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




811-6447

(Investment Company Act File Number)



Federated Fixed Income Securities, Inc.

(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:  09/30/10


Date of Reporting Period:  Quarter ended 6/30/10







Item 1.                      Schedule of Investments

Federated Municipal Ultrashort Fund

Portfolio of Investments

June 30, 2010 (unaudited)

Principal
Amount		Value
Municipal Bonds – 54.7%
Alabama – 2.4%
$2,035,000Alabama Special Care Facilities Financing Authority of Birmingham, Revenue Bonds (Series 2005A), 5.00% (Ascension Health Subordinate Credit Group), 6/1/20122,173,075
1,510,000Alabama Special Care Facilities Financing Authority of Birmingham, Revenue Bonds (Series 2005A), 5.00% (Ascension Health Subordinate Credit Group), 6/1/20121,612,454
2,500,000Alabama State Public School & College Authority, Capital Improvement Refunding Bonds (Series 2009A), 5.00% (United States Treasury COL), 5/1/20122,693,975
6,000,000Alabama State Public School & College Authority, Capital Improvement Refunding Bonds (Series 2009A), 5.00% (United States Treasury COL), 5/1/20136,639,840
3,920,000Alabama State Public School & College Authority, Capital Improvement Refunding Bonds (Series 2009A), 5.00% (United States Treasury COL), 5/1/20144,413,920
4,095,000Alabama State Public School & College Authority, Capital Improvement Refunding Bonds (Series 2009B), 5.00%, 5/1/20124,412,731
3,485,000Alabama State Public School & College Authority, Capital Improvement Refunding Bonds (Series 2009B), 5.00%, 5/1/20133,856,640
2,025,000Baldwin County, AL, (Series 2010), 3.00%, 1/1/20122,099,459
4,510,000Birmingham, AL Water Works Board, Subordinate Water Revenue Bonds (Series 2009), 3.00%, 7/1/20114,583,423
3,515,000Birmingham, AL Water Works Board, Subordinate Water Revenue Bonds (Series 2009), 3.00%, 7/1/20133,620,169
2,440,000Birmingham, AL Water Works Board, Subordinate Water Revenue Bonds (Series 2009), 4.00%, 7/1/20122,553,972
24,750,000Health Care Authority for Baptist Health, AL, Affiliate of UAB Health (Montgomery)/(Series B) ARS (Assured Guaranty Corp. INS), 0.940%, 7/2/201024,750,000
1,300,000Huntsville, AL, UT GO Bonds (Series 2009A), 5.00%, 9/1/20111,369,160
1,500,000Huntsville, AL, UT GO Bonds (Series 2009B), 3.00%, 9/1/20111,544,850
4,000,000Mobile, AL IDB, PCRBs (Series 2007A), 4.75% TOBs (Alabama Power Co.), Mandatory Tender 3/19/20124,200,400
2,160,000Tuscaloosa, AL, GO Warrants (Series 2010-B), 4.00%, 2/15/20122,277,115
2,250,000Tuscaloosa, AL, GO Warrants (Series 2010-B), 4.00%, 2/15/20132,425,343
TOTAL75,226,526
Arizona – 0.9%
2,000,000Arizona Health Facilities Authority, Revenue Bonds (Series 2008D), 5.00% (Banner Health), 1/1/20112,043,300
8,000,000Arizona Health Facilities Authority, Variable Rate Health Facility Revenue Bonds (Series 2009E), 5.00% TOBs (Catholic Healthcare West), Mandatory Tender 7/2/20128,407,920
1,000,000Arizona State, COP (Series 2010A), 5.00% (Assured Guaranty Corp. INS), 10/1/20121,083,610
5,000,000Arizona State, COP (Series 2010A), 5.00% (Assured Guaranty Corp. INS), 10/1/20145,602,600
1,000,000Arizona Transportation Board, Transportation Excise Tax Revenue Bonds (Series 2009), 5.00% (Maricopa County, AZ Regional Area Road Fund), 7/1/20111,045,780
1,840,000Arizona Transportation Board, Transportation Excise Tax Revenue Bonds (Series 2009), 5.00% (Maricopa County, AZ Regional Area Road Fund), 7/1/20121,998,240
1,000,000Arizona Water Infrastructure Finance Authority, Water Quality Revenue Bonds (Series 2009A), 4.00%, 10/1/20111,044,810
1,000,000Arizona Water Infrastructure Finance Authority, Water Quality Revenue Bonds (Series 2009A), 4.00%, 10/1/20121,076,190
2,135,000Arizona Water Infrastructure Finance Authority, Water Quality Refunding Revenue Bonds (Series 2009A), 4.00%, 10/1/20122,297,666
1,100,000Arizona Water Infrastructure Finance Authority, Water Quality Refunding Revenue Refunding Bonds (Series 2009A), 4.00%, 10/1/20111,149,291
2,500,000Maricopa County, AZ, IDA, Health Facility Revenue Bonds (Series 2009A), 5.00% (Catholic Healthcare West), 7/1/20122,652,100
TOTAL28,401,507
Arkansas – 0.5%
15,000,000Arkansas State, Federal Highway Grant Anticipation & Tax Refunding Revenue Bonds (GO)/(Series 2010), 4.00%, 8/1/201216,019,400
775,000Jefferson County, AR, PCR Refunding Bonds (Series 2006), 4.60% (Entergy Arkansas, Inc.), 10/1/2017781,533
TOTAL16,800,933
California – 3.4%
11,500,000California Educational Facilities Authority, Variable Rate Refunding Revenue Bonds (Series 2010B), 1.05% (Loyola Marymount University), 10/1/201511,500,000
1,000,000California Health Facilities Financing Authority, 5.00% (Adventist Health System/West), 3/1/20111,025,450
Principal
Amount		Value
$1,500,000California Health Facilities Financing Authority, 5.00% (Adventist Health System/West), 3/1/20121,579,170
880,000California Health Facilities Financing Authority, INS Revenue Bonds (Series 2006), 4.25% (California-Nevada Methodist Homes)/(GTD by California Mortgage Insurance), 7/1/2011881,866
7,000,000California Health Facilities Financing Authority, Refunding Revenue Bonds, 3.45% TOBs (Stanford Hospital & Clinics), Mandatory Tender 6/15/20117,150,500
1,000,000California Health Facilities Financing Authority, Revenue Bonds (Series 2008A), 5.00% (Sutter Health), 8/15/20101,004,860
1,145,000California Health Facilities Financing Authority, Revenue Bonds (Series 2008A), 5.00% (Sutter Health), 8/15/20111,193,456
2,650,000California Health Facilities Financing Authority, Revenue Bonds (Series 2009B), 4.00% (St. Joseph Health System), 7/1/20122,786,157
3,865,000California Health Facilities Financing Authority, Revenue Bonds (Series 2009B), 4.50% (St. Joseph Health System), 7/1/20134,156,962
3,800,000California Health Facilities Financing Authority, Revenue Bonds (Series 2009B), 5.00% (St. Joseph Health System), 7/1/20144,182,546
6,000,000California Health Facilities Financing Authority, Variable Rate Health Facility Revenue Bonds (Series 2009C), 5.00% TOBs (Catholic Healthcare West), Mandatory Tender 7/2/20126,353,220
11,290,000California Health Facilities Financing Authority, Variable Rate Health Facility Revenue Bonds (Series 2009G), 5.00% TOBs (Catholic Healthcare West), Mandatory Tender 7/2/201211,954,642
10,000,000California Health Facilities Financing Authority, Variable Rate Refunding Revenue Bonds (Series 2009C), 5.00% TOBs (St. Joseph Health System), Mandatory Tender 10/16/201410,939,900
6,500,000California Infrastructure & Economic Development Bank, Refunding Revenue Bonds (Series 2007 A-4), 1.65% TOBs (J Paul Getty Trust), Mandatory Tender 4/1/20116,549,920
4,100,000California PCFA, Solid Waste Disposal Refunding Revenue Bonds (Series 1998B), 1.75% TOBs (Waste Management, Inc.), Mandatory Tender 6/1/20114,101,640
7,500,000California State Department of Water Resources Power Supply Program, Power Supply Revenue Bonds (Series 2010L), 5.00%, 5/1/20128,070,525
1,000,000California State, Economic Recovery Bonds (Series 2008A), 5.00% (California State Fiscal Recovery Fund), 1/1/20111,022,410
480,000California State, Economic Recovery UT GO Bonds (Series 2004A), 5.25% (California State Fiscal Recovery Fund)/(National Public Finance Guarantee Corporation INS), 1/1/2011491,362
3,895,000California State, Economic Recovery UT GO Bonds (Series 2004A), 5.25% (California State Fiscal Recovery Fund)/(United States Treasury COL), 1/1/20113,991,206
2,625,000California State, Refunding Economic Recovery Bonds (Series 2009B), 5.00% TOBs (California State Fiscal Recovery Fund), Mandatory Tender 7/1/20142,927,558
1,000,000Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Asset-Backed Bonds (Series 2007A-1), 5.00%, 6/1/20111,016,520
4,000,000Long Beach Community College District, CA, BANs (Series 2010A), 9.85%, 1/15/20134,799,360
4,200,000San Bernardino County, CA Transportation Authority, Sales Tax Revenue Notes (Series 2009A), 4.00%, 5/1/20124,388,622
2,000,000San Diego, CA Public Facilities Authority, Senior Sewer Refunding Revenue Bonds (Series 2009B), 5.00%, 5/15/20122,154,160
2,755,000San Joaquin County, CA Transportation Authority, Measure K Senior Sales Tax Revenue Notes (Series 2008), 5.00%, 4/1/20112,837,705
TOTAL107,059,717
Colorado – 1.1%
110,000Beacon Point, CO Metropolitan District, Revenue Bonds (Series 2005B), 4.375% (Compass Bank, Birmingham LOC)/(Original Issue Yield: 4.50%), 12/1/2015108,801
1,000,000Colorado Health Facilities Authority, Revenue Bonds (Series 2008C-6), 3.95% TOBs (Catholic Health Initiatives), Mandatory Tender 11/10/20101,011,480
4,100,000Colorado Health Facilities Authority, Revenue Bonds (Series 2009B), 5.00% TOBs (Catholic Health Initiatives), Mandatory Tender 11/11/20144,557,027
25,000,000Colorado Health Facilities Authority, Revenue Bonds (Series 2009B), 5.00% TOBs (Catholic Health Initiatives), Mandatory Tender 11/8/201227,022,750
3,105,000Colorado State Higher Education Capital Construction Lease Purchase Financing Program, COP (Series 2008), 5.00% (United States Treasury COL), 11/1/20103,153,127
TOTAL35,853,185
Connecticut – 0.4%
7,800,000Connecticut Development Authority, PCRBs (Series 1996A), 1.40% TOBs (Connecticut Light & Power Co.), Mandatory Tender 4/1/20117,798,206
1,000,000Connecticut State Development Authority, PCR Refunding Bonds (Series 1996), 5.75% TOBs (United Illuminating Co.), Mandatory Tender 2/1/20121,046,210
4,020,000Connecticut State, Economic Recovery UT GO Notes, 5.00%, 1/1/20144,535,083
TOTAL13,379,499
1
Principal
Amount		Value
Delaware – 0.1%
$3,000,000University of Delaware, Variable Rate Revenue Bonds (Series 2009A), 2.00% TOBs, Mandatory Tender 6/1/20113,025,920
District of Columbia – 0.6%
12,250,000District of Columbia Income Tax Revenue, Income Tax Secured Refunding Revenue Bonds (Series 2010C), 0.49%, 12/1/201112,219,375
2,550,000District of Columbia Revenue, University Refunding Revenue Bonds (Series 2009A), 5.00% (Georgetown University), 4/1/20122,702,617
3,000,000District of Columbia Revenue, University Refunding Revenue Bonds (Series 2009A), 5.00% (Georgetown University), 4/1/20133,250,800
500,000Washington Metropolitan Area Transit Authority, Gross Revenue Transit Bonds (Series 2009A), 5.00%, 7/1/2010500,060
1,000,000Washington Metropolitan Area Transit Authority, Gross Revenue Transit Bonds (Series 2009A), 5.00%, 7/1/20111,043,670
TOTAL19,716,522
Florida – 4.6%
5,800,000Broward County, FL, UT GO Bonds, 5.00%, 1/1/20115,934,154
54,6101Capital Trust Agency, FL, Housing Revenue Notes, 5.95% (Atlantic Housing Foundation Properties), 1/15/203921,840
60,000,000Citizens Property Insurance Corp. FL, (Series A2), 2.00%, 4/21/201160,225,000
1,000,000Florida State Board of Education Lottery, Revenue Bonds (Series 2010A), 5.00%, 7/1/20111,044,180
4,000,000Florida State Board of Education Lottery, Refunding Revenue Bonds (Series 2010C), 2.00%, 7/1/20114,056,920
1,365,000Florida State Board of Education Lottery, Refunding Revenue Bonds (Series 2010C), 3.00%, 7/1/20111,398,047
3,375,000Florida State Board of Education, UT GO Capital Outlay Bonds (Series 2006E), 5.00%, 6/1/20113,516,379
2,410,000Florida State Department of Environmental Protection, Refunding Revenue Bonds (Series 2008A), 5.00% (Assured Guaranty Corp. INS), 7/1/20112,517,968
6,105,000Florida State Turnpike Authority, Refunding Turnpike Revenue Bonds (Series 2008A), 5.00%, 7/1/20116,373,803
2,275,000JEA, FL Electric System, Electric System Subordinated Revenue Bonds (Series 2009B), 5.00%, 10/1/20112,388,704
5,000,000JEA, FL Electric System, Subordinated Revenue Bonds (Series 2009D), 5.00%, 10/1/20115,249,900
7,000,000JEA, FL Electric System, Subordinated Revenue Bonds (Series 2009D), 5.00%, 10/1/20127,596,680
12,000,000Lakeland, FL Energy Systems, Variable Rate Energy System Refunding Bonds (Series 2009), 1.06%, 10/1/201212,045,000
5,000,000Lakeland, FL Energy Systems, Variable Rate Energy System Refunding Bonds (Series 2009), 1.41%, 10/1/20145,012,500
5,000,000Miami-Dade County, FL IDA, Solid Waste Disposal Revenue Bonds (Series 2007), 1.80% TOBs (Waste Management, Inc.), Mandatory Tender 11/1/20104,998,050
6,400,000Miami-Dade County, FL IDA, Solid Waste Disposal Revenue Bonds (Series 2004), 1.75% TOBs (Waste Management, Inc.), Mandatory Tender 6/1/20116,402,496
2,000,000Orange County, FL, Health Facilities Authority, Hospital Revenue Bonds (Series 2009), 5.00% (Orlando Health, Inc.), 10/1/20132,167,260
5,800,000Pasco County, FL School Board, (Series B) ARS (AMBAC INS), 1.010%, 7/2/20105,800,000
7,475,000St. Petersburg, FL HFA, (Series B) ARS (All Children's Hospital)/(AMBAC INS), 1.020%, 7/2/20107,475,000
TOTAL144,223,881
Georgia – 2.3%
2,250,000Atlanta, GA Water & Wastewater, Revenue Bonds (Series 2009A), 4.00%, 11/1/20112,330,820
3,000,000Atlanta, GA Water & Wastewater, Revenue Bonds (Series 2009A), 4.00%, 11/1/20123,176,130
4,100,000Burke County, GA Development Authority, PCRBs (First Series 2008), 4.95% TOBs (Georgia Power Co.), Mandatory Tender 4/1/20114,218,859
2,100,000Burke County, GA Development Authority, PCRBs (Series 2007E), 4.75% TOBs (Oglethorpe Power Corp.)/(National Public Finance Guarantee Corporation INS), Mandatory Tender 4/1/20112,157,666
4,165,000Decatur County-Bainbridge, GA IDA, Revenue Bonds, 4.55% TOBs (John B. Sanifilippo & Son)/(Bank of America N.A. LOC), Mandatory Tender 6/1/20114,259,795
8,000,000East Point, GA, 3.00% TANs, 12/31/20108,057,840
2,850,000Floyd County, GA School District, GO Sales Tax Bonds (Series 2009), 3.00% (GTD by Georgia State), 8/1/20112,923,872
2,500,000Fulton County, GA Facilities Corp., COP (Series 2009), 3.00%, 11/1/20112,561,675
1,000,000Georgia State Road and Tollway Authority, Federal Highway Grant Anticipation Revenue Bonds (Series 2009-A), 4.00%, 6/1/20111,032,440
4,000,000Georgia State Road and Tollway Authority, Federal Highway Grant Anticipation Revenue Bonds (Series 2009-A), 5.00%, 6/1/20124,328,400
8,120,000Georgia State, UT GO Bonds (Series 2003D), 5.25%, 12/1/20118,676,464
8,000,000Georgia State, UT GO Bonds (Series 2006G), 5.00%, 10/1/20118,460,400
5,850,000Gwinnett County, GA Water and Sewer Authority, Revenue Bonds, 5.00% (United States Treasury PRF 8/1/2012@100)/(Original Issue Yield: 5.10%), 8/1/20206,399,490
700,000Medical Center Hospital Authority, GA, Refunding Revenue Bonds (Series 2007), 5.00% (Spring Harbor at Green Island), 7/1/2012705,964
2,000,000Monroe County, GA Development Authority, PCRBs (First Series 1995), 4.50% TOBs (Georgia Power Co.), Mandatory Tender 4/1/20112,052,560
2
Principal
Amount		Value
$5,000,000Monroe County, GA Development Authority, PCRBs (Series 1992A), 6.80% (Oglethorpe Power Corp.), 1/1/20115,124,750
1,000,000Private Colleges & Universities Facilities of GA, Revenue Bonds (Series 2008B), 5.00% (Emory University), 9/1/20111,053,400
1,500,000Public Gas Partners, Inc., GA, Gas Project Revenue Bonds (Gas Supply Pool No. 1 Series 2009A), 5.00%, 10/1/20111,570,545
2,300,000Public Gas Partners, Inc., GA, Gas Project Revenue Bonds (Gas Supply Pool No. 1 Series 2009A), 5.00%, 10/1/20122,483,747
1,400,000Public Gas Partners, Inc., GA, Gas Project Revenue Bonds (Gas Supply Pool No. 1 Series 2009A), 5.00%, 10/1/20131,539,482
TOTAL73,114,299
Illinois – 1.8%
2,000,000Chicago, IL Water Revenue, Second Lien Water Refunding Revenue Bonds (Series 2008), 5.00% (Assured Guaranty Municipal Corp. INS), 11/1/20112,110,280
8,825,000Chicago, IL, Refunding UT GO Bonds (2005A), 5.00% (Assured Guaranty Municipal Corp. INS), 1/1/20139,658,521
3,000,000Illinois Development Finance Authority, Adjustable-Rate Gas Supply Refunding Revenue Bonds (Series 2003B), 3.75% TOBs (Peoples Gas Light & Coke Co.), Mandatory Tender 2/1/20123,019,830
10,000,000Illinois Finance Authority, Revenue Bonds (Series 2010B), 3.00% (Art Institute of Chicago), 7/1/201310,189,000
5,130,000Illinois Finance Authority, Revenue Bonds (Series 2010D), 2.00% (Advocate Health Care Network), 4/1/20115,164,474
4,530,000Illinois State Sales Tax, Sales Tax Revenue Bonds (Junior Obligation Series June 2010), 5.00%, 6/15/20134,952,468
3,650,000Illinois State, GO Refunding Bonds (Series February 2010), 5.00%, 1/1/20123,829,069
4,010,000Illinois State, GO Refunding Bonds (Series February 2010), 5.00%, 1/1/20134,293,106
12,600,000Will & Kendall Counties, IL Community Consolidated School District No. 202, 2.00%, 1/1/201112,670,056
TOTAL55,886,804
Indiana – 0.3%
2,750,000Indiana Health Facility Financing Authority, Revenue Bonds (Series 2005A-4), 5.00% (Ascension Health Subordinate Credit Group), 6/1/20122,920,362
1,000,000Indiana State Finance Authority, Hospital Revenue Bonds (Series 2009A), 5.00% (Parkview Health System Obligated Group), 5/1/20111,031,050
2,000,000Indiana State Finance Authority, Hospital Revenue Bonds (Series 2009A), 5.00% (Parkview Health System Obligated Group), 5/1/20122,119,780
1,000,000Jasper County, IN, PCR Refunding Bonds (Series 1994A), 4.15% (Northern Indiana Public Service Company)/(National Public Finance Guarantee Corporation INS), 8/1/20101,001,790
1,000,000Purdue University, IN, Student Fee Bonds (Series 2010Y), 2.00%, 7/1/20111,016,200
1,500,000St. Joseph County, IN, Variable Rate Educational Facilities Revenue Bonds (Series 2005), 3.875% TOBs (University of Notre Dame), Mandatory Tender 3/1/20121,555,485
TOTAL9,644,667
Iowa – 0.5%
1,500,000Iowa Finance Authority, Variable Rate Demand Health Facilities Revenue Bonds (Series 2005A), 5.00% (Iowa Health System)/(Assured Guaranty Corp. INS), 2/15/20121,584,510
5,000,000Iowa Finance Authority, Variable Rate Demand Health Facilities Revenue Bonds (Series 2009F), 5.00% TOBs (Iowa Health System), Mandatory Tender 8/15/20125,330,150
7,050,000Tobacco Settlement Authority, IA, Tobacco Settlement Asset-Backed Revenue Bonds (Series 2001B), 5.60% (United States Treasury PRF 6/1/2011@101)/(Original Issue Yield: 5.75%), 6/1/20357,427,950
TOTAL14,342,610
Kansas – 0.2%
450,000Kansas State Development Finance Authority, Hospital Revenue Bonds (Series 2009D), 3.00% (Adventist Health System/Sunbelt Obligated Group), 11/15/2011464,143
180,000Kansas State Development Finance Authority, Hospital Revenue Bonds (Series 2009D), 3.50% (Adventist Health System/Sunbelt Obligated Group), 11/15/2012189,481
200,000Kansas State Development Finance Authority, Hospital Revenue Bonds (Series 2009D), 5.00% (Adventist Health System/Sunbelt Obligated Group), 11/15/2013222,076
520,000Wichita, KS, Hospital Facilities Refunding & Improvement Revenue Bonds (Series IIIA-2009), 2.00% (Via Christi Health System, Inc.), 11/15/2010521,919
500,000Wichita, KS, Hospital Facilities Refunding & Improvement Revenue Bonds (Series IIIA-2009), 3.00% (Via Christi Health System, Inc.), 11/15/2011512,095
1,000,000Wichita, KS, Hospital Facilities Refunding & Improvement Revenue Bonds (Series IIIA-2009), 4.50% (Via Christi Health System, Inc.), 11/15/20121,067,060
3
Principal
Amount		Value
$2,000,000Wichita, KS, Hospital Facilities Refunding & Improvement Revenue Bonds (Series IIIA-2009), 5.00% (Via Christi Health System, Inc.), 11/15/20132,190,240
TOTAL5,167,014
Kentucky – 0.8%
500,000Kentucky EDFA, Hospital Revenue Bonds (Series 2009A), 5.00% (Baptist Healthcare System), 8/15/2010502,930
1,000,000Kentucky EDFA, Hospital Revenue Bonds (Series 2009A), 5.00% (Baptist Healthcare System), 8/15/20111,046,300
4,465,000Louisville & Jefferson County, KY Metropolitan Sewer District, 5.00%, 5/15/20114,631,187
4,685,000Louisville & Jefferson County, KY Metropolitan Sewer District, 5.00%, 5/15/20125,039,748
15,000,000Owensboro, KY, GO BANs (Series 2009), 3.25%, 7/1/201215,180,750
TOTAL26,400,915
Louisiana – 0.5%
15,000,000Louisiana State Gas & Fuels, Tax Second Lien Revenue Bonds (Series 2009A-1), 1.06%, 5/1/204315,000,000
Maryland – 0.3%
1,000,000Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds (Series 2008B), 5.00% TOBs (Johns Hopkins Hospital), Mandatory Tender 11/15/20111,050,390
5,000,000Maryland State, UT GO Bonds (Second Series 2008), 5.00%, 7/15/20115,244,150
2,955,000Maryland State, UT GO Bonds (Series 2006A), 5.00%, 3/1/20133,288,029
TOTAL9,582,569
Massachusetts – 4.5%
5,100,000Brockton, MA Area Transit Authority, 2.00% RANs (GTD by Commonwealth of Massachusetts), 8/6/20105,103,417
4,000,000Commonwealth of Massachusetts, LT GO Construction Loan Bonds (Series C), 5.50% (Assured Guaranty Municipal Corp. INS), 11/1/20114,265,200
16,000,000Commonwealth of Massachusetts, Refunding GO Bonds (SIFMA Index Bonds)/(Series 2010A), 0.69%, 2/1/201316,020,000
3,750,000Commonwealth of Massachusetts, Refunding GO Bonds (SIFMA Index Bonds)/(Series 2010A), 0.84%, 2/1/20143,754,687
12,000,000Commonwealth of Massachusetts, Refunding GO Bonds (SIFMA Index Bonds)/(Series 2010A), 0.55%, 2/1/201212,000,000
4,175,000Greater Attleboro-Taunton, MA Regional Transportation Authority, 2.50% RANs (GTD by Commonwealth of Massachusetts), 8/20/20104,181,388
6,000,000Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds (Series 2010B), 5.00%, 1/1/20136,532,500
10,905,000Massachusetts HEFA, (Series 2005F) ARS (Partners Healthcare Systems)/(Assured Guaranty Municipal Corp. INS), 0.600%, 7/2/201010,905,000
18,880,000Massachusetts HEFA, (Series 2007G-2) ARS (Partners Healthcare Systems)/(Assured Guaranty Municipal Corp. INS), 0.400%, 7/1/201018,880,000
1,000,000Massachusetts HEFA, Revenue Bonds (Series 2008 T-2), 4.10% TOBs (Northeastern University), Mandatory Tender 4/19/20121,043,360
1,465,000Massachusetts HEFA, Revenue Bonds (Series 2008R), 5.00% (Northeastern University), 10/1/20111,539,261
1,000,000Massachusetts HEFA, Revenue Bonds (Series 2008R), 5.00% (Northeastern University), 10/1/20121,082,790
3,250,000Massachusetts HEFA, Revenue Bonds (Series 2008T-1), 4.125% TOBs (Northeastern University), Mandatory Tender 2/16/20123,358,160
2,000,000Massachusetts State Development Finance Agency, Resource Recovery Revenue Bonds (Series 1999B), 3.40% TOBs (Waste Management, Inc.), Mandatory Tender 12/1/20122,024,160
6,945,000Massachusetts State HFA, (Series 2009-B), 2.50%, 2/1/20117,020,700
10,500,000Massachusetts State HFA, Construction Loan Notes (Series 2009D), 4.00%, 9/1/201110,812,900
9,000,000Massachusetts State HFA, Construction Loan Notes (Series 2009D), 5.00%, 9/1/20129,621,000
14,940,000Montachusett, MA Regional Transit Authority, 2.25% RANs (GTD by Commonwealth of Massachusetts), 8/12/201014,955,986
8,700,000Southeastern Massachusetts Regional Transportation Authority, 2.50% RANs (GTD by Commonwealth of Massachusetts), 9/3/20108,714,181
TOTAL141,814,690
Michigan – 1.0%
1,365,000Kent Hospital Finance Authority, MI, Revenue Bonds (Series 2005A), 5.00% (Metropolitan Hospital), 7/1/20101,365,041
9,500,000Michigan State Hospital Finance Authority, Revenue Bonds (Series 1999 B-4), 3.75% TOBs (Ascension Health Credit Group), Mandatory Tender 3/15/20129,800,960
2,000,000Michigan State Hospital Finance Authority, Revenue Bonds (Series 2010B), 5.00% (Ascension Health Credit Group), 11/15/20152,228,660
2,500,000Michigan State Strategic Fund, Solid Waste Disposal LT Obligation Refunding Revenue Bonds (Series 2004), 1.00% TOBs (Waste Management, Inc.), Mandatory Tender 8/2/20102,500,450
4
Principal
Amount		Value
$14,770,000Michigan Strategic Fund, Variable Rate LO Refunding Revenue Bonds (Series 2009CT), 3.05% TOBs (Detroit Edison Co.), Mandatory Tender 12/3/201215,054,175
TOTAL30,949,286
Minnesota – 0.9%
12,000,000Bemidji, MN, Temporary Sales Tax UT GO Bonds, 4.50%, 2/1/201212,264,360
2,040,000Chaska, MN ISD No.112, UT GO Bonds, 3.00% (GTD by Minnesota State), 2/1/20112,072,375
2,485,000Chaska, MN ISD No.112, UT GO Bonds, 3.00% (GTD by Minnesota State), 2/1/20122,583,654
2,965,000Chaska, MN ISD No.112, UT GO Bonds, 3.50% (GTD by Minnesota State), 2/1/20133,168,132
3,020,000Chaska, MN ISD No.112, UT GO Bonds, 3.50% (GTD by Minnesota State), 2/1/20143,262,506
1,000,000Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds (Series 2008), 4.00% (Essentia Health Obligated Group)/(Assured Guaranty Corp. INS), 2/15/20121,041,830
2,900,000Minnesota State, UT GO Highway Bonds, 3.00%, 12/1/20113,006,488
2,500,000Stillwater, MN ISD No. 834, UT GO Bonds, 4.00% (GTD by Minnesota State), 2/1/20112,553,875
TOTAL29,953,220
Mississippi – 0.5%
3,240,000Mississippi Development Bank, Marshall County Correctional Facility Refunding Bonds (Series 2008C), 5.00% (Mississippi State Department of Corrections), 8/1/20123,536,914
1,200,000Mississippi Development Bank, Wilkinson County Correctional Facility Refunding Bonds (Series 2008D), 5.00% (Mississippi State Department of Corrections)/(United States Treasury COL), 8/1/20121,309,968
10,000,000Mississippi State, Refunding UT GO Bonds, 5.50%, 9/1/201211,029,100
TOTAL15,875,982
Missouri – 0.2%
4,000,000Kirkwood, MO IDA, Tax-Exempt Mandatory Paydown Securities-50 (Series 2010C-3), 6.50% (Aberdeen Heights Project), 5/15/20154,008,760
1,665,000Missouri State Environmental Improvement & Energy Resources Authority, PCR Refunding Bonds (Series 2008), 4.375% TOBs (Associated Electric Cooperative, Inc.), Mandatory Tender 3/1/20111,701,131
TOTAL5,709,891
Nebraska – 0.1%
1,170,000Nebraska Public Power District, General Revenue Bonds (Series 2008B), 5.00%, 1/1/20121,244,354
1,750,000Omaha, NE, UT GO Bonds, 4.00%, 10/15/20111,830,780
1,250,000Omaha, NE, UT GO Bonds, 5.00%, 10/15/20101,267,175
TOTAL4,342,309
Nevada – 0.3%
2,000,000Clark County, NV Airport System, Revenue Bonds (Senior Series 2008E), 5.00%, 7/1/20102,000,200
2,350,000Clark County, NV, IDRBs (Series 2003C), 5.45% TOBs (Southwest Gas Corp.), Mandatory Tender 3/1/20132,460,802
1,680,000Clark County, NV, LT GO Bond Bank Bonds (Series 2000), 6.00% (United States Treasury COL), 7/1/20101,680,269
720,000Clark County, NV, Special Assessment Revenue Bonds (Series 2005), 4.20% (Summerlin-Mesa SID No. 151), 8/1/2011702,281
1,475,000Henderson, NV, LID No. T-16 LT Obligation Improvement Bonds, 4.50% (Falls at Lake Las Vegas LID No. T-16), 3/1/20111,415,676
755,000Henderson, NV, LID No. T-17 LT Obligation Improvement Bonds, 4.15% (Madeira Canyon LID No. T-17), 9/1/2010754,743
TOTAL9,013,971
New Hampshire – 0.2%
5,000,000New Hampshire Business Finance Authority, PCR Refunding Bonds (Series 2010A), 4.50% TOBs (United Illuminating Co.), Mandatory Tender 7/1/20155,112,350
New Jersey – 2.5%
13,908,053Aberdeen Township, NJ, UT GO Notes, 2.25% BANs, 7/23/201013,917,650
2,250,000Atlantic County Utilities Authority, NJ, Sewer Refunding Revenue Bonds (Series 2009), 4.00% (Assured Guaranty Corp. INS), 1/15/20112,286,562
1,500,000Atlantic County Utilities Authority, NJ, Sewer Refunding Revenue Bonds (Series 2009), 5.00% (Assured Guaranty Corp. INS), 1/15/20121,589,010
3,983,980Clifton, NJ Board of Education, 3.50% GANs, 7/6/20103,984,538
4,625,000Gloucester County, NJ Improvement Authority, Resource Recovery Refunding Revenue Bonds (Series 1999A), 2.625% TOBs (Waste Management, Inc.), Mandatory Tender 12/3/20124,651,501
1,000,000Gloucester County, NJ Improvement Authority, Resource Recovery Refunding Revenue Bonds (Series 1999A), 3.375% TOBs (Waste Management, Inc.), Mandatory Tender 12/3/20121,011,500
5
Principal
Amount		Value
$22,000,000New Brunswick, NJ Parking Authority, Subordinate Project Notes GTD by City of New Brunswick, NJ, 3.00% BANs, 12/15/201022,109,120
1,000,000New Jersey EDA, School Facilities Construction Refunding Revenue Bonds (Series 2008W), 5.00% (New Jersey State)/(United States Treasury COL), 3/1/20111,031,540
7,900,000Passaic, NJ, General Improvement and Sewer Utility Bonds, 3.50% BANs, 8/6/20107,908,769
5,950,000Rahway, NJ Redevelopment Agency, Tax-Exempt City-Secured Arts District Extension Project Notes (Series 2009), 2.75% GANs (Rahway, NJ), 9/15/20105,963,685
2,745,050Seaside Heights Borough, NJ, 1.50% BANs, 2/4/20112,752,901
2,882,500Trenton, NJ, General Improvement Notes, 3.50% BANs, 12/10/20102,893,655
1,710,380Trenton, NJ, Water Utility Notes, 3.00% BANs, 7/15/20101,710,842
2,451,605Trenton, NJ, Water Utility Notes, 3.50% BANs, 7/15/20102,452,512
5,000,000Ventnor, NJ, (Series 2009A), 2.25% BANs, 7/21/20105,002,650
TOTAL79,266,435
New Mexico – 0.2%
2,000,000Farmington, NM, Refunding Revenue Bonds (Series 2002A), 4.00% TOBs (El Paso Electric Co.)/(FGIC INS), Mandatory Tender 8/1/20122,001,300
1,370,000Massachusetts HEFA, Revenue Bonds (Series 2008R), 5.00% (Northeastern University), 10/1/20101,384,974
4,000,000New Mexico State Finance Authority, State Transportation Refunding Revenue Bonds (Series 2009A), 5.00%, 6/15/20114,175,600
TOTAL7,561,874
New York – 4.2%
600,000Erie County, NY IDA, School Facility Revenue Bonds (Series 2009A), 5.00% (Buffalo, NY City School District), 5/1/2011621,618
2,000,000Erie County, NY IDA, School Facility Revenue Bonds (Series 2009A), 5.00% (Buffalo, NY City School District), 5/1/20122,150,880
2,000,000Erie County, NY IDA, School Facility Revenue Bonds (Series 2009A), 5.00% (Buffalo, NY City School District), 5/1/20132,211,500
1,500,000Erie County, NY IDA, School Facility Revenue Bonds (Series 2009A), 5.00% (Buffalo, NY City School District), 5/1/20141,685,055
4,395,000Evans, NY, 2.50% BANs, 10/7/20104,405,108
8,520,000Gilbertsville-Mount Upton, NY CSD, 2.25% BANs, 6/30/20118,632,293
3,635,000McGraw, NY CSD, 2.75% BANs, 7/9/20103,636,054
3,000,000Monroe County, NY, Public Improvement Bonds (Series 2009A), 3.75% (Assured Guaranty Corp. INS), 6/1/20113,075,540
8,325,000Monroe County, NY, UT GO Notes, 3.50% BANs, 7/14/20108,328,580
4,000,000Nassau County, NY, Refunding UT GO Bonds (Series 2009E), 4.00%, 6/1/20114,131,560
1,500,000Nassau County, NY, Refunding UT GO Bonds (Series 2009E), 4.00%, 6/1/20121,594,260
9,500,000New York City, NY, (Series C-4) ARS (Assured Guaranty Corp. INS), 0.550%, 7/2/20109,500,000
5,000,000New York City, NY, UT GO Bonds (Series 2009H-1), 5.00%, 3/1/20135,505,100
6,355,000New York State Dormitory Authority, Revenue Bonds (Series 2009C), 4.00% (School District Financing Program), 10/1/20116,626,486
10,000,000New York State Dormitory Authority, Third General Resolution Revenue Bonds (Series 2002B), 5.25% TOBs (State University of New York), Mandatory Tender 5/15/201210,753,600
5,000,000New York State Environmental Facilities Corp., Solid Waste Disposal Revenue Bonds (Series 2004A), 2.50% TOBs (Waste Management, Inc.), Mandatory Tender 1/2/20135,015,850
17,000,000New York State Thruway Authority, General Revenue BANs (Series 2009A), 4.00%, 7/15/201117,621,520
7,501,000Sleepy Hollow, NY, (Series 2009C), 2.50% BANs, 8/13/20107,513,452
12,552,000South Jefferson, NY CSD, 2.00% BANs, 6/24/201112,648,525
2,000,000Triborough Bridge & Tunnel Authority, NY, General Revenue Bonds (Series 2008C), 4.00%, 11/15/20112,095,160
2,000,000Triborough Bridge & Tunnel Authority, NY, General Revenue Bonds (Series 2008C), 5.00%, 11/15/20102,035,340
13,125,000Worcester, NY CSD, 2.00% BANs, 6/24/201113,160,044
TOTAL132,947,525
North Carolina – 0.7%
2,500,000Charlotte, NC, UT GO Bonds, 5.00%, 8/1/20112,626,075
1,000,000Mecklenburg County, NC, Refunding UT GO Bonds (Series 2009A), 4.00%, 8/1/20111,039,710
500,000New Hanover County, NC, GO Refunding Bonds (Series 2009A), 3.00%, 12/1/2011517,925
2,000,000New Hanover County, NC, GO Refunding Bonds (Series 2009A), 5.00%, 12/1/20122,207,980
1,000,000North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds (Series 2009A), 5.00%, 1/1/20121,057,350
1,200,000North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds (Series 2009A), 5.00%, 1/1/20131,300,632
2,000,000North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, 5.00% (Assured Guaranty Corp. INS), 1/1/20132,178,540
6
Principal
Amount		Value
$1,000,000North Carolina Medical Care Commission, Hospital Refunding Revenue Bonds (Series 2010), 5.00% (North Carolina Baptist), 6/1/20131,096,290
1,500,000North Carolina Municipal Power Agency No. 1, Revenue Bonds (Series 2008C), 5.00% (United States Treasury COL), 1/1/20111,535,625
3,265,000North Carolina State University at Raleigh, General Revenue Bonds (Series 2008B), 5.00%, 10/1/20103,303,984
2,000,000North Carolina State, Public Improvement UT GO Bonds (Series 2005A), 5.50%, 3/1/20112,069,680
2,000,000North Carolina State, Refunding UT GO Bonds (Series 2003E), 5.00%, 2/1/20122,144,580
2,000,000North Carolina State, UT GO Refunding Bonds (Series E), 5.00%, 2/1/20132,217,020
TOTAL23,295,391
Ohio – 2.0%
1,000,000Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Bonds (Series 2007A-1), 5.00%, 6/1/20121,028,670
2,085,000Lucas County, OH, Adjustable Rate Demand Health Care Facilities Revenue Bonds (Series 2002), 3.75% TOBs (Franciscan Care Center), Optional Tender 3/1/20112,089,107
6,000,000Ohio Air Quality Development Authority, PCR Refunding Bonds (Series 2009-B), 5.25% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 3/1/20116,153,240
2,900,000Ohio Air Quality Development Authority, PCR Refunding Revenue Bonds (Series 2008B), 3.00% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 4/2/20122,923,142
8,000,000Ohio State Air Quality Development Authority, Air Quality Refunding Revenue Bonds (Series 2009A), 3.875% TOBs (Columbus Southern Power Company), Mandatory Tender 6/1/20148,258,960
12,150,000Ohio State Air Quality Development Authority, PCR Refunding Bonds (Series 2009-D), 4.75% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 8/1/201212,826,877
3,000,000Ohio State Higher Educational Facility Commission, Higher Educational Facility Revenue Bonds (Series 2009), 5.00% (Oberlin College), 10/1/20143,424,320
3,000,000Ohio State Water Development Authority, 1.50% TOBs (Waste Management, Inc.), Mandatory Tender 12/1/20103,000,480
1,200,000Ohio State, Hospital Revenue Bonds (Series 2008A), 4.00% (Cleveland Clinic), 1/1/20121,252,644
1,750,000Ohio State, Hospital Revenue Bonds (Series 2008A), 4.00% (Cleveland Clinic), 1/1/20131,852,200
5,500,000Ohio Water Development Authority, PCR Refunding Revenue Bonds (Series 2008B), 3.00% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 4/2/20125,543,890
3,000,000Ohio Water Development Authority, Solid Waste Revenue Bonds (Series 2004), 2.625% TOBs (Waste Management, Inc.), Mandatory Tender 1/2/20133,003,240
12,230,000Richland County, OH, 3.50% BANs, 1/11/201112,305,337
TOTAL63,662,107
Oklahoma – 0.2%
1,000,000Oklahoma County, OK Finance Authority, Educational Facilities Lease Revenue Bonds (Series 2010), 3.00% (Putnam City Public Schools), 3/1/20111,011,230
3,825,000Oklahoma County, OK Finance Authority, Educational Facilities Lease Revenue Bonds (Series 2010), 3.50% (Putnam City Public Schools), 3/1/20123,937,799
1,000,000Oklahoma County, OK Finance Authority, Educational Facilities Lease Revenue Bonds (Series 2010), 4.00% (Putnam City Public Schools), 3/1/20131,052,730
TOTAL6,001,759
Oregon – 0.1%
2,040,000Eugene, OR Electric Utility System, Revenue & Refunding Bonds (Series 2008), 4.00%, 8/1/20102,046,467
Pennsylvania – 4.5%
13,200,000Allegheny County, PA HDA, Adjustable Rate Hospital Revenue Bonds (Series 2010F), 1.36% (UPMC Health System), 5/15/203813,200,000
2,040,000Allegheny County, PA HDA, Hospital Revenue Bonds (Series 2008B), 5.00% (UPMC Health System), 6/15/20112,122,212
5,000,000Allegheny County, PA HDA, Revenue Bonds (Series 2008A), 5.00% (UPMC Health System), 9/1/20115,243,900
3,000,000Allegheny County, PA HDA, Revenue Bonds (Series 2010A), 3.00% (UPMC Health System), 5/15/20113,058,650
5,000,000Allegheny County, PA HDA, Revenue Bonds (Series 2010A), 4.00% (UPMC Health System), 5/15/20125,252,150
10,000,000Allegheny County, PA HDA, Revenue Bonds (Series 2010A), 5.00% (UPMC Health System), 5/15/201310,921,900
4,125,000Allegheny County, PA HDA, Revenue Bonds (Series 2010A), 5.00% (UPMC Health System), 5/15/20154,575,409
2,180,000Allegheny County, PA, GO Bonds (Series C-63), 3.00%, 11/1/20112,237,116
6,970,000Allegheny County, PA, GO Bonds (Series C-63), 5.00%, 11/1/20127,529,970
7,000,000Beaver County, PA IDA, PCR Refunding Revenue Bonds (Series 2008B), 3.00% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 4/2/20127,055,860
10,900,000Bucks County, PA IDA, Solid Waste Revenue Bonds, 2.88% TOBs (Waste Management, Inc.), Mandatory Tender 2/1/201310,948,505
7
Principal
Amount		Value
$8,350,000Pennsylvania EDFA, Exempt Facilities Refunding Revenue Bonds (Series 2009A), 5.00% TOBs (Exelon Generation Co. LLC), Mandatory Tender 6/1/20128,830,626
6,000,000Pennsylvania EDFA, PCR Refunding Bonds (Series 2008), 4.85% TOBs (PPL Electric Utilities Corp.), Mandatory Tender 10/1/20106,031,800
3,035,000Pennsylvania EDFA, Solid Waste Disposal Revenue Bonds (Series 2006), 2.75% (Waste Management, Inc.), 9/1/20133,051,268
19,955,000Pennsylvania EDFA, Solid Waste Disposal Revenue Bonds, 2.625% TOBs (Waste Management, Inc.), Mandatory Tender 12/3/201220,011,672
1,000,000Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2008B), 5.00% (University of Pennsylvania Health System), 8/15/20131,108,900
4,170,000Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2010E), 3.00% (UPMC Health System), 5/15/20114,247,270
3,000,000Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2010E), 3.50% (UPMC Health System), 5/15/20123,120,180
7,905,000Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2010E), 3.50% (UPMC Health System), 5/15/20138,288,867
12,070,000Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2009C), 1.36%, 12/1/201412,070,000
2,410,000Sayre, PA, Health Care Facilities Authority, Revenue Bonds, 1.011% (Guthrie Healthcare System, PA), 12/1/20172,009,337
2,100,000University of Pittsburgh, University Refunding Bonds (Series 2009A), 5.00%, 9/15/20112,215,227
TOTAL143,130,819
South Carolina – 0.9%
3,000,000Jasper County, SC, Special Source Revenue (Series 2010), 2.35% BANs, 2/11/20113,000,300
5,960,000South Carolina Jobs-EDA, Hospital Revenue Bonds (Floating Rate Notes), 1.06% TOBs (Palmetto Health Alliance) Mandatory Tender, 8/1/20135,647,100
15,402,000South Carolina State Housing Finance & Development Authority, Multifamily Rental Housing Revenue Bonds (Series 2008), 1.15% TOBs (GE Funding Capital Market Services, Inc.)/(GTD by GE Capital Corp.), Mandatory Tender 9/1/201015,419,712
5,285,000South Carolina State Public Service Authority (Santee Cooper), Refunding Revenue Obligations (Series 2009A), 5.00%, 1/1/20125,631,538
TOTAL29,698,650
Tennessee – 0.4%
4,500,000Lewisburg, TN IDB, Solid Waste Disposal Revenue Bonds (Series 2006), 2.50% (Waste Management, Inc.), 7/1/20124,512,690
500,0002Sumner County, TN Health, Educational & Housing Facilities Board, Hospital Revenue & Refunding Improvement Bonds (Series 2007A), 5.25% (Sumner Regional Health Systems, Inc.), 11/1/2011429,950
460,0002Sumner County, TN Health, Educational & Housing Facilities Board, Hospital Revenue & Refunding Improvement Bonds (Series 2007A), 5.25% (Sumner Regional Health Systems, Inc.), 11/1/2012395,554
1,000,0002Sumner County, TN Health, Educational & Housing Facilities Board, Hospital Revenue & Refunding Improvement Bonds (Series 2007A), 5.25% (Sumner Regional Health Systems, Inc.), 11/1/2013859,900
5,585,000Tennessee State, GO Bonds (Series 2009A), 4.00%, 5/1/20125,945,288
TOTAL12,143,382
Texas – 3.8%
1,500,000Austin, TX, Water and Wastewater System Refunding Revenue Bonds (Series 2008A), 3.00%, 11/15/20111,550,790
6,500,000Dallas, TX ISD, UT GO Refunding Bonds (Series 2009), 4.00%, 2/15/20116,644,885
2,000,000Dallas-Fort Worth, TX International Airport, Joint Refunding Revenue Bonds (Series 2009A), 4.00%, 11/1/20112,085,140
2,000,000Dallas-Fort Worth, TX International Airport, Joint Refunding Revenue Bonds (Series 2009A), 4.00%, 11/1/20122,128,600
1,855,000Grapevine, TX, Combination Tax & Tax Increment Reinvestment Zone Number One Refunding Revenue Bonds (Series 2009A), 3.00%, 2/15/20111,883,845
1,540,000Grapevine, TX, Combination Tax & Tax Increment Reinvestment Zone Number One Refunding Revenue Bonds (Series 2009A), 4.25%, 2/15/20121,626,440
3,170,000Grapevine, TX, Refunding LT GO Bonds (Series 2009), 3.00%, 2/15/20113,219,293
4,345,000Grapevine, TX, Refunding LT GO Bonds (Series 2009), 5.00%, 2/15/20124,641,416
1,000,000Gulf Coast, TX Waste Disposal Authority, Solid Waste Disposal Revenue Bonds (Series 2003D), 4.55% (Waste Management, Inc.), 4/1/20121,026,630
2,300,000Harris County, TX Cultural Education Facilities Finance Corp., Revenue Bonds (Series 2008B), 5.25% (Methodist Hospital, Harris County, TX), 12/1/20122,509,047
3,400,000Harris County, TX HFDC, (Series A-3) ARS (Christus Health System)/(Assured Guaranty Municipal Corp. INS), 0.998%, 7/1/20103,400,000
4,700,000Harris County, TX HFDC, (Series A-4) ARS (Christus Health System)/(Assured Guaranty Municipal Corp. INS), 0.998%, 7/1/20104,700,000
4,450,000Harris County, TX HFDC, (Series A-5) ARS (Christus Health System)/(Assured Guaranty Municipal Corp. INS), 0.998%, 7/1/20104,450,000
17,500,000Harris County, TX HFDC, (Series A-6) ARS (Christus Health System)/(Assured Guaranty Municipal Corp. INS), 0.998%, 7/1/201017,500,000
1,000,000Harris County, TX, Permanent Improvement Refunding LT GO Bonds (Series 2008B), 4.00%, 10/1/20101,009,420
1,250,000Harris County, TX, Permanent Improvement Refunding LT GO Bonds (Series 2008B), 5.00%, 10/1/20111,320,638
8
Principal
Amount		Value
$1,000,000Harris County, TX, Refunding UT GO Bonds (Series 2008A), 5.00% (United States Treasury COL), 8/15/20101,005,890
3,500,000Houston, TX Combined Utility System, First Lien Refunding Revenue Bonds (Series 2004C-2B), 5.00% TOBs (AMBAC INS), Mandatory Tender 5/15/20113,620,925
500,000Lower Colorado River Authority, TX, Refunding Revenue Bonds (Series 20008), 5.00% (LCRA Transmission Services Corp.), 5/15/2011518,430
500,000Lower Colorado River Authority, TX, Refunding Revenue Bonds (Series 2008), 5.00% (LCRA Transmission Services Corp.)/(Berkshire Hathaway Assurance Corp. INS), 5/15/2011519,690
6,825,000Lubbock, TX HFDC, Variable Rate Refunding Revenue Bonds (Series 2008A), 3.05% TOBs (St. Joseph Health System), Mandatory Tender 10/16/20126,927,307
1,000,000San Antonio, TX Water System, Junior Lien Refunding Revenue Bonds (Series 2010), 3.00%, 5/15/20121,043,300
1,000,000Tarrant County, TX Cultural Education Facilities Finance Corp., Retirement Facilities Revenue Bonds (Series 2007), 5.25% (Buckingham Senior Living Community), 11/15/2010998,160
635,000Texas Municipal Gas Acquisition & Supply Corp. II, Gas Supply Revenue Bonds (Series 2007A), 0.76% (GTD by JPMorgan Chase & Co.), 9/15/2010632,619
5,000,000Texas State Public Finance Authority, Refunding UT GO Bonds (Series 2009A), 4.00% (Texas State), 10/1/20115,221,450
6,415,000Texas State Public Finance Authority, Refunding UT GO Bonds (Series 2009A), 5.00% (Texas State), 10/1/20127,041,040
7,250,000Texas State Public Finance Authority, UT GO Bonds (Series 2008A), 5.00% (Texas State), 10/1/20107,336,565
7,150,000Texas State Public Finance Authority, UT GO Refunding Bonds (Series 2010A), 5.00% (Texas State), 10/1/20138,060,552
14,060,000Texas State Public Finance Authority, UT GO Refunding Bonds (Series 2010B), 5.00% (Texas State), 10/1/201315,850,541
1,500,000Texas State Transportation Commission, First Tier Revenue Bonds, 5.00%, 4/1/20111,551,345
TOTAL120,023,958
Utah – 1.1%
3,300,000Box Elder County, UT, PCRBs (Series 1984), 1.90% TOBs (Nucor Corp.), Optional Tender 10/1/20103,301,848
3,000,000Intermountain Power Agency, UT, Subordinated Power Supply Refunding Revenue Bonds (Series 2008A), 5.25%, 7/1/20113,140,640
5,000,000Intermountain Power Agency, UT, Subordinated Supply Refunding Revenue Bonds (Series 2009A), 4.00%, 7/1/20105,000,500
2,765,000Intermountain Power Agency, UT, Subordinated Supply Refunding Revenue Bonds (Series 2009A), 5.00%, 7/1/20112,887,738
3,000,000Intermountain Power Agency, UT, Subordinated Supply Refunding Revenue Bonds (Series 2009A), 5.00%, 7/1/20123,239,220
1,400,000Riverton, UT Hospital Revenue Authority, Hospital Revenue Bonds (Series 2009), 5.00% (IHC Health Services, Inc.), 8/15/20131,544,284
5,320,000Utah State, GO Bonds (Series 2009C), 3.00%, 7/1/20125,589,086
10,600,000Utah State, UT GO Bonds (Series 2003A), 5.00%, 7/1/201211,558,240
TOTAL36,261,556
Virginia – 2.4%
2,540,000Fairfax County, VA Sewer Revenue, Revenue Bonds (Series 2009), 5.00%, 7/15/20122,773,528
4,275,000Hopewell, VA, Sewer System Revenue Bonds (Series 2009), 4.00%, 11/15/20124,435,184
3,000,000Louisa, VA IDA, PCR Refunding Bonds (Series 2008C), 5.00% TOBs (Virginia Electric & Power Co.), Mandatory Tender 12/1/20113,147,960
7,000,000Louisa, VA IDA, Solid Waste & Sewage Disposal Revenue Bonds (Series 2000A), 1.375% TOBs (Virginia Electric & Power Co.), Mandatory Tender 4/1/20117,000,490
37,690,000Norfolk, VA, (Series C), 1.50% BANs, 4/1/201137,974,182
1,650,000Virginia College Building Authority, Educational Facilities Revenue Bonds (Series 2009A), 5.00%, 2/1/20121,767,579
4,000,000Virginia Peninsula Port Authority, Refunding Revenue Bonds (Series 2003), 5.00% TOBs (Dominion Terminal Associates)/(GTD by Dominion Resources, Inc.), Mandatory Tender 10/1/20114,130,200
2,825,000Virginia State Public Building Authority, Public Facilities Revenue Bonds (Series 2006B), 5.00%, 8/1/20123,084,759
3,290,000Virginia State Public Building Authority, Public Facilities Revenue Bonds (Series 2009B), 5.00%, 8/1/20113,455,553
3,000,000Virginia State Public School Authority, School Financing Bonds (Series 2009C), 4.00%, 8/1/20123,213,720
3,570,000York County, VA EDA, PCR Refunding Bonds (Series 2009A), 4.05% TOBs (Virginia Electric & Power Co.), Mandatory Tender 5/1/20143,759,603
TOTAL74,742,758
Washington – 1.7%
2,165,000Chelan County, WA Public Utility District No. 1, Consolidated System Subordinate Revenue Notes (Series 2008A), 5.00%, 7/1/20132,404,276
1,000,000Clark County, WA Public Utility District No. 001, Electric System Revenue & Refunding Bonds (Series 2009), 5.00%, 1/1/20111,020,780
2,155,000Clark County, WA Public Utility District No. 001, Electric System Revenue & Refunding Bonds (Series 2009), 5.00%, 1/1/20122,283,912
3,140,000Energy Northwest, WA, Project 1 Electric Refunding Revenue Bonds (Series 2008D), 5.00%, 7/1/20103,140,408
3,000,000Energy Northwest, WA, Project 1 Electric Refunding Revenue Bonds (Series 2008D), 5.00%, 7/1/20113,138,600
9
Principal
Amount		Value
$1,585,000Energy Northwest, WA, Project 3 Electric Refunding Revenue Bonds (Series 2008D), 5.00% (United States Treasury COL), 7/1/20101,585,206
7,000,0003Washington State EDFA, Solid Waste Disposal Revenue Bonds (Series 2005D), 1.00% TOBs (Waste Management, Inc.), Mandatory Tender 9/1/20106,998,530
8,000,0003Washington State EDFA, Solid Waste Disposal Revenue Bonds (Series 2008), 1.00% TOBs (Waste Management, Inc.), Mandatory Tender 9/1/20107,997,600
8,025,000Washington State Health Care Facilities Authority, Revenue Bonds (Series 2010A), 3.00% (Multicare Health System), 8/15/20108,044,421
8,520,000Washington State Health Care Facilities Authority, Revenue Bonds (Series 2010A), 3.00% (Multicare Health System), 8/15/20118,680,176
9,335,000Washington State, Motor Vehicle Fuel Tax GO Bonds (Series 2010B), 5.00%, 8/1/201210,183,178
TOTAL55,477,087
West Virginia – 0.5%
5,000,000West Virginia EDA, PCR Refunding Revenue Bonds (Series 2008D), 4.85% TOBs (Appalachian Power Co.), Mandatory Tender 9/4/20135,329,150
10,000,000West Virginia EDA, Solid Waste Disposal Facilities Revenue Bonds (Series 2010A), 3.125% TOBs (Ohio Power Co.), Mandatory Tender 4/1/20159,940,700
TOTAL15,269,850
Wisconsin – 1.0%
3,750,000Oak Creek, WI Waterworks System, BANs (Series 2009), 4.00%, 4/1/20113,774,037
12,000,000Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Series 2009B), 4.75% TOBs (Aurora Health Care, Inc.), Mandatory Tender 8/15/201412,582,840
1,985,000Wisconsin Public Power System, Power Supply System Revenue Bonds (Series 2008A), 4.00%, 7/1/20101,985,159
2,840,000Wisconsin Public Power System, Power Supply System Revenue Bonds (Series 2008A), 4.00%, 7/1/20112,918,157
4,000,000Wisconsin State Petroleum Inspection Fee, Refunding Revenue Bonds (2009 Series 1), 5.00%, 7/1/20134,445,720
2,000,000Wisconsin State Transportation, Revenue Bonds (Series 2009A), 3.50%, 7/1/20132,143,860
2,420,000Wisconsin State Transportation, Revenue Bonds (Series 2009A), 3.50%, 7/1/20142,614,205
750,000Wisconsin State Transportation, Revenue Bonds (Series 2009A), 4.00%, 7/1/2012799,140
TOTAL31,263,118
Wyoming – 0.1%
4,200,000Albany County, WY, PCRBs (Series 1985), 2.50% TOBs (Union Pacific Railroad Co.)/(GTD by Union Pacific Corp.), Optional Tender 12/1/20104,225,914
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $1,715,189,230)		1,732,616,917
SHORT-TERM MUNICIPALS – 45.1%;5
Alabama – 3.6%
49,000,000Birmingham, AL Medical Clinic Board, (Series 1991) Weekly VRDNs (University of Alabama Health System)/(SunTrust Bank LOC), 0.430%, 7/7/201049,000,000
6,260,000Gulf Shores, AL Medical Clinic Board, (Series 2007) Weekly VRDNs (Colonial Pinnacle MOB, LLC)/(Regions Bank, Alabama LOC), 1.500%, 7/1/20106,260,000
15,500,000Health Care Authority for Baptist Health, AL, (Series 2008-A) Weekly VRDNs (Regions Bank, Alabama LOC), 1.500%, 7/1/201015,500,000
2,280,000Marshall County, AL, Special Obligation School Refunding Warrant (Series 1994) Weekly VRDNs (Marshall County, AL Board of Education)/(Regions Bank, Alabama LOC), 1.550%, 7/1/20102,280,000
6,070,000Mobile, AL Downtown Redevelopment Authority, (Series 2007) Weekly VRDNs (Lafayette Plaza Hotel)/(Regions Bank, Alabama LOC), 1.500%, 7/1/20106,070,000
14,500,000Mobile, AL Spring Hill College Educational Building Authority, (Series 2007) Weekly VRDNs (Spring Hill College, AL)/(Regions Bank, Alabama LOC), 1.460%, 7/7/201014,500,000
18,600,000Washington County, AL IDA, (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs (Bay Gas Storage Company, Ltd.)/(Regions Bank, Alabama LOC), 1.000%, 7/7/201018,600,000
TOTAL112,210,000
Arkansas – 0.2%
6,425,000Arkansas Development Finance Authority, (Series 2001D) Weekly VRDNs (ChapelRidge of Cabot Housing Associates)/(Regions Bank, Alabama LOC), 1.650%, 7/1/20106,425,000
California – 3.3%
28,600,000California 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 7/8/201028,600,000
10
Principal
Amount		Value
$15,000,000California State, GO Tax Exempt Notes, 0.42% 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 7/22/201015,000,000
48,410,0003,4California Statewide CDA, ROCs (Series 10424CE) Weekly VRDNs (Daughters of Charity Health System)/(GTD by Citigroup Financial Products, Inc.)/(Citigroup Financial Products, Inc. LIQ), 0.460%, 7/1/201048,410,000
11,495,0003,4San Diego, CA USD, DCL (Series 2008-066) Weekly VRDNs (Dexia Credit Local LIQ)/(Dexia Credit Local LOC), 0.560%, 7/1/201011,495,000
TOTAL103,505,000
Florida – 3.0%
11,920,000Brevard County, FL Educational Facilities Authority, (Series B) Weekly VRDNs (Florida Institute of Technology)/(Fifth Third Bank, Cincinnati LOC), 0.550%, 7/1/201011,920,000
6,000,000Florida Higher Educational Facilities Financing Authority, (Series 2008) Weekly VRDNs (Ringling College of Art and Design, Inc.)/(SunTrust Bank LOC), 0.430%, 7/7/20106,000,000
32,440,0003,4Hillsborough County, FL IDA, (Series MT-008) Weekly VRDNs (University Community Hospital)/(GTD by Merrill Lynch & Co., Inc.)/(Merrill Lynch & Co., Inc. LIQ), 0.510%, 7/1/201032,440,000
19,070,000New College of Florida Development Corp., (Series 2006) Weekly VRDNs (SunTrust Bank LOC), 0.430%, 7/7/201019,070,000
4,920,000Tampa, FL, (Series 2000) Weekly VRDNs (Tampa Preparatory School, Inc.)/(SunTrust Bank LOC), 0.440%, 7/7/20104,920,000
19,640,000UCF Health Facilities Corp., Capital Improvement Revenue Bonds (Series 2007) Weekly VRDNs (UCF Health Sciences Campus at Lake Nona)/(Fifth Third Bank, Cincinnati LOC), 0.550%, 7/2/201019,640,000
TOTAL93,990,000
Georgia – 2.2%
15,000,000Albany-Dougherty County, GA Hospital Authority, (Series 2008B) Daily VRDNs (Phoebe Putney Memorial Hospital)/(Regions Bank, Alabama LOC), 1.000%, 7/1/201015,000,000
10,850,000Athens-Clarke County, GA IDA, (Series 2001) Daily VRDNs (University of Georgia Athletic Association)/(SunTrust Bank LOC), 0.270%, 7/1/201010,850,000
16,000,000DeKalb County, GA MFH Authority, (Series 2001) Weekly VRDNs (Signature Station Apartments)/(Regions Bank, Alabama LOC), 1.650%, 7/1/201016,000,000
6,400,000Municipal Electric Authority of Georgia, (Series 1994 E) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.290%, 7/7/20106,400,000
19,845,000Walker, Dade & Catoosa Counties, GA Hospital Authority, (Series 2008) Weekly VRDNs (Hutcheson Medical Center, Inc.)/(Regions Bank, Alabama LOC), 1.500%, 7/1/201019,845,000
TOTAL68,095,000
Illinois – 1.0%
8,800,000Illinois Finance Authority, (Series 2006) Weekly VRDNs (Reliable Materials Lyons LLC)/(Marshall & Ilsley Bank, Milwaukee LOC), 2.460%, 7/7/20108,800,000
11,865,0003,4Illinois State, (PT-3523) Weekly VRDNs (Dexia Credit Local LIQ), 0.560%, 7/1/201011,865,000
10,375,0003,4Illinois State, (PT-3524) Weekly VRDNs (Dexia Credit Local LIQ), 0.560%, 7/1/201010,375,000
TOTAL31,040,000
Indiana – 0.4%
11,760,000Indiana Health Facility Financing Authority, (Series 2002) Weekly VRDNs (Union Hospital, Inc.)/(Fifth Third Bank, Cincinnati LOC), 0.550%, 7/2/201011,760,000
Kentucky – 1.6%
8,500,000Boyd County, KY, (Series 2003) Weekly VRDNs (Air Products & Chemicals, Inc.), 0.500%, 7/7/20108,500,000
9,860,000Carroll County, KY, (Series 2001) Weekly VRDNs (North American Stainless, LP)/(Fifth Third Bank, Cincinnati LOC), 0.630%, 7/2/20109,860,000
25,400,000Georgetown, KY, (Series 2006) Weekly VRDNs (Georgetown College)/(Fifth Third Bank, Cincinnati LOC), 0.550%, 7/2/201025,400,000
8,000,000Glasgow, KY, (Series 1990) Weekly VRDNs (ACK Controls)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.580%, 7/7/20108,000,000
TOTAL51,760,000
Louisiana – 3.3%
1,500,000Louisiana Public Facilities Authority Daily VRDNs (Air Products & Chemicals, Inc.), 0.420%, 7/1/20101,500,000
9,900,000Louisiana Public Facilities Authority Weekly VRDNs (Grigsby Properties, LLC)/(Regions Bank, Alabama LOC), 1.500%, 7/1/20109,900,000
72,400,000Louisiana Public Facilities Authority, (Series 2008A) Daily VRDNs (Air Products & Chemicals, Inc.), 0.400%, 7/1/201072,400,000
20,000,000St. Tammany Parish Development District, LA, (Series 2008A) Weekly VRDNs (Slidell Development Company, LLC)/(Regions Bank, Alabama LOC), 1.500%, 7/1/201020,000,000
TOTAL103,800,000
11
Principal
Amount		Value
Massachusetts – 2.2%
$1,755,000Massachusetts Development Finance Agency, (Series 2004), 0.90% CP (Nantucket Electric Co.)/(GTD by Massachusetts Electric Co.), Mandatory Tender 7/12/20101,755,000
10,000,000Massachusetts Development Finance Agency, (Series 2004), 0.90% CP (Nantucket Electric Co.)/(GTD by Massachusetts Electric Co.), Mandatory Tender 7/12/201010,000,000
45,550,000Massachusetts IFA, (Series 1992B), 0.80% CP (New England Power Co.), Mandatory Tender 7/12/201045,550,000
11,500,0003,4Massachusetts State Special Obligation, (PT-3612) Weekly VRDNs (Dexia Credit Local LIQ)/(Dexia Credit Local LOC), 0.560%, 7/1/201011,500,000
TOTAL68,805,000
Michigan – 3.1%
82,240,0003,4Detroit, MI City School District, (PT-3480) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.510%, 7/1/201082,240,000
17,250,000Michigan Strategic Fund, (Series 2007) Weekly VRDNs (Diocese of Grand Rapids)/(Fifth Third Bank, Cincinnati LOC), 0.550%, 7/2/201017,250,000
TOTAL99,490,000
Minnesota – 0.1%
3,000,000Columbia Heights, MN ISD No. 013, (Series A), 2.00% TANs (GTD by Minnesota State), 8/8/20113,040,290
Mississippi – 3.5%
26,500,000Mississippi Business Finance Corp., (Series 2007) Weekly VRDNs (DDR Gulfport Promenade LLC)/(Regions Bank, Alabama LOC), 1.500%, 7/1/201026,500,000
12,750,000Mississippi Business Finance Corp., (Series 2007) Weekly VRDNs (Gulf Ship, LLC)/(Regions Bank, Alabama LOC), 1.500%, 7/1/201012,750,000
66,050,000Mississippi Business Finance Corp., (Series 2008) Weekly VRDNs (200 Renaissance, LLC)/(Regions Bank, Alabama LOC), 1.500%, 7/1/201066,050,000
6,415,000Mississippi Business Finance Corp., (Series A) Weekly VRDNs (Mississippi College)/(Regions Bank, Alabama LOC), 1.500%, 7/1/20106,415,000
TOTAL111,715,000
Missouri – 0.3%
10,350,0003,4St. Louis, MO, (PT-3584) Weekly VRDNs (Lambert-St. Louis International Airport)/(Dexia Credit Local LIQ)/(Dexia Credit Local LOC), 0.560%, 7/1/201010,350,000
New Hampshire – 1.1%
4,000,000New Hampshire Business Finance Authority, PCRBs (1990 Series A), 0.90% CP (New England Power Co.), Mandatory Tender 7/12/20104,000,000
30,350,000New Hampshire Business Finance Authority, PCRBs (1990 Series A), 0.90% CP (New England Power Co.), Mandatory Tender 7/13/201030,350,000
TOTAL34,350,000
New Jersey – 3.8%
50,855,0003,4New Jersey EDA, (PT-3824) Weekly VRDNs (GTD by Dexia Credit Local)/(Dexia Credit Local LIQ), 0.560%, 7/1/201050,855,000
10,880,0003,4New Jersey State Transportation Trust Fund Authority, (PT-2572) Weekly VRDNs (Dexia Credit Local LIQ)/(Dexia Credit Local LOC), 0.560%, 7/1/201010,880,000
10,780,0003,4New Jersey State Transportation Trust Fund Authority, (PT-3535) Weekly VRDNs (Dexia Credit Local LIQ)/(Dexia Credit Local LOC), 0.560%, 7/1/201010,780,000
31,740,0003,4New Jersey State Transportation Trust Fund Authority, (PT-3859) Weekly VRDNs (Dexia Credit Local LIQ)/(Dexia Credit Local LOC), 0.560%, 7/1/201031,740,000
4,000,0003,4New Jersey Turnpike Authority, (PT-2493) Weekly VRDNs (GTD by Dexia Credit Local)/(Dexia Credit Local LIQ), 0.560%, 7/1/20104,000,000
11,675,0003,4Washington Township, NJ Board of Education (Mercer County), (PT-2808) Weekly VRDNs (Dexia Credit Local LIQ)/(Dexia Credit Local LOC), 0.560%, 7/1/201011,675,000
TOTAL119,930,000
New York – 0.2%
4,990,000Nassau County, NY IDA, (Series 2007) Weekly VRDNs (Jade Corp.)/(Wilmington Trust Co. LOC), 2.750%, 7/1/20104,990,000
2,100,000New York City, NY, (Series 1995B-B4) Weekly VRDNs (Landesbank Hessen-Thuringen LIQ), 0.230%, 7/7/20102,100,000
TOTAL7,090,000
North Carolina – 0.5%
2,900,000Chatham, NC Industrial Facilities & Pollution Control Funding Authority, (Series 2001) Weekly VRDNs (Townsends, Inc.)/(Wilmington Trust Co. LOC), 2.770%, 7/1/20102,900,000
12
Principal
Amount		Value
$14,335,0003,4North Carolina Eastern Municipal Power Agency, (PT-4112) Weekly VRDNs (Dexia Credit Local LIQ)/(Dexia Credit Local LOC), 0.560%, 7/1/201014,335,000
TOTAL17,235,000
Ohio – 3.4%
9,000,000Clinton County, OH Hospital Authority, (Series 2005) Weekly VRDNs (Clinton Memorial Hospital)/(Fifth Third Bank, Cincinnati LOC), 0.550%, 7/2/20109,000,000
7,250,000Delaware County, OH Healthcare Facilities, (Series 2007B) Weekly VRDNs (Willow Brook Christian Communities)/(Fifth Third Bank, Cincinnati LOC), 0.550%, 7/2/20107,250,000
4,385,000Evendale, OH, Tax Increment Revenue Bonds (Series 2009) Weekly VRDNs (Evendale Commons Ltd.)/(Fifth Third Bank, Cincinnati LOC), 0.550%, 7/1/20104,385,000
38,625,000Hancock County, OH, (Series 2004) Weekly VRDNs (Blanchard Valley Regional Health Center)/(Assured Guaranty Municipal Corp. INS)/(Fifth Third Bank, Cincinnati LIQ), 0.450%, 7/1/201038,625,000
21,850,000Montgomery County, OH Hospital Authority, (Series 2008A) Weekly VRDNs (Kettering Health Network Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.420%, 7/7/201021,850,000
20,000,000Montgomery County, OH Hospital Authority, (Series 2008B) Weekly VRDNs (Kettering Health Network Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.420%, 7/7/201020,000,000
6,250,000Montgomery County, OH, (Series 1998B) Daily VRDNs (Miami Valley Hospital)/(JPMorgan Chase Bank, N.A. LIQ), 0.270%, 7/1/20106,250,000
TOTAL107,360,000
Oklahoma – 0.0%
1,000,000Garfield County, OK Industrial Authority Pollution Control, (Series 1995-A) Weekly VRDNs (Oklahoma Gas and Electric Co.), 0.400%, 7/7/20101,000,000
Pennsylvania – 1.3%
2,170,000Chester County, PA IDA, (Series A of 2000) Weekly VRDNs (Devault Packing Co., Inc.)/(Wilmington Trust Co. LOC), 2.800%, 7/1/20102,170,000
38,005,000Pennsylvania State Higher Education Facilities Authority, (Series 2007B) Weekly VRDNs (La Salle University)/(Citizens Bank of Pennsylvania LOC), 0.370%, 7/7/201038,005,000
TOTAL40,175,000
South Carolina – 0.2%
7,235,000Hampton County, SC, (Series 2007) Weekly VRDNs (Carolina Soya LLC)/(Wells Fargo Bank, N.A. LOC), 0.610%, 7/1/20107,235,000
Tennessee – 0.6%
6,400,000Dickson County, TN IDB, (Series 1997) Weekly VRDNs (Jackson Foundation)/(SunTrust Bank LOC), 0.480%, 7/7/20106,400,000
2,000,000Jackson, TN IDB, (Series 1999) Weekly VRDNs (Bobrick Washroom Equipment)/(Regions Bank, Alabama LOC), 1.550%, 7/1/20102,000,000
6,070,000Metropolitan Nashville, TN Airport Authority, (Series 2003) Weekly VRDNs (SunTrust Bank LOC), 0.520%, 7/7/20106,070,000
4,855,000Springfield, TN Health & Educational Facilities Board, (Series 2008) Weekly VRDNs (NorthCrest Medical Center)/(Regions Bank, Alabama LOC), 1.500%, 7/1/20104,855,000
TOTAL19,325,000
Texas – 3.3%
8,000,000Gulf Coast, TX Waste Disposal Authority, Solid Waste Disposal Revenue Bonds (Series 1999) Weekly VRDNs (Air Products & Chemicals, Inc.), 0.500%, 7/7/20108,000,000
11,000,000Harris County, TX Education Facilities Finance Corp., (Series 2008E) Daily VRDNs (Young Men's Christian Association of the Greater Houston Area)/(Regions Bank, Alabama LOC), 1.000%, 7/1/201011,000,000
10,880,000Harrison County, TX HFDC, (Series 2006) Weekly VRDNs (Marshall Regional Medical Center)/(Regions Bank, Alabama LOC), 1.750%, 7/1/201010,880,000
56,000,000Oakbend, TX HFDC, (Series 2008) Daily VRDNs (Oakbend Medical Center)/(Regions Bank, Alabama LOC), 1.010%, 7/1/201056,000,000
5,000,000Port Arthur Navigation District, TX IDC, (Series 2000) Weekly VRDNs (Air Products & Chemicals, Inc.), 0.500%, 7/7/20105,000,000
15,000,000Port Arthur Navigation District, TX IDC, (Series 2001) Weekly VRDNs (Air Products & Chemicals, Inc.), 0.500%, 7/7/201015,000,000
TOTAL105,880,000
Utah – 0.5%
15,500,000Salt Lake County, UT Solid Waste Disposal, (Series A) Weekly VRDNs (Kennecott Utah Copper Corp.)/(GTD by Rio Tinto PLC), 1.450%, 7/7/201015,500,000
Virginia – 0.3%
9,500,000Halifax, VA IDA, MMMs, PCR (Series 1992), 1.30% CP (Virginia Electric & Power Co.), Mandatory Tender 7/22/20109,500,000
13
Principal
Amount		Value
West Virginia – 2.1%
$50,745,000Cabell County, WV, (Series 2007A) Weekly VRDNs (MSH-Marshall LLC)/(Regions Bank, Alabama LOC), 1.500%, 7/1/201050,745,000
14,500,000Grant County, WV County Commission, PCRB (Series 1994), 0.90% CP (Virginia Electric & Power Co.), Mandatory Tender 7/29/201014,500,000
TOTAL65,245,000
TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $1,425,810,290)		1,425,810,290
TOTAL INVESTMENTS — 99.8%
(IDENTIFIED COST $3,140,999,520)6		3,158,427,207
OTHER ASSETS AND LIABILITIES - NET — 0.2%77,229,602
TOTAL NET ASSETS — 100%$3,165,656,809

Securities that are subject to the federal alternative minimum tax (AMT) represent 6.7% of the portfolio as calculated based upon total market value.

1Non-income producing security.
2On 5/6/2010, a notice was posted that Sumner Regional Health Systems filed for bankruptcy on 4/30/2010. The same notice also included an announcement that LifePoint Hospitals, Inc. planned to purchase the assets of Sumner.
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 June 30, 2010, these restricted securities amounted to $367,936,130, which represented 11.6% 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 Directors (the “Directors”). At June 30, 2010, these liquid restricted securities amounted to $352,940,000, which represented 11.1% of total net assets.

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

SecurityAcquisition DateAcquisition CostMarket Value
Washington State EDFA, Solid Waste Disposal Revenue Bonds (Series 2005D), 1.00% TOBs (Waste Management, Inc.), Mandatory Tender 9/1/20102/25/2010$7,000,000$6,998,530
Washington State EDFA, Solid Waste Disposal Revenue Bonds (Series 2008), 1.00% TOBs (Waste Management, Inc.), Mandatory Tender 9/1/20102/25/2010$8,000,000$7,997,600
5Current rate and next reset date shown for Variable Rate Demand Notes.
6At June 30, 2010, the cost of investments for federal tax purposes was $3,140,992,864. The net unrealized appreciation of investments for federal tax purposes was $17,434,343. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $18,812,429 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,378,086.
7Assets, other than investments in securities, less liabilities.

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

Investment Valuation

In calculating its net asset value (NAV), the Fund generally values investments as follows:

  • Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Directors.
  • Fixed-income securities acquired with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium).
  • Shares of other mutual funds are valued based upon their reported NAVs.
  • Derivative contracts listed on exchanges are valued at their reported settlement or closing price.
  • Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Directors.

If the Fund cannot obtain a price or price evaluation from a pricing service for an investment, the Fund may attempt to value the investment based upon the mean of bid and asked quotations or fair value the investment based on price evaluations, from one or more dealers. If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could purchase or sell an investment at the price used to calculate the Fund's NAV.

14
Fair Valuation and Significant Events Procedures

The Directors have authorized the use of pricing services to provide evaluations of the current fair value of certain investments for purposes of calculating the NAV. Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers, and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for U.S. Treasury and Agency securities and municipal securities. The Fund normally uses mid evaluations for other types of fixed-income securities and OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Directors.

The Directors also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment's value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:

  • With respect to price evaluations of fixed-income securities determined before the close of regular trading on the NYSE, actions by the Federal Reserve Open Market Committee and other significant trends in U.S. fixed-income markets;
  • Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded; and
  • Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry.

The Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment using another method approved by the Directors.

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

15
The following acronyms are used throughout this portfolio:
AMBAC — American Municipal Bond Assurance Corporation
ARS — Auction Rate Securities
BANs — Bond Anticipation Notes
CDA — Communities Development Authority
COL — Collateralized
COP — Certificates of Participation
CP — Commercial Paper
CSD — Central School District
EDA — Economic Development Authority
EDFA — Economic Development Finance Authority
FGIC — Financial Guaranty Insurance Company
GANs — Grant Anticipation Notes
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
IDC — Industrial Development Corporation
IDRBs — Industrial Development Revenue Bonds
IFA — Industrial Finance Authority
INS — Insured
ISD — Independent School District
LID — Local Improvement District
LIQ — Liquidity Agreement
LOC(s) — Letter(s) of Credit
LO — Limited Obligation
LT — Limited Tax
MFH — Multi-Family Housing
MMMs — Money Market Municipals
PCFA — Pollution Control Finance Authority
PCR — Pollution Control Revenue
PCRBs — Pollution Control Revenue Bonds
PRF — Prerefunded
RANs — Revenue Anticipation Notes
ROCs — Reset Option Certificates
SID — Special Improvement District
TANs — Tax Anticipation Notes
TOBs — Tender Option Bonds
USD — Unified School District
UT — Unlimited Tax
VRDNs — Variable Rate Demand Notes
16
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
Federated Fixed Income Securities, Inc.
   
By
/S/ Richard A. Novak
 
Richard A. Novak
 
Principal Financial Officer
   
Date
August 24, 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
August 24, 2010
   
   
By
/S/ Richard A. Novak
 
Richard A. Novak
 
Principal Financial Officer
   
Date
August 24, 2010