FED ERATED TAX-FREE OBLIGATION S FUN D

Transcription

1 FED ERATED TAX-FREE OBLIGATION S FUN D Portfolio as of D ecember 31, 2010 Current Net Assets -- $ 10,858,460,226 Weighted Average : 38 D ays Weighted Average Life: 38 D ays Credit Rating: Aaa MOODY'S AAA FITCH Principal Amount MUNICIPALS % Alabama - 2.8% $ 4,000,000 Alabama HFA Multi-Family Housing (Double Lake Ventures LLC), (2000 Series A:Turtle Lake) Weekly VRDNs,(Federal National Mortgage Association LOC), 0.360% $ 20,765,000 (4)(5) Alabama Special Care Facilities Financing Authority of Birmingham (Ascension Health Credit Group), Solar Eclipse (Series ) Weekly VRDNs,(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.320% 01030PDD5 $ 4,000,000 1/7/2011 2/15/2030 Variable Rate Demand Note 27884FTT7 $ 20,765,000 1/7/ /15/2036 Variable Rate Demand Note $ 36,000,000 Birmingham, AL Medical Clinic Board (University of Alabama Health Services Foundation, P.C.), (Series JT1 $ 36,000,000 1/7/2011 3/1/2047 Variable Rate Demand Note A) Weekly VRDNs,(Bank of America N.A. LOC), 0.350% $ 23,000,000 (4)(5) Birmingham, AL Waterworks & Sewer Board, Floater Certificates (Series ) Weekly VRDNs,(INS by KY7 $ 23,000,000 1/7/2011 1/1/2043 Variable Rate Demand Note Berkshire Hathaway Assurance Corp.)/(Morgan Stanley Bank LIQ), 0.340% $ 17,480,000 Birmingham-St. Martin's, AL Special Care Facilities Financing Authority (St. Martin's In The Pines), (Series AA8 $ 17,480,000 1/7/2011 8/1/2038 Variable Rate Demand Note 2007) Weekly VRDNs,(Federal Home Loan Bank of Atlanta LOC), 0.410% $ 83,760,000 Mobile County, AL IDA (SSAB Alabama, Inc.), (Series 2010A: Recovery Zone Facility) Weekly VRDNs,(Svenska AD6 $ 83,760,000 1/7/2011 7/1/2040 Variable Rate Demand Note Handelsbanken, Stockholm LOC), 0.340% $ 31,000,000 Mobile, AL IDB, PCR (Series 2008: Gulf Opportunity Zone Bond), TOBs, (Alabama Power Co.), 1.000% DX8 $ 31,000,000 8/16/2011 8/16/2011 Other Municipal Debt $ 2,000,000 Mobile, AL Special Care Facilities Financing Authority (Infirmary Health Systems, Inc.), (Series 2010-B) Weekly VRDNs,(Deutsche Bank AG LOC), 0.290% $ 2,200,000 Pell, AL Special Care Facilities Financing Authority (Noland Health Services, Inc.), (Series 2009-A) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.340% $ 13,265,000 (4)(5) Trussville, AL, Solar Eclipse (Series ) Weekly VRDNs,(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.320% $ 17,200,000 Tuscaloosa County, AL IDA (Hunt Refining Co.), (Series 2008A: Gulf Opportunity Zone Bonds) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.390% $ 6,000,000 Tuscaloosa County, AL IDA (Hunt Refining Co.), (Series 2008C: Gulf Opportunity Zone Bonds) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.390% $ 1,700,000 Tuscaloosa County, AL Port Authority (Tuscaloosa Riverfront Development, LLC), (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs,(Federal Home Loan Bank of Atlanta LOC), 0.400% 45663NBA9 $ 2,000,000 1/7/2011 2/1/2040 Variable Rate Demand Note AZ8 $ 2,200,000 1/7/ /1/2039 Variable Rate Demand Note 27884FYR5 $ 13,265,000 1/7/ /1/2036 Variable Rate Demand Note 90068FAA4 $ 17,200,000 1/7/2011 3/1/2027 Variable Rate Demand Note 90068FAD8 $ 6,000,000 1/7/ /1/2027 Variable Rate Demand Note AY5 $ 1,700,000 1/7/2011 5/1/2030 Variable Rate Demand Note $ 43,615,000 (4)(5) University of South Alabama, Solar Eclipse (Series ) Weekly VRDNs,(U.S. Bank, N.A. LIQ)/(U.S FRG7 $ 43,615,000 1/7/ /1/2036 Variable Rate Demand Note Bank, N.A. LOC), 0.330% TOTAL $ 301,985,000 Alaska - 2.0% $ 75,000,000 Alaska State Housing Finance Corp., (Series 2007A) Weekly VRDNs,(Landesbank Baden-Wurttemberg LIQ), 01170PBW5 $ 75,000,000 1/7/ /1/2041 Variable Rate Demand Note 0.360% $ 53,900,000 Alaska State Housing Finance Corp., (Series 2007B) Weekly VRDNs,(Landesbank Baden-Wurttemberg LIQ), 01170PBV7 $ 53,900,000 1/7/ /1/2041 Variable Rate Demand Note 0.380% $ 88,620,000 Alaska State Housing Finance Corp., Home Mortgage Revenue Bonds (Series 2007D) Weekly 01170PBX3 $ 88,620,000 1/7/ /1/2041 Variable Rate Demand Note VRDNs,(Landesbank Baden-Wurttemberg LIQ), 0.320% TOTAL $ 217,520,000 Arizona - 0.9% TFOF-1

2 $ 3,000,000 Ak-Chin Indian Community, AZ, (Series 2008) Weekly VRDNs,(Bank of America N.A. LOC), 0.410% 00971JAA1 $ 3,000,000 1/7/2011 4/1/2023 Variable Rate Demand Note $ 1,850,000 Arizona Health Facilities Authority (Catholic Healthcare West), (2008 Series B) Weekly VRDNs,(Bank of JU0 $ 1,850,000 1/7/2011 7/1/2035 Variable Rate Demand Note America N.A. LOC), 0.300% $ 1,800,000 Arizona Health Facilities Authority (Southwest Behavioral Health Services, Inc.), (Series 2004) Weekly EM3 $ 1,800,000 1/7/ /1/2024 Variable Rate Demand Note VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.330% $ 1,000,000 Arizona Health Facilities Authority (University Physicians, Inc.) Weekly VRDNs,(JPMorgan Chase Bank, N.A CN3 $ 1,000,000 1/7/2011 8/1/2024 Variable Rate Demand Note LOC), 0.490% $ 3,310,000 Arizona Health Facilities Authority (University Physicians, Inc.) Weekly VRDNs,(JPMorgan Chase Bank, N.A DJ1 $ 3,310,000 1/7/2011 8/1/2030 Variable Rate Demand Note LOC), 0.490% $ 5,000,000 Glendale, AZ IDA (Midwestern University), (Series 2008) Weekly VRDNs,(Bank of America N.A. LOC), 0.340% GE2 $ 5,000,000 1/7/2011 5/1/2028 Variable Rate Demand Note $ 9,750,000 Maricopa County, AZ School District No. 48 (Scottsdale Unified School District), (Series 2010), BONDs, RD9 $ 9,847,700 7/1/2011 7/1/2011 Other Municipal Debt 2.500% $ 6,350,000 Phoenix, AZ IDA (Copper Palms Apartments), (Series 2000) Weekly VRDNs,(Federal Home Loan Mortgage JP3 $ 6,350,000 1/7/2011 2/1/2030 Variable Rate Demand Note Corp. LOC), 0.330% $ 2,415,000 Phoenix, AZ IDA (Jewell McFarland Lewis Fresh Start Women's Resource Center), (Series 2002) Weekly FC9 $ 2,415,000 1/7/ /1/2027 Variable Rate Demand Note VRDNs,(Bank of America N.A. LOC), 0.540% $ 3,410,000 Phoenix, AZ IDA (Southwestern College of Phoenix), (Series 2008) Weekly VRDNs,(Comerica Bank LOC), FM7 $ 3,410,000 1/7/2011 7/1/2033 Variable Rate Demand Note 0.450% $ 8,000,000 (4)(5) Salt River Project, AZ Agricultural Improvement & Power District, Rocs (Series 12276) Weekly 79575DC65 $ 8,000,000 1/7/2011 1/1/2035 Variable Rate Demand Note VRDNs,(Citibank NA, New York LIQ), 0.360% $ 3,345,000 Sierra Vista, AZ IDA (Mountain Steppes Properties LLC), (Series 2001A) Weekly VRDNs,(Federal National 82651JBT4 $ 3,345,000 1/7/2011 6/15/2031 Variable Rate Demand Note Mortgage Association LOC), 0.350% $ 3,300,000 Sun Devil Energy Center LLC, AZ (Arizona State University), (Series 2008) Weekly VRDNs,(INS by Assured AB6 $ 3,300,000 1/7/2011 7/1/2030 Variable Rate Demand Note Guaranty Corp.)/(Royal Bank of Canada, Montreal LIQ), 0.330% $ 4,835,000 Yavapai County, AZ Highway Construction, Revenue Bonds (Series 2007) Weekly VRDNs,(Landesbank Hessen WAA1 $ 4,835,000 1/7/2011 7/1/2018 Variable Rate Demand Note Thuringen LOC), 0.450% $ 11,000,000 Yavapai County, AZ IDA - Recovery Zone Facility (Skanon Investments, Inc.), (Series 2010: Drake Cement 98521YAA7 $ 11,000,000 1/7/2011 9/1/2035 Variable Rate Demand Note Project) Weekly VRDNs,(Citibank NA, New York LOC), 0.370% $ 28,945,000 (4)(5) Yuma, AZ Municipal Property Corp. (Yuma, AZ), Solar Eclipse (Series ) Weekly VRDNs,(U.S. Bank, 27884FZT0 $ 28,945,000 1/7/2011 7/1/2032 Variable Rate Demand Note N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.360% TOTAL $ 97,407,700 California - 9.9% $ 48,000,000 ABAG Finance Authority for Non-Profit Corporations, CA (899 Charleston LLC), (Series 2007) Daily 00037CLW8 $ 48,000,000 1/3/2011 6/1/2037 Variable Rate Demand Note VRDNs,(Bank of America N.A. LOC), 0.320% $ 8,400,000 ABAG Finance Authority for Non-Profit Corporations, CA (Harker School), (Series 2007) Weekly VRDNs,(U.S EHF6 $ 8,400,000 1/7/2011 1/1/2037 Variable Rate Demand Note Bank, N.A. LOC), 0.320% $ 8,060,000 California Educational Facilities Authority (Chapman University), (2008 Series B) Daily VRDNs,(Bank of NW2 $ 8,060,000 1/3/ /1/2026 Variable Rate Demand Note America N.A. LOC), 0.350% $ 8,055,000 California Educational Facilities Authority (Charles Drew University of Medicine & Science), (Series 2007) ME3 $ 8,055,000 1/7/ /1/2042 Variable Rate Demand Note Weekly VRDNs,(Natixis LOC), 0.400% $ 18,165,000 California Health Facilities Financing Authority (Catholic Healthcare West), (Series 2005H) Weekly 13033FF54 $ 18,165,000 1/7/2011 7/1/2035 Variable Rate Demand Note VRDNs,(Bank of America N.A. LOC), 0.310% $ 9,000,000 California Infrastructure & Economic Development Bank (California Academy of Sciences), (Series 2008D) 13033WQ71 $ 9,000,000 1/3/2011 9/1/2038 Variable Rate Demand Note Daily VRDNs,(City National Bank LOC), 0.380% $ 6,250,000 California Infrastructure & Economic Development Bank (Le Lycee Francais de Los Angeles), (Series 2006) 13033WWM1 $ 6,250,000 1/7/2011 9/1/2036 Variable Rate Demand Note Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.330% $ 10,000,000 California PCFA (Athens Services), (Series 2010) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.320% PX7 $ 10,000,000 1/7/ /1/2040 Variable Rate Demand Note $ 57,000,000 California State, (Series 2003B-1) Weekly VRDNs, (JPMorgan Chase Bank, N.A. 60%, CALPERS (California Public Employees Retirement System) 20%, CALSTRS (California State Teachers' Retirement System 20% LOC), 0.330% $ 75,000,000 California State, (Series 2003B-2) Weekly VRDNs, (JPMorgan Chase Bank, N.A. 60%, CALPERS (California Public Employees Retirement System) 20%, CALSTRS (California State Teachers' Retirement System 20% LOC), 0.350% TFOF BDA7 $ 57,000,000 1/10/2011 5/1/2033 Variable Rate Demand Note 13063BCL4 $ 75,000,000 1/7/2011 5/1/2033 Variable Rate Demand Note

3 $ 34,800,000 California State, (Series 2004 A-10) Weekly VRDNs, (Citibank NA, New York 75%, CALSTRS (California State 13063A6E9 $ 34,800,000 1/7/2011 5/1/2034 Variable Rate Demand Note Teachers' Retirement System) 25% LOC), 0.330% $ 29,000,000 California State, (Series 2004 A-7) Weekly VRDNs, (Citibank NA, New York 75%, CALSTRS (California State 13063A6B5 $ 29,000,000 1/7/2011 5/1/2034 Variable Rate Demand Note Teachers' Retirement System) 25% LOC), 0.370% $ 40,000,000 California State, (Series 2005 A2-1) Weekly VRDNs,(Barclays Bank PLC LOC), 0.310% 13063BHR6 $ 40,000,000 1/7/2011 5/1/2040 Variable Rate Demand Note $ 9,500,000 California State, (Series 2005B-6) Daily VRDNs,(KBC Bank N.V. LOC), 0.350% 13062RG85 $ 9,500,000 1/3/2011 5/1/2040 Variable Rate Demand Note $ 34,080,000 California State, GO Tax Exempt Notes, CP, (Royal Bank of Canada, Montreal %, Dexia Credit Local %, Credit Agricole Corporate and Investment Bank , CALPERS (California Public Employees Retirement System %, CALSTRS (California State Teachers' Retirement System) 8.700%, Landesbank Hessen-Thuringen 7.610%, Wells Fargo Bank, N.A %), 0.370% 13067KMP0 $ 34,080,000 1/19/2011 1/19/2011 Other Municipal Debt $ 33,000,000 California State, GO Tax Exempt Notes, CP, (Royal Bank of Canada, Montreal %, Dexia Credit Local %, Credit Agricole Corporate and Investment Bank , CALPERS (California Public Employees Retirement System %, CALSTRS (California State Teachers' Retirement System) 8.700%, Landesbank Hessen-Thuringen 7.610%, Wells Fargo Bank, N.A %), 0.380% $ 23,599,000 California State, GO Tax Exempt Notes, CP, (Royal Bank of Canada, Montreal %, Dexia Credit Local %, Credit Agricole Corporate and Investment Bank , CALPERS (California Public Employees Retirement System %, CALSTRS (California State Teachers' Retirement System) 8.700%, Landesbank Hessen-Thuringen 7.610%, Wells Fargo Bank, N.A %), 0.390% $ 13,396,000 California State, GO Tax Exempt Notes, CP, (Royal Bank of Canada, Montreal %, Dexia Credit Local %, Credit Agricole Corporate and Investment Bank , CALPERS (California Public Employees Retirement System %, CALSTRS (California State Teachers' Retirement System) 8.700%, Landesbank Hessen-Thuringen 7.610%, Wells Fargo Bank, N.A %), 0.400% $ 25,000,000 California State, GO Tax Exempt Notes, CP, (Royal Bank of Canada, Montreal %, Dexia Credit Local %, Credit Agricole Corporate and Investment Bank , CALPERS (California Public Employees Retirement System %, CALSTRS (California State Teachers' Retirement System) 8.700%, Landesbank Hessen-Thuringen 7.610%, Wells Fargo Bank, N.A %), 0.400% $ 28,600,000 California Statewide Communities Development Authority (Kaiser Permanente), (Series 2003B) Weekly VRDNs, 0.300% $ 24,960,000 California Statewide Communities Development Authority (Kaiser Permanente), (Series 2003C) Weekly VRDNs, 0.310% $ 44,850,000 California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004M) Weekly VRDNs, 0.300% $ 44,800,000 California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009 C-1) Weekly VRDNs, 0.310% $ 4,500,000 California Statewide Communities Development Authority (Plan Nine Partners LLC), (Series 2005A: Sweetwater Union High School District) Weekly VRDNs,(Union Bank, N.A. LOC), 0.390% $ 85,000,000 California Statewide Communities Development Authority, Gas Supply Variable Rate Revenue Bonds (Series 2010) Weekly VRDNs,(GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.340% $ 16,865,000 (4)(5) Coast Community College District, CA, Spears (Series DB-326) Weekly VRDNs,(Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.360% $ 24,965,000 (4)(5) Grossmont, CA Healthcare District, Spears (Series DBE-345) Weekly VRDNs,(Deutsche Bank AG LIQ)/(GTD by Deutsche Bank AG), 0.360% $ 19,900,000 Los Angeles, CA (Windward School), Adjustable Rate Certificates of Participation (2007 Series A) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.360% $ 12,010,000 (4)(5) Los Angeles, CA Department of Airports, Stage Trust (Series C), TOBs, (Los Angeles International Airport),(GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 0.370% 13067KLY2 $ 33,000,000 1/5/2011 1/5/2011 Other Municipal Debt 13067KLJ5 $ 23,599,000 1/6/2011 1/6/2011 Other Municipal Debt 13067KLK2 $ 13,396,000 1/12/2011 1/12/2011 Other Municipal Debt 13067KMU9 $ 25,000,000 1/20/2011 1/20/2011 Other Municipal Debt RX0 $ 28,600,000 1/7/2011 8/15/2025 Variable Rate Demand Note RY8 $ 24,960,000 1/7/2011 8/15/2025 Variable Rate Demand Note WE6 $ 44,850,000 1/7/2011 4/1/2038 Variable Rate Demand Note C70 $ 44,800,000 1/7/2011 4/1/2046 Variable Rate Demand Note A67 $ 4,500,000 1/7/2011 2/1/2035 Variable Rate Demand Note 13080PAA8 $ 85,000,000 1/7/ /1/2040 Variable Rate Demand Note 25154CUF9 $ 16,865,000 1/7/2011 8/1/2030 Variable Rate Demand Note 25154CWH3 $ 24,965,000 1/7/2011 7/15/2033 Variable Rate Demand Note P99 $ 19,900,000 1/7/2011 7/1/2037 Variable Rate Demand Note 94985NXJ5 $ 12,010,000 5/5/2011 5/15/2040 Other Municipal Debt TFOF-3

4 $ 14,000,000 (4)(5) Los Angeles, CA Department of Water & Power (Water Works/System), Rocs (Series 11625) Weekly VRDNs,(Citibank NA, New York LIQ)/(INS by Berkshire Hathaway Assurance Corp.), 0.340% LR7 $ 14,000,000 1/7/2011 7/1/2043 Variable Rate Demand Note $ 10,065,000 Los Angeles, CA Wastewater System, Subordinate Revenue Bonds (Series 2008-E) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.340% $ 10,000,000 Los Angeles, CA Wastewater System, Subordinate Revenue Bonds (Series 2008-H) Weekly VRDNs,(Bank of America N.A. LOC), 0.340% $ 52,400,000 Metropolitan Water District of Southern California, (2008 Series A-2) Weekly VRDNs,(Landesbank Baden- Wurttemberg LIQ), 0.370% $ 18,600,000 Metropolitan Water District of Southern California, (Series 2006A-2) Weekly VRDNs,(Banco Bilbao Vizcaya Argentaria SA LIQ), 0.450% $ 26,395,000 Northern California Transmission Agency, (Series 2002-A) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.450% $ 10,125,000 (4)(5) Orange County, CA Sanitation District, ROCs (Series 11738) Weekly VRDNs,(Citibank NA, New York LIQ), 0.340% $ 11,250,000 Oxnard, CA Financing Authority (Oxnard, CA), (Series 2006: Civic Center Phase 2) Weekly VRDNs,(Union Bank, N.A. LOC), 0.350% $ 11,170,000 Oxnard, CA Financing Authority (Wastewater) (Oxnard, CA Wastewater System), (Series 2004B: Headworks and Septic System Projects) Weekly VRDNs,(Union Bank, N.A. LOC), 0.350% T6 $ 10,065,000 1/7/2011 6/1/2028 Variable Rate Demand Note X7 $ 10,000,000 1/7/2011 6/1/2032 Variable Rate Demand Note F1 $ 52,400,000 1/7/2011 7/1/2037 Variable Rate Demand Note F4 $ 18,600,000 1/7/2011 7/1/2021 Variable Rate Demand Note AA6 $ 26,395,000 1/7/2011 5/1/2024 Variable Rate Demand Note 68428PEZ4 $ 10,125,000 1/7/2011 2/1/2035 Variable Rate Demand Note AQ1 $ 11,250,000 1/7/2011 6/1/2036 Variable Rate Demand Note AJ1 $ 11,170,000 1/7/2011 6/1/2034 Variable Rate Demand Note $ 24,000,000 Regents of University of California, (Series A), CP, 0.320% 91412TD79 $ 24,000,000 3/10/2011 3/10/2011 Other Municipal Debt $ 6,305,000 San Diego County, CA Regional Transportation Commission, (Series 2008B) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.340% $ 17,640,000 San Jose, CA Financing Authority (San Jose, CA), (Series 2008B-1: Civic Center Garage Project) Weekly VRDNs,(Bank of America N.A. LOC), 0.350% $ 12,540,000 San Jose, CA Financing Authority (San Jose, CA), (Series 2008B-2: Civic Center Garage Project) Weekly VRDNs,(Union Bank, N.A. LOC), 0.350% $ 24,854,000 South Placer, CA Wastewater Authority, (Series 2008A) Weekly VRDNs, (State Street Bank and Trust Co. 75%, CALSTRS (California State Teachers' Retirement System) 25% LOC), 0.320% FG8 $ 6,305,000 1/7/2011 4/1/2038 Variable Rate Demand Note KF8 $ 17,640,000 1/7/2011 6/1/2039 Variable Rate Demand Note KG6 $ 12,540,000 1/7/2011 6/1/2039 Variable Rate Demand Note BC3 $ 24,854,000 1/7/ /1/2035 Variable Rate Demand Note $ 29,850,000 West Hills Community College District Financing Corporation, CA (West Hills Community College District, CA) 95330RAC5 $ 29,850,000 1/7/2011 7/1/2033 Variable Rate Demand Note, (Series 2008) Weekly VRDNs,(Union Bank, N.A. LOC), 0.350% TOTAL $ 1,075,949,000 Colorado - 0.8% $ 4,835,000 Base Village, CO Metropolitan District No. 2, (Series 2008A) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.350% AA2 $ 4,835,000 1/7/ /1/2038 Variable Rate Demand Note $ 6,510,000 Base Village, CO Metropolitan District No. 2, (Series 2008B) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.350% AB0 $ 6,510,000 1/7/ /1/2038 Variable Rate Demand Note $ 13,900,000 Centerra Metropolitian District No. 1, CO, (Series 2008) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.320% 15200PAB6 $ 13,900,000 1/7/ /1/2029 Variable Rate Demand Note $ 5,365,000 Colorado Educational & Cultural Facilities Authority (National Jewish Federation), (Series A-8) Daily VRDNs,(Bank of America N.A. LOC), 0.290% 10,580, J79 $ 5,365,000 1/3/2011 9/1/2035 Variable Rate Demand Note $ Colorado HFA, (2009 Series A-1) Weekly VRDNs,(Federal Home Loan Bank of Topeka LIQ), 0.300% QR3 $ 10,580,000 1/7/ /1/2041 Variable Rate Demand Note $ 2,065,000 Colorado Health Facilities Authority (Developmental Disabilities Center), (Series 1998c-1) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.530% $ 8,625,000 Commerce City, CO Northern Infrastructure General Improvement District, (Series 2008) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.350% $ 11,500,000 Denver Urban Renewal Authority, Stapleton Senior Tax Increment Revenue Bonds (Series 2008A-2) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.340% $ 21,260,000 (4)(5) University of Colorado, Solar Eclipse (Series ) Weekly VRDNs,(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.360% TOTAL $ 84,640,000 Connecticut - 0.5% $ 15,000,000 Connecticut State HEFA (Choate Rosemary Hall), (Series D) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.320% TFOF LS7 $ 2,065,000 1/7/2011 6/1/2018 Variable Rate Demand Note 20058RAC3 $ 8,625,000 1/7/ /1/2038 Variable Rate Demand Note EE8 $ 11,500,000 1/7/ /1/2025 Variable Rate Demand Note 27884FFU9 $ 21,260,000 1/7/2011 6/1/2013 Variable Rate Demand Note 20774UUD5 $ 15,000,000 1/7/2011 7/1/2037 Variable Rate Demand Note

5 $ 21,800,000 (4)(5) Connecticut State Health & Educational Facilities (Yale University), Eagles (Series ) Weekly 20774UCC7 $ 21,800,000 1/7/2011 7/1/2035 Variable Rate Demand Note VRDNs,(Citibank NA, New York LIQ), 0.340% $ 2,500,000 Hartford, CT Redevelopment Authority (Underwood Towers) Weekly VRDNs,(INS by Assured Guaranty AY7 $ 2,500,000 1/7/2011 6/1/2020 Variable Rate Demand Note Municipal Corp.)/(Societe Generale, Paris LIQ), 0.420% $ 10,000,000 New Britain, CT, BANs, 1.750% P5 $ 10,030,832 3/29/2011 3/29/2011 Other Municipal Debt TOTAL $ 49,330,832 District Of Columbia - 0.7% $ 7,050,000 District of Columbia Revenue (American Educational Research Association), (Series 2007) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.430% $ 1,640,000 District of Columbia Revenue (Washington Center for Internships & Academic Seminars), (Series 2006) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 0.350% $ 4,000,000 District of Columbia Revenue (Washington Center for Internships & Academic Seminars), (Series 2009) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 0.350% $ 4,500,000 District of Columbia Revenue (Young Men's Christian Association of Metropolitan Washington), (Series 1999) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.390% W90 $ 7,050,000 1/7/2011 7/1/2037 Variable Rate Demand Note L27 $ 1,640,000 1/7/2011 7/1/2036 Variable Rate Demand Note W0 $ 4,000,000 1/7/2011 2/1/2048 Variable Rate Demand Note UG6 $ 4,500,000 1/7/2011 5/1/2024 Variable Rate Demand Note $ 29,220,000 District of Columbia, (Series 2009A), CP, (National Academy of Sciences),(Bank of America N.A. LOC), 0.340% $ 26,665,000 (4)(5) Washington, DC Convention Center Authority, Floater Certificates (Series ) Weekly VRDNs,(INS by Berkshire Hathaway Assurance Corp.)/(Morgan Stanley Bank LIQ), 0.340% $ 8,200,000 (4)(5) Washington, DC Convention Center Authority, Stage Trust (Series C), TOBs, (Convention Center Authority),(GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 0.370% 25483LAT3 $ 29,220,000 1/3/2011 1/3/2011 Other Municipal Debt 93877MCE4 $ 26,665,000 1/7/ /1/2030 Variable Rate Demand Note 94985NWS6 $ 8,200,000 4/28/ /1/2040 Other Municipal Debt TOTAL $ 81,275,000 Florida - 6.2% $ 4,755,000 Broward County, FL HFA (Jacaranda Village Apartments), (Series 1997) Weekly VRDNs,(HSBC Bank USA LOC), 0.320% $ 42,020,000 Broward County, FL School District, Certificates of Participation (Series 2004D) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.330% $ 2,500,000 Broward County, FL School District, Certificates of Participation (Series 2006B) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.330% $ 28,375,000 (4)(5) Broward County, FL, Clipper Floater Certificates (Series ) Weekly VRDNs,(State Street Bank and Trust Co. LIQ), 0.370% $ 10,000,000 Capital Trust Agency, FL (Atlantic Housing Foundation Properties), (Series 2008A) Weekly VRDNs,(Federal National Mortgage Association LOC), 0.350% $ 33,835,000 Charlotte County, FL (Charlotte County, FL Water & Sewer System), (Series 2003A) Weekly VRDNs,(Bank of America N.A. LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.400% $ 19,785,000 Charlotte County, FL (Charlotte County, FL Water & Sewer System), (Series 2003B) Weekly VRDNs,(Bank of America N.A. LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.400% $ 18,000,000 (4)(5) Clipper Tax-Exempt Trust (Florida Non-AMT) Series Weekly VRDNs,(State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.340% $ 4,750,000 Florida HFA (Woodlands Apartments), (Series 1985-SS) Weekly VRDNs,(Northern Trust Co., Chicago, IL LOC), 0.360% $ 15,550,000 (4)(5) Florida State Board of Education, P-Floats (Series PZ-198), TOBs, (Florida State),(Wells Fargo Bank, N.A. LIQ), 0.450% 20,700, GV0 $ 4,755,000 1/7/2011 9/1/2022 Variable Rate Demand Note NL4 $ 42,020,000 1/7/2011 7/1/2029 Variable Rate Demand Note RP1 $ 2,500,000 1/7/2011 7/1/2031 Variable Rate Demand Note 18886PXB6 $ 28,375,000 1/7/2011 1/1/2018 Variable Rate Demand Note AN2 $ 10,000,000 1/7/2011 7/15/2024 Variable Rate Demand Note FR1 $ 33,835,000 1/7/ /1/2021 Variable Rate Demand Note FS9 $ 19,785,000 1/7/ /1/2021 Variable Rate Demand Note 18886PQ40 $ 18,000,000 1/7/2011 7/1/2019 Variable Rate Demand Note G25 $ 4,750,000 1/7/ /1/2017 Variable Rate Demand Note U67 $ 15,550,000 1/6/2011 6/1/2032 Other Municipal Debt $ Florida State Municipal Power Agency, (Series 2008C) Daily VRDNs,(Bank of America N.A. LOC), 0.330% WW1 $ 20,700,000 1/3/ /1/2035 Variable Rate Demand Note $ 4,705,000 (4)(5) Florida State, Merlots (Series 2008-C7) Weekly VRDNs,(Wells Fargo Bank, N.A. LIQ), 0.330% WT3 $ 4,705,000 1/7/2011 7/1/2025 Variable Rate Demand Note $ 8,000,000 Highlands County, FL Health Facilities Authority (Adventist Health System/ Sunbelt Obligated Group), (Series 2005G) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 0.320% $ 27,750,000 Highlands County, FL Health Facilities Authority (Adventist Health System/ Sunbelt Obligated Group), (Series 2006A-1) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.340% QV7 $ 8,000,000 1/7/ /15/2035 Variable Rate Demand Note HP0 $ 27,750,000 1/7/ /15/2030 Variable Rate Demand Note TFOF-5

6 $ 7,500,000 Highlands County, FL Health Facilities Authority (Adventist Health System/ Sunbelt Obligated Group), (Series RW4 $ 7,500,000 1/7/ /15/2027 Variable Rate Demand Note 2009A) Weekly VRDNs,(PNC Bank, N.A. LOC), 0.350% $ 18,750,000 Highlands County, FL Health Facilities Authority (Adventist Health System/ Sunbelt Obligated Group), (Series SB9 $ 18,750,000 1/7/ /15/2026 Variable Rate Demand Note 2009E) Weekly VRDNs,(PNC Bank, N.A. LOC), 0.320% $ 25,000,000 Indian River County School District, FL, (Series 2010), TANs, 2.000% FM4 $ 25,197,086 6/30/2011 6/30/2011 Other Municipal Debt $ 23,820,000 JEA, FL Water & Sewer System, (2008 Series A-2: Senior Revenue Bonds) Weekly VRDNs,(Sumitomo Mitsui 46613PVV5 $ 23,820,000 1/7/ /1/2042 Variable Rate Demand Note Banking Corp. LOC), 0.370% $ 3,790,000 Miami, FL Health Facilities Authority (Mercy Hospital, FL), Health Facilities Revenue Refunding Bonds (Series BR0 $ 3,790,000 1/7/2011 8/1/2020 Variable Rate Demand Note 1998) Weekly VRDNs,(Bank of America N.A. LOC), 0.310% $ 6,000,000 Miami-Dade County, FL IDA (Gulliver Schools), (Series 2000) Weekly VRDNs,(Bank of America N.A. LOC), 59333CAG2 $ 6,000,000 1/7/2011 9/1/2029 Variable Rate Demand Note 0.450% $ 1,265,000 North Broward Florida Hospital District, (Series 2007) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.300% CN2 $ 1,265,000 1/7/2011 1/15/2027 Variable Rate Demand Note $ 5,200,000 Orange County, FL IDA (Christian Prison Ministry, Inc.), (Series 2005) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 0.350% $ 11,925,000 Orange County, FL IDA (Lake Highland Preparatory School, Inc.), (Series 2007) Weekly VRDNs,(Bank of America N.A. LOC), 0.440% $ 7,500,000 (4)(5) Orange County, FL School Board, Floater Certificates (Series ) Weekly VRDNs,(INS by Assured Guaranty Corp.)/(Morgan Stanley Bank LIQ), 0.360% $ 9,000,000 Orange County, FL, Health Facilities Authority (Orlando Health, Inc.), (Series 2008E) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 0.330% $ 31,060,000 Orlando & Orange County Expressway Authority, FL, (Series 2003C-1) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.390% $ 21,385,000 Orlando & Orange County Expressway Authority, FL, (Series 2003C-2) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.390% $ 36,285,000 Orlando & Orange County Expressway Authority, FL, (Series 2003C-3) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.330% $ 113,750,000 (4)(5) Orlando & Orange County Expressway Authority, FL, Eagles (Series ) Weekly VRDNs,(Citibank NA, New York LIQ)/(INS by Berkshire Hathaway Assurance Corp.), 0.350% $ 22,600,000 (4)(5) Orlando & Orange County Expressway Authority, FL, Eagles (Series ) Weekly VRDNs,(Citibank NA, New York LIQ)/(INS by Berkshire Hathaway Assurance Corp.), 0.350% $ 5,165,000 Palm Beach County, FL (Caron Foundation of Florida, Inc.), (Series 2008) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.430% $ 12,600,000 Palm Beach County, FL (Norton Gallery and School of Art, Inc.), (Series 2000) Weekly VRDNs,(Bank of America N.A. LOC), 0.350% $ 4,000,000 Palm Beach County, FL, Refunding Revenue Bonds Weekly VRDNs,(Northern Trust Co., Chicago, IL LOC), 0.350% $ 10,000,000 Pinellas County, FL Health Facility Authority (Baycare Health System), (Series 2009A-2) Weekly VRDNs,(Northern Trust Co., Chicago, IL LOC), 0.330% 58,175, AM8 $ 5,200,000 1/7/ /1/2030 Variable Rate Demand Note AP1 $ 11,925,000 1/7/2011 8/1/2032 Variable Rate Demand Note NT8 $ 7,500,000 1/7/2011 8/1/2034 Variable Rate Demand Note S0 $ 9,000,000 1/7/ /1/2026 Variable Rate Demand Note NA3 $ 31,060,000 1/7/2011 7/1/2025 Variable Rate Demand Note NB1 $ 21,385,000 1/7/2011 7/1/2025 Variable Rate Demand Note NC9 $ 36,285,000 1/7/2011 7/1/2025 Variable Rate Demand Note NZ8 $ 113,750,000 1/7/2011 7/1/2042 Variable Rate Demand Note PH6 $ 22,600,000 1/7/2011 7/1/2042 Variable Rate Demand Note EY0 $ 5,165,000 1/7/2011 1/1/2028 Variable Rate Demand Note CK2 $ 12,600,000 1/7/2011 5/1/2030 Variable Rate Demand Note AY4 $ 4,000,000 1/7/2011 3/1/2027 Variable Rate Demand Note 72316MEZ8 $ 10,000,000 1/7/ /1/2038 Variable Rate Demand Note $ St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 0.340% BH6 $ 58,175,000 1/3/2011 9/1/2028 Variable Rate Demand Note $ 2,125,000 Venice, FL Health Care Revenue Bonds (Bon Secours Health System), (Series 2002B) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.380% TOTAL $ 677,817,086 Georgia - 2.7% $ 8,000,000 Clayton County, GA Housing Authority (Double Winds Ventures LLC), (Series 2000A: Summerwind) Weekly VRDNs,(Federal National Mortgage Association LOC), 0.360% $ 6,610,000 Cobb County, GA Development Authority (Young Men's Christian Association of Cobb County, GA, Inc.), (Series 2003) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 0.350% $ 12,695,000 (4)(5) Coweta County, GA Development Authority, Stage Trust (Series C), TOBs, (Piedmont Healthcare, Inc.),(GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 0.370% 92268PAS7 $ 2,125,000 1/7/ /1/2028 Variable Rate Demand Note HX0 $ 8,000,000 1/7/2011 2/15/2030 Variable Rate Demand Note BR9 $ 6,610,000 1/7/ /1/2025 Variable Rate Demand Note 94985NWV9 $ 12,695,000 4/28/2011 6/15/2045 Other Municipal Debt $ 29,785,000 Dalton, GA Development Authority (Hamilton Medical Center, Inc.), (Series 2003B) Weekly VRDNs,(Bank of America N.A. LOC), 0.400% $ 7,550,000 DeKalb County, GA Multi-Family Housing Authority (Timber Trace Apartments), (Series 2003) Weekly VRDNs,(Federal Home Loan Mortgage Corp. LOC), 0.410% EQ9 $ 29,785,000 1/7/2011 8/15/2033 Variable Rate Demand Note LQ3 $ 7,550,000 1/7/2011 1/1/2034 Variable Rate Demand Note TFOF-6

7 $ 8,085,000 DeKalb Private Hospital Authority, GA (Children's Healthcare of Atlanta, Inc.), (Series 2008) Weekly DD3 $ 8,085,000 1/7/2011 7/1/2042 Variable Rate Demand Note VRDNs,(Landesbank Hessen-Thuringen LIQ), 0.320% $ 2,000,000 Fulton County, GA Development Authority (Alpharetta Christian Academy, Inc.), (Series 2001) Weekly 36004PAE4 $ 2,000,000 1/7/ /1/2021 Variable Rate Demand Note VRDNs,(Wells Fargo Bank, N.A. LOC), 0.430% $ 11,150,000 Fulton County, GA Development Authority (Children's Healthcare of Atlanta, Inc.), (Series 2008) Weekly UM7 $ 11,150,000 1/7/2011 7/1/2042 Variable Rate Demand Note VRDNs,(Landesbank Hessen-Thuringen LIQ), 0.330% $ 4,000,000 Fulton County, GA Development Authority (First Montessori School of Atlanta, Inc.), (Series 2007) Weekly TW7 $ 4,000,000 1/7/2011 6/1/2030 Variable Rate Demand Note VRDNs,(Branch Banking & Trust Co. LOC), 0.350% $ 80,000 Fulton County, GA Development Authority (King's Ridge Christian School), (Series 2006) Weekly RZ2 $ 80,000 1/7/2011 5/1/2026 Variable Rate Demand Note VRDNs,(Branch Banking & Trust Co. LOC), 0.350% $ 4,100,000 Fulton County, GA Development Authority (Pace Academy, Inc.), (Series 2008) Weekly VRDNs,(Bank of UQ8 $ 4,100,000 1/7/2011 7/1/2027 Variable Rate Demand Note America N.A. LOC), 0.440% $ 4,035,000 Fulton County, GA Development Authority (The Weber School, Inc.), (Series 2006) Weekly VRDNs,(Branch RV1 $ 4,035,000 1/7/ /1/2030 Variable Rate Demand Note Banking & Trust Co. LOC), 0.350% $ 6,455,000 Georgia Ports Authority (Garden City Terminal), (Series 2007) Weekly VRDNs,(Branch Banking & Trust Co FN1 $ 6,455,000 1/7/2011 9/1/2012 Variable Rate Demand Note LOC), 0.350% $ 20,500,000 Glynn-Brunswick, GA Hospital Authority (Southeast Georgia Health System, Inc.), (Series 2008) Weekly FL0 $ 20,500,000 1/7/2011 8/1/2038 Variable Rate Demand Note VRDNs,(Branch Banking & Trust Co. LOC), 0.340% $ 7,500,000 Macon-Bibb County, GA Hospital Authority (Medical Center of Central Georgia, Inc.), (Series 1998) Weekly 55553RBU8 $ 7,500,000 1/7/ /1/2018 Variable Rate Demand Note VRDNs,(Branch Banking & Trust Co. LOC), 0.340% $ 5,700,000 Macon-Bibb County, GA Hospital Authority (Medical Center of Central Georgia, Inc.), (Series 2003B) Weekly 55553RCB9 $ 5,700,000 1/7/2011 7/1/2028 Variable Rate Demand Note VRDNs,(Branch Banking & Trust Co. LOC), 0.340% $ 49,350,000 Main Street Gas, Inc., (Series 2010A) Weekly VRDNs,(GTD by Royal Bank of Canada, Montreal)/(Royal Bank 56036YEJ0 $ 49,350,000 1/7/2011 8/1/2040 Variable Rate Demand Note of Canada, Montreal LIQ), 0.340% $ 5,500,000 Municipal Electric Authority of Georgia, (Series 1985 B) Weekly VRDNs,(Landesbank Hessen-Thuringen CP7 $ 5,500,000 1/7/2011 6/1/2020 Variable Rate Demand Note (Guaranteed) LOC), 0.440% $ 14,750,000 Municipal Electric Authority of Georgia, (Series 1994D) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by CM4 $ 14,750,000 1/7/2011 1/1/2022 Variable Rate Demand Note Assured Guaranty Municipal Corp.), 0.370% $ 35,000,000 Richmond County, GA Development Authority (MCG Health, Inc.), (Series 2008A) Weekly VRDNs,(Bank of BD5 $ 35,000,000 1/7/2011 7/1/2037 Variable Rate Demand Note America N.A. LOC), 0.400% $ 33,000,000 Richmond County, GA Development Authority (MCG Health, Inc.), (Series 2008B) Weekly VRDNs,(Bank of BE3 $ 33,000,000 1/7/2011 7/1/2037 Variable Rate Demand Note America N.A. LOC), 0.410% $ 10,930,000 Savannah, GA EDA (Savannah Country Day School), (Series 2007) Weekly VRDNs,(Branch Banking & Trust 80483CGQ8 $ 10,930,000 1/7/2011 5/1/2032 Variable Rate Demand Note Co. LOC), 0.350% $ 5,340,000 Valdosta & Lowndes Countys, GA (South Georgia Medical Center), (Series 1998) Weekly VRDNs,(Branch DB5 $ 5,340,000 1/7/ /1/2023 Variable Rate Demand Note Banking & Trust Co. LOC), 0.350% TOTAL $ 292,115,000 Idaho - 0.6% $ 21,000,000 Idaho Health Facilities Authority (St. Lukes Regional Medical Center, Ltd.), (Series 2009B) Weekly VRDNs,(Harris, N.A. LOC), 0.330% 40,000, TY5 $ 21,000,000 1/7/ /1/2043 Variable Rate Demand Note $ Idaho State, (Series 2010), TANs, 2.000% BQ6 $ 40,312,330 6/30/2011 6/30/2011 Other Municipal Debt TOTAL $ 61,312,330 Illinois - 7.0% $ 12,410,000 Aurora, Kane, DuPage, Will and Kendall Counties, IL (Covey at Fox Valley Apartments), (Series 2006) Weekly VRDNs,(Federal National Mortgage Association LOC), 0.350% 30,450, CT3 $ 12,410,000 1/7/ /15/2027 Variable Rate Demand Note $ Canton, IL (Graham Hospital Association), (Series 2009) Weekly VRDNs,(Harris, N.A. LOC), 0.360% AA5 $ 30,450,000 1/7/2011 6/1/2034 Variable Rate Demand Note $ 17,955,000 Chicago, IL Board of Education, (Series 2000B) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.450% $ 74,795,000 Chicago, IL Board of Education, (Series 2000C) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.440% 8,045, ZE8 $ 17,955,000 1/7/2011 3/1/2032 Variable Rate Demand Note ZF5 $ 74,795,000 1/7/2011 3/1/2032 Variable Rate Demand Note $ Chicago, IL Board of Education, (Series 2009A-2) Weekly VRDNs,(Northern Trust Co., Chicago, IL LOC), 0.350% HS8 $ 8,045,000 1/7/2011 3/1/2026 Variable Rate Demand Note $ 4,900,000 Chicago, IL Board of Education, (Series A-1) Weekly VRDNs,(Harris, N.A. LOC), 0.380% HR0 $ 4,900,000 1/7/2011 3/1/2026 Variable Rate Demand Note TFOF-7

8 $ 6,230,000 (4)(5) Chicago, IL Board of Education, Putters (Series 2997) Weekly VRDNs,(INS by Assured Guaranty Municipal GB6 $ 6,230,000 1/7/2011 6/1/2016 Variable Rate Demand Note Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.390% $ 15,025,000 Chicago, IL Midway Airport, Second Lien Revenue Bonds (Series 2004D) Weekly VRDNs,(Morgan Stanley JW8 $ 15,025,000 1/7/2011 1/1/2035 Variable Rate Demand Note Bank LOC), 0.340% $ 5,250,000 Chicago, IL Multi-Family Housing Revenue (Oakwood Shores Senior Apartments), (Series 2010) Weekly TC4 $ 5,250,000 1/7/2011 9/1/2015 Variable Rate Demand Note VRDNs,(Bank of America N.A. LOC), 0.360% $ 12,500,000 Cook County, IL, (Series 2002 B) Weekly VRDNs,(Landesbank Hessen-Thuringen (Guaranteed) LIQ), 0.340% U87 $ 12,500,000 1/7/ /1/2031 Variable Rate Demand Note $ 10,355,000 Freeport, IL (Freeport Regional Health Care Foundation), (Series 2001) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.390% 3,900, BA2 $ 10,355,000 1/7/2011 1/1/2026 Variable Rate Demand Note $ Galesburg, IL (Knox College), (Series 1996) Weekly VRDNs,(Bank of America N.A. LOC), 0.440% AQ6 $ 3,900,000 1/7/2011 3/1/2031 Variable Rate Demand Note $ 9,500,000 Illinois Development Finance Authority (Chicago Theatre Group Inc.) Weekly VRDNs, 0.330% 45188REE5 $ 9,500,000 1/7/ /1/2033 Variable Rate Demand Note $ 3,700,000 Illinois Development Finance Authority (St. Ignatius College Prep.), (Series 2002) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.390% $ 1,050,000 Illinois Development Finance Authority IDB (Ada S. McKInley Community Services, Inc.), (Series 1997) Weekly VRDNs,(Harris, N.A. LOC), 0.530% $ 52,500,000 Illinois Development Finance Authority IDB (Presbyterian Home Lake), (Series 1996A) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.390% 45188RQ44 $ 3,700,000 1/7/2011 6/1/2032 Variable Rate Demand Note TB9 $ 1,050,000 1/7/2011 4/1/2017 Variable Rate Demand Note E94 $ 52,500,000 1/7/2011 9/1/2031 Variable Rate Demand Note $ 10,200,000 Illinois Finance Authority (Carle Foundation), (Series 2009C) Weekly VRDNs,(Northern Trust Co., Chicago, IL LOC), 0.310% $ 15,600,000 Illinois Finance Authority (Chicago Symphony Orchestra Project), (Series 2008) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.320% 4,970, FVG1 $ 10,200,000 1/7/2011 2/15/2033 Variable Rate Demand Note 45200FGY9 $ 15,600,000 1/7/2011 5/1/2048 Variable Rate Demand Note $ Illinois Finance Authority (Clearbrook Corp.), (Series 2008) Weekly VRDNs,(Harris, N.A. LOC), 0.350% 45200FNZ8 $ 4,970,000 1/7/2011 9/1/2033 Variable Rate Demand Note $ 8,305,000 Illinois Finance Authority (Commonwealth Edison Co.), (Series 2008E) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.400% $ 14,950,000 Illinois Finance Authority (Concordia University), (Series 2009) Weekly VRDNs,(Federal Home Loan Bank of Chicago LOC), 0.370% $ 24,000,000 Illinois Finance Authority (Erikson Institute), (Series 2007) Weekly VRDNs,(Bank of America N.A. LOC), 0.440% $ 100,425,000 Illinois Finance Authority (Hospital Sisters Services, Inc.), (Series 2007C) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.410% $ 38,195,000 Illinois Finance Authority (OSF Health Care Systems), (Series 2007E) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.410% $ 8,000,000 Illinois Finance Authority (OSF Health Care Systems), (Series 2009C) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.330% $ 9,500,000 Illinois Finance Authority (OSF Health Care Systems), (Series 2009D) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.380% $ 37,585,000 Illinois Finance Authority (Resurrection Health Care Corp.), (Series B) Daily VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.360% $ 11,250,000 (4)(5) Illinois Finance Authority (Resurrection Health Care Corp.), ROCs (Series 11503) Weekly VRDNs,(Citibank NA, New York LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.490% $ 4,155,000 Illinois Finance Authority (Riverside Health Systems, IL), (Series 2004) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.360% $ 50,000,000 Illinois Finance Authority (Swedish Covenant Hospital), (Series 2008A) Weekly VRDNs,(Bank of America N.A. LOC), 0.410% $ 9,885,000 (4)(5) Illinois Finance Authority, Stage Trust (Series C), TOBs, (OSF Health Care Systems),(GTD by Wells Fargo & Co.)/(Wells Fargo Bank, N.A. LIQ), 0.400% $ 2,000,000 Illinois Health Facilities Authority (Hospital Sisters Services, Inc.), (Series 2003A) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.410% $ 75,000,000 Illinois State Toll Highway Authority, (2008 Series A-1) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.340% $ 34,095,000 (4)(5) Illinois State, Merlots (Series 2003-B4) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(Wells Fargo Bank, N.A. LIQ), 0.330% TFOF AH6 $ 8,305,000 1/7/2011 5/1/2021 Variable Rate Demand Note 45200FA82 $ 14,950,000 1/7/ /1/2034 Variable Rate Demand Note AA9 $ 24,000,000 1/7/ /1/2037 Variable Rate Demand Note 45200BX94 $ 100,425,000 1/7/2011 3/15/2036 Variable Rate Demand Note 45200B8D3 $ 38,195,000 1/7/ /15/2037 Variable Rate Demand Note 45200FWE5 $ 8,000,000 1/7/ /15/2037 Variable Rate Demand Note 45200FWF2 $ 9,500,000 1/7/ /15/2037 Variable Rate Demand Note 45200BPJ1 $ 37,585,000 1/3/2011 5/15/2035 Variable Rate Demand Note 45200FKX6 $ 11,250,000 1/7/2011 5/15/2016 Variable Rate Demand Note 45200BDS4 $ 4,155,000 1/7/ /15/2029 Variable Rate Demand Note 45200FEW5 $ 50,000,000 1/7/2011 8/15/2038 Variable Rate Demand Note 94985NHP9 $ 9,885,000 2/17/ /15/2029 Other Municipal Debt 45200PZV2 $ 2,000,000 1/7/ /1/2021 Variable Rate Demand Note EJ4 $ 75,000,000 1/7/2011 1/1/2031 Variable Rate Demand Note HN6 $ 34,095,000 1/7/ /1/2024 Variable Rate Demand Note

9 $ 6,545,000 (4)(5) Metropolitan Pier & Exposition Authority, IL (McCormick Place), Merlots (Series 2008-C26) Weekly Q6 $ 6,545,000 1/7/2011 6/15/2029 Variable Rate Demand Note VRDNs,(Bank of New York Mellon LIQ)/(INS by Assured Guaranty Corp.), 0.330% $ 15,870,000 (4)(5) Metropolitan Pier & Exposition Authority, IL, Spears (Series DB-433) Weekly VRDNs,(Deutsche Bank AG 25154CY65 $ 15,870,000 1/7/ /15/2039 Variable Rate Demand Note LIQ)/(GTD by Deutsche Bank AG), 0.370% $ 9,995,000 Southwestern Illinois Development Authority (Molinero, Inc.), (Series 2010) Weekly VRDNs,(Harris, N.A DA2 $ 9,995,000 1/7/2011 7/1/2030 Variable Rate Demand Note LOC), 0.350% TOTAL $ 759,090,000 Indiana - 1.8% $ 3,545,000 Dekko Foundation Educational Facilities Tax Exempt Income Trust, (Series 1) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.530% $ 19,300,000 Indiana Development Finance Authority (Indianapolis Museum of Art, Inc.), (Series 2002) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.330% $ 68,100,000 Indiana Health & Educational Facility Financing Authority (Clarian Health Obligated Group), (Series 2005A) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.360% AA1 $ 3,545,000 1/7/2011 4/1/2021 Variable Rate Demand Note 45504RDA1 $ 19,300,000 1/7/2011 2/1/2037 Variable Rate Demand Note AJ4 $ 68,100,000 1/7/2011 2/15/2021 Variable Rate Demand Note $ 5,100,000 Indiana Health & Educational Facility Financing Authority (Marian College, Inc.), (Series 2006) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.350% $ 21,900,000 Indiana State Finance Authority (Health System Bonds) (Sisters of St. Francis Health Services, Inc.), (Series 2008A) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.320% $ 10,140,000 Indiana State Finance Authority (Health System Bonds) (Sisters of St. Francis Health Services, Inc.), (Series 2008F) Weekly VRDNs,(Bank of New York Mellon LOC), 0.320% $ 20,250,000 Indiana State Finance Authority (Health System Bonds) (Sisters of St. Francis Health Services, Inc.), (Series 2008G) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.320% $ 20,465,000 (4)(5) Indiana State Finance Authority (Hospital Revenue Bonds), Stage Trust (Series C), TOBs, (Parkview Health System Obligated Group),(GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 0.370% $ 5,185,000 Indiana State Finance Authority (Lighthouse Facilities Management, LLC), (Series 2009-C) Weekly VRDNs,(Harris, N.A. LOC), 0.350% $ 3,590,000 Indiana State Finance Authority (Lighthouse Facilities Management, LLC), (Series 2009A) Weekly VRDNs,(Harris, N.A. LOC), 0.350% $ 6,125,000 Indiana State Finance Authority (Lighthouse Facilities Management, LLC), (Series 2009B) Weekly VRDNs,(Harris, N.A. LOC), 0.350% $ 12,900,000 St. Joseph County, IN Hospital Authority (Memorial Health System, Inc.), Health System Revenue Refunding Bonds (Series 2008A) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.310% BB0 $ 5,100,000 1/7/2011 2/1/2027 Variable Rate Demand Note 45470YAA9 $ 21,900,000 1/7/ /1/2041 Variable Rate Demand Note 45470YBB6 $ 10,140,000 1/7/2011 9/1/2048 Variable Rate Demand Note 45470YBC4 $ 20,250,000 1/7/2011 9/1/2048 Variable Rate Demand Note 94985NRQ6 $ 20,465,000 4/21/2011 5/1/2031 Other Municipal Debt RV3 $ 5,185,000 1/7/ /1/2038 Variable Rate Demand Note RS0 $ 3,590,000 1/7/ /1/2038 Variable Rate Demand Note RU5 $ 6,125,000 1/7/ /1/2038 Variable Rate Demand Note 79061BCW3 $ 12,900,000 1/7/2011 8/15/2033 Variable Rate Demand Note TOTAL $ 196,600,000 Iowa - 0.5% $ 13,485,000 Iowa Finance Authority (Unity Healthcare), (Series 2006) Weekly VRDNs,(Bank of America N.A. LOC), 0.370% 46246PKC4 $ 13,485,000 1/7/2011 2/1/2031 Variable Rate Demand Note $ 40,000,000 Iowa Higher Education Loan Authority (Grinnell College), (Series 2008) Weekly VRDNs,(Northern Trust Co., Chicago, IL LIQ), 0.320% TOTAL $ 53,485,000 Kansas - 0.1% $ 10,195,000 Unified Government of Wyandotte County/Kansas City, KS (Wood View Apartments), (Series 1993) Weekly VRDNs,(Federal Home Loan Mortgage Corp. LOC), 0.350% TOTAL $ 10,195,000 Kentucky - 0.9% $ 20,080,000 Floyd County, KY (Highlands Regional Medical Center), (Series 2007A) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.360% $ 6,650,000 Madisonville, KY Hospital Revenue Bonds (Trover Clinic Foundation, Inc.), (Series 2006) Weekly VRDNs,(INS by Assured Guaranty Corp.)/(U.S. Bank, N.A. LIQ), 0.370% $ 5,000,000 Russell, KY Revenue Bonds (Bon Secours Health System), (Series 2002B) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.380% E69 $ 40,000,000 1/7/2011 6/1/2023 Variable Rate Demand Note AH2 $ 10,195,000 1/7/2011 6/1/2030 Variable Rate Demand Note AB7 $ 20,080,000 1/7/ /1/2033 Variable Rate Demand Note AA2 $ 6,650,000 1/7/ /1/2036 Variable Rate Demand Note AT7 $ 5,000,000 1/7/ /1/2026 Variable Rate Demand Note TFOF-9

10 $ 57,180,000 Warren County, KY (Bowling Green-Warren County Community Hospital Corp.), (Series 2008) Weekly VRDNs,(Branch Banking & Trust Co. LIQ)/(INS by Assured Guaranty Corp.), 0.320% AA7 $ 57,180,000 1/7/2011 4/1/2037 Variable Rate Demand Note $ 4,805,000 Williamstown, KY, (2008 Series A) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.330% AA0 $ 4,805,000 1/7/2011 7/1/2038 Variable Rate Demand Note TOTAL $ 93,715,000 Louisiana - 3.2% $ 25,000,000 Ascension Parish, LA IDB (BASF Corp.), (Series 2009) Weekly VRDNs,(GTD by BASF SE), 0.470% 04350RAD0 $ 25,000,000 1/7/ /1/2039 Variable Rate Demand Note $ 5,000,000 Louisiana Local Government Environmental Facilities Community Development Authority (The Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly VRDNs,(Federal Home Loan Bank of Dallas LOC), 0.400% $ 3,350,000 Louisiana Local Government Environmental Facilities Community Development Authority (The Christ Episcopal Church in Covington), (Series 2004) Weekly VRDNs,(Federal Home Loan Bank of Dallas LOC), 0.400% $ 3,000,000 Louisiana Public Facilities Authority (Christus Health System), (Series 2009B-1) Weekly VRDNs,(Bank of New York Mellon LOC), 0.340% 81,000, H6 $ 5,000,000 1/7/2011 1/1/2024 Variable Rate Demand Note K9 $ 3,350,000 1/7/2011 8/1/2034 Variable Rate Demand Note C63 $ 3,000,000 1/7/2011 7/1/2047 Variable Rate Demand Note $ (4)(5) Louisiana State Gas & Fuels, Rocs (Series 660) Weekly VRDNs,(Citibank NA, New York LIQ), 0.350% 76113PFK9 $ 81,000,000 1/7/2011 5/1/2041 Variable Rate Demand Note $ 37,830,000 (4)(5) Louisiana State Gas & Fuels, Stage Trust (Series C), TOBs,(INS by Assured Guaranty Municipal Corp.)/(Wells Fargo Bank, N.A. LIQ), 0.400% $ 6,235,000 New Orleans, LA IDB (521 Tchoupitoulas Street LLC), (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs,(Federal Home Loan Bank of Dallas LOC), 0.400% 22,000, NAN1 $ 37,830,000 2/17/2011 5/1/2041 Other Municipal Debt 64764PAB2 $ 6,235,000 1/7/ /1/2039 Variable Rate Demand Note $ St. Charles Parish, LA (Valero Energy Corp.), (Series 2010) Weekly VRDNs,(Mizuho Bank Ltd. LOC), 0.390% 85232SAA7 $ 22,000,000 1/7/ /1/2040 Variable Rate Demand Note $ 35,740,000 St. James Parish, LA (NuStar Logistics, LP), (Series 2008) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.330% $ 35,000,000 St. James Parish, LA (NuStar Logistics, LP), (Series 2010B) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.370% 50,000, AB1 $ 35,740,000 1/7/2011 6/1/2038 Variable Rate Demand Note AJ4 $ 35,000,000 1/7/ /1/2040 Variable Rate Demand Note $ St. James Parish, LA (Nucor Corp.), (Series 2010A-1) Weekly VRDNs, 0.350% AG0 $ 50,000,000 1/7/ /1/2040 Variable Rate Demand Note $ 40,000,000 St. James Parish, LA (Nucor Corp.), (Series 2010B-1) Weekly VRDNs, 0.340% AH8 $ 40,000,000 1/7/ /1/2040 Variable Rate Demand Note TOTAL $ 344,155,000 Maine - 0.0% $ 3,385,000 (4)(5) Maine Health & Higher Educational Facilities Authority, Solar Eclipse (Series ) Weekly VRDNs,(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.330% TOTAL $ 3,385,000 Maryland - 1.8% $ 6,450,000 Baltimore County, MD Mutli-Family Housing (Quail Ridge Apartments), (Series 2004) Weekly VRDNs,(Federal National Mortgage Association LOC), 0.350% $ 14,555,000 Baltimore, MD IDA (Baltimore, MD), (Series 1986: Baltimore Capital Acquisition Program) Weekly VRDNs,(Bayerische Landesbank (Guaranteed) LOC), 0.400% $ 11,310,000 Carroll County, MD Revenue Bonds (Fairhaven, Inc./Copper Ridge, Inc.), (Series 2008) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 0.350% $ 2,850,000 Howard County, MD Revenue Bonds (Bluffs at Clarys Forest Apartments), (Series 1995) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.390% $ 200,000 Howard County, MD Revenue Bonds (Howard Development LP Facility), (Series 1999) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.440% $ 7,800,000 Maryland Industrial Development Financing Authority (National Aquarium in Baltimore, Inc.), (Series 2002A) Weekly VRDNs,(Bank of America N.A. LOC), 0.380% $ 23,000,000 Maryland State Economic Development Corp. (Constellation Energy Group, Inc.), (Series 2006A) Weekly VRDNs,(Royal Bank of Scotland plc, Edinburgh LOC), 0.340% $ 3,285,000 Maryland State Economic Development Corp. (The ASSOCIATED: Jewish Community Federation of Baltimore, Inc.), (Series A) Weekly VRDNs,(Bank of America N.A. LOC), 0.450% 27884FYV6 $ 3,385,000 1/7/2011 7/1/2037 Variable Rate Demand Note CF9 $ 6,450,000 1/7/2011 4/15/2034 Variable Rate Demand Note 05922DAA3 $ 14,555,000 1/7/2011 8/1/2016 Variable Rate Demand Note AU3 $ 11,310,000 1/7/2011 1/1/2038 Variable Rate Demand Note AH7 $ 2,850,000 1/7/ /1/2020 Variable Rate Demand Note AK0 $ 200,000 1/7/2011 2/1/2012 Variable Rate Demand Note CL5 $ 7,800,000 1/7/ /1/2026 Variable Rate Demand Note FD7 $ 23,000,000 1/7/2011 4/1/2024 Variable Rate Demand Note 57420NAM3 $ 3,285,000 1/7/ /2/2031 Variable Rate Demand Note $ 11,300,000 Maryland State Economic Development Corp. (United States Pharmacopeial Convention, Inc.), (Series 2008A) Daily VRDNs,(Bank of America N.A. LOC), 0.360% TFOF NAZ4 $ 11,300,000 1/3/2011 7/1/2038 Variable Rate Demand Note

11 $ 3,780,000 Maryland State Economic Development Corp. (YMCA of Central Maryland, Inc.), (Series 2003) Weekly 57420NAP6 $ 3,780,000 1/7/2011 4/1/2028 Variable Rate Demand Note VRDNs,(Branch Banking & Trust Co. LOC), 0.350% $ 1,875,000 Maryland State Economic Development Corp. (YMCA of Central Maryland, Inc.), (Series 2006) Weekly 57420NAS0 $ 1,875,000 1/7/2011 4/1/2031 Variable Rate Demand Note VRDNs,(Branch Banking & Trust Co. LOC), 0.350% $ 22,930,000 Maryland State Health & Higher Educational Facilities Authority (Adventist HealthCare, Inc.), (Series 2003B) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.430% JH9 $ 22,930,000 1/7/2011 1/1/2033 Variable Rate Demand Note $ 1,321,000 Maryland State Health & Higher Educational Facilities Authority (Capitol College) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.390% $ 6,000,000 (4)(5) Maryland State Health & Higher Educational Facilities Authority (Lifebridge Health), Rocs (Series 11594) Weekly VRDNs,(Citibank NA, New York LIQ)/(INS by Assured Guaranty Corp.), 0.360% $ 3,100,000 (4)(5) Maryland State Health & Higher Educational Facilities Authority (Mercy Medical Center), P-Floats (Series MT- 277) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(Merrill Lynch & Co., Inc. LIQ), 0.610% $ 6,420,000 Maryland State Health & Higher Educational Facilities Authority (Severn School, Inc.), (Series 2006) Weekly VRDNs,(PNC Bank, N.A. LOC), 0.330% $ 28,000,000 Maryland State Health & Higher Educational Facilities Authority (Stevenson University, MD), (Series 2010) Weekly VRDNs,(Bank of America N.A. LOC), 0.380% $ 4,900,000 Maryland State Health & Higher Educational Facilities Authority (University Physicians, Inc.), (Series 1994) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.390% $ 1,300,000 Maryland State Health & Higher Educational Facilities Authority, (Series 1985A) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.330% $ 10,045,000 Maryland State IDFA (McDonogh School, Inc.), (Series 2005) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.340% $ 14,200,000 Montgomery County, MD EDA (Georgetown Preparatory School, Inc.), (Series 2008) Weekly VRDNs,(Bank of America N.A. LOC), 0.450% $ 1,649,000 Montgomery County, MD Housing Opportunities Commission (Byron House, Inc. Facility), (Series 1998 Issue I) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.440% PK7 $ 1,321,000 1/7/2011 1/1/2021 Variable Rate Demand Note Z7 $ 6,000,000 1/7/2011 7/1/2047 Variable Rate Demand Note XY6 $ 3,100,000 1/7/2011 7/1/2026 Variable Rate Demand Note YF6 $ 6,420,000 1/7/2011 7/1/2036 Variable Rate Demand Note A6 $ 28,000,000 1/7/2011 7/1/2037 Variable Rate Demand Note MM6 $ 4,900,000 1/7/2011 7/1/2014 Variable Rate Demand Note RC5 $ 1,300,000 1/7/2011 4/1/2035 Variable Rate Demand Note CQ4 $ 10,045,000 1/7/2011 8/1/2031 Variable Rate Demand Note CD4 $ 14,200,000 1/7/2011 6/1/2037 Variable Rate Demand Note RU6 $ 1,649,000 1/7/2011 9/1/2023 Variable Rate Demand Note $ 945,000 Prince Georges County, MD (Mona Branch Avenue Ltd. Partnership), (1997 Issue) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.490% $ 3,510,000 Washington County, MD (YMCA of Hagerstown, Inc.), (Series 2000) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.390% $ 400,000 Westminster, MD EDRB (Carroll Lutheran Village, Inc.), (Series 2004C) Daily VRDNs,(Citizens Bank of Pennsylvania LOC), 0.370% TOTAL $ 191,125,000 Massachusetts - 1.7% $ 31,600,000 Commonwealth of Massachusetts, (Series 1997-B) Weekly VRDNs,(Landesbank Hessen-Thuringen (Guaranteed) LIQ), 0.330% $ 48,635,000 Commonwealth of Massachusetts, (Series 2001 B) Weekly VRDNs,(Landesbank Hessen-Thuringen (Guaranteed) LIQ), 0.350% $ 15,950,000 (4)(5) Commonwealth of Massachusetts, Merlots (Series 2006-B30), TOBs,(INS by Assured Guaranty Municipal Corp.)/(Wells Fargo Bank, N.A. LIQ), 0.400% $ 2,250,000 (4)(5) Commonwealth of Massachusetts, Putters (Series 300) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LIQ)/(United States Treasury PRF), 0.340% $ 8,000,000 Massachusetts Bay Transportation Authority Sales Tax Revenue, 7 Month Window (Series 2010A) VRENs, 0.430% $ 37,500,000 Massachusetts Development Finance Agency (Olin College), (Series 2008 C-3) Daily VRDNs,(RBS Citizens Bank N.A. LOC), 0.410% $ 6,400,000 Massachusetts HEFA (Boston Home), (Series B) Weekly VRDNs,(Federal Home Loan Bank of Boston LOC), 0.320% $ 24,255,000 Massachusetts HEFA (South Shore Hospital), (Series 2008G) Weekly VRDNs,(INS by Assured Guaranty Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.370% BG2 $ 945,000 1/7/ /1/2013 Variable Rate Demand Note AA1 $ 3,510,000 1/7/2011 9/1/2025 Variable Rate Demand Note AB7 $ 400,000 1/3/2011 5/1/2034 Variable Rate Demand Note KH2 $ 31,600,000 1/7/2011 8/1/2015 Variable Rate Demand Note X47 $ 48,635,000 1/7/2011 1/1/2021 Variable Rate Demand Note 57582PAT7 $ 15,950,000 2/23/2011 9/1/2025 Other Municipal Debt 57582NHN8 $ 2,250,000 1/7/ /1/2019 Variable Rate Demand Note VW4 $ 8,000,000 7/29/2011 7/1/2030 Variable Rate Demand Note 57583RZG3 $ 37,500,000 1/3/2011 7/1/2043 Variable Rate Demand Note 57585KZY7 $ 6,400,000 1/7/2011 6/1/2032 Variable Rate Demand Note 57586CS22 $ 24,255,000 1/7/2011 7/1/2032 Variable Rate Demand Note TFOF-11

12 $ 5,000,000 Massachusetts State Development Finance Agency (Governor Dummer Academy), (Series 2006) Weekly 57583RGN9 $ 5,000,000 1/7/2011 8/1/2036 Variable Rate Demand Note VRDNs,(TD Bank, N.A. LOC), 0.320% TOTAL $ 179,590,000 Michigan - 5.4% $ 8,000,000 (4)(5) Detroit, MI City School District, P-Floats (Series PA-997R) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(Merrill Lynch & Co., Inc. LIQ), 0.410% $ 7,575,000 (4)(5) Detroit, MI City School District, Rocs (Series 11831) Weekly VRDNs,(Citibank NA, New York LIQ)/(INS by Assured Guaranty Corp.), 0.360% $ 15,900,000 (4)(5) Detroit, MI City School District, Solar Eclipse (Series ) Weekly VRDNs,(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.320% $ 15,005,000 (4)(5) Detroit, MI Water Supply System, Rocs (Series 11172) Weekly VRDNs,(Citibank NA, New York LIQ)/(INS by Berkshire Hathaway Assurance Corp.), 0.360% 23,370, C91 $ 8,000,000 1/7/2011 5/1/2029 Variable Rate Demand Note EA4 $ 7,575,000 1/7/2011 5/1/2025 Variable Rate Demand Note 27884FAL4 $ 15,900,000 1/7/2011 5/1/2013 Variable Rate Demand Note Y7 $ 15,005,000 1/7/2011 7/1/2014 Variable Rate Demand Note $ Grand Rapids, MI EDR (MapleCreek), (Series 2007) Weekly VRDNs,(Comerica Bank LOC), 0.400% HF2 $ 23,370,000 1/7/2011 6/1/2042 Variable Rate Demand Note $ 400,000 Grand Rapids, MI Economic Development Corp. (Amway Hotel Corp.), Series 1991-A) Weekly VRDNs,(Bank of America N.A. LOC), 0.540% $ 28,000,000 Jackson County, MI Hospital Finance Authority (W.A. Foote Memorial Hospital, MI), (Series 2006A) Weekly VRDNs,(INS by Assured Guaranty Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.340% $ 28,845,000 Jackson County, MI Hospital Finance Authority (W.A. Foote Memorial Hospital, MI), (Series 2006B) Weekly VRDNs,(Bank of Nova Scotia, Toronto LIQ)/(INS by Assured Guaranty Corp.), 0.340% AA8 $ 400,000 1/7/2011 8/1/2017 Variable Rate Demand Note CJ9 $ 28,000,000 1/7/2011 6/1/2036 Variable Rate Demand Note CL4 $ 28,845,000 1/7/2011 6/1/2032 Variable Rate Demand Note $ 32,500,000 Kent Hospital Finance Authority, MI (Spectrum Health), (Series 2008B) Weekly VRDNs,(Landesbank Baden- Wurttemberg LIQ), 0.400% $ 22,190,000 Livonia, MI Economic Development Corp. (Madonna University), (Series 2009) Weekly VRDNs,(Federal Home Loan Bank of Chicago LOC), 0.340% 5,000, CV7 $ 32,500,000 1/7/2011 1/15/2047 Variable Rate Demand Note BN7 $ 22,190,000 1/7/2011 4/1/2038 Variable Rate Demand Note $ Michigan Finance Authority, (Series D-1), RANs, 2.000% 59447PAA9 $ 5,037,501 8/19/2011 8/19/2011 Other Municipal Debt $ 22,000,000 Michigan Finance Authority, (Series D-2), RANs,(JPMorgan Chase Bank, N.A. LOC), 2.000% 59447PAB7 $ 22,224,036 8/22/2011 8/22/2011 Other Municipal Debt $ 2,000,000 Michigan Higher Education Facilities Authority (Adrian College), (Series 2008) Weekly VRDNs,(Comerica Bank LOC), 0.390% $ 600,000 Michigan Higher Education Facilities Authority (Albion College), (Series 2006) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.370% 12,680, N63 $ 2,000,000 1/7/2011 5/1/2033 Variable Rate Demand Note J92 $ 600,000 1/7/ /1/2036 Variable Rate Demand Note $ Michigan State Building Authority, (Series 6), CP, 0.300% 59461WAB3 $ 12,680,000 1/6/2011 1/6/2011 Other Municipal Debt $ 10,000,000 Michigan State Financial Authority (Ascension Health Credit Group), (Subseries F-6) VRENs, 0.430% 59465HMN3 $ 10,000,000 7/29/ /15/2049 Variable Rate Demand Note $ 10,500,000 Michigan State Financial Authority (Ascension Health Credit Group), (Subseries F-7) VRENs, 0.430% 59465HMP8 $ 10,500,000 7/29/ /15/2049 Variable Rate Demand Note $ 7,100,000 Michigan State Financial Authority (Ascension Health Credit Group), (Subseries F-8) VRENs, 0.430% 59465HMQ6 $ 7,100,000 7/29/ /15/2049 Variable Rate Demand Note $ 745,000 Michigan State Hospital Finance Authority (Crittenton Hospital Medical Center), (Series 2003B) Daily VRDNs,(Comerica Bank LOC), 0.340% $ 1,965,000 Michigan State Hospital Finance Authority (Henry Ford Health System, MI), (Series 2007) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.310% $ 13,685,000 Michigan State Hospital Finance Authority (McLaren Health Care Corp.), (Series 2008B) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.310% $ 7,700,000 Michigan State Housing Development Authority (JAS Nonprofit Housing Corp. VI), (Series 2000) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.330% $ 9,070,000 Michigan State Housing Development Authority (Ponds Taylor Limited Dividend Housing Association LLC), (Series 2002A) Weekly VRDNs,(Federal National Mortgage Association LOC), 0.330% $ 2,345,000 Michigan State Strategic Fund (Catholic Social Services of Lansing/St. Vincent Home, Inc.), (Series 2003) Weekly VRDNs,(Comerica Bank LOC), 0.330% $ 5,800,000 Michigan State Strategic Fund (Detroit Public Television), (Series 2005) Weekly VRDNs,(Comerica Bank LOC), 0.350% $ 15,995,000 Michigan State Strategic Fund (Lutheran Social Services of Michigan), (Series 2003) Weekly VRDNs,(Comerica Bank LOC), 0.400% TFOF E5X7 $ 745,000 1/3/2011 3/1/2014 Variable Rate Demand Note 59465HGS9 $ 1,965,000 1/7/ /15/2042 Variable Rate Demand Note 59465HJL1 $ 13,685,000 1/7/ /15/2030 Variable Rate Demand Note 59465JMS8 $ 7,700,000 1/7/2011 6/1/2025 Variable Rate Demand Note KZ5 $ 9,070,000 1/7/2011 8/15/2032 Variable Rate Demand Note 59469C6E8 $ 2,345,000 1/7/2011 8/1/2028 Variable Rate Demand Note H1 $ 5,800,000 1/7/2011 6/1/2035 Variable Rate Demand Note 59469C6M0 $ 15,995,000 1/7/2011 9/1/2033 Variable Rate Demand Note

13 $ 800,000 Michigan State Strategic Fund (Michigan Heartland Goodwill Industries, Inc.), (Series 2005) Weekly 59469C8V8 $ 800,000 1/7/2011 9/1/2025 Variable Rate Demand Note VRDNs,(Royal Bank of Scotland NV LOC), 0.580% $ 1,635,000 Michigan State Strategic Fund (Peachwood Center Association), Limited Obligation Refunding Revenue 59469CJX2 $ 1,635,000 1/6/2011 6/1/2016 Variable Rate Demand Note Bonds Daily VRDNs,(Comerica Bank LOC), 0.350% $ 1,000,000 Michigan State Strategic Fund (YMCA of Metropolitan Detroit), Revenue Bond Weekly VRDNs,(JPMorgan 59469C2E2 $ 1,000,000 1/7/2011 5/1/2031 Variable Rate Demand Note Chase Bank, N.A. LOC), 0.340% $ 162,000,000 Michigan State, Fiscal Year 2011 (Series A), TANs, 2.000% R3 $ 163,890,746 9/30/2011 9/30/2011 Other Municipal Debt $ 5,700,000 Michigan Strategic Fund (Kroger Co.), (Series 2010) Weekly VRDNs,(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.350% $ 1,500,000 Michigan Strategic Fund (Van Andel Research Institute), (Series 2008) Weekly VRDNs,(Bank of America N.A. LOC), 0.390% $ 5,000,000 Michigan Strategic Fund (Wedgwood Christian Services), (Series 2008) Weekly VRDNs,(Bank of America N.A. LOC), 0.330% $ 8,320,000 Oakland County, MI EDC (Straith Hospital Special Surgery) Weekly VRDNs,(Federal Home Loan Bank of Indianapolis LOC), 0.340% $ 5,135,000 (4)(5) Parchment, MI School District, Putters (Series 2836) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.390% $ 3,345,000 Southfield, MI EDC (Lawrence Technological University), (Series 2001) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.330% $ 35,060,000 St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles & St. Joseph Obligated Group), (Series 2002) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.350% JT0 $ 5,700,000 1/7/2011 1/1/2026 Variable Rate Demand Note EG3 $ 1,500,000 1/7/2011 4/1/2043 Variable Rate Demand Note GZ9 $ 5,000,000 1/7/ /1/2038 Variable Rate Demand Note AQ2 $ 8,320,000 1/7/2011 1/1/2040 Variable Rate Demand Note FE8 $ 5,135,000 1/7/2011 5/1/2015 Variable Rate Demand Note AU8 $ 3,345,000 1/7/ /1/2031 Variable Rate Demand Note CB0 $ 35,060,000 1/7/2011 1/1/2032 Variable Rate Demand Note $ 45,875,000 St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles & St. Joseph Obligated Group), (Series 2006) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.350% CD6 $ 45,875,000 1/7/2011 1/1/2035 Variable Rate Demand Note TOTAL $ 586,492,283 Minnesota - 1.7% $ 1,000,000 Cohasset, MN (Minnesota Power, Inc.), (Series 2000) Weekly VRDNs,(Bank of America N.A. LOC), 0.580% BD9 $ 1,000,000 1/7/ /1/2015 Variable Rate Demand Note $ 2,100,000 Minneapolis, MN (Minnehaha/Lake Partners), (Series 1994) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.350% FZ1 $ 2,100,000 1/7/ /1/2013 Variable Rate Demand Note $ 6,345,000 Minneapolis, MN (One Ten Grant Project), Variable Rate Housing Revenue Bonds Weekly VRDNs,(Federal National Mortgage Association LOC), 0.330% $ 17,100,000 Minneapolis, MN (Symphony Place), Housing Development Revenue Refunding Bonds (Series 1988) Weekly VRDNs,(Federal Home Loan Mortgage Corp. LOC), 0.320% 2,075, BS7 $ 6,345,000 1/7/2011 9/1/2026 Variable Rate Demand Note BR9 $ 17,100,000 1/7/ /1/2014 Variable Rate Demand Note $ Minneapolis, MN, (Series 1999) Weekly VRDNs,(Dexia Credit Local LIQ), 0.380% 60374AWX3 $ 2,075,000 1/7/ /1/2018 Variable Rate Demand Note $ 5,200,000 Minneapolis, MN, Convention Center Bonds (Series 2000) Daily VRDNs,(Dexia Credit Local LIQ), 0.380% 60374AE70 $ 5,200,000 1/6/ /1/2018 Variable Rate Demand Note $ 600,000 Minneapolis/St. Paul, MN Housing & Redevelopment Authority (Allina Health System, MN), (Series 2009b_2) Daily VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.280% $ 3,000,000 Minnesota State Higher Education Facility Authority (Augsburg College), (Series Six-J2) Weekly VRDNs,(Harris, N.A. LOC), 0.340% $ 4,100,000 Minnesota State Higher Education Facility Authority (St. Thomas University), (Series Six-H) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.340% $ 17,280,000 Minnesota State Higher Education Facility Authority (University of St. Thomas), (Series Five-L) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.320% $ 23,000,000 Minnesota Tax and Aid Anticipation Borrowing Program, (Series 2010), TANs,(GTD by Minnesota State), 2.000% $ 4,560,000 Plymouth, MN (Parkside Apartments), (Series 2003) Weekly VRDNs,(Federal National Mortgage Association LOC), 0.330% 1,000, FV4 $ 600,000 1/3/ /15/2035 Variable Rate Demand Note 60416HHS6 $ 3,000,000 1/7/2011 5/1/2021 Variable Rate Demand Note 60416HGL2 $ 4,100,000 1/7/ /1/2032 Variable Rate Demand Note P9 $ 17,280,000 1/7/2011 4/1/2027 Variable Rate Demand Note BQ6 $ 23,251,735 9/1/2011 9/1/2011 Other Municipal Debt AC4 $ 4,560,000 1/7/2011 4/15/2033 Variable Rate Demand Note $ Robbinsdale, MN (Copperfield Hill), (Series 2004C) Weekly VRDNs,(Bank of America N.A. LOC), 0.350% CU0 $ 1,000,000 1/7/2011 4/1/2029 Variable Rate Demand Note $ 5,085,000 Robbinsdale, MN (North Memorial Health Care), (Series 2008A-1) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.320% $ 5,000,000 Rochester, MN Health Care Facility Authority (Mayo Clinic), (Series B) Weekly VRDNs,(Northern Trust Co., Chicago, IL LIQ), 0.300% TFOF AA7 $ 5,085,000 1/7/2011 5/1/2033 Variable Rate Demand Note FC2 $ 5,000,000 1/7/ /15/2038 Variable Rate Demand Note

14 $ 13,000,000 Seaway Port Authority of Duluth, MN (St. Lawrence Cement Inc.), (Series of 2000) Weekly VRDNs,(Wells AA7 $ 13,000,000 1/7/2011 3/1/2020 Variable Rate Demand Note Fargo Bank, N.A. LOC), 0.330% $ 2,565,000 Shakopee, MN Hospital Finance Authority (St. Francis Regional Medical Center) Weekly VRDNs,(Wells Fargo AA4 $ 2,565,000 1/7/ /1/2017 Variable Rate Demand Note Bank, N.A. LOC), 0.340% $ 47,000,000 St. Cloud, MN (Centracare Health System), (Series 2008A) Weekly VRDNs,(INS by Assured Guaranty 78916VBD1 $ 47,000,000 1/7/2011 5/1/2042 Variable Rate Demand Note Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.330% $ 5,000,000 St. Cloud, MN Independent School District No. 742, TANs,(GTD by Minnesota State), 1.500% NB4 $ 5,031,349 8/19/2011 8/19/2011 Other Municipal Debt $ 3,000,000 St. Paul, MN Port Authority (District Cooling St. Paul), ( Series BB) Weekly VRDNs,(Deutsche Bank AG LOC), 0.310% 13,495, MAY5 $ 3,000,000 1/7/2011 3/1/2029 Variable Rate Demand Note $ University of Minnesota, (Series 1999A) Weekly VRDNs,(U.S. Bank, N.A. LIQ), 0.340% ES5 $ 13,495,000 1/7/2011 1/1/2034 Variable Rate Demand Note TOTAL $ 181,788,084 Mississippi - 0.3% $ 7,115,000 Mississippi Business Finance Corp. (Horn Island Realty LLC), (Series 2008) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.430% 12,000, HL5 $ 7,115,000 1/7/2011 4/1/2029 Variable Rate Demand Note $ Mississippi Business Finance Corp. (Mississippi Power Co.), (Second Series 2010) Weekly VRDNs, 0.440% LA4 $ 12,000,000 1/7/ /1/2040 Variable Rate Demand Note $ 12,390,000 (4)(5) Mississippi Development Bank (Jackson, MS), Solar Eclipse (Series ) Weekly VRDNs,(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.330% TOTAL $ 31,505,000 Missouri - 0.5% $ 19,000,000 Missouri State HEFA (Saint Luke's Health System), (Series 2008A) Weekly VRDNs,(Bank of America N.A. LOC), 0.360% $ 8,500,000 Missouri State HEFA (Saint Luke's Health System), (Series 2008B) Weekly VRDNs,(Bank of America N.A. LOC), 0.360% 22,000, FNQ9 $ 12,390,000 1/7/2011 3/1/2036 Variable Rate Demand Note 60635R3F2 $ 19,000,000 1/7/ /15/2040 Variable Rate Demand Note 60635R3G0 $ 8,500,000 1/7/ /15/2040 Variable Rate Demand Note $ St. Louis, MO, (Series 2010), RANs, 2.000% 79164MAQ0 $ 22,131,017 6/1/2011 6/1/2011 Other Municipal Debt TOTAL $ 49,631,017 Multi State - 0.1% $ 9,130,000 (4)(5) Clipper Tax-Exempt Certificates Trust (Multistate Non-AMT) Series Weekly VRDNs,(State Street Bank 18886PJ55 $ 9,130,000 1/7/2011 4/1/2038 Variable Rate Demand Note and Trust Co. LIQ), 0.390% TOTAL $ 9,130,000 Nebraska - 1.8% $ 88,460,000 Central Plains Energy Project, (Project #2) Weekly VRDNs,(GTD by Royal Bank of Canada, Montreal)/(Royal BJ5 $ 88,460,000 1/7/2011 8/1/2039 Variable Rate Demand Note Bank of Canada, Montreal LIQ), 0.340% $ 100,000,000 Nebraska Investment Finance Authority, (2010 Series B) Weekly VRDNs,(Federal Home Loan Bank of Topeka 63968MDB2 $ 100,000,000 1/7/2011 9/1/2038 Variable Rate Demand Note LIQ), 0.330% $ 10,000,000 Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 0.410% AB8 $ 10,000,000 1/7/2011 8/1/2040 Variable Rate Demand Note TOTAL $ 198,460,000 Nevada - 1.2% $ 6,500,000 Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008D-1) Weekly VRDNs,(Landesbank Baden-Wurttemberg LOC), 0.360% $ 26,700,000 Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008D-2) Weekly VRDNs,(Landesbank Baden-Wurttemberg LOC), 0.360% $ 59,850,000 Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008D-3) Weekly VRDNs,(Bayerische Landesbank LOC), 0.360% $ 9,050,000 Clark County, NV Passenger Facility (Las Vegas-McCarran International Airport), (2010 Series F-2) Weekly VRDNs,(Union Bank, N.A. LOC), 0.300% $ 28,500,000 (4)(5) Henderson, NV Health Facility (Catholic Healthcare West), Floater Certificates (Series ) Weekly VRDNs,(INS by Berkshire Hathaway Assurance Corp.)/(Morgan Stanley Bank LIQ), 0.340% TOTAL $ 130,600,000 New Hampshire - 0.3% $ 26,260,000 New Hampshire Business Finance Authority (Valley Regional Hospital), (Series 2008) Daily VRDNs,(RBS Citizens Bank N.A. LOC), 0.340% TFOF PKC7 $ 6,500,000 1/7/2011 7/1/2036 Variable Rate Demand Note 18085PKD5 $ 26,700,000 1/7/2011 7/1/2040 Variable Rate Demand Note 18085PKE3 $ 59,850,000 1/7/2011 7/1/2029 Variable Rate Demand Note FZ5 $ 9,050,000 1/7/2011 7/1/2022 Variable Rate Demand Note DK9 $ 28,500,000 1/7/2011 7/1/2031 Variable Rate Demand Note 64468KBJ4 $ 26,260,000 1/3/ /1/2040 Variable Rate Demand Note

15 $ 10,000,000 New Hampshire Health and Education Facilities Authority (Phillips Exeter Academy), (Series 2007) Weekly SZ3 $ 10,000,000 1/7/2011 9/1/2042 Variable Rate Demand Note VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.340% TOTAL $ 36,260,000 New Jersey - 4.7% $ 33,321,000 Cherry Hill, NJ, (Series 2010), BANs, 0.430% VW3 $ 33,470,990 10/18/ /18/2011 Other Municipal Debt $ 21,000,000 (4)(5) Clipper Tax-Exempt Certificates Trust (New Jersey Non-AMT) (Series ) Weekly VRDNs,(State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.340% $ 17,790,000 New Jersey Health Care Facilities Financing Authority (Meridian Health System Obligated Group), (Series 2007-III) Weekly VRDNs,(Bank of America N.A. LIQ)/(INS by Assured Guaranty Corp.), 0.390% $ 28,730,000 (4)(5) New Jersey State Transportation Trust Fund Authority, Spears (Series DB-297) Weekly VRDNs,(Deutsche Bank AG LIQ)/(GTD by Deutsche Bank AG), 0.360% 75,000, PVH5 $ 21,000,000 1/7/ /15/2020 Variable Rate Demand Note 64579FWM1 $ 17,790,000 1/7/2011 7/1/2038 Variable Rate Demand Note 25154CNQ3 $ 28,730,000 1/7/ /15/2031 Variable Rate Demand Note $ (4)(5) New Jersey State, PUTTERS (Series 3849), TOBs,(JPMorgan Chase Bank, N.A. LIQ), 0.300% 46633VJ91 $ 75,000,000 2/8/2011 2/8/2011 Other Municipal Debt $ 70,500,000 (4)(5) New Jersey State, Putters (Series 3808) Daily VRDNs,(J.P. Morgan Chase & Co. LIQ), 0.290% 46633VZV4 $ 70,500,000 1/3/2011 6/23/2011 Variable Rate Demand Note $ 85,000,000 (4)(5) New Jersey State, Putters (Series 3810), TOBs,(J.P. Morgan Chase & Co. LIQ), 0.300% 46633VZZ5 $ 85,000,000 2/22/2011 6/23/2011 Other Municipal Debt $ 50,000,000 (4)(5) New Jersey State, Putters (Series 3850), TOBs,(JPMorgan Chase Bank, N.A. LIQ), 0.300% 46633VK32 $ 50,000,000 3/22/2011 3/22/2011 Other Municipal Debt $ 42,920,000 (4)(5) Tobacco Settlement Financing Corp., NJ, Putters (Series 1734B) Weekly VRDNs,(J.P. Morgan Chase & Co. LIQ)/(United States Treasury PRF), 0.350% 50,000,000 32,000, FF4 $ 42,920,000 1/6/2011 6/1/2011 Variable Rate Demand Note $ Union County, NJ, BANs, 1.250% R3 $ 50,197,364 7/1/2011 7/1/2011 Other Municipal Debt $ Woodbridge Township, NJ, BANs, 1.500% K82 $ 32,081,788 7/1/2011 7/1/2011 Other Municipal Debt $ 8,000,000 Woodbridge Township, NJ, BANs, 2.000% K90 $ 8,039,263 7/1/2011 7/1/2011 Other Municipal Debt TOTAL $ 514,729,406 New Mexico - 1.1% $ 5,983,000 Albuquerque, NM Airport, (Series B), CP,(Bank of New York Mellon LOC), 0.370% 01366BAE1 $ 5,983,000 6/30/2011 6/30/2011 Other Municipal Debt $ 117,000,000 New 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), 0.340% AA7 $ 117,000,000 1/7/ /1/2039 Variable Rate Demand Note TOTAL $ 122,983,000 New York - 8.6% $ 12,370,000 East Ramapo, NY Central School District, BANs, 0.480% EM2 $ 12,399,284 6/17/2011 6/17/2011 Other Municipal Debt $ 12,350,000 (4)(5) Erie County, NY IDA (Buffalo, NY City School District), Putters (Series 2090) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.370% 18,000, PCZ0 $ 12,350,000 1/7/2011 5/1/2015 Variable Rate Demand Note $ Islip, NY Union Free School District, TANs, 1.250% MV2 $ 18,068,344 6/24/2011 6/24/2011 Other Municipal Debt $ 20,900,000 Liverpool, NY Central School District, (Series 2010A), BANs, 0.450% PW0 $ 20,952,355 6/17/2011 6/17/2011 Other Municipal Debt $ 31,750,000 Long Island Power Authority, NY, (Series 1A) Weekly VRDNs, 0.360% RT1 $ 31,750,000 1/7/2011 5/1/2033 Variable Rate Demand Note $ 38,670,000 Long Island Power Authority, NY, (Series 2003H) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.390% $ 15,030,000 Metropolitan Transportation Authority, NY (MTA Dedicated Tax Fund), (Series 2008A) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.360% $ 32,420,000 New York City Housing Development Corp. (FC Beekman Associates LLC), (Series 2008A: Beekman Tower) Weekly VRDNs,(RBS Citizens Bank N.A. LOC), 0.350% $ 14,400,000 New York City Housing Development Corp., Bruckner by the Bridge (Series 2008A) Weekly VRDNs,(Bank of America N.A. LOC), 0.360% $ 8,800,000 New York City, NY Municipal Water Finance Authority, (Fiscal 2006 Series AA-2) Daily VRDNs,(Dexia Credit Local LIQ), 0.300% $ 28,750,000 New York City, NY Municipal Water Finance Authority, (Senior Revenue Bonds) (Fiscal 2008 Series B-3) Daily VRDNs,(Bank of America N.A. LIQ), 0.290% $ 23,300,000 New York City, NY Municipal Water Finance Authority, (Series 2001F-1) Daily VRDNs,(Dexia Credit Local LIQ), 0.320% $ 15,700,000 New York City, NY Municipal Water Finance Authority, (Subordinate Revenue Bonds) (Fiscal 2008 Series BB- 2) Weekly VRDNs,(Bank of America N.A. LIQ), 0.360% $ 17,325,000 (4)(5) New York City, NY Municipal Water Finance Authority, Rocs (Series 12292) Weekly VRDNs,(Citibank NA, New York LIQ), 0.340% TFOF WB4 $ 38,670,000 1/7/ /1/2029 Variable Rate Demand Note 59259NVZ3 $ 15,030,000 1/7/ /1/2031 Variable Rate Demand Note 64966TBH6 $ 32,420,000 1/7/2011 3/1/2048 Variable Rate Demand Note 64966TBW3 $ 14,400,000 1/7/ /1/2048 Variable Rate Demand Note 64970K8A8 $ 8,800,000 1/3/2011 6/15/2032 Variable Rate Demand Note 64972FSG2 $ 28,750,000 1/3/2011 6/15/2025 Variable Rate Demand Note 64970KRM1 $ 23,300,000 1/3/2011 6/15/2033 Variable Rate Demand Note 64972FPL4 $ 15,700,000 1/7/2011 6/15/2035 Variable Rate Demand Note 64972FG67 $ 17,325,000 1/6/ /1/2011 Variable Rate Demand Note

16 $ 12,400,000 New York City, NY Municipal Water Finance Authority, Water and Sewer System Second Generation Resolution Revenue Bonds (Series 2009BB-1) Daily VRDNs,(Landesbank Hessen-Thuringen LIQ), 0.290% 64972FWK8 $ 12,400,000 1/3/2011 6/15/2039 Variable Rate Demand Note $ 15,000,000 New York City, NY Transitional Finance Authority, (Fiscal 2001 Series A) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.300% $ 9,600,000 New York City, NY Transitional Finance Authority, (Fiscal 2001 Series B) Daily VRDNs,(Landesbank Baden- Wurttemberg (Guaranteed) LIQ), 0.330% $ 34,300,000 New York City, NY Transitional Finance Authority, (Fiscal 2001 Series C) Weekly VRDNs,(Landesbank Baden- Wurttemberg (Guaranteed) LIQ), 0.340% $ 16,900,000 New York City, NY Transitional Finance Authority, (Series 1999B-3) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.300% $ 9,100,000 New York City, NY Transitional Finance Authority, New York City Recovery Bonds (Subseries 2003A-1) Weekly VRDNs,(Landesbank Hessen-Thuringen (Guaranteed) LIQ), 0.330% 10,000, WE3 $ 15,000,000 1/7/2011 2/15/2030 Variable Rate Demand Note YD3 $ 9,600,000 1/3/2011 2/1/2031 Variable Rate Demand Note B55 $ 34,300,000 1/7/2011 2/1/2032 Variable Rate Demand Note JU2 $ 16,900,000 1/7/ /1/2028 Variable Rate Demand Note P6 $ 9,100,000 1/7/ /1/2022 Variable Rate Demand Note $ New York City, NY, (1994 Series A-9) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.300% GE3 $ 10,000,000 1/7/2011 8/1/2018 Variable Rate Demand Note $ 33,100,000 New York City, NY, (Fiscal 1994 Series H-4) Weekly VRDNs,(KBC Bank N.V. LIQ), 0.350% JP7 $ 33,100,000 1/7/2011 8/1/2015 Variable Rate Demand Note $ 9,600,000 New York City, NY, (Fiscal 1995 Series B-7) Daily VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.290% HP7 $ 9,600,000 1/3/2011 8/15/2018 Variable Rate Demand Note $ 304,000,000 New York Liberty Development Corporation, (Series A-2), TOBs, (World Trade Center), 0.320% AS4 $ 304,000,000 5/5/ /1/2049 Other Municipal Debt $ 10,670,000 New York State HFA, 505 West 37th Street Housing (Series 2009A) Weekly VRDNs,(Landesbank Hessen- Thuringen LOC), 0.330% $ 35,300,000 New York State HFA, 505 West 37th Street Housing (Series 2009B) Weekly VRDNs,(Landesbank Hessen- Thuringen LOC), 0.330% $ 12,500,000 New York State HFA, Service Contract Revenue Bonds (2003 Series I) Weekly VRDNs,(Landesbank Hessen- Thuringen (Guaranteed) LOC), 0.340% $ 15,500,000 New York State Local Government Assistance Corp., (Series 1995E) Weekly VRDNs,(Landesbank Hessen- Thuringen (Guaranteed) LOC), 0.330% 11,800,000 44,963,000 $ 15,695,000 Triborough Bridge & Tunnel Authority, NY, General Revenue Bonds (Series 2003B) Weekly VRDNs,(Dexia Credit Local LIQ), 0.330% $ 9,035,000 Triborough Bridge & Tunnel Authority, NY, General Revenue Bonds (Series 2005B-3) Weekly VRDNs,(Bank of America N.A. LIQ), 0.320% $ 9,780,000 Triborough Bridge & Tunnel Authority, NY, Subordinate Revenue Bonds (Series 2000AB) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.320% 64986M3C7 $ 10,670,000 1/7/2011 5/1/2042 Variable Rate Demand Note 64986M6P5 $ 35,300,000 1/7/2011 5/1/2042 Variable Rate Demand Note 64986BAJ8 $ 12,500,000 1/7/2011 3/15/2031 Variable Rate Demand Note PV5 $ 15,500,000 1/7/2011 4/1/2025 Variable Rate Demand Note $ Oswego, NY City School District, (Series 2010A), BANs, 1.250% HN4 $ 11,834,696 6/30/2011 6/30/2011 Other Municipal Debt $ Rochester, NY, (Series II-2010), BANs, 1.250% GB6 $ 45,202,786 8/19/2011 8/19/2011 Other Municipal Debt 89602NFZ2 $ 15,695,000 1/7/2011 1/1/2033 Variable Rate Demand Note 89602NGX6 $ 9,035,000 1/7/2011 1/1/2032 Variable Rate Demand Note 89602NJY1 $ 9,780,000 1/7/2011 1/1/2019 Variable Rate Demand Note $ 4,000,000 Triborough Bridge & Tunnel Authority, NY, Subordinate Revenue Bonds (Series 2000CD) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(Lloyds TSB Bank plc, London LIQ), 0.310% 89602NJZ8 $ 4,000,000 1/7/2011 1/1/2019 Variable Rate Demand Note $ 20,000,000 West Islip, NY Unified Free School District, TANs, 1.250% HN0 $ 20,073,714 6/30/2011 6/30/2011 Other Municipal Debt TOTAL $ 933,506,180 North Carolina - 1.1% $ 12,405,000 Charlotte, NC, CP,(Bank of America N.A. LIQ), 0.420% 16105FAJ5 $ 12,405,000 2/2/2011 2/2/2011 Other Municipal Debt $ 19,660,000 Mecklenburg County, NC, 7 Month Windows (Series 2009D) VRENs, 0.440% NC9 $ 19,660,000 7/29/2011 3/1/2026 Variable Rate Demand Note $ 9,825,000 New Hanover County, NC (New Hanover Regional Medical Center), (Series 2008B) Weekly VRDNs,(RBC Bank CG9 $ 9,825,000 1/7/ /1/2038 Variable Rate Demand Note (USA) LOC), 0.400% $ 7,500,000 North Carolina Capital Facilities Finance Agency (Countryside Montessori School), (Series 2008) Weekly 65818PGS2 $ 7,500,000 1/7/2011 3/1/2033 Variable Rate Demand Note VRDNs,(Wells Fargo Bank, N.A. LOC), 0.430% $ 8,000,000 (4)(5) North Carolina Capital Facilities Finance Agency (Duke University), Putters (Series 3248) Daily 46632PPD9 $ 8,000,000 1/3/ /1/2034 Variable Rate Demand Note VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.290% $ 4,875,000 North Carolina Capital Facilities Finance Agency (Forsyth Country Day School, Inc.), (Series 2005) Weekly 65818PEE5 $ 4,875,000 1/7/ /1/2031 Variable Rate Demand Note VRDNs,(Branch Banking & Trust Co. LOC), 0.350% $ 4,720,000 North Carolina Capital Facilities Finance Agency (High Point University), (Series 2006) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 0.350% 65818PEP0 $ 4,720,000 1/7/ /1/2028 Variable Rate Demand Note TFOF-16

17 $ 10,720,000 North Carolina Capital Facilities Finance Agency (High Point University), (Series 2007) Weekly VRDNs,(Branch 65818PFN4 $ 10,720,000 1/7/ /1/2029 Variable Rate Demand Note Banking & Trust Co. LOC), 0.350% $ 1,600,000 North Carolina Capital Facilities Finance Agency (St. David's School), (Series 2008) Weekly VRDNs,(Branch 65818PGR4 $ 1,600,000 1/7/ /1/2030 Variable Rate Demand Note Banking & Trust Co. LOC), 0.350% $ 9,495,000 North Carolina Capital Facilities Finance Agency (The Capital Area YMCA, Inc.), (Series 2002) Weekly 65819GBJ6 $ 9,495,000 1/7/2011 5/1/2022 Variable Rate Demand Note VRDNs,(Wells Fargo Bank, N.A. LOC), 0.460% $ 24,880,000 North Carolina Medical Care Commission (Randolph Hospital), (Series 2007) Daily VRDNs,(Bank of America 65820HZR7 $ 24,880,000 1/3/ /1/2037 Variable Rate Demand Note N.A. LOC), 0.340% $ 4,595,000 North Carolina State Ports Authority, (Series 2008) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 0.350% 65827LAC1 $ 4,595,000 1/7/2011 6/1/2036 Variable Rate Demand Note TOTAL $ 118,275,000 North Dakota - 0.3% $ 29,124,000 Grand Forks County, ND, (Series 2010) Weekly VRDNs,(Rabobank Nederland NV, Utrecht LOC), 0.370% AN7 $ 29,124,000 1/7/ /1/2026 Variable Rate Demand Note TOTAL $ 29,124,000 Ohio - 2.3% $ 3,125,000 Akron, Bath & Copley, OH Joint Township (Sumner on Ridgewood, Inc.), (Series 2002) Weekly VRDNs,(KBC KL5 $ 3,125,000 1/7/ /1/2032 Variable Rate Demand Note Bank N.V. LOC), 0.360% $ 3,650,000 Cleveland, OH Airport System, (Series D) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.340% MK3 $ 3,650,000 1/7/2011 1/1/2024 Variable Rate Demand Note $ 9,175,000 Cleveland-Cuyahoga County, OH Port Authority (Playhouse Square Foundation), (Series 2004) Weekly 18610PAA6 $ 9,175,000 1/7/ /15/2034 Variable Rate Demand Note VRDNs,(U.S. Bank, N.A. LOC), 0.320% $ 11,155,000 Cuyahoga County, OH (The Health Museum of Cleveland), (Series 2002) Weekly VRDNs,(PNC Bank, N.A AD5 $ 11,155,000 1/7/2011 3/1/2032 Variable Rate Demand Note LOC), 0.330% $ 1,705,000 Erie County, OH (Providence Care Center), (Series 1996A) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), AA7 $ 1,705,000 1/7/ /1/2014 Variable Rate Demand Note 0.360% $ 7,885,000 Franklin County, OH Health Care Facilities (Traditions Healthcare Obligated Group), (Series 2005) Weekly GT3 $ 7,885,000 1/7/2011 6/1/2030 Variable Rate Demand Note VRDNs,(U.S. Bank, N.A. LOC), 0.360% $ 5,463,000 Green City, OH, BANs, 1.500% 39317PDZ0 $ 5,488,034 7/7/2011 7/7/2011 Other Municipal Debt $ 11,435,000 Hamilton County, OH (Block 3 Project), (Series 2004) Weekly VRDNs,(Bank of New York Mellon LOC), 0.330% AC3 $ 11,435,000 1/7/2011 8/1/2036 Variable Rate Demand Note $ 4,870,000 Hamilton County, OH Hospital Facilities Authority (Drake Center, Inc.), (Series 1999A) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.340% $ 27,155,000 Lancaster, OH Port Authority, (Series 2008) Gas Supply Revenue Weekly VRDNs,(Royal Bank of Canada, Montreal LIQ), 0.340% $ 2,190,000 Lorain County, OH Port Authority (St. Ignatius High School), (Series 2008) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.330% 7,400,000 $ 45,450,000 Montgomery County, OH (Miami Valley Hospital), (Series 1998B) Daily VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.360% $ 10,000,000 Montgomery County, OH Hospital Authority (Kettering Health Network Obligated Group), (Series 2008A) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.450% G49 $ 4,870,000 1/7/2011 6/1/2019 Variable Rate Demand Note AA6 $ 27,155,000 1/7/2011 5/1/2038 Variable Rate Demand Note AA5 $ 2,190,000 1/7/2011 8/2/2038 Variable Rate Demand Note $ Lucas County, OH IDA (Kroger Co.) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.440% HD4 $ 7,400,000 1/6/2011 7/1/2011 Variable Rate Demand Note HB3 $ 45,450,000 1/3/ /15/2024 Variable Rate Demand Note KR5 $ 10,000,000 1/7/2011 8/1/2047 Variable Rate Demand Note $ 40,000,000 Montgomery County, OH Hospital Authority (Kettering Health Network Obligated Group), (Series 2008B) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.450% KS3 $ 40,000,000 1/7/2011 8/1/2047 Variable Rate Demand Note $ 4,600,000 Ohio State Air Quality Development Authority (Ohio Valley Electric Corp.), (Series 2009C) Weekly VRDNs,(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.320% 3,200, TP2 $ 4,600,000 1/7/2011 2/1/2026 Variable Rate Demand Note $ Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series B-4) Daily VRDNs, 0.280% 67756AH96 $ 3,200,000 1/3/2011 1/1/2043 Variable Rate Demand Note $ 4,600,000 Ohio State Higher Educational Facility Commission (Otterbein College), (2008 Series B) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.900% $ 12,635,000 Ohio State Water Development Authority Pollution Control Facilities (FirstEnergy Generation Corp.), (Series 2006B) Daily VRDNs,(Wells Fargo Bank, N.A. LOC), 0.280% $ 12,085,000 Pike County, OH Health Care Facilities (National Church Residences), (Series A) Weekly VRDNs,(Bank of America N.A. LOC), 0.370% 67756BWR7 $ 4,600,000 1/7/ /1/2028 Variable Rate Demand Note SZ6 $ 12,635,000 1/3/ /1/2033 Variable Rate Demand Note 72127PBV2 $ 12,085,000 1/7/ /1/2033 Variable Rate Demand Note TFOF-17

18 $ 3,820,000 Pike County, OH Health Care Facilities (National Church Residences), (Series B) Weekly VRDNs,(Bank of 72127PCV1 $ 3,820,000 1/7/ /1/2033 Variable Rate Demand Note America N.A. LOC), 0.370% $ 8,315,000 Port of Greater Cincinnati, OH Development Authority (Sycamore Township Kenwood Central Public Parking Project), (Series 2008A) Weekly VRDNs,(Bank of America N.A. LOC), 0.330% AC7 $ 8,315,000 1/7/2011 2/1/2039 Variable Rate Demand Note $ 5,405,000 Ross County, OH (Adena Health System) Weekly VRDNs,(PNC Bank, N.A. LOC), 0.370% EB1 $ 5,405,000 1/7/ /1/2023 Variable Rate Demand Note $ 4,095,000 Westlake, OH (Lutheran Homes of Ohio Corp.), (Series 2005) Weekly VRDNs,(RBS Citizens Bank N.A. LOC), AG9 $ 4,095,000 1/7/ /1/2035 Variable Rate Demand Note 0.510% TOTAL $ 249,438,034 Oklahoma - 0.1% $ 7,545,000 Oklahoma State Industrial Authority (American Cancer Society, Inc.), (Series 2002) Weekly VRDNs,(Bank of UM1 $ 7,545,000 1/7/2011 6/1/2024 Variable Rate Demand Note America N.A. LOC), 0.540% TOTAL $ 7,545,000 Oregon - 0.3% $ 28,945,000 Port of Portland, OR Airport (Portland International Airport), (Series 2009A-2: Passenger Facility Charge WS8 $ 28,945,000 1/7/2011 7/1/2024 Variable Rate Demand Note Bonds) Weekly VRDNs,(Bank of America N.A. LOC), 0.310% TOTAL $ 28,945,000 Pennsylvania - 9.4% $ 14,215,000 Adams County, PA IDA (Cross Keys Village - Brethren Home Community), (Series 2007) Weekly VRDNs,(PNC Bank, N.A. LOC), 0.350% $ 15,385,000 Allegheny County, PA IDA (Carnegie Museums of Pittsburgh), (Series of 2002) Weekly VRDNs,(Citizens Bank of Pennsylvania LOC), 0.410% $ 4,240,000 Allegheny County, PA IDA (Vincentian Collaborative System), (Series 2008A) Weekly VRDNs,(PNC Bank, N.A. LOC), 0.330% $ 510,000 Allegheny County, PA IDA Health & Housing Facilities (Longwood at Oakmont, Inc.), (Series 2008B) Daily VRDNs,(Citizens Bank of Pennsylvania LOC), 0.380% 19,000,000 $ 7,400,000 Allentown, PA Commercial and IDA (Diocese of Allentown), (Series 1999) Daily VRDNs,(Wells Fargo Bank, N.A. LOC), 0.280% $ 9,725,000 Berks County, PA Municipal Authority (Reading Hospital & Medical Center), (Series 2009A-4) Weekly VRDNs, 0.340% $ 3,900,000 Bermudian Springs, PA School District, (Series 2005) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(Royal Bank of Canada, Montreal LIQ), 0.350% $ 11,100,000 Bethlehem, PA Area School District, (Series 2007) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.480% 3,090, AL1 $ 14,215,000 1/7/2011 6/1/2032 Variable Rate Demand Note UN1 $ 15,385,000 1/7/2011 8/1/2032 Variable Rate Demand Note 01731AAA9 $ 4,240,000 1/7/2011 6/1/2038 Variable Rate Demand Note AD6 $ 510,000 1/3/2011 7/1/2038 Variable Rate Demand Note $ Allegheny County, PA, (Series 2011), TRANs, 1.000% AA8 $ 19,029,640 4/5/2011 4/5/2011 Other Municipal Debt AF9 $ 7,400,000 1/3/ /1/2029 Variable Rate Demand Note GQ4 $ 9,725,000 1/7/2011 5/1/2032 Variable Rate Demand Note GR0 $ 3,900,000 1/7/2011 5/1/2017 Variable Rate Demand Note QH8 $ 11,100,000 1/7/2011 1/1/2032 Variable Rate Demand Note $ Bucks County, PA IDA (Grand View Hospital), (Series A of 2008) Weekly VRDNs,(TD Bank, N.A. LOC), 0.290% 11861MAA4 $ 3,090,000 1/7/2011 7/1/2034 Variable Rate Demand Note $ 13,140,000 Bucks County, PA IDA (Pennswood Village), (Series 2007A) Weekly VRDNs,(Bank of America N.A. LOC), 0.360% $ 2,500,000 Bucks County, PA IDA (Pennswood Village), (Series 2007B) Weekly VRDNs,(Bank of America N.A. LOC), 0.360% 4,800, LA6 $ 13,140,000 1/7/ /1/2034 Variable Rate Demand Note LB4 $ 2,500,000 1/7/ /1/2037 Variable Rate Demand Note $ Bucks County, PA IDA (SHV Real Estate, Inc.), (Series 1985) Weekly VRDNs,(GTD by Nucor Corp.), 0.460% LN8 $ 4,800,000 1/7/2011 7/1/2015 Variable Rate Demand Note $ 7,195,000 Butler County, PA General Authority (Canon McMillan, PA School District), (Series 2010) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(PNC Bank, N.A. LIQ), 0.370% $ 4,120,000 Butler County, PA General Authority (Scranton, PA School District), (Series 2008) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(PNC Bank, N.A. LIQ), 0.370% $ 3,000,000 Chester County, PA IDA (West Chester University), (Series 2003) Weekly VRDNs,(Federal Home Loan Bank of Pittsburgh LOC), 0.310% 1,500, BB0 $ 7,195,000 1/7/ /1/2033 Variable Rate Demand Note AP0 $ 4,120,000 1/7/2011 4/1/2018 Variable Rate Demand Note 16559PAC9 $ 3,000,000 1/7/2011 8/1/2035 Variable Rate Demand Note $ Chester County, PA Intermediate Unit, (Series 2003) Weekly VRDNs,(PNC Bank, N.A. LOC), 0.330% AA5 $ 1,500,000 1/7/2011 3/1/2025 Variable Rate Demand Note $ 7,700,000 Clearfield County, PA IDA (Dubois Area Catholic School), (Series 2002) Weekly VRDNs,(PNC Bank, N.A. LOC), 0.330% $ 4,980,000 (4)(5) Commonwealth of Pennsylvania, BB&T Floater Certificates (Series ) Weekly VRDNs,(Branch Banking & Trust Co. LIQ), 0.330% AR3 $ 7,700,000 1/7/ /1/2031 Variable Rate Demand Note 07330CHC6 $ 4,980,000 1/7/2011 8/1/2025 Variable Rate Demand Note TFOF-18

19 $ 7,845,000 Cumberland County, PA Municipal Authority (Presbyterian Homes, Inc.), (Series 2008C) Weekly DR7 $ 7,845,000 1/7/ /1/2026 Variable Rate Demand Note VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.360% $ 6,805,000 Dallastown Area School District, PA, (Series 2006) Weekly VRDNs,(BNP Paribas SA LIQ)/(INS by Assured FP9 $ 6,805,000 1/7/2011 3/1/2019 Variable Rate Demand Note Guaranty Municipal Corp.), 0.370% $ 3,290,000 Dallastown Area School District, PA, (Series 2010), VRNs, 1.500% FZ7 $ 3,290,000 1/1/2011 1/1/2011 Other Municipal Debt $ 5,745,000 Delaware County, PA Authority (Eastern University), (Series 2008) Weekly VRDNs,(TD Bank, N.A. LOC), 24600NAC7 $ 5,745,000 1/7/2011 7/1/2029 Variable Rate Demand Note 0.330% $ 31,800,000 Delaware Valley, PA Regional Finance Authority, (Series 1985D) Weekly VRDNs,(Bayerische Landesbank AG1 $ 31,800,000 1/7/ /1/2020 Variable Rate Demand Note LOC), 0.380% $ 48,900,000 Delaware Valley, PA Regional Finance Authority, (Series 2007B) Weekly VRDNs,(Bayerische Landesbank LOC), JL1 $ 48,900,000 1/7/2011 6/1/2042 Variable Rate Demand Note 0.380% $ 39,300,000 Delaware Valley, PA Regional Finance Authority, Mode 1 (Series 1986) Weekly VRDNs,(Bayerische AJ5 $ 39,300,000 1/7/2011 8/1/2016 Variable Rate Demand Note Landesbank LOC), 0.370% $ 27,995,000 Erie County, PA Hospital Authority (St. Vincent Health System), (Series 2010B) Weekly TS8 $ 27,995,000 1/7/2011 7/1/2039 Variable Rate Demand Note VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.370% $ 11,000,000 Erie, PA Water Authority, (Series 2006A), TOBs,(Federal Home Loan Bank of Pittsburgh LOC), 2.500% AE8 $ 11,074,586 6/1/2011 6/1/2011 Other Municipal Debt $ 4,000,000 Haverford Twp, PA School District, (Series 2009) Weekly VRDNs,(TD Bank, N.A. LOC), 0.340% HD0 $ 4,000,000 1/7/2011 3/1/2030 Variable Rate Demand Note $ 7,500,000 Lackawanna County, PA, (Series A of 2008) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty ZD8 $ 7,500,000 1/7/2011 9/1/2035 Variable Rate Demand Note Municipal Corp.), 0.760% $ 50,800,000 Lehigh County, PA General Purpose Authority (Lehigh Valley Health Network), (Series A of 2005) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(Wells Fargo Bank, N.A. LIQ), 0.400% E6 $ 50,800,000 1/7/2011 7/1/2025 Variable Rate Demand Note $ 23,245,000 Lehigh County, PA General Purpose Authority (Lehigh Valley Health Network), (Series C of 2008) Daily VRDNs,(Bank of America N.A. LOC), 0.320% $ 11,010,000 (4)(5) Montgomery County, PA Higher Education & Health Authority Hospital, Stage Trust (Series C), TOBs, (Abington Memorial Hospital),(GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), 0.400% 52480GAA2 $ 23,245,000 1/3/2011 7/1/2029 Variable Rate Demand Note 94985NRT0 $ 11,010,000 3/24/2011 6/1/2033 Other Municipal Debt $ 8,650,000 Montgomery County, PA IDA (Waverly Heights, Ltd.) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.350% $ 10,030,000 Moon, PA IDA (Baptist Homes, Inc.), (Series 2007: Providence Point Project) Weekly VRDNs,(Bank of Scotland, Edinburgh LOC), 0.340% 200, YA8 $ 8,650,000 1/7/ /1/2039 Variable Rate Demand Note AA8 $ 10,030,000 1/7/2011 7/1/2038 Variable Rate Demand Note $ Pennsylvania EDFA (Adelphoi, Inc.), (Series 1996 E) Weekly VRDNs,(PNC Bank, N.A. LOC), 0.410% LX1 $ 200,000 1/7/2011 8/1/2012 Variable Rate Demand Note $ 1,000,000 Pennsylvania EDFA (Morrisons Cove Home), (Series 1995 B) Weekly VRDNs,(PNC Bank, N.A. LOC), 0.580% JW6 $ 1,000,000 1/7/2011 4/1/2020 Variable Rate Demand Note $ 5,365,000 Pennsylvania Economic Development Financing Authority (Ellwood City Hospital (PA)), (2006 Series A1) Weekly VRDNs,(PNC Bank, N.A. LOC), 0.330% $ 20,170,000 (4)(5) Pennsylvania Economic Development Financing Authority, Stage Trust (Series C), TOBs, (Aqua Pennsylvania, Inc. ),(GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), 0.370% AA4 $ 5,365,000 1/7/2011 6/1/2031 Variable Rate Demand Note 94985NSG7 $ 20,170,000 5/19/ /15/2040 Other Municipal Debt $ 4,000,000 Pennsylvania HFA (Foxwood Manor Apartments), (Series 2008-O) Weekly VRDNs,(Bank of America N.A. LOC), 0.320% 11,335,000 13,460, AA3 $ 4,000,000 1/7/2011 5/1/2046 Variable Rate Demand Note $ Pennsylvania HFA, (Series 2008A) Weekly VRDNs,(Bank of America N.A. LIQ), 0.400% NS9 $ 11,335,000 1/7/2011 1/1/2021 Variable Rate Demand Note $ Pennsylvania HFA, (Series 2008B) Weekly VRDNs,(Bank of America N.A. LIQ), 0.400% NT7 $ 13,460,000 1/7/2011 1/1/2021 Variable Rate Demand Note $ 12,660,000 Pennsylvania HFA, (Series 2008C: Section 8 Assisted) Weekly VRDNs,(Bank of America N.A. LIQ), 0.400% NQ3 $ 12,660,000 1/7/2011 7/1/2020 Variable Rate Demand Note $ 36,735,000 Pennsylvania HFA, (Series 2008D: Section 8 Assisted) Weekly VRDNs,(Bank of America N.A. LIQ), 0.400% NR1 $ 36,735,000 1/7/2011 7/1/2020 Variable Rate Demand Note $ 10,500,000 Pennsylvania HFA, (series ), BONDs, 0.450% XP7 $ 10,500,000 9/22/2011 9/22/2011 Other Municipal Debt $ 2,930,000 Pennsylvania State Higher Education Facilities Authority (Holy Family University), (Series 2008) Weekly 70917RTA3 $ 2,930,000 1/7/2011 8/1/2038 Variable Rate Demand Note VRDNs,(TD Bank, N.A. LOC), 0.340% $ 3,755,000 Pennsylvania State Higher Education Facilities Authority (La Salle University), (Series 2007B) Weekly 70917RNQ4 $ 3,755,000 1/7/2011 5/1/2037 Variable Rate Demand Note VRDNs,(Citizens Bank of Pennsylvania LOC), 0.420% $ 2,000,000 Pennsylvania State Higher Education Facilities Authority (St. Joseph's University), (Series A of 2008) Weekly VRDNs,(TD Bank, N.A. LOC), 0.280% 70917PHH5 $ 2,000,000 1/7/2011 7/15/2036 Variable Rate Demand Note TFOF-19

20 $ 3,050,000 Pennsylvania State Higher Education Facilities Authority (Thomas Jefferson University), (Series 2008B) 70917RNZ4 $ 3,050,000 1/7/2011 2/1/2031 Variable Rate Demand Note Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.310% $ 215,000 Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania Health System), ( RPY5 $ 215,000 1/7/2011 1/1/2038 Variable Rate Demand Note Series A) Weekly VRDNs,(Bank of America N.A. LOC), 0.370% $ 5,030,000 Pennsylvania State Higher Education Facilities Authority (University of Scranton), (Series 2002 K1) Weekly 70917NSY1 $ 5,030,000 1/7/ /1/2022 Variable Rate Demand Note VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.360% $ 2,700,000 Pennsylvania State Higher Education Facilities Authority (York College of Pennsylvania), (Series I-6) Weekly 70917NMC5 $ 2,700,000 1/7/ /1/2031 Variable Rate Demand Note VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.340% $ 9,300,000 Pennsylvania State Higher Education Facilities Authority (York College of Pennsylvania), Revenue Bonds Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.340% 70917NSZ8 $ 9,300,000 1/7/ /1/2032 Variable Rate Demand Note $ 10,650,000 (4)(5) Pennsylvania State Public School Building Authority (Philadelphia, PA School District), DCL Floater Certificates (Series ) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.430% $ 13,060,000 Pennsylvania State Turnpike Commission, (Series B-4 of 2008) Weekly VRDNs,(Bank of America N.A. LOC), 0.370% $ 12,400,000 Philadelphia, PA Authority for Industrial Development (Evangelical Manor), (Series 2008) Weekly VRDNs,(Citizens Bank of Pennsylvania LOC), 0.350% $ 14,710,000 Philadelphia, PA Authority for Industrial Development (Fox Chase Cancer Center), (Series 2007A) Daily VRDNs,(Citizens Bank of Pennsylvania LOC), 0.500% $ 17,000,000 Philadelphia, PA Authority for Industrial Development (Philadelphia, PA), (Series 2007B) Weekly VRDNs, 0.320% 3,900, FL3 $ 10,650,000 1/7/2011 6/1/2023 Variable Rate Demand Note TD3 $ 13,060,000 1/7/ /1/2038 Variable Rate Demand Note R8 $ 12,400,000 1/7/ /1/2038 Variable Rate Demand Note F4 $ 14,710,000 1/3/2011 7/1/2031 Variable Rate Demand Note 71781QEE4 $ 17,000,000 1/7/ /1/2030 Variable Rate Demand Note $ Philadelphia, PA School District, (Series 2008 B-1) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.330% FR8 $ 3,900,000 1/7/2011 9/1/2030 Variable Rate Demand Note $ 20,000,000 Philadelphia, PA School District, (Series F of 2010) Weekly VRDNs,(Barclays Bank PLC LOC), 0.330% LN0 $ 20,000,000 1/10/2011 9/1/2030 Variable Rate Demand Note $ 35,000,000 Philadelphia, PA, (Series A of ), TRANs, 2.000% MH9 $ 35,222,837 6/30/2011 6/30/2011 Other Municipal Debt $ 145,175,000 Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, (Series A of 2007) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(PNC Bank, N.A. LIQ), 0.350% $ 34,305,000 Pittsburgh, PA Water & Sewer Authority, (Series B-1 of 2007) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.350% $ 31,445,000 Pittsburgh, PA Water & Sewer Authority, (Series B-2 of 2007) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.390% $ 71,225,000 Pittsburgh, PA Water & Sewer Authority, First Lien (Series D-2) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(PNC Bank, N.A. LIQ), 0.320% 3,765,000 $ 8,400,000 Southcentral PA, General Authority (Hanover Lutheran Retirement Village, Inc.), (Series 2005) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.340% $ 14,200,000 Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2008C) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.360% $ 6,000,000 Upper St. Clair Township, PA, (Series 2008) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(PNC Bank, N.A. LIQ), 0.340% AA8 $ 145,175,000 1/7/ /1/2038 Variable Rate Demand Note NP0 $ 34,305,000 1/7/2011 9/1/2033 Variable Rate Demand Note NQ8 $ 31,445,000 1/7/2011 9/1/2033 Variable Rate Demand Note RM3 $ 71,225,000 1/7/2011 9/1/2040 Variable Rate Demand Note $ Ridley, PA School District, (Series of 2009) Weekly VRDNs,(TD Bank, N.A. LOC), 0.340% HM2 $ 3,765,000 1/7/ /1/2029 Variable Rate Demand Note 84129NDA4 $ 8,400,000 1/7/2011 5/1/2035 Variable Rate Demand Note 84129NGC7 $ 14,200,000 1/7/2011 6/1/2037 Variable Rate Demand Note FF8 $ 6,000,000 1/7/2011 6/1/2038 Variable Rate Demand Note TOTAL $ 1,021,382,063 Rhode Island - 0.5% $ 50,000,000 Rhode Island State and Providence Plantations, (Fiscal Year 2011 #R-1), TANs, 2.000% 76222RJE3 $ 50,367,692 6/30/2011 6/30/2011 Other Municipal Debt TOTAL $ 50,367,692 South Carolina - 1.4% $ 53,695,000 Greenville, SC Hospital System, (Series 2008C) Weekly VRDNs,(Bank of America N.A. LOC), 0.400% HU0 $ 53,695,000 1/7/2011 5/1/2033 Variable Rate Demand Note $ 6,300,000 Piedmont Municipal Power Agency, SC, (Series 2008B) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Corp.), 0.400% $ 44,925,000 South Carolina Jobs-EDA (Bon Secours Health System), (Series 2008A) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.340% $ 4,500,000 South Carolina Jobs-EDA (Carolina Piedmont Foundation, Inc.), (Series 2002) Weekly VRDNs,(Bank of America N.A. LOC), 0.440% VC9 $ 6,300,000 1/7/2011 1/1/2034 Variable Rate Demand Note QH9 $ 44,925,000 1/7/ /1/2042 Variable Rate Demand Note KW2 $ 4,500,000 1/7/2011 9/1/2032 Variable Rate Demand Note TFOF-20

21 $ 9,110,000 South Carolina Jobs-EDA (Oconee Memorial Hospital, Inc.), (Series 2006B) Weekly VRDNs,(Wells Fargo Bank, 83703FAW2 $ 9,110,000 1/7/ /1/2036 Variable Rate Demand Note N.A. LOC), 0.330% $ 5,170,000 South Carolina Jobs-EDA (Pinewood Preparatory School), (Series 2008) Weekly VRDNs,(Branch Banking & QR7 $ 5,170,000 1/7/2011 6/1/2033 Variable Rate Demand Note Trust Co. LOC), 0.350% $ 7,000,000 South Carolina Jobs-EDA (Republic Services, Inc.), (Series 2004) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), PL1 $ 7,000,000 1/7/2011 4/1/2034 Variable Rate Demand Note 0.330% $ 19,000,000 Spartanburg County, SC Health Services District, Inc., (Series 2008B) Weekly VRDNs,(Bank of America N.A AP2 $ 19,000,000 1/7/2011 4/15/2037 Variable Rate Demand Note LIQ)/(INS by Assured Guaranty Corp.), 0.350% TOTAL $ 149,700,000 Tennessee - 0.8% $ 9,350,000 Blount County, TN Public Building Authority (Alcoa, TN), (Series E-5-B) Weekly VRDNs,(Branch Banking & RQ0 $ 9,350,000 1/7/2011 6/1/2042 Variable Rate Demand Note Trust Co. LOC), 0.350% $ 3,030,000 Blount County, TN Public Building Authority (Maryville, TN), (Series E-8-A) Weekly VRDNs,(Branch Banking & TB1 $ 3,030,000 1/7/2011 6/1/2037 Variable Rate Demand Note Trust Co. LOC), 0.350% $ 5,430,000 Blount County, TN Public Building Authority (Monroe County, TN), (Series E-7-A) Weekly VRDNs,(Branch SQ9 $ 5,430,000 1/7/2011 6/1/2039 Variable Rate Demand Note Banking & Trust Co. LOC), 0.350% $ 6,615,000 Bristol, TN Health and Educational Facilities Board (King College, Inc.) Weekly VRDNs,(Bank of America N.A DF9 $ 6,615,000 1/7/2011 5/1/2021 Variable Rate Demand Note LOC), 0.540% $ 11,315,000 (4)(5) Chattanooga, TN IDB (Southside Redevelopment Corp.), Putters (Series 2055) Weekly VRDNs,(INS by BT1 $ 11,315,000 1/7/2011 4/1/2015 Variable Rate Demand Note Assured Guaranty Municipal Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.390% $ 4,300,000 Knox County, TN Health Education & Housing Facilities Board (Catholic Healthcare Partners), (Series 2008A) VK1 $ 4,300,000 1/7/ /1/2031 Variable Rate Demand Note Weekly VRDNs,(Landesbank Baden-Wurttemberg LOC), 0.360% $ 8,000,000 Knox County, TN Health Education & Housing Facilities Board (Catholic Healthcare Partners), (Series 2008B) VL9 $ 8,000,000 1/7/ /1/2031 Variable Rate Demand Note Weekly VRDNs,(Landesbank Baden-Wurttemberg LOC), 0.360% $ 6,100,000 (4)(5) Knox County, TN Health Education & Housing Facilities Board (Steeplechase Falls II LP), P-Floats (Series PT- 2524) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(Merrill Lynch & Co., Inc. LIQ), 0.660% 78388KBF9 $ 6,100,000 1/7/2011 1/1/2030 Variable Rate Demand Note $ 25,750,000 Metropolitan Government Nashville & Davidson County, TN HEFA (Ascension Health Credit Group), (Series 2001B-1) VRENs, 0.430% $ 4,865,000 Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 0.350% $ 7,225,000 Shelby County, TN Health Education & Housing Facilities Board (Trezevant Manor), (Series 2007A) Weekly VRDNs,(Bank of America N.A. LOC), 0.360% TOTAL $ 91,980,000 Texas - 9.0% $ 12,185,000 Alamo Heights, TX Higher Education Facilities Corp. (University of the Incarnate Word), (Series 1999-A) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.440% $ 25,325,000 Austin, TX Water and Wastewater System, (Series 2004) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(Landesbank Baden-Wurttemberg (Guaranteed) LIQ), 0.380% $ 3,500,000 Bexar County, TX Housing Finance Corp. (Summit Hills Apartments), (Series 2005A) Weekly VRDNs,(Federal Home Loan Mortgage Corp. LOC), 0.340% $ 13,000,000 Capital Area Cultural Education Facilities Finance Corp., TX (John Cooper School), (Series 2005) Weekly VRDNs,(Bank of America N.A. LOC), 0.360% $ 24,150,000 (4)(5) Clipper Tax-Exempt Certificates Trust (Texas Non-AMT) Series Weekly VRDNs,(GTD by Texas Permanent School Fund Guarantee Program)/(State Street Bank and Trust Co. LIQ), 0.370% SL2 $ 25,750,000 7/29/ /15/2031 Variable Rate Demand Note UP0 $ 4,865,000 1/7/2011 6/1/2035 Variable Rate Demand Note XS3 $ 7,225,000 1/7/2011 9/1/2039 Variable Rate Demand Note AA7 $ 12,185,000 1/7/2011 4/1/2019 Variable Rate Demand Note GM4 $ 25,325,000 1/7/2011 5/15/2024 Variable Rate Demand Note XD9 $ 3,500,000 1/7/2011 3/1/2035 Variable Rate Demand Note 13972MAB4 $ 13,000,000 1/7/ /1/2035 Variable Rate Demand Note 18886PZH1 $ 24,150,000 1/7/2011 8/15/2019 Variable Rate Demand Note $ 8,430,000 Crawford, TX Education Facilities Corp. (Central Houston Parking LLC), (SEries 2004A) Weekly VRDNs,(BNP Paribas SA LOC), 0.520% $ 4,465,000 (4)(5) El Paso County, TX Hospital District, Putters (Series 2998) Weekly VRDNs,(INS by Assured Guaranty Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.390% $ 10,370,000 (4)(5) Ellis County, TX, Solar Eclipse (Series ) Weekly VRDNs,(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.320% $ 28,000,000 Harris County, TX Cultural Education Facilities Finance Corp., (Subseries 2009C-1), CP, (Methodist Hospital, Harris County, TX), 0.330% $ 25,000,000 Harris County, TX Cultural Education Facilities Finance Corp., (Subseries 2009C-1), CP, (Methodist Hospital, Harris County, TX), 0.380% TFOF AA6 $ 8,430,000 1/7/2011 5/1/2035 Variable Rate Demand Note DU8 $ 4,465,000 1/7/2011 2/15/2016 Variable Rate Demand Note 27884FYB0 $ 10,370,000 1/7/2011 8/1/2032 Variable Rate Demand Note 41386RBA5 $ 28,000,000 2/3/2011 2/3/2011 Other Municipal Debt 41386RAX6 $ 25,000,000 3/3/2011 3/3/2011 Other Municipal Debt

22 $ 7,500,000 Harris County, TX Education Facilities Finance Corp. (Memorial Hermann Healthcare System), (Series 2008D BD1 $ 7,500,000 1/7/2011 6/1/2029 Variable Rate Demand Note 1) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.330% $ 9,150,000 Harris County, TX HFDC (Baylor College of Medicine), (Subseries 2007A-1) Daily VRDNs,(Wells Fargo Bank, SH2 $ 9,150,000 1/3/ /15/2047 Variable Rate Demand Note N.A. LOC), 0.280% $ 6,310,000 Harris County, TX HFDC (St. Dominic Village), (Series 2000) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 41315RCR3 $ 6,310,000 1/7/2011 6/1/2025 Variable Rate Demand Note 0.330% $ 13,000,000 Harris County, TX HFDC (St. Luke's Episcopal Hospital), (Series 2008A) Weekly VRDNs, 0.350% 41315RHE7 $ 13,000,000 1/7/2011 2/15/2047 Variable Rate Demand Note $ 77,770,000 Harris County, TX HFDC (St. Luke's Episcopal Hospital), (Series B) Daily VRDNs, 0.280% 41315RDM3 $ 77,770,000 1/3/2011 2/15/2031 Variable Rate Demand Note $ 14,000,000 Houston, TX Airport System, (Series 2010) Weekly VRDNs,(Barclays Bank PLC LOC), 0.290% B1 $ 14,000,000 1/7/2011 7/1/2030 Variable Rate Demand Note $ 9,540,000 Houston, TX Higher Education Finance Corp. (Houston Student Housing LLC), (Series 2000A) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.520% $ 4,660,000 Houston, TX Higher Education Finance Corp. (Houston Student Housing LLC), (Series 2003A: Tierwester Oaks and Richfield Manor) Weekly VRDNs,(Bank of New York Mellon LOC), 0.990% AA1 $ 9,540,000 1/7/ /1/2030 Variable Rate Demand Note AC7 $ 4,660,000 1/7/2011 3/1/2033 Variable Rate Demand Note $ 10,000,000 Kendall County, TX Health Facilities Development Corp. (Morningside Ministries Foundation, Inc.), (Series 2008) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.330% $ 5,130,000 (4)(5) Lamar, TX Consolidated Independent School District, Rocs (Series 12266) Weekly VRDNs,(Citibank NA, New York LIQ)/(GTD by Texas Permanent School Fund Guarantee Program), 0.350% AC4 $ 10,000,000 1/7/2011 1/1/2041 Variable Rate Demand Note PW6 $ 5,130,000 1/7/2011 2/15/2036 Variable Rate Demand Note $ 18,965,000 (4)(5) Longview, TX ISD, Stage Trust (Series C), TOBs,(GTD by Texas Permanent School Fund Guarantee Program)/(Wells Fargo Bank, N.A. LIQ), 0.400% $ 50,000,000 North Texas Higher Education Authority, Inc., (Series 2010E) Weekly VRDNs,(Lloyds TSB Bank plc, London LOC), 0.330% $ 26,505,000 (4)(5) North Texas Tollway Authority, Spears (Series DB-620) Weekly VRDNs,(Deutsche Bank AG LIQ)/(INS by Assured Guaranty Corp.), 0.340% $ 15,000,000 San Antonio, TX Housing Finance Corp. (Artisan at San Pedro Creek Apartments), (Series 2008) Weekly VRDNs,(Bank of America N.A. LOC), 0.380% $ 82,770,000 Tarrant County, TX Cultural Education Facilities Finance Corp. (Valley Baptist Medical Center), (Series 2007) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.400% 300,000,000 $ 8,685,000 (4)(5) Texas State Transportation Commission (Texas State), Eagles (Series ) Weekly VRDNs,(Citibank NA, New York LIQ), 0.340% 149,200, NDY4 $ 18,965,000 2/17/2011 2/15/2036 Other Municipal Debt EZ5 $ 50,000,000 1/7/ /1/2045 Variable Rate Demand Note 25154LN34 $ 26,505,000 1/7/2011 1/1/2038 Variable Rate Demand Note HC3 $ 15,000,000 1/7/2011 3/1/2049 Variable Rate Demand Note 87638QAG4 $ 82,770,000 1/7/2011 9/1/2030 Variable Rate Demand Note $ Texas State, TRANs, 2.000% VC2 $ 303,264,516 8/31/2011 8/31/2011 Other Municipal Debt D59 $ 8,685,000 1/7/2011 4/1/2029 Variable Rate Demand Note $ (4)(5) Texas State, Putters (Series 3812) Daily VRDNs,(J.P. Morgan Chase & Co. LIQ), 0.290% 46633VA58 $ 149,200,000 1/3/2011 8/31/2011 Variable Rate Demand Note $ 10,400,000 (4)(5) Texas Water Development Board, Merlots (Series 2008-C51) Weekly VRDNs,(Wells Fargo Bank, N.A. LIQ), 0.330% TOTAL $ 976,274,516 Utah - 0.8% SG8 $ 10,400,000 1/7/2011 7/15/2023 Variable Rate Demand Note $ 1,865,000 Carbon County, UT (Pacificorp), PCRB (Series 1994) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.350% AD6 $ 1,865,000 1/7/ /1/2024 Variable Rate Demand Note $ 10,000,000 Emery County, UT (Pacificorp), PCRB (Series 1994) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.330% CE4 $ 10,000,000 1/7/ /1/2024 Variable Rate Demand Note $ 22,350,000 Emery County, UT (Pacificorp), PCRRB (Series 1991) Weekly VRDNs,(BNP Paribas SA LOC), 0.330% BW5 $ 22,350,000 1/7/2011 7/1/2015 Variable Rate Demand Note $ 47,500,000 (4)(5) Riverton, UT Hospital Revenue Authority (IHC Health Services, Inc.), Putters (Series 1762) Weekly VRDNs,(J.P. Morgan Chase & Co. LIQ), 0.340% TOTAL $ 81,715, AB5 $ 47,500,000 1/7/2011 5/15/2012 Variable Rate Demand Note Virginia - 1.2% $ 11,073,000 Farmville, VA IDA (Longwood University Real Estate Foundation, Inc.), (Series 2007) Weekly VRDNs,(Bank of AD6 $ 11,073,000 1/7/2011 9/1/2036 Variable Rate Demand Note America N.A. LIQ)/(INS by Assured Guaranty Corp.), 0.420% $ 2,775,000 Fauquier County, VA IDA (Warrenton Development Co.) Weekly VRDNs,(Bank of America N.A. LOC), 1.600% AM9 $ 2,775,000 1/7/ /1/2014 Variable Rate Demand Note $ 9,375,000 Lynchburg, VA IDA (Centra Health, Inc.), (Series 2004 B) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 0.350% GQ0 $ 9,375,000 1/7/2011 1/1/2035 Variable Rate Demand Note TFOF-22

23 $ 19,945,000 Lynchburg, VA IDA (Centra Health, Inc.), (Series 2004 C) Weekly VRDNs,(Branch Banking & Trust Co. LOC), GR8 $ 19,945,000 1/7/2011 1/1/2035 Variable Rate Demand Note 0.350% $ 15,000,000 Metropolitan Washington, DC Airports Authority, (Series 2009A-1) Weekly VRDNs,(Landesbank Baden D83 $ 15,000,000 1/7/ /1/2039 Variable Rate Demand Note Wurttemberg LIQ), 0.390% $ 11,800,000 Montgomery County, VA IDA (Virginia Tech Foundation), (Series 2005) Daily VRDNs,(Bank of America N.A BJ5 $ 11,800,000 1/3/2011 6/1/2035 Variable Rate Demand Note LOC), 0.400% $ 9,250,000 Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series 2010 C) VRENs, 0.460% 65588TAM1 $ 9,250,000 7/29/ /1/2034 Variable Rate Demand Note $ 7,200,000 Roanoke, VA IDA (Carilion Health System Obligated Group), (Series 2005A-1) Daily VRDNs,(INS by Assured Guaranty Municipal Corp.)/(Wells Fargo Bank, N.A. LIQ), 0.280% $ 19,125,000 Rockingham County, VA IDA (Sunnyside Presbyterian Home), (Series 2003) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 0.350% $ 7,400,000 Virginia Commonwealth University Health System Authority, (Series A) Daily VRDNs,(Branch Banking & Trust Co. LOC), 0.260% $ 7,695,000 Virginia Commonwealth University Health System Authority, (Series B) Daily VRDNs,(Branch Banking & Trust Co. LOC), 0.340% $ 8,675,000 Virginia Commonwealth University Health System Authority, (Series B) Daily VRDNs,(Wells Fargo Bank, N.A. LOC), 0.340% EN7 $ 7,200,000 1/3/2011 7/1/2036 Variable Rate Demand Note AT7 $ 19,125,000 1/7/ /1/2033 Variable Rate Demand Note 92778LAF7 $ 7,400,000 1/3/2011 7/1/2037 Variable Rate Demand Note 92778LAD2 $ 7,695,000 1/3/2011 7/1/2037 Variable Rate Demand Note 92778LAB6 $ 8,675,000 1/3/2011 7/1/2030 Variable Rate Demand Note TOTAL $ 129,313,000 Washington - 0.2% $ 3,380,000 (4)(5) NJB Properties (King County, WA), Solar Eclipse (Series ) Weekly VRDNs,(U.S. Bank, N.A. LIQ)/(U.S FYP9 $ 3,380,000 1/7/ /1/2031 Variable Rate Demand Note Bank, N.A. LOC), 0.330% $ 17,100,000 Washington State Higher Education Facilities Authority (Saint Martin's University), (Series 2007) Weekly ZG8 $ 17,100,000 1/7/2011 2/1/2037 Variable Rate Demand Note VRDNs,(U.S. Bank, N.A. LOC), 0.330% TOTAL $ 20,480,000 Wisconsin - 3.8% $ 22,000,000 (4)(5) Clipper Tax-Exempt Certificates Trust (Wisconsin Non-AMT) Series (Wisconsin State) Weekly GR1 $ 22,000,000 1/7/2011 5/1/2013 Variable Rate Demand Note VRDNs,(State Street Bank and Trust Co. LIQ), 0.390% $ 12,900,000 Oconomowoc, WI Area School District, TRANs, 1.250% JT4 $ 12,970,590 8/25/2011 8/25/2011 Other Municipal Debt $ 6,950,000 Oshkosh, WI School District, TRANs, 1.500% DY6 $ 6,999,956 9/22/2011 9/22/2011 Other Municipal Debt $ 3,935,000 Wausau, WI Community Development Authority (Clover Industries, Inc.), (Series 2008A) Weekly AA7 $ 3,935,000 1/7/ /1/2038 Variable Rate Demand Note VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.430% $ 190,000 Wisconsin State HEFA (16th Street Community Health Center, Inc.), (Series 2006) Weekly VRDNs,(JPMorgan 97710VZK7 $ 190,000 1/7/2011 1/1/2036 Variable Rate Demand Note Chase Bank, N.A. LOC), 0.330% $ 10,400,000 Wisconsin State HEFA (Agnesian Healthcare, Inc.), (Series 2008) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 97710BGG1 $ 10,400,000 1/7/2011 6/1/2035 Variable Rate Demand Note 0.330% $ 25,000,000 Wisconsin State HEFA (Aurora Health Care, Inc.), (Series 2006B) Weekly VRDNs,(Bank of Montreal LOC), 97710VC71 $ 25,000,000 1/7/2011 4/1/2028 Variable Rate Demand Note 0.300% $ 17,235,000 Wisconsin State HEFA (Benevolent Corporation Cedar Community), (Series 2007) Weekly VRDNs,(JPMorgan 97710V3U0 $ 17,235,000 1/7/2011 6/1/2037 Variable Rate Demand Note Chase Bank, N.A. LOC), 0.330% $ 51,000,000 Wisconsin State HEFA (Hospital Sisters Services, Inc.), (Series 2007B-1) Weekly VRDNs,(Harris, N.A. LIQ)/(INS 97710V2Q0 $ 51,000,000 1/7/2011 3/15/2036 Variable Rate Demand Note by Assured Guaranty Municipal Corp.), 0.400% $ 40,800,000 Wisconsin State HEFA (Hospital Sisters Services, Inc.), (Series B-2) Weekly VRDNs,(INS by Assured Guaranty 97710V2R8 $ 40,800,000 1/7/2011 3/15/2036 Variable Rate Demand Note Municipal Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.410% $ 4,040,000 Wisconsin State HEFA (Lawrence University, WI), (Series 2009) Weekly VRDNs,(JPMorgan Chase Bank, N.A BGM8 $ 4,040,000 1/7/2011 2/1/2039 Variable Rate Demand Note LOC), 0.340% $ 4,890,000 Wisconsin State HEFA (Meriter Retirement Services, Inc.), (Series 2008B) Weekly VRDNs,(U.S. Bank, N.A V7W2 $ 4,890,000 1/7/2011 3/1/2038 Variable Rate Demand Note LOC), 0.340% $ 212,500,000 Wisconsin State, (Operating Notes of 2010), TRANs, 2.000% 97705LZR1 $ 213,929,685 6/15/2011 6/15/2011 Other Municipal Debt TOTAL $ 413,390,231 Wyoming - 0.0% $ 3,760,000 Sweetwater County, WY PCRB (Pacificorp), PCRB (Series 1994) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), CF0 $ 3,760,000 1/7/ /1/2024 Variable Rate Demand Note 0.350% TOTAL $ 3,760,000 TOTAL MUNICIPALS $ 10,937,466,454 TOTAL INVESTMENTS 10,937,466,454 $ TFOF-23

24 Includes the name of issuer and coupon or yield of the security. (2) date as determined under Rule 2a-7(d) for purposes of calculating the portfolio's Weighted Average (3) The date on which the fund has an unconditional right to payment of the full principal amount of and any remaining interest on the security. (4) Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At December 31,2010, these restricted securities amounted to $1,677,945,000, which represented 15.5% of total net assets. (5) Denotes a restricted security that may be resold without restriction to qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees. At December 31,2010, these liquid restricted securities amounted to $1,677,945,000, which represented 15.5% of total net assets. The categories of investments are shown as a percentage of net assets ($10,858,460,226) at the close of business on December 31,2010, and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes. Where appropriate, the following acronyms may be used throughout this portfolio: AMT --Alternative Minimum Tax BAN --Bond Anticipation Note COL --Collateralized COP --Certificate of Participation CP --Commercial Paper CSD --Central School District EDA --Economic Development Authority EDC --Economic Development Commission EDFA --Economic Development Financing 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 HEFA --Health and Education Facilities Authority HFA --Housing Finance Authority HFDC --Health Facility Development Corporation IDA --Industrial Development Authority IDB --Industrial Development Bond IDC --Industrial Development Corporation IDFA --Industrial Development Finance Authority IDR --Industrial Development Revenue IDRB --Industrial Development Revenue Bond INS --Insured INV --Investment Agreement ISD --Independent School District LIQ --Liquidity Agreement LLC --Limited Liability Corporation TFOF-24

25 LOC --Letter of Credit LP --Limited Partnership LT --Limited Tax MERLOTS --Municipal Exempt Receipts-Liquidity Optional Tender Series MFH --Multi-Family Housing MMM --Money Market Municipal PCFA --Pollution Control Finance Authority PCR --Pollution Control Revenue PRF --Prerefunded PUTTER --Puttable Tax-Exempt Receipt ROC --Reset Option Certificate SFM --Single Family Mortgage SPEAR --Short Puttable Exempt Adjustable Receipt TAN --Tax Anticipation Note TOB --Tender Option Bond TRAN --Tax and Revenue Anticipation Note UT --Unlimited Tax VRDN --Variable Rate Demand Note VRDP --Variable Rate Demand Preferred VREN --Variable Rate Extended Note An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds. Portfolio holdings are shown as of the date indicated and are unaudited. Since market conditions fluctuate suddenly and frequently, the portfolio holdings may change and this list is not indicative of future portfolio composition. These portfolio holdings are not intended to be and do not constitute recommendations that others buy, sell, or hold any of the securities listed. For more complete information on the fund, visit FederatedInvestors.com for a prospectus or a summary prospectus, if available. You should consider the fund s investment objectives, risks, charges and expenses carefully before you invest. Information about these and other important subjects is in the fund s prospectus or summary prospectus, which you should read carefully before investing. A money market fund rated AAAm by Standard & Poor's is granted after evaluating a number of factors, including credit quality, market price exposure, and management. Money market funds rated Aaa by Moody's are judged to be of an investment quality similar to Aaa-rated fixed income obligations, that is, they are judged to be of the best quality. Fitch's money market fund ratings are an assessment of the safety of invested principal and the ability to maintain a stable market value of the fund's shares. Ratings are subject to change and do not remove market risk. NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Federated Securities Corp., Distributor (32242) 12/31/2010 Federated is a registered mark of Federated Investors, Inc Federated Investors, Inc. TFOF-25