ally Auto Receivables Trust 2010-1, Class A1, 0.323%, 4/15/20111,481,770
53,5071,2Bank of America Auto Trust 2009-2, Class A1, 0.396%, 9/15/201053,507
474,5731,2Bank of America Auto Trust 2009-3, Class A1, 0.296%, 11/15/2010474,573
477,5821,2Ford Credit Auto Lease Trust 2010-A, Class A1, 0.283%, 2/15/2011477,582
163,8711,2Ford Credit Auto Owner Trust 2009-E, Class A1, 0.295%, 12/15/2010163,871
TOTAL2,651,303
Finance — Equipment – 0.1%
104,067John Deere Owner Trust 2009-B, Class A1, 0.345%, 11/2/2010104,067
TOTAL ASSET-BACKED SECURITIES2,755,370
Certificates of Deposit – 25.7%
Finance — Banking – 25.7%
4,000,000Abbey National Treasury Services PLC, 0.316%, 5/28/20104,000,000
5,000,000BNP Paribas SA, 0.310%, 7/15/20105,000,000
2,000,000Banco Bilbao Vizcaya Argentaria SA, 0.255%, 6/16/20102,000,013
7,400,000Bank of Tokyo-Mitsubishi UFJ Ltd., 0.230%, 5/19/2010 - 5/24/20107,400,000
4,000,000Barclays Bank PLC, 0.578% - 0.710%, 5/5/2010 - 1/21/20114,000,000
6,000,000Credit Agricole Corporate and Investment Bank, 0.340%, 8/20/20106,000,000
4,000,000Mizuho Corporate Bank Ltd., 0.220%, 5/21/20104,000,000
TOTAL CERTIFICATES OF DEPOSIT32,400,013
Collateralized Loan Agreements – 16.3%
Finance — Banking – 16.3%
5,000,000Banc of America Securities LLC, 0.618%, 5/3/20105,000,000
1,600,000Citigroup Global Markets, Inc., 0.720%, 5/3/20101,600,000
5,000,000Deutsche Bank Securities, Inc., 0.456%, 6/22/20105,000,000
6,000,000RBC Capital Markets Corp., 0.416%, 5/3/20106,000,000
3,000,000RBS Securities, Inc., 0.659%, 5/5/20103,000,000
TOTAL COLLATERALIZED LOAN AGREEMENTS20,600,000
Commercial Paper – 26.9%; 3
Aerospace / Auto – 4.7%
6,000,000Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 0.330% - 0.350%, 6/24/2010 - 7/1/20105,996,748
Finance — Automotive – 3.9%
5,000,000FCAR Auto Loan Trust, A1+/P1 Series, 0.600%, 7/9/20104,994,250
Finance — Banking – 14.3%
5,000,0001,2Clipper Receivables Company LLC, 0.280%, 7/6/20104,997,433
6,000,0001,2Grampian Funding LLC, 0.250%, 5/14/20105,999,459
7,000,000Societe Generale North America, Inc., (GTD by Societe Generale, Paris), 0.260%, 7/1/20106,996,916
TOTAL17,993,808
Finance — Commercial – 4.0%
5,000,0001,2Atlantic Asset Securitization LLC, 0.240%, 6/11/20104,998,633
TOTAL COMMERCIAL PAPER33,983,439
Corporate Bonds – 5.6%
Finance — Banking – 3.2%
1,000,000Bank of America N.A., 0.330%, 7/27/20101,000,000
3,000,000JPMorgan Chase Bank, N.A., 0.258%, 5/20/20113,000,000
TOTAL4,000,000
1
Principal
Amount		Value
Finance — Commercial – 2.4%
$3,000,000General Electric Capital Corp., 5.200% - 6.875%, 11/15/2010 - 2/1/20113,101,630
TOTAL CORPORATE BONDS7,101,630
Government Agency – 2.4%
Government Agency – 2.4%
3,000,000Federal Home Loan Bank System, 0.550%, 3/23/20113,000,000
Loan Participation – 4.0%
Chemicals – 4.0%
5,000,000DuPont Teijin Films U.K. Ltd., (GTD by Du Pont (E.I.) de Nemours & Co.), 0.450%, 5/27/20105,000,000
Notes — Variable – 14.7%; 4
Finance — Banking – 12.2%
2,000,000Barclays Bank PLC, 0.508%, 5/21/20102,000,000
2,000,000JPMorgan Chase Bank, N.A., 0.265%, 5/28/20102,000,000
5,000,000Wachovia Corp., 0.402%, 6/1/20105,000,582
6,150,000Westpac Banking Corp. Ltd., Sydney, 0.299% - 0.303%, 5/4/2010 - 5/14/20106,150,000
285,000Wildcat Management Co., Inc., (Series 1999), (U.S. Bank, N.A. LOC), 0.650%, 5/6/2010285,000
TOTAL15,435,582
Finance — Commercial – 0.9%
1,170,000General Electric Capital Corp., 0.310% - 0.654%, 5/10/2010 - 6/9/20101,169,055
Government Agency – 1.6%
2,000,000Capital Trust Agency, FL, (FNMA LOC), 0.260%, 5/6/20102,000,000
TOTAL NOTES — VARIABLE18,604,637
Repurchase Agreement – 2.1%
2,629,000Interest in $8,020,000,000 joint repurchase agreement 0.21%, dated 4/30/2010 under which Bank of America, N.A. will repurchase securities provided as collateral for $8,020,140,350 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 1/20/2040 and the market value of those underlying securities was $8,180,543,158.2,629,000
TOTAL INVESTMENTS — 99.9%
(AT AMORTIZED COST)5		126,074,089
OTHER ASSETS AND LIABILITES - NET — 0.1%6108,505
TOTAL NET ASSETS — 100%$126,182,594
1Denotes 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 April 30, 2010, these restricted securities amounted to $17,165,058, which represented 13.6% of total net assets.
2Denotes 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 April 30, 2010, these liquid restricted securities amounted to $17,165,058, which represented 13.6% of total net assets.
3Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
4Floating rate notes with current rate and next reset date shown.
5Also represents cost for federal tax purposes.
6Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2010.

Investment Valuation

Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures established by and under the general supervision of the Trustees.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

2

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2010, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

The following acronyms are used throughout this portfolio:

FNMA — Federal National Mortgage Association
GTD — Guaranteed
LOC — Letter of Credit

3


Federated Municipal Trust

Portfolio of Investments

April 30, 2010 (unaudited)

Principal
Amount		Value
SHORT-TERM MUNICIPALS – 99.3%;1,2
Alabama – 2.1%
$5,000,000Alabama HFA MFH, (Series 2001D) Weekly VRDNs (Cottage Hill Pointe Apts., Ltd.)/(Wachovia Bank N.A. LOC), 0.480%, 5/6/20105,000,000
5,000,000Alabama HFA MFH, (Series 2002C) Weekly VRDNs (Liberty Square Apartments, Ltd.)/(Wachovia Bank N.A. LOC), 0.430%, 5/6/20105,000,000
600,000Alabama HFA MFH, (Series 2003A) Weekly VRDNs (Lakeshore Crossing Apartments Ltd.)/(Wells Fargo Bank, N.A. LOC), 0.480%, 5/6/2010600,000
3,040,000Alabama State IDA, (Series 1994) Weekly VRDNs (Homeland Vinyl Products, Inc.)/(Compass Bank, Birmingham LOC), 0.580%, 5/6/20103,040,000
5,000,000Chatom, AL IDB, (Series 2001) Weekly VRDNs (PowerSouth Energy Cooperative)/(Regions Bank, Alabama LOC), 0.980%, 5/6/20105,000,000
TOTAL18,640,000
Arkansas – 0.3%
3,000,000Pulaski County, AR Public Facilities Board, (Series 2002: Waterford and Bowman Heights Apartments) Weekly VRDNs (Bailey Properties, LLC)/(Regions Bank, Alabama LOC), 0.950%, 5/6/20103,000,000
California – 3.3%
3,030,000Alameda County, CA IDA, (Series 2005A) Weekly VRDNs (Convergent Laser Technologies)/(Comerica Bank LOC), 0.450%, 5/6/20103,030,000
25,847,000California State, GO Tax Exempt Notes, 0.400% CP (CALPERS, CALSTRS, Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/12/201025,847,000
TOTAL28,877,000
Colorado – 3.1%
8,000,000Centerra Metropolitan District No. 1, CO, (Series 2008) Weekly VRDNs (Compass Bank, Birmingham LOC), 0.650%, 5/5/20108,000,000
2,300,000Colorado HFA, (Series 2005B) Weekly VRDNs (Closet Factory)/(Bank of New York Mellon LOC), 0.550%, 5/6/20102,300,000
2,160,000Colorado HFA, (Series 2007) Weekly VRDNs (Xybix Systems, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.550%, 5/6/20102,160,000
15,000,000Denver, CO City & County Department of Aviation, (Subseries 2008C2) Weekly VRDNs (Landesbank Baden-Wurttemberg LOC), 0.330%, 5/5/201015,000,000
TOTAL27,460,000
Connecticut – 0.3%
2,650,000Putnam, CT, 1.500% BANs, 1/18/20112,659,407
Delaware – 1.1%
5,300,000Sussex County, DE IDA, (Series 2000) Weekly VRDNs (Perdue-AgriRecycle, LLC)/(SunTrust Bank LOC), 0.680%, 5/5/20105,300,000
4,515,000Sussex County, DE, First Mortgage Revenue Bonds (Series 2006C) Weekly VRDNs (Cadbury at Lewes)/(Citizens Bank of Pennsylvania LOC), 0.470%, 5/6/20104,515,000
TOTAL9,815,000
District of Columbia – 1.3%
2,500,0003,4District of Columbia HFA, (PT-4575) Weekly VRDNs (Cavalier Apartments LP)/(FHLMC GTD)/(FHLMC LIQ), 0.420%, 5/6/20102,500,000
9,000,000District of Columbia, (Series 2007) Weekly VRDNs (American Immigration Lawyers Association)/(Wells Fargo Bank, N.A. LOC), 0.370%, 5/6/20109,000,000
TOTAL11,500,000
Florida – 4.9%
750,000Florida Development Finance Corp., (Series 2006C) Weekly VRDNs (Central Florida Box Corp.)/(Regions Bank, Alabama LOC), 1.000%, 5/6/2010750,000
18,145,0003,4Lee County, FL Memorial Health System, (Series 2009D) Weekly VRDNs (SunTrust Bank LOC), 0.550%, 5/5/201018,145,000
10,600,000Orange County, FL IDA, (Series 2007) Weekly VRDNs (Lake Highland Preparatory School, Inc.)/(Bank of America N.A. LOC), 0.330%, 5/6/201010,600,000
4,000,000Pinellas County, FL Health Facility Authority, (Series 2006A) Daily VRDNs (Bayfront Hospital)/(SunTrust Bank LOC), 0.370%, 5/3/20104,000,000
10,000,000Polk County, FL IDA, (Series 2005B) Daily VRDNs (Winter Haven Hospital, Inc.)/(SunTrust Bank LOC), 0.370%, 5/3/201010,000,000
TOTAL43,495,000
1
Principal
Amount		Value
Georgia – 3.4%
$5,375,000Gainesville and Hall County, GA Development Authority, (Series 2002) Weekly VRDNs (Fieldale Farms Corp.)/(Wells Fargo Bank, N.A. LOC), 0.470%, 5/6/20105,375,000
25,000,000Municipal Electric Authority of Georgia, (Series 1994 E) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.400%, 5/5/201025,000,000
TOTAL30,375,000
Idaho – 1.5%
11,440,000Boise, ID Housing Authority, (Series 2002B) Weekly VRDNs (Civic Plaza LP)/(Key Bank, N.A. LOC), 1.650%, 5/5/201011,440,000
1,895,000Minidoka County, ID IDC, (Series 1998) Weekly VRDNs (Nature's Best Produce, Inc.)/(CoBank, ACB LOC), 0.600%, 5/6/20101,895,000
TOTAL13,335,000
Illinois – 2.8%
3,810,000Aurora, Kane, DuPage, Will and Kendall Counties, IL, (Series 1999) Weekly VRDNs (Jania Family LLC)/(Bank of America N.A. LOC), 0.550%, 5/6/20103,810,000
3,400,000Harvey, IL Multifamily Revenue, (Series 1997) Weekly VRDNs (Bethlehem Village)/(Federal Home Loan Bank of Indianapolis LOC), 0.800%, 5/6/20103,400,000
4,485,000Illinois Development Finance Authority IDB, (Series 1995) Weekly VRDNs (CHS Acquisition Corp.)/(Fifth Third Bank, Cincinnati LOC), 0.580%, 5/6/20104,485,000
9,200,000Illinois Finance Authority, (Series 2006) Weekly VRDNs (Lawrence Hall Youth Services)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/7/20109,200,000
3,000,000Lockport, IL IDA, (Series 1990) Weekly VRDNs (Panduit Corp.)/(Fifth Third Bank, Cincinnati LOC), 0.560%, 5/5/20103,000,000
1,000,000Will-Kankakee, IL Regional Development Authority, (Series 1999) Weekly VRDNs (T. H. Davidson & Co., Inc.)/(Bank of America N.A. LOC), 0.450%, 5/6/20101,000,000
TOTAL24,895,000
Indiana – 2.7%
7,250,000Bloomington, IN EDRB, (Series 2008: Henderson Court Apartments) Weekly VRDNs (SY Henderson Court Investors, LP)/(FHLMC LOC), 0.400%, 5/6/20107,250,000
5,000,000Indianapolis, IN MFH, (Series 2004A) Weekly VRDNs (Nora Commons LP)/(Bank of America N.A. LOC), 0.350%, 5/6/20105,000,000
3,400,000Indianapolis, IN, (Series 1999) Weekly VRDNs (Chip Ganassi Racing Teams)/(PNC Bank, N.A. LOC), 0.380%, 5/6/20103,400,000
8,600,000Spencer County, IN PCA, PCR Revenue Bonds Weekly VRDNs (American Iron Oxide Co.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.700%, 5/6/20108,600,000
TOTAL24,250,000
Kansas – 0.2%
1,468,0003,4Clipper Tax-Exempt Certificates Trust (Kansas-AMT) Series 2009-11 Weekly VRDNs (Sedgwick & Shawnee Counties, KS)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.420%, 5/6/20101,468,000
Kentucky – 0.5%
215,000Paris, KY Weekly VRDNs (Monessen Holdings LLC)/(Key Bank, N.A. LOC), 1.500%, 5/6/2010215,000
4,320,000Somerset, KY Industrial Building, (Series 2000) Weekly VRDNs (Wonderfuel LLC)/(Comerica Bank LOC), 0.450%, 5/6/20104,320,000
TOTAL4,535,000
Louisiana – 0.6%
4,900,000Calcasieu Parish, LA, IDB, (Series 1998) Weekly VRDNs (HydroServe Westlake, LLC)/(JPMorgan Chase Bank, N.A. LOC), 0.400%, 5/5/20104,900,000
Maryland – 0.6%
5,400,000Westminster, MD EDRB, (Series 2004C) Daily VRDNs (Carroll Lutheran Village, Inc.)/(Citizens Bank of Pennsylvania LOC), 0.410%, 5/3/20105,400,000
Massachusetts – 0.9%
8,000,000Massachusetts IFA (Series 1992B), 0.700% CP (New England Power Co.) Mandatory Tender 5/3/20108,000,000
Michigan – 1.7%
3,740,000Chicago, IL, (Series 2001) Weekly VRDNs (John Hofmeister & Son)/(Harris, N.A. LOC), 0.580%, 5/6/20103,740,000
3,500,000Michigan Municipal Bond Authority, State Aid Revenue (Series 2009 C-1), 3.000% TANs, 8/20/20103,516,786
8,000,000Michigan State, (Series A), 2.000% TRANs, 9/30/20108,048,764
TOTAL15,305,550
Minnesota – 3.1%
25,000,000Rochester, MN Health Care Facility Authority, (Series 2002-C Remarketed 4/18/08) Weekly VRDNs (Mayo Clinic)/(Bank of America N.A. LIQ), 0.350%, 5/5/201025,000,000
2
Principal
Amount		Value
$2,800,000Stillwater, MN, (Series 2002A) Weekly VRDNs (Curve Crest Villa)/(Bank of America N.A. LOC), 0.430%, 5/7/20102,800,000
TOTAL27,800,000
Mississippi – 2.6%
2,680,000Mississippi Business Finance Corp., (Series 2001) Weekly VRDNs (Corinthian, Inc.)/(Regions Bank, Alabama LOC), 0.980%, 5/6/20102,680,000
1,305,000Mississippi Business Finance Corp., Revenue Bonds (Series 2001) Weekly VRDNs (H. M. Richards, Inc.)/(Regions Bank, Alabama LOC), 1.080%, 5/6/20101,305,000
900,000Mississippi Home Corp., (Series 2006-1) Weekly VRDNs (Terrace Park Apartments)/(Wells Fargo Bank, N.A. LOC), 0.480%, 5/6/2010900,000
6,075,000Mississippi Home Corp., (Series 2006-5) Weekly VRDNs (Ashton Park Apartments)/(Wachovia Bank N.A. LOC), 0.480%, 5/6/20106,075,000
3,840,000Mississippi Home Corp., MFH Revenue Bonds (Series 2001-4) Weekly VRDNs (Highland Park Apartments)/(Wells Fargo Bank, N.A. LOC), 0.480%, 5/6/20103,840,000
270,000Mississippi Home Corp., MFH Revenue Refunding Bonds (Series 1991D-1) Weekly VRDNs (Summer Park Apartments)/(Wells Fargo Bank, N.A. LOC), 0.680%, 5/6/2010270,000
7,800,000Mississippi Regional Housing Authority No. II, (Series 2000), 1.50% TOBs (Laurel Park Apartments)/(Federal Home Loan Bank of Dallas LOC), Mandatory Tender 12/1/20107,800,000
TOTAL22,870,000
Missouri – 0.2%
2,000,000St. Louis, MO IDA, (Series 1991) Weekly VRDNs (U.S. Durum Milling, Inc.)/(Bank of America N.A. LOC), 0.350%, 5/5/20102,000,000
Multi State – 12.1%
9,406,0003,4Clipper Tax-Exempt Certificates Trust (Multi-State AMT) Series 2009-13 Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.450%, 5/6/20109,406,000
8,898,0003,4Clipper Tax-Exempt Certificates Trust (Multi-State AMT) Series 2009-68 Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.450%, 5/6/20108,898,000
10,160,0003,4Clipper Tax-Exempt Certificates Trust (Multistate AMT) Series 2009-78 Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.450%, 5/6/201010,160,000
9,856,000FHLMC (Series M019-A) Weekly VRDNs (MFH Revenue Bond Pass-Through Certificates)/(FHLMC GTD)/(FHLMC LIQ), 0.330%, 5/6/20109,856,000
9,880,000FHLMC (Series M021-A) Weekly VRDNs (MFH Revenue Bond Pass-Through Certificates)/(FHLMC GTD)/(FHLMC LIQ), 0.330%, 5/6/20109,880,000
9,000,0003,4Nuveen Dividend Advantage Municipal Fund 2, (Series 1) Weekly VRDPs (Deutsche Bank AG LIQ), 0.450%, 5/6/20109,000,000
10,000,0003,4Nuveen Insured Premium Income Municipal Fund 2, (Series 1) Weekly VRDPs (Deutsche Bank AG LIQ), 0.450% 5/6/201010,000,000
20,000,000Nuveen Municipal Market Opportunity Fund, Inc., Weekly VRDPs (Deutsche Bank AG LIQ), 0.450%, 5/6/201020,000,000
20,000,000Nuveen Premium Income Municipal Fund 4, Inc., Weekly VRDPs (JPMorgan Chase Bank, N.A. LIQ), 0.450%, 5/6/201020,000,000
TOTAL107,200,000
Nebraska – 0.5%
4,150,0003,4Nebraska Investment Finance Authority, PUTTERs (Series 1352) Weekly VRDNs (JPMorgan Chase & Co. LIQ), 0.400%, 5/6/20104,150,000
Nevada – 3.7%
25,000,000Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008D-3) Weekly VRDNs (Bayerische Landesbank LOC), 0.350%, 5/6/201025,000,000
2,000,000Clark County, NV, (Series 2008A: Airport Bonds) Weekly VRDNs (Landesbank Baden-Wurttemberg LIQ), 0.340%, 5/5/20102,000,000
3,100,000Director of the State of Nevada Department of Business and Industry, (Series 2007) Weekly VRDNs (LVE Energy Partners LLC)/(Sumitomo Mitsui Banking Corp. LOC), 0.450%, 5/6/20103,100,000
2,835,000Director of the State of Nevada Department of Business and Industry, IDRB (Series 1998A) Weekly VRDNs (575 Mill Street LLC)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.760%, 5/6/20102,835,000
TOTAL32,935,000
New Jersey – 1.3%
1,500,000Camden County, NJ Improvement Authority, (Series 1999A) Daily VRDNs (Harvest Village)/(JPMorgan Chase Bank, N.A. LOC), 0.310%, 5/3/20101,500,000
6,108,500East Greenwich Township, NJ, (Series 2010A), 1.75% BANs, 4/18/20116,161,014
4,000,000Howell Township, NJ, 2.750% BANs, 9/14/20104,011,685
TOTAL11,672,699
New Mexico – 0.4%
3,750,000Bernalillo County, NM MFH, (Series 2008) Weekly VRDNs (Desert Willow, LP)/(U.S. Bank, N.A. LOC), 0.400%, 5/6/20103,750,000
3
Principal
Amount		Value
New York – 10.0%
$3,300,000Babylon, NY Union Free School District, 2.00% TANs, 6/25/20103,305,694
15,000,000Binghamton, NY City School District, 2.00% BANs, 9/17/201015,047,983
11,150,000Catskill, NY Central School District, 2.250% BANs, 9/24/201011,189,605
1,230,000Cattaraugus County, NY IDA, (Series 1999A) Weekly VRDNs (Gernatt Asphalt Products, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.450%, 5/6/20101,230,000
1,105,000Cayuga County, NY IDA, (Series 1998) Weekly VRDNs (NFR Northeast, Inc.)/(Citizens Bank of Pennsylvania LOC), 0.690%, 5/5/20101,105,000
13,500,000Erie County, NY Fiscal Stability Authority, (Series 2009A), 2.000% BANs, 5/19/201013,507,257
1,650,000Erie County, NY IDA, IDRB (Series 1994) Weekly VRDNs (Servotronics, Inc.)/(Bank of America N.A. LOC), 0.500%, 5/6/20101,650,000
1,700,000Madison County, NY IDA, (Series A) Weekly VRDNs (Owl Wire and Cable)/(Key Bank, N.A. LOC), 0.640%, 5/5/20101,700,000
1,105,000Monroe County, NY IDA, (Series 2000) Weekly VRDNs (Eldre Corp.)/(JPMorgan Chase Bank, N.A. LOC), 0.800%, 5/6/20101,105,000
1,600,000New York City, NY IDA, IDRB (Series 2003) Weekly VRDNs (Novelty Crystal Corp.)/(TD Banknorth N.A. LOC), 0.500%, 5/6/20101,600,000
2,300,0003,4Nuveen Insured New York Dividend Advantage Municipal Fund, (Series 1), Weekly VRDPs (Deutsche Bank AG LIQ), 0.450%, 5/6/20102,300,000
2,250,000Riverhead, NY IDA, IDRB (Series 1998) Weekly VRDNs (Altaire Pharmaceuticals, Inc.)/(Bank of New York Mellon LOC), 0.360%, 5/6/20102,250,000
13,000,000Rochester, NY, (Series 2009-II), 2.000% BANs, 8/23/201013,044,256
3,890,000Rockland County, NY IDA, (Series 2001) Weekly VRDNs (Gussack Realty Co./Tappan Wire and Cable, Inc.)/(RBS Citizens Bank N.A. LOC), 0.450%, 5/5/20103,890,000
15,140,500Schenectady, NY City School District, (Series 2009A), 1.750% BANs, 7/9/201015,156,042
TOTAL88,080,837
Ohio – 7.6%
27,070,000Hancock County, OH, (Series 2004) Weekly VRDNs (Blanchard Valley Regional Health Center)/(Assured Guaranty Municipal Corp. INS)/(Fifth Third Bank, Cincinnati LIQ), 0.600%, 5/6/201027,070,000
34,000,000Montgomery County, OH, (Series 1998B) Daily VRDNs (Miami Valley Hospital)/(JPMorgan Chase Bank, N.A. LIQ), 0.320%, 5/3/201034,000,000
6,000,000Ohio State, Solid Waste Revenue Bonds (Series 1998) Daily VRDNs (BP Exploration & Oil, Inc.)/(BP PLC GTD), 0.280%, 5/3/20106,000,000
TOTAL67,070,000
Oklahoma – 0.2%
1,737,5273,4Clipper Tax-Exempt Certificates Trust (Oklahoma AMT) Series 2009-5 Weekly VRDNs (Oklahoma HFA)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.420%, 5/6/20101,737,527
Pennsylvania – 2.5%
3,100,000Delaware Valley, PA Regional Finance Authority, (Series 1985C) Weekly VRDNs (Bayerische Landesbank LOC), 0.370%, 5/5/20103,100,000
15,000,000Delaware Valley, PA Regional Finance Authority, Mode 1 (Series 1986) Weekly VRDNs (Bayerische Landesbank LOC), 0.350%, 5/5/201015,000,000
4,165,000Philadelphia, PA Authority for Industrial Development, (Series 2007A) Daily VRDNs (Fox Chase Cancer Center)/(Citizens Bank of Pennsylvania LOC), 0.450%, 5/3/20104,165,000
TOTAL22,265,000
Rhode Island – 0.5%
4,475,000Rhode Island State Health and Educational Building Corp., (Series 2003) Weekly VRDNs (St. John Baptist De La Salle Institute)/(RBS Citizens Bank N.A. LOC), 0.400%, 5/5/20104,475,000
South Carolina – 0.8%
7,000,000South Carolina Jobs-EDA, IDB (Series 2008) Weekly VRDNs (South Carolina Electric and Gas)/(Branch Banking & Trust Co. LOC), 0.370%, 5/6/20107,000,000
South Dakota – 0.9%
8,410,000South Dakota EDFA, (Series 1996) Weekly VRDNs (Hastings Filters, Inc. )/(JPMorgan Chase Bank, N.A. LOC), 0.450%, 5/6/20108,410,000
Tennessee – 2.7%
4,500,000Coffee County, TN Industrial Board, (Series 2008) Weekly VRDNs (Fischer Land Development, LLC)/(Fifth Third Bank, Cincinnati LOC), 0.580%, 5/7/20104,500,000
3,500,000Jackson, TN Health Educational & Housing Facilities Board Multifamily Revenue, (Series 1998) Weekly VRDNs (Park Ridge Apartments)/(Wells Fargo Bank, N.A. LOC), 0.480%, 5/6/20103,500,000
7,500,000Marion County, TN IDA, (Series 2000) Weekly VRDNs (Valmont Industries, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.470%, 5/6/20107,500,000
4,870,000Metropolitan Government Nashville & Davidson County, TN HEFA, (Series 2009) Weekly VRDNs (Meharry Medical College)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/7/20104,870,000
4
Principal
Amount		Value
$3,200,000Sevier County, TN Industrial Development Board, (Series 2005) Weekly VRDNs (Heritage Log Homes, Inc.)/(SunTrust Bank LOC), 0.880%, 5/6/20103,200,000
TOTAL23,570,000
Texas – 8.5%
12,290,000Austin, TX Water and Wastewater System, (Series 2004) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Landesbank Baden-Wurttemberg (GTD) LIQ), 0.350%, 5/6/201012,290,000
3,000,000Dallam County, TX IDC, (Series 2006) Weekly VRDNs (Dalhart Jersey Ranch, Inc.)/(CoBank, ACB LOC), 0.600%, 5/6/20103,000,000
8,400,000Gulf Coast, TX IDA, Marine Terminal Revenue Bonds (Series 1993) Daily VRDNs (BP Corporation North America, Inc.), 0.270%, 5/3/20108,400,000
9,500,000Harris County, TX HFDC, (Series 2008A) Weekly VRDNs (Baylor College of Medicine)/(Compass Bank, Birmingham LOC), 0.500%, 5/5/20109,500,000
7,470,000Harris County, TX Housing Finance Corp., Park at Kirkstall Apartments (Series 2002) Weekly VRDNs (Harris Park Partners LP)/(Wells Fargo Bank, N.A. LOC), 0.480%, 5/6/20107,470,000
12,200,000Houston, TX Airport System, (Series 2005A) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Bank of America N.A. LIQ), 0.340%, 5/5/201012,200,000
22,900,000Texas State Department of Housing & Community Affairs, (Series 2007 A) Weekly VRDNs (Texas State LIQ), 0.300%, 5/6/201022,900,000
TOTAL75,760,000
Virginia – 0.6%
5,000,000Halifax, VA IDA, MMMs, PCR (Series 1992), 1.300% CP (Virginia Electric & Power Co.), Mandatory Tender 5/5/20105,000,000
Washington – 3.4%
3,025,000Washington State EDFA, (Series 2000H) Weekly VRDNs (Waste Management, Inc.)/(Bank of America N.A. LOC), 0.370%, 5/5/20103,025,000
4,025,000Washington State Health Care Facilities Authority, (Series 2007D) Daily VRDNs (Multicare Health System)/(Assured Guaranty Municipal Corp. INS)/(U.S. Bank, N.A. LIQ), 0.290%, 5/3/20104,025,000
3,590,000Washington State Housing Finance Commission: MFH, (Series 1996) Weekly VRDNs (Hamilton Place Senior Living LP)/(FNMA LOC), 0.370%, 5/6/20103,590,000
4,825,000Washington State Housing Finance Commission: MFH, (Series 1996: Larkin Apartments) Weekly VRDNs (Hamilton Place Apartments, LP)/(FNMA LOC), 0.370%, 5/6/20104,825,000
2,575,000Washington State Housing Finance Commission: MFH, (Series 1996A: Pacific Inn Apartments) Weekly VRDNs (225-112th NE LP)/(U.S. Bank, N.A. LOC), 0.350%, 5/6/20102,575,000
12,200,000Washington State Housing Finance Commission: MFH, (Series 2005A: Park Vista) Weekly VRDNs (MWSH Port Orchard LLC)/(Federal Home Loan Bank of San Francisco LOC), 0.370%, 5/6/201012,200,000
TOTAL30,240,000
West Virginia – 0.5%
4,000,000West Virginia EDA, (Series 2005) Weekly VRDNs (Collins Hardwood Company, LLC)/(Bank of America N.A. LOC), 0.600%, 5/6/20104,000,000
Wisconsin – 5.9%
20,000,000Franklin, WI Regional Solid Waste Finance Commission, (Series 2007A) Weekly VRDNs (Waste Management of Wisconsin, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.350%, 5/6/201020,000,000
7,710,000Janesville, WI, (Series 1992) Weekly VRDNs (Seneca Foods Corp.)/(Royal Bank of Scotland NV LOC), 1.300%, 5/6/20107,710,000
1,000,000Wausau, WI IDA, (Series 2002) Weekly VRDNs (Apogee Enterprises, Inc.)/(Bank of New York Mellon LOC), 0.550%, 5/6/20101,000,000
15,045,000Wisconsin Housing & EDA, Home Ownership Revenue Bonds (Series 2005C) Weekly VRDNs (Lloyds TSB Bank PLC, London LIQ), 0.350%, 5/5/201015,045,000
8,630,000Wisconsin State HEFA, (Series 2006A) Weekly VRDNs (Amery Regional Medical Center)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/5/20108,630,000
TOTAL52,385,000
TOTAL SHORT-TERM MUNICIPALS
(AT AMORTIZED COST)		880,281,020
TOTAL INVESTMENTS — 99.3%
(AT AMORTIZED COST)5		880,281,020
OTHER ASSETS AND LIABILITIES - NET — 0.7%66,472,155
TOTAL NET ASSETS — 100%$886,753,175
5
 Securities that are subject to the federal alternative minimum tax (AMT) represent 53.7% of the Fund's portfolio as calculated based upon total market value.
1The 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 April 30, 2010 the portfolio securities were rated as follows:
 Tier Rating Percentages Based on Total Market Value
First TierSecond Tier
97.1%2.9%
2Current rate and next reset date shown on Variable Rate Demand Notes.
3Denotes 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 April 30, 2010, these restricted securities amounted to $77,764,527, which represented 8.8% of total net assets.
4Denotes 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 April 30, 2010, these liquid restricted securities amounted to $77,764,527, which represented 8.8% of total net assets.
5Also represents cost for federal tax purposes.
6Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2010.

Investment Valuation

Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with GAAP. Each Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures established by and under the general supervision of the Trustees.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

The following is a summary of the inputs used, as of April 30, 2010, in valuing the Fund's assets carried at fair value:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2010, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

6
The following acronyms are used throughout this portfolio:
AMT — Alternative Minimum Tax
BANs — Bond Anticipation Notes
CALPERS — California Public Employees Retirement System
CALSTRS — California State Teachers' Retirement System
COL — Collateralized
CP — Commercial Paper
EDA — Economic Development Authority
EDFA — Economic Development Finance Authority
EDRB — Economic Development Revenue Bond
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
GNMA — Government National Mortgage Association
GO — General Obligation
GTD — Guaranteed
HEFA — Health and Education Facilities Authority
HFA — Housing Finance Authority
HFDC — Health Facility Development Corporation
IDA — Industrial Development Authority
IDB — Industrial Development Bond
IDC — Industrial Development Corporation
IDRB — Industrial Development Revenue Bond
IFA — Industrial Finance Authority
INS — Insured
LIQ — Liquidity Agreement
LOC(s) — Letter(s) of Credit
MFH — Multi-Family Housing
MMMs — Money Market Municipals
PCA — Pollution Control Authority
PCR — Pollution Control Revenue
PUTTERs — Puttable Tax-Exempt Receipts
TANs — Tax Anticipation Notes
TRANs — Tax and Revenue Anticipation Notes
TOBs — Tender Option Bonds
VRDNs — Variable Rate Demand Notes
VRDPs — Variable Rate Demand Preferreds

7


Government Obligations Fund

Portfolio of Investments

April 30, 2010 (unaudited)

Principal
Amount		Value
GOVERNMENT AGENCIES – 42.5%
$50,000,000Federal Farm Credit System Notes, 0.560%, 7/1/201050,001,085
3,530,400,0001Federal Home Loan Bank System Floating Rate Notes, 0.129% - 0.310%, 5/3/2010 - 7/29/20103,529,169,777
3,078,788,333Federal Home Loan Bank System Notes, 0.180% - 5.250%, 5/4/2010 - 5/25/20113,078,540,062
1,481,059,0002Federal Home Loan Mortgage Corp. Discount Notes, 0.190% - 0.250%, 6/7/2010 - 10/5/20101,480,041,775
1,441,800,0001Federal Home Loan Mortgage Corp. Floating Rate Notes, 0.179% - 0.263%, 5/5/2010 - 7/12/20101,441,656,573
270,000,000Federal Home Loan Mortgage Corp. Notes, 0.240% - 3.250%, 7/16/2010 - 8/11/2010270,492,075
2,392,500,0002Federal National Mortgage Association Discount Notes, 0.210% - 0.540%, 7/1/2010 - 10/25/20102,390,651,570
1,649,500,0001Federal National Mortgage Association Floating Rate Notes, 0.160% - 0.216%, 5/11/2010 - 7/13/20101,648,506,041
506,535,0001Housing and Urban Development Floating Rate Notes, 0.491%, 5/1/2010506,535,000
TOTAL GOVERNMENT AGENCIES14,395,593,958
Repurchase Agreements – 58.9%
10,000,000Interest in $250,000,000 joint repurchase agreement 0.21%, dated 4/30/2010 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $250,004,375 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 12/1/2032 and the market value of those underlying securities was $256,088,176.10,000,000
4,026,606,000Interest in $6,350,000,000 joint repurchase agreement 0.20%, dated 4/30/2010 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $6,350,105,833 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2020 and the market value of those underlying securities was $6,477,108,013.4,026,606,000
888,000,000Interest in $1,638,000,000 joint repurchase agreement 0.21%, dated 4/30/2010 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $1,638,028,665 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 5/1/2040 and the market value of those underlying securities was $1,673,407,683.888,000,000
430,069,000Repurchase agreement 0.21%, dated 4/30/2010 under which Banc of America Securities LLC will repurchase securities provided as collateral for $430,076,526 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 9/16/2050 and the market value of those underlying securities was $441,779,992.430,069,000
160,179,000Interest in $8,020,000,000 joint repurchase agreement 0.21%, dated 4/30/2010 under which Bank of America N.A. will repurchase securities provided as collateral for $8,020,140,350 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 1/20/2040 and the market value of those underlying securities was $8,180,543,158.160,179,000
1,900,000,000Interest in $4,850,000,000 joint repurchase agreement 0.20%, dated 4/30/2010 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $4,850,080,833 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 11/15/2024 and the market value of those underlying securities was $4,947,082,546.1,900,000,000
500,000,000Interest in $1,000,000,000 joint repurchase agreement 0.21%, dated 4/30/2010 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $1,000,017,500 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/25/2040 and the market value of those underlying securities was $1,028,866,117.500,000,000
1,500,000,000Repurchase agreement 0.20%, dated 4/30/2010 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $1,500,025,000 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 2/15/2044 and the market value of those underlying securities was $1,530,025,500.1,500,000,000
500,000,0003Repurchase agreement 0.17%, dated 4/28/2010 under which Credit Suisse First Boston LLC will repurchase securities provided as collateral for $500,016,528 on 5/5/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 8/15/2019 and the market value of those underlying securities was $510,007,645.500,000,000
500,000,0003Repurchase agreement 0.18%, dated 4/28/2010 under which Credit Suisse First Boston LLC will repurchase securities provided as collateral for $500,017,500 on 5/5/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2020 and the market value of those underlying securities was $510,005,324.500,000,000
696,000,0003Interest in $1,000,000,000 joint repurchase agreement 0.21%, dated 4/28/2010 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $1,000,192,500 on 6/1/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 5/1/2040 and the market value of those underlying securities was $1,020,764,136.696,000,000
1,000,000,000Interest in $1,500,000,000 joint repurchase agreement 0.21%, dated 4/30/2010 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $1,500,026,250 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 1/1/2048 and the market value of those underlying securities was $1,543,415,722.1,000,000,000
1
Principal
Amount		Value
$500,000,000Repurchase agreement 0.20%, dated 4/30/2010 under which Goldman Sachs & Co. will repurchase securities provided as collateral for $500,008,333 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 5/25/2040 and the market value of those underlying securities was $515,008,584.500,000,000
536,000,0003Interest in $750,000,000 joint repurchase agreement 0.21%, dated 3/24/2010 under which Goldman Sachs & Co. will repurchase securities provided as collateral for $764,774,375 on 6/23/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 5/25/2040 and the market value of those underlying securities was $772,675,744.536,000,000
700,000,0003Interest in $1,000,000,000 joint repurchase agreement 0.21%, dated 4/23/2010 under which Goldman Sachs & Co. will repurchase securities provided as collateral for $1,000,180,833 on 5/24/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 12/25/2049 and the market value of those underlying securities was $1,030,060,084.700,000,000
250,000,000Repurchase agreement 0.20%, dated 4/30/2010 under which HSBC Securities (USA), Inc. will repurchase securities provided as collateral for $250,004,167 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 2/1/2050 and the market value of those underlying securities was $255,667,189.250,000,000
365,000,0003Interest in $500,000,000 joint repurchase agreement 0.17%, dated 2/9/2010 under which ING Financial Markets LLC will repurchase securities provided as collateral for $500,212,500 on 5/11/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 2/25/2040 and the market value of those underlying securities was $515,195,530.365,000,000
292,000,0003Interest in $500,000,000 joint repurchase agreement 0.21%, dated 3/30/2010 under which ING Financial Markets LLC will repurchase securities provided as collateral for $500,262,500 on 6/29/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 7/25/2048 and the market value of those underlying securities was $515,092,780.292,000,000
500,000,000Interest in $1,000,000,000 joint repurchase agreement 0.21%, dated 4/30/2010 under which ING Financial Markets LLC will repurchase securities provided as collateral for $1,000,017,500 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency and U.S. Treasury securities with various maturities to 11/1/2046 and the market value of those underlying securities was $1,022,429,083.500,000,000
1,000,000,000Interest in $1,500,000,000 joint repurchase agreement 0.21%, dated 4/30/2010 under which JPMorgan Securities, Inc. will repurchase securities provided as collateral for $1,500,026,250 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/25/2048 and the market value of those underlying securities was $1,545,001,483.1,000,000,000
250,000,000Interest in $500,000,000 joint repurchase agreement 0.21%, dated 4/30/2010 under which Merrill Lynch Government Securities will repurchase securities provided as collateral for $500,008,750 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 8/20/2039 and the market value of those underlying securities was $515,001,255.250,000,000
500,000,000Repurchase agreement 0.21%, dated 4/30/2010 under which Natixis Financial Products Inc. will repurchase securities provided as collateral for $500,008,750 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency and U.S. Treasury securities with various maturities to 2/15/2040 and the market value of those underlying securities was $513,075,773.500,000,000
200,000,000Repurchase agreement 0.19%, dated 4/30/2010 under which RBC Capital Markets Corp. will repurchase securities provided as collateral for $200,003,167 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency and U.S. Treasury securities with various maturities to 4/30/2020 and the market value of those underlying securities was $204,003,246.200,000,000
107,000,0003Interest in $150,000,000 joint repurchase agreement 0.21%, dated 4/12/2010 under which RBC Capital Markets Corp. will repurchase securities provided as collateral for $150,026,250 on 5/13/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 7/25/2039 and the market value of those underlying securities was $153,710,026.107,000,000
200,000,000Repurchase agreement 0.21%, dated 4/30/2010 under which RBC Capital Markets Corp. will repurchase securities provided as collateral for $200,003,500 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 5/20/2036 and the market value of those underlying securities was $204,003,570.200,000,000
250,000,0003Repurchase agreement 0.22%, dated 4/29/2010 under which RBC Capital Markets Corp. will repurchase securities provided as collateral for $250,093,194 on 6/30/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 5/25/2040 and the market value of those underlying securities was $257,011,694.250,000,000
409,566,000Interest in $2,000,000,000 joint repurchase agreement 0.21%, dated 4/30/2010 under which RBC Securities, Inc. will repurchase securities provided as collateral for $2,000,035,000 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 2/25/2045 and the market value of those underlying securities was $2,060,002,898.409,566,000
1,500,000,000Interest in $2,000,000,000 joint repurchase agreement 0.20%, dated 4/30/2010 under which Societe Generale, New York will repurchase securities provided as collateral for $2,000,033,333 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities and a U.S. Treasury security with various maturities to 4/15/2040 and the market value of those underlying securities was $2,040,034,765.1,500,000,000
100,000,000Repurchase agreement 0.15%, dated 4/30/2010 under which UBS Securities LLC will repurchase securities provided as collateral for $100,001,250 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 10/29/2010 and the market value of those underlying securities was $102,004,798.100,000,000
2
Principal
Amount		Value
$200,000,000Repurchase agreement 0.20%, dated 4/30/2010 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $200,003,333 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 5/15/2030 and the market value of those underlying securities was $204,004,408.200,000,000
TOTAL REPURCHASE AGREEMENTS19,970,420,000
TOTAL INVESTMENTS — 101.4%
(AT AMORTIZED COST)4		34,366,013,958
OTHER ASSETS AND LIABILITIES - NET — (1.4)%5(472,631,530)
TOTAL NET ASSETS — 100%$33,893,382,428
1Floating rate notes with current rate and next reset date shown.
2Discount rate at time of purchase.
3Although 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.
4Also represents cost for federal tax purposes.
5Assets, other than investments in securities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2010.

Investment Valuation

Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with GAAP. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures established by and under the general supervision of the Board of Trustees.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2010, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

3


Government Obligations Tax-Managed Fund

Portfolio of Investments

April 30, 2010 (unaudited)

Principal
Amount		Value
GOVERNMENT AGENCIES – 76.5%
$1,053,000,0001Federal Farm Credit System Discount Notes, 0.130% - 0.520%, 5/5/2010 - 10/14/20101,052,442,501
906,000,0002Federal Farm Credit System Floating Rate Notes, 0.160% - 0.416%, 5/3/2010 - 6/20/2010905,871,728
214,155,000Federal Farm Credit System Notes, 0.450% - 5.250%, 5/4/2010 - 9/13/2010214,844,700
3,494,970,0001Federal Home Loan Bank System Discount Notes, 0.060% - 0.225%, 5/3/2010 - 8/18/20103,494,265,205
552,000,0002Federal Home Loan Bank System Floating Rate Notes, 0.129% - 0.251%, 5/5/2010 - 7/27/2010551,768,549
274,750,000Federal Home Loan Bank System Notes, 0.270% - 4.375%, 6/18/2010 - 10/29/2010275,633,871
TOTAL GOVERNMENT AGENCIES6,494,826,554
U.S. TREASURY – 23.4%
244,000,0001United States Treasury Bill, 0.140%, 5/20/2010243,981,971
263,000,0001United States Treasury Bill, 0.155% - 0.200%, 7/1/2010262,912,397
368,100,0001United States Treasury Bill, 0.165%, 6/3/2010368,044,325
75,000,0001United States Treasury Bill, 0.170%, 8/12/201074,963,521
195,000,0001United States Treasury Bill, 0.180%, 8/19/2010194,892,750
145,000,0001United States Treasury Bill, 0.200%, 8/26/2010144,905,750
200,000,000United States Treasury Note, 2.625%, 5/31/2010200,383,185
492,000,000United States Treasury Note, 4.125%, 8/15/2010497,611,281
TOTAL U.S. TREASURY1,987,695,180
TOTAL INVESTMENTS — 99.9%
(AT AMORTIZED COST)3		8,482,521,734
OTHER ASSETS AND LIABILITIES  -  NET — 0.1%48,350,641
TOTAL NET ASSETS — 100%$8,490,872,375
1Discount rate at the time of purchase.
2Floating rate note with current rate and next reset date shown.
3Also represents cost for federal tax purposes.
4Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2010.

Investment Valuation

Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with GAAP. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures established by and under the general supervision of the Board of Trustees.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1  -  quoted prices in active markets for identical securitiesLevel 2  -  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)Level 3  -  significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2010, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

1


Liberty U.S. Government Money Market Trust

Portfolio of Investments

April 30, 2010 (unaudited)

Principal
Amount		Value
GOVERNMENT AGENCIES – 36.0%
$18,600,0001Federal Home Loan Bank System Floating Rate Notes, 0.129% - 0.268%, 5/5/2010 - 7/30/201018,591,196
18,738,333Federal Home Loan Bank System Notes, 0.270% - 5.250%, 5/26/2010 - 5/27/201118,743,526
6,800,0002Federal Home Loan Mortgage Corp. Discount Notes, 0.210% - 0.250%, 7/2/2010 - 10/5/20106,795,301
5,950,0001Federal Home Loan Mortgage Corp. Floating Rate Notes, 0.216% - 0.342%, 5/19/2010 - 7/7/20105,947,991
9,750,0002Federal National Mortgage Association Discount Notes, 0.210% - 0.540%, 7/1/2010 - 10/25/20109,741,982
6,500,0001Federal National Mortgage Association Floating Rate Notes, 0.160% - 0.216%, 5/11/2010 - 5/27/20106,495,997
10,000,0002,3,4Straight A Funding, LLC (Unconditional Liquidity Support from Federal Financing Bank) Discount Notes, 0.190% - 0.250%, 5/14/2010 - 7/1/20109,998,097
TOTAL GOVERNMENT AGENCIES76,314,090
Repurchase Agreements – 66.3%
24,808,000Interest in $8,020,000,000 joint repurchase agreement 0.21%, dated 4/30/2010 under which Bank of America, N.A. will repurchase securities provided as collateral for $8,020,140,350 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 1/20/2040 and the market value of those underlying securities was $8,180,543,158.24,808,000
50,000,000Interest in $1,638,000,000 joint repurchase agreement 0.21%, dated 4/30/2010 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $1,638,028,665 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 5/1/2040 and the market value of those underlying securities was $1,673,407,683.50,000,000
4,000,0005Interest in $1,000,000,000 joint repurchase agreement 0.21%, dated 4/28/2010 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $1,000,192,500 on 6/1/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 5/1/2040 and the market value of those underlying securities was $1,020,764,136.4,000,000
3,000,0005Interest in $750,000,000 joint repurchase agreement 0.21%, dated 3/24/2010 under which Goldman Sachs & Co. will repurchase securities provided as collateral for $750,393,750 on 6/23/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 5/25/2040 and the market value of those underlying securities was $772,675,744.3,000,000
4,000,0005Interest in $1,000,000,000 joint repurchase agreement 0.21%, dated 4/23/2010 under which Goldman Sachs & Co. will repurchase securities provided as collateral for $1,000,180,833 on 5/24/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 12/25/2049 and the market value of those underlying securities was $1,030,060,084.4,000,000
2,000,0005Interest in $500,000,000 joint repurchase agreement 0.17%, dated 2/9/2010 under which ING Financial Markets LLC will repurchase securities provided as collateral for $500,212,500 on 5/11/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 2/25/2040 and the market value of those underlying securities was $515,195,530.2,000,000
2,000,0005Interest in $500,000,000 joint repurchase agreement 0.21%, dated 3/30/2010 under which ING Financial Markets LLC will repurchase securities provided as collateral for $500,262,500 on 6/29/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 7/25/2048 and the market value of those underlying securities was $515,092,780.2,000,000
50,000,000Interest in $415,000,000 joint repurchase agreement 0.21%, dated 4/30/2010 under which Mizuho Securities USA, Inc. will repurchase securities provided as collateral for $415,007,263 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2040 and the market value of those underlying securities was $423,307,445.50,000,000
1,000,0005Interest in $150,000,000 joint repurchase agreement 0.21%, dated 4/12/2010 under which RBC Capital Markets Corp. will repurchase securities provided as collateral for $150,026,250 on 5/13/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 7/25/2039 and the market value of those underlying securities was $153,710,026.1,000,000
TOTAL REPURCHASE AGREEMENTS140,808,000
TOTAL INVESTMENTS — 102.3%
(AT AMORTIZED COST)6		217,122,090
OTHER ASSETS AND LIABILITIES - NET — (2.3)%7(4,939,947)
TOTAL NET ASSETS — 100%$212,182,143
1Floating rate notes with current rate and next reset date shown.
2Discount rate at time of purchase.
1
3Denotes 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 April 30, 2010, these restricted securities amounted to $9,998,097, which represented 4.7% of total net assets.
4Denotes 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 April 30, 2010, these liquid restricted securities amounted to $9,998,097, which represented 4.7% of total net assets.
5Although 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.
6Also represents cost for federal tax purposes.
7Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2010.

Investment Valuation

Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures established by and under the general supervision of the Trustees.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2010, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

2


Money Market Management

Portfolio of Investments

April 30, 2010 (unaudited)

Principal
Amount		Value
Asset-Backed Securities – 1.1%
Finance — Automotive – 0.5%
$143,019Hyundai Auto Receivables Trust 2009-A, Class A1, 0.356%, 9/15/2010143,019
Finance — Equipment – 0.6%
185,4711,2Great America Leasing Receivables 2009-1, Class A1, 0.495%, 11/15/2010185,471
TOTAL ASSET-BACKED SECURITIES328,490
Certificates of Deposit – 19.7%
Finance — Banking – 19.7%
1,500,000Abbey National Treasury Services PLC, 0.317%, 5/28/20101,500,000
600,000BNP Paribas SA, 0.300%, 7/12/2010600,000
400,000Bank of Montreal, 0.249%, 5/4/2010400,000
500,000Bank of Tokyo-Mitsubishi UFJ Ltd., 0.230%, 6/2/2010500,000
1,500,000Barclays Bank PLC, 0.508% - 0.710%, 5/5/2010 - 1/21/20111,500,000
1,600,000Credit Agricole Corporate and Investment Bank, 0.340%, 8/20/20101,600,000
TOTAL CERTIFICATES OF DEPOSIT6,100,000
Collateralized Loan Agreements – 23.2%
Finance — Banking – 23.2%
500,000BNP Paribas Securities Corp., 0.618%, 5/3/2010500,000
500,000Banc of America Securities LLC, 0.618%, 5/3/2010500,000
1,300,000Citigroup Global Markets, Inc., 0.720%, 5/3/20101,300,000
1,500,000Deutsche Bank Securities, Inc., 0.406%, 5/17/20101,500,000
1,000,000J.P. Morgan Securities, Inc., 0.537%, 6/22/20101,000,000
1,500,000RBC Capital Markets Corp., 0.416%, 5/3/20101,500,000
900,000RBS Securities, Inc., 0.659%, 5/5/2010900,000
TOTAL COLLATERALIZED LOAN AGREEMENTS7,200,000
Commercial Paper – 27.1%;3
Aerospace / Auto – 4.8%
1,500,000Toyota Motor Credit Corp., (Toyota Motor Corp. SA), 0.340% - 0.350%, 6/24/2010 - 7/9/20101,499,149
Finance — Automotive – 5.2%
1,600,000FCAR Auto Loan Trust, A1+/P1 Series, 0.600%, 7/9/20101,598,160
Finance — Banking – 13.9%
600,0001,2Clipper Receivables Company LLC, 0.290%, 7/16/2010599,633
1,500,0001,2Grampian Funding LLC, 0.250%, 5/14/20101,499,864
1,600,000Societe Generale North America, Inc., (GTD by Societe Generale, Paris), 0.260%, 7/1/20101,599,295
600,0001,2Ticonderoga Funding LLC, (Bank of America N.A. SWP), 0.280%, 6/25/2010599,743
TOTAL4,298,535
Finance — Commercial – 3.2%
1,000,0001,2Enterprise Funding Co. LLC, 0.220%, 5/3/2010999,988
TOTAL COMMERCIAL PAPER8,395,832
Corporate Bond – 1.6%
Finance — Banking – 1.6%
500,000JPMorgan Chase Bank, N.A., 0.258%, 5/21/2010500,000
Government Agency – 4.8%
Government Agency – 4.8%
1,500,000Federal Home Loan Bank System, 0.400% - 0.550%, 12/27/2010 - 3/23/20111,500,000
Loan Participation – 4.8%
Chemicals – 4.8%
1,500,000DuPont Teijin Films U.K. Ltd., (GTD by Du Pont (E.I.) de Nemours & Co.), 0.450%, 5/27/20101,500,000
1
Principal
Amount		Value
Notes — Variable – 14.3%;4
Finance — Banking – 11.1%
$1,000,0001,2Australia & New Zealand Banking Group, Melbourne, 0.293%, 5/25/20101,000,000
1,000,000Salvation Army, Series 2004-A, (Bank of New York Mellon LOC), 0.550%, 5/6/20101,000,000
1,450,000Westpac Banking Corp. Ltd., Sydney, 0.299% - 0.303%, 5/4/2010 - 5/14/20101,450,000
TOTAL3,450,000
Finance — Commercial – 3.2%
1,000,000General Electric Capital Corp., 0.310%, 5/10/2010999,465
TOTAL NOTES — VARIABLE4,449,465
Repurchase Agreement – 3.0%
944,000Interest in $8,020,000,000 joint repurchase agreement 0.21%, dated 4/30/2010 under which Bank of America, N.A. will repurchase securities provided as collateral for $8,020,140,350 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 1/20/2040 and the market value of those underlying securities was $8,180,543,158.944,000
TOTAL INVESTMENTS — 99.6%
(AT AMORTIZED COST)5		30,917,787
OTHER ASSETS AND LIABILITES - NET — 0.4%6118,373
TOTAL NET ASSETS — 100%$31,036,160
1Denotes 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 April 30, 2010, these restricted securities amounted to $4,884,699, which represented 15.7% of total net assets.
2Denotes 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 April 30, 2010, these liquid restricted securities amounted to $4,884,699, which represented 15.7% of total net assets.
3Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
4Floating rate notes with current rate and next reset date shown.
5Also represents cost for federal tax purposes.
6Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2010.

Investment Valuation

Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures established by and under the general supervision of the Trustees.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2010, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

The following acronyms are used throughout this portfolio:

GTD — Guaranteed
LOC — Letter of Credit
SWP — Swap Agreement
2


Municipal Obligations Fund

Portfolio of Investments

April 30, 2010 (unaudited)

Principal
Amount		Value
SHORT-TERM MUNICIPALS – 99.8%;1,2
Alabama – 3.2%
$2,325,000Alabama HFA MFH, (Series 2001D) Weekly VRDNs (Cottage Hill Pointe Apts., Ltd.)/(Wachovia Bank N.A. LOC), 0.480%, 5/6/20102,325,000
4,500,000Alabama HFA MFH, (Series 2002A: Sterling Pointe Apartments) Weekly VRDNs (Oxford Pointe LP)/(Regions Bank, Alabama LOC), 0.980%, 5/6/20104,500,000
7,840,000Alabama HFA MFH, (Series 2003A) Weekly VRDNs (Lakeshore Crossing Apartments Ltd.)/(Wells Fargo Bank, N.A. LOC), 0.480%, 5/6/20107,840,000
4,123,000Alabama HFA MFH, (Series 2004A: Phoenix Apartments) Weekly VRDNs (Phoenix Arts LLC)/(Regions Bank, Alabama LOC), 0.950%, 5/6/20104,123,000
4,000,0003,4Alabama HFA Single Family, ROCs (Series 11643) Weekly VRDNs (GNMA COL)/(Citibank NA, New York LIQ), 0.370%, 5/6/20104,000,000
43,000,000Birmingham, AL Medical Clinic Board, (Series 1991) Weekly VRDNs (University of Alabama Health System)/(SunTrust Bank LOC), 0.550%, 5/5/201043,000,000
10,000,000Bridgeport, AL IDB, (Series 1987) Weekly VRDNs (Beaulieu Nylon, Inc.)/(Bank of America N.A. LOC), 0.460%, 5/6/201010,000,000
50,000,000Columbia, AL IDB, (Series 1997) Daily VRDNs (Alabama Power Co.), 0.330%, 5/3/201050,000,000
15,000,000Columbia, AL IDB, (Series 1997) Weekly VRDNs (Alabama Power Co.), 0.440%, 5/5/201015,000,000
1,500,000Decatur, AL IDB, (Series 2003-A) Weekly VRDNs (Nucor Steel Decatur LLC)/(GTD by Nucor Corp.), 0.370%, 5/5/20101,500,000
5,000,000Millport, AL IDA, (Series 2007) Weekly VRDNs (Steel Dust Recyclying, LLC)/(Comerica Bank LOC), 0.350%, 5/6/20105,000,000
2,220,000Montgomery, AL IDB, (Series 2001) Weekly VRDNs (Hager Hinge)/(U.S. Bank, N.A. LOC), 0.450%, 5/5/20102,220,000
6,835,000Ridge Improvement District (Elmore County), AL, (Series 2000) Weekly VRDNs (Regions Bank, Alabama LOC), 1.000%, 5/6/20106,835,000
6,700,000Tuscaloosa County, AL IDA, (1995 Series A) Weekly VRDNs (Nucor Steel Tuscaloosa, Inc.)/(GTD by Nucor Corp.), 0.370%, 5/5/20106,700,000
2,485,000Tuscaloosa County, AL Park & Recreation Authority, (Series 2000) Weekly VRDNs (Regions Bank, Alabama LOC), 0.900%, 5/6/20102,485,000
27,000,000Tuscaloosa County, AL Port Authority, (Series 2006: Midtown Village) Weekly VRDNs (Carlyle-Cypress Tuscaloosa I LLC)/(Compass Bank, Birmingham LOC), 0.350%, 5/6/201027,000,000
TOTAL192,528,000
Alaska – 1.8%
7,500,000Alaska International Airports System, (Series 2009A) Weekly VRDNs (State Street Bank and Trust Co. LOC), 0.310%, 5/5/20107,500,000
10,000,000Alaska State Housing Finance Corp., (Series 2002 A) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.340%, 5/6/201010,000,000
17,650,000Alaska State Housing Finance Corp., (Series 2007B) Weekly VRDNs (Landesbank Baden-Wurttemberg LIQ), 0.320%, 5/6/201017,650,000
74,020,000Alaska State Housing Finance Corp., Home Mortgage Revenue Bonds (Series 2007D) Weekly VRDNs (Landesbank Baden-Wurttemberg LIQ), 0.350%, 5/6/201074,020,000
TOTAL109,170,000
Arizona – 0.4%
13,475,000Coconino County, AZ Pollution Control Corp., (Series 1998) Daily VRDNs (Arizona Public Service Co.)/(KBC Bank N.V. LOC), 0.310%, 5/3/201013,475,000
3,400,000Maricopa County, AZ, IDA MFH, MFH Revenue Bonds (Series 2002) Weekly VRDNs (San Remo Apartments LP)/(FNMA LOC), 0.340%, 5/6/20103,400,000
1,160,000Pima County, AZ IDA, (Series 2002B) Weekly VRDNs (Eastside Place Apartments)/(FNMA LOC), 0.380%, 5/6/20101,160,000
4,000,000Show Low, AZ IDA, (Series 2006) Weekly VRDNs (Snowflake White Mountain Power LLC)/(JPMorgan Chase Bank, N.A. LOC), 0.400%, 5/6/20104,000,000
4,000,000Yavapai County, AZ IDA Solid Waste Disposal, (Series 2008A) Weekly VRDNs (Allied Waste North America, Inc.)/(Bank of America N.A. LOC), 0.350%, 5/6/20104,000,000
TOTAL26,035,000
Arkansas – 0.5%
5,630,000Arkansas Development Finance Authority, (Series 1995) Weekly VRDNs (Paco Steel & Engineering Corp.)/(JPMorgan Chase Bank, N.A. LOC), 0.310%, 5/6/20105,630,000
10,900,000Arkansas State Development Finance Authority Solid Waste, (Series 2003) Weekly VRDNs (Waste Management, Inc.)/(Bank of America N.A. LOC), 0.350%, 5/6/201010,900,000
2,000,000Pulaski County, AR Public Facilities Board, (Series 2002: Waterford and Bowman Heights Apartments) Weekly VRDNs (Bailey Properties, LLC)/(Regions Bank, Alabama LOC), 0.950%, 5/6/20102,000,000
2,000,000Sheridan, AR IDA, (Series A) Weekly VRDNs (H.H. Robertson Co.)/(PNC Bank, N.A. LOC), 0.290%, 5/6/20102,000,000
1
Principal
Amount		Value
$7,100,000Siloam Springs, AR, IDRB (Series 1994) Weekly VRDNs (La-Z Boy Chair Co.)/(JPMorgan Chase Bank, N.A. LOC), 0.410%, 5/6/20107,100,000
TOTAL27,630,000
California – 8.1%
4,395,000ABAG Finance Authority for Non-Profit Corporations, CA, (Series 2007) Daily VRDNs (899 Charleston LLC)/(Bank of America N.A. LOC), 0.280%, 5/3/20104,395,000
18,680,000ABAG Finance Authority for Non-Profit Corporations, CA, (Series 2007) Weekly VRDNs (Harker School)/(U.S. Bank, N.A. LOC), 0.300%, 5/5/201018,680,000
8,150,000California Enterprise Development Authority, (Series 2007) Weekly VRDNs (Alvarado Street Bakery)/(Comerica Bank LOC), 0.400%, 5/6/20108,150,000
5,250,000California Infrastructure & Economic Development Bank, (Series 2006) Weekly VRDNs (Le Lycee Francais de Los Angeles)/(U.S. Bank, N.A. LOC), 0.300%, 5/6/20105,250,000
620,000California PCFA, (Series 1997A) Weekly VRDNs (West Valley MRF LLC)/(Union Bank, N.A. LOC), 0.380%, 5/5/2010620,000
2,980,000California PCFA, (Series 2000A) Weekly VRDNs (Sunset Waste Paper, Inc.)/(Comerica Bank LOC), 0.450%, 5/5/20102,980,000
1,550,000California PCFA, (Series 2001) Weekly VRDNs (Bos Farms)/(Bank of America N.A. LOC), 0.360%, 5/6/20101,550,000
6,815,000California PCFA, (Series 2001) Weekly VRDNs (Brawley Beef, LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.310%, 5/6/20106,815,000
5,000,000California PCFA, (Series 2001A) Weekly VRDNs (Western Sky Dairy)/(Bank of America N.A. LOC), 0.360%, 5/6/20105,000,000
3,500,000California PCFA, (Series 2002) Weekly VRDNs (Carlos Echeverria and Sons Dairy)/(CoBank, ACB LOC), 0.360%, 5/6/20103,500,000
2,940,000California PCFA, (Series 2002) Weekly VRDNs (T & W Farms)/(Bank of America N.A. LOC), 0.360%, 5/6/20102,940,000
955,000California PCFA, (Series 2002A) Weekly VRDNs (Sunset Waste Paper, Inc.)/(Comerica Bank LOC), 0.450%, 5/5/2010955,000
8,000,000California PCFA, (Series 2003) Weekly VRDNs (B & B Dairy, LLC)/(CoBank, ACB LOC), 0.360%, 5/6/20108,000,000
2,000,000California PCFA, (Series 2003) Weekly VRDNs (C.A. and E.J. Vanderham Family Trust)/(Bank of America N.A. LOC), 0.360%, 5/6/20102,000,000
2,350,000California PCFA, (Series 2003: JDS Ranch) Weekly VRDNs (John & Jacqueline Scheenstra Trust)/(Wells Fargo Bank, N.A. LOC), 0.360%, 5/6/20102,350,000
2,000,000California PCFA, (Series 2004) Weekly VRDNs (A & M Farms)/(Wells Fargo Bank, N.A. LOC), 0.360%, 5/6/20102,000,000
2,330,000California PCFA, (Series 2005A) Weekly VRDNs (Sunset Waste Paper, Inc.)/(Comerica Bank LOC), 0.450%, 5/5/20102,330,000
3,920,000California PCFA, (Series 2006A) Weekly VRDNs (CR&R, Inc.)/(Bank of the West, San Francisco, CA LOC), 0.380%, 5/5/20103,920,000
2,995,000California PCFA, (Series 2007A) Weekly VRDNs (Northern Recycling & Waste Services LLC)/(Union Bank, N.A. LOC), 0.380%, 5/5/20102,995,000
10,600,000California PCFA, (Series 2009A) Weekly VRDNs (Garden City Sanitation, Inc.)/(Union Bank, N.A. LOC), 0.330%, 5/5/201010,600,000
3,920,000California PCFA, (Series 2009A) Weekly VRDNs (MarBorg Industries)/(Union Bank, N.A. LOC), 0.330%, 5/5/20103,920,000
20,630,0003,4California Pooled School Districts (DBE-332) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.320%, 5/6/201020,630,000
15,000,000California State Department of Water Resources Power Supply Program, (Series 2005G-3) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.320%, 5/6/201015,000,000
3,750,000California State, (Series 2004 B-6) Weekly VRDNs (Citibank NA, New York LOC), 0.310%, 5/6/20103,750,000
9,275,000California State, (Series 2005B-7) Daily VRDNs (Landesbank Hessen-Thuringen LOC), 0.320%, 5/3/20109,275,000
22,884,000California State, GO Tax Exempt Notes, 0.37% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/5/201022,884,000
50,000,000California State, GO Tax Exempt Notes, 0.38% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/20/201050,000,000
15,800,000California State, GO Tax Exempt Notes, 0.40% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/6/201015,800,000
10,000,000California State, GO Tax Exempt Notes, 0.40% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/19/201010,000,000
10,410,000California Statewide Communities Development Authority, (Series 2002V: Cienega Garden Apartments) Weekly VRDNs (Cienega Preservation LP)/(FHLB of San Francisco LOC), 0.350%, 5/6/201010,410,000
4,435,000California Statewide Communities Development Authority, (Series 2006) Weekly VRDNs (Gateway Circle LLC)/(Citibank NA, New York LOC), 0.460%, 5/6/20104,435,000
9,230,000California Statewide Communities Development Authority, (Series 2008) Weekly VRDNs (Penny Lane Centers)/(U.S. Bank, N.A. LOC), 0.300%, 5/6/20109,230,000
2
Principal
Amount		Value
$8,000,000California Statewide Communities Development Authority, (Series B) Weekly VRDNs (American Biodiesel Fuels Corp.)/(Wells Fargo Bank, N.A. LOC), 0.300%, 5/5/20108,000,000
1,815,000Concord, CA MFH, (Series 2001A) Weekly VRDNs (Maplewood & Golden Glen Apartments)/(Citibank NA, New York LOC), 0.340%, 5/6/20101,815,000
6,500,000Dublin, CA USD, 2.50% TRANs, 10/6/20106,553,128
7,675,0003,4East Side Union High School District, CA, (DBE-296) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.300%, 5/6/20107,675,000
14,000,0003,4Los Angeles, CA Department of Water & Power (Water Works/System), ROCs (Series 11625) Weekly VRDNs (Berkshire Hathaway Assurance Corp. INS)/(Citibank NA, New York LIQ), 0.300%, 5/6/201014,000,000
5,200,000Los Angeles, CA MFH Revenue Bonds, (Series 2003A) Weekly VRDNs (Asbury Apartments L.P.)/(Citibank NA, New York LOC), 0.390%, 5/3/20105,200,000
25,000,000Los Angeles, CA Wastewater System, 0.40% CP, Mandatory Tender 6/7/201025,000,000
35,000,000Los Angeles, CA Wastewater System, 0.40% CP, Mandatory Tender 6/8/201035,000,000
10,065,000Los Angeles, CA Wastewater System, Subordinate Revenue Bonds (Series 2008-E) Weekly VRDNs (Bank of Nova Scotia, Toronto LOC), 0.300%, 5/6/201010,065,000
4,100,000Milpitas, CA USD, 2.50% TRANs, 10/6/20104,133,511
5,945,000Paramount, CA USD, COP (Series 2001) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Wachovia Bank N.A. LIQ), 0.280%, 5/6/20105,945,000
12,075,000Paramount, CA USD, COP (Series 2001) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Wachovia Bank N.A. LIQ), 0.280%, 5/6/201012,075,000
8,000,000San Francisco, CA City & County Airport Commission, (Series 2009A), 0.75% TOBs, Mandatory Tender 9/15/20108,000,000
18,950,000San Francisco, CA City & County Redevelopment Agency Community Facilities District No. 7, (Series 2005A: Hunters Point Shipyard Phase One) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.350%, 5/6/201018,950,000
14,975,0003,4Santa Clara County, CA, Wells Fargo Stage Trust (Series 2009-19C), 0.35% TOBs (Wells Fargo & Co. LIQ), Optional Tender 8/19/201014,975,000
22,580,0003,4School Facilities Financing Authority, CA, Stage Trust (Series 2008-33C), 0.35% TOBs (Grant, CA Joint Union High School District)/(Wells Fargo Bank, N.A. LIQ)/(Wells Fargo & Co. LOC), Optional Tender 7/29/201022,580,000
15,700,000Torrance, CA, (Series 1992: Hospital Revenue Bonds) Weekly VRDNs (Torrance Memorial Medical Center)/(JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/6/201015,700,000
TOTAL486,030,639
Colorado – 1.7%
1,020,000Boulder, CO Housing Authority, Broadway East Apartments (Series 2007) Weekly VRDNs (Broadway East Community LLLP)/(U.S. Bank, N.A. LOC), 0.400%, 5/6/20101,020,000
1,990,000Centerra Metropolitian District No. 1, CO, (Series 2008) Weekly VRDNs (Compass Bank, Birmingham LOC), 0.650%, 5/5/20101,990,000
1,950,000Colorado HFA, (Series 2007A) Weekly VRDNs (Ready Foods, Inc.)/(U.S. Bank, N.A. LOC), 0.350%, 5/6/20101,950,000
410,000Colorado Springs, CO Utility System, (Series 1998) Weekly VRDNs (Catalono Family LLP)/(JPMorgan Chase Bank, N.A. LOC), 0.850%, 5/6/2010410,000
26,375,000Colorado State, 2.00% TRANs, 6/25/201026,436,328
1,500,000Commerce City, CO Northern Infrastructure General Improvement District, (Series 2006) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.310%, 5/6/20101,500,000
15,000,000Denver, CO City & County Department of Aviation, (Subseries 2008C1) Weekly VRDNs (KBC Bank N.V. LOC), 0.320%, 5/5/201015,000,000
28,500,000Denver, CO City & County Department of Aviation, (Subseries 2008C2) Weekly VRDNs (Landesbank Baden-Wurttemberg LOC), 0.330%, 5/5/201028,500,000
28,500,000Denver, CO City & County Department of Aviation, (Subseries 2008C3) Weekly VRDNs (Landesbank Baden-Wurttemberg LOC), 0.330%, 5/5/201028,500,000
TOTAL105,306,328
Connecticut – 0.9%
4,800,000Connecticut Development Authority, (Series 1999), 0.77% CP (New England Power Co.), Mandatory Tender 5/4/20104,800,000
4,000,0003,4Connecticut State Health & Educational Facilities, EAGLES (Series 72005-3031) Weekly VRDNs (Yale University)/(Citibank NA, New York LIQ), 0.300%, 5/6/20104,000,000
5,330,000Connecticut State HEFA, (Series B) Weekly VRDNs (Hoffman SummerWood Community)/(TD Banknorth N.A. LOC), 0.270%, 5/5/20105,330,000
16,765,000Hamden, CT, 1.25% BANs, 8/25/201016,799,407
5,000,000Plainville, CT, 2.00% BANs, 10/28/20105,032,563
6,350,000Sherman, CT, 1.25% BANs, 8/26/20106,362,328
3
Principal
Amount		Value
$14,000,000Stafford, CT, 1.50% BANs, 8/9/201014,015,539
TOTAL56,339,837
Delaware – 0.2%
7,000,000Sussex County, DE IDA Weekly VRDNs (Perdue Farms)/(Rabobank Nederland NV, Utrecht LOC), 0.580%, 5/6/20107,000,000
5,000,000Sussex County, DE IDA, (Series 2000) Weekly VRDNs (Perdue-AgriRecycle, LLC)/(SunTrust Bank LOC), 0.680%, 5/5/20105,000,000
TOTAL12,000,000
District of Columbia – 1.0%
7,500,000District of Columbia Enterprise Zone Weekly VRDNs (The House on F Street LLC)/(Bank of New York Mellon LOC), 0.310%, 5/6/20107,500,000
11,310,0003,4District of Columbia HFA, (PT-4575) Weekly VRDNs (Cavalier Apartments LP)/(GTD by FHLMC)/(FHLMC LIQ), 0.420%, 5/6/201011,310,000
33,965,000District of Columbia Revenue, (Series 2009) Weekly VRDNs (American Society of Hematology, Inc.)/(SunTrust Bank LOC), 0.550%, 5/5/201033,965,000
5,300,000District of Columbia, (Series 2007) Weekly VRDNs (American Immigration Lawyers Association)/(Wells Fargo Bank, N.A. LOC), 0.370%, 5/6/20105,300,000
3,770,0003,4Metropolitan Washington, DC Airports Authority, SPEARs (Series DB-505) Weekly VRDNs (Deutsche Bank AG LIQ), 0.330%, 5/6/20103,770,000
TOTAL61,845,000
Florida – 6.5%
28,750,000Alachua County, FL Health Facilities Authority, (Series A) Daily VRDNs (Shands Teaching Hospital and Clinics, Inc.)/(SunTrust Bank LOC), 0.370%, 5/3/201028,750,000
4,200,000Brevard County, FL Educational Facilities Authority, (Series B) Weekly VRDNs (Florida Institute of Technology)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/6/20104,200,000
6,310,0003,4Clipper Tax-Exempt Certificates Trust (Florida AMT)/(Series 2009-75) Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.420%, 5/6/20106,310,000
7,250,000Florida HFA, (Series 1985-SS) Weekly VRDNs (Woodlands Apartments)/(Northern Trust Co., Chicago, IL LOC), 0.320%, 5/5/20107,250,000
3,000,000Florida HFA, (Series 2006H) Weekly VRDNs (Brook Haven Apartments)/(SunTrust Bank LOC), 0.900%, 5/6/20103,000,000
29,500,000Florida HFA, (Series 2007G-1) Weekly VRDNs (Northbridge Apartments)/(Key Bank, N.A. LOC), 0.550%, 5/5/201029,500,000
28,030,000Florida State Municipal Power Agency, (Series 2008E) Daily VRDNs (SunTrust Bank LOC), 0.340%, 5/3/201028,030,000
16,160,0003,4Highlands County, FL Health Facilities Authority, Stage Trust (Series 2009-84C), 0.45% TOBs (Adventist Health System/Sunbelt Obligated Group)/(GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), Optional Tender 5/20/201016,160,000
2,596,000Lake County, FL IDA, (Series 2002) Weekly VRDNs (Locklando Door & Millwork, Inc.)/(RBC Bank (USA) LOC), 0.510%, 5/6/20102,596,000
4,845,000Leesburg, FL Hospital Authority, (Series 2008A) Weekly VRDNs (Central Florida Health Alliance)/(Regions Bank, Alabama LOC), 0.800%, 5/6/20104,845,000
14,500,000Martin County, FL PCRB, (Series 2000) Daily VRDNs (Florida Power & Light Co.), 0.310%, 5/3/201014,500,000
10,800,0003,4Miami-Dade County, FL Aviation, AUSTIN Trust (Series 2008-1145) Weekly VRDNs (Assured Guaranty Corp. INS)/(Bank of America N.A. LIQ), 0.400%, 5/6/201010,800,000
25,000,0003,4Miami-Dade County, FL Aviation, Clipper Tax-Exempt Certificates Trust (Series 2009-24) Weekly VRDNs (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.400%, 5/6/201025,000,000
37,745,000Orange County, FL IDA, (Series 2007) Daily VRDNs (Catholic Charities of Central Florida, Inc. and Diocese of Orlando)/(SunTrust Bank LOC), 0.370%, 5/3/201037,745,000
85,005,000Orlando & Orange County Expressway Authority, FL, (Subseries 2008B-2) Weekly VRDNs (SunTrust Bank LOC), 0.440%, 5/6/201085,005,000
5,000,000Pinellas County, FL Health Facility Authority, (Series 2006A) Daily VRDNs (Bayfront Hospital)/(SunTrust Bank LOC), 0.370%, 5/3/20105,000,000
17,310,000Polk County, FL IDA, (Series 2005A) Daily VRDNs (Winter Haven Hospital, Inc.)/(SunTrust Bank LOC), 0.370%, 5/3/201017,310,000
6,840,000Polk County, FL IDA, (Series 2005B) Daily VRDNs (Winter Haven Hospital, Inc.)/(SunTrust Bank LOC), 0.370%, 5/3/20106,840,000
31,800,000St. Lucie County, FL PCRB, (Series 2000) Daily VRDNs (Florida Power & Light Co.), 0.270%, 5/3/201031,800,000
27,585,000St. Lucie County, FL Solid Waste Disposal, (Series 2003) Daily VRDNs (Florida Power & Light Co.), 0.340%, 5/3/201027,585,000
TOTAL392,226,000
Georgia – 4.5%
52,490,000Albany-Dougherty County, GA Hospital Authority, (Series 2008B) Daily VRDNs (Phoebe Putney Memorial Hospital)/(Regions Bank, Alabama LOC), 0.520%, 5/3/201052,490,000
10,850,000Athens-Clarke County, GA IDA, (Series 2001) Daily VRDNs (University of Georgia Athletic Association)/(SunTrust Bank LOC), 0.370%, 5/3/201010,850,000
230,000Atlanta, GA, Urban Residential Finance Authority, (Series 2006) Weekly VRDNs (Columbia at Sylvan Hills Apartments)/(FNMA LOC), 0.400%, 5/6/2010230,000
4
Principal
Amount		Value
$5,400,000Bulloch County, GA Development Authority, (Series 1999) Weekly VRDNs (Apogee Enterprises, Inc.)/(Bank of New York Mellon LOC), 0.550%, 5/6/20105,400,000
920,000Carroll County, GA Development Authority, (Series 2007) Weekly VRDNs (Janus Investments, LLC)/(Regions Bank, Alabama LOC), 1.000%, 5/6/2010920,000
10,950,000Clayton County, GA Housing Authority, (Series 2006) Weekly VRDNs (Provence Place Apartments)/(Regions Bank, Alabama LOC), 0.950%, 5/6/201010,950,000
4,500,000Cobb County, GA Housing Authority, (Series 2002) Weekly VRDNs (Walton Reserve Apartments)/(FHLB of Atlanta LOC), 0.400%, 5/5/20104,500,000
9,300,000Cobb County, GA Housing Authority, (Series 2004) Weekly VRDNs (Parkland Manor LP)/(Wells Fargo Bank, N.A. LOC), 0.480%, 5/6/20109,300,000
13,680,000Crisp County, GA Solid Waste Management Authority, (Series 1998) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 0.900%, 5/6/201013,680,000
5,000,000Dade County, GA IDA, (Series 1997) Weekly VRDNs (Bull Moose Tube Co.)/(U.S. Bank, N.A. LOC), 0.350%, 5/6/20105,000,000
25,500,000DeKalb County, GA Hospital Authority, (Series 2003B) Weekly VRDNs (DeKalb Medical Center, Inc.)/(Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 0.350%, 5/6/201025,500,000
7,475,000DeKalb County, GA MFH Authority, (Series 1995) Weekly VRDNs (Stone Mill Run Apartments)/(Regions Bank, Alabama LOC), 0.950%, 5/6/20107,475,000
11,000,000DeKalb County, GA MFH Authority, (Series 2004) Weekly VRDNs (Highlands at East Atlanta Apartments)/(Bank of America N.A. LOC), 0.480%, 5/6/201011,000,000
530,000Emanuel County, GA Developement Authority, (Series 2001) Weekly VRDNs (Jabo Metal Fabrication, Inc.)/(SunTrust Bank LOC), 0.730%, 5/5/2010530,000
16,000,000Fulton County, GA Development Authority, (Series 2004) Weekly VRDNs (Hidden Creste Apartments)/(Wells Fargo Bank, N.A. LOC), 0.480%, 5/6/201016,000,000
9,900,000Fulton County, GA Housing Authority, (Series 1999) Weekly VRDNs (Walton Falls Apartments)/(Wells Fargo Bank, N.A. LOC), 0.370%, 5/6/20109,900,000
15,000,000Fulton County, GA Housing Authority, (Series 2008A) Weekly VRDNs (Walton Lakes LLC)/(FHLB of Atlanta LOC), 0.400%, 5/5/201015,000,000
10,800,000Gainesville, GA Redevelopment Authority, (Series 1999) Weekly VRDNs (Brenau University, Inc.)/(Branch Banking & Trust Co. LOC), 0.320%, 5/5/201010,800,000
10,000,0003,4Georgia State HFA, MERLOTS (Series B11) Weekly VRDNs (Wachovia Bank N.A. LIQ), 0.370%, 5/5/201010,000,000
2,600,000Gwinnett County, GA Development Authority Weekly VRDNs (Commercial Truck & Van Equipment)/(JPMorgan Chase Bank, N.A. LOC), 0.410%, 5/6/20102,600,000
4,300,000Municipal Electric Authority of Georgia, (Series 1985 B) Weekly VRDNs (GTD by Landesbank Hessen-Thuringen LOC), 0.320%, 5/5/20104,300,000
10,000,000Richmond County, GA Development Authority, (Series 2008B) Weekly VRDNs (MCG Health, Inc.)/(Bank of America N.A. LOC), 0.330%, 5/5/201010,000,000
7,000,000Roswell, GA Housing Authority, (Series 2005) Weekly VRDNs (Wood Creek Apartments)/(FNMA LOC), 0.330%, 5/6/20107,000,000
10,750,000Savannah, GA EDA, (Series 1995A) Weekly VRDNs (Home Depot, Inc.), 1.150%, 5/5/201010,750,000
19,000,000Summerville, GA Development Authority, (Series 1997) Weekly VRDNs (Image Industries, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.430%, 5/6/201019,000,000
TOTAL273,175,000
Idaho – 0.3%
18,000,000Idaho Health Facilities Authority, (Series 2009B) Weekly VRDNs (St. Lukes Regional Medical Center, Ltd.)/(Harris, N.A. LOC), 0.300%, 5/6/201018,000,000
Illinois – 1.5%
945,000Arlington Heights, IL, (Series 1997) Weekly VRDNs (3E Graphics & Printing)/(Harris, N.A. LOC), 0.580%, 5/6/2010945,000
1,300,000Chicago, IL MFH Revenue, (Series 2007: Renaissance Place Apartments) Weekly VRDNs (RPA LP)/(Harris, N.A. LOC), 0.580%, 5/6/20101,300,000
9,100,0003,4Chicago, IL O'Hare International Airport, ROCs (Series 239) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Citibank NA, New York LIQ), 0.370%, 5/6/20109,100,000
3,000,000Chicago, IL O'Hare International Airport, Special Facility Revenue Bonds (Series 1990) Weekly VRDNs (Compagnie Nationale Air France Project)/(Societe Generale, Paris LOC), 0.340%, 5/5/20103,000,000
850,000Chicago, IL, (Series 1999 IDRB) Weekly VRDNs (Ade, Inc.)/(Bank of America N.A. LOC), 0.450%, 5/5/2010850,000
1,390,000Crystal Lake, IL IDA, (Series 2006) Weekly VRDNs (Millennium Electronics, Inc.)/(U.S. Bank, N.A. LOC), 0.730%, 5/6/20101,390,000
430,000Galva, IL, (Series 1999) Weekly VRDNs (John H. Best & Sons, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.520%, 5/6/2010430,000
3,170,000Illinois Development Finance Authority IDB Weekly VRDNs (R. A. Zweig, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.500%, 5/5/20103,170,000
5
Principal
Amount		Value
$1,000,000Illinois Development Finance Authority IDB, (Series 1995) Weekly VRDNs (Evapco, Inc.)/(Bank of America N.A. LOC), 0.450%, 5/6/20101,000,000
4,490,000Illinois Development Finance Authority IDB, (Series 1998) Weekly VRDNs (Lakeview Partners I LP)/(Bank of America N.A. LOC), 0.550%, 5/6/20104,490,000
2,960,000Illinois Development Finance Authority IDB, (Series 2001) Weekly VRDNs (3648 Morreim Drive, LLC)/(Harris, N.A. LOC), 0.580%, 5/6/20102,960,000
4,540,000Illinois Development Finance Authority IDB, (Series 2001) Weekly VRDNs (Val-Matic Valve & Manufacturing Corp.)/(Bank of America N.A. LOC), 0.450%, 5/6/20104,540,000
3,695,000Illinois Development Finance Authority, (Series 1999) Weekly VRDNs (Butterfield Creek Associates LP)/(Bank of America N.A. LOC), 0.550%, 5/6/20103,695,000
2,640,000Illinois Development Finance Authority, (Series 2001) Weekly VRDNs (Mangel BG Investments LLC)/(Bank of America N.A. LOC), 2.070%, 5/5/20102,640,000
6,700,000Illinois Development Finance Authority, (Series 2003) Weekly VRDNs (West Chicago Senior Apartments, LP)/(Citibank NA, New York LOC), 0.350%, 5/6/20106,700,000
1,260,000Illinois Finance Authority, (Series 2004) Weekly VRDNs (Transparent ContainerCompany, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.850%, 5/6/20101,260,000
7,345,000Illinois Finance Authority, (Series 2007) Weekly VRDNs (Hidden Glen Apartments)/(U.S. Bank, N.A. LOC), 0.350%, 5/6/20107,345,000
1,040,000Illinois Finance Authority, (Series 2007) Weekly VRDNs (Quality Metal Finishing Co.)/(Bank of America N.A. LOC), 0.450%, 5/6/20101,040,000
7,500,000Illinois Finance Authority, (Series 2007) Weekly VRDNs (Stromberg Allen & Co)/(Bank of America N.A. LOC), 0.400%, 5/6/20107,500,000
5,500,000Illinois Finance Authority, (Series 2008) Weekly VRDNs (Kenall Manufacturing Co.)/(Harris, N.A. LOC), 0.520%, 5/6/20105,500,000
8,500,000Illinois Housing Development Authority, Homeowner Mortgage Revenue Bonds (Series 2004 C-3) Weekly VRDNs (FHLB of Chicago LIQ), 0.400%, 5/5/20108,500,000
1,200,000Lake County, IL IDA, (Series 1994) Weekly VRDNs (Northpoint Assoc LLC)/(Northern Trust Co., Chicago, IL LOC), 0.400%, 5/5/20101,200,000
1,080,000Lake Villa, IL Weekly VRDNs (Allendale Assoc)/(Bank of America N.A. LOC), 0.320%, 5/6/20101,080,000
3,855,000Peoria, IL, (Series 2000) Weekly VRDNs (Peoria Academy Inc)/(JPMorgan Chase Bank, N.A. LOC), 0.600%, 5/6/20103,855,000
1,800,000Savanna, IL IDA, (Series A) Weekly VRDNs (Metform Corp.)/(JPMorgan Chase Bank, N.A. LOC), 0.360%, 5/5/20101,800,000
1,400,000Southwestern Illinois Development Authority, (Series 2002) Weekly VRDNs (Waste Management, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.850%, 5/6/20101,400,000
1,284,000West Chicago, IL IDA, (Series 1997) Weekly VRDNs (Bison Gear & Engineering Corp.) /(JPMorgan Chase Bank, N.A. LOC), 0.450%, 5/6/20101,284,000
500,000Woodridge, DuPage, Will and Cook Counties, IL, (Series 2005) Weekly VRDNs (Home Run Inn Frozen Foods Corp.)/(JPMorgan Chase Bank, N.A. LOC), 0.850%, 5/6/2010500,000
TOTAL88,474,000
Indiana – 3.2%
4,385,000Angola, IN Educational Facilities, (Series 2006) Weekly VRDNs (Tri-State University, Inc.)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/7/20104,385,000
20,468,000Bartholomew Consolidated School Corp., IN, 2.00% TANs, 12/31/201020,637,745
550,000Dekko Foundation Educational Facilities Tax Exempt Income Trust, (Series 1) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/6/2010550,000
4,100,000Gary/Chicago, IN International Airport Authority, (Series 2007) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.540%, 5/6/20104,100,000
660,000Huntington, IN, (Series 1999) Weekly VRDNs (DK Enterprises LLC)/(Wells Fargo Bank, N.A. LOC), 0.520%, 5/6/2010660,000
2,600,000Indiana Development Finance Authority, D/B/A Center for Behavioral Health (Series 2002) Weekly VRDNs (South Central Community Mental Health Centers, Inc.)/(Wells Fargo Bank, N.A. LOC), 1.300%, 5/6/20102,600,000
6,095,000Indiana State Finance Authority (Environmental Improvement Bonds), (Series 2006A) Weekly VRDNs (IB & B LLC)/(Harris, N.A. LOC), 0.520%, 5/6/20106,095,000
10,000,000Indiana State Finance Authority — Solid Waste, (Series 2007A) Weekly VRDNs (Allied Waste North America, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.400%, 5/6/201010,000,000
9,750,000Indianapolis, IN Local Public Improvement Bond Bank, (Sub-series 2008C-4) Weekly VRDNs (Indianapolis Airport Authority)/(Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.470%, 5/5/20109,750,000
5,000,000Indianapolis, IN MFH, (Series 2004A) Weekly VRDNs (Nora Commons LP)/(Bank of America N.A. LOC), 0.350%, 5/6/20105,000,000
1,100,000Indianapolis, IN, (Series 1999) Weekly VRDNs (Roth Companies Inc)/(Comerica Bank LOC), 0.570%, 5/5/20101,100,000
5,000,000Jasper County, IN EDA, (Series 2000) Weekly VRDNs (T & M LP)/(Rabobank Nederland NV, Utrecht LOC), 0.550%, 5/6/20105,000,000
4,035,000Jasper County, IN EDA, (Series 2005) Weekly VRDNs (T & M LP)/(Rabobank Nederland NV, Utrecht LOC), 0.550%, 5/6/20104,035,000
6,500,000Jasper County, IN EDA, (Series 2006) Weekly VRDNs (T & M LP)/(Rabobank Nederland NV, Utrecht LOC), 0.550%, 5/6/20106,500,000
6
Principal
Amount		Value
$14,510,000Jasper, IN Hospital Authority, (Series 2008) Weekly VRDNs (Memorial Hospital & Health Care Center)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/7/201014,510,000
6,000,000Logansport, IN, (Series 2006) Weekly VRDNs (Andersons Clymers Ethanol LLC)/(Bank of the West, San Francisco, CA LOC), 0.380%, 5/6/20106,000,000
10,000,000Portage, IN, PCRB (Series 1998-A) Weekly VRDNs (American Iron Oxide Co.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.700%, 5/6/201010,000,000
1,000,000Portage, IN, PCRB (Series 1998-B) Weekly VRDNs (American Iron Oxide Co.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.700%, 5/6/20101,000,000
38,890,000Richmond, IN Hospital Authority, (Series 2005A) Daily VRDNs (Reid Hospital & Health Care Services, Inc.)/(Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.280%, 5/3/201038,890,000
10,000,000Spencer County, IN PCA, (Series 1998) Weekly VRDNs (American Iron Oxide Co.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.700%, 5/6/201010,000,000
1,600,000St. Joseph County, IN EDRB, (Series 2002) Weekly VRDNs (Family & Children's Center Properties Management, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.450%, 5/6/20101,600,000
10,000,000Whiting, IN Environmental Facilities Revenue, (Series 2002) Daily VRDNs (BP Products North America, Inc.)/(GTD by BP PLC), 0.270%, 5/3/201010,000,000
11,700,000Whiting, IN Environmental Facilities Revenue, (Series 2003) Daily VRDNs (BP Products North America, Inc.)/(GTD by BP PLC), 0.270%, 5/3/201011,700,000
6,200,000Whiting, IN Environmental Facilities Revenue, (Series 2005) Daily VRDNs (BP Products North America, Inc.)/(GTD by BP PLC), 0.270%, 5/3/20106,200,000
1,400,000Whitley County, IN, (Series 1999) Weekly VRDNs (Undersea Sensor Systems, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.520%, 5/6/20101,400,000
TOTAL191,712,745
Iowa – 0.3%
4,915,000Iowa Finance Authority — Health Facilities, (Series 2009C) Daily VRDNs (Iowa Health System)/(Wells Fargo Bank, N.A. LOC), 0.290%, 5/3/20104,915,000
5,300,000Iowa Finance Authority, (Series 2007) Weekly VRDNs (Five Star Holdings LLC) /(Rabobank Nederland NV, Utrecht LOC), 0.550%, 5/6/20105,300,000
6,000,000Iowa Finance Authority, (Series 2007) Weekly VRDNs (Roorda Dairy, LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.550%, 5/6/20106,000,000
500,000Iowa Higher Education Loan Authority, (Series 2008) Weekly VRDNs (Grinnell College)/(Northern Trust Co., Chicago, IL LOC), 0.290%, 5/6/2010500,000
2,375,000Scott County, IA IDA, (Series 2005A) Weekly VRDNs (Ford Manufacturing Co)/(Wells Fargo Bank, N.A. LOC), 0.470%, 5/6/20102,375,000
TOTAL19,090,000
Kansas – 0.6%
6,282,0003,4Clipper Tax-Exempt Certificates Trust (Kansas-AMT)/(Series 2009-11) Weekly VRDNs (Sedgwick & Shawnee Counties, KS)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.420%, 5/6/20106,282,000
3,430,000Dodge City, KS IDA, (Series 2000) Weekly VRDNs (Farmland National Beef Packing Co.)/(Rabobank Nederland NV, Utrecht LOC), 0.550%, 5/6/20103,430,000
9,285,000Kansas State Development Finance Authority, (Series 2004B) Weekly VRDNs (SH Apartments LLC)/(FHLMC LOC), 0.350%, 5/6/20109,285,000
9,550,000Lenexa, KS MFH, (Series 2007) Weekly VRDNs (Heather Glen Apartments)/(Bank of America N.A. LOC), 0.350%, 5/6/20109,550,000
5,090,0003,4Sedgwick & Shawnee Counties, KS, Floater Certificates (Series 2006-1670) Weekly VRDNs (GNMA COL)/(Morgan Stanley LIQ), 0.350%, 5/6/20105,090,000
TOTAL33,637,000
Kentucky – 0.7%
5,500,000Hopkinsville, KY, (Series 2007A) Weekly VRDNs (Riken Elastomers Corp.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.450%, 5/6/20105,500,000
3,000,000Kentucky EDFA, (Series 2001) Weekly VRDNs (Republic Services, Inc.)/(Bank of America N.A. LOC), 0.400%, 5/6/20103,000,000
6,075,000Kentucky EDFA, (Series 2003) Weekly VRDNs (Republic Services, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.400%, 5/6/20106,075,000
5,740,000Maysville, KY, (Series 1996) Weekly VRDNs (Green Tokai)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.450%, 5/6/20105,740,000
1,385,000Paris, KY Weekly VRDNs (Monessen Holdings LLC)/(Key Bank, N.A. LOC), 1.500%, 5/6/20101,385,000
10,000,000Shelbyville, KY, (Series 2008A) Weekly VRDNs (NIFCO North America, Inc.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.310%, 5/6/201010,000,000
10,000,000Somerset, KY Industrial Building, (Series 2009) Weekly VRDNs (Armstrong Hardwood Flooring Co.)/(JPMorgan Chase Bank, N.A. LOC), 0.380%, 5/6/201010,000,000
TOTAL41,700,000
7
Principal
Amount		Value
Louisiana – 2.2%
$15,000,000Ascension Parish, LA IDB, (Series 2009) Weekly VRDNs (BASF Corp.)/(GTD by BASF SE), 0.420%, 5/5/201015,000,000
18,800,000Calcasieu Parish, LA, IDB, (Series 1994) Daily VRDNs (CITGO Petroleum Corp.)/(BNP Paribas SA LOC), 0.270%, 5/3/201018,800,000
3,144,0003,4Clipper Tax-Exempt Certificates Trust (Louisiana-AMT)/(Series 2009-10) Weekly VRDNs (Louisiana HFA)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.420%, 5/6/20103,144,000
5,000,000Lake Charles, LA Harbor & Terminal District, (Series 1995A) Weekly VRDNs (Polycom-Huntsman, Inc.)/(Bank of America N.A. LOC), 0.380%, 5/6/20105,000,000
4,630,000Louisiana HFA, (Series 2007) Weekly VRDNs (Emerald Point Apartments Partners, Ltd.)/(FNMA LOC), 0.400%, 5/6/20104,630,000
4,000,000Louisiana Local Government Environmental Facilities Community Development Authority, (Series 2004) Weekly VRDNs (The Academy of the Sacred Heart of New Orleans)/(FHLB of Dallas LOC), 0.410%, 5/5/20104,000,000
6,500,000Louisiana Public Facilities Authority Daily VRDNs (Air Products & Chemicals, Inc.), 0.450%, 5/3/20106,500,000
35,000,000Louisiana Public Facilities Authority, (Series 2007A) Daily VRDNs (Air Products & Chemicals, Inc.), 0.550%, 5/3/201035,000,000
10,000,000Louisiana Public Facilities Authority, (Series 2008C) Daily VRDNs (Air Products & Chemicals, Inc.), 0.500%, 5/3/201010,000,000
21,000,000Louisiana State Offshore Terminal Authority, (Series 2003A) Daily VRDNs (Loop LLC)/(SunTrust Bank LOC), 0.370%, 5/3/201021,000,000
7,500,000Port of New Orleans, LA Board of Commissioners, (Series 2002) Weekly VRDNs (New Orleans Cold Storage)/(FHLB of Dallas LOC), 0.410%, 5/5/20107,500,000
TOTAL130,574,000
Maine – 0.3%
3,100,000Maine Finance Authority Weekly VRDNs (William Arthur, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.900%, 5/5/20103,100,000
15,000,000Maine State Housing Authority, (Series 2004 C-3) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.400%, 5/6/201015,000,000
TOTAL18,100,000
Maryland – 1.6%
2,270,000Harford County, MD EDA, (Series 2001) Weekly VRDNs (Clark Finance LLC)/(Branch Banking & Trust Co. LOC), 0.380%, 5/6/20102,270,000
1,000,000Howard County, MD Economic Development Revenue Board, (Series 2005) Weekly VRDNs (Eight P CPL LLC)/(Banco Santander, S.A. LOC), 0.450%, 5/6/20101,000,000
475,000Howard County, MD Revenue Bonds, (Series 1995) Weekly VRDNs (Bluffs at Clarys Forest Apartments)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.370%, 5/4/2010475,000
2,730,000Maryland Community Development Administration — MFH, (Series 1990 C) Weekly VRDNs (Cherry Hill Apartment Ltd.)/(PNC Bank, N.A. LOC), 0.410%, 5/5/20102,730,000
6,950,000Maryland Community Development Administration — MFH, (Series 1990B) Weekly VRDNs (Cherry Hill Apartment Ltd.)/(PNC Bank, N.A. LOC), 0.410%, 5/5/20106,950,000
4,900,000Maryland Community Development Administration — MFH, (Series 2008B: Shakespeare Park Apartments) Weekly VRDNs (New Shakespeare Park LP)/(FHLMC LOC), 0.330%, 5/6/20104,900,000
6,700,000Maryland Community Development Administration — MFH, (Series 2008C) Weekly VRDNs (The Residences at Ellicott Gardens)/(FHLMC LOC), 0.330%, 5/6/20106,700,000
33,000,000Maryland Community Development Administration — Residential Revenue, (2008 Series D) Weekly VRDNs (KBC Bank N.V. LIQ), 0.340%, 5/6/201033,000,000
2,250,0003,4Maryland Community Development Administration — Residential Revenue, PUTTERs (Series 3364) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.400%, 5/6/20102,250,000
13,185,000Maryland State Health & Higher Educational Facilities Authority, (MT-277) Weekly VRDNs (Mercy Medical Center)/(Assured Guaranty Municipal Corp. INS)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 0.500%, 5/6/201013,185,000
7,300,000Maryland State Health & Higher Educational Facilities Authority, (Series 1999) Weekly VRDNs (Landon School)/(SunTrust Bank LOC), 0.520%, 5/5/20107,300,000
735,000Maryland State Health & Higher Educational Facilities Authority, (Series 2002) Weekly VRDNs (Holton-Arms School, Inc.)/(SunTrust Bank LOC), 0.550%, 5/5/2010735,000
3,500,000Maryland State IDFA, (Series 2008) Weekly VRDNs (Paul Reed Smith Guitars, LP)/(PNC Bank, N.A. LOC), 0.370%, 5/7/20103,500,000
8,450,000Montgomery County, MD Housing Opportunities Commission, (2008 Series C) Weekly VRDNs (FHLMC and FNMA LOCs), 0.330%, 5/6/20108,450,000
500,000Washington County, MD Economic Development Revenue Board, (Series 2006) Weekly VRDNs (Packaging Services of Maryland, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.520%, 5/6/2010500,000
TOTAL93,945,000
Massachusetts – 2.1%
6,713,000Avon, MA, 1.50% BANs, 12/2/20106,744,404
30,000,000Beverly, MA, 1.50% BANs, 10/21/201030,105,791
2,900,000Commonwealth of Massachusetts, (Series 1997-B) Weekly VRDNs (GTD by Landesbank Hessen-Thuringen LIQ), 0.300%, 5/6/20102,900,000
21,549,181Gloucester, MA, 1.50% BANs, 9/17/201021,622,583
8
Principal
Amount		Value
$10,000,000Massachusetts Development Finance Agency, (Series 2004), 0.75% CP (Nantucket Electric Co.)/(GTD by Massachusetts Electric Co.), Mandatory Tender 5/3/201010,000,000
1,755,000Massachusetts Development Finance Agency, (Series 2004), 0.80% CP (Nantucket Electric Co.)/(GTD by Massachusetts Electric Co.), Mandatory Tender 5/3/20101,755,000
1,900,000Massachusetts HEFA, (Series A-1) Weekly VRDNs (Sherrill House)/(RBS Citizens Bank N.A. LOC), 0.400%, 5/6/20101,900,000
7,500,000Massachusetts IFA, (Series 1992B), 0.65% CP (New England Power Co.), Mandatory Tender 5/3/20107,500,000
4,700,000Massachusetts IFA, (Series 1992B), 0.70% CP (New England Power Co.), Mandatory Tender 5/3/20104,700,000
5,000,000Massachusetts State Development Finance Agency, (Series 2005) Weekly VRDNs (ISO New England, Inc.)/(TD Banknorth N.A. LOC), 0.280%, 5/6/20105,000,000
3,000,000Massachusetts State Development Finance Agency, (Series 2006) Weekly VRDNs (Buckingham Browne & Nichols School)/(JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/6/20103,000,000
8,794,800Pittsfield, MA, 1.50% BANs, 1/28/20118,846,850
5,000,000Pittsfield, MA, 1.50% BANs, 10/15/20105,017,021
8,845,000Quincy, MA, 1.50% BANs, 7/30/20108,863,407
10,000,000Salem, MA, 1.50% BANs, 10/22/201010,035,469
TOTAL127,990,525
Michigan – 5.1%
1,500,000Grand Rapids, MI IDR, (Series 2007) Weekly VRDNs (Clipper Belt Lacer Co.)/(Bank of America N.A. LOC), 0.400%, 5/6/20101,500,000
5,500,0003,4Michigan Higher Education Facilities Authority, RBC Muni Trust (Series 2008-L29) Weekly VRDNs (Royal Bank of Canada, Montreal LIQ)/(Royal Bank of Canada, Montreal LOC), 0.330%, 5/6/20105,500,000
16,000,000Michigan Municipal Bond Authority, State Aid Revenue (Series 2009 C-1), 3.00% TANs, 8/20/201016,076,733
7,000,000Michigan Municipal Bond Authority, State Aid Revenue (Series 2009 C-2), 2.50% TANs (JPMorgan Chase Bank, N.A. LOC), 8/20/20107,034,826
54,590,000Michigan State Housing Development Authority, MFH Revenue Bonds (Series 2002A) Weekly VRDNs (Landesbank Hessen-Thuringen LOC), 0.350%, 5/6/201054,590,000
16,900,000Michigan State Housing Development Authority, SFM Revenue Bonds (Series D-1) Weekly VRDNs (Bank of America N.A. LIQ), 0.350%, 5/6/201016,900,000
5,240,000Michigan State Strategic Fund Weekly VRDNs (Bishop Creek LLC)/(Comerica Bank LOC), 0.500%, 5/6/20105,240,000
3,945,000Michigan State Strategic Fund, (Series 2007) Weekly VRDNs (Lapeer Industries, Inc.)/(Bank of America N.A. LOC), 0.400%, 5/6/20103,945,000
90,000,000Michigan State, (Series A), 2.00% TRANs, 9/30/201090,548,596
9,500,000Michigan Strategic Fund, (Series 2005) Weekly VRDNs (Consumers Energy)/(Wells Fargo Bank, N.A. LOC), 0.300%, 5/5/20109,500,000
10,500,000Michigan Strategic Fund, (Series 2007) Daily VRDNs (Air Products & Chemicals, Inc.), 0.550%, 5/3/201010,500,000
6,105,000Michigan Strategic Fund, (Series 2007) Weekly VRDNs (Continental Carbonic Products, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/6/20106,105,000
4,600,000Michigan Strategic Fund, (Series 2007) Weekly VRDNs (M.S.C.M., Inc.)/(Bank of America N.A. LOC), 0.400%, 5/6/20104,600,000
46,775,000St. Joseph, MI Hospital Finance Authority, (Series 2006) Weekly VRDNs (Lakeland Hospitals at Niles & St. Joseph Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.340%, 5/6/201046,775,000
16,600,000Wayne County, MI Airport Authority, (Series 2008B) Weekly VRDNs (Detroit, MI Metropolitan Wayne County Airport)/(Landesbank Baden-Wurttemberg LOC), 0.340%, 5/6/201016,600,000
9,850,000Wayne County, MI Airport Authority, (Series E) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.400%, 5/5/20109,850,000
TOTAL305,265,155
Minnesota – 1.4%
850,000Blue Earth, MN, (Series 2006) Weekly VRDNs (Nortech Systems, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.520%, 5/6/2010850,000
1,800,000Coon Rapids, MN, (Series 1999) Weekly VRDNs (Assurance Mfg. Co., Inc.)/(Wells Fargo Bank, N.A. LOC), 0.520%, 5/6/20101,800,000
2,000,000Dakota County, MN Community Development Agency, (Series 2007A) Weekly VRDNs (View Pointe Apartments)/(FNMA LOC), 0.360%, 5/7/20102,000,000
6,000,000Eden Prairie, MN MFH, (Series 2003-A) Weekly VRDNs (Eden Prairie, MN Leased Housing Associates LLP)/(Bank of America N.A. LOC), 0.380%, 5/7/20106,000,000
1,000,000Melrose, MN, (Series 2008) Weekly VRDNs (Proliant Dairy, Inc.)/(Bank of America N.A. LOC), 0.350%, 5/6/20101,000,000
4,390,0003,4Minnesota State HFA, MERLOTS (Series 2008-CO2) Weekly VRDNs (Wachovia Bank N.A. LIQ), 0.370%, 5/5/20104,390,000
3,020,000Northfield, MN, (Series 2003) Weekly VRDNs (Summerfield Investments LLC)/(Bank of America N.A. LOC), 0.430%, 5/7/20103,020,000
4,965,000Plymouth, MN, (Series 2003) Weekly VRDNs (Harbor Lane Apartments)/(FNMA LOC), 0.310%, 5/6/20104,965,000
9
Principal
Amount		Value
$24,390,000Ramsey County, MN Housing and Redevelopment Authority, (Series 2003 A) Weekly VRDNs (Gateway Apartments LP)/(Bank of America N.A. LOC), 0.380%, 5/7/201024,390,000
16,100,000St. Anthony, MN, (Series 2004A) Weekly VRDNs (Landings at Silver Lake Village)/(Bank of America N.A. LOC), 0.380%, 5/7/201016,100,000
5,000,000St. Anthony, MN, (Series 2007) Weekly VRDNs (Landings at Silver Lake Village)/(Bank of America N.A. LOC), 0.430%, 5/7/20105,000,000
4,820,000St. Paul, MN Housing & Redevelopment Authority, (Series 2006A) Weekly VRDNs (Gateway Apartments LP)/(Bank of America N.A. LOC), 0.430%, 5/7/20104,820,000
545,000St. Paul, MN Port Authority, (Series 2002-11) Weekly VRDNs (Camada Ltd. Partnership)/(Wells Fargo Bank, N.A. LOC), 0.470%, 5/6/2010545,000
4,790,000Stillwater, MN, (Series 2002A) Weekly VRDNs (Curve Crest Villa)/(Bank of America N.A. LOC), 0.430%, 5/7/20104,790,000
3,415,000White Bear Lake, MN, (Series 2004) Weekly VRDNs (Pinehurst Investments LLC)/(Bank of America N.A. LOC), 0.430%, 5/7/20103,415,000
TOTAL83,085,000
Mississippi – 1.0%
11,630,0003,4Clipper Tax-Exempt Certificates Trust (Mississippi-AMT)/(Series 2009-14) Weekly VRDNs (Mississippi Home Corp.)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.420%, 5/6/201011,630,000
1,200,000Mississippi Business Finance Corp., (Series 1999) VRDNs (Polks Meat Products, Inc.)/(Regions Bank, Alabama LOC), 1.000%, 5/6/20101,200,000
2,090,000Mississippi Business Finance Corp., (Series 2000A) Weekly VRDNs (TT&W Farm Products, Inc.)/(Regions Bank, Alabama LOC), 0.980%, 5/6/20102,090,000
2,265,000Mississippi Business Finance Corp., (Series 2004) Weekly VRDNs (Mill Creek Gin, Inc.)/(Regions Bank, Alabama LOC), 1.000%, 5/6/20102,265,000
9,800,000Mississippi Home Corp., (Series 1999C) Weekly VRDNs (Summer Park Apartments)/(Wells Fargo Bank, N.A. LOC), 0.480%, 5/6/20109,800,000
7,200,000Mississippi Home Corp., (Series 2004-6) Weekly VRDNs (Windsor Park Partners LP)/(FNMA LOC), 0.400%, 5/6/20107,200,000
8,600,000Mississippi Home Corp., (Series 2006-1) Weekly VRDNs (Terrace Park Apartments)/(Wells Fargo Bank, N.A. LOC), 0.480%, 5/6/20108,600,000
9,670,000Mississippi Home Corp., (Series 2006-2) Weekly VRDNs (Bradford Park Apartments)/(Wells Fargo Bank, N.A. LOC), 0.480%, 5/6/20109,670,000
5,740,0003,4Mississippi Home Corp., MERLOTS (Series 2001 A8) Weekly VRDNs (GNMA COL)/(Wells Fargo Bank, N.A. LIQ), 0.370%, 5/5/20105,740,000
TOTAL58,195,000
Missouri – 0.3%
10,000,000Buchanan County, MO Solid Waste Disposal, (Series 2009B) Weekly VRDNs (Lifeline Foods LLC)/(Wells Fargo Bank, N.A. LOC), 0.330%, 5/6/201010,000,000
2,000,000Missouri Development Finance Board, Revenue Bonds (Series 2000) Weekly VRDNs (St. Louis Air Cargo Svcs.)/(JPMorgan Chase Bank, N.A. LOC), 0.360%, 5/6/20102,000,000
3,525,0003,4Missouri State Housing Development Commission, PUTTERs (Series 1514) Weekly VRDNs (GNMA COL)/(J.P. Morgan Chase & Co. LIQ), 0.450%, 5/6/20103,525,000
460,000St. Louis, MO IDA, (Series 1997) Weekly VRDNs (Cee Kay Supply)/(Commerce Bank, N.A., Kansas City LOC), 0.550%, 5/6/2010460,000
TOTAL15,985,000
Montana – 0.1%
5,005,0003,4Montana State Board of Housing, (PA-1406) Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ), 0.370%, 5/6/20105,005,000
Multi-State – 8.8%
22,730,0003,4Clipper Tax-Exempt Certificates Trust (Multi-State AMT)/(Series 2009-12) Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.450%, 5/6/201022,730,000
73,394,0003,4Clipper Tax-Exempt Certificates Trust (Multi-State AMT)/(Series 2009-13) Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.450%, 5/6/201073,394,000
9,555,0003,4Clipper Tax-Exempt Certificates Trust (Multi-State AMT)/(Series 2009-68) Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.450%, 5/6/20109,555,000
19,884,2063,4Clipper Tax-Exempt Certificates Trust (Multi-State AMT)/(Series 2009-77) Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.450%, 5/6/201019,884,206
37,780,0003,4Clipper Tax-Exempt Certificates Trust (Multi-State AMT)/(Series 2009-78) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.450%, 5/6/201037,780,000
64,950,0003,4FHLMC, (Eagle Tax Exempt Trust) Weekly VRDNs (GTD by FHLMC)/(FHLMC LIQ), 0.360%, 5/6/201064,950,000
10,760,000FHLMC, (Series M015-A) Weekly VRDNs (MFH Revenue Bond Pass-Through Certificates)/(GTD by FHLMC)/(FHLMC LIQ), 0.330%, 5/6/201010,760,000
21,437,000FHLMC, (Series M017-A) Weekly VRDNs (MFH Revenue Bond Pass-Through Certificates)/(GTD by FHLMC)/(FHLMC LIQ), 0.360%, 5/6/201021,437,000
10
Principal
Amount		Value
$9,332,000FHLMC, (Series M019-A) Weekly VRDNs (MFH Revenue Bond Pass-Through Certificates)/(GTD by FHLMC)/(FHLMC LIQ), 0.330%, 5/6/20109,332,000
27,309,000FHLMC, (Series M020-A) Weekly VRDNs (MFH Revenue Bond Pass-Through Certificates)/(GTD by FHLMC)/(FHLMC LIQ), 0.330%, 5/6/201027,309,000
24,155,000FHLMC, (Series M021-A) Weekly VRDNs (MFH Revenue Bond Pass-Through Certificates)/(GTD by FHLMC)/(FHLMC LIQ), 0.330%, 5/6/201024,155,000
76,300,0003,4Nuveen Dividend Advantage Municipal Fund 2, (Series 1), Weekly VRDPs (Deutsche Bank AG LIQ), 0.450%, 5/6/201076,300,000
85,300,0003,4Nuveen Insured Premium Income Municipal Fund 2, (Series 1), Weekly VRDPs (Deutsche Bank AG LIQ), 0.450%, 5/6/201085,300,000
20,000,000Nuveen Municipal Advantage Fund, Inc., Variable Rate Demand Preferred Shares, 0.450%, 5/6/201020,000,000
25,000,000Nuveen Municipal Market Opportunity Fund, Inc., Variable Rate Demand Preferred Shares, 0.450%, 5/6/201025,000,000
5,000,000Nuveen Premium Income Municipal Fund 4, Inc., Variable Rate Demand Preferred Shares, 0.450%, 5/6/20105,000,000
TOTAL532,886,206
Nebraska – 0.3%
2,150,000Douglas County, NE, (Series 1997) Weekly VRDNs (American Laboratories, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.470%, 5/6/20102,150,000
300,000Douglas County, NE, (Series 2000) Weekly VRDNs (Majors Plastics, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.520%, 5/6/2010300,000
2,000,000Nebraska Investment Finance Authority, (Series 2005) Weekly VRDNs (Tuls Properties LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.550%, 5/6/20102,000,000
10,720,0003,4Nebraska Investment Finance Authority, (Series 2006A) Weekly VRDNs (Amberwood, LLC)/(Wachovia Bank N.A. LIQ)/(Wachovia Bank N.A. LOC), 0.400%, 5/6/201010,720,000
5,700,000Stanton County, NE, (Series 1998) Weekly VRDNs (Nucor Corp.), 0.370%, 5/5/20105,700,000
TOTAL20,870,000
Nevada – 1.7%
44,250,000Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008C-1) Weekly VRDNs (Bayerische Landesbank LOC), 0.350%, 5/5/201044,250,000
23,900,000Clark County, NV, (Series 2008A: Airport Bonds) Weekly VRDNs (Landesbank Baden-Wurttemberg LIQ), 0.340%, 5/5/201023,900,000
10,000,000Director of the State of Nevada Department of Business and Industry, (Series 2007) Weekly VRDNs (LVE Energy Partners LLC)/(Sumitomo Mitsui Banking Corp. LOC), 0.450%, 5/6/201010,000,000
16,100,000Nevada Housing Division, (Series 2004) Weekly VRDNs (Sundance Village Apartments) /(Citibank NA, New York LOC), 0.400%, 5/6/201016,100,000
8,710,2433,4Nevada Housing Division, Stage Trust (Series 2007-116TP) Weekly VRDNs (Arby Road Apartments)/(Wells Fargo & Co. LIQ)/(Wells Fargo & Co. LOC), 0.330%, 5/6/20108,710,243
TOTAL102,960,243
New Hampshire – 0.7%
11,260,000New Hampshire Business Finance Authority, (Series 2008) Daily VRDNs (Valley Regional Hospital)/(RBS Citizens Bank N.A. LOC), 0.300%, 5/3/201011,260,000
4,000,000New Hampshire Business Finance Authority, PCRBs (1990 Series A), 0.75% CP (New England Power Co.), Mandatory Tender 5/3/20104,000,000
30,000,000New Hampshire Business Finance Authority, PCRBs (1990 Series A), 0.77% CP (New England Power Co.), Mandatory Tender 5/4/201030,000,000
TOTAL45,260,000
New Jersey – 2.6%
7,227,000East Brunswick Township, NJ, 1.75% BANs, 10/7/20107,259,804
5,450,000Haddon Township, NJ, 1.60% BANs, 11/23/20105,469,802
5,311,000Mansfield Township, NJ, 1.50% BANs, 4/13/20115,343,516
10,893,000Mount Laurel Township, NJ, 1.50% BANs, 4/18/201110,971,161
4,595,000Neptune Township, NJ, 1.30% BANs, 11/5/20104,605,537
100,000,000New Jersey State, (Series 2010B), 2.50% TRANs, 6/24/2010100,290,469
8,396,000Point Pleasant Beach, NJ, 1.50% BANs, 8/13/20108,410,256
5,515,000Ridgewood, NJ, 1.25% BANs, 6/25/20105,520,365
7,350,000Stone Harbor, NJ, 1.35% BANs, 11/12/20107,368,652
2,850,000Washington Township (Gloucester County), NJ, (Series 2009A), 1.50% BANs, 12/22/20102,860,900
TOTAL158,100,462
11
Principal
Amount		Value
New Mexico – 0.6%
$745,000Albuquerque, NM IDRB, (Series 1996) Weekly VRDNs (Rose's Southwest Papers, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.470%, 5/6/2010745,000
3,790,000Albuquerque, NM IDRB, (Series 1999) Weekly VRDNs (El Encanto, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.470%, 5/6/20103,790,000
3,200,000Bernalillo County, NM MFH, (Series 2008) Weekly VRDNs (Las Brisas Apartments)/(U.S. Bank, N.A. LOC), 0.400%, 5/6/20103,200,000
1,900,000Los Lunas Village, NM, (Series 1998) Weekly VRDNs (Wall Colmonoy Corp.)/(Bank of America N.A. LOC), 0.570%, 5/5/20101,900,000
7,500,000New Mexico Educational Asistance Foundation, (Senior Series 2004A-1) Weekly VRDNs (Royal Bank of Canada, Montreal LOC), 0.330%, 5/5/20107,500,000
7,500,000New Mexico Educational Asistance Foundation, (Senior Series 2004A-2) Weekly VRDNs (Royal Bank of Canada, Montreal LOC), 0.330%, 5/5/20107,500,000
4,000,000New Mexico Educational Asistance Foundation, (Senior Series 2009A) Weekly VRDNs (Royal Bank of Canada, Montreal LOC), 0.330%, 5/5/20104,000,000
10,000,000New Mexico Educational Asistance Foundation, Education Loan Bonds (Senior Series 2008A-3) Weekly VRDNs (Lloyds TSB Bank PLC, London LOC), 0.330%, 5/5/201010,000,000
TOTAL38,635,000
New York – 2.6%
10,500,000Akron, NY CSD, 2.50% BANs, 7/14/201010,515,690
16,715,000Amherst, NY CSD, 2.00% BANs, 8/5/201016,745,378
13,100,000Averill Park, NY CSD, 2.00% BANs, 6/25/201013,116,570
9,800,000Binghamton, NY City School District, 2.00% BANs, 9/17/20109,831,349
8,000,000Granville, NY CSD, 1.50% BANs, 2/25/20118,052,208
25,970,000Greene, NY CSD, 2.00% BANs, 7/30/201026,004,707
8,970,000Hamburg Town, NY, 1.50% BANs, 7/14/20108,980,814
5,590,000Hempstead (town), NY IDA MFH, (Series 2006) Weekly VRDNs (Hempstead Village Housing Associates LP)/(JPMorgan Chase Bank, N.A. LOC), 0.400%, 5/6/20105,590,000
20,000,000Indian River, NY CSD, 2.50% BANs, 6/25/201020,026,671
4,735,000New Rochelle, NY IDA, (Series 2006: West End Phase I Facility) Weekly VRDNs (180 Union Avenue Owner LP)/(Citibank NA, New York LOC), 0.630%, 5/6/20104,735,000
375,000New York City, NY Transitional Finance Authority, New York City Recovery Bonds (2003 Subseries 1-D) Daily VRDNs (GTD by Landesbank Hessen-Thuringen LIQ), 0.240%, 5/3/2010375,000
5,400,000New York State HFA, (Series 2004A: Archstone Westbury Housing) Weekly VRDNs (ASN Roosevelt Center LLC)/(JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/5/20105,400,000
19,500,0003,4Nuveen Insured New York Dividend Advantage Municipal Fund, (Series 1), Weekly VRDPs (Deutsche Bank AG LIQ), 0.420%, 5/6/201019,500,000
2,500,000Waverly, NY CSD, 2.00% BANs, 7/16/20102,502,046
4,255,000Westchester County, NY IDA, Commercial Facility Revenue Bonds (Series 2000) Weekly VRDNs (Panorama Flight Service, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.450%, 5/5/20104,255,000
TOTAL155,630,433
North Carolina – 0.6%
7,200,000Charlotte-Mecklenburg Hospital Authority, NC, (Series 2007E) Weekly VRDNs (Carolinas HealthCare System)/(Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.350%, 5/6/20107,200,000
7,600,000Davie County, NC Industrial Facilities & PCFA, (Series 2007) Weekly VRDNs (Amarr Co.)/(Wells Fargo Bank, N.A. LOC), 0.370%, 5/6/20107,600,000
7,200,000Hertford County, NC Industrial Facilities & PCFA, (Series 2000A) Weekly VRDNs (Nucor Corp.), 0.500%, 5/5/20107,200,000
13,500,000Hertford County, NC Industrial Facilities & PCFA, (Series 2000B) Weekly VRDNs (Nucor Corp.), 0.470%, 5/5/201013,500,000
430,000Raleigh & Durham, NC Airport Authority, (Series 2008C) Weekly VRDNs (FHLB of Atlanta LOC), 0.300%, 5/6/2010430,000
TOTAL35,930,000
North Dakota – 0.4%
515,000Hebron, ND IDA, (Series 1998) Weekly VRDNs (Dacco, Inc.)/(U.S. Bank, N.A. LOC), 0.430%, 5/6/2010515,000
9,895,000North Dakota State HFA, (Series 2009 B) Weekly VRDNs (FHLB of Des Moines LIQ), 0.330%, 5/5/20109,895,000
12,240,000Richland County, ND, (Series 2010A) Weekly VRDNs (Minn-Dak Farmers Cooperative)/(CoBank, ACB LOC), 0.600%, 5/6/201012,240,000
TOTAL22,650,000
Ohio – 2.7%
100,000Coshocton, OH, Revenue Bond Weekly VRDNs (Echoing Hills Village, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.850%, 5/6/2010100,000
26,170,000County, OH, Revenue Bonds (Series 2007A) Daily VRDNs (South Franklin Circle)/(Key Bank, N.A. LOC), 0.350%, 5/3/201026,170,000
12
Principal
Amount		Value
$58,800,000Geauga County, OH, Revenue Bonds (Series 2007B) Daily VRDNs (South Franklin Circle)/(Key Bank, N.A. LOC), 0.350%, 5/3/201058,800,000
3,100,000Hamilton County, OH Hospital Facilities Authority, (Series 2002A) Weekly VRDNs (The Elizabeth Gamble Deaconess Home Association)/(JPMorgan Chase Bank, N.A. LOC), 0.280%, 5/5/20103,100,000
20,105,000Hamilton County, OH, (Series 2004) Weekly VRDNs (Stratford Heights)/(Citizens Bank of Pennsylvania LOC), 0.500%, 5/6/201020,105,000
19,825,000Hancock County, OH, (Series 2004) Weekly VRDNs (Blanchard Valley Regional Health Center)/(Assured Guaranty Municipal Corp. INS)/(Fifth Third Bank, Cincinnati LIQ), 0.600%, 5/6/201019,825,000
19,300,000Montgomery County, OH, (Series 1998B) Daily VRDNs (Miami Valley Hospital)/(JPMorgan Chase Bank, N.A. LIQ), 0.320%, 5/3/201019,300,000
4,600,000Ohio State, Solid Waste Revenue Bonds (Series 1998) Daily VRDNs (BP Exploration & Oil, Inc.)/(GTD by BP PLC), 0.280%, 5/3/20104,600,000
11,000,000Ohio Water Development Authority, (Series 2001B) Daily VRDNs (BP Products North America, Inc.)/(GTD by BP PLC), 0.280%, 5/3/201011,000,000
TOTAL163,000,000
Oklahoma – 0.4%
5,200,000Blaine County, OK IDA, (Series 2000) Weekly VRDNs (Seaboard Farms)/(Bank of the West, San Francisco, CA LOC), 0.480%, 5/5/20105,200,000
6,000,000Broken Arrow, OK EDA Weekly VRDNs (Blue Bell Creameries)/(JPMorgan Chase Bank, N.A. LOC), 0.400%, 5/6/20106,000,000
11,113,5363,4Clipper Tax-Exempt Certificates Trust (Oklahoma AMT)/(Series 2009-5) Weekly VRDNs (Oklahoma HFA)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.420%, 5/6/201011,113,536
2,500,000Oklahoma Development Finance Authority, (Series 2002B) Weekly VRDNs (ConocoPhillips), 0.310%, 5/5/20102,500,000
1,640,000Oklahoma State Industrial Authority, (Series 2001) Weekly VRDNs (Casady School)/(JPMorgan Chase Bank, N.A. LOC), 0.600%, 5/6/20101,640,000
TOTAL26,453,536
Oregon – 1.6%
500,000Oregon State EDRB, (Series 175) Weekly VRDNs (L D McFarland Co. Ltd.)/(U.S. Bank, N.A. LOC), 0.410%, 5/6/2010500,000
35,000,000Oregon State Housing and Community Services Department, (2008 Series C) Weekly VRDNs (KBC Bank N.V. LIQ), 0.330%, 5/6/201035,000,000
37,000,000Oregon State, 2.50% TANs, 6/30/201037,122,729
10,000,000Port of Morrow, OR, (Series 2001A) Weekly VRDNs (Threemile Canyon Farms LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.550%, 5/6/201010,000,000
10,000,000Port of Morrow, OR, (Series 2001C) Weekly VRDNs (Threemile Canyon Farms LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.550%, 5/6/201010,000,000
2,000,000Port Portland, OR Special Obligation, (Series 2006) Weekly VRDNs (Portland Bulk Terminal)/(Canadian Imperial Bank of Commerce LOC), 0.290%, 5/6/20102,000,000
TOTAL94,622,729
Pennsylvania – 2.8%
1,080,000Allegheny County, PA IDA, Revenue Bonds (Series 2002) Weekly VRDNs (Our Lady of the Sacred Heart High School)/(PNC Bank, N.A. LOC), 0.290%, 5/6/20101,080,000
25,000,000Delaware Valley, PA Regional Finance Authority, (Series 1985B) Weekly VRDNs (Bayerische Landesbank LOC), 0.370%, 5/5/201025,000,000
6,800,000Delaware Valley, PA Regional Finance Authority, (Series 1985C) Weekly VRDNs (Bayerische Landesbank LOC), 0.370%, 5/5/20106,800,000
23,100,000Delaware Valley, PA Regional Finance Authority, (Series 1985D) Weekly VRDNs (Bayerische Landesbank LOC), 0.370%, 5/5/201023,100,000
31,250,000Philadelphia, PA School District, 2.50% TRANs, 6/30/201031,340,792
70,000,000Philadelphia, PA, (Series B), 2.50% TRANs, 6/30/201070,203,798
7,160,000Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, (Series A of 2007) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.310%, 5/6/20107,160,000
1,335,000Westmoreland County, PA IDA, (Seriess 2005A) Weekly VRDNs (Greensburg Thermal LLC)/(PNC Bank, N.A. LOC), 0.290%, 5/6/20101,335,000
TOTAL166,019,590
Rhode Island – 0.7%
3,040,000Rhode Island Industrial Facilities Corp., (Series 2001) Weekly VRDNs (Interplex Industries, Inc.)/(Key Bank, N.A. LOC), 0.650%, 5/6/20103,040,000
12,450,000Rhode Island State Health and Educational Building Corp., (Series 2005A: Catholic School Pool Program Issue) Daily VRDNs (RBS Citizens Bank N.A. LOC), 0.390%, 5/3/201012,450,000
13,005,000Rhode Island State Health and Educational Building Corp., (Series 2006A: Catholic School Pool Program Issue) Daily VRDNs (RBS Citizens Bank N.A. LOC), 0.390%, 5/3/201013,005,000
13
Principal
Amount		Value
$7,000,000Rhode Island State Student Loan Authority, (Series 2008B-3) Weekly VRDNs (State Street Bank and Trust Co. LOC), 0.320%, 5/5/20107,000,000
7,960,000Warwick, RI Housing Authority, (Series 2001) Daily VRDNs (Trafalgar East Apartments) /(Bank of America N.A. LOC), 0.300%, 5/3/20107,960,000
TOTAL43,455,000
South Carolina – 2.2%
23,000,000Berkeley County, SC Exempt Facility Industrial Development, (Series 1997) Daily VRDNs (BP Corporation North America, Inc.), 0.270%, 5/3/201023,000,000
9,400,000Berkeley County, SC Exempt Facility Industrial Development, (Series 1998) Daily VRDNs (BP Corporation North America, Inc.)/(GTD by BP Corporation North America, Inc.), 0.270%, 5/3/20109,400,000
24,000,000Berkeley County, SC IDB Weekly VRDNs (Nucor Corp.), 0.370%, 5/5/201024,000,000
10,000,000Berkeley County, SC IDB, (Series 1996A) Weekly VRDNs (Nucor Corp.), 0.350%, 5/5/201010,000,000
5,600,000Berkeley County, SC IDB, (Series 1997) Weekly VRDNs (Nucor Corp.), 0.350%, 5/5/20105,600,000
25,000,000Berkeley County, SC IDB, (Series 1998) Weekly VRDNs (Nucor Corp.), 0.350%, 5/5/201025,000,000
5,000,000South Carolina Jobs-EDA, (Series 1997) Weekly VRDNs (Waste Management, Inc.) /(Bank of America N.A. LOC), 0.440%, 5/5/20105,000,000
3,000,000South Carolina Jobs-EDA, (Series 1997B) Weekly VRDNs (Mohawk Industries, Inc.)/(Wachovia Bank N.A. LOC), 0.520%, 5/6/20103,000,000
6,225,000South Carolina Jobs-EDA, (Series 1997C) Weekly VRDNs (Mohawk Industries, Inc.)/(Wachovia Bank N.A. LOC), 0.520%, 5/6/20106,225,000
8,410,000South Carolina Jobs-EDA, (Series 2008) Weekly VRDNs (Brashier Charter, LLC)/(SunTrust Bank LOC), 0.550%, 5/5/20108,410,000
12,520,000South Carolina State Housing Finance & Development Authority, (Series 2006) Weekly VRDNs (Rocky Creek Apartments)/(Wells Fargo Bank, N.A. LOC), 0.370%, 5/6/201012,520,000
TOTAL132,155,000
South Dakota – 0.7%
9,850,000Marshall County, SD, (Series 2007) Weekly VRDNs (Veblen East Dairy LP)/(Wells Fargo Bank, N.A. LOC), 0.600%, 5/6/20109,850,000
4,000,000South Dakota Housing Development Authority, (2003 Series F) Weekly VRDNs (GTD by Landesbank Hessen-Thuringen LIQ), 0.450%, 5/6/20104,000,000
8,500,000South Dakota Housing Development Authority, (Series 2006 C) Weekly VRDNs (FHLB of Des Moines LIQ), 0.320%, 5/6/20108,500,000
20,800,000South Dakota Housing Development Authority, (Series 2007 I) Weekly VRDNs (FHLB of Des Moines LIQ), 0.320%, 5/6/201020,800,000
TOTAL43,150,000
Tennessee – 1.7%
10,000,000Blount County, TN Public Building Authority, Local Government Public Improvement Bonds (Series E-3-A) Daily VRDNs (Cumberland County, TN)/(KBC Bank N.V. LOC), 0.320%, 5/3/201010,000,000
5,000,000Covington, TN IDB, (Series 1992) Weekly VRDNs (Charms Co.)/(Bank of America N.A. LOC), 0.400%, 5/5/20105,000,000
700,000Dover, TN IDB, (Series 1997) Weekly VRDNs (Nashville Wire Products Manufacturing Co.)/(Regions Bank, Alabama LOC), 1.050%, 5/6/2010700,000
26,000,000Knox County, TN Health Education & Housing Facilities Board, (Series 2006 B-1) Daily VRDNs (Covenant Health Systems)/(Assured Guaranty Corp. INS)/(SunTrust Bank LIQ), 0.310%, 5/3/201026,000,000
35,000,000Knox County, TN Health Education & Housing Facilities Board, (Subseries B-2) Daily VRDNs (Covenant Health Systems)/(Assured Guaranty Corp. INS)/(SunTrust Bank LIQ), 0.310%, 5/3/201035,000,000
10,000,000Lewisburg, TN IDB, (Series 2003) Weekly VRDNs (Waste Management, Inc. of Tennessee)/(PNC Bank, N.A. LOC), 0.330%, 5/6/201010,000,000
750,000Loudon, TN IDB, (Series 2002) Weekly VRDNs (Continental Carbonic Products, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.850%, 5/6/2010750,000
4,530,0003,4Metropolitan Government Nashville & Davidson County, TN, Red Stone (Series 2009B) Weekly VRDNs (Hickory Forest Apartments)/(Wachovia Bank N.A. LIQ)/(Wachovia Bank N.A. LOC), 0.470%, 5/6/20104,530,000
6,925,000Springfield, TN Health & Educational Facilities Board, (Series 2008) Weekly VRDNs (NorthCrest Medical Center)/(Regions Bank, Alabama LOC), 0.800%, 5/6/20106,925,000
845,000Tullahoma, TN IDB, (Series 1995) Weekly VRDNs (Rock-Tenn Converting Co.)/(SunTrust Bank LOC), 0.880%, 5/5/2010845,000
TOTAL99,750,000
Texas – 9.0%
35,075,000Austin, TX Water and Wastewater System, (Series 2004) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(GTD by Landesbank Baden-Wurttemberg LIQ), 0.350%, 5/6/201035,075,000
9,950,000Brazos Harbor, TX IDC, Revenue Bonds (Series B) Weekly VRDNs (American Rice, Inc.)/(HSBC Bank USA LOC), 0.400%, 5/5/20109,950,000
1,010,000Brazos River Authority, TX, (Series 2001 D-2) Daily VRDNs (Texas Competitive Electric Holdings Co. LLC)/(Citibank NA, New York LOC), 0.300%, 5/3/20101,010,000
24,630,000Brazos River Authority, TX, (Series 2002A) Daily VRDNs (Texas Competitive Electric Holdings Co. LLC)/(Citibank NA, New York LOC), 0.300%, 5/3/201024,630,000
14
Principal
Amount		Value
$12,500,000Brazos River, TX, HBR Nav District Daily VRDNs (Merey Sweeney, LLP)/(JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/3/201012,500,000
13,775,000Calhoun County, TX Navigation District Environmental Facilities, (Series 2004) Weekly VRDNs (Formosa Plastic Corp.)/(Bank of America N.A. LOC), 0.400%, 5/6/201013,775,000
8,200,000Calhoun County, TX Navigation District Environmental Facilities, (Series 2006) Weekly VRDNs (Formosa Plastic Corp.)/(Bank of America N.A. LOC), 0.400%, 5/6/20108,200,000
4,045,000Colorado County, TX IDC, (Series 2000) Weekly VRDNs (Great Southern Wood, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.430%, 5/5/20104,045,000
4,000,000Colorado River, TX Municipal Water Distribution, (Series 2001) Weekly VRDNs (Republic Services, Inc.)/(Bank of America N.A. LOC), 0.450%, 5/6/20104,000,000
2,100,000Dalhart, TX Economic Development Corp., (Series 2005) Weekly VRDNs (DARE Investments)/(Rabobank Nederland NV, Utrecht LOC), 0.550%, 5/6/20102,100,000
2,950,000Dalhart, TX Economic Development Corp., (Series 2005) Weekly VRDNs (Northside Farms LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.550%, 5/6/20102,950,000
23,900,000Gulf Coast, TX IDA, (Series 2001) Daily VRDNs (CITGO Petroleum Corp.)/(Sumitomo Mitsui Banking Corp. LOC), 0.290%, 5/3/201023,900,000
8,300,000Gulf Coast, TX Waste Disposal Authority, (Series 1996) Daily VRDNs (BP Corporation North America, Inc.), 0.270%, 5/3/20108,300,000
17,300,000Gulf Coast, TX Waste Disposal Authority, (Series 1998) Daily VRDNs (BP Corporation North America, Inc.), 0.270%, 5/3/201017,300,000
12,500,000Gulf Coast, TX Waste Disposal Authority, Solid Waste Disposal Revenue Bonds (Series 2000) Weekly VRDNs (Air Products LP)/(GTD by Air Products & Chemicals, Inc.), 0.500%, 5/5/201012,500,000
3,625,000Harris County, TX Education Facilities Finance Corp., (Series 2008D-3) Weekly VRDNs (Memorial Hermann Healthcare System)/(Compass Bank, Birmingham LOC), 0.300%, 5/6/20103,625,000
5,700,000Harris County, TX Education Facilities Finance Corp., (Series 2008E) Daily VRDNs (Young Men's Christian Association of the Greater Houston Area)/(Regions Bank, Alabama LOC), 0.450%, 5/3/20105,700,000
6,900,000Harris County, TX Housing Finance Corp., Park at Kirkstall Apartments (Series 2002) Weekly VRDNs (Harris Park Partners LP)/(Wells Fargo Bank, N.A. LOC), 0.480%, 5/6/20106,900,000
80,400,000Houston, TX Airport System, (Series 2005A) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Bank of America N.A. LIQ), 0.340%, 5/5/201080,400,000
4,200,000Mission, TX Economic Development Corp., (Series 2008A) Weekly VRDNs (Allied Waste North America, Inc.)/(Bank of America N.A. LOC), 0.350%, 5/6/20104,200,000
6,000,000Port Arthur Navigation District, TX IDC, (Series 2005) Daily VRDNs (Air Products LP)/(GTD by Air Products & Chemicals, Inc.), 0.550%, 5/3/20106,000,000
12,500,000Port of Port Arthur Navigation District of Jefferson County, TX, (Series 2010) Weekly VRDNs (TOTAL Petrochemicals USA, Inc.)/(GTD by Total S.A.), 0.330%, 5/5/201012,500,000
13,000,000Southeast Texas Housing Finance Corp. Weekly VRDNs (Mansions at Moses Lake, LP)/(FHLMC LOC), 0.350%, 5/6/201013,000,000
1,500,000Tarrant County, TX Cultural Education Facilities Finance Corp., (Series 2008C-3) Weekly VRDNs (Christus Health System)/(Bank of America N.A. LOC), 0.330%, 5/5/20101,500,000
9,880,0003,4Texas State Department of Housing & Community Affairs, (PT-4594) Weekly VRDNs (Tranquility Housing Ltd.)/(GTD by FHLMC)/(FHLMC LIQ), 0.420%, 5/6/20109,880,000
19,825,000Texas State Department of Housing & Community Affairs, (Series 2007 A) Weekly VRDNs (Texas State LIQ), 0.300%, 5/6/201019,825,000
485,0003,4Texas State Department of Housing & Community Affairs, MERLOTS (Series 2003-A8) Weekly VRDNs (GNMA COL)/(Wells Fargo Bank, N.A. LIQ), 2.400%, 5/5/2010485,000
131,000,000Texas State, 2.50% TRANs, 8/31/2010131,885,448
7,215,0003,4Texas State, MERLOTS (Series 2008-C47) Weekly VRDNs (Wachovia Bank N.A. LIQ), 0.370%, 5/5/20107,215,000
52,000,000Texas State, Variable Rate College Student Loan & Refunding Bonds (Series 2003) Weekly VRDNs (GTD by Landesbank Hessen-Thuringen LIQ), 0.340%, 5/6/201052,000,000
10,000,0003,4University of North Texas, TX, Municipal Securities Trust Receipts (SGA 146) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Societe Generale, Paris LIQ), 0.350%, 5/5/201010,000,000
TOTAL545,350,448
Utah – 0.1%
1,455,000Salt Lake County, UT Training Facilities, (Series 2000) Weekly VRDNs (Community Foundation For The Disabled, Inc.)/(Wells Fargo Bank Northwest, N.A. LOC), 0.450%, 5/6/20101,455,000
1,100,000Utah State Housing Corporation: MFH, (Series 2007) Weekly VRDNs (Pointe Apartments, Ltd.)/(U.S. Bank, N.A. LOC), 0.400%, 5/6/20101,100,000
4,000,000West Jordan, UT, (Series 1999) Weekly VRDNs (Penco Products, Inc.)/(Key Bank, N.A. LOC), 0.600%, 5/6/20104,000,000
TOTAL6,555,000
Vermont – 1.2%
75,000,000Vermont State Student Assistance Corp., (Series 2008C-2) Weekly VRDNs (Lloyds TSB Bank PLC, London LOC), 0.330%, 5/6/201075,000,000
15
Principal
Amount		Value
Virginia – 2.8%
$3,500,000Alexandria, VA IDA, (Series 2000B) Weekly VRDNs (Institute for Defense Analyses)/(Branch Banking & Trust Co. LOC), 0.300%, 5/6/20103,500,000
1,000,000Brunswick County, VA IDA, (Series 1996) Weekly VRDNs (Aegis Waste Solutions, Inc.)/(Bank of America N.A. LOC), 0.850%, 5/6/20101,000,000
5,500,000Capital Beltway Funding Corporation, VA, (Series C) Weekly VRDNs (National Australia Bank Ltd., Melbourne LOC), 0.300%, 5/6/20105,500,000
34,000,000Halifax, VA IDA, MMMs, PCR (Series 1992), 1.30% CP (Virginia Electric & Power Co.), Mandatory Tender 5/5/201034,000,000
3,000,000Hanover County, VA IDA, (Series 2005A) Weekly VRDNs (Rhapsody Land & Development LLC)/(Wells Fargo Bank, N.A. LOC), 0.470%, 5/6/20103,000,000
5,000,0003,4Metropolitan Washington, DC Airports Authority, BB&T Floater Certificates (Series 2040) Weekly VRDNs (Branch Banking & Trust Co. LIQ), 0.310%, 5/6/20105,000,000
5,175,0003,4Metropolitan Washington, DC Airports Authority, BB&T Floater Certificates (Series 2054) Weekly VRDNs (Branch Banking & Trust Co. LIQ), 0.310%, 5/6/20105,175,000
6,275,000Newport News, VA EDA, Oyster Point Town Center Weekly VRDNs (Newport News, VA)/(SunTrust Bank LIQ), 0.550%, 5/5/20106,275,000
5,100,000Portsmouth, VA IDA, (Series 2001A) Weekly VRDNs (Ocean Marine LLC)/(Branch Banking & Trust Co. LOC), 0.380%, 5/6/20105,100,000
3,000,000Portsmouth, VA IDA, (Series 2001B) Weekly VRDNs (Ocean Marine LLC)/(Branch Banking & Trust Co. LOC), 0.380%, 5/6/20103,000,000
15,700,000Roanoke, VA IDA, (Series 2005A-1) Daily VRDNs (Carilion Health System Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(Wachovia Bank N.A. LIQ), 0.290%, 5/3/201015,700,000
36,925,000Roanoke, VA IDA, (Series 2005B-1) Daily VRDNs (Carilion Health System Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(SunTrust Bank LIQ), 0.370%, 5/3/201036,925,000
47,810,000Roanoke, VA IDA, (Series 2005B-2) Daily VRDNs (Carilion Health System Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(SunTrust Bank LIQ), 0.370%, 5/3/201047,810,000
TOTAL171,985,000
Washington – 3.4%
2,500,000Kitsap County, WA IDC, (Series 2006) Weekly VRDNs (Cara Land Co., LLC)/(Wells Fargo Bank, N.A. LOC), 0.520%, 5/6/20102,500,000
9,000,000Pierce County, WA Economic Development Corp., (Series 1995) Weekly VRDNs (Simpson-Tacoma Kraft Co.)/(Bank of America N.A. LOC), 0.700%, 5/6/20109,000,000
2,175,000Pierce County, WA Economic Development Corp., (Series 2006: Quality Stamping Project) Weekly VRDNs (Sumner Leasing LLC)/(Wells Fargo Bank, N.A. LOC), 0.470%, 5/6/20102,175,000
535,000Port of Bellingham, WA IDC, (Series 2005) Weekly VRDNs (FPE Renewables LLC)/(Bank of America N.A. LOC), 1.430%, 5/6/2010535,000
15,000,000Port of Bellingham, WA IDC, (Series 2007) Daily VRDNs (BP West Coast Products LLC)/(GTD by BP PLC), 0.270%, 5/3/201015,000,000
3,025,000Port of Pasco, WA Economic Development Corp., (Series 1996) Weekly VRDNs (Douglas Fruit Co., Inc.)/(U.S. Bank, N.A. LOC), 0.420%, 5/6/20103,025,000
7,465,0003,4Port of Seattle, WA, PUTTERs (Series 2020) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.450%, 5/6/20107,465,000
99,400,000Port of Tacoma, WA, (Series 2008: Subordinate Lien) Daily VRDNs (Banco Bilbao Vizcaya Argentaria SA LOC), 0.320%, 5/3/201099,400,000
1,885,000Seattle, WA Housing Authority, (Series 2003: Rainier Vista Project, Phase I) Weekly VRDNs (Escallonia LP)/(Key Bank, N.A. LOC), 0.480%, 5/6/20101,885,000
685,000Seattle, WA Housing Authority, (Series 2007) Weekly VRDNs (High Point South LP)/(Key Bank, N.A. LOC), 0.540%, 5/6/2010685,000
3,225,000Washington State EDFA, (Series 2000C) Weekly VRDNs (AMI-Moore LLC)/(Key Bank, N.A. LOC), 0.600%, 5/6/20103,225,000
10,850,000Washington State EDFA, (Series 2000I) Weekly VRDNs (Waste Management, Inc.)/(Bank of America N.A. LOC), 0.370%, 5/5/201010,850,000
7,375,000Washington State EDFA, (Series 2001E) Weekly VRDNs (Darigold, Inc./WestFarm Foods)/(Wells Fargo Bank, N.A. LOC), 0.550%, 5/6/20107,375,000
1,000,000Washington State EDFA, (Series 2001L) Weekly VRDNs (Darigold, Inc./WestFarm Foods)/(Wells Fargo Bank, N.A. LOC), 0.550%, 5/6/20101,000,000
1,715,000Washington State EDFA, (Series 2002B) Weekly VRDNs (Holbrook/Searight LLC)/(U.S. Bank, N.A. LOC), 0.340%, 5/6/20101,715,000
4,720,000Washington State EDFA, (Series 2005B) Weekly VRDNs (Harold LeMay Enterprises, Inc.)/(Bank of America N.A. LOC), 0.370%, 5/5/20104,720,000
5,510,000Washington State EDFA, (Series 2006K) Weekly VRDNs (Heirborne Investments LLC)/(Union Bank, N.A. LOC), 0.360%, 5/5/20105,510,000
10,000,000Washington State EDFA, (Series 2007A) Weekly VRDNs (Delta Marine Industries, Inc.)/(Key Bank, N.A. LOC), 0.650%, 5/6/201010,000,000
4,500,000Washington State EDFA, (Series 2007J) Weekly VRDNs (Ocean Gold Seafoods, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.500%, 5/6/20104,500,000
3,080,000Washington State EDFA, (Series C) Weekly VRDNs (Novelty Hills Properties LLC)/(U.S. Bank, N.A. LOC), 0.390%, 5/6/20103,080,000
5,350,000Washington State Housing Finance Commission: MFH, (Series 2002A) Weekly VRDNs (Alderwood Court Associates LP)/(FNMA LOC), 0.340%, 5/6/20105,350,000
16
Principal
Amount		Value
$3,560,000Washington State Housing Finance Commission: MFH, (Series 2007) Weekly VRDNs (Clark Island LP)/(FHLMC LOC), 0.350%, 5/6/20103,560,000
TOTAL202,555,000
West Virginia – 0.2%
9,000,000Grant County, WV County Commission, PCRB (Series 1994), 0.77% CP (Virginia Electric & Power Co.), Mandatory Tender 5/4/20109,000,000
3,760,000Ritchie County, WV, IDRB (Series 1996) Weekly VRDNs (Simonton Building Products, Inc.)/(PNC Bank, N.A. LOC), 0.360%, 5/6/20103,760,000
TOTAL12,760,000
Wisconsin – 1.7%
9,500,000Brokaw, WI, Sewage and Solid Waste Revenue Bonds (Series 1995) Weekly VRDNs (Wausau Paper Mills Co.)/(Bank of America N.A. LOC), 0.550%, 5/6/20109,500,000
4,000,000Combined Locks, WI, Development Revenue Bonds, (Series 1997) Weekly VRDNs (Appleton Papers)/(Bank of America N.A. LOC), 0.550%, 5/6/20104,000,000
800,000Grand Chute, WI, (Series 2000A) Weekly VRDNs (Pacon Corp.)/(U.S. Bank, N.A. LOC), 0.450%, 5/5/2010800,000
1,325,000Kiel, WI IDA, (Series 2007) Weekly VRDNs (Polar Ware Co.)/(U.S. Bank, N.A. LOC), 0.500%, 5/6/20101,325,000
5,270,000Lancaster, WI IDRB, (Series 2007) Weekly VRDNs (Woolwich Dairy (USA), Inc.)/(Harris, N.A. LOC), 0.520%, 5/6/20105,270,000
1,490,000Manitowoc, WI, (Series 2006) Weekly VRDNs (Cher-Make Sausage Co.)/(JPMorgan Chase Bank, N.A. LOC), 0.730%, 5/6/20101,490,000
1,000,000Rothschild Village, WI, (Series 2007) Weekly VRDNs (Schuette, Inc.)/(Marshall & Ilsley Bank, Milwaukee LOC), 2.090%, 5/6/20101,000,000
1,700,000West Bend, WI IDA, (Series 2006) Weekly VRDNs (Jackson Concrete, Inc.)/(U.S. Bank, N.A. LOC), 0.730%, 5/6/20101,700,000
1,700,000Whitehall, WI IDRB, (Series 2007) Weekly VRDNs (Whitehall Specialties, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.400%, 5/6/20101,700,000
25,870,000Wisconsin Housing & EDA, (Series 2004E) Weekly VRDNs (Lloyds TSB Bank PLC, London LIQ), 0.350%, 5/5/201025,870,000
16,430,000Wisconsin Housing & EDA, Home Ownership Revenue Bonds (Series 2005C) Weekly VRDNs (Lloyds TSB Bank PLC, London LIQ), 0.350%, 5/5/201016,430,000
17,115,000Wisconsin State HEFA, (Series 2006) Weekly VRDNs (Attic Angel Obligated Group)/(Marshall & Ilsley Bank, Milwaukee LOC), 1.250%, 5/6/201017,115,000
16,000,000Wisconsin State HEFA, (Series 2006A) Weekly VRDNs (Amery Regional Medical Center)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/5/201016,000,000
TOTAL102,200,000
Wyoming – 0.8%
19,200,000Sweetwater County, WY Environmental Improvement, (Series 1995) Daily VRDNs (Pacificorp)/(Barclays Bank PLC LOC), 0.300%, 5/3/201019,200,000
30,000,000Wyoming Student Loan Corp., Student Loan Revenue Refunding Bonds (Series 2008 A-1) Weekly VRDNs (Royal Bank of Canada, Montreal LOC), 0.330%, 5/6/201030,000,000
TOTAL49,200,000
TOTAL MUNICIPAL INVESTMENTS — 99.8%
(AT AMORTIZED COST)5		6,020,177,876
OTHER ASSETS AND LIABILITIES - NET — 0.2%612,449,558
TOTAL NET ASSETS — 100%$6,032,627,434
 Securities that are subject to the federal alternative minimum tax (AMT) represent 55.4% of the portfolio as calculated based upon total market value.
17
1The 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 April 30, 2010, the portfolio securities were rated as follows:
 Tier Rating Percentages Based on Total Market Value
First TierSecond Tier
94.5%5.5%
2Current rate and next reset date shown for Variable Rate Demand Notes.
3Denotes 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 April 30, 2010, these restricted securities amounted to $722,552,985, which represented 12.0% of total net assets.
4Denotes 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 April 30, 2010, these liquid restricted securities amounted to $722,552,985, which represented 12.0% of total net assets.
5Also represents cost for federal tax purposes.
6Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2010.

Investment Valuation

Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures established by and under the general supervision of the Trustees.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2010, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

18
The following acronyms are used throughout this portfolio:
AMT — Alternative Minimum Tax
BANs — Bond Anticipation Notes
COL — Collateralized
COP — Certificates of Participation
CP — Commercial Paper
CSD — Central School District
EDA — Economic Development Authority
EDFA — Economic Development Finance Authority
EDRB — Economic Development Revenue Bond
FHLB — Federal Home Loan Bank
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
GNMA — Government National Mortgage Association
GO — General Obligation
GTD — Guaranteed
HEFA — Health and Education Facilities Authority
HFA — Housing Finance Authority
IDA — Industrial Development Authority
IDB — Industrial Development Bond
IDC — Industrial Development Corporation
IDFA — Industrial Development Finance Authority
IDR — Industrial Development Revenue
IDRB — Industrial Development Revenue Bond
IFA — Industrial Finance Authority
INS — Insured
LIQ — Liquidity Agreement
LOC(s) — Letter(s) of Credit
MERLOTS — Municipal Exempt Receipts-Liquidity Optional Tender Series
MFH — Multi-Family Housing
MMMs — Money Market Municipals
PCA — Pollution Control Authority
PCFA — Pollution Control Finance Authority
PCR — Pollution Control Revenue
PCRB(s) — Pollution Control Revenue Bond(s)
PUTTER(s) — Puttable Tax-Exempt Receipt(s)
ROCs — Reset Option Certificates
SFM — Single Family Mortgage
SPEARs — Short Puttable Exempt Adjustable Receipts
TANs — Tax Anticipation Notes
TOBs — Tender Option Bonds
TRANs — Tax and Revenue Anticipation Notes
USD — Unified School District
VRDNs — Variable Rate Demand Notes
VRDPs — Variable Rate Demand Preferreds

19


Prime Cash Obligations Fund

Portfolio of Investments

April 30, 2010 (unaudited)

Principal
Amount		Value
Asset-Backed Securities – 1.3%
Finance — Automotive – 1.2%
$16,727,6291,2Ally Auto Receivables Trust 2009-B, Class A1, 0.305%, 11/15/201016,727,629
1,636,9401,2Bank of America Auto Trust 2009-2, Class A1, 0.396%, 9/15/20101,636,940
11,864,3241,2Bank of America Auto Trust 2009-3, Class A1, 0.296%, 11/15/201011,864,324
36,768,1311,2Chrysler Financial Auto Securitization Trust 2009-B, Class A1, 0.306%, 12/8/201036,768,131
1,285,8241,2CitiFinancial Auto Issuance Trust 2009-1, Class A1, 0.327%, 10/15/20101,285,824
38,741,9241,2Ford Credit Auto Lease Trust 2010-A, Class A1, 0.283%, 2/15/201138,741,924
47,522,5371,2Ford Credit Auto Owner Trust 2009-E, Class A1, 0.295%, 12/15/201047,522,537
4,499,978Nissan Auto Lease Trust 2009-B, Class A1, 0.410%, 9/15/20104,499,978
34,645,290World Omni Automobile Lease Securitization Trust 2009-A, Class A1, 0.403%, 11/15/201034,645,509
TOTAL193,692,796
Finance — Equipment – 0.1%
12,418,070CNH Equipment Trust 2009-C, Class A1, 0.421%, 12/3/201012,418,070
2,081,342John Deere Owner Trust 2009-B, Class A1, 0.345%, 11/2/20102,081,342
TOTAL14,499,412
TOTAL ASSET-BACKED SECURITIES208,192,208
Certificates of Deposit – 25.4%
Finance — Banking – 25.4%
289,500,000Abbey National Treasury Services PLC, 0.308% - 0.317%, 5/21/2010 - 5/28/2010289,500,000
775,000,000BNP Paribas SA, 0.300% - 0.340%, 5/5/2010 - 7/15/2010775,000,000
425,000,000Banco Bilbao Vizcaya Argentaria SA, 0.250% - 0.310%, 6/16/2010 - 7/16/2010425,003,962
200,000,000Bank of Montreal, 0.249%, 5/4/2010200,000,000
802,500,000Bank of Tokyo-Mitsubishi UFJ Ltd., 0.220% - 0.350%, 5/10/2010 - 7/28/2010802,500,000
265,000,000Barclays Bank PLC, 0.579% - 0.710%, 5/5/2010 - 1/26/2011265,000,000
775,000,000Credit Agricole Corporate and Investment Bank, 0.210% - 0.410%, 5/3/2010 - 9/20/2010775,000,000
255,000,000Mizuho Corporate Bank Ltd., 0.250%, 5/20/2010 - 5/28/2010255,000,000
150,000,000Societe Generale, Paris, 0.290% - 0.300%, 7/8/2010 - 7/23/2010150,000,000
129,000,000Toronto Dominion Bank, 0.251%, 5/10/2010129,000,000
TOTAL CERTIFICATES OF DEPOSIT4,066,003,962
Collateralized Loan Agreements – 19.1%
Finance — Banking – 19.1%
350,000,000Banc of America Securities LLC, 0.497% - 0.618%, 5/3/2010350,000,000
345,000,000Barclays Capital, Inc., 0.406% - 0.466%, 5/3/2010 - 6/16/2010345,000,000
730,000,000Citigroup Global Markets, Inc., 0.618% - 0.720%, 5/3/2010730,000,000
175,000,000Credit Suisse First Boston LLC, 0.274%, 5/5/2010175,000,000
761,000,000Deutsche Bank Securities, Inc., 0.406% - 0.669%, 5/3/2010 - 6/22/2010761,000,000
175,000,000J.P. Morgan Securities, Inc., 0.537%, 6/22/2010175,000,000
450,000,000RBS Securities, Inc., 0.659%, 5/5/2010450,000,000
75,000,000Wells Fargo Securities, LLC, 0.355%, 5/3/201075,000,000
TOTAL COLLATERALIZED LOAN AGREEMENTS3,061,000,000
Commercial Paper – 20.1%;3
Aerospace/Auto – 3.8%
606,000,000Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 0.330% - 0.340%, 6/2/2010 - 7/13/2010605,645,594
Finance — Automotive – 0.2%
35,000,000FCAR Auto Loan Trust, A1+/P1 Series, 0.300%, 7/6/201034,980,750
Finance — Banking – 14.8%
360,000,0001,2Banco Bilbao Vizcaya Argentaria SA, 0.240% - 0.310%, 6/8/2010 - 7/8/2010359,805,839
1
Principal
Amount		Value
$578,000,0001,2Clipper Receivables Company LLC, 0.280% - 0.356%, 5/10/2010 - 8/23/2010577,578,314
200,000,0001,2Danske Corp., Inc., 0.300%, 7/19/2010199,868,333
522,000,0001,2Grampian Funding LLC, 0.250% - 0.270%, 5/4/2010 - 5/28/2010521,961,911
100,000,000ING (U.S.) Funding LLC, 0.250%, 7/1/201099,957,639
317,400,000Societe Generale North America, Inc., (GTD by Societe Generale, Paris), 0.260%, 7/1/2010317,260,168
25,000,0001,2Surrey Funding Corporation, 0.200%, 5/4/201024,999,583
130,562,0001,2Ticonderoga Funding LLC, (Bank of America N.A. SWP), 0.280%, 6/21/2010 - 6/25/2010130,507,704
150,000,0001,2Variable Funding Capital Corp., 0.310%, 7/26/2010149,888,917
TOTAL2,381,828,408
Finance — Commercial – 1.3%
125,000,000General Electric Capital Corp., 0.200%, 5/4/2010124,997,917
25,000,000General Electric Capital Services, 0.361%, 9/20/201024,964,500
55,339,0001,2Market Street Funding LLC, 0.290%, 7/13/201055,306,457
TOTAL205,268,874
TOTAL COMMERCIAL PAPER3,227,723,626
Corporate Bonds – 3.0%
Finance — Banking – 2.2%
200,000,000Bank of America N.A., 0.330%, 7/27/2010200,000,000
150,000,000JPMorgan Chase Bank, N.A., 0.258%, 5/21/2010150,000,000
TOTAL350,000,000
Finance — Commercial – 0.8%
126,425,000General Electric Capital Corp., 0.374% — 6.875%, 9/27/2010 — 2/1/2011129,418,698
TOTAL CORPORATE BONDS479,418,698
Government Agency – 2.7%
Government Agency – 2.7%
441,000,000Federal Home Loan Bank System, 0.400% - 0.600%, 12/27/2010 - 4/18/2011441,000,000
Notes — Variable – 21.0%;4
Finance — Banking – 19.4%
2,000,000Albuquerque, NM IDRB, (Series 1997) El Canto, Inc., (Wells Fargo Bank, N.A. LOC), 0.350%, 5/6/20102,000,000
5,160,000Albuquerque, NM, KTECH Corp. Project (Series 2005), (Wells Fargo Bank, N.A. LOC), 0.350%, 5/6/20105,160,000
6,785,000Anchor Holdings LLC, (Series 2000), (U.S. Bank, N.A. LOC), 0.650%, 5/6/20106,785,000
57,600,000Apache County, AZ IDA, (Series 1983B), (Bank of New York Mellon LOC), 0.300%, 5/5/201057,600,000
1,000,000Arizona Health Facilities Authority, (Series 2009F), (Citibank NA, New York LOC), 0.290%, 5/5/20101,000,000
489,000,000Australia & New Zealand Banking Group, Melbourne, 0.290% - 0.311%, 5/24/2010 - 5/28/2010489,000,000
150,000,0001,2Australia & New Zealand Banking Group, Melbourne, 0.293%, 5/25/2010150,000,000
150,000,000Barclays Bank PLC, 0.483%, 5/26/2010150,000,000
450,000Biddle Road Corp., (Series 2004), (Wells Fargo Bank, N.A. LOC), 1.270%, 5/6/2010450,000
44,850,000Blount County, TN Public Building Authority, (Series E-6-A), (Branch Banking & Trust Co. LOC), 0.300%, 5/5/201044,850,000
830,000Bond Holdings LP, (Wells Fargo Bank, N.A. LOC), 0.300%, 5/7/2010830,000
3,990,000California Statewide Communities Development Authority, (U.S. Bank, N.A. LOC), 0.270%, 5/3/20103,990,000
42,700,000California Statewide Communities Development Authority, (Series 2008B), (Bank of America N.A. LOC), 0.300%, 5/6/201042,700,000
9,945,000Capital Markets Access Co. LC, West Broad Holdings, LLC (Series 2007), (Wells Fargo Bank, N.A. LOC), 0.380%, 5/6/20109,945,000
9,460,000Capital One Funding Corp., (JPMorgan Chase Bank, N.A. LOC), 0.290% - 0.500%, 5/6/20109,460,000
7,060,000Capital One Funding Corp., (Series 1997-G), (JPMorgan Chase Bank, N.A. LOC), 0.290%, 5/6/20107,060,000
861,000Capital One Funding Corp., (Series 1996-C), (JPMorgan Chase Bank, N.A. LOC), 0.290%, 5/6/2010861,000
1,046,000Capital One Funding Corp., (Series 1996-I), (JPMorgan Chase Bank, N.A. LOC), 0.340%, 5/6/20101,046,000
1,120,000Capital One Funding Corp., (Series 2001-C), (JPMorgan Chase Bank, N.A. LOC), 0.290%, 5/6/20101,120,000
7,800,000Charlotte Christian School, (Series 1999), (Wells Fargo Bank, N.A. LOC), 0.350%, 5/5/20107,800,000
12,095,000Cleveland-Cuyahoga County, OH Port Authority, Revenue Bonds (Series 2007), (JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/6/201012,095,000
2
Principal
Amount		Value
$81,110,000Corporate Finance Managers, Inc., (Series B), (Wells Fargo Bank, N.A. LOC), 0.300%, 5/6/201081,110,000
690,000Elliott Aviation, Inc., (U.S. Bank, N.A. LOC), 0.550%, 5/5/2010690,000
8,880,000Florida Heart Group, P.A. and Florida Heart Group Holdings, LLC, (Series 2004), (Wachovia Bank N.A. LOC), 0.380%, 5/6/20108,880,000
5,030,000Freeport, IL, (U.S. Bank, N.A. LOC), 0.340%, 5/6/20105,030,000
8,765,000Guiding Light Church, (Series 2005), (Wachovia Bank N.A. LOC), 0.350%, 5/6/20108,765,000
22,060,000Hamilton Station Park and Ride, (Series 2005), (Wells Fargo Bank, N.A. LOC), 0.300%, 5/6/201022,060,000
3,275,000Ilsco Corp., (U.S. Bank, N.A. LOC), 0.650%, 5/6/20103,275,000
250,000,000JPMorgan Chase Bank, N.A., 0.265%, 5/28/2010250,000,000
550,000Kit Carson County, CO, Midwest Farms Project, (Wells Fargo Bank, N.A. LOC), 0.340%, 5/6/2010550,000
75,000,000Lloyds TSB Bank PLC, London, 0.249%, 5/6/201075,000,000
20,000,000MTA Transportation Revenue, (Series 2002G-1), (Bank of Nova Scotia, Toronto LOC), 0.270%, 5/6/201020,000,000
1,515,000McCullough Snappy Service Oil Co., Inc., (Wells Fargo Bank, N.A. LOC), 0.350%, 5/7/20101,515,000
10,330,0001,2Metropolitan Pier & Exposition Authority, IL, SPEARs (Series DB-433), (GTD by Deutsche Bank AG), 0.300%, 5/6/201010,330,000
24,055,000Metropolitan Water District of Southern California, (2008 Series A-1), 0.280%, 5/6/201024,055,000
9,410,000Mississippi Business Finance Corp., 2007-B PSL-North America, LLC, (JPMorgan Chase Bank, N.A. LOC), 0.450%, 5/6/20109,410,000
14,000,000Mississippi Business Finance Corp., (JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/6/201014,000,000
2,505,000Montgomery, AL IDB, (Wells Fargo Bank, N.A. LOC), 0.600%, 5/6/20102,505,000
31,975,000New Jersey EDA, (2008 Series X), (Bank of America N.A. LOC), 0.290%, 5/5/201031,975,000
2,565,000New Jersey EDA, Phoenix Realty Partners, (Wells Fargo Bank, N.A. LOC), 0.350%, 5/5/20102,565,000
20,300,000New York City, NY Transitional Finance Authority, (Fiscal 2001 Series A), 0.310%, 5/5/201020,300,000
9,000,000New York State Energy Research & Development Authority, (Series 1994 D-1), (JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/5/20109,000,000
26,670,000Osprey Properties Limited Partnership, LLLP & Nighthawk Properties, LLC, (Series 2008), (Wells Fargo Bank, N.A. LOC), 0.300%, 5/6/201026,670,000
21,220,000Presbyterian Home and Services of New Jersey Obligated Group, (Series 1998-B1), (Wachovia Bank N.A. LOC), 0.300%, 5/5/201021,220,000
200,000,0001,2Rabobank Nederland NV, Utrecht, 0.792%, 7/7/2010200,000,000
2,960,000Redcay Funding LLC, (Series 2007), (PNC Bank, N.A. LOC), 0.650%, 5/6/20102,960,000
10,580,000Rush Medical Foundation, (Series 2006), (U.S. Bank, N.A. LOC), 0.270%, 5/7/201010,580,000
625,000Seeber USA LLP, (Series 2000), (Wells Fargo Bank, N.A. LOC), 0.350%, 5/5/2010625,000
300,000,000Societe Generale, Paris, 0.288%, 5/28/2010300,000,000
1,740,000Southeast Christian Church of Jefferson County, KY Inc., (Series 2003), (JPMorgan Chase Bank, N.A. LOC), 0.320%, 5/6/20101,740,000
6,100,000Syracuse, NY IDA, (Series 2005A), (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/5/20106,100,000
12,050,000Syracuse, NY IDA, (Series 2005B), (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/5/201012,050,000
72,000,000Toronto Dominion Bank, 0.249%, 5/4/201072,000,000
30,000,000Tuscaloosa County, AL IDA, (Series 2009 A), (JPMorgan Chase Bank, N.A. LOC), 0.380%, 5/5/201030,000,000
2,010,000University Church of Christ, (Wells Fargo Bank, N.A. LOC), 0.350%, 5/7/20102,010,000
520,000Vista Grande Villa, (Bank of America N.A. LOC), 0.350%, 5/6/2010520,000
25,000,000Wachovia Bank N.A., 0.312%, 5/25/201025,001,079
20,000,000Wells Fargo & Co., 0.286%, 6/18/201020,000,639
747,800,000Westpac Banking Corp. Ltd., Sydney, 0.299% — 0.444%, 5/4/2010 — 7/19/2010747,828,287
2,485,000Wildcat Management Co., Inc., (Series 1999), (U.S. Bank, N.A. LOC), 0.650%, 5/6/20102,485,000
16,080,000Woerner Holdings, Inc., (Series 2007), (Wells Fargo Bank, N.A. LOC), 0.300%, 5/6/201016,080,000
TOTAL3,102,637,005
Finance — Commercial – 1.6%
255,748,000General Electric Capital Corp., 0.310% - 0.699%, 5/4/2010 - 7/21/2010 255,679,020
7,480,0001,2M3 Realty, LLC, (Series 2007), (General Electric Capital Corp. LOC), 0.360%, 5/6/20107,480,000
TOTAL263,159,020
TOTAL NOTES — VARIABLE3,365,796,025
3
Principal
Amount		Value
Repurchase Agreement – 7.3%
$1,162,694,000Interest in $8,020,000,000 joint repurchase agreement 0.21%, dated 4/30/2010 under which Bank of America, N.A. will repurchase securities provided as collateral for $8,020,140,350 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 1/20/2040 and the market value of those underlying securities was $8,180,543,158.1,162,694,000
TOTAL INVESTMENTS — 99.9%
(AT AMORTIZED COST)5		16,011,828,519
OTHER ASSETS AND LIABILITES  -  NET — 0.1%610,212,162
TOTAL NET ASSETS — 100%$16,022,040,681
1Denotes 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 April 30, 2010, these restricted securities amounted to $2,542,274,367, which represented 15.9% of total net assets.
2Denotes 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 April 30, 2010, these liquid restricted securities amounted to $2,542,274,367, which represented 15.9% of total net assets.
3Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
4Floating rate notes with current rate and next reset date shown.
5Also represents cost for federal tax purposes.
6Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2010.

Investment Valuation

Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures established by and under the general supervision of the Trustees.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2010, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

The following acronyms are used throughout this portfolio:

EDA — Economic Development Authority
GTD — Guaranteed
IDA — Industrial Development Authority
IDB — Industrial Development Bond
IDRB — Industrial Development Revenue Bond
LOC — Letter of Credit
SPEARs — Short Puttable Exempt Adjustable Receipts
SWP — Swap Agreement

4


Prime Management Obligations Fund

Portfolio of Investments

April 30, 2010 (unaudited)

Principal
Amount		Value
Asset-Backed Securities – 1.6%
Finance — Automotive – 1.3%
$7,892,310BMW Canada Auto Trust (Series 2009-1), Class A1, 0.673%, 10/20/20107,892,310
10,343,157CarMax Auto Owner Trust 2010-1, Class A1, 0.274%, 2/15/201110,343,157
6,536,5571,2Chrysler Financial Auto Securitization Trust 2009-B, Class A1, 0.305%, 12/8/20106,536,557
4,290,577Hyundai Auto Receivables Trust 2009-A, Class A1, 0.356%, 9/15/20104,290,577
TOTAL29,062,601
Finance — Equipment – 0.3%
1,552,259CNH Equipment Trust 2009-C, Class A1, 0.420%, 12/3/20101,552,259
5,287,5391,2Great America Leasing Receivables 2009-1, Class A1, 0.495%, 11/15/20105,287,539
TOTAL6,839,798
TOTAL ASSET-BACKED SECURITIES35,902,399
Certificates of Deposit – 25.0%
Finance — Banking – 25.0%
65,000,000BNP Paribas SA, 0.310% - 0.340%, 5/5/2010 - 7/15/201065,000,000
50,000,000Banco Bilbao Vizcaya Argentaria SA, 0.275%, 7/6/201050,000,458
100,000,000Bank of Tokyo-Mitsubishi UFJ Ltd., 0.230%, 5/24/2010 - 6/2/2010100,000,000
70,000,000Barclays Bank PLC, 0.507% - 0.710%, 1/21/2011 - 3/25/201170,000,000
10,000,000Bayerische Landesbank, 0.415%, 5/21/201010,000,056
115,000,000Credit Agricole Corporate and Investment Bank, 0.210% - 0.340%, 5/3/2010 - 8/20/2010115,000,000
10,000,000KBC Bank N.V., 0.320%, 6/4/201010,000,000
45,000,000Landesbank Baden-Wurttemberg, 0.300% - 0.360%, 6/4/2010 - 6/11/201045,000,068
25,000,000Landesbank Hessen-Thuringen, 0.300%, 6/14/201025,000,000
50,000,000Mizuho Corporate Bank Ltd., 0.250%, 5/20/201050,000,000
35,000,000Societe Generale, Paris, 0.300%, 7/23/201035,000,000
TOTAL CERTIFICATES OF DEPOSIT575,000,582
Collateralized Loan Agreements – 17.8%
Finance — Banking – 17.8%
25,000,000Banc of America Securities LLC, 0.490%, 5/3/201025,000,000
30,000,000Barclays Capital, Inc., 0.400%, 5/10/201030,000,000
105,000,000Citigroup Global Markets, Inc., 0.710%, 5/3/2010105,000,000
115,000,000Deutsche Bank Securities, Inc., 0.400% - 0.660%, 5/3/2010 - 6/22/2010115,000,000
60,000,000RBS Securities, Inc., 0.660%, 5/5/201060,000,000
75,000,000Wells Fargo Securities, LLC, 0.350%, 5/3/201075,000,000
TOTAL COLLATERALIZED LOAN AGREEMENTS410,000,000
Commercial Paper – 22.6%;3
Aerospace / Auto – 4.8%
110,000,000Toyota Motor Credit Corp., (Toyota Motor Corp. SA), 0.340% - 0.350%, 6/21/2010 - 7/6/2010109,933,983
Finance — Banking – 14.3%
25,000,0001,2Banco Bilbao Vizcaya Argentaria SA, 0.240%, 6/8/201024,993,667
35,000,000Bayerische Landesbank, 0.400%, 6/1/201034,987,944
80,000,0001,2Clipper Receivables Company LLC, 0.280% - 0.355%, 5/10/2010 - 8/23/201079,943,469
85,000,0001,2Grampian Funding LLC, 0.250% - 0.270%, 5/7/2010 - 5/28/201084,990,829
15,000,0001,2Landesbank Hessen-Thuringen, 0.260%, 5/20/201014,997,942
50,000,000Societe Generale North America, Inc., (GTD by Societe Generale, Paris), 0.260%, 7/1/201049,977,972
15,000,0001,2Sumitomo Mitsui Banking Corp., 0.270%, 5/28/201014,996,963
25,000,0001,2Ticonderoga Funding LLC, (Bank of America N.A. SWP), 0.280%, 6/25/201024,989,306
TOTAL329,878,092
1
Principal
Amount		Value
Finance — Commercial – 3.5%
$80,000,0001,2Versailles Commercial Paper LLC, 0.250% - 0.270%, 5/7/2010 - 5/17/201079,993,033
TOTAL COMMERCIAL PAPER519,805,108
Corporate Bonds – 4.8%
Finance — Banking – 3.9%
40,000,000Bank of America N.A., 0.330%, 7/27/201040,000,000
50,000,000JPMorgan Chase Bank, N.A., 0.264%, 5/31/201150,000,000
TOTAL90,000,000
Finance — Commercial – 0.9%
20,600,000General Electric Capital Corp., 4.250% - 5.000%, 9/13/2010 - 12/1/201021,128,951
TOTAL CORPORATE BONDS111,128,951
Government Agency – 4.4%
100,000,000Federal Home Loan Bank System, 0.400% - 0.600%,12/27/2010 - 4/18/2011100,000,000
Notes — Variable – 18.4%;4
Finance — Banking – 18.4%
25,000,0001,2Australia & New Zealand Banking Group, Melbourne, 0.293%, 5/25/201025,000,000
35,000,000Australia & New Zealand Banking Group, Melbourne, 0.311%, 5/24/201035,000,000
6,800,000BBN Holdings LLC, (Series 2004), (RBC Bank (USA) LOC), 0.360%, 5/6/20106,800,000
1,465,000BD Toy LLC, (Series 2003), (Compass Bank, Birmingham LOC), 1.100%, 5/6/20101,465,000
30,000,000Bank of Montreal, 0.249%, 5/4/201030,000,000
3,095,000Biddle Road Corp., (Series 2004), (Wells Fargo Bank, N.A. LOC), 1.270%, 5/6/20103,095,000
830,000Bond Holdings LP, (Wells Fargo Bank, N.A. LOC), 0.300%, 5/7/2010830,000
9,734,000CV 40-Stone Oak Ltd., (Series 2005), (Compass Bank, Birmingham LOC), 0.600%, 5/6/20109,734,000
4,350,000Castleton United Methodist Church, Inc., (Series 2006a), (U.S. Bank, N.A. LOC), 0.470%, 5/6/20104,350,000
2,075,000Dale G. Mithum, M.D. FACS, (Series 2003), (Compass Bank, Birmingham LOC), 0.750%, 5/6/20102,075,000
1,500,000DeKalb County, GA Housing Authority, (Series 2004-T Highlands), (Wells Fargo Bank, N.A. LOC), 0.600%, 5/6/20101,500,000
21,155,000Fiore Capital LLC, (Series 2005-A), (FHLB of Chicago LOC), 0.320%, 5/6/201021,155,000
180,000Franklin County, PA IDA, (Series 2001B) Precast Systems, LLC, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.770%, 5/7/2010180,000
1,425,000Headquarters Partnership Ltd., (Series 2001), (National Australia Bank Ltd., Melbourne LOC), 0.800%, 5/6/20101,425,000
20,000,000Interlock Realty Co., (U.S. Bank, N.A. LOC), 0.260%, 5/6/201020,000,000
8,990,000Kingston Healthcare Co., (Series 2003A), (Fifth Third Bank, Cincinnati LOC), 0.530%, 5/6/20108,990,000
4,850,000MOBR-04 LLC, (Series 2004), (Compass Bank, Birmingham LOC), 0.700%, 5/6/20104,850,000
3,615,000Maryland State Economic Development Corp., Human Genome Sciences (Series 1999-A), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.760%, 5/4/20103,615,000
15,800,000Ohio Venture Capital Fund LLC, (Series D-1), (Fifth Third Bank, Cincinnati LOC), 0.530%, 5/6/201015,800,000
3,635,000Prevea Clinic, Inc., (Series 2004-A), (Wells Fargo Bank, N.A. LOC), 0.320%, 5/6/20103,635,000
50,000,0001,2Rabobank Nederland NV, Utrecht, 0.792%, 7/7/201050,000,000
10,000,000Salvation Army, (Series 2004-A), (Bank of New York Mellon LOC), 0.550%, 5/6/201010,000,000
1,805,000Stratford Properties LP, (Series 1998), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.760%, 5/4/20101,805,000
50,000,000Toronto Dominion Bank, 0.249%, 5/4/201050,000,000
340,000Wellborn Forest Products, Inc., (Compass Bank, Birmingham LOC), 1.250%, 5/6/2010340,000
112,000,000Westpac Banking Corp. Ltd., Sydney, 0.299% - 0.303%, 5/4/2010 - 5/14/2010112,000,000
TOTAL NOTES — VARIABLE423,644,000
2
Principal
Amount		Value
Repurchase Agreement – 5.9%
$135,146,000Interest in $8,020,000,000 joint repurchase agreement 0.210%, dated 4/30/2010 under which Bank of America, N.A. will repurchase securities provided as collateral for $8,020,140,350 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 1/20/2040 and the market value of those underlying securities was $8,180,543,158.135,146,000
TOTAL INVESTMENTS — 100.5%
(AT AMORTIZED COST)5		2,310,627,040
OTHER ASSETS AND LIABILITIES - NET — (0.5)%6(12,267,674)
TOTAL NET ASSETS — 100%$2,298,359,366
1Denotes 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 April 30, 2010, these restricted securities amounted to $411,729,305, which represented 17.9% of total net assets.
2Denotes 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 April 30, 2010, these liquid restricted securities amounted to $411,729,305, which represented 17.9% of total net assets.
3Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
4Floating rate notes with current rate and next reset date shown.
5Also represents cost for federal tax purposes.
6Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2010.

Investment Valuation

Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures established by and under the general supervision of the Trustees.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2010, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

The following acronyms are used throughout this portfolio:

FHLB — Federal Home Loan Bank
GTD — Guaranteed
IDA — Industrial Development Authority
LOC — Letter of Credit
SWP — Swap Agreement

3


Prime Obligations Fund

Portfolio of Investments

April 30, 2010 (unaudited)

Principal
Amount		Value
Asset-Backed Securities – 1.4%
Finance — Automotive – 1.4%
$30,977,0911,2Ally Auto Receivables Trust 2009-B, Class A1, 0.305%, 11/15/201030,977,091
57,789,016Ally Auto Receivables Trust 2010-1, Class A1, 0.323%, 4/15/201157,789,016
33,723,115AmeriCredit Automobile Receivables Trust 2010-1, Class A1, 0.296%, 2/15/201133,723,115
36,000,000AmeriCredit Automobile Receivables Trust 2010-A, Class A1, 0.313%, 3/7/201136,000,000
3,762,691AmeriCredit Prime Automobile Receivables Trust 2009-1, Class A1, 0.331%, 11/15/20103,762,691
6,121,4721,2Bank of America Auto Trust 2009-2, Class A1, 0.396%, 9/15/20106,121,484
59,321,6201,2Bank of America Auto Trust 2009-3, Class A1, 0.296%, 11/15/201059,321,620
95,597,1411,2Chrysler Financial Auto Securitization Trust 2009-B, Class A1, 0.306%, 12/8/201095,597,141
19,930,2651,2CitiFinancial Auto Issuance Trust 2009-1, Class A1, 0.327%, 10/15/201019,930,265
195,470,6181,2Ford Credit Auto Lease Trust 2010-A, Class A1, 0.283%, 2/15/2011195,470,618
11,634,8281,2Ford Credit Auto Owner Trust 2009-E, Class A1, 0.295%, 12/15/201011,634,828
26,440,538Harley-Davidson Motorcycle Trust 2009-4, Class A1, 0.286%, 12/15/201026,440,538
2,045,444Nissan Auto Lease Trust 2009-B, Class A1, 0.410%, 9/15/20102,045,444
TOTAL578,813,851
Finance — Equipment – 0.0%
3,042,427CNH Equipment Trust 2009-C, Class A1, 0.421%, 12/3/20103,042,427
5,515,557John Deere Owner Trust 2009-B, Class A1, 0.345%, 11/2/20105,515,557
TOTAL8,557,984
TOTAL ASSET-BACKED SECURITIES587,371,835
Certificates of Deposit – 23.2%
Finance — Banking – 23.2%
1,222,000,000BNP Paribas SA, 0.210% - 0.340%, 5/5/2010 - 7/15/20101,222,000,000
1,940,000,000Banco Bilbao Vizcaya Argentaria SA, 0.255% - 0.315%, 6/16/2010 - 7/19/20101,940,018,920
1,975,200,000Bank of Tokyo-Mitsubishi UFJ Ltd., 0.220% - 0.350%, 5/10/2010 - 7/28/20101,975,200,000
467,500,000Barclays Bank PLC, 0.650% - 0.710%, 1/21/2011 - 1/26/2011467,500,000
1,524,400,000Credit Agricole Corporate and Investment Bank, 0.210% - 0.410%, 5/3/2010 - 9/20/20101,524,400,000
1,651,000,000Mizuho Corporate Bank Ltd., 0.220% - 0.250%, 5/20/2010 - 6/16/20101,651,000,000
300,000,000Societe Generale, Paris, 0.290% - 0.300%, 7/8/2010 - 7/23/2010300,000,000
375,000,000State Street Bank and Trust Co., 0.340%, 9/8/2010375,000,000
TOTAL CERTIFICATES OF DEPOSIT9,455,118,920
Collateralized Loan Agreements – 18.0%
Finance — Banking – 18.0%
99,500,000BNP Paribas Securities Corp., 0.618%, 5/3/201099,500,000
1,245,500,000Banc of America Securities LLC, 0.497% - 0.689%, 5/3/20101,245,500,000
830,000,000Barclays Capital, Inc., 0.406% - 0.466%, 5/3/2010 - 6/16/2010830,000,000
1,638,600,000Citigroup Global Markets, Inc., 0.618% - 0.720%, 5/3/20101,638,600,000
300,000,000Credit Suisse First Boston LLC, 0.274%, 5/5/2010300,000,000
1,248,500,000Deutsche Bank Securities, Inc., 0.406% - 0.456%, 5/10/2010 - 6/22/20101,248,500,000
569,000,000JPMorgan Securities, Inc., 0.274% - 0.537%, 5/5/2010 - 6/22/2010569,000,000
117,500,000RBC Capital Markets Corp., 0.416%, 5/3/2010117,500,000
1,156,100,000RBS Securities, Inc., 0.659%, 5/5/20101,156,100,000
150,000,000Wells Fargo Securities, LLC, 0.355%, 5/3/2010150,000,000
TOTAL COLLATERALIZED LOAN AGREEMENTS7,354,700,000
Commercial Paper – 18.1%;3
Aerospace / Auto – 3.3%
1,351,000,000Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 0.330% - 0.360%, 6/2/2010 - 7/29/20101,350,102,920
1
Principal
Amount		Value
Finance — Automotive – 1.1%
$457,200,000FCAR Auto Loan Trust, (A1+/P1 Series), 0.320% - 0.600%, 6/25/2010 - 10/1/2010456,576,206
Finance — Banking – 10.2%
150,000,000Citigroup Funding, Inc., 0.260%, 6/1/2010149,966,417
497,390,0001,2Clipper Receivables Company LLC, 0.280% - 0.355%, 5/10/2010 - 7/16/2010497,130,338
510,004,0001,2Danske Corp., Inc., 0.230% - 0.300%, 5/6/2010 - 7/19/2010509,814,825
1,722,500,0001,2Grampian Funding LLC, 0.250% - 0.270%, 5/6/2010 - 5/28/20101,722,349,962
770,000,000ING (U.S.) Funding LLC, 0.250%, 7/1/2010769,673,819
14,000,000Societe Generale North America, Inc., (GTD by Societe Generale, Paris), 0.210%, 5/17/201013,998,693
152,000,0001,2Ticonderoga Funding LLC, (Bank of America N.A. SWP), 0.280% - 0.300%, 6/21/2010 - 7/14/2010151,917,267
370,585,0001,2Variable Funding Capital Corp., 0.310% - 0.340%, 7/26/2010 - 9/7/2010370,215,006
TOTAL4,185,066,327
Finance — Commercial – 2.7%
212,192,0001,2Atlantic Asset Securitization LLC, 0.240% - 0.240%, 5/19/2010 - 6/11/2010212,163,667
453,644,0001,2Edison Asset Securitization LLC, 0.330% - 0.350%, 5/3/2010 - 7/30/2010453,515,453
250,000,000General Electric Capital Corp., 0.200%, 5/3/2010249,997,222
50,000,000General Electric Capital Services, 0.360%, 9/20/201049,929,000
125,000,0001,2Market Street Funding LLC, 0.260% - 0.280%, 6/18/2010 - 7/9/2010124,947,167
TOTAL1,090,552,509
Finance — Retail – 0.8%
321,975,0001,2Barton Capital LLC, 0.230% - 0.230%, 5/4/2010 - 5/11/2010321,962,613
TOTAL COMMERCIAL PAPER7,404,260,575
Corporate Bonds – 2.7%
Finance — Banking – 2.0%
325,000,000Bank of America N.A., 0.230%, 5/28/2010325,000,000
27,050,000Deutsche Bank AG, 5.000%, 10/12/201027,576,799
456,500,000JPMorgan Chase Bank, N.A., 0.257%, 5/21/2010456,500,000
TOTAL809,076,799
Finance — Commercial – 0.7%
271,152,000General Electric Capital Corp., 1.750% - 6.875%, 9/13/2010 - 4/28/2011277,558,809
TOTAL CORPORATE BONDS1,086,635,608
Government Agency – 2.5%
Government Agency – 2.5%
1,001,500,000Federal Home Loan Bank System, 0.400% - 0.650%, 12/27/2010 - 5/25/20111,001,500,000
Notes — Variable – 21.5%;4
Electrical Equipment – 0.1%
1,580,000Alabama State IDA, General Electric Project, (General Electric Co. LOC), 0.350%, 5/6/20101,580,000
43,195,594Northwest Airlines, Inc., (GTD by General Electric Co.), 0.300%, 5/3/201043,195,594
TOTAL44,775,594
Finance — Banking – 20.1%
24,825,000ABAG Finance Authority for Non-Profit Corporations, CA, (Series 2008), (Wells Fargo Bank, N.A. LOC), 0.250%, 5/6/201024,825,000
645,000,000Abbey National Treasury Services PLC, 0.308% - 0.317%, 5/21/2010 - 5/28/2010645,000,000
2,435,000Alabama State IDA, (Wellborn Cabinet, Inc.), Tax Revenue Bonds, (Bank of America N.A. LOC), 0.320%, 5/6/20102,435,000
531,600,000Bank of Montreal, 0.249% - 0.263%, 5/4/2010 - 5/14/2010531,600,000
10,000,000Bank of New York Mellon Corp., 0.303%, 6/29/201010,000,292
700,000,000Barclays Bank PLC, 0.483% - 0.579%, 5/5/2010 - 5/26/2010700,000,000
79,800,000Bay Area Toll Authority, CA, (2008 Series A-1), (JPMorgan Chase Bank N.A. LIQ), 0.230%, 5/6/201079,800,000
29,100,000Bay Area Toll Authority, CA, (2008 Series D-1), (BNP Paribas SA LIQ), 0.270%, 5/6/201029,100,000
31,190,000Bay Area Toll Authority, CA, (Series 2007A-2), (Union Bank, N.A. LIQ), 0.230%, 5/6/201031,190,000
13,500,000Bay Area Toll Authority, CA, (Series 2007G-1), (JPMorgan Chase Bank N.A. LIQ), 0.310%, 5/6/201013,500,000
8,440,000Biddle Road Corp., (Series 2004), (Wells Fargo Bank, N.A. LOC), 1.270%, 5/6/20108,440,000
2
Principal
Amount		Value
$4,405,000Bond Holdings LP, (Wells Fargo Bank, N.A. LOC), 0.300%, 5/7/20104,405,000
25,375,000COG Leasing Co. LLP, (Series 2007), (FHLB of Des Moines LOC), 0.320%, 5/6/201025,375,000
3,000,000California Health Facilities Financing Authority, (Series 2008B), (Wachovia Bank N.A. LOC), 0.270%, 5/5/20103,000,000
25,200,000California Infrastructure & Economic Development Bank, (Series 2009A: JSerra Catholic High School), (Wells Fargo Bank, N.A. LOC), 0.250%, 5/6/201025,200,000
15,300,000California State, Economic Recovery Bonds (Series 2004 C-11), (BNP Paribas SA LOC), 0.260%, 5/5/201015,300,000
13,810,000California Statewide Communities Development Authority, (Series 2008A), (Bank of America N.A. LOC), 0.300%, 5/6/201013,810,000
13,165,000Campus Crusade for Christ, Inc., (Series 1997), (Wachovia Bank N.A. LOC), 0.300%, 5/6/201013,165,000
6,635,000Capital Markets Access Co. LC, (Series 2007), LSPB Real Estate, LLC Project, (Wells Fargo Bank, N.A. LOC), 0.350%, 5/6/20106,635,000
5,425,000Capital Markets Access Co. LC, (Series 2008), Sunshine Professional Suites, LLC Project, (Wells Fargo Bank, N.A. LOC), 0.380%, 5/6/20105,425,000
3,332,000Capital One Funding Corp., (JPMorgan Chase Bank, N.A. LOC), 0.290%, 5/6/20103,332,000
1,201,000Capital One Funding Corp., (Series 1999-A), (JPMorgan Chase Bank, N.A. LOC), 0.290%, 5/6/20101,201,000
943,000Capital One Funding Corp., (Series 1994-D), (JPMorgan Chase Bank, N.A. LOC), 0.750%, 5/6/2010943,000
770,000Capital One Funding Corp., (Series 1995-B), (JPMorgan Chase Bank, N.A. LOC), 0.500%, 5/6/2010770,000
642,000Capital One Funding Corp., (Series 1995-F), (JPMorgan Chase Bank, N.A. LOC), 0.290%, 5/6/2010642,000
895,000Capital One Funding Corp., (Series 1996-H), (JPMorgan Chase Bank, N.A. LOC), 0.340%, 5/6/2010895,000
3,288,000Capital One Funding Corp., (Series 2001-B), (JPMorgan Chase Bank, N.A. LOC), 0.340%, 5/6/20103,288,000
2,350,000Castleton United Methodist Church, Inc., (Series 2007-A), (U.S. Bank, N.A. LOC), 0.620%, 5/6/20102,350,000
25,025,000Charlotte, NC Water & Sewer System, (Series 2006B), (Wells Fargo Bank, LIQ), 0.300%, 5/6/201025,025,000
7,355,000Church at Brook Hills, (Wells Fargo Bank, N.A. LOC), 0.350%, 5/7/20107,355,000
5,540,000Cincinnati Bible College and Seminary, (U.S. Bank, N.A. LOC), 0.700%, 5/6/20105,540,000
640,000Colorado Health Facilities Authority, Development Disabilities Resource Center (Series 1998-C1), (JPMorgan Chase Bank, N.A. LOC), 0.750%, 5/6/2010640,000
7,425,000Connecticut Health and Educational Facilities Authority, (Series D), Griffin Hospital, (Wells Fargo Bank, N.A. LOC), 0.300%, 5/6/20107,425,000
6,355,000Convenience Holding Co., LLC, DeVorris Group (Series 2002-A), (Wells Fargo Bank, N.A. LOC), 0.350%, 5/6/20106,355,000
29,400,000Cook County, IL, (Series 2002 A), 0.270%, 5/5/201029,400,000
3,025,000Crane Plastics Siding LLC, (Series 2000), (JPMorgan Chase Bank, N.A. LOC), 0.500%, 5/6/20103,025,000
200,000,000Credit Agricole Corporate and Investment Bank, 0.353%, 7/14/2010200,000,000
28,400,000Cumberland County, PA Municipal Authority, (Series 2008B), (Bank of America N.A. LOC), 0.300%, 5/6/201028,400,000
22,405,000Eastern Municipal Water District of Riverside County, CA, (Series 2008A), (Wells Fargo Bank, LIQ), 0.250%, 5/5/201022,405,000
25,945,0001,2Elsinore Valley, CA Municipal Water District, Solar Eclipse (Series 2007-69), (U.S. Bank, N.A. LOC), 0.300%, 5/6/201025,945,000
33,900,000Greene County Development Authority, Reynolds Lodge, LLC (Series 2000 A), (U.S. Bank, N.A. LOC), 0.350%, 5/5/201033,900,000
33,700,000Heard County, GA Development Authority, (First Series 1997), (Georgia Power Co.), 0.270%, 5/3/201033,700,000
30,300,000Illinois Development Finance Authority IDB, 0.270%, 5/5/201030,300,000
12,715,000Illinois Finance Authority, (Series 2004), (JPMorgan Chase Bank, N.A. LOC), 0.310%, 5/5/201012,715,000
31,895,000Illinois Finance Authority, Refunding Bonds (Series 2006A), (JPMorgan Chase Bank, N.A. LOC), 0.280%, 5/5/201031,895,000
22,020,000Indiana Health & Educational Facility Financing Authority, (Series 2005D), (Branch Banking & Trust Co. LOC), 0.290%, 5/5/201022,020,000
24,100,000Indiana State Finance Authority (Health System Bonds), (Series2008H), (JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/5/201024,100,000
13,510,000Iowa 80 Group, Inc., (Series 2003), (Wells Fargo Bank, N.A. LOC), 0.230%, 6/1/201013,510,000
3,025,000J.P. Plymouth Properties LLC, (Series 1999), (Bank of America N.A. LOC), 0.460%, 5/5/20103,025,000
400,000,000JPMorgan Chase Bank, N.A., 0.265%, 5/28/2010400,000,000
2,235,000Kings Creek Country Club, Inc., (Series 1997), (Wells Fargo Bank, N.A. LOC), 0.350%, 5/5/20102,235,000
1,455,000L.H. Kroh, Inc., (Series 1998), (Wells Fargo Bank, N.A. LOC), 0.350%, 5/5/20101,455,000
150,000,000Lloyds TSB Bank PLC, London, 0.249%, 5/6/2010150,000,000
49,485,000Los Angeles County Fair Association, (Wells Fargo Bank, N.A. LOC), 0.300%, 5/5/201049,485,000
61,000,000Los Angeles, CA Department of Water & Power (Electric/Power System), (Series 2001 B-7), 0.250%, 5/6/201061,000,000
15,245,000Los Angeles, CA Wastewater System, Subordinate Revenue Bonds (Series 2008-F-2), (Bank of America N.A. LOC), 0.300%, 5/6/201015,245,000
380,000Madison, WI Community Development Authority, (Series 1997-B), Hamilton Point Apts., (JPMorgan Chase Bank, N.A. LOC), 0.470%, 5/6/2010380,000
3
Principal
Amount		Value
$3,930,000McCullough Snappy Service Oil Co., Inc., (Wells Fargo Bank, N.A. LOC), 0.350%, 5/7/20103,930,000
39,320,000Michigan Higher Education Facilities Authority, (Series 2008A), (Wachovia Bank N.A. LOC), 0.270%, 5/6/201039,320,000
34,385,000Michigan Higher Education Facilities Authority, (Series 2008B), (FHLB of Boston LOC), 0.270%, 5/6/201034,385,000
95,550,000Michigan State Financial Authority, (Sub Series F-4), (Ascension Health Credit), 0.280%, 5/5/201095,550,000
8,710,000Michigan State Hospital Finance Authority, (Series 2008B), (JPMorgan Chase Bank, N.A. LOC), 0.290%, 5/5/20108,710,000
1,440,000Midwest Funding Corp., (Series 1992-B), (JPMorgan Chase Bank, N.A. LOC), 0.500%, 5/6/20101,440,000
17,000,000Midwestern University Foundation, (Series 2009-A), (Royal Bank of Canada, Montreal LOC), 0.300%, 5/6/201017,000,000
10,000,000Mississippi Business Finance Corp., Kohler Project, (Wells Fargo Bank, N.A. LOC), 0.850%, 5/6/201010,000,000
35,510,000Municipal Gas Authority of Georgia, (Series A), Gas Portfolio III Project, (Wachovia Bank N.A. LOC), 0.250%, 5/1/201035,510,000
51,510,000New Jersey EDA, School Facilities Construction Refunding Bonds (Series 2008v-3), (Bank of Nova Scotia, Toronto LOC), 0.250%, 5/5/201051,510,000
14,000,000New Jersey Health Care Facilities Financing Authority, (Series 2004), (Wachovia Bank N.A. LOC), 0.250%, 5/6/201014,000,000
46,150,000New York City, NY, (2003 Series C-4), (BNP Paribas SA LOC), 0.270%, 5/5/201046,150,000
82,145,000New York City, NY, (Fiscal 2006 Series E-3), (Bank of America N.A. LOC), 0.260%, 5/6/201082,145,000
40,000,000New York State Dormitory Authority, (Series 2006A-1), (Bank of America N.A. LOC), 0.290%, 5/5/201040,000,000
24,525,000New York State HFA, (Series 2008-B), (Landesbank Hessen-Thuringen LOC), 0.310%, 5/5/201024,525,000
82,215,000North Broward Florida Hospital District, (Series 2007), (Wachovia Bank N.A. LOC), 0.270%, 5/6/201082,215,000
38,035,000North Carolina State, (Series 2002B), (Wells Fargo Bank, N.A. LOC), 0.250%, 5/5/201038,035,000
10,835,000North Oaks Partnership, (Series 1998), (Bank of America N.A. LOC), 0.280%, 5/6/201010,835,000
28,000,000North Texas Tollway Authority, (Series 2009D), (JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/5/201028,000,000
78,800,000Novant Health, Inc., (Series 1997), (Wells Fargo Bank, N.A. LOC), 0.300%, 5/5/201078,800,000
5,225,000Palm Desert Financing Authority, Emergency Independence Program (Series 2009), (Wells Fargo Bank, N.A. LOC), 0.350%, 5/6/20105,225,000
153,275,000Philadelphia, PA Authority for Industrial Development, (Series 2007B), (JPMorgan Chase Bank N.A. LIQ), 0.270%, 5/6/2010153,275,000
19,200,000Philadelphia, PA School District, (Series 2008 B-2), (Wachovia Bank N.A. LOC), 0.300%, 5/6/201019,200,000
50,000,000Philadelphia, PA School District, (Series 2008 B-4), (Wachovia Bank N.A. LOC), 0.300%, 5/6/201050,000,000
5,900,000Physicians Real Estate LLP, (Wells Fargo Bank, N.A. LOC), 0.310%, 5/5/20105,900,000
51,785,000Pittsburgh, PA Water & Sewer Authority, (Series C-2 of 2008) (Subordinate Bonds), (Assured Guaranty Municipal Corp. INS), 0.310%, 5/6/201051,785,000
17,220,000Presbyterian Home and Services of New Jersey Obligated Group, (Series 1998-B2), (Wachovia Bank N.A. LOC), 0.300%, 5/5/201017,220,000
9,425,000Public Building Corp. Springfield, MO, Jordan Valley Ice Park, (Series 2003), (U.S. Bank, N.A. LOC), 0.370%, 5/6/20109,425,000
400,000,0001,2Rabobank Nederland NV, Utrecht, 0.792%, 7/7/2010400,000,000
20,000,000Riverside County, CA Asset Leasing Corp., (Series 2008A: Southwest Justice Center), (Union Bank, N.A. LOC), 0.280%, 5/5/201020,000,000
19,000,000Salvation Army, (Series 2004-A), (Bank of New York Mellon LOC), 0.550%, 5/6/201019,000,000
2,875,000Seeber USA LLP, (Series 2000), (Wells Fargo Bank, N.A. LOC), 0.350%, 5/5/20102,875,000
405,000,000Societe Generale, Paris, 0.288%, 5/28/2010405,000,000
40,375,000South Carolina Jobs-EDA, (Series 2001), (Wells Fargo Bank, N.A. LOC), 0.300%, 5/6/201040,375,000
15,000,000South Carolina Jobs-EDA, (Series 2008), (JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/6/201015,000,000
27,425,000South Carolina Transportation Infrastructure Bank, Revenue Refunding Bonds (Series 2003B-3), (Wachovia Bank N.A. LOC), 0.270%, 5/5/201027,425,000
59,300,000Southcentral PA, General Authority, (Series 2008D), (TD Banknorth N.A. LOC), 0.280%, 5/5/201059,300,000
9,875,000Spira Millenium LLC, (Series 2001), (Bank of America N.A. LOC), 0.300%, 5/6/20109,875,000
780,000Springfield Ltd. Partnership, (UBS AG LOC), 0.500%, 5/6/2010780,000
1,170,000St. Paul, MN Port Authority, National Checking Co. Project (Series 1998-B), (U.S. Bank, N.A. LOC), 0.540%, 5/6/20101,170,000
25,000,000Tarrant County, TX Cultural Education Facilities Finance Corp., (Series 2008C-1), (Bank of America N.A. LOC), 0.300%, 5/5/201025,000,000
23,675,000Tarrant County, TX Cultural Education Facilities Finance Corp., (Series 2008C-2), (Bank of America N.A. LOC), 0.300%, 5/5/201023,675,000
17,910,000The Chestnut Partnership, (Series 1999), (Bank of America N.A. LOC), 0.280%, 5/6/201017,910,000
750,000,000Toronto Dominion Bank, 0.249% - 0.251%, 5/4/2010 - 5/10/2010750,000,000
1,000,000Village Green Finance Co. LLC, (Series 1997), (Wells Fargo Bank, N.A. LOC), 0.300%, 5/5/20101,000,000
21,800,000Virginia Commonwealth University, (Series 2006A), (Wells Fargo Bank, N.A. LOC), 0.270%, 5/3/201021,800,000
10,400,000Wachovia Bank N.A., 1.150%, 5/14/201010,403,000
4
Principal
Amount		Value
$51,696,000Wachovia Corp., 0.402%, 6/1/201051,698,093
24,275,000Washington State Housing Finance Commission, (Series 2007B), (U.S. Bank, N.A. LOC), 0.300%, 5/6/201024,275,000
279,424,000Wells Fargo & Co., 0.286% - 0.471%, 5/20/2010 - 6/18/2010279,495,357
1,482,000,000Westpac Banking Corp. Ltd., Sydney, 0.281% - 0.300%, 5/4/2010 - 5/11/20101,482,000,000
7,905,000Yeshivas Novominsk, (Series 2008), (TD Banknorth N.A. LOC), 0.270%, 5/6/20107,905,000
TOTAL8,198,157,742
Finance — Commercial – 1.0%
379,858,000General Electric Capital Corp., 0.310% - 0.699%, 5/4/2010 - 7/28/2010380,125,511
19,000,000Pitney Road Partners LLC, (Series 2008), (General Electric Capital Corp. LOC), 0.400%, 5/6/201019,000,000
15,440,000The Anderson's, Inc., (Series 2008), (General Electric Capital Corp. LOC), 0.400%, 5/6/201015,440,000
TOTAL414,565,511
Government Agency – 0.2%
8,385,000California HFA, (Series 2006 B), 0.240%, 5/5/20108,385,000
36,020,000Capital Trust Agency, FL, (FNMA LOC), 0.260%, 5/6/201036,020,000
5,350,000Grand Pointe II Ltd. Partnership, (Series 1999), Globe Apartments, (FHLB of Indianapolis LOC), 0.400%, 5/6/20105,350,000
8,290,000Helmholdt Capital, LLC, (Series 2007-A), (FHLB of San Francisco LOC), 0.450%, 5/6/20108,290,000
17,725,000Pinnacle Ridge Apartments LP, (Series 2006), (FHLB of Dallas LOC), 0.400%, 5/6/201017,725,000
TOTAL75,770,000
Insurance – 0.1%
41,230,0001,2Chicago, IL Board of Education, (Series 2008-C6), (Assured Guaranty Corp. INS), 0.300%, 5/5/201041,230,000
14,400,000New Jersey Health Care Facilities Financing Authority, (Series 2007-IV), (Assured Guaranty Corp. INS), 0.270%, 5/5/201014,400,000
TOTAL55,630,000
TOTAL NOTES — VARIABLE8,788,898,847
Time DepositS – 4.5%
Finance — Banking – 4.5%
845,000,000Societe Generale, Paris, 0.190% - 0.210%, 5/3/2010845,000,000
1,000,000,000Svenska Handelsbanken, Stockholm, 0.190%, 5/3/20101,000,000,000
TOTAL TIME DEPOSITS1,845,000,000
Repurchase Agreements – 8.8%
240,000,000Interest in $250,000,000 joint repurchase agreement 0.21%, dated 4/30/2010 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $250,004,375 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 12/1/2032 and the market value of those underlying securities was $256,088,176.240,000,000
3,342,122,000Interest in $8,020,000,000 joint repurchase agreement 0.21%, dated 4/30/2010 under which Bank of America N.A. will repurchase securities provided as collateral for $8,020,140,350 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 1/20/2040 and the market value of those underlying securities was $8,180,543,158.3,342,122,000
TOTAL REPURCHASE AGREEMENTS3,582,122,000
TOTAL INVESTMENTS — 100.7%
(AT AMORTIZED COST)5		41,105,607,785
OTHER ASSETS AND LIABILITIES - NET — (0.7)%6(297,682,592)
TOTAL NET ASSETS — 100%$40,807,925,193
1Denotes 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 April 30, 2010, these restricted securities amounted to $5,250,244,345, which represented 12.9% of total net assets.
2Denotes 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 April 30, 2010, these liquid restricted securities amounted to $5,250,244,345, which represented 12.9% of total net assets.
3Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
4Floating rate notes with current rate and next reset date shown.
5Also represents cost for federal tax purposes.
6Assets, other than investments in securities, less liabilities.
5

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2010.

Investment Valuation

Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures established by and under the general supervision of the Trustees.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2010, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

The following acronyms are used throughout this portfolio:

EDA — Economic Development 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
INS — Insured
LIQ — Liquidity Agreement
LOC — Letter of Credit
SWP — Swap Agreement

6


Prime Value Obligations Fund

Portfolio of Investments

April 30, 2010 (unaudited)

Principal
Amount		Value
Asset-Backed Securities – 2.5%
Finance — Automotive – 0.9%
$4,503,4291,2Ally Auto Receivables Trust 2009-A, Class A1, 0.396%, 9/15/20104,503,429
26,847,763BMW Canada Auto Trust (Series 2009-1), Class A1, 0.674%, 10/20/201026,847,763
1,245,2791,2Bank of America Auto Trust 2009-3, Class A1, 0.296%, 11/15/20101,245,279
28,238,8221Fleet Leasing Receivables Trust 2010-1, Class A1-B, 0.469%, 2/15/201128,238,822
4,219,068Hyundai Auto Receivables Trust 2009-A, Class A1, 0.357%, 9/15/20104,218,928
TOTAL65,054,221
Finance — Equipment – 1.6%
69,464,0201,2CIT Equipment Collateral 2010-VT1, Class A1, 0.344%, 3/15/201169,464,020
11,770,039GE Equipment Midticket LLC (Series 2009-1), Class A1, 0.501%, 9/15/201011,770,039
39,644,9341,2GE Equipment Small Ticket LLC (Series 2009-1), Class A1, 0.382%, 11/15/201039,644,934
TOTAL120,878,993
TOTAL ASSET-BACKED SECURITIES185,933,214
Certificates of Deposit – 24.0%
Finance — Banking – 24.0%
75,000,000Abbey National Treasury Services PLC, 0.308%, 5/21/201075,000,000
150,000,000BNP Paribas SA, 0.220% - 0.300%, 5/10/2010 - 7/12/2010150,000,000
53,000,000Banco Bilbao Vizcaya Argentaria SA, 0.255%, 6/16/201053,000,338
425,000,000Bank of Tokyo-Mitsubishi UFJ Ltd., 0.220% - 0.230%, 5/10/2010 - 5/28/2010425,000,000
126,500,000Barclays Bank PLC, 0.578% - 0.710%, 5/5/2010 - 1/21/2011126,500,000
180,000,000Bayerische Landesbank, 0.410% - 0.415%, 5/17/2010 - 5/21/2010180,000,811
375,000,000Credit Agricole Corporate and Investment Bank, 0.210% - 0.352%, 5/3/2010 - 8/20/2010375,000,000
60,000,000KBC Bank N.V., 0.320%, 6/4/201060,000,000
109,000,000Landesbank Baden-Wurttemberg, 0.330% - 0.360%, 5/24/2010 - 6/11/2010109,000,785
105,000,000Landesbank Hessen-Thuringen, 0.300%, 6/14/2010105,000,000
100,000,000Mizuho Corporate Bank Ltd., 0.240%, 6/10/2010100,000,000
TOTAL CERTIFICATES OF DEPOSIT1,758,501,934
Collateralized Loan Agreements – 12.3%
Finance — Banking – 12.3%
65,000,000Banc of America Securities LLC, 0.497%, 5/3/201065,000,000
370,000,000Citigroup Global Markets, Inc., 0.618% - 0.720%, 5/3/2010370,000,000
120,000,000Mizuho Securities USA, Inc., 0.253% - 0.618%, 5/3/2010120,000,000
150,000,000RBS Securities, Inc., 0.659%, 5/5/2010150,000,000
200,000,000Wells Fargo Securities, LLC, 0.355%, 5/3/2010200,000,000
TOTAL COLLATERALIZED LOAN AGREEMENTS905,000,000
Commercial Paper – 17.6%;3
Aerospace / Auto – 1.9%
90,900,0001,2BMW US Capital LLC, (GTD by Bayerische Motoren Werke AG), 0.350%, 5/5/2010 - 5/27/201090,881,865
27,100,0001,2Nissan Motor Acceptance Corp., (Nissan Motor Co., Ltd. Support Agreement), 0.340% - 0.360%, 5/19/2010 - 5/25/201027,094,087
24,500,0001,2Volkswagen of America, Inc., (GTD by Volkswagen AG), 0.320% - 0.400%, 5/4/2010 - 7/29/201024,487,537
TOTAL142,463,489
Consumer Products – 0.2%
15,000,000Clorox Co., 0.280%, 5/17/201014,998,133
Diversified – 0.3%
25,000,0001,2ITT Corp., 0.300%, 5/14/201024,997,292
Finance — Automotive – 0.3%
20,000,000FCAR Auto Loan Trust, (A1+/P1 Series), 0.551%, 6/25/201019,983,194
1
Principal
Amount		Value
Finance — Banking – 9.4%
$250,000,0001,2Banco Bilbao Vizcaya Argentaria SA, 0.240% - 0.280%, 6/8/2010 - 7/1/2010249,895,500
83,000,0001,2Clipper Receivables Company LLC, 0.355%, 5/10/201082,992,634
170,000,0001,2Grampian Funding LLC, 0.260% - 0.270%, 5/14/2010 - 5/28/2010169,973,178
74,500,000Landesbank Baden-Wurttemberg, 0.320%, 5/14/201074,491,391
100,000,0001,2Sumitomo Mitsui Banking Corp., 0.270%, 5/28/201099,979,750
13,700,0001,2Ticonderoga Funding LLC, (Bank of America N.A. SWP), 0.280%, 6/25/201013,694,139
TOTAL691,026,592
Finance — Commercial – 4.5%
332,000,0001,2Versailles Commercial Paper LLC, 0.250% - 0.270%, 5/7/2010 - 5/17/2010331,970,179
Food & Beverage – 0.3%
22,000,0001,2H.J. Heinz Finance Co., (GTD by H.J. Heinz Co.), 0.400%, 7/28/201021,978,489
Machinery / Equipment / Auto – 0.5%
34,000,0001,2Eaton Corp., 0.350%, 6/23/2010 - 6/29/201033,981,606
Retail – 0.2%
11,000,0001,2CVS Caremark Corp., 0.300%, 5/12/201010,998,992
TOTAL COMMERCIAL PAPER1,292,397,966
Corporate Bonds – 3.9%
Finance — Banking – 3.5%
109,000,000Bank of America N.A., 0.330%, 7/27/2010109,000,000
150,000,000JPMorgan Chase Bank, N.A., 0.258%, 5/20/2011150,000,000
TOTAL259,000,000
Finance — Commercial – 0.4%
30,000,000General Electric Capital Corp., 5.000%, 12/1/201030,780,690
TOTAL CORPORATE BONDS289,780,690
Government Agency – 4.1%
Government Agency – 4.1%
298,000,000Federal Home Loan Bank System, 0.400% - 0.600%, 12/27/2010 - 4/18/2011298,000,000
Notes — Variable – 33.0%;4
Finance — Banking – 27.9%
910,000AC, Inc., (Series 2002), (Regions Bank, Alabama LOC), 1.050%, 5/6/2010910,000
3,910,000AGE, Inc., (Series 2000), (Regions Bank, Alabama LOC), 1.050%, 5/6/20103,910,000
13,520,000Advance Packaging Corp., (Series 2006), (Fifth Third Bank, Cincinnati LOC), 0.530%, 5/6/201013,520,000
50,000Alabama State IDA, (Wellborn Cabinet, Inc.), Tax Revenue Bonds, (Bank of America N.A. LOC), 0.320%, 5/6/201050,000
19,300,000Alachua County, FL Health Facilities Authority, (Series 2003A), (SunTrust Bank LOC), 0.370%, 5/3/201019,300,000
11,900,000Alachua County, FL Health Facilities Authority, (Series A), (SunTrust Bank LOC), 0.370%, 5/3/201011,900,000
2,525,000Atlantic Tool and Die Co., (Key Bank, N.A. LOC), 0.700%, 5/6/20102,525,000
250,000,000Australia & New Zealand Banking Group, Melbourne, 0.290% - 0.311%, 5/24/2010 - 5/28/2010250,000,000
100,000,0001,2Australia & New Zealand Banking Group, Melbourne, 0.294%, 5/25/2010100,000,000
1,050,000Avondale Commerce Park, Phase III LLP, Phase III, (Regions Bank, Alabama LOC), 1.050%, 5/6/20101,050,000
3,800,000Baramax LLC, (Series 2002), (TD Banknorth N.A. LOC), 0.420%, 5/5/20103,800,000
150,000,000Barclays Bank PLC, 0.483%, 5/26/2010150,000,000
6,285,000Bethesda Country Club, Inc., (Series 1997), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.760%, 5/4/20106,285,000
7,000,000Blount County, TN Public Building Authority, Local Government Public Improvement Bonds (Series E-3-A), (KBC Bank N.V. LOC), 0.320%, 5/3/20107,000,000
12,895,000CEI Capital, LLC, Crystal Enterprises, Inc., (Fifth Third Bank, Cincinnati LOC), 0.700%, 5/6/201012,895,000
11,681,000CV 40-Stone Oak Ltd., (Series 2005), (Compass Bank, Birmingham LOC), 0.600%, 5/6/201011,681,000
6,525,000Capital Markets Access Co. LC, ML Destiny Plaza, LLC, (Fifth Third Bank, Cincinnati LOC), 0.530%, 5/6/20106,525,000
5,345,000Capital Markets Access Co. LC, Pelican I&II Project, (Series 2006), (SunTrust Bank LOC), 0.660%, 5/5/20105,345,000
5,865,000Capital Markets Access Co. LC, (Series 2006K), ESC Properties, LLC., (Compass Bank, Birmingham LOC), 0.350%, 5/6/20105,865,000
382,000Capital One Funding Corp., (Series 1996-C), (JPMorgan Chase Bank, N.A. LOC), 0.290%, 5/6/2010382,000
2
Principal
Amount		Value
$10,925,000Centra State Medical Arts Building LLC, (TD Banknorth N.A. LOC), 0.370%, 5/6/201010,925,000
4,250,000Century Drive Associates, (Series 2001), (TD Banknorth N.A. LOC), 0.370%, 5/5/20104,250,000
5,730,000Colonial Interstate Investments LLC, (Series 2007), (Regions Bank, Alabama LOC), 1.050%, 5/6/20105,730,000
2,940,000Commerce Towers LLC, (Regions Bank, Alabama LOC), 1.050%, 5/6/20102,940,000
5,500,000Commercial Contractors, Inc., (Series 1998), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.760%, 5/4/20105,500,000
9,475,000Community Centre Group of Cos., (Fifth Third Bank, Cincinnati LOC), 0.570%, 5/6/20109,475,000
765,000Covered Bridge Development Co. LLC, (Series 2004), (Compass Bank, Birmingham LOC), 0.720%, 5/6/2010765,000
5,245,000Cunat Capital Corp., (Series 2007), (FHLB of Chicago LOC), 0.300%, 5/6/20105,245,000
5,835,000DJD Investments, LLC, (Series 2004), (RBC Bank (USA) LOC), 0.360%, 5/6/20105,835,000
4,070,000Dellridge Care Center LP, (Series 1997), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.760%, 5/4/20104,070,000
1,440,000Engle Printing & Publishing, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.770%, 5/7/20101,440,000
1,545,000Engle Printing & Publishing, (Series 2003), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.770%, 5/7/20101,545,000
9,340,000Frogtown LLC, (Series 2004), (Comerica Bank LOC), 0.650%, 5/6/20109,340,000
12,365,000Galasso Materials LLC and Galasso Holdings LLC, (Series 1998), (Key Bank, N.A. LOC), 0.700%, 5/6/201012,365,000
2,135,000Gannett Fleming, Inc., (Series 2001), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.770%, 5/7/20102,135,000
35,520,000Goldleaf Mortgage LLC, (Series 2007-A), (FHLB of Chicago LOC), 0.320%, 5/6/201035,520,000
16,700,000Greene County Development Authority, Reynolds Lodge, LLC (Series 2000B), (SunTrust Bank LOC), 0.660%, 5/5/201016,700,000
1,285,000Grossman Realty LLC, (Series 5), (Regions Bank, Alabama LOC), 1.050%, 5/6/20101,285,000
820,000Guilford Capital LLC, (Series 2002 — D), (Regions Bank, Alabama LOC), 1.050%, 5/6/2010820,000
2,120,000Guilford Capital LLC, (Series 2002 — E), (Regions Bank, Alabama LOC), 1.050%, 5/6/20102,120,000
3,745,000Hazlet Manor Associates, (Series 1998), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.760%, 5/4/20103,745,000
4,500,000Hillside Community Church, (Series 2008), (Regions Bank, Alabama LOC), 1.050%, 5/6/20104,500,000
3,780,000Hugh W. Underwood /Underwood Properties, (Regions Bank, Alabama LOC), 1.050%, 5/6/20103,780,000
3,825,000Hugh W. Underwood, (Regions Bank, Alabama LOC), 1.050%, 5/6/20103,825,000
315,000Ilsco Corp., (U.S. Bank, N.A. LOC), 0.650%, 5/6/2010315,000
141,000,000JPMorgan Chase Bank, N.A., 0.265%, 5/28/2010141,000,000
10,000,000Key Bank, N.A., 2.502%, 6/2/201010,018,626
6,225,000LCT Holdings LLC, (Series 2008), (Regions Bank, Alabama LOC), 1.050%, 5/6/20106,225,000
4,360,000Lee County, FL IDA, Bonita Community Health Center, (Series 1999B), (Fifth Third Bank, Cincinnati LOC), 0.630%, 5/7/20104,360,000
6,010,000Life Tabernacle of Houston, Inc., (Series 2006), (Regions Bank, Alabama LOC), 1.050%, 5/6/20106,010,000
25,000,000Lloyds TSB Bank PLC, London, 0.249%, 5/6/201025,000,000
5,000,000Louisiana Public Facilities Authority, (Series 2008C), 0.500%, 5/3/20105,000,000
18,190,000Maryland State Economic Development Corp., Human Genome (Series 1997), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.760%, 5/4/201018,190,000
16,000,000Maryland State Economic Development Corp., (Series 2001A), Human Genome Sciences, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.760%, 5/4/201016,000,000
8,000,000Michigan Strategic Fund, (Series 2007), 0.550%, 5/3/20108,000,000
3,535,000Miller, James & Deborah, (Series 1997), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.760%, 5/4/20103,535,000
3,000,000Nassau County, NY IDA, Brush Hollow Project, (Series 2006-A), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.770%, 5/6/20103,000,000
8,800,000New York City Housing Development Corp., (Series 2009 A2), (RBS Citizens Bank N.A. LOC), 0.300%, 5/5/20108,800,000
65,000,000New York City Housing Development Corp., (Series 2009-A1), (RBS Citizens Bank N.A. LOC), 0.300%, 5/5/201065,000,000
30,000,000New York City, NY, (Fiscal 2008 Sub Series J-6), (Landesbank Hessen-Thuringen LOC), 0.260%, 5/3/201030,000,000
16,300,000Ohio Venture Capital Fund LLC, (Series F-1), (Fifth Third Bank, Cincinnati LOC), 0.530%, 5/6/201016,300,000
16,100,000Pinellas County, FL Health Facility Authority, (Series 2004), (SunTrust Bank LOC), 0.370%, 5/3/201016,100,000
13,410,000Polk County, FL IDA, (Series 2006), (SunTrust Bank LOC), 0.370%, 5/3/201013,410,000
100,000,0001,2Rabobank Nederland NV, Utrecht, 0.792%, 7/7/2010100,000,000
28,560,000Racetrac Capital LLC, (Series 2000), (Regions Bank, Alabama LOC), 1.050%, 5/6/201028,560,000
4,555,000River Road Marietta LP, (Series 2006), (Fulton Bank LOC), 2.100%, 5/6/20104,555,000
8,025,000Shepherd Capital LLC, Trade Center 2004-A, (Fifth Third Bank, Cincinnati LOC), 0.700%, 5/6/20108,025,000
6,155,000Silvio Properties, LLC, (Series 2007), (Fifth Third Bank, Cincinnati LOC), 0.500%, 5/6/20106,155,000
3
Principal
Amount		Value
$125,000,000Societe Generale, Paris, 0.288%, 5/28/2010125,000,000
19,175,000Southeastern California Conference of Seventh-Day Adventists, (Series 2008), (Bank of America N.A. LOC), 0.280%, 5/6/201019,175,000
565,000St. Paul, MN Port Authority, Bix Fruit Co. (Series 1998-B), (Marshall & Ilsley Bank, Milwaukee LOC), 3.000%, 5/6/2010565,000
8,300,000Team Rahal, Inc., (Series 2002), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.760%, 5/7/20108,300,000
7,455,000Test Associates, (Series 2002), (Fulton Bank LOC), 2.100%, 5/6/20107,455,000
100,000,000Toronto Dominion Bank, 0.251%, 5/10/2010100,000,000
7,375,000Urban Campus Environments LLC, (Series 2006), (Wells Fargo Bank, N.A. LOC), 0.300%, 5/6/20107,375,000
518,000Vista Funding Corp., (Series 1995-D), (Fifth Third Bank, Cincinnati LOC), 0.750%, 5/6/2010518,000
9,045,000WCN Properties, Inc., (Series 2), (Fulton Bank LOC), 2.100%, 5/6/20109,045,000
6,025,000West Shore Country Club, (Series 2000), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.770%, 5/7/20106,025,000
435,900,000Westpac Banking Corp. Ltd., Sydney, 0.299% - 0.303%, 5/4/2010 - 5/14/2010435,900,000
7,610,000Whetstone Care Center LLC, (Series 1998), (Fifth Third Bank, Cincinnati LOC), 1.540%, 5/6/20107,610,000
5,140,000Wilsbach Distributors, Inc., (Series 1999), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.770%, 5/5/20105,140,000
7,315,000Yonkers, NY IDA, JME Associates, LLC (Series 2006), (TD Banknorth N.A. LOC), 0.320%, 5/6/20107,315,000
3,000,000York County, PA IDA, (Series 2003-B), 3.000%, 5/6/20103,000,000
TOTAL2,052,779,626
Finance — Commercial – 3.7%
272,961,000General Electric Capital Corp., 0.431% - 0.699%, 5/4/2010 - 5/20/2010273,451,916
Finance — Retail – 0.6%
43,000,000AFS Insurance Premium Receivables Trust, (Series 1994-A), 0.809%, 5/17/201043,000,000
Government Agency – 0.1%
3,925,000Southwest Atlanta E.O.C., Inc., (Series 2006), (FHLB of Atlanta LOC), 0.400%, 5/6/20103,925,000
Insurance – 0.7%
50,000,000Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008A-2), (Assured Guaranty Municipal Corp. INS), 0.300%, 5/5/201050,000,000
TOTAL NOTES — VARIABLE2,423,156,542
Repurchase Agreements – 3.4%
234,133,000Interest in $8,020,000,000 joint repurchase agreement 0.21%, dated 4/30/2010 under which Bank of America N.A. will repurchase securities provided as collateral for $8,020,140,350 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 1/20/2040 and the market value of those underlying securities was $8,180,543,158.234,133,000
15,000,000Interest in $415,000,000 joint repurchase agreement 0.21%, dated 4/30/2010 under which Mizuho Securities USA, Inc. will repurchase securities provided as collateral for $415,007,263 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2040 and the market value of those underlying securities was $423,307,445.15,000,000
TOTAL REPURCHASE AGREEMENTS249,133,000
TOTAL INVESTMENTS — 100.8%
(AT AMORTIZED COST)5		7,401,903,346
OTHER ASSETS AND LIABILITES - NET — (0.8)%6(59,353,889)
TOTAL NET ASSETS — 100%$7,342,549,457
1Denotes 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 April 30, 2010, these restricted securities amounted to $1,526,021,732, which represented 20.8% of total net assets.
2Denotes 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 April 30, 2010, these liquid restricted securities amounted to $1,497,782,910, which represented 20.4% of total net assets.
3Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
4Floating rate notes with current rate and next reset date shown.
5Also represents cost for federal tax purposes.
6Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2010.

4

Investment Valuation

Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures established by and under the general supervision of the Trustees.

Restricted Securities

Additional information on restricted securities, excluding securities purchased under Rule 144A, if applicable, that have been deemed liquid by the Trustees, held at April 30, 2010, is as follows:

SecurityAcquisition DateAcquisition CostMarket Value
Fleet Leasing Receivables Trust 2010-1, Class A1-B, 0.469%, 2/15/20111/25/2010$28,238,822$28,238,822

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2010, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

The following acronyms are used throughout this portfolio:

FHLB — Federal Home Loan Bank
GTD — Guaranteed
IDA — Industrial Development Authority
INS — Insured
LOC — Letter of Credit
SWP — Swap Agreement

5


Tax-Free Obligations Fund

Portfolio of Investments

April 30, 2010 (unaudited)

Principal
Amount		Value
SHORT-TERM MUNICIPALS – 99.8%;1,2
Alabama – 2.3%
$6,000,000Alabama HFA MFH, (2000 Series A:Turtle Lake) Weekly VRDNs (Double Lake Ventures LLC)/(FNMA LOC), 0.300%, 5/6/20106,000,000
20,865,0003,4Alabama Special Care Facilities Financing Authority of Birmingham, Solar Eclipse (Series 2007-46) Weekly VRDNs (Ascension Health Credit Group)/(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.300%, 5/6/201020,865,000
34,000,000Birmingham, AL Medical Clinic Board, (Series 2007-A) Weekly VRDNs (University of Alabama Health Services Foundation, P.C.)/(Bank of America N.A. LOC), 0.310%, 5/7/201034,000,000
23,000,0003,4Birmingham, AL Waterworks & Sewer Board, Floater Certificates (Series 2008-2707) Weekly VRDNs (Berkshire Hathaway Assurance Corp. INS)/(Morgan Stanley LIQ), 0.310%, 5/6/201023,000,000
17,680,000Birmingham-St. Martin's, AL Special Care Facilities Financing Authority, (Series 2007) Weekly VRDNs (St. Martin's In The Pines)/(FHLB of Atlanta LOC), 0.360%, 5/6/201017,680,000
3,135,000Huntsville, AL Special Care Facilities Financing Authority, Lease Revenue Bonds (Series 2005) Weekly VRDNs (Huntsville Rehabilitation Foundation)/(Wells Fargo Bank, N.A. LOC), 0.400%, 5/6/20103,135,000
1,750,000Magnolia Ridge Improvement District, AL, (Series 2002) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 0.520%, 5/7/20101,750,000
6,000,000Mobile, AL Downtown Redevelopment Authority, (Series 2009) Weekly VRDNs (Austal USA, LLC)/(Westpac Banking Corp. Ltd., Sydney LOC), 0.290%, 5/6/20106,000,000
5,000,000Mobile, AL IDB, (First Series 2009: Barry Plant), 1.40% TOBs (Alabama Power Co.), Mandatory Tender 7/16/20105,000,000
12,000,000Mobile, AL IDB, PCR (Series 1993B) Weekly VRDNs (Alabama Power Co.), 0.300%, 5/6/201012,000,000
31,000,000Mobile, AL IDB, PCR (Series 2008: Gulf Opportunity Zone Bond), 1.40% TOBs (Alabama Power Co.), Mandatory Tender 7/16/201031,000,000
1,800,000Mobile, AL Special Care Facilities Financing Authority, (Series 2010-B) Weekly VRDNs (Infirmary Health Systems, Inc.)/(Deutsche Bank AG LOC), 0.280%, 5/5/20101,800,000
18,950,000Parrish, AL IDB, PCR (Series 1994A) Daily VRDNs (Alabama Power Co.), 0.270%, 5/3/201018,950,000
5,000,000Pell, AL Special Care Facilities Financing Authority, (Series 2009-A) Weekly VRDNs (Noland Health Services, Inc.)/(U.S. Bank, N.A. LOC), 0.300%, 5/6/20105,000,000
13,285,0003,4Trussville, AL, Solar Eclipse (Series 2007-0105) Weekly VRDNs (U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.300%, 5/6/201013,285,000
20,000,000Tuscaloosa County, AL IDA, (Series 2008A: Gulf Opportunity Zone Bonds) Weekly VRDNs (Hunt Refining Co.)/(JPMorgan Chase Bank, N.A. LOC), 0.400%, 5/5/201020,000,000
10,000,000Tuscaloosa County, AL IDA, (Series 2008C: Gulf Opportunity Zone Bonds) Weekly VRDNs (Hunt Refining Co.)/(JPMorgan Chase Bank, N.A. LOC), 0.400%, 5/5/201010,000,000
3,000,000Tuscaloosa County, AL Port Authority, (Series 2006: Midtown Village) Weekly VRDNs (Carlyle-Cypress Tuscaloosa I LLC)/(Compass Bank, Birmingham LOC), 0.350%, 5/6/20103,000,000
7,440,000Tuscaloosa County, AL Port Authority, (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs (Tuscaloosa Riverfront Development, LLC)/(FHLB of Atlanta LOC), 0.410%, 5/6/20107,440,000
23,900,0003,4University of South Alabama, Solar Eclipse (Series 2007-0023) Weekly VRDNs (U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.310%, 5/6/201023,900,000
TOTAL263,805,000
Arizona – 1.7%
5,275,000Apache County, AZ IDA, 1983 (Series A) Weekly VRDNs (Tucson Electric Power Co.)/(Royal Bank of Scotland NV LOC), 0.350%, 5/5/20105,275,000
1,100,000Arizona Health Facilities Authority Weekly VRDNs (University Physicians, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.450%, 5/6/20101,100,000
3,415,000Arizona Health Facilities Authority Weekly VRDNs (University Physicians, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.450%, 5/6/20103,415,000
1,800,000Arizona Health Facilities Authority, (Series 2004) Weekly VRDNs (Southwest Behavioral Health Services, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/5/20101,800,000
14,000,000Arizona Health Facilities Authority, (Series 2006) Weekly VRDNs (La Loma Village)/(Banco Santander, S.A. LOC), 0.320%, 5/6/201014,000,000
4,150,000Arizona Health Facilities Authority, (Series 2008) Weekly VRDNs (Royal Oaks Life Care Community)/(Bank of America N.A. LOC), 0.300%, 5/6/20104,150,000
5,000,000Glendale, AZ IDA, (Series 2008) Weekly VRDNs (Midwestern University)/(Bank of America N.A. LOC), 0.300%, 5/6/20105,000,000
6,750,000Phoenix, AZ IDA, (Series 2000) Weekly VRDNs (Copper Palms Apartments)/(FHLMC LOC), 0.320%, 5/5/20106,750,000
2,555,000Phoenix, AZ IDA, (Series 2002) Weekly VRDNs (Jewell McFarland Lewis Fresh Start Women's Resource Center)/(Bank of America N.A. LOC), 0.450%, 5/6/20102,555,000
3,500,000Phoenix, AZ IDA, (Series 2008) Weekly VRDNs (Southwestern College of Phoenix)/(Comerica Bank LOC), 0.380%, 5/6/20103,500,000
1
Principal
Amount		Value
$8,950,000Pima County, AZ IDA Weekly VRDNs (Tucson Electric Power Co.)/(Bank of New York Mellon LOC), 0.280%, 5/5/20108,950,000
47,275,000Scottsdale, AZ IDA, (Series 2006C) Weekly VRDNs (Scottsdale Healthcare Hospitals)/(Assured Guaranty Municipal Corp. INS)/(Citibank NA, New York LIQ), 0.310%, 5/5/201047,275,000
34,400,000Scottsdale, AZ IDA, (Series 2006D) Weekly VRDNs (Scottsdale Healthcare Hospitals)/(Assured Guaranty Municipal Corp. INS)/(Citibank NA, New York LIQ), 0.310%, 5/5/201034,400,000
13,325,000Scottsdale, AZ IDA, (Series 2006E) Weekly VRDNs (Scottsdale Healthcare Hospitals)/(Assured Guaranty Municipal Corp. INS)/(Citibank NA, New York LIQ), 0.310%, 5/5/201013,325,000
3,345,000Sierra Vista, AZ IDA, (Series 2001A) Weekly VRDNs (Mountain Steppes Properties LLC)/(FNMA LOC), 0.310%, 5/6/20103,345,000
3,885,000Sun Devil Energy Center LLC, AZ, (Series 2008) Weekly VRDNs (Arizona State University)/(Assured Guaranty Corp. INS)/(RBC Bank (USA) LIQ), 0.350%, 5/5/20103,885,000
8,615,000Yavapai County, AZ Highway Construction, Revenue Bonds (Series 2007) Weekly VRDNs (Landesbank Hessen-Thuringen LOC), 0.380%, 5/6/20108,615,000
2,300,000Yavapai County, AZ IDA Hospital Facilities, (Series 2008A) Weekly VRDNs (Yavapai Regional Medical Center)/(UBS AG LOC), 0.300%, 5/6/20102,300,000
28,995,0003,4Yuma, AZ Municipal Property Corp., Solar Eclipse (2007-0115) Weekly VRDNs (Yuma, AZ)/(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.300%, 5/6/201028,995,000
TOTAL198,635,000
Arkansas – 0.2%
18,835,000Fayetteville, AR Public Facilities Board, (Series 2002) Weekly VRDNs (Butterfield Trail Village)/(U.S. Bank, N.A. LOC), 0.320%, 5/6/201018,835,000
California – 9.0%
47,905,000ABAG Finance Authority for Non-Profit Corporations, CA, (Series 2007) Daily VRDNs (899 Charleston LLC)/(Bank of America N.A. LOC), 0.280%, 5/3/201047,905,000
89,825,000Bay Area Toll Authority, CA, (Series 2001A) Weekly VRDNs (Bayerische Landesbank and CALPERS (California Public Employees Retirement System) LIQs), 0.340%, 5/6/201089,825,000
10,000,000California Educational Facilities Authority, (Series 2007) Weekly VRDNs (Charles Drew University of Medicine & Science)/(Natixis LOC), 0.380%, 5/6/201010,000,000
13,800,000California Health Facilities Financing Authority, (Series 2006C) Weekly VRDNs (Kaiser Permanente), 0.290%, 5/5/201013,800,000
22,455,000California Infrastructure & Economic Development Bank, (Series 2008B) Daily VRDNs (RAND Corp.)/(Bank of America N.A. LOC), 0.260%, 5/3/201022,455,000
55,000,000California School Cash Reserve Program Authority, 2009-2010 Senior Bonds (Series A), 2.50% TRANs, 7/1/201055,173,528
12,000,000California School Cash Reserve Program Authority, 2009-2010 Subordinate Bonds (Series A), 2.50% TRANs (U.S. Bank, N.A. LOC), 7/1/201012,039,284
48,900,000California State Department of Water Resources Power Supply Program, (Series 2002 B-2) Daily VRDNs (BNP Paribas SA LOC), 0.280%, 5/3/201048,900,000
35,750,000California State, (Series 2003A-1) Daily VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.280%, 5/3/201035,750,000
14,000,000California State, (Series 2004 B-6) Weekly VRDNs (Citibank NA, New York LOC), 0.310%, 5/6/201014,000,000
24,865,000California State, (Series 2005B-6) Daily VRDNs (KBC Bank N.V. LOC), 0.290%, 5/3/201024,865,000
16,580,000California State, (Series 2005B-7) Daily VRDNs (Landesbank Hessen-Thuringen LOC), 0.320%, 5/3/201016,580,000
26,486,000California State, GO Tax Exempt Notes, 0.37% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/3/201026,486,000
19,465,000California State, GO Tax Exempt Notes, 0.37% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/5/201019,465,000
31,505,000California State, GO Tax Exempt Notes, 0.38% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/20/201031,505,000
31,770,000California State, GO Tax Exempt Notes, 0.40% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/4/201031,770,000
9,050,000California State, GO Tax Exempt Notes, 0.40% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/5/20109,050,000
22,000,000California State, GO Tax Exempt Notes, 0.40% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/6/201022,000,000
2
Principal
Amount		Value
$45,000,000California State, GO Tax Exempt Notes, 0.40% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/19/201045,000,000
15,000,000California State, GO Tax Exempt Notes, 0.40% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/20/201015,000,000
4,445,000California State, GO Tax Exempt Notes, 0.40% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/26/20104,445,000
20,700,000California Statewide CDA, (Series 2003A) Weekly VRDNs (Kaiser Permanente), 0.290%, 5/5/201020,700,000
26,200,000California Statewide CDA, (Series 2004L) Weekly VRDNs (Kaiser Permanente), 0.290%, 5/5/201026,200,000
41,985,000California Statewide CDA, (Series 2004M) Weekly VRDNs (Kaiser Permanente), 0.290%, 5/5/201041,985,000
4,500,000California Statewide CDA, (Series 2005A: Sweetwater Union High School District) Weekly VRDNs (Plan Nine Partners LLC)/(Union Bank, N.A. LOC), 0.350%, 5/6/20104,500,000
25,750,000California Statewide CDA, (Series 2009 C-1) Weekly VRDNs (Kaiser Permanente), 0.270%, 5/5/201025,750,000
42,000,000California Statewide CDA, (Series 2009 C-3) Weekly VRDNs (Kaiser Permanente), 0.270%, 5/5/201042,000,000
28,065,000California Statewide CDA, (Series B) Weekly VRDNs (Kaiser Permanente), 0.290%, 5/5/201028,065,000
16,865,0003,4Coast CCD, CA, SPEARs (Series DB-326) Weekly VRDNs (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.300%, 5/6/201016,865,000
50,000,000Contra Costa, CA Transportation Authority, (Series 2009), 2.50% BANs, 10/1/201050,417,161
24,340,0003,4Grossmont, CA Healthcare District, SPEARs (Series DBE-345) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.300%, 5/6/201024,340,000
12,050,0003,4Grossmont-Cuyamaca, CA CCD, Stage Trust (Series 2008-31Z), 0.35% TOBs (Wells Fargo & Co. LIQ)/(Wells Fargo & Co. LOC), Optional Tender 7/29/201012,050,000
17,260,000Los Angeles, CA USD, (2008 Series A) Weekly VRDNs (Bank of America N.A. LOC), 0.320%, 5/5/201017,260,000
60,000,000Los Angeles, CA Wastewater System, 0.40% CP, Mandatory Tender 6/8/201060,000,000
11,590,000Oxnard, CA Financing Authority (Wastewater), (Series 2004B: Headworks and Septic System Projects) Weekly VRDNs (Oxnard, CA Wastewater System)/(Union Bank, N.A. LOC), 0.330%, 5/6/201011,590,000
11,505,000Oxnard, CA Financing Authority, (Series 2006: Civic Center Phase 2) Weekly VRDNs (Oxnard, CA)/(Union Bank, N.A. LOC), 0.330%, 5/6/201011,505,000
10,500,000San Francisco, CA City & County Airport Commission, (Series 2009A), 0.75% TOBs, Mandatory Tender 9/15/201010,500,000
20,000,000Ventura County, CA, 2.50% TRANs, 7/1/201020,067,797
TOTAL1,019,808,770
Colorado – 1.7%
4,835,000Base Village, CO Metropolitan District No. 2, (Series 2008A) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.310%, 5/6/20104,835,000
6,510,000Base Village, CO Metropolitan District No. 2, (Series 2008B) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.310%, 5/6/20106,510,000
23,580,000Colorado Educational & Cultural Facilities Authority, (Series 2004A) Weekly VRDNs (Fuller Theological Seminary)/(Key Bank, N.A. LOC), 0.500%, 5/6/201023,580,000
15,425,000Colorado Educational & Cultural Facilities Authority, (Series 2008) Weekly VRDNs (Fuller Theological Seminary)/(Key Bank, N.A. LOC), 0.500%, 5/6/201015,425,000
9,965,000Colorado Educational & Cultural Facilities Authority, (Series A-8) Daily VRDNs (National Jewish Federation)/(Bank of America N.A. LOC), 0.270%, 5/3/20109,965,000
2,265,000Colorado Health Facilities Authority, (Series 1998c-1) Weekly VRDNs (Developmental Disabilities Center)/(JPMorgan Chase Bank, N.A. LOC), 0.600%, 5/6/20102,265,000
10,730,000Colorado HFA, (2009 Series A-1) Weekly VRDNs (FHLB of Topeka LIQ), 0.350%, 5/5/201010,730,000
78,125,000Colorado State, 2.00% TRANs, 6/25/201078,306,660
8,625,000Commerce City, CO Northern Infrastructure General Improvement District, (Series 2008) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.310%, 5/6/20108,625,000
11,765,000Denver Urban Renewal Authority, Stapleton Senior Tax Increment Revenue Bonds (Series 2008A-2) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.300%, 5/6/201011,765,000
21,350,0003,4University of Colorado, Solar Eclipse (Series 2006-0066) Weekly VRDNs (U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.300%, 5/6/201021,350,000
TOTAL193,356,660
Connecticut – 0.4%
21,800,0003,4Connecticut State Health & Educational Facilities, EAGLES (Series 72005-3031) Weekly VRDNs (Yale University)/(Citibank NA, New York LIQ), 0.300%, 5/6/201021,800,000
13,000,0003,4Connecticut State, PUTTERs (Series 320) Weekly VRDNs (J.P. Morgan Chase & Co. LIQ), 0.310%, 5/6/201013,000,000
3
Principal
Amount		Value
$4,900,000Hartford, CT Redevelopment Authority Weekly VRDNs (Underwood Towers)/(Assured Guaranty Municipal Corp. INS)/(Societe Generale, Paris LIQ), 0.400%, 5/6/20104,900,000
10,000,000New Britain, CT, 1.75% BANs, 3/29/201110,117,659
TOTAL49,817,659
Delaware – 0.1%
6,900,000Delaware EDA, (Series 2007) Weekly VRDNs (Delaware Hospice, Inc.)/(PNC Bank, N.A. LOC), 0.290%, 5/6/20106,900,000
District of Columbia – 0.3%
4,710,000District of Columbia Revenue, (Series 1999) Weekly VRDNs (Young Men's Christian Association of Metropolitan Washington)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.350%, 5/7/20104,710,000
1,700,000District of Columbia Revenue, (Series 2006) Weekly VRDNs (Washington Center for Internships & Academic Seminars)/(Branch Banking & Trust Co. LOC), 0.300%, 5/6/20101,700,000
4,000,000District of Columbia Revenue, (Series 2009) Weekly VRDNs (Washington Center for Internships & Academic Seminars)/(Branch Banking & Trust Co. LOC), 0.300%, 5/6/20104,000,000
26,665,0003,4Washington, DC Convention Center Authority, Floater Certificates (Series 2006-1606) Weekly VRDNs (Berkshire Hathaway Assurance Corp. INS)/(Morgan Stanley LIQ), 0.290%, 5/6/201026,665,000
TOTAL37,075,000
Florida – 6.0%
31,725,000Brevard County, FL Health Facilities Authority Weekly VRDNs (Wuesthoff Memorial Hospital)/(Wells Fargo Bank, N.A. LOC), 0.300%, 5/6/201031,725,000
4,945,000Broward County, FL HFA, (Series 1997) Weekly VRDNs (Jacaranda Village Apartments)/(HSBC Bank USA LOC), 0.300%, 5/5/20104,945,000
42,020,000Broward County, FL School District, COPs (Series 2004D) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.300%, 5/6/201042,020,000
28,375,0003,4Broward County, FL, Clipper Tax-Exempt Certificates Trust (Series 2009-55) Weekly VRDNs (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.330%, 5/6/201028,375,000
10,000,000Capital Trust Agency, FL, (Series 2008A) Weekly VRDNs (Atlantic Housing Foundation Properties)/(FNMA LOC), 0.310%, 5/6/201010,000,000
36,075,000Charlotte County, FL, (Series 2003A) Weekly VRDNs (Charlotte County, FL Water & Sewer System)/(Assured Guaranty Municipal Corp. INS)/(Bank of America N.A. LIQ), 0.320%, 5/6/201036,075,000
21,105,000Charlotte County, FL, (Series 2003B) Weekly VRDNs (Charlotte County, FL Water & Sewer System)/(Assured Guaranty Municipal Corp. INS)/(Bank of America N.A. LIQ), 0.320%, 5/6/201021,105,000
18,000,0003,4Clipper Tax-Exempt Trust (Florida Non-AMT)/(Series 2009-83) Weekly VRDNs (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.300%, 5/6/201018,000,000
10,000,000Collier County, FL Educational Facilities Authority, (Series 2007) Weekly VRDNs (Ave Maria University, Inc.)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/6/201010,000,000
17,000,000Collier County, FL Educational Facilities Authority, (Series 2008) Weekly VRDNs (Ave Maria University, Inc.)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/6/201017,000,000
7,750,000Florida HFA, (Series 1985-SS) Weekly VRDNs (Woodlands Apartments)/(Northern Trust Co., Chicago, IL LOC), 0.320%, 5/5/20107,750,000
15,490,0003,4Florida State Board of Education, (PZ-198), 0.34% TOBs (Florida State)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 7/8/201015,490,000
4,705,0003,4Florida State, MERLOTS (Series 2008-C07) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 0.300%, 5/5/20104,705,000
25,000,000Fort Myers, FL Utilities Revenue, (Series 2009) Weekly VRDNs (Bank of America N.A. LOC), 0.290%, 5/6/201025,000,000
27,750,000Highlands County, FL Health Facilities Authority, (Series 2006A-1) Weekly VRDNs (Adventist Health System/Sunbelt Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.300%, 5/6/201027,750,000
28,000,000Indian River County School District, FL, (Series 2009), 2.00% TANs, 6/30/201028,068,912
37,635,000JEA, FL Electric System, (Series Three 2008B-2: Senior Revenue Bonds) Weekly VRDNs (Bank of America N.A. LIQ), 0.310%, 5/5/201037,635,000
27,470,000JEA, FL Electric System, (Series Three 2008B-3) Weekly VRDNs (Bank of America N.A. LIQ), 0.310%, 5/5/201027,470,000
4,505,000Jacksonville, FL EDC, (Series 2008) Daily VRDNs (Shands Jacksonville Medical Center, Inc.)/(Wachovia Bank N.A. LOC), 0.290%, 5/3/20104,505,000
3,500,000Jacksonville, FL HFDC Weekly VRDNs (River Garden Project)/(Wells Fargo Bank, N.A. LOC), 0.300%, 5/6/20103,500,000
6,505,000Lee County, FL IDA, (Series 2002) Weekly VRDNs (Shell Point Village, FL)/(Bank of America N.A. LOC), 0.310%, 5/5/20106,505,000
4,490,000Miami, FL Health Facilities Authority, Health Facilities Refunding Revenue Bonds (Series 1998) Weekly VRDNs (Mercy Hospital, FL)/(Bank of America N.A. LOC), 0.290%, 5/5/20104,490,000
57,440,000Miami-Dade County, FL School Board, (Series 2008C) Weekly VRDNs (Wachovia Bank N.A. LOC), 0.300%, 5/6/201057,440,000
31,000,000Miami-Dade County, FL, Professional Sports Franchise Facilities Tax Revenue Bonds (Series 2009E) Weekly VRDNs (Wachovia Bank N.A. LOC), 0.300%, 5/5/201031,000,000
4
Principal
Amount		Value
$5,300,000Orange County, FL IDA, (Series 2005) Weekly VRDNs (Christian Prison Ministry, Inc.)/ (Branch Banking & Trust Co. LOC), 0.300%, 5/6/20105,300,000
4,500,000Orange County, FL, Health Facilities Authority, (Series 2008E) Weekly VRDNs (Orlando Health, Inc.)/(Branch Banking & Trust Co. LOC), 0.320%, 5/5/20104,500,000
113,750,0003,4Orlando & Orange County Expressway Authority, FL, EAGLES (Series 2007-0081) Weekly VRDNs (Berkshire Hathaway Assurance Corp. INS)/(Citibank NA, New York LIQ), 0.310%, 5/6/2010113,750,000
22,600,0003,4Orlando & Orange County Expressway Authority, FL, EAGLES (Series 2007-0145) Weekly VRDNs (Berkshire Hathaway Assurance Corp. INS)/(Citibank NA, New York LIQ), 0.310%, 5/6/201022,600,000
4,000,000Palm Beach County, FL, Refunding Revenue Bonds Weekly VRDNs (Northern Trust Co., Chicago, IL LOC), 0.360%, 5/5/20104,000,000
10,000,000Pinellas County, FL Health Facility Authority, (Series 2009A-2) Weekly VRDNs (Baycare Health System)/(Northern Trust Co., Chicago, IL LOC), 0.290%, 5/6/201010,000,000
8,875,000Pinellas County, FL Health Facility Authority, (Series 2009A-3) Weekly VRDNs (Baycare Health System)/(Wachovia Bank N.A. LOC), 0.300%, 5/6/20108,875,000
4,300,000Putnam County, FL Development Authority, (PCR: Series 1994) Daily VRDNs (Florida Power & Light Co.), 0.280%, 5/3/20104,300,000
10,000,000UCF Health Facilities Corp., Capital Improvement Revenue Bonds (Series 2007) Weekly VRDNs (UCF Health Sciences Campus at Lake Nona)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/7/201010,000,000
2,125,000Venice, FL Health Care Revenue Bonds, (Series 2002B) Weekly VRDNs (Bon Secours Health System)/(Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.330%, 5/6/20102,125,000
TOTAL686,003,912
Georgia – 3.0%
5,965,000Athens-Clarke County, GA IDA, (Series 2003) Daily VRDNs (University of Georgia Athletic Association)/(Bank of America N.A. LOC), 0.270%, 5/3/20105,965,000
20,000,000Atlanta, GA Development Authority, (Series 2009) Weekly VRDNs (Georgia Aquarium, Inc.)/(FHLB of Atlanta LOC), 0.300%, 5/5/201020,000,000
5,000,000Clayton County, GA Housing Authority, (Series 2000A: Summerwind) Weekly VRDNs (Double Winds Ventures LLC)/(FNMA LOC), 0.300%, 5/6/20105,000,000
6,810,000Cobb County, GA Development Authority, (Series 2003) Weekly VRDNs (Young Men's Christian Association of Cobb County, GA, Inc.)/(Branch Banking & Trust Co. LOC), 0.300%, 5/6/20106,810,000
10,125,000Coweta County, GA Development Authority, (First Series 2006) Daily VRDNs (Georgia Power Co.), 0.290%, 5/3/201010,125,000
30,950,000Dalton, GA Development Authority, (Series 2003B) Weekly VRDNs (Hamilton Medical Center, Inc.)/(Bank of America N.A. LOC), 0.330%, 5/6/201030,950,000
45,480,000DeKalb County, GA Hospital Authority, (Series 2003B) Weekly VRDNs (DeKalb Medical Center, Inc.)/(Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 0.350%, 5/6/201045,480,000
7,550,000DeKalb County, GA MFH Authority, (Series 2003) Weekly VRDNs (Timber Trace Apartments)/(FHLMC LOC), 0.330%, 5/6/20107,550,000
27,700,000DeKalb Private Hospital Authority, GA, (Series 2008) Weekly VRDNs (Children's Healthcare of Atlanta, Inc.)/(Landesbank Hessen-Thuringen LIQ), 0.300%, 5/5/201027,700,000
13,870,000Effingham County, GA Development Authority, (Series 2003) Daily VRDNs (Georgia Power Co.), 0.290%, 5/3/201013,870,000
5,700,000Fulton County, GA Development Authority, (Series 1997) Weekly VRDNs (Woodward Academy, Inc.)/(FHLB of Atlanta LOC), 0.300%, 5/5/20105,700,000
2,200,000Fulton County, GA Development Authority, (Series 2001) Weekly VRDNs (Alpharetta Christian Academy, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.400%, 5/6/20102,200,000
6,405,000Fulton County, GA Development Authority, (Series 2002) Weekly VRDNs (Woodward Academy, Inc.)/(FHLB of Atlanta LOC), 0.300%, 5/5/20106,405,000
80,000Fulton County, GA Development Authority, (Series 2006) Weekly VRDNs (King's Ridge Christian School)/(Branch Banking & Trust Co. LOC), 0.300%, 5/6/201080,000
4,975,000Fulton County, GA Development Authority, (Series 2006) Weekly VRDNs (The Weber School, Inc.)/(Branch Banking & Trust Co. LOC), 0.300%, 5/6/20104,975,000
4,000,000Fulton County, GA Development Authority, (Series 2007) Weekly VRDNs (First Montessori School of Atlanta, Inc.)/(Branch Banking & Trust Co. LOC), 0.300%, 5/6/20104,000,000
12,250,000Fulton County, GA Development Authority, (Series 2007) Weekly VRDNs (Woodward Academy, Inc.)/(FHLB of Atlanta LOC), 0.300%, 5/5/201012,250,000
4,300,000Fulton County, GA Development Authority, (Series 2008) Weekly VRDNs (Pace Academy, Inc.)/(Bank of America N.A. LOC), 0.330%, 5/6/20104,300,000
10,055,000Georgia Ports Authority, (Series 2007) Weekly VRDNs (Garden City Terminal)/(Branch Banking & Trust Co. LOC), 0.320%, 5/5/201010,055,000
7,500,000Macon-Bibb County, GA Hospital Authority, (Series 1998) Weekly VRDNs (Medical Center of Central Georgia, Inc.)/(Branch Banking & Trust Co. LOC), 0.320%, 5/5/20107,500,000
5
Principal
Amount		Value
$6,000,000Macon-Bibb County, GA Hospital Authority, (Series 2003B) Weekly VRDNs (Medical Center of Central Georgia, Inc.)/(Branch Banking & Trust Co. LOC), 0.320%, 5/5/20106,000,000
20,000,000Municipal Electric Authority of Georgia, Plant Vogtle Additional Units PPA Project (JEA), PPA Project (Series 2009A), 1.50% BANs, 5/25/201020,011,761
13,765,000Peach County, GA Development Authority, (Series 2008) Weekly VRDNs (FVSU Wildcat Commons III, LLC)/(Wachovia Bank N.A. LOC), 0.300%, 5/6/201013,765,000
10,000,000Richmond County, GA Development Authority, (Series 2008B) Weekly VRDNs (MCG Health, Inc.)/(Bank of America N.A. LOC), 0.330%, 5/5/201010,000,000
11,000,000Savannah, GA EDA, (Series 2007) Weekly VRDNs (Savannah Country Day School)/(Branch Banking & Trust Co. LOC), 0.300%, 5/6/201011,000,000
22,975,000Savannah, GA EDA, (Series 2008B: Indigo Pointe) Weekly VRDNs (SSU Foundation Real Estate Ventures LLC)/(Wells Fargo Bank, N.A. LOC), 0.300%, 5/6/201022,975,000
23,000,000South Regional Joint Development Authority, GA, (Series 2008B) Weekly VRDNs (VSU Auxiliary Services Real Estate Foundation, Inc.)/(Wachovia Bank N.A. LOC), 0.300%, 5/6/201023,000,000
5,600,000Valdosta & Lowndes Counties, GA, (Series 1998) Weekly VRDNs (South Georgia Medical Center)/(Branch Banking & Trust Co. LOC), 0.300%, 5/6/20105,600,000
TOTAL343,266,761
Idaho – 1.4%
6,850,000Idaho Health Facilities Authority, (Series 2000) Daily VRDNs (St. Lukes Regional Medical Center, Ltd.)/(Assured Guaranty Municipal Corp. INS)/(Harris, N.A. LIQ), 0.300%, 5/3/20106,850,000
35,545,000Idaho Health Facilities Authority, (Series 2005) Daily VRDNs (St. Lukes Regional Medical Center, Ltd.)/(Assured Guaranty Municipal Corp. INS)/(GTD by Bayerische Landesbank LIQ), 0.300%, 5/3/201035,545,000
15,000,000Idaho Health Facilities Authority, (Series 2009A) Weekly VRDNs (St. Lukes Regional Medical Center, Ltd.)/(Wells Fargo Bank, N.A. LOC), 0.300%, 5/5/201015,000,000
100,000,000Idaho State, (Series 2009), 2.50% TANs, 6/30/2010100,343,681
TOTAL157,738,681
Illinois – 8.6%
12,410,000Aurora, Kane, DuPage, Will and Kendall Counties, IL, (Series 2006) Weekly VRDNs (Covey at Fox Valley Apartments)/(FNMA LOC), 0.310%, 5/6/201012,410,000
31,085,000Canton, IL, (Series 2009) Weekly VRDNs (Graham Hospital Association)/(Harris, N.A. LOC), 0.320%, 5/6/201031,085,000
18,850,000Chicago, IL Board of Education, (Series 2000B) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.410%, 5/6/201018,850,000
78,550,000Chicago, IL Board of Education, (Series 2000C) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.410%, 5/6/201078,550,000
7,300,000Chicago, IL Board of Education, (Series 2009A-2) Weekly VRDNs (Northern Trust Co., Chicago, IL LOC), 0.310%, 5/6/20107,300,000
9,700,000Chicago, IL Board of Education, (Series 2010A) Daily VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.240%, 5/3/20109,700,000
4,900,000Chicago, IL Board of Education, (Series A-1) Weekly VRDNs (Harris, N.A. LOC), 0.310%, 5/6/20104,900,000
6,230,0003,4Chicago, IL Board of Education, PUTTERs (Series 2997) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.350%, 5/6/20106,230,000
9,200,000Chicago, IL Wastewater Transmission, (Series 2008 C-1) Daily VRDNs (Harris, N.A. LOC), 0.250%, 5/3/20109,200,000
9,205,000Chicago, IL, (Series 2005) Weekly VRDNs (Joseph Kellman Community Center)/(Fifth Third Bank, Cincinnati LOC), 0.680%, 5/6/20109,205,000
6,750,000Cook County, IL, (Series 2002 B) Weekly VRDNs (GTD by Landesbank Hessen-Thuringen LIQ), 0.310%, 5/5/20106,750,000
6,980,000Crestwood Village, IL, 135th and Cicero Redevelopment (Series 2004) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 1.500%, 5/6/20106,980,000
10,355,000Freeport, IL, (Series 2001) Weekly VRDNs (Freeport Regional Health Care Foundation)/(U.S. Bank, N.A. LOC), 0.350%, 5/6/201010,355,000
3,900,000Galesburg, IL, (Series 1996) Weekly VRDNs (Knox College)/(Bank of America N.A. LOC), 0.330%, 5/6/20103,900,000
53,400,000Illinois Development Finance Authority IDB, (Series 1996A) Weekly VRDNs (Presbyterian Home Lake)/(Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 0.360%, 5/5/201053,400,000
1,200,000Illinois Development Finance Authority IDB, (Series 1997) Weekly VRDNs (Ada S. McKInley Community Services, Inc.)/(Harris, N.A. LOC), 0.600%, 5/6/20101,200,000
3,700,000Illinois Development Finance Authority, (Series 2002) Weekly VRDNs (St. Ignatius College Prep.)/(JPMorgan Chase Bank, N.A. LOC), 0.360%, 5/5/20103,700,000
23,380,000Illinois Finance Authority, (Series 2004) Weekly VRDNs (Ingalls Health System Obligated Group)/(JPMorgan Chase Bank, N.A. LOC), 0.310%, 5/5/201023,380,000
6
Principal
Amount		Value
$11,980,000Illinois Finance Authority, (Series 2004) Weekly VRDNs (ITT Research Institute)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/6/201011,980,000
4,220,000Illinois Finance Authority, (Series 2004) Weekly VRDNs (Riverside Health Systems, IL)/(JPMorgan Chase Bank, N.A. LOC), 0.310%, 5/5/20104,220,000
18,000,000Illinois Finance Authority, (Series 2007) Weekly VRDNs (Erikson Institute)/(Bank of America N.A. LOC), 0.330%, 5/6/201018,000,000
12,625,000Illinois Finance Authority, (Series 2007) Weekly VRDNs (Holy Cross Hospital)/(Bank of America N.A. LOC), 0.330%, 5/6/201012,625,000
100,425,000Illinois Finance Authority, (Series 2007C) Weekly VRDNs (Hospital Sisters Services, Inc.)/(Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.330%, 5/6/2010100,425,000
38,195,000Illinois Finance Authority, (Series 2007E) Weekly VRDNs (OSF Health Care Systems)/(Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.330%, 5/5/201038,195,000
69,200,000Illinois Finance Authority, (Series 2007F) Weekly VRDNs (OSF Health Care Systems)/(Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.310%, 5/5/201069,200,000
5,185,000Illinois Finance Authority, (Series 2008) Weekly VRDNs (Clearbrook Corp.)/(Harris, N.A. LOC), 0.320%, 5/6/20105,185,000
8,000,000Illinois Finance Authority, (Series 2008-D) Weekly VRDNs (Commonwealth Edison Co.)/(JPMorgan Chase Bank, N.A. LOC), 0.290%, 5/5/20108,000,000
50,000,000Illinois Finance Authority, (Series 2008A) Weekly VRDNs (Swedish Covenant Hospital)/(Bank of America N.A. LOC), 0.330%, 5/5/201050,000,000
8,305,000Illinois Finance Authority, (Series 2008E) Weekly VRDNs (Commonwealth Edison Co.)/(JPMorgan Chase Bank, N.A. LOC), 0.320%, 5/5/20108,305,000
15,000,000Illinois Finance Authority, (Series 2009) Weekly VRDNs (Concordia University)/(FHLB of Chicago LOC), 0.330%, 5/6/201015,000,000
9,885,0003,4Illinois Finance Authority, (Series 2009-09C-144A), 0.36% TOBs (OSF Health Care Systems)/(GTD by Wells Fargo & Co.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 8/19/20109,885,000
2,320,000Illinois Finance Authority, (Series 2009B-2) Weekly VRDNs (Art Institute of Chicago)/(Northern Trust Co., Chicago, IL LOC), 0.300%, 5/5/20102,320,000
8,000,000Illinois Finance Authority, (Series 2009C) Weekly VRDNs (OSF Health Care Systems)/(Wells Fargo Bank, N.A. LOC), 0.300%, 5/5/20108,000,000
9,500,000Illinois Finance Authority, (Series 2009D) Weekly VRDNs (OSF Health Care Systems)/(JPMorgan Chase Bank, N.A. LOC), 0.310%, 5/5/20109,500,000
19,570,0003,4Illinois Finance Authority, (Stage Trust Series 2008-27C) Weekly VRDNs (Children's Memorial Hospital)/(Wells Fargo & Co. LIQ)/(Wells Fargo & Co. LOC), 0.300%, 5/6/201019,570,000
25,000,000Illinois Finance Authority, (Subseries C-3A) Weekly VRDNs (Advocate Health Care Network)/(Bank of America N.A. LIQ), 0.300%, 5/5/201025,000,000
28,000,000Illinois Finance Authority, Refunding Bonds (Series 2006A) Weekly VRDNs (Loyola University Health System)/(JPMorgan Chase Bank, N.A. LOC), 0.280%, 5/5/201028,000,000
44,600,000Illinois Health Facilities Authority Daily VRDNs (OSF Health Care Systems)/(JPMorgan Chase Bank, N.A. LOC), 0.250%, 5/3/201044,600,000
51,670,000Illinois Health Facilities Authority, (Series 2003) Weekly VRDNs (Herman M. Finch University)/(JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/5/201051,670,000
2,000,000Illinois Health Facilities Authority, (Series 2003A) Weekly VRDNs (Hospital Sisters Services, Inc.)/(Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.330%, 5/6/20102,000,000
11,800,000Illinois Health Facilities Authority, Revenue Bonds (Series 1985B) Daily VRDNs (OSF Health Care Systems)/(Bank of America N.A. LOC), 0.250%, 5/3/201011,800,000
75,000,000Illinois State Toll Highway Authority, (2008 Series A-1) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.330%, 5/6/201075,000,000
19,980,0003,4Illinois State, MERLOTS (Series 2003-B4) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Wachovia Bank N.A. LIQ), 0.300%, 5/5/201019,980,000
14,855,000Lombard, IL, (Series 2000: Clover Creek Apartments) Weekly VRDNs (TVO Clover Creek LLC)/(FNMA LOC), 0.320%, 5/6/201014,855,000
6,565,0003,4Metropolitan Pier & Exposition Authority, IL, MERLOTS (Series 2008-C26) Weekly VRDNs (McCormick Place)/(Assured Guaranty Corp. INS)/(Bank of New York Mellon LIQ), 0.300%, 5/5/20106,565,000
13,525,0003,4Metropolitan Pier & Exposition Authority, IL, SPEARs (Series DB-433) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.300%, 5/6/201013,525,000
TOTAL980,500,000
Indiana – 2.1%
68,000,000Indiana Health & Educational Facility Financing Authority, (Series 2005A) Weekly VRDNs (Clarian Health Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.330%, 5/5/201068,000,000
5,100,000Indiana Health & Educational Facility Financing Authority, (Series 2006) Weekly VRDNs (Marian College, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/6/20105,100,000
7
Principal
Amount		Value
$7,580,000Indiana Health & Educational Facility Financing Authority, (Series 2006A) Weekly VRDNs (Union Hospital, Inc.)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/7/20107,580,000
17,900,000Indiana Health Facility Financing Authority, (Series 2005C) Weekly VRDNs (Community Hospitals of Indiana, Inc.)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/6/201017,900,000
25,985,000Indiana State Finance Authority (Environmental Improvement Bonds), (Series 2007A) Weekly VRDNs (Golden Years Homestead, Inc. & Great Lakes Christian Homes Corp.)/(Key Bank, N.A. LOC), 0.450%, 5/6/201025,985,000
13,300,000Indiana State Finance Authority (Environmental Improvement Bonds), (Series 2009A-5) Daily VRDNs (Duke Energy Indiana, Inc.)/(Bank of America N.A. LOC), 0.290%, 5/3/201013,300,000
7,000,000Indiana State Finance Authority, (Series 2009 A) Weekly VRDNs (Columbus Regional Hospital, IN)/(PNC Bank, N.A. LOC), 0.290%, 5/5/20107,000,000
5,185,000Indiana State Finance Authority, (Series 2009-C) Weekly VRDNs (Lighthouse Facilities Management, LLC)/(Harris, N.A. LOC), 0.320%, 5/6/20105,185,000
3,590,000Indiana State Finance Authority, (Series 2009A) Weekly VRDNs (Lighthouse Facilities Management, LLC)/(Harris, N.A. LOC), 0.320%, 5/6/20103,590,000
15,045,000Indiana State Finance Authority, (Series 2009B: Marquette Project) Weekly VRDNs (Retirement Living, Inc.)/(Branch Banking & Trust Co. LOC), 0.320%, 5/6/201015,045,000
22,775,000Lawrence, IN Economic Development Revenue Board, (Series 2002) Weekly VRDNs (Westminster Village North, Inc.)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/6/201022,775,000
42,500,000Richmond, IN Hospital Authority, (Series 2005A) Daily VRDNs (Reid Hospital & Health Care Services, Inc.)/(Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.280%, 5/3/201042,500,000
1,725,000St. Joseph County, IN EDRB, (Series 1998) Weekly VRDNs (South Bend Heritage Foundation, Inc.)/(Key Bank, N.A. LOC), 0.540%, 5/5/20101,725,000
6,485,000Winona Lake, IN EDRB, (Series 2006) Weekly VRDNs (Grace Village Retirement Community)/(Fifth Third Bank, Cincinnati LOC), 0.550%, 5/6/20106,485,000
TOTAL242,170,000
Iowa – 0.5%
13,485,000Iowa Finance Authority, (Series 2006) Weekly VRDNs (Unity Healthcare)/(Bank of America N.A. LOC), 0.330%, 5/6/201013,485,000
40,000,000Iowa Higher Education Loan Authority, (Series 2008) Weekly VRDNs (Grinnell College)/(Northern Trust Co., Chicago, IL LOC), 0.290%, 5/6/201040,000,000
TOTAL53,485,000
Kansas – 0.3%
24,890,000Topeka, KS, Temporary Notes (Series 2009-B), 2.00% TANs, 11/1/201025,081,754
10,195,000Unified Government of Wyandotte County/Kansas City, KS, (Series 1993) Weekly VRDNs (Wood View Apartments)/(FHLMC LOC), 0.310%, 5/6/201010,195,000
TOTAL35,276,754
Kentucky – 0.8%
20,080,000Floyd County, KY, (Series 2007A) Weekly VRDNs (Highlands Regional Medical Center)/(JPMorgan Chase Bank, N.A. LOC), 0.320%, 5/6/201020,080,000
6,650,000Madisonville, KY Hospital Revenue Bonds, (Series 2006) Weekly VRDNs (Trover Clinic Foundation, Inc.)/(Assured Guaranty Corp. INS)/(U.S. Bank, N.A. LIQ), 0.330%, 5/6/20106,650,000
57,180,000Warren County, KY, (Series 2008) Weekly VRDNs (Bowling Green-Warren County Community Hospital Corp.)/(Assured Guaranty Corp. INS)/(Branch Banking & Trust Co. LIQ), 0.300%, 5/6/201057,180,000
4,880,000Williamstown, KY, (2008 Series A) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.280%, 5/7/20104,880,000
TOTAL88,790,000
Louisiana – 1.6%
25,000,000Ascension Parish, LA IDB, (Series 2009) Weekly VRDNs (BASF Corp.)/(GTD by BASF SE), 0.420%, 5/5/201025,000,000
5,000,000Louisiana Local Government Environmental Facilities CDA, (Series 2004) Weekly VRDNs (The Academy of the Sacred Heart of New Orleans)/(FHLB of Dallas LOC), 0.410%, 5/5/20105,000,000
3,350,000Louisiana Local Government Environmental Facilities CDA, (Series 2004) Weekly VRDNs (The Christ Episcopal Church in Covington)/(FHLB of Dallas LOC), 0.410%, 5/5/20103,350,000
3,000,000Louisiana PFA, (Series 2009B-1) Weekly VRDNs (Christus Health System)/(Bank of New York Mellon LOC), 0.280%, 5/5/20103,000,000
81,000,0003,4Louisiana State Gas & Fuels, ROCs (Series 660) Weekly VRDNs (Citibank NA, New York LIQ), 0.310%, 5/6/201081,000,000
37,830,0003,4Louisiana State Gas & Fuels, Stage Trust (Series 2008-06C), 0.36% TOBs (Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 8/19/201037,830,000
6,435,000New Orleans, LA IDB, (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs (521 Tchoupitoulas Street LLC)/(FHLB of Dallas LOC), 0.410%, 5/6/20106,435,000
8
Principal
Amount		Value
$16,200,000St. James Parish, LA, (Series 2008) Weekly VRDNs (NuStar Logistics, LP)/(JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/5/201016,200,000
TOTAL177,815,000
Maine – 0.0%
3,390,0003,4Maine Health & Higher Educational Facilities Authority, Solar Eclipse (Series 2007-0104) Weekly VRDNs (U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.310%, 5/6/20103,390,000
Maryland – 1.5%
4,950,000Baltimore County, MD MFH, (Series 2004) Weekly VRDNs (Quail Ridge Apartments)/(FNMA LOC), 0.310%, 5/6/20104,950,000
15,355,000Baltimore, MD IDA, (Series 1986: Baltimore Capital Acquisition Program) Weekly VRDNs (Baltimore, MD)/(GTD by Bayerische Landesbank LOC), 0.370%, 5/5/201015,355,000
11,310,000Carroll County, MD Revenue Bonds, (Series 2008) Weekly VRDNs (Fairhaven, Inc./Copper Ridge, Inc.)/(Branch Banking & Trust Co. LOC), 0.300%, 5/6/201011,310,000
5,775,000Easton, MD Revenue Bonds, (Series 2008A) Weekly VRDNs (William Hill Manor, Inc.)/(Branch Banking & Trust Co. LOC), 0.300%, 5/6/20105,775,000
5,000,000Howard County, MD Retirement Community Revenue Bonds, (Series 2000A), 8.00% Bonds (Vantage House Corp.)/(United States Treasury PRF 5/15/2010@103), 5/15/20295,164,223
3,555,000Howard County, MD Revenue Bonds, (Series 1995) Weekly VRDNs (Bluffs at Clarys Forest Apartments)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.370%, 5/4/20103,555,000
200,000Howard County, MD Revenue Bonds, (Series 1999) Weekly VRDNs (Howard Development LP Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.400%, 5/7/2010200,000
4,200,000Maryland State Economic Development Corp., (Series 2003) Weekly VRDNs (YMCA of Central Maryland, Inc.)/(Branch Banking & Trust Co. LOC), 0.300%, 5/6/20104,200,000
1,875,000Maryland State Economic Development Corp., (Series 2006) Weekly VRDNs (YMCA of Central Maryland, Inc.)/(Branch Banking & Trust Co. LOC), 0.300%, 5/6/20101,875,000
2,185,000Maryland State Economic Development Corp., (Series 2006B) Weekly VRDNs (eMerge, Inc.)/(PNC Bank, N.A. LOC), 0.290%, 5/7/20102,185,000
3,500,000Maryland State Economic Development Corp., (Series 2008A) Daily VRDNs (United States Pharmacopeial Convention, Inc.)/(Bank of America N.A. LOC), 0.270%, 5/3/20103,500,000
3,435,000Maryland State Economic Development Corp., (Series A) Weekly VRDNs (The Associated: Jewish Community Federation of Baltimore, Inc.)/(Bank of America N.A. LOC), 0.330%, 5/6/20103,435,000
400,000Maryland State Health & Higher Educational Facilities Authority Weekly VRDNs (Capitol College)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.370%, 5/4/2010400,000
3,100,000Maryland State Health & Higher Educational Facilities Authority, (MT-277) Weekly VRDNs (Mercy Medical Center)/(Assured Guaranty Municipal Corp. INS)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 0.500%, 5/6/20103,100,000
5,300,000Maryland State Health & Higher Educational Facilities Authority, (Series 1994) Weekly VRDNs (University Physicians, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.350%, 5/5/20105,300,000
21,970,000Maryland State Health & Higher Educational Facilities Authority, (Series 2003B) Weekly VRDNs (Adventist HealthCare, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.400%, 5/7/201021,970,000
2,485,000Maryland State Health & Higher Educational Facilities Authority, (Series 2007) Weekly VRDNs (Gaudenzia Foundation, Inc.)/(PNC Bank, N.A. LOC), 0.290%, 5/7/20102,485,000
1,020,000Maryland State Health & Higher Educational Facilities Authority, Maimonides Academy of Baltimore (Series 2005) Weekly VRDNs (Yeshivat Rambam Issue)/(PNC Bank, N.A. LOC), 0.290%, 5/7/20101,020,000
4,500,0003,4Maryland State Health & Higher Educational Facilities Authority, ROCs (Series 11594) Weekly VRDNs (Lifebridge Health)/(Assured Guaranty Corp. INS)/(Citibank NA, New York LIQ), 0.320%, 5/6/20104,500,000
3,150,000Maryland State IDFA, (Series 2005) Weekly VRDNs (Baltimore International College, Inc.)/(Branch Banking & Trust Co. LOC), 0.300%, 5/6/20103,150,000
10,410,000Maryland State IDFA, (Series 2005) Weekly VRDNs (McDonogh School, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.300%, 5/7/201010,410,000
18,260,000Montgomery County, MD EDA, (Series 2002) Weekly VRDNs (Institute for Genomic Research, Inc.)/(Bank of America N.A. LOC), 0.330%, 5/6/201018,260,000
14,500,000Montgomery County, MD EDA, (Series 2008) Weekly VRDNs (Georgetown Preparatory School, Inc.)/(Bank of America N.A. LOC), 0.330%, 5/6/201014,500,000
1,734,000Montgomery County, MD Housing Opportunities Commission, (Series 1998 Issue I) Weekly VRDNs (Byron House, Inc. Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.420%, 5/4/20101,734,000
3,335,000Montgomery County, MD Housing Opportunities Commission, (Series 2008-A) Weekly VRDNs (PNC Bank, N.A. LOC), 0.290%, 5/6/20103,335,000
1,230,000Prince Georges County, MD, (1997 Issue) Weekly VRDNs (Mona Branch Avenue Ltd. Partnership)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.470%, 5/4/20101,230,000
9
Principal
Amount		Value
$3,560,000University System of Maryland, (Series 2003A), 0.55% TOBs, Mandatory Tender 6/1/20103,560,000
3,780,000Washington County, MD, (Series 2000) Weekly VRDNs (YMCA of Hagerstown, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.350%, 5/7/20103,780,000
500,000Westminster, MD EDRB, (Series 2004C) Daily VRDNs (Carroll Lutheran Village, Inc.)/(Citizens Bank of Pennsylvania LOC), 0.410%, 5/3/2010500,000
9,680,000Westminster, MD Educational Facilities, (Series 2000) Weekly VRDNs (Western Maryland College, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.300%, 5/6/20109,680,000
TOTAL170,418,223
Massachusetts – 1.6%
5,185,000Arlington, MA, 1.50% BANs, 8/26/20105,200,699
6,399,347Chelmsford, MA, 1.25% BANs, 6/17/20106,405,021
36,000,000Commonwealth of Massachusetts, (Series 1997-B) Weekly VRDNs (GTD by Landesbank Hessen-Thuringen LIQ), 0.300%, 5/6/201036,000,000
52,535,000Commonwealth of Massachusetts, (Series 2001 B) Weekly VRDNs (GTD by Landesbank Hessen-Thuringen LIQ), 0.300%, 5/6/201052,535,000
10,000,0003,4Commonwealth of Massachusetts, PUTTERs (Series 300) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ)/(United States Treasury PRF), 0.300%, 5/6/201010,000,000
5,500,000Mashpee, MA, 1.25% BANs, 9/3/20105,512,919
8,000,000Massachusetts Bay Transportation Authority Sales Tax Revenue, 7 Month Window (Series 2010A), 0.390%, 5/6/20108,000,000
11,470,000Massachusetts HEFA, (Series 2004F) Weekly VRDNs (Winchester Hospital)/(Bank of America N.A. LOC), 0.290%, 5/5/201011,470,000
2,495,000Massachusetts HEFA, (Series 2004G) Weekly VRDNs (Winchester Hospital)/(Bank of America N.A. LOC), 0.290%, 5/5/20102,495,000
22,590,000Massachusetts HEFA, (Series 2008G) Weekly VRDNs (South Shore Hospital)/(Assured Guaranty Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.350%, 5/6/201022,590,000
5,135,000Massachusetts IFA, (Series 1995) Weekly VRDNs (Goddard House)/(Bank of America N.A. LOC), 0.320%, 5/6/20105,135,000
4,200,000Massachusetts IFA, (Series 1996) Weekly VRDNs (Governor Dummer Academy)/(TD Banknorth N.A. LOC), 0.300%, 5/6/20104,200,000
12,500,000Winchester, MA, 1.00% BANs, 7/9/201012,512,217
TOTAL182,055,856
Michigan – 5.6%
8,000,0003,4Detroit, MI City School District, (PA-997R) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Merrill Lynch & Co., Inc. LIQ), 0.300%, 5/6/20108,000,000
7,575,0003,4Detroit, MI City School District, (ROC RR II R-11831) Weekly VRDNs (Assured Guaranty Corp. INS)/(Citibank NA, New York LIQ), 0.320%, 5/6/20107,575,000
15,900,0003,4Detroit, MI City School District, Solar Eclipse Certificates (Series 2006-0001) Weekly VRDNs (U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.300%, 5/6/201015,900,000
9,420,000Fremont, MI Hospital Finance Authority, (Series 2007) Weekly VRDNs (Gerber Memorial Health Services)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/7/20109,420,000
400,000Grand Rapids, MI Economic Development Corp., (Series 1991-A) Weekly VRDNs (Amway Hotel Corp.)/(Bank of America N.A. LOC), 0.740%, 5/5/2010400,000
7,175,000Grand Rapids, MI EDR Weekly VRDNs (Cornerstone University)/(PNC Bank, N.A. LOC), 0.290%, 5/6/20107,175,000
23,935,000Grand Rapids, MI EDR, (Series 2007) Weekly VRDNs (MapleCreek)/(Comerica Bank LOC), 0.380%, 5/6/201023,935,000
2,800,000Green Lake Township, MI Daily VRDNs (Interlochen Center)/(Harris, N.A. LOC), 0.250%, 5/3/20102,800,000
28,000,000Jackson County, MI Hospital Finance Authority, (Series 2006A) Weekly VRDNs (W.A. Foote Memorial Hospital, MI)/(Assured Guaranty Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.300%, 5/6/201028,000,000
35,750,000Jackson County, MI Hospital Finance Authority, (Series 2006B) Weekly VRDNs (W.A. Foote Memorial Hospital, MI)/(Assured Guaranty Corp. INS)/(Bank of Nova Scotia, Toronto LIQ), 0.300%, 5/6/201035,750,000
25,405,000Jackson County, MI Hospital Finance Authority, (Series 2006C) Weekly VRDNs (W.A. Foote Memorial Hospital, MI)/(Assured Guaranty Corp. INS)/(Comerica Bank LIQ), 0.400%, 5/6/201025,405,000
59,120,000Kalamazoo, MI Hospital Finance Authority, (Series 2006) Weekly VRDNs (Bronson Methodist Hospital)/(Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LOC), 0.420%, 5/5/201059,120,000
22,190,000Livonia, MI Economic Development Corp., (Series 2009) Weekly VRDNs (Madonna University)/(FHLB of Chicago LOC), 0.300%, 5/6/201022,190,000
6,710,000Michigan Higher Education Facilities Authority, (Series 2004) Weekly VRDNs (Davenport University, MI)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/7/20106,710,000
700,000Michigan Higher Education Facilities Authority, (Series 2006) Weekly VRDNs (Albion College)/(JPMorgan Chase Bank, N.A. LOC), 0.290%, 5/6/2010700,000
3,020,000Michigan Higher Education Facilities Authority, (Series 2007) Daily VRDNs (University of Detroit Mercy)/(JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/3/20103,020,000
10
Principal
Amount		Value
$4,900,000Michigan Higher Education Facilities Authority, (Series 2008) Weekly VRDNs (Adrian College)/(Comerica Bank LOC), 0.400%, 5/6/20104,900,000
3,480,000Michigan Higher Education Facilities Authority, (Series 2008) Weekly VRDNs (Davenport University, MI)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/7/20103,480,000
47,000,000Michigan Municipal Bond Authority, State Aid Revenue (Series 2009 C-1), 3.00% TANs, 8/20/201047,225,403
22,000,000Michigan Municipal Bond Authority, State Aid Revenue (Series 2009 C-2), 2.50% TANs (JPMorgan Chase Bank, N.A. LOC), 8/20/201022,109,455
10,000,000Michigan State Building Authority, (Series 5), 0.35% CP (Bank of New York Mellon and State Street Bank and Trust Co. LOCs), Mandatory Tender 6/24/201010,000,000
6,200,000Michigan State Financial Authority Weekly VRDNs (North Ottawa Care Center Inc.)/(PNC Bank, N.A. LOC), 0.290%, 5/6/20106,200,000
10,000,000Michigan State Financial Authority, (Ascension Health Credit Group), (Subseries F-7), 0.390%, 5/6/201010,000,000
7,100,000Michigan State Financial Authority, (Ascension Health Credit Group), (Subseries F-8), 0.390%, 5/6/20107,100,000
10,000,000Michigan State Financial Authority, (Ascension Health Credit Group), (Subseries F-9), 0.390%, 5/6/201010,000,000
6,000,000Michigan State Financial Authority, (Series C) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 0.500%, 5/5/20106,000,000
7,200,000Michigan State Hospital Finance Authority, (Series 1999 A) Weekly VRDNs (Covenant Retirement Communities, Inc.)/(Bank of America N.A. LOC), 0.300%, 5/6/20107,200,000
745,000Michigan State Hospital Finance Authority, (Series 2003B) Daily VRDNs (Crittenton Hospital Medical Center)/(Comerica Bank LOC), 0.310%, 5/3/2010745,000
9,500,000Michigan State Hospital Finance Authority, (Series 2008B) Weekly VRDNs (McLaren Health Care Corp.)/(JPMorgan Chase Bank, N.A. LOC), 0.290%, 5/5/20109,500,000
2,150,000Michigan State Hospital Finance Authority, (Series B) Weekly VRDNs (Healthcare Equipment Loan Program)/(Bank of America N.A. LOC), 0.320%, 5/5/20102,150,000
10,000,000Michigan State Hospital Finance Authority, (Series C) Weekly VRDNs (Healthcare Equipment Loan Program)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/5/201010,000,000
5,400,000Michigan State Housing Development Authority, (Series 2000) Weekly VRDNs (JAS Nonprofit Housing Corp. VI)/(JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/6/20105,400,000
9,170,000Michigan State Housing Development Authority, (Series 2002A) Weekly VRDNs (Ponds Taylor Limited Dividend Housing Association LLC)/(FNMA LOC), 0.320%, 5/6/20109,170,000
1,000,000Michigan State Strategic Fund, (Series 2001B) Daily VRDNs (Detroit Symphony Orchestra)/(Bank of America N.A. LOC), 0.270%, 5/3/20101,000,000
2,455,000Michigan State Strategic Fund, (Series 2003) Weekly VRDNs (Catholic Social Services of Lansing/St. Vincent Home, Inc.)/(Comerica Bank LOC), 0.320%, 5/6/20102,455,000
16,280,000Michigan State Strategic Fund, (Series 2003) Weekly VRDNs (Lutheran Social Services of Michigan)/(Comerica Bank LOC), 0.380%, 5/6/201016,280,000
6,910,000Michigan State Strategic Fund, (Series 2005) Weekly VRDNs (Detroit Public Television)/(Comerica Bank LOC), 0.350%, 5/6/20106,910,000
800,000Michigan State Strategic Fund, (Series 2005) Weekly VRDNs (Michigan Heartland Goodwill Industries, Inc.)/(Royal Bank of Scotland NV LOC), 0.450%, 5/6/2010800,000
1,000,000Michigan State Strategic Fund, Revenue Bond Weekly VRDNs (YMCA of Metropolitan Detroit)/(JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/6/20101,000,000
114,000,000Michigan State, (Series A), 2.00% TRANs, 9/30/2010114,694,888
3,025,000Michigan Strategic Fund, (Series 2004A) Weekly VRDNs (MOT, LLC)/(JPMorgan Chase Bank, N.A. LOC), 0.400%, 5/6/20103,025,000
8,700,000Michigan Strategic Fund, (Series 2008) Weekly VRDNs (Consumers Energy)/(Wells Fargo Bank, N.A. LOC), 0.280%, 5/5/20108,700,000
11,000,000Michigan Strategic Fund, (Series 2008) Weekly VRDNs (Wedgwood Christian Services)/(Bank of America N.A. LOC), 0.300%, 5/6/201011,000,000
5,100,000Oakland County, MI EDC Weekly VRDNs (Straith Hospital Special Surgery)/(FHLB of Indianapolis LOC), 0.300%, 5/6/20105,100,000
3,995,0003,4Parchment, MI School District, PUTTERs (Series 2836) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.350%, 5/6/20103,995,000
3,345,000Southfield, MI EDC, (Series 2001) Weekly VRDNs (Lawrence Technological University)/(JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/5/20103,345,000
35,200,000St. Joseph, MI Hospital Finance Authority, (Series 2002) Weekly VRDNs (Lakeland Hospitals at Niles & St. Joseph Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.340%, 5/6/201035,200,000
TOTAL640,784,746
Minnesota – 1.0%
4,000,000Bloomington, MN, (Series 2008) Weekly VRDNs (Presbyterian Homes, Inc.)/(FHLMC LOC), 0.270%, 5/6/20104,000,000
1,000,000Cohasset, MN, (Series 2000) Weekly VRDNs (Minnesota Power, Inc.)/(Bank of America N.A. LOC), 0.450%, 5/6/20101,000,000
11
Principal
Amount		Value
$1,200,000East Grand Forks, MN Solid Waste Disposal, (Series 2009) Weekly VRDNs (American Crystal Sugar Co.)/(CoBank, ACB LOC), 0.300%, 5/6/20101,200,000
2,300,000Minneapolis, MN Health Care System, (Series 2008D) Weekly VRDNs (Fairview Health Services)/(Wells Fargo Bank, N.A. LOC), 0.270%, 5/5/20102,300,000
2,600,000Minneapolis, MN, (Series 1994) Weekly VRDNs (Minnehaha/Lake Partners)/(U.S. Bank, N.A. LOC), 0.330%, 5/1/20102,600,000
8,650,000Minneapolis, MN, Housing Development Refunding Revenue Bonds (Series 1988) Weekly VRDNs (Symphony Place)/(FHLMC LOC), 0.310%, 5/6/20108,650,000
1,745,000Minneapolis, MN, Variable Rate Housing Revenue Bonds Weekly VRDNs (One Ten Grant Project)/(FNMA LOC), 0.300%, 5/6/20101,745,000
4,100,000Minnesota State Higher Education Facility Authority, (Series Six-H) Weekly VRDNs (St. Thomas University)/(Bank of New York Mellon LOC), 0.300%, 5/6/20104,100,000
13,000,000Minnesota Tax and Aid Anticipation Borrowing Program, (Series 2009), 2.00% TANs (GTD by Minnesota State), 9/10/201013,069,138
4,560,000Plymouth, MN, (Series 2003) Weekly VRDNs (Parkside Apartments)/(FNMA LOC), 0.270%, 5/6/20104,560,000
3,575,000Robbinsdale, MN, (Series 2004C) Weekly VRDNs (Copperfield Hill)/(Bank of America N.A. LOC), 0.310%, 5/7/20103,575,000
6,000,000Rochester, MN Health Care Facility Authority, (Series 2000A), 0.28% CP (Mayo Clinic), Mandatory Tender 6/8/20106,000,000
5,000,000Rochester, MN Health Care Facility Authority, (Series 2002B remktd 4/16/08) Weekly VRDNs (Mayo Clinic)/(Bank of America N.A. LIQ), 0.350%, 5/5/20105,000,000
7,900,000Seaway Port Authority of Duluth, MN, (Series of 2000) Weekly VRDNs (St. Lawrence Cement Inc.)/(Wells Fargo Bank, N.A. LOC), 0.300%, 5/6/20107,900,000
3,395,000Shakopee, MN Hospital Finance Authority Weekly VRDNs (St. Francis Regional Medical Center)/(Wells Fargo Bank, N.A. LOC), 0.300%, 5/6/20103,395,000
39,300,000St. Cloud, MN, (Series 2008A) Weekly VRDNs (Centracare Health System)/(Assured Guaranty Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.300%, 5/6/201039,300,000
4,250,000St. Francis, MN ISD No. 015, (Series B), 1.00% TANs (GTD by Minnesota State), 9/20/20104,255,747
TOTAL112,649,885
Mississippi – 0.1%
6,210,0003,4Mississippi Development Bank, Solar Eclipse (Series 2006-0153) Weekly VRDNs (Jackson, MS)/(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.300%, 5/6/20106,210,000
Missouri – 1.8%
2,750,000Kansas City, MO IDA, (Series 2001A) Weekly VRDNs (Bethesda Living Center)/(Bank of America N.A. LOC), 0.300%, 5/6/20102,750,000
11,650,000Kansas City, MO, H. Roe Bartle Convention Center (Series 2008E) Weekly VRDNs (Bank of America N.A. LOC), 0.300%, 5/5/201011,650,000
9,250,000Missouri State HEFA, (Series 2003C-1), 0.56% TOBs (Ascension Health Credit Group), Mandatory Tender 5/4/20109,250,000
6,340,000Missouri State HEFA, (Series 2005C-2) Weekly VRDNs (SSM Healthcare)/(Bank of America N.A. LOC), 0.280%, 5/5/20106,340,000
47,565,000Missouri State HEFA, (Series 2005C-4) Weekly VRDNs (SSM Healthcare)/(Assured Guaranty Municipal Corp. INS)/(Citibank NA, New York LIQ), 0.310%, 5/5/201047,565,000
6,500,000Missouri State HEFA, (Series 2005D-1) Daily VRDNs (SSM Healthcare)/(Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.300%, 5/3/20106,500,000
12,400,000Missouri State HEFA, (Series 2005D-2) Daily VRDNs (SSM Healthcare)/(Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.300%, 5/3/201012,400,000
25,000,000Missouri State HEFA, (Series 2008-G) Weekly VRDNs (Sisters of Mercy Health System Missouri)/(Bank of America N.A. LIQ), 0.300%, 5/5/201025,000,000
22,500,000Missouri State HEFA, (Series 2008B) Weekly VRDNs (Saint Luke's Health System)/(Bank of America N.A. LOC), 0.300%, 5/5/201022,500,000
26,600,000Missouri State HEFA, (Subseries 2005A-2) Daily VRDNs (SSM Healthcare)/(Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.300%, 5/3/201026,600,000
17,600,000Missouri State Public Utilities Commission, 2.25% BANs, 8/1/201017,661,665
18,300,000St. Louis, MO, (Series 2009), 2.00% TRANs, 6/30/201018,341,839
TOTAL206,558,504
Multi-State – 0.1%
10,290,0003,4Clipper Tax-Exempt Certificates Trust (Multi-State Non-AMT)/(Series 2009-76) Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ)/(United States Treasury PRF), 0.350%, 5/6/201010,290,000
3,485,000Dallas County, AL Housing Development Corp., (Series 1999: Jim Manor Garden Homes) Weekly VRDNs (Dallas County, AL)/(Wells Fargo Bank, N.A. LOC), 0.450%, 5/7/20103,485,000
TOTAL13,775,000
Nebraska – 0.7%
75,000,000Central Plains Energy Project, (Project #2) Weekly VRDNs (GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.300%, 5/6/201075,000,000
12
Principal
Amount		Value
Nevada – 1.3%
$6,500,000Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008D-1) Weekly VRDNs (Landesbank Baden-Wurttemberg LOC), 0.340%, 5/5/20106,500,000
26,700,000Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008D-2) Weekly VRDNs (Landesbank Baden-Wurttemberg LOC), 0.340%, 5/5/201026,700,000
41,850,000Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008D-3) Weekly VRDNs (Bayerische Landesbank LOC), 0.350%, 5/5/201041,850,000
32,540,000Clark County, NV School District, (Series 2001B) Daily VRDNs (Assured Guaranty Municipal Corp. INS)/(GTD by Bayerische Landesbank LIQ), 0.290%, 5/3/201032,540,000
28,500,0003,4Henderson, NV Health Facility, Floater Certificates (Series 2008-2633) Weekly VRDNs (Catholic Healthcare West)/(Berkshire Hathaway Assurance Corp. INS)/(Morgan Stanley LIQ), 0.310%, 5/6/201028,500,000
13,400,000Reno, NV Capital Improvement Revenue Bonds, (Series 2005A) Weekly VRDNs (Bank of America N.A. LOC), 0.280%, 5/6/201013,400,000
TOTAL149,490,000
New Hampshire – 0.1%
10,000,000New Hampshire Business Finance Authority, (Series 2008) Daily VRDNs (Valley Regional Hospital)/(RBS Citizens Bank N.A. LOC), 0.300%, 5/3/201010,000,000
New Jersey – 3.6%
21,000,0003,4Clipper Tax-Exempt Certificates Trust (New Jersey Non-AMT)/(Series 2009-49) Weekly VRDNs (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.300%, 5/6/201021,000,000
18,350,000New Jersey Health Care Facilities Financing Authority, (Series 2007-III) Weekly VRDNs (Meridian Health System Obligated Group)/(Assured Guaranty Corp. INS)/(Bank of America N.A. LIQ), 0.300%, 5/5/201018,350,000
18,985,0003,4New Jersey State Transportation Trust Fund Authority, ROCs RR II R-12294 Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Citibank NA, New York LIQ), 0.320%, 5/6/201018,985,000
25,000,0003,4New Jersey State Transportation Trust Fund Authority, SPEARs (Series DB-297) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.300%, 5/6/201025,000,000
250,000,000New Jersey State, (Series 2010B), 2.50% TRANs, 6/24/2010250,726,171
42,920,0003,4Tobacco Settlement Financing Corp., NJ, PUTTERs (Series 1734B) Weekly VRDNs (J.P. Morgan Chase & Co. LIQ)/(United States Treasury PRF), 0.310%, 5/6/201042,920,000
17,450,000Toms River, NJ, 1.25% BANs, 6/30/201017,471,399
20,000,000Woodbridge Township, NJ, 2.00% BANs, 7/2/201020,040,427
TOTAL414,492,997
New Mexico – 0.5%
7,000,000Albuquerque, NM Airport, (Series B), 0.42% CP (Bank of New York Mellon LOC), Mandatory Tender 10/6/20107,000,000
55,000,000New Mexico Municipal Energy Acquisition Authority, (Series 2009: Gas Supply Revenue Bonds) Weekly VRDNs (GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.300%, 5/6/201055,000,000
TOTAL62,000,000
New York – 6.9%
16,057,515Amherst, NY, 1.50% BANs, 11/16/201016,144,600
3,700,000Bellmore, NY Union Free School District, 1.50% TANs, 6/25/20103,705,003
10,000,000Erie County, NY Fiscal Stability Authority, (Series 2009B), 1.25% BANs, 7/30/201010,016,728
12,350,0003,4Erie County, NY IDA, PUTTERs (Series 2090) Weekly VRDNs (Buffalo, NY City School District)/(Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.330%, 5/6/201012,350,000
36,750,000Long Island Power Authority, NY, (Series 1A) Weekly VRDNs (GTD by Bayerische Landesbank and Landesbank Baden-Wurttemberg LOCs), 0.350%, 5/5/201036,750,000
61,895,000Long Island Power Authority, NY, (Series 2B) Daily VRDNs (GTD by Bayerische Landesbank LOC), 0.260%, 5/3/201061,895,000
34,850,000Maine-Endwell, NY CSD, 1.50% BANs, 6/25/201034,899,573
32,420,000New York City Housing Development Corp., (Series 2008A: Beekman Tower) Weekly VRDNs (FC Beekman Associates LLC)/(RBS Citizens Bank N.A. LOC), 0.300%, 5/5/201032,420,000
63,500,000New York City, NY IDA, Liberty Revenue Bonds (Series 2004A) Weekly VRDNs (One Bryant Park LLC)/(Bank of America N.A. and Citibank NA, New York LOCs), 0.310%, 5/5/201063,500,000
17,325,0003,4New York City, NY Municipal Water Finance Authority, ROCs RR II -12292 Weekly VRDNs (Citibank NA, New York LIQ), 0.310%, 5/6/201017,325,000
24,000,000New York City, NY Transitional Finance Authority, (Fiscal 2001 Series C) Weekly VRDNs (GTD by Landesbank Baden-Wurttemberg LIQ), 0.310%, 5/5/201024,000,000
8,280,000New York City, NY Transitional Finance Authority, New York City Recovery Bonds (2003 Subseries 2-F) Daily VRDNs (GTD by Bayerische Landesbank LIQ), 0.240%, 5/3/20108,280,000
13
Principal
Amount		Value
$13,400,000New York City, NY, (1995 Series F-5) Weekly VRDNs (GTD by Bayerische Landesbank LOC), 0.290%, 5/5/201013,400,000
18,700,000New York City, NY, (Fiscal 1994 Series H-2) Daily VRDNs (Wells Fargo Bank, N.A. LIQ), 0.260%, 5/3/201018,700,000
13,000,000New York City, NY, (Fiscal 1994 Series H-4) Weekly VRDNs (KBC Bank N.V. LIQ), 0.320%, 5/5/201013,000,000
29,000,000New York City, NY, (Fiscal 1995 Series B-8) Weekly VRDNs (GTD by Bayerische Landesbank LOC), 0.290%, 5/5/201029,000,000
15,000,000New York City, NY, (Fiscal 1995 Series F-4) Weekly VRDNs (GTD by Landesbank Hessen-Thuringen LOC), 0.250%, 5/5/201015,000,000
6,300,000New York City, NY, (Fiscal 2008 Subseries J-8) Daily VRDNs (Landesbank Baden-Wurttemberg LOC), 0.300%, 5/3/20106,300,000
27,500,000New York City, NY, (Series 1995B-B4) Weekly VRDNs (Landesbank Hessen-Thuringen LIQ), 0.300%, 5/5/201027,500,000
33,000,0003,4New York City, NY, ROCs (Series 251) Weekly VRDNs (Citigroup Global Markets, Inc. LIQ), 0.310%, 5/6/201033,000,000
194,000,000New York Liberty Development Corporation, (Series 2009A), 0.50% TOBs (World Trade Center) 1/18/2011194,000,000
15,500,000New York State HFA, Service Contract Revenue Bonds (2003 Series I) Weekly VRDNs (GTD by Landesbank Hessen-Thuringen LOC), 0.300%, 5/5/201015,500,000
8,250,000New York State HFA, Service Contract Refunding Revenue Bonds (Series 2003L) Weekly VRDNs (Bank of America N.A. LOC), 0.290%, 5/5/20108,250,000
13,000,000New York State Local Government Assistance Corp., (Senior Series 2008B-AV) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.280%, 5/5/201013,000,000
11,000,000Tonawanda, NY, 1.50% BANs, 9/9/201011,027,793
50,665,000Triborough Bridge & Tunnel Authority, NY, 2.00% BANs, 11/15/201051,083,401
13,425,000Triborough Bridge & Tunnel Authority, NY, Subordinate Revenue Bonds (Series 2000CD) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Lloyds TSB Bank PLC, London LIQ), 0.300%, 5/5/201013,425,000
TOTAL783,472,098
North Carolina – 1.7%
70,975,000Charlotte, NC Water & Sewer System, (Series 2006B) Weekly VRDNs (Wachovia Bank N.A. LIQ), 0.300%, 5/6/201070,975,000
19,660,000Mecklenburg County, NC, 7 Month Windows (Series 2009D), 0.400%, 5/6/201019,660,000
10,055,000North Carolina Capital Facilities Finance Agency, (Series 2002) Weekly VRDNs (The Capital Area YMCA, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.340%, 5/5/201010,055,000
3,215,000North Carolina Capital Facilities Finance Agency, (Series 2004B) Weekly VRDNs (NCA&T University Foundation LLC)/(Wells Fargo Bank, N.A. LOC), 0.300%, 5/6/20103,215,000
2,200,000North Carolina Medical Care Commission, (Series 2005) Weekly VRDNs (Southeastern Regional Medical Center)/(Branch Banking & Trust Co. LOC), 0.300%, 5/6/20102,200,000
7,550,000North Carolina Medical Care Commission, (Series 2008A-1) Weekly VRDNs (University Health Systems of Eastern Carolina)/(Bank of America N.A. LOC), 0.300%, 5/5/20107,550,000
35,580,000North Carolina Medical Care Commission, (Series 2008D) Daily VRDNs (Wake Forest University Health Sciences)/(Bank of America N.A. LOC), 0.270%, 5/3/201035,580,000
4,800,000North Carolina Medical Care Commission, (Series 2009B) Weekly VRDNs (WakeMed Corp.)/(Wachovia Bank N.A. LOC), 0.300%, 5/6/20104,800,000
15,205,000North Carolina Medical Care Commission, Hospital Revenue Refunding Bonds (Series 2008) Daily VRDNs (Moses H. Cone Memorial)/(Bank of America N.A. LIQ), 0.250%, 5/3/201015,205,000
4,600,000North Carolina State Ports Authority, (Series 2008) Weekly VRDNs (Branch Banking & Trust Co. LOC), 0.300%, 5/6/20104,600,000
21,300,000North Carolina State, (Series 2002E) Weekly VRDNs (GTD by Bayerische Landesbank LIQ), 0.270%, 5/5/201021,300,000
TOTAL195,140,000
Ohio – 3.0%
3,125,000Akron, Bath & Copley, OH Joint Township, (Series 2002) Weekly VRDNs (Sumner on Ridgewood, Inc.)/(KBC Bank N.V. LOC), 0.330%, 5/6/20103,125,000
9,285,000Ashland County, OH, (Series 2005) Weekly VRDNs (Brethren Care, Inc.)/(FirstMerit Bank, N.A. LOC), 0.800%, 5/6/20109,285,000
2,800,000Avon, OH, 1.30% BANs, 5/12/20102,800,376
1,825,000Cleveland, OH Airport System, (Series D) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.300%, 5/6/20101,825,000
12,000,000Cleveland, OH Waterworks, (Series Q) Weekly VRDNs (Bank of America N.A. LOC), 0.300%, 5/6/201012,000,000
9,175,000Cleveland-Cuyahoga County, OH Port Authority, (Series 2004) Weekly VRDNs (Playhouse Square Foundation)/(U.S. Bank, N.A. LOC), 0.290%, 5/6/20109,175,000
3,000,000Cleveland-Cuyahoga County, OH Port Authority, Revenue Bonds (Series 2007) Weekly VRDNs (Carnegie/89th Garage and Service Center LLC)/(JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/6/20103,000,000
8,000,000Columbus, OH City School District, 1.50% BANs, 12/2/20108,049,244
10,300,000Cuyahoga County, OH, (Series 2002) Weekly VRDNs (The Health Museum of Cleveland)/(PNC Bank, N.A. LOC), 0.290%, 5/6/201010,300,000
4,595,000Darke County, OH Weekly VRDNs (Brethren Retirement Community)/(Fifth Third Bank, Cincinnati LOC), 0.550%, 5/6/20104,595,000
14
Principal
Amount		Value
$21,830,000Delaware County, OH Health Care Facilities, (Series 2007A) Weekly VRDNs (Willow Brook Christian Communities)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/7/201021,830,000
2,075,000Erie County, OH, (Series 1996A) Weekly VRDNs (Providence Care Center)/(JPMorgan Chase Bank, N.A. LOC), 0.320%, 5/6/20102,075,000
9,331,000Fairborn, OH, 2.00% BANs, 5/19/20109,334,405
8,210,000Franklin County, OH Health Care Facilities, (Series 2005) Weekly VRDNs (Traditions Healthcare Obligated Group)/(U.S. Bank, N.A. LOC), 0.320%, 5/6/20108,210,000
5,550,000Green City, OH, 1.75% BANs, 7/9/20105,561,457
4,615,000Hamilton County, OH Hospital Facilities Authority, (Series 2007N) Weekly VRDNs (Children's Hospital Medical Center)/(JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/6/20104,615,000
20,295,000Hamilton County, OH, (Series 2004) Weekly VRDNs (Stratford Heights)/(Citizens Bank of Pennsylvania LOC), 0.500%, 5/6/201020,295,000
8,140,000Highland County, OH Joint Hospital District, (Series 2007) Weekly VRDNs (Key Bank, N.A. LOC), 0.410%, 5/6/20108,140,000
15,555,000Lake County, OH Port Authority, (Series 2008) Weekly VRDNs (Lake Erie College)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/7/201015,555,000
34,245,000Lancaster, OH Port Authority, (Series 2008) Gas Supply Revenue Weekly VRDNs (Royal Bank of Canada, Montreal LIQ), 0.300%, 5/6/201034,245,000
3,645,000Louisville, OH, (Series 1999A) Weekly VRDNs (St. Joseph Care Center)/(FirstMerit Bank, N.A. LOC), 0.680%, 5/6/20103,645,000
3,970,000Louisville, OH, (Series 1999B) Weekly VRDNs (St. Joseph Care Center)/(FirstMerit Bank, N.A. LOC), 0.680%, 5/6/20103,970,000
7,400,000Lucas County, OH IDA Weekly VRDNs (Kroger Co.)/(U.S. Bank, N.A. LOC), 0.400%, 5/6/20107,400,000
9,305,000Lucas County, OH Weekly VRDNs (Lutheran Homes Society)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/6/20109,305,000
8,100,000Madison County, OH, (Series 2005) Weekly VRDNs (Madison County Hospital, Inc.)/(Key Bank, N.A. LOC), 0.390%, 5/6/20108,100,000
8,100,000Montgomery County, OH, (Series 1998B) Daily VRDNs (Miami Valley Hospital)/(JPMorgan Chase Bank, N.A. LIQ), 0.320%, 5/3/20108,100,000
8,800,000New Albany, OH Community Authority, (Series C) Weekly VRDNs (Key Bank, N.A. LOC), 0.400%, 5/6/20108,800,000
4,700,000Ohio State Higher Educational Facility Commission Weekly VRDNs (Otterbein College)/(JPMorgan Chase Bank, N.A. LOC), 0.900%, 5/6/20104,700,000
10,700,000Ohio State Higher Educational Facility Commission, (Series A) Weekly VRDNs (John Carroll University, OH)/(JPMorgan Chase Bank, N.A. LOC), 0.290%, 5/6/201010,700,000
6,125,000Ohio State Higher Educational Facility Commission, (Series B-4) Daily VRDNs (Cleveland Clinic), 0.240%, 5/3/20106,125,000
7,850,000Pike County, OH Health Care Facilities, (Series A) Weekly VRDNs (National Church Residences)/(Bank of America N.A. LOC), 0.330%, 5/6/20107,850,000
3,925,000Pike County, OH Health Care Facilities, (Series B) Weekly VRDNs (National Church Residences)/(Bank of America N.A. LOC), 0.330%, 5/6/20103,925,000
3,000,000Port of Greater Cincinnati, OH Development Authority, (Series 2008A) Weekly VRDNs (Sycamore Township Kenwood Central Public Parking Project)/(Bank of America N.A. LOC), 0.350%, 5/6/20103,000,000
14,085,000Portage County, OH Board of County Hospital Trustees, (Series 2005) Weekly VRDNs (Robinson Memorial Hospital)/(Key Bank, N.A. LOC), 0.440%, 5/6/201014,085,000
5,700,000Ross County, OH Weekly VRDNs (Adena Health System)/(PNC Bank, N.A. LOC), 0.300%, 5/6/20105,700,000
4,900,000Seneca County, OH Health Care Facilities, Revenue Refunding and Improvement Bonds (Series 2003) Weekly VRDNs (Good Shepherd Home)/(Fifth Third Bank, Cincinnati LOC), 0.550%, 5/6/20104,900,000
4,830,000Summit County, OH, (Series 2002) Weekly VRDNs (The Western Reserve Academy)/(Key Bank, N.A. LOC), 0.390%, 5/6/20104,830,000
665,000University of Cincinnati, OH, (Series B) Weekly VRDNs (Bayerische Landesbank LOC), 0.450%, 5/6/2010665,000
4,200,000Westlake, OH, (Series 2005) Weekly VRDNs (Lutheran Homes of Ohio Corp.)/(RBS Citizens Bank N.A. LOC), 0.490%, 5/6/20104,200,000
20,000,000Williams County, OH, (Series 2008) Weekly VRDNs (Community Hospital and Wellness Centers)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/7/201020,000,000
5,970,000Wooster, OH, Health Care Facilities Revenue Bonds (Series 2003) Weekly VRDNs (West View Manor)/(Fifth Third Bank, Cincinnati LOC), 0.550%, 5/6/20105,970,000
TOTAL339,985,482
Oklahoma – 0.3%
7,575,000Oklahoma Industries Authority, (Series 2005) Weekly VRDNs (Oklahoma Christian University)/(Bank of America N.A. LOC), 0.330%, 5/6/20107,575,000
7,995,000Oklahoma State Industrial Authority, (Series 2002) Weekly VRDNs (American Cancer Society, Inc.)/(Bank of America N.A. LOC), 0.400%, 5/6/20107,995,000
6,500,000Oklahoma State Turnpike Authority, (Series 2006E) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.250%, 5/3/20106,500,000
12,240,000Tulsa County, OK Industrial Authority, Capital Improvements Revenue Bonds (Series 2005B), 5.00% Bonds, 5/15/201012,260,228
TOTAL34,330,228
15
Principal
Amount		Value
Oregon – 1.6%
$146,740,000Oregon State, 2.50% TANs, 6/30/2010147,226,739
34,800,000Oregon State, Veteran's Welfare Bonds (Series 73H) Weekly VRDNs (GTD by Bayerische Landesbank LIQ), 0.280%, 5/5/201034,800,000
TOTAL182,026,739
Pennsylvania – 8.1%
7,250,000Adams County, PA IDA, (Series 2007) Weekly VRDNs (Cross Keys Village — Brethren Home Community)/(PNC Bank, N.A. LOC), 0.340%, 5/6/20107,250,000
7,245,000Allegheny County, PA HDA, (Series 2005A) Weekly VRDNs (Children's Institute of Pittsburgh)/(Citizens Bank of Pennsylvania LOC), 0.420%, 5/6/20107,245,000
4,300,000Allegheny County, PA IDA, (Series 2008A) Weekly VRDNs (Vincentian Collaborative System)/(PNC Bank, N.A. LOC), 0.290%, 5/6/20104,300,000
4,100,000Allegheny County, PA IDA, (Series B) Weekly VRDNs (Zoological Society of Pittsburgh)/(PNC Bank, N.A. LOC), 0.290%, 5/6/20104,100,000
8,715,000Allegheny County, PA IDA, (Series of 2002) Weekly VRDNs (Carnegie Museums of Pittsburgh)/(Citizens Bank of Pennsylvania LOC), 0.400%, 5/6/20108,715,000
2,310,000Allegheny County, PA IDA, Revenue Bonds (Series 2002) Weekly VRDNs (Our Lady of the Sacred Heart High School)/(PNC Bank, N.A. LOC), 0.290%, 5/6/20102,310,000
10,000,000Beaver County, PA IDA, (Series 2005-A) Weekly VRDNs (Pennsylvania Electric Co.)/(Bank of Nova Scotia, Toronto LOC), 0.300%, 5/5/201010,000,000
24,235,000Beaver County, PA IDA, (Series 2006-B) Weekly VRDNs (FirstEnergy Generation Corp.)/(Royal Bank of Scotland PLC, Edinburgh LOC), 0.290%, 5/5/201024,235,000
6,100,000Berks County, PA Municipal Authority, (Series A of 2008) Weekly VRDNs (Phoebe-DeVitt Homes Obligated Group)/(Banco Santander, S.A. LOC), 0.300%, 5/6/20106,100,000
4,000,000Bermudian Springs, PA School District, (Series 2005) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Royal Bank of Canada, Montreal LIQ), 0.300%, 5/6/20104,000,000
10,000,000Bethlehem, PA Area School District, (Series 2007) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.380%, 5/6/201010,000,000
4,800,000Bucks County, PA IDA, (Series 1985) Weekly VRDNs (SHV Real Estate, Inc.)/(GTD by Nucor Corp.), 0.360%, 5/5/20104,800,000
4,500,000Bucks County, PA IDA, (Series 2007A) Weekly VRDNs (Pennswood Village)/(Bank of America N.A. LOC), 0.330%, 5/6/20104,500,000
3,100,000Bucks County, PA IDA, (Series A of 2008) Weekly VRDNs (Grand View Hospital)/(TD Banknorth N.A. LOC), 0.260%, 5/6/20103,100,000
4,500,000Butler County, PA Hospital Authority, (Series 2009A) Weekly VRDNs (Butler Health System)/(Branch Banking & Trust Co. LOC), 0.290%, 5/6/20104,500,000
3,000,000Chester County, PA IDA, (Series 2003) Weekly VRDNs (West Chester University)/(FHLB of Pittsburgh LOC), 0.300%, 5/5/20103,000,000
7,900,000Clearfield County, PA IDA, (Series 2002) Weekly VRDNs (Dubois Area Catholic School)/(PNC Bank, N.A. LOC), 0.290%, 5/6/20107,900,000
7,845,000Cumberland County, PA Municipal Authority, (Series 2008C) Weekly VRDNs (Presbyterian Homes, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.320%, 5/6/20107,845,000
6,805,000Dallastown Area School District, PA, (Series 2006) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(BNP Paribas SA LIQ), 0.330%, 5/6/20106,805,000
3,290,000Dallastown Area School District, PA, (Series 2010) VRNs, 1.500%, 7/1/20103,311,388
3,140,000Dallastown Area School District, PA, (Series 2010) VRNs, 1.000%, 5/1/20103,140,000
5,950,000Delaware County, PA Authority, (Series 2008) Weekly VRDNs (Eastern University)/(TD Banknorth N.A. LOC), 0.290%, 5/6/20105,950,000
29,190,000Delaware Valley, PA Regional Finance Authority, (Series 2007B) Weekly VRDNs (Bayerische Landesbank LOC), 0.350%, 5/5/201029,190,000
26,800,000Erie County, PA Hospital Authority, (Series 2010B) Weekly VRDNs (St. Vincent Health System)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.310%, 5/6/201026,800,000
9,185,000Harveys Lake, PA General Municipal Authority, (Series 2008) Weekly VRDNs (Misericordia University)/(PNC Bank, N.A. LOC), 0.290%, 5/6/20109,185,000
4,000,000Haverford Twp, PA School District, (Series 2009) Weekly VRDNs (TD Banknorth N.A. LOC), 0.300%, 5/6/20104,000,000
6,000,000Indiana County, PA IDA, (Series 2006) Weekly VRDNs (New York State Electric and Gas Corp.)/(JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/5/20106,000,000
14,745,000Lebanon County, PA Health Facilities Authority, (Series 1999) Weekly VRDNs (United Church of Christ Homes, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.300%, 5/6/201014,745,000
49,325,000Lehigh County, PA General Purpose Authority, (Series A of 2005) Weekly VRDNs (Lehigh Valley Health Network)/(Assured Guaranty Municipal Corp. INS)/(Wachovia Bank N.A. LIQ), 0.320%, 5/6/201049,325,000
14,150,000Lehigh County, PA General Purpose Authority, (Series B of 2008) Daily VRDNs (Lehigh Valley Health Network)/(Assured Guaranty Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 0.290%, 5/3/201014,150,000
8,135,000Luzerne County, PA Convention Center, (Series A of 1998) Weekly VRDNs (PNC Bank, N.A. LOC), 0.290%, 5/6/20108,135,000
8,650,000Montgomery County, PA IDA Weekly VRDNs (Waverly Heights, Ltd.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.310%, 5/5/20108,650,000
16
Principal
Amount		Value
$6,200,000Moon, PA IDA, Providence Point (Series 2007) Weekly VRDNs (Baptist Homes, Inc.)/(Bank of Scotland, Edinburgh LOC), 0.300%, 5/6/20106,200,000
5,520,000Pennsylvania EDFA, (2006 Series A1) Weekly VRDNs (Ellwood City Hospital (PA))/(PNC Bank, N.A. LOC), 0.290%, 5/6/20105,520,000
20,190,0003,4Pennsylvania EDFA, Stage Trust (Series 2009-81C), 0.45% TOBs (Aqua Pennsylvania, Inc.)/(GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), Optional Tender 5/20/201020,190,000
1,000,000Pennsylvania EDFA, (Series 1995 B) Weekly VRDNs (Morrisons Cove Home)/(PNC Bank, N.A. LOC), 0.550%, 5/5/20101,000,000
300,000Pennsylvania EDFA, (Series 1996 E) Weekly VRDNs (Adelphoi, Inc.)/(PNC Bank, N.A. LOC), 0.390%, 5/6/2010300,000
12,200,000Pennsylvania EDFA, (Series 2009A), 0.62% CP (PPL Energy Supply LLC)/(Wachovia Bank N.A. LOC), Mandatory Tender 9/1/201012,200,000
4,700,000Pennsylvania EDFA, (Series 2009C), 0.62% CP (PPL Energy Supply LLC)/(Wachovia Bank N.A. LOC), Mandatory Tender 9/1/20104,700,000
4,000,000Pennsylvania HFA, (Series 2008-O) Weekly VRDNs (Foxwood Manor Apartments)/(Bank of America N.A. LOC), 0.300%, 5/6/20104,000,000
9,715,000Pennsylvania HFA, (Series 2008B) Weekly VRDNs (Bank of America N.A. LIQ), 0.320%, 5/5/20109,715,000
6,370,000Pennsylvania HFA, (Series 2008D: Section 8 Assisted) Weekly VRDNs (Bank of America N.A. LIQ), 0.320%, 5/5/20106,370,000
77,890,000Pennsylvania Intergovernmental Coop Authority, (Series 2008A) Weekly VRDNs (PICA Tax Fund: Philadelphia)/(Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.300%, 5/6/201077,890,000
3,500,000Pennsylvania State Higher Education Facilities Authority, (Series 2001 H5) Weekly VRDNs (Keystone College)/(PNC Bank, N.A. LOC), 0.290%, 5/6/20103,500,000
5,030,000Pennsylvania State Higher Education Facilities Authority, (Series 2002 K1) Weekly VRDNs (University of Scranton)/(JPMorgan Chase Bank, N.A. LOC), 0.320%, 5/6/20105,030,000
3,905,000Pennsylvania State Higher Education Facilities Authority, (Series 2002B) Weekly VRDNs (Drexel University)/(GTD by Landesbank Hessen-Thuringen LOC), 0.340%, 5/6/20103,905,000
3,000,000Pennsylvania State Higher Education Facilities Authority, (Series 2008) Weekly VRDNs (Holy Family University)/(TD Banknorth N.A. LOC), 0.300%, 5/6/20103,000,000
3,050,000Pennsylvania State Higher Education Facilities Authority, (Series 2008B) Weekly VRDNs (Thomas Jefferson University)/(JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/6/20103,050,000
5,040,000Pennsylvania State Higher Education Facilities Authority, (Series J1) Weekly VRDNs (Juniata College)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.350%, 5/6/20105,040,000
9,500,000Pennsylvania State Higher Education Facilities Authority, Revenue Bonds Weekly VRDNs (York College of Pennsylvania)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.300%, 5/6/20109,500,000
10,675,0003,4Pennsylvania State Public School Building Authority, DCL (Series 2008-016) Weekly VRDNs (Philadelphia, PA School District)/(Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.400%, 5/6/201010,675,000
19,665,000Pennsylvania State Turnpike Commission, (Series B-4 of 2008) Weekly VRDNs (Bank of America N.A. LOC), 0.320%, 5/6/201019,665,000
4,750,000Pennsylvania State University, (Series 2002) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.280%, 5/6/20104,750,000
10,125,000Philadelphia, PA Authority for Industrial Development, (Series 2007A) Daily VRDNs (Fox Chase Cancer Center)/(Citizens Bank of Pennsylvania LOC), 0.450%, 5/3/201010,125,000
20,000,000Philadelphia, PA Authority for Industrial Development, (Series 2008) Weekly VRDNs (Evangelical Manor)/(Citizens Bank of Pennsylvania LOC), 0.330%, 5/6/201020,000,000
3,900,000Philadelphia, PA School District, (Series 2008 B-1) Weekly VRDNs (Wachovia Bank N.A. LOC), 0.300%, 5/6/20103,900,000
29,900,000Philadelphia, PA School District, (Series 2008 B-3) Weekly VRDNs (Wachovia Bank N.A. LOC), 0.300%, 5/6/201029,900,000
17,500,000Philadelphia, PA School District, (Series 2008 B-4) Weekly VRDNs (Wachovia Bank N.A. LOC), 0.300%, 5/6/201017,500,000
62,500,000Philadelphia, PA School District, 2.50% TRANs, 6/30/201062,681,584
106,875,000Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, (Series A of 2007) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.310%, 5/6/2010106,875,000
16,005,000Pittsburgh, PA Water & Sewer Authority, (Series B-1 of 2007) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.280%, 5/6/201016,005,000
30,270,000Pittsburgh, PA Water & Sewer Authority, (Series B-2 of 2007) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.310%, 5/6/201030,270,000
3,890,000Ridley, PA School District, (Series of 2009) Weekly VRDNs (TD Banknorth N.A. LOC), 0.300%, 5/6/20103,890,000
3,450,000Somerset County, PA, (Series 2009A) Weekly VRDNs (PNC Bank, N.A. LOC), 0.290%, 5/6/20103,450,000
47,700,000South Fork Municipal Authority, PA, (Series B) Weekly VRDNs (Conemaugh Valley Memorial Hospital)/(Assured Guaranty Corp. INS)/(PNC Bank, N.A. LIQ), 0.310%, 5/5/201047,700,000
8,500,000Southcentral PA, General Authority, (Series 2005) Weekly VRDNs (Hanover Lutheran Retirement Village, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.300%, 5/7/20108,500,000
5,500,000Southcentral PA, General Authority, (Series 2008C) Weekly VRDNs (Wellspan Health Obligated Group)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.330%, 5/5/20105,500,000
12,040,000Union County, PA Hospital Authority, (Series 2009A) Weekly VRDNs (Evangelical Community Hospital)/(Bank of America N.A. LOC), 0.290%, 5/6/201012,040,000
17
Principal
Amount		Value
$6,100,000Upper St. Clair Township, PA, (Series 2008) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.310%, 5/6/20106,100,000
9,505,000Washington County, PA Hospital Authority, (Series 2008A) Weekly VRDNs (Washington Hospital, PA)/(PNC Bank, N.A. LOC), 0.290%, 5/6/20109,505,000
4,000,000Westmoreland County, PA IDA, (Series 2005C) Weekly VRDNs (Excela Health)/(Wells Fargo Bank, N.A. LOC), 0.290%, 5/6/20104,000,000
TOTAL927,427,972
Rhode Island – 0.9%
102,000,000Rhode Island State and Providence Plantations, (Fiscal Year 2010), 2.50% TANs, 6/30/2010102,331,202
South Carolina – 0.4%
18,195,000Greenville, SC Hospital System, (Series 2008C) Weekly VRDNs (Bank of America N.A. LOC), 0.320%, 5/6/201018,195,000
4,600,000South Carolina Jobs-EDA, (Series 2002) Weekly VRDNs (Carolina Piedmont Foundation, Inc.)/(Bank of America N.A. LOC), 0.380%, 5/6/20104,600,000
7,000,000South Carolina Jobs-EDA, (Series 2004) Weekly VRDNs (Republic Services, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.300%, 5/5/20107,000,000
9,110,000South Carolina Jobs-EDA, (Series 2006B) Weekly VRDNs (Oconee Memorial Hospital, Inc.)/(Wachovia Bank N.A. LOC), 0.300%, 5/6/20109,110,000
5,300,000South Carolina Jobs-EDA, (Series 2008) Weekly VRDNs (Pinewood Preparatory School)/(Branch Banking & Trust Co. LOC), 0.300%, 5/6/20105,300,000
4,500,000South Carolina Jobs-EDA, (Series 2008D) Weekly VRDNs (Bon Secours Health System)/(Landesbank Baden-Wurttemberg LOC), 0.340%, 5/5/20104,500,000
TOTAL48,705,000
Tennessee – 1.0%
6,080,000Blount County, TN Public Building Authority, (Series E-10-A) Weekly VRDNs (Greenville, TN)/(Branch Banking & Trust Co. LOC), 0.300%, 5/5/20106,080,000
5,465,000Blount County, TN Public Building Authority, (Series E-7-A) Weekly VRDNs (Monroe County, TN)/(Branch Banking & Trust Co. LOC), 0.300%, 5/5/20105,465,000
3,030,000Blount County, TN Public Building Authority, (Series E-8-A) Weekly VRDNs (Maryville, TN)/(Branch Banking & Trust Co. LOC), 0.300%, 5/5/20103,030,000
5,000,000Blount County, TN Public Building Authority, (Series E-9-A) Weekly VRDNs (Cleveland, TN)/(Branch Banking & Trust Co. LOC), 0.300%, 5/5/20105,000,000
5,800,000Chattanooga, TN HEFA Weekly VRDNs (Sisken Hospital)/(Bank of America N.A. LOC), 0.460%, 5/6/20105,800,000
11,325,0003,4Chattanooga, TN IDB, PUTTERs (Series 2055) Weekly VRDNs (Southside Redevelopment Corp.)/(Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.350%, 5/6/201011,325,000
4,300,000Knox County, TN Health Education & Housing Facilities Board, (Series 2008A) Weekly VRDNs (Catholic Healthcare Partners)/(Landesbank Baden-Wurttemberg LOC), 0.330%, 5/5/20104,300,000
8,000,000Knox County, TN Health Education & Housing Facilities Board, (Series 2008B) Weekly VRDNs (Catholic Healthcare Partners)/(Landesbank Baden-Wurttemberg LOC), 0.330%, 5/5/20108,000,000
24,700,000Memphis, TN, (Series 2009), 2.00% BANs, 5/18/201024,716,819
5,000,000Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs (Branch Banking & Trust Co. LOC), 0.300%, 5/6/20105,000,000
3,885,000Sevier County, TN Public Building Authority, Local Government Public Improvement Bonds (Series V-A-1) Weekly VRDNs (Metropolitan Knoxville, TN Airport Authority)/(Branch Banking & Trust Co. LOC), 0.400%, 5/5/20103,885,000
7,225,000Shelby County, TN Health Education & Housing Facilities Board, (Series 2007A) Weekly VRDNs (Trezevant Manor)/(Bank of America N.A. LOC), 0.300%, 5/6/20107,225,000
21,700,000Wilson County, TN Sports Authority, (Series 1999) Weekly VRDNs (PNC Bank, N.A. LOC), 0.290%, 5/6/201021,700,000
TOTAL111,526,819
Texas – 11.0%
9,680,0003,4Austin, TX Electric Utility System, Municipal Securities Trust Receipts (SGA 122) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Societe Generale, Paris LIQ), 0.350%, 5/5/20109,680,000
21,500,000Austin, TX Water and Wastewater System, (Series 2004) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(GTD by Landesbank Baden-Wurttemberg LIQ), 0.350%, 5/6/201021,500,000
3,500,000Bexar County, TX Housing Finance Corp., (Series 2005A) Weekly VRDNs (Summit Hills Apartments)/(FHLMC LOC), 0.310%, 5/6/20103,500,000
13,000,000Capital Area Cultural Education Facilities Finance Corp., TX, (Series 2005) Weekly VRDNs (John Cooper School)/(Bank of America N.A. LOC), 0.330%, 5/6/201013,000,000
24,150,0003,4Clipper Tax-Exempt Certificates Trust (Texas Non-AMT)/(Series 2009-64) Weekly VRDNs (GTD by Texas PSFG Program)/(State Street Bank and Trust Co. LIQ), 0.330%, 5/6/201024,150,000
18
Principal
Amount		Value
$8,650,000Crawford, TX Education Facilities Corp., (Series 2004A) Weekly VRDNs (Central Houston Parking LLC)/(BNP Paribas SA LOC), 0.920%, 5/6/20108,650,000
4,465,0003,4El Paso County, TX Hospital District, PUTTERs (Series 2998) Weekly VRDNs (Assured Guaranty Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.350%, 5/6/20104,465,000
11,500,000El Paso, TX HFDC, (Series 2007) Weekly VRDNs (Bienvivir Senior Health Services)/(JPMorgan Chase Bank, N.A. LOC), 0.330%, 5/6/201011,500,000
10,380,0003,4Ellis County, TX, Solar Eclipse (Series 2007-0080) Weekly VRDNs (U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.300%, 5/6/201010,380,000
20,000,000Harris County, TX Cultural Education Facilities Finance Corp., (Subseries 2009C-1), 0.30% CP (Methodist Hospital, Harris County, TX), Mandatory Tender 8/3/201020,000,000
6,800,000Harris County, TX Education Facilities Finance Corp., (Series 2008A) Daily VRDNs (Young Men's Christian Association of the Greater Houston Area)/(JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/3/20106,800,000
7,500,000Harris County, TX Education Facilities Finance Corp., (Series 2008D-1) Weekly VRDNs (Memorial Hermann Healthcare System)/(JPMorgan Chase Bank, N.A. LOC), 0.290%, 5/6/20107,500,000
6,580,000Harris County, TX HFDC, (Series 2000) Weekly VRDNs (St. Dominic Village)/(JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/6/20106,580,000
14,100,000Harris County, TX HFDC, (Series 2007B) Daily VRDNs (Baylor College of Medicine)/(JPMorgan Chase Bank, N.A. LOC), 0.250%, 5/3/201014,100,000
13,000,000Harris County, TX HFDC, (Series 2008A) Weekly VRDNs (St. Luke's Episcopal Hospital)/(Bank of America N.A. and Wachovia Bank N.A. LIQs), 0.320%, 5/6/201013,000,000
149,220,000Harris County, TX HFDC, (Series B) Daily VRDNs (St. Luke's Episcopal Hospital)/(Bank of America N.A., JPMorgan Chase Bank, N.A. and Northern Trust Co., Chicago, IL LIQs), 0.240%, 5/3/2010149,220,000
33,500,000Harris County, TX HFDC, (Subseries 2007A-1) Daily VRDNs (Baylor College of Medicine)/(Wachovia Bank N.A. LOC), 0.290%, 5/3/201033,500,000
24,500,000Houston, TX Combined Utility System, (Series 2004B-3) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LOC), 0.260%, 5/6/201024,500,000
11,750,000Houston, TX Combined Utility System, (Series 2004B-4) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.290%, 5/6/201011,750,000
50,000,000Houston, TX Combined Utility System, First Lien Revenue Refunding Bonds (Series 2004B-1) Weekly VRDNs (Bank of America N.A. LOC), 0.290%, 5/6/201050,000,000
9,710,000Houston, TX Higher Education Finance Corp., (Series 2000A) Weekly VRDNs (Houston Student Housing LLC)/(Wells Fargo Bank, N.A. LOC), 0.920%, 5/6/20109,710,000
4,660,000Houston, TX Higher Education Finance Corp., (Series 2003A: Tierwester Oaks and Richfield Manor) Weekly VRDNs (Houston Student Housing LLC)/(Bank of New York Mellon LOC), 1.220%, 5/1/20104,660,000
40,000,000Houston, TX, (Series 2009), 2.00% TRANs, 6/30/201040,102,704
5,130,0003,4Lamar, TX Consolidated ISD, ROCs RR II R-12266 Weekly VRDNs (GTD by Texas PSFG Program)/(Citibank NA, New York LIQ), 0.310%, 5/6/20105,130,000
18,965,0003,4Longview, TX ISD, STAGE (Series 2008-45C), 0.36% TOBs (GTD by Texas PSFG Program)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 8/19/201018,965,000
8,875,000North Central Texas HFDC, (Series 2006B) Weekly VRDNs (Baylor Health Care System)/(Assured Guaranty Municipal Corp. INS)/(Bank of New York Mellon LIQ), 0.290%, 5/5/20108,875,000
24,255,0003,4North Texas Tollway Authority, SPEARs (Series DB-620) Weekly VRDNs (Assured Guaranty Corp. INS)/(Deutsche Bank AG LIQ), 0.300%, 5/6/201024,255,000
28,000,000San Antonio, TX Electric & Gas System, (Series 2003) Weekly VRDNs (Bank of America N.A. LIQ), 0.350%, 5/5/201028,000,000
37,000,000Tarrant County, TX Cultural Education Facilities Finance Corp., (Series 2008C-3) Weekly VRDNs (Christus Health System)/(Bank of America N.A. LOC), 0.330%, 5/5/201037,000,000
36,000,0003,4Texas Municipal Gas Acquisition & Supply Corp. II, ROCs (Series 10014CE) Weekly VRDNs (GTD by Citigroup, Inc.)/(Citigroup Financial Products, Inc. LIQ), 0.460%, 5/6/201036,000,000
160,405,0003,4Texas Municipal Gas Acquisition & Supply Corp. II, ROCs (Series 10015CE) Weekly VRDNs (GTD by Citigroup, Inc.)/(Citigroup Financial Products, Inc. LIQ), 0.460%, 5/6/2010160,405,000
8,685,0003,4Texas State Transportation Commission, EAGLES (Series 2007-0139) Weekly VRDNs (Texas State)/(Citibank NA, New York LIQ), 0.310%, 5/6/20108,685,000
408,350,000Texas State, 2.50% TRANs, 8/31/2010411,114,466
10,430,0003,4Texas Water Development Board, (Series 2008-C51) Weekly VRDNs (Wachovia Bank N.A. LIQ), 0.300%, 5/5/201010,430,000
TOTAL1,247,107,170
Utah – 1.0%
1,865,000Carbon County, UT, PCRB (Series 1994) Weekly VRDNs (Pacificorp)/(Wells Fargo Bank, N.A. LOC), 0.300%, 5/5/20101,865,000
10,000,000Emery County, UT, PCRB (Series 1994) Weekly VRDNs (Pacificorp)/(Wells Fargo Bank, N.A. LOC), 0.300%, 5/5/201010,000,000
22,350,000Emery County, UT, PCRB (Series 1991) Weekly VRDNs (Pacificorp)/(BNP Paribas SA LOC), 0.300%, 5/5/201022,350,000
19
Principal
Amount		Value
$26,200,000Murray City, Utah Hospital Revenue, (Series 2005B) Daily VRDNs (IHC Health Services, Inc.)/(JPMorgan Chase Bank, N.A. LIQ), 0.250%, 5/3/201026,200,000
47,500,0003,4Riverton, UT Hospital Revenue Authority, PUTTERs (Series 1762) Weekly VRDNs (IHC Health Services, Inc.)/(J.P. Morgan Chase & Co. LIQ), 0.300%, 5/6/201047,500,000
TOTAL107,915,000
Vermont – 0.2%
9,055,000Vermont EDA, (Series 2008A) Weekly VRDNs (Green Mountain College)/(Key Bank, N.A. LOC), 0.390%, 5/6/20109,055,000
9,115,000Vermont Educational and Health Buildings Financing Agency, Revenue Bonds (Series 2006 A) Daily VRDNs (Gifford Medical Center)/(Key Bank, N.A. LOC), 0.390%, 5/3/20109,115,000
TOTAL18,170,000
Virginia – 2.0%
3,020,000Alexandria, VA IDA, (Series 2000B) Weekly VRDNs (Institute for Defense Analyses)/(Branch Banking & Trust Co. LOC), 0.300%, 5/6/20103,020,000
15,040,000Chesterfield County, VA EDA, (Series 2008C-1) Weekly VRDNs (Bon Secours Health System)/(Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.330%, 5/5/201015,040,000
45,000Fairfax County, VA IDA, (Series 2005A-1) Weekly VRDNs (Inova Health System)/(TD Banknorth N.A. LIQ), 0.280%, 5/5/201045,000
8,203,000Farmville, VA IDA, (Series 2007) Weekly VRDNs (Longwood University Real Estate Foundation, Inc.)/(Assured Guaranty Corp. INS)/(Bank of America N.A. LIQ), 0.330%, 5/6/20108,203,000
2,865,000Fauquier County, VA IDA Weekly VRDNs (Warrenton Development Co.)/(Bank of America N.A. LOC), 0.450%, 5/6/20102,865,000
4,250,000Fauquier County, VA IDA, (Series 2008) Weekly VRDNs (Highland School, Inc.)/(Branch Banking & Trust Co. LOC), 0.300%, 5/6/20104,250,000
4,400,000Hanover County, VA EDA, (Series 2008D-1) Weekly VRDNs (Bon Secours Health System)/(Landesbank Baden-Wurttemberg LOC), 0.340%, 5/5/20104,400,000
9,510,000Henrico County, VA EDA, (Series 2003B) Weekly VRDNs (Westminster-Canterbury of Richmond)/(Branch Banking & Trust Co. LOC), 0.300%, 5/6/20109,510,000
5,875,000Henrico County, VA EDA, (Series 2008D) Weekly VRDNs (Bon Secours Health System)/(Landesbank Baden-Wurttemberg LOC), 0.340%, 5/5/20105,875,000
8,655,000Loudoun County, VA IDA, (Series 2004) Weekly VRDNs (Jack Kent Cooke Foundation)/(Wells Fargo Bank, N.A. LOC), 0.300%, 5/6/20108,655,000
3,875,000Lynchburg, VA IDA, (Series 2004 B) Weekly VRDNs (Centra Health, Inc.)/(Branch Banking & Trust Co. LOC), 0.290%, 5/6/20103,875,000
21,000,000Metropolitan Washington, DC Airports Authority, (Series 2009A-1) Weekly VRDNs (Landesbank Baden-Wurttemberg LIQ), 0.430%, 5/5/201021,000,000
21,000,000Metropolitan Washington, DC Airports Authority, (Series 2009A-2) Weekly VRDNs (Landesbank Baden-Wurttemberg LIQ), 0.430%, 5/6/201021,000,000
9,250,000Norfolk, VA EDA, (Sentara Health Systems Obligation Group), (Series 2010 C), 0.420%, 5/6/20109,250,000
5,915,000Norfolk, VA EDA, (Series 2008D-1) Weekly VRDNs (Bon Secours Health System)/(Landesbank Baden-Wurttemberg LOC), 0.340%, 5/5/20105,915,000
28,920,000Roanoke, VA IDA, (Series 2005-C-2) Daily VRDNs (Carilion Health System Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 0.290%, 5/3/201028,920,000
37,000,000Roanoke, VA IDA, (Series 2005A-1) Daily VRDNs (Carilion Health System Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(Wachovia Bank N.A. LIQ), 0.290%, 5/3/201037,000,000
27,000,000Roanoke, VA IDA, (Series 2005A-2) Daily VRDNs (Carilion Health System Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(Wachovia Bank N.A. LIQ), 0.290%, 5/3/201027,000,000
6,810,000Rockingham County, VA IDA, (Series 2003) Weekly VRDNs (Sunnyside Presbyterian Home)/(Branch Banking & Trust Co. LOC), 0.300%, 5/6/20106,810,000
TOTAL222,633,000
Washington – 1.2%
3,390,0003,4NJB Properties, Solar Eclipse (Series 2007-0106) Weekly VRDNs (King County, WA)/(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.310%, 5/6/20103,390,000
23,280,000Snohomish County, WA Public Utility District No. 1, (Series 2009A), 2.00% BANs, 5/26/201023,303,019
13,000,000Snohomish County, WA Public Utility District No. 1, (Series 2009B), 2.00% BANs, 8/5/201013,052,264
37,000,000Washington State Health Care Facilities Authority, (Series 2007D) Daily VRDNs (Multicare Health System)/(Assured Guaranty Municipal Corp. INS)/(U.S. Bank, N.A. LIQ), 0.290%, 5/3/201037,000,000
17,100,000Washington State Higher Education Facilities Authority, (Series 2007) Weekly VRDNs (Saint Martin's University)/(Key Bank, N.A. LOC), 0.500%, 5/6/201017,100,000
20
Principal
Amount		Value
$6,065,000Washington State Housing Finance Commission, (Series 2005 B) Weekly VRDNs (Forest Ridge School of the Sacred Heart)/
(Key Bank, N.A. LOC), 0.390%, 5/6/2010		6,065,000
36,570,000Washington State Housing Finance Commission, (Series A) Weekly VRDNs (Eastside Catholic School)/(Wells Fargo Bank, N.A. LOC), 0.300%, 5/6/201036,570,000
TOTAL136,480,283
Wisconsin – 2.5%
22,000,0003,4Clipper Tax-Exempt Certificates Trust (Wisconsin Non-AMT)/(Series 2009-6) Weekly VRDNs (Wisconsin State)/(State Street Bank and Trust Co. LIQ), 0.350%, 5/6/201022,000,000
5,750,000Menomonee Falls, WI School District, (Series 2009), 1.40% TRANs, 8/23/20105,758,943
11,000,000New Berlin, WI School District, 1.25% TRANs, 8/25/201011,017,322
3,935,000Wausau, WI CDA, (Series 2008A) Weekly VRDNs (Clover Industries, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.410%, 5/6/20103,935,000
4,200,000Wisconsin School Districts Cash Flow Administration Program, (Series 2009B), 1.625% TRANs, 10/15/20104,218,604
6,005,000Wisconsin State HEFA, (Series 2006) Weekly VRDNs (16th Street Community Health Center, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/5/20106,005,000
51,000,000Wisconsin State HEFA, (Series 2007B-1) Weekly VRDNs (Hospital Sisters Services, Inc.)/(Assured Guaranty Municipal Corp. INS)/(Harris, N.A. LIQ), 0.320%, 5/6/201051,000,000
10,500,000Wisconsin State HEFA, (Series 2008) Weekly VRDNs (Agnesian Healthcare, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.300%, 5/6/201010,500,000
3,770,000Wisconsin State HEFA, (Series 2008A) Weekly VRDNs (Meriter Retirement Services, Inc.)/(KBC Bank N.V. LOC), 0.320%, 5/6/20103,770,000
6,490,000Wisconsin State HEFA, (Series 2008B) Weekly VRDNs (Meriter Retirement Services, Inc.)/(U.S. Bank, N.A. LOC), 0.320%, 5/6/20106,490,000
4,040,000Wisconsin State HEFA, (Series 2009) Weekly VRDNs (Lawrence University, WI)/(JPMorgan Chase Bank, N.A. LOC), 0.310%, 5/6/20104,040,000
20,000,000Wisconsin State HEFA, (Series B), 0.75% TOBs (Aurora Health Care, Inc.)/(U.S. Bank, N.A. LOC), Optional Tender 11/12/201020,000,000
39,400,000Wisconsin State HEFA, (Series B-2) Weekly VRDNs (Hospital Sisters Services, Inc.)/(Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.330%, 5/6/201039,400,000
100,000,000Wisconsin State, (Series 2009), 2.50% TRANs, 6/15/2010100,248,983
TOTAL288,383,852
Wyoming – 0.1%
9,000,000Cheyenne, WY Revenue Bonds, (Series 2007) Weekly VRDNs (St. Mary's School)/(Key Bank, N.A. LOC), 0.500%, 5/6/20109,000,000
3,760,000Sweetwater County, WY PCRB (Series 1994) Weekly VRDNs (Pacificorp)/(Wells Fargo Bank, N.A. LOC), 0.300%, 5/5/20103,760,000
TOTAL12,760,000
TOTAL MUNICIPAL INVESTMENTS — 99.8%
(AT AMORTIZED COST)5		11,358,499,253
OTHER ASSETS AND LIABILITIES - NET — 0.2%627,552,801
TOTAL NET ASSETS — 100%$11,386,052,054
 At April 30, 2010, the Fund holds no securities that are subject to the federal alternative minimum tax (AMT).
1The 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 the 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 rated by multiple NRSROs in different rating categories should be identified as a First Tier or Second Tier security.
 At April 30, 2010, the portfolio securities were rated as follows:
 Tier Rating Percentages Based on Total Market Value
First TierSecond Tier
100.0%0.0%
2Current rate and next reset date shown for Variable Rate Demand Notes.
3Denotes 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 April 30, 2010, these restricted securities amounted to $1,340,185,000, which represented 11.8% of total net assets.
21
4Denotes 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 April 30, 2010, these liquid restricted securities amounted to $1,340,185,000, which represented 11.8% of total net assets.
5Also represents cost for federal tax purposes.
6Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2010.

Investment Valuation

Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures established by and under the general supervision of the Trustees.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2010, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

The following acronyms are used throughout this portfolio:

AMT — Alternative Minimum Tax
BANs — Bond Anticipation Notes
CCD — Community College District
CDA — Communities Development Authority
COL — Collateralized
COP — Certificates of Participation
CP — Commercial Paper
CSD — Central School District
EDA — Economic Development Authority
EDC — Economic Development Commission
EDFA — Economic Development Finance Authority
EDR — Economic Development Revenue
EDRB — Economic Development Revenue Bond
FHLB — Federal Home Loan Bank
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
GNMA — Government National Mortgage Association
GO — General Obligation
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
IDFA — Industrial Development Finance Authority
IFA — Industrial Finance Authority
INS — Insured
ISD — Independent School District
LIQ(s) — Liquidity Agreement(s)
LOC(s) — Letter(s) of Credit
MERLOTS — Municipal Exempt Receipts-Liquidity Optional Tender Series
MFH — Multi-Family Housing
PCR — Pollution Control Revenue
PCRB — Pollution Control Revenue Bond
PFA — Public Facilities Authority
PRF — Prerefunded
PSFG — Permanent School Fund Guarantee
22
PUTTERs — Puttable Tax-Exempt Receipts
ROCs — Reset Option Certificates
SPEARs — Short Puttable Exempt Adjustable Receipts
TANs — Tax Anticipation Notes
TOBs — Tender Option Bonds
TRANs — Tax and Revenue Anticipation Notes
USD — Unified School District
UT — Unlimited Tax
VRDNs — Variable Rate Demand Notes
VRNs — Variable Rate Notes
23


Treasury Obligations Fund

Portfolio of Investments

April 30, 2010 (unaudited)

Principal
Amount		Value
Repurchase Agreements – 83.1%
$1,850,000,000Interest in $4,850,000,000 joint repurchase agreement 0.20%, dated 4/30/2010 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $4,850,080,833 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 11/15/2024 and the market value of those underlying securities was $4,947,082,546.1,850,000,000
1,749,000,0001Interest in $1,900,000,000 joint repurchase agreement 0.19%, dated 4/1/2010 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $1,900,922,556 on 7/6/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2040 and the market value of those underlying securities was $1,938,286,439.1,749,000,000
170,408,000Interest in $6,350,000,000 joint repurchase agreement 0.20%, dated 4/30/2010 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $6,350,105,833 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2020 and the market value of those underlying securities was $6,477,108,013.170,408,000
114,000,000Repurchase agreement 0.20%, dated 4/30/2010 under which CIBC World Markets Corp. will repurchase securities provided as collateral for $114,001,900 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 9/30/2016 and the market value of those underlying securities was $116,280,451.114,000,000
1,000,000,000Repurchase agreement 0.19%, dated 4/30/2010 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $1,000,015,833 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 8/15/2039 and the market value of those underlying securities was $1,530,024,726.1,000,000,000
900,000,000Interest in $1,000,000,000 joint repurchase agreement 0.20%, dated 4/30/2010 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $1,000,016,667 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 5/15/2037 and the market value of those underlying securities was $1,020,017,060.900,000,000
1,900,000,000Interest in $2,000,000,000 joint repurchase agreement 0.20%, dated 4/30/2010 under which Credit Agricole Securities (USA), Inc. will repurchase securities provided as collateral for $2,000,033,333 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2040 and the market value of those underlying securities was $2,040,034,085.1,900,000,000
895,000,0001Interest in $1,000,000,000 joint repurchase agreement 0.19%, dated 4/13/2010 under which Credit Suisse First Boston Corp. will repurchase securities provided as collateral for $1,000,158,333 on 5/13/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 12/31/2016 and the market value of those underlying securities was $1,020,097,310.895,000,000
770,000,0001Interest in $860,000,000 joint repurchase agreement 0.19%, dated 4/14/2010 under which Credit Suisse First Boston Corp. will repurchase securities provided as collateral for $860,136,167 on 5/14/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2040 and the market value of those underlying securities was $877,276,507.770,000,000
100,000,000Repurchase agreement 0.10%, dated 4/30/2010 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $100,000,833 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 5/15/2019 and the market value of those underlying securities was $102,000,901.100,000,000
280,000,000Interest in $500,000,000 joint repurchase agreement 0.20%, dated 4/30/2010 under which ING Financial Markets LLC will repurchase securities provided as collateral for $500,008,333 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2020 and the market value of those underlying securities was $510,004,130.280,000,000
402,681,000Repurchase agreement 0.19%, dated 4/30/2010 under which J.P. Morgan Securities, Inc. will repurchase securities provided as collateral for $402,687,376 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2019 and the market value of those underlying securities was $410,743,441.402,681,000
100,000,000Repurchase agreement 0.20%, dated 4/30/2010 under which Merrill Lynch Government Securities will repurchase securities provided as collateral for $100,001,667 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 8/15/2025 and the market value of those underlying securities was $102,002,078.100,000,000
1,556,000,000Interest in $1,750,000,000 joint repurchase agreement 0.20%, dated 4/30/2010 under which RBS Securities, Inc. will repurchase securities provided as collateral for $1,750,029,167 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 4/15/2015 and the market value of those underlying securities was $1,785,000,585.1,556,000,000
600,000,000Interest in $750,000,000 joint repurchase agreement 0.20%, dated 4/30/2010 under which Societe Generale, New York will repurchase securities provided as collateral for $750,012,500 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 8/15/2039 and the market value of those underlying securities was $765,012,835.600,000,000
780,000,000Interest in $1,000,000,000 joint repurchase agreement 0.20%, dated 4/30/2010 under which TD Securities (USA), LLC will repurchase securities provided as collateral for $1,000,016,667 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2040 and the market value of those underlying securities was $1,020,017,067.780,000,000
1
Principal
Amount		Value
$96,000,000Interest in $100,000,000 joint repurchase agreement 0.10%, dated 4/30/2010 under which UBS Securities LLC will repurchase a security provided as collateral for $100,000,833 on 5/3/2010. The security provided as collateral at the end of the period was a U.S. Treasury security maturing on 11/30/2013 and the market value of that underlying security was $102,003,515.96,000,000
TOTAL REPURCHASE AGREEMENTS13,263,089,000
U.S. Treasury – 16.8%
613,000,0002United States Treasury Bills, 0.155% - 0.545%, 7/1/2010612,659,357
575,000,0002United States Treasury Bills, 0.220%, 9/16/2010574,515,083
212,500,0002United States Treasury Bills, 0.285%, 8/26/2010212,303,172
178,000,000United States Treasury Notes, 1.500%, 10/31/2010179,099,213
284,000,000United States Treasury Notes, 2.000%, 9/30/2010286,030,212
274,500,000United States Treasury Notes, 2.625%, 5/31/2010275,025,921
192,500,000United States Treasury Notes, 4.375%, 12/15/2010197,176,674
345,000,000United States Treasury Notes, 5.750%, 8/15/2010350,614,975
TOTAL U.S. TREASURY2,687,424,607
TOTAL INVESTMENTS — 99.9%
(AT AMORTIZED COST)3		15,950,513,607
OTHER ASSETS AND LIABILITIES - NET — 0.1%49,461,217
TOTAL NET ASSETS — 100%$15,959,974,824
1Although 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.
2Discount rate at time of purchase.
3Also represents cost for federal tax purposes.
4Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2010.

Investment Valuation

Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures established by and under the general supervision of the Board of Trustees.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2010, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

2


Trust for U.S. Treasury Obligations

Portfolio of Investments

April 30, 2010 (unaudited)

Principal
Amount		Value
Repurchase Agreements – 84.5%
$17,000,0001Interest in $1,900,000,000 joint repurchase agreement 0.19%, dated 4/1/2010 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $1,900,922,556 on 7/6/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2040 and the market value of those underlying securities was $1,938,286,439.17,000,000
13,025,000Interest in $6,350,000,000 joint repurchase agreement 0.20%, dated 4/30/2010 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $6,350,105,833 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2020 and the market value of those underlying securities was $6,477,108,013.13,025,000
11,000,0001Interest in $1,000,000,000 joint repurchase agreement 0.19%, dated 4/13/2010 under which Credit Suisse First Boston Corp. will repurchase securities provided as collateral for $1,000,158,333 on 5/13/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 12/31/2016 and the market value of those underlying securities was $1,020,097,310.11,000,000
10,000,0001Interest in $860,000,000 joint repurchase agreement 0.19%, dated 4/13/2010 under which Credit Suisse First Boston Corp. will repurchase securities provided as collateral for $860,136,167 on 5/14/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2040 and the market value of those underlying securities was $877,276,507.10,000,000
50,000,000Interest in $500,000,000 joint repurchase agreement 0.20%, dated 4/30/2010 under which ING Financial Markets LLC will repurchase securities provided as collateral for $500,008,333 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2020 and the market value of those underlying securities was $510,004,130.50,000,000
20,000,000Interest in $1,750,000,000 joint repurchase agreement 0.20%, dated 4/30/2010 under which RBS Securities, Inc. will repurchase securities provided as collateral for $1,750,029,167 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 4/15/2015 and the market value of those underlying securities was $1,785,000,585.20,000,000
50,000,000Interest in $1,000,000,000 joint repurchase agreement 0.20%, dated 4/30/2010 under which TD Securities (USA), LLC will repurchase securities provided as collateral for $1,000,016,667 on 5/3/2010. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2040 and the market value of those underlying securities was $1,020,017,067.50,000,000
TOTAL REPURCHASE AGREEMENTS171,025,000
U.S. Treasury – 15.5%
7,500,0002United States Treasury Bills, 0.155% - 0.545%, 7/1/20107,496,209
4,500,0002United States Treasury Bills, 0.220%, 9/16/20104,496,205
2,500,0002United States Treasury Bills, 0.285%, 8/26/20102,497,684
2,000,000United States Treasury Notes, 1.500%, 10/31/20102,012,351
6,000,000United States Treasury Notes, 2.000%, 9/30/20106,043,219
3,000,000United States Treasury Notes, 2.625%, 5/31/20103,005,748
2,250,000United States Treasury Notes, 4.375%, 12/15/20102,304,662
3,500,000United States Treasury Notes, 5.750%, 8/15/20103,556,963
TOTAL U.S. TREASURY31,413,041
TOTAL INVESTMENTS — 100.0%
(AT AMORTIZED COST)3		202,438,041
OTHER ASSETS AND LIABILITIES - NET — 0.0%4100,440
TOTAL NET ASSETS — 100%$202,538,481
1Although 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.
2Discount rate at time of purchase.
3Also represents cost for federal tax purposes.
4Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2010.

1

Investment Valuation

Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures established by and under the general supervision of the Board of Trustees.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2010, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

2


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
June 22, 2010
   
   
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
June 22, 2010
   
By
/S/ Richard A. Novak
 
Richard A. Novak
 
Principal Financial Officer
Date
June 22, 2010