Security Description CUSIP

Transcription

1 FEDERATED TAX-FREE OBLIGATIONS FUND Portfolio as of September 15, 2015 Current Net Assets -- $ 6,344,271,240 Weighted Average : 42 Days Weighted Average Life: 42 Days Credit Rating: Aaa-mf MOODY'S AAAmmf FITCH Principal Amount MUNICIPALS % Alabama - 4.6% $ 6,000,000 Alabama HFA Multi-Family Housing (Double Lake Ventures LLC), (2000 Series A:Turtle Lake) Weekly VRDNs,(Federal National Mortgage Association LOC), 0.030% $ 4,000,000 (4)(5) Alabama Special Care Facilities Financing Authority of Birmingham (Ascension Health Alliance Senior Credit Group), Solar Eclipse (Series ) Weekly VRDNs,(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. Rule 2a-7 Category of Investment 01030PDD5 $ 6,000,000 9/22/2015 2/15/2030 Variable Rate Demand Note 27884FTT7 $ 4,000,000 9/22/ /15/2036 Variable Rate Demand Note $ 8,000,000 (4)(5) Birmingham, AL Waterworks & Sewer Board, Floater Certificates (Series ) Weekly VRDNs,(INS by Berkshire Hathaway Assurance Corp.)/(Morgan Stanley Bank, N.A. LIQ), 0.030% KY7 $ 8,000,000 9/22/2015 1/1/2043 Variable Rate Demand Note $ 27,000,000 Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-B) Daily VRDNs, 0.050% AX5 $ 27,000,000 9/16/ /1/2037 Variable Rate Demand Note $ 10,000,000 Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-D) Weekly VRDNs, 0.060% AY3 $ 10,000,000 9/22/ /1/2037 Variable Rate Demand Note $ 28,000,000 Mobile County, AL IDA Gulf Opportunity Zone (SSAB Alabama, Inc.), (Series 2011) Weekly VRDNs,(Credit 60733RAB4 $ 28,000,000 9/22/ /1/2031 Variable Rate Demand Note Agricole Corporate and Investment Bank LOC), 0.040% $ 35,000,000 Mobile, AL IDB (Alabama Power Co.), (First Series 2009: Barry Plant) Daily VRDNs, 0.050% DY6 $ 35,000,000 9/16/2015 6/1/2034 Variable Rate Demand Note $ 12,000,000 Mobile, AL IDB (Alabama Power Co.), PCR (Series 1993B) Weekly VRDNs, 0.060% DF7 $ 12,000,000 9/22/2015 8/1/2017 Variable Rate Demand Note $ 11,500,000 Mobile, AL IDB (Alabama Power Co.), PCR Bonds (Series 2007C) Weekly VRDNs, 0.070% DW0 $ 11,500,000 9/22/2015 6/1/2034 Variable Rate Demand Note $ 17,500,000 Mobile, AL IDB, PCR (Series 2008: Gulf Opportunity Zone Bond), TOBs, (Alabama Power Co.), 0.320% DX8 $ 17,500,000 10/1/ /1/2015 Other Municipal Debt $ 29,100,000 Tuscaloosa County, AL IDA (Hunt Refining Co.), (Series 2008A: Gulf Opportunity Zone Bonds) Weekly VRDNs,(Citibank NA, New York $ 10,000,000 Tuscaloosa County, AL IDA (Hunt Refining Co.), (Series 2008C: Gulf Opportunity Zone Bonds) Weekly VRDNs,(Bank of Nova Scotia, Toronto $ 25,000,000 Tuscaloosa County, AL IDA (Hunt Refining Co.), (Series 2011A: Gulf Opportunity Zone Bonds) Weekly VRDNs,(Sumitomo Mitsui Banking Corp. $ 40,000,000 Tuscaloosa County, AL IDA (Hunt Refining Co.), (Series 2011J: Gulf Opportunity Zone Bonds) Weekly VRDNs,(Bank of Nova Scotia, Toronto $ 10,000,000 Tuscaloosa County, AL IDA (Hunt Refining Co.), (Series 2011K: Gulf Opportunity Zone Bonds) Weekly VRDNs,(Bank of Nova Scotia, Toronto $ 11,800,000 Tuscaloosa County, AL Port Authority (Tuscaloosa Riverfront Development, LLC), (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs,(Federal Home Loan Bank of Atlanta LOC), 0.060% $ 5,410,000 (4)(5) University of South Alabama, Solar Eclipse (Series ) Weekly VRDNs,(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.030% $ 2,675,000 Washington County, AL Industrial Development Authority (Bay Gas Storage Company, Ltd.), (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs,(UBS AG LOC), 0.010% 90068FAA4 $ 29,100,000 9/22/2015 3/1/2027 Variable Rate Demand Note 90068FAD8 $ 10,000,000 9/22/ /1/2027 Variable Rate Demand Note 90068FAJ5 $ 25,000,000 9/22/2015 6/1/2028 Variable Rate Demand Note 90068FAN6 $ 40,000,000 9/22/2015 4/1/2028 Variable Rate Demand Note 90068FAP1 $ 10,000,000 9/22/2015 4/1/2028 Variable Rate Demand Note AY5 $ 11,800,000 9/22/2015 5/1/2030 Variable Rate Demand Note 27884FRG7 $ 5,410,000 9/22/ /1/2036 Variable Rate Demand Note AA8 $ 2,675,000 9/22/2015 8/1/2037 Variable Rate Demand Note TFOF - 1

2 TOTAL $ 292,985,000 Alaska - 1.7% Rule 2a-7 Category of Investment $ 5,015,000 Alaska State Housing Finance Corp., (2009 Series D) Weekly VRDNs,(Bank of America N.A. LIQ), 0.010% 01170PEY8 $ 5,015,000 9/22/ /1/2040 Variable Rate Demand Note $ 30,000,000 Alaska State Housing Finance Corp., (Series 2007A) Weekly VRDNs,(Landesbank Baden-Wurttemberg LIQ), 01170PBW5 $ 30,000,000 9/22/ /1/2041 Variable Rate Demand Note 0.060% $ 50,000,000 Alaska State Housing Finance Corp., Home Mortgage Revenue Bonds (Series 2007D) Weekly 01170PBX3 $ 50,000,000 9/22/ /1/2041 Variable Rate Demand Note VRDNs,(Landesbank Baden-Wurttemberg LIQ), 0.060% $ 24,590,000 (4)(5) Anchorage, AK Wastewater Revenue, (Solar Eclipse ) Weekly VRDNs,(U.S. Bank, N.A. LIQ)/(U.S FXZ8 $ 24,590,000 9/22/ /1/2016 Variable Rate Demand Note Bank, N.A. LOC), 0.030% TOTAL $ 109,605,000 Arizona - 1.7% $ 4,000,000 Maricopa County, AZ, IDA Solid Waste Disposal (DC Paloma 2 LLC), (Series 2009) Weekly VRDNs,(CoBank, ACB 56682FAM5 $ 4,000,000 9/22/2015 3/1/2036 Variable Rate Demand Note $ 40,000,000 Phoenix, AZ IDA (Mayo Clinic), (Series 2014A) Daily VRDNs,(Bank of America N.A. LIQ), 0.010% 71884SAA8 $ 40,000,000 9/16/ /15/2052 Variable Rate Demand Note $ 5,000,000 Phoenix, AZ IDA (Mayo Clinic), (Series 2014B) Daily VRDNs,(Wells Fargo Bank, N.A. LIQ), 0.010% 71884SAC4 $ 5,000,000 9/16/ /15/2052 Variable Rate Demand Note $ 21,785,000 Salt River Pima-Maricopa, AZ Indian Community, (Series 2006) Weekly VRDNs,(Bank of America N.A. LOC), AB9 $ 21,785,000 9/22/ /1/2026 Variable Rate Demand Note $ 7,845,000 (4)(5) Salt River Project, AZ Agricultural Improvement & Power District, Floater Certificates (Series ) 79575DQ29 $ 7,845,000 9/22/ /1/2024 Variable Rate Demand Note Weekly VRDNs,(Morgan Stanley Bank, N.A. LIQ), 0.030% $ 28,500,000 Yavapai County, AZ IDA - Recovery Zone Facility (Skanon Investments, Inc.), (Series 2010: Drake Cement 98521YAA7 $ 28,500,000 9/22/2015 9/1/2035 Variable Rate Demand Note Project) Weekly VRDNs,(Citibank NA, New York LOC), 0.040% TOTAL $ 107,130,000 California - 5.4% $ 15,450,000 (4)(5) Bay Area Toll Authority, CA, Tender Option Bond Trust Certificates (2015-XF1044) Weekly VRDNs,(Deutsche 88033MBX4 $ 15,450,000 9/22/ /1/2054 Variable Rate Demand Note Bank AG LIQ)/(GTD by Deutsche Bank AG), 0.110% $ 20,050,000 California State, BONDs, 2.000% 13063CME7 $ 20,065,138 10/1/ /1/2015 Other Municipal Debt $ 7,500,000 (4)(5) California State, Tender Option Bond Trust Certificates (2015-XF1037) Weekly VRDNs,(Deutsche Bank AG 88033L6Q7 $ 7,500,000 9/22/2015 8/1/2035 Variable Rate Demand Note LIQ)/(GTD by Deutsche Bank AG), 0.110% $ 26,125,000 (4)(5) California State, Tender Option Bond Trust Certificates (2015-XF1039) Weekly VRDNs,(Deutsche Bank AG 88033LX61 $ 26,125,000 9/22/ /1/2044 Variable Rate Demand Note LIQ)/(GTD by Deutsche Bank AG), 0.170% $ 12,290,000 California Statewide Communities Development Authority, (Series 2004E), CP, (Kaiser Permanente), 0.140% 13080M2Q9 $ 12,290,000 2/4/2016 2/4/2016 Other Municipal Debt $ 19,045,000 California Statewide Communities Development Authority, (Series 2004E), CP, (Kaiser Permanente), 0.210% 13080M2M8 $ 19,045,000 1/7/2016 1/7/2016 Other Municipal Debt $ 16,700,000 California Statewide Communities Development Authority, (Series 2004I), CP, (Kaiser Permanente), 0.070% 13080Q2M9 $ 16,700,000 12/2/ /2/2015 Other Municipal Debt $ 30,800,000 California Statewide Communities Development Authority, (Series 2004I), CP, (Kaiser Permanente), 0.140% 13080Q2N7 $ 30,800,000 2/4/2016 2/4/2016 Other Municipal Debt $ 8,750,000 California Statewide Communities Development Authority, (Series 2009 B-6), CP, (Kaiser Permanente), 0.210% $ 42,490,000 (4)(5) Golden State Tobacco Securitization Corp., CA (California State), Spears (Series DBE-290) Weekly VRDNs,(Deutsche Bank AG LIQ)/(GTD by Deutsche Bank AG), 0.110% $ 40,000,000 (4)(5) Golden State Tobacco Securitization Corp., CA (California State), Tender Option Bond Trust Certificates (2015- XF1038) Weekly VRDNs,(Deutsche Bank AG LIQ)/(GTD by Deutsche Bank AG), 0.160% $ 21,500,000 (4)(5) Nuveen California AMT-Free Municipal Income Fund, (Series 4) Weekly VRDPs,(Citibank NA, New York LIQ), 0.080% 13080HCQ9 $ 8,750,000 1/6/2016 1/6/2016 Other Municipal Debt 25154CMH4 $ 42,490,000 9/22/2015 6/1/2028 Variable Rate Demand Note 88033L6V6 $ 40,000,000 9/22/2015 6/1/2045 Variable Rate Demand Note $ 21,500,000 9/22/ /1/2040 Variable Rate Demand Note TFOF - 2

3 Rule 2a-7 Category of Investment $ 8,900,000 (4)(5) Nuveen California AMT-Free Municipal Income Fund, [Series 2] Weekly VRDPs,(Deutsche Bank Trust Co $ 8,900,000 9/22/2015 6/1/2040 Variable Rate Demand Note Americas LIQ), 0.130% $ 7,735,000 (4)(5) San Francisco, CA City & County Airport Commission, Tender Option Bond Trust Certificates (2015-XF1032) 88033L3W7 $ 7,735,000 9/22/2015 5/1/2044 Variable Rate Demand Note Weekly VRDNs,(Deutsche Bank AG LIQ)/(GTD by Deutsche Bank AG), 0.110% $ 47,975,000 (4)(5) San Mateo County, CA Community College District, (DB-474) Weekly VRDNs,(Deutsche Bank AG LIQ), 0.110% 25154LHR8 $ 47,975,000 9/22/2015 9/1/2036 Variable Rate Demand Note $ 15,390,000 (4)(5) San Mateo County, CA Community College District, Spears (Series DB-631) Weekly VRDNs,(Deutsche Bank AG 25154LS54 $ 15,390,000 9/22/2015 9/1/2027 Variable Rate Demand Note LIQ), 0.090% TOTAL $ 340,715,138 Colorado - 1.9% $ 22,900,000 (4)(5) Colorado Health Facilities Authority (Catholic Health Initiatives), (Series WE) Weekly VRDNs,(Barclays 76252PFP9 $ 22,900,000 9/22/2015 8/1/2018 Variable Rate Demand Note Bank plc LIQ)/(Barclays Bank plc LOC), 0.170% $ 16,695,000 (4)(5) Denver, CO City & County Airport Authority, Spears (Series DBE-493) Weekly VRDNs,(Deutsche Bank AG 25154LKM5 $ 16,695,000 9/22/ /15/2032 Variable Rate Demand Note LIQ)/(GTD by Deutsche Bank AG), 0.120% $ 31,220,000 University of Colorado Hospital Authority, (Series 2015A) VRENs, 0.200% AV0 $ 31,220,000 4/12/ /15/2046 Variable Rate Demand Note $ 36,765,000 University of Colorado Hospital Authority, (Series 2015B) VRENs, 0.200% AW8 $ 36,765,000 4/12/ /15/2039 Variable Rate Demand Note $ 12,975,000 University of Colorado Hospital Authority, (Series 2015C) VRENs, 0.200% AX6 $ 12,975,000 4/12/ /15/2024 Variable Rate Demand Note TOTAL $ 120,555,000 Connecticut - 0.1% $ 3,815,000 Connecticut State HFA (CIL Realty), (Series 2010( Weekly VRDNs,(HSBC Bank USA, N.A WD99 $ 3,815,000 9/22/2015 7/1/2040 Variable Rate Demand Note $ 4,000,000 Connecticut State HFA, (Subseries C-3) Weekly VRDNs,(Royal Bank of Canada, Montreal LIQ), 0.010% 20775B8C3 $ 4,000,000 9/22/ /15/2045 Variable Rate Demand Note TOTAL $ 7,815,000 District Of Columbia - 1.5% $ 33,250,000 District of Columbia (Carnegie Endowment for International Peace), (Series 2006) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.010% $ 4,375,000 District of Columbia Revenue (Washington Center for Internships & Academic Seminars), (Series 2006) Weekly VRDNs,(Branch Banking & Trust Co. $ 11,920,000 District of Columbia Revenue (Washington Center for Internships & Academic Seminars), (Series 2009) Weekly VRDNs,(Branch Banking & Trust Co. $ 3,265,000 District of Columbia Revenue (Young Men's Christian Association of Metropolitan Washington), (Series 1999) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.070% 25483VAE4 $ 33,250,000 9/22/ /1/2045 Variable Rate Demand Note L27 $ 4,375,000 9/22/2015 7/1/2036 Variable Rate Demand Note W0 $ 11,920,000 9/22/2015 2/1/2048 Variable Rate Demand Note UG6 $ 3,265,000 9/22/2015 5/1/2024 Variable Rate Demand Note $ 12,575,000 (4)(5) District of Columbia Water & Sewer Authority, Solar Eclipse (Series ) Weekly VRDNs,(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.030% $ 26,665,000 (4)(5) Washington, DC Convention Center Authority, Floater Certificates (Series ) Weekly VRDNs,(Credit Suisse AG LIQ)/(INS by Berkshire Hathaway Assurance Corp.), 27884FUK4 $ 12,575,000 9/22/ /1/2036 Variable Rate Demand Note 93877MCE4 $ 26,665,000 9/22/ /1/2030 Variable Rate Demand Note TOTAL $ 92,050,000 Florida % $ 16,980,000 (4)(5) Central Florida Expressway Authority, Barclays Floater Certificates (Series EW) Weekly VRDNs,(Barclays Bank plc LIQ)/(Barclays Bank plc LOC), 0.150% $ 28,375,000 (4)(5) Clipper Tax-Exempt Certificates Trust (Florida Non-AMT) Series Weekly VRDNs,(State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.050% $ 18,000,000 (4)(5) Clipper Tax-Exempt Certificates Trust (Florida Non-AMT) Series Weekly VRDNs,(State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co PFC8 $ 16,980,000 9/22/2015 5/1/2018 Variable Rate Demand Note 18886PXB6 $ 28,375,000 9/22/2015 1/1/2018 Variable Rate Demand Note 18886PQ40 $ 18,000,000 9/22/2015 7/1/2019 Variable Rate Demand Note TFOF - 3

4 Rule 2a-7 Category of Investment $ 7,750,000 Florida HFA (Woodlands Apartments), (Series 1985-SS) Weekly VRDNs,(Northern Trust Co., Chicago, IL LOC), G25 $ 7,750,000 9/22/ /1/2022 Variable Rate Demand Note $ 16,140,000 (4)(5) Florida State Board of Education, P-Floats (Series PZ-198), TOBs, (Florida State),(Wells Fargo Bank, N.A. LIQ), U67 $ 16,140,000 10/22/2015 6/1/2032 Other Municipal Debt 0.030% $ 58,505,000 Florida State Municipal Power Agency, (Series 2008C) Daily VRDNs,(Bank of America N.A. LOC), 0.010% WW1 $ 58,505,000 9/16/ /1/2035 Variable Rate Demand Note $ 70,190,000 JEA, FL Water & Sewer System, (2008 Series B: Senior Revenue Bonds) Weekly VRDNs,(JPMorgan Chase Bank, 46613PWA0 $ 70,190,000 9/22/ /1/2041 Variable Rate Demand Note N.A. LIQ), 0.010% $ 64,000,000 Jacksonville, FL (Jacksonville, FL Transportation Authority), Transportation Revenue Bonds (Series 2008A) BS3 $ 64,000,000 9/22/ /1/2032 Variable Rate Demand Note Weekly VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.010% $ 5,975,000 Jacksonville, FL HFDC (University of Florida Jacksonville Physicians, Inc.), (Series 2002) Weekly VRDNs,(Bank of ES6 $ 5,975,000 9/22/2015 6/1/2022 Variable Rate Demand Note America N.A. $ 16,500,000 Manatee County, FL (Florida Power & Light Co.), Pollution Control Revenue Refunding Bonds (Series 1994) AC2 $ 16,500,000 9/16/2015 9/1/2024 Variable Rate Demand Note Daily VRDNs, 0.010% $ 17,000,000 (4)(5) Miami-Dade County, FL, RBC 3A-7 (Series E-64), TOBs,(Royal Bank of Canada, Montreal LIQ)/(Royal Bank of 74926YS36 $ 17,000,000 10/1/ /1/2015 Other Municipal Debt Canada, Montreal LOC), 0.110% $ 4,150,000 (4)(5) Miami-Dade County, FL, RBC 3A-7 (Series E-66), TOBs,(Royal Bank of Canada, Montreal LIQ)/(Royal Bank of 74926YS93 $ 4,150,000 11/2/ /2/2015 Other Municipal Debt Canada, Montreal LOC), 0.110% $ 10,600,000 North Broward Florida Hospital District, (Series 2007) Weekly VRDNs,(Wells Fargo Bank, N.A CN2 $ 10,600,000 9/22/2015 1/15/2027 Variable Rate Demand Note $ 15,585,000 Orange County, FL School Board, Certificates of Participation (Series 2008C) Weekly VRDNs,(Bank of America N.A. $ 11,715,000 (4)(5) Orange County, FL, Health Facilities Authority (Orlando Health, Inc.), Spears (Series DBE-1071) Weekly VRDNs,(Deutsche Bank AG LIQ)/(GTD by Deutsche Bank AG), 0.170% $ 77,350,000 (4)(5) Orlando & Orange County Expressway Authority, FL, Eagles (Series ) Weekly VRDNs,(Citibank NA, New York LIQ)/(INS by Berkshire Hathaway Assurance Corp.), 0.040% $ 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.), 0.030% $ 36,400,000 (4)(5) Orlando & Orange County Expressway Authority, FL, Eagles 3a-7 (Series ) Weekly VRDNs,(Citibank NA, New York LIQ)/(INS by Berkshire Hathaway Assurance Corp.), 0.050% $ 20,000,000 (4)(5) Orlando & Orange County Expressway Authority, FL, RBC 3A-7 (Series E-62), TOBs, (Central Florida Expressway Authority),(Royal Bank of Canada, Montreal LIQ)/(Royal Bank of Canada, Montreal LOC), 0.110% MH5 $ 15,585,000 9/22/2015 8/1/2025 Variable Rate Demand Note 25155DJW2 $ 11,715,000 9/22/ /1/2042 Variable Rate Demand Note NZ8 $ 77,350,000 9/22/2015 7/1/2042 Variable Rate Demand Note PH6 $ 22,600,000 9/22/2015 7/1/2042 Variable Rate Demand Note UX5 $ 36,400,000 9/22/2015 7/1/2037 Variable Rate Demand Note 74926YS69 $ 20,000,000 11/2/ /2/2015 Other Municipal Debt $ 15,535,000 (4)(5) Orlando, FL Contract Tourist Development (Orlando, FL), Tender Option Bond Trust Receipts (2015-XM0006) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.030% 16,500, LSM2 $ 15,535,000 9/22/2015 5/1/2022 Variable Rate Demand Note $ Polk County, FL IDA (Baycare Health System), (Series 2014A-2) VRENs, 0.220% 73112FAA6 $ 16,500,000 4/12/ /15/2044 Variable Rate Demand Note $ 125,000,000 St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, BH6 $ 125,000,000 9/16/2015 9/1/2028 Variable Rate Demand Note $ 7,500,000 Sunshine State Governmental Finance Commission, FL, Callable Tax-Exempt Notes (Series H), CP, (Orlando, FL),(JPMorgan Chase Bank, N.A. LIQ), 0.080% 10,000, SAH0 $ 7,500,000 12/11/ /11/2015 Other Municipal Debt $ Tampa, FL (Baycare Health System), Health System Revenue Bonds (Series 2012B) VRENs, 0.220% 87515EAW4 $ 10,000,000 4/12/ /15/2033 Variable Rate Demand Note TOTAL $ 692,350,000 Georgia - 3.6% $ 28,965,000 (4)(5) Atlanta, GA Water & Wastewater, Tender Option Bond Trust Certificates (2015-XF0234) Weekly VRDNs,(State Street Bank and Trust Co. LIQ), 0.050% $ 7,400,000 Cobb County, GA Housing Authority (Highland Ridge Partners LP), (Series 2008) Weekly VRDNs,(Federal Home Loan Mortgage Corp. LOC), 0.030% $ 10,000,000 Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.), (Series 2008) Weekly VRDNs,(Federal Home Loan Mortgage Corp. LOC), 0.080% 54,500, LP94 $ 28,965,000 9/22/2015 3/1/2023 Variable Rate Demand Note DE5 $ 7,400,000 9/22/2015 7/1/2041 Variable Rate Demand Note 19912HEM7 $ 10,000,000 9/22/2015 3/1/2043 Variable Rate Demand Note $ DeKalb County, GA, TANs, 1.750% XX7 $ 54,733,721 12/28/ /28/2015 Other Municipal Debt TFOF - 4

5 Rule 2a-7 Category of Investment $ 52,835,000 Fulton County, GA Development Authority (Children's Healthcare of Atlanta, Inc.), (Series 2008) Weekly UM7 $ 52,835,000 9/22/2015 7/1/2042 Variable Rate Demand Note VRDNs,(Landesbank Hessen-Thuringen LIQ), 0.030% $ 985,000 Glynn-Brunswick, GA Hospital Authority (Southeast Georgia Health System, Inc.), (Series 2008) Weekly FL0 $ 985,000 9/22/2015 8/1/2038 Variable Rate Demand Note VRDNs,(Branch Banking & Trust Co. $ 35,000,000 Main Street Gas, Inc., GA, (Series 2010 A1), TOBs,(Royal Bank of Canada, Montreal LOC), 0.080% 56036YEL5 $ 35,000,000 10/1/2015 8/1/2040 Other Municipal Debt $ 24,865,000 Main Street Gas, Inc., GA, (Series 2010 A2), TOBs,(Royal Bank of Canada, Montreal LOC), 0.080% 56036YEM3 $ 24,865,000 12/1/ /1/2015 Other Municipal Debt $ 2,170,000 (4)(5) Private Colleges & Universities Facilities of GA (Emory University), Floater Certificates (Series X) Weekly VRDNs,(Morgan Stanley Bank, N.A. LIQ), 0.030% $ 11,100,000 Roswell, GA Housing Authority (Belcourt Ltd.), Multifamily Housing Refunding Revenue Bonds (Series 1988A) Weekly VRDNs,(Northern Trust Co., Chicago, IL TOTAL $ 228,053,721 Hawaii - 0.2% 74265LVS4 $ 2,170,000 9/22/2015 9/1/2038 Variable Rate Demand Note AK6 $ 11,100,000 9/22/2015 9/1/2027 Variable Rate Demand Note $ 10,500,000 Hawaii State Department of Budget & Finance (Queen's Health Systems), (2015 Series C) VRENs, 0.260% LP0 $ 10,500,000 4/12/2016 7/1/2039 Variable Rate Demand Note TOTAL $ 10,500,000 Idaho - 0.2% $ 11,435,000 Idaho Health Facilities Authority, (Series 2013ID), TOBs, (Trinity Healthcare Credit Group), 0.070% 45129UCB8 $ 11,435,000 12/1/ /1/2048 Other Municipal Debt TOTAL $ 11,435,000 Illinois - 6.9% $ 12,410,000 Aurora, Kane, DuPage, Will and Kendall Counties, IL (Covey at Fox Valley Apartments), (Series 2006) Weekly CT3 $ 12,410,000 9/22/ /15/2027 Variable Rate Demand Note VRDNs,(Federal National Mortgage Association $ 26,755,000 Canton, IL (Graham Hospital Association), (Series 2009) Weekly VRDNs,(BMO Harris Bank, N.A. LOC), 0.040% AA5 $ 26,755,000 9/22/2015 6/1/2034 Variable Rate Demand Note $ 1,880,000 Chicago, IL Midway Airport, Second Lien Revenue Bonds (Series 2004D) Weekly VRDNs,(Bank of Montreal LOC), 0.030% $ 600,000 Chicago, IL Multi-Family Housing Revenue (Churchview Manor Senior Apartments), (Series 2012) Weekly VRDNs,(BMO Harris Bank, N.A. LOC), 0.220% $ 15,060,000 (4)(5) Chicago, IL O'Hare International Airport, Spears (Series DBE-534) Weekly VRDNs,(Deutsche Bank AG LIQ)/(GTD by Deutsche Bank AG), 0.140% $ 28,000,000 (4)(5) Chicago, IL Transit Authority, Tender Option Bond Trust Certificates (2015-XF0232) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(State Street Bank and Trust Co. LIQ), 0.050% JW8 $ 1,880,000 9/22/2015 1/1/2035 Variable Rate Demand Note TJ9 $ 600,000 9/22/2015 2/1/2031 Variable Rate Demand Note 25154LQZ0 $ 15,060,000 9/22/2015 1/1/2022 Variable Rate Demand Note 88033LP29 $ 28,000,000 9/22/2015 9/1/2022 Variable Rate Demand Note $ 18,735,000 Cook County, IL (Catholic Theological Union), (Series 2005) Weekly VRDNs,(U.S. Bank, N.A BX6 $ 18,735,000 9/22/2015 2/1/2035 Variable Rate Demand Note $ 15,400,000 Galesburg, IL (Knox College), (Series 1996) Weekly VRDNs,(PNC Bank, N.A AQ6 $ 15,400,000 9/22/2015 3/1/2031 Variable Rate Demand Note $ 18,000,000 Illinois Development Finance Authority (Chicago Horticultural Society), (Series 1999) Weekly VRDNs,(Northern 45188RLN7 $ 18,000,000 9/22/2015 1/1/2029 Variable Rate Demand Note Trust Co., Chicago, IL LOC), 0.030% $ 6,500,000 Illinois Development Finance Authority (St. Ignatius College Prep.), (Series 2002) Weekly VRDNs,(PNC Bank, 45188RQ44 $ 6,500,000 9/22/2015 6/1/2032 Variable Rate Demand Note N.A. LOC), 0.030% $ 33,200,000 Illinois Development Finance Authority IDB (Lyric Opera of Chicago) Weekly VRDNs,(BMO Harris Bank, N.A. LOC)/(JPMorgan Chase Bank, N.A. LOC)/(Northern Trust Co., Chicago, IL LOC), 0.010% PR2 $ 33,200,000 9/22/ /1/2028 Variable Rate Demand Note $ 126,900,000 Illinois Finance Authority (Advocate Health Care Network), (Series 2008C-1) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.010% $ 29,230,000 Illinois Finance Authority (Advocate Health Care Network), (Series 2008C-2A) Weekly VRDNs,(Wells Fargo Bank, N.A. LIQ), 0.010% 45200FFQ7 $ 126,900,000 9/22/ /1/2038 Variable Rate Demand Note 45200FFR5 $ 29,230,000 9/22/ /1/2038 Variable Rate Demand Note TFOF - 5

6 Rule 2a-7 Category of Investment $ 17,525,000 Illinois Finance Authority (Advocate Health Care Network), (Series 2008C-2B) Weekly VRDNs,(JPMorgan Chase 45200FFS3 $ 17,525,000 9/22/ /1/2038 Variable Rate Demand Note Bank, N.A. LIQ), 0.010% $ 11,500,000 Illinois Finance Authority (Advocate Health Care Network), Revenue Bonds (Series 2011B) VRENs, 0.220% 45203HCA8 $ 11,500,000 4/12/2016 4/1/2051 Variable Rate Demand Note $ 950,000 Illinois Finance Authority (Carle Foundation), (Series 2009C) Weekly VRDNs,(Northern Trust Co., Chicago, IL $ 900,000 Illinois Finance Authority (Clearbrook Corp.), (Series 2008) Weekly VRDNs,(BMO Harris Bank, N.A. LOC), 0.090% 29,700, FVG1 $ 950,000 9/22/2015 2/15/2033 Variable Rate Demand Note 45200FNZ8 $ 900,000 9/22/2015 9/1/2033 Variable Rate Demand Note $ Illinois Finance Authority (Erikson Institute), (Series 2007) Weekly VRDNs,(Bank of America N.A. LOC), 0.030% AA9 $ 29,700,000 9/22/ /1/2037 Variable Rate Demand Note $ 6,075,000 Illinois Finance Authority (Illinois Wesleyan University), (Series 2008) Weekly VRDNs,(PNC Bank, N.A. LOC), $ 5,700,000 Illinois Finance Authority (Illinois Wesleyan University), (Series 2012) Weekly VRDNs,(PNC Bank, N.A. LOC), $ 10,200,000 (4)(5) Illinois Finance Authority (University of Chicago), Tender Option Bond Trust Certificates (Series 2015-XF2160) Weekly VRDNs,(Barclays Bank plc LIQ), 0.060% $ 3,200,000 Illinois Housing Development Authority, Lakeshore Plaza (2008 Series B) Weekly VRDNs,(Federal Home Loan Bank of Chicago LIQ), 0.010% 10,150, FLF4 $ 6,075,000 9/22/2015 9/1/2023 Variable Rate Demand Note 45203HHP0 $ 5,700,000 9/22/ /1/2042 Variable Rate Demand Note 88033MFP7 $ 10,200,000 9/22/ /1/2046 Variable Rate Demand Note 45201LUQ6 $ 3,200,000 9/22/2015 7/1/2027 Variable Rate Demand Note $ Illinois International Port District, (Series 2003) Weekly VRDNs,(U.S. Bank, N.A PAA3 $ 10,150,000 9/22/2015 1/1/2023 Variable Rate Demand Note $ 7,415,000 Southwestern Illinois Development Authority (Molinero, Inc.), (Series 2010) Weekly VRDNs,(BMO Harris Bank, N.A. LOC), 0.040% TOTAL $ 435,985,000 Indiana - 2.4% $ 12,000,000 (4)(5) Indiana State Finance Authority Hospital Revenue (Indiana University Health Obligated Group), RBC Muni Trust (Series E-23) Weekly VRDNs,(Royal Bank of Canada, Montreal LIQ)/(Royal Bank of Canada, Montreal $ 5,890,000 Indianapolis, IN Multifamily Housing (Washington Pointe, LP), (Series 2009A) Weekly VRDNs,(Federal National Mortgage Association LOC), 0.030% 6,500, DA2 $ 7,415,000 9/22/2015 7/1/2030 Variable Rate Demand Note 74926YSG7 $ 12,000,000 9/22/2015 3/1/2036 Variable Rate Demand Note 45528TAM6 $ 5,890,000 9/22/ /6/2040 Variable Rate Demand Note $ Jasper County, IN EDA (T & M LP), (Series 2010C) Weekly VRDNs,(AgriBank FCB LOC), 0.040% AC9 $ 6,500,000 9/22/2015 4/1/2026 Variable Rate Demand Note $ 121,500,000 Posey County, IN EDA, (Series 2013A), TOBs, (Midwest Fertilizer Corp.),(GTD by United States Treasury), 0.250% $ 9,515,000 Valparaiso, IN EDRB (Pines Village Retirement Community, Inc.), (Series 2008) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.090% TOTAL $ 155,405,000 Iowa - 0.4% $ 23,500,000 Iowa Finance Authority (Cargill, Inc.), Midwestern Disaster Area Economic Development (Series 2011A) Weekly VRDNs, 0.050% TOTAL $ 23,500,000 Kansas - 0.4% $ 17,300,000 Burlington, KS (Kansas City Power And Light Co.), (Series 2007A) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.010% $ 5,400,000 Shawnee, KS (Pinegate West Associates LP), (Series 2008A) Weekly VRDNs,(BMO Harris Bank, N.A. LOC), 0.030% TOTAL $ 22,700,000 Kentucky - 0.4% AE4 $ 121,500,000 11/3/ /3/2015 Other Municipal Debt CB2 $ 9,515,000 9/22/2015 5/1/2038 Variable Rate Demand Note 46246MEA2 $ 23,500,000 9/22/2015 6/1/2039 Variable Rate Demand Note AY6 $ 17,300,000 9/22/2015 9/1/2035 Variable Rate Demand Note BC2 $ 5,400,000 9/22/2015 3/1/2029 Variable Rate Demand Note $ 25,000,000 Pikeville, KY, (Series 2015), BANs, (Pikeville Medical Center, Inc.), 1.000% 72134PAV4 $ 25,077,130 3/1/2016 3/1/2016 Other Municipal Debt $ 2,420,000 Williamstown, KY, (2008 Series A) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.030% AA0 $ 2,420,000 9/22/2015 7/1/2038 Variable Rate Demand Note TFOF - 6

7 TOTAL $ 27,497,130 Louisiana - 3.5% Rule 2a-7 Category of Investment $ 25,000,000 Ascension Parish, LA IDB (BASF Corp.), (Series 2009) Weekly VRDNs,(GTD by BASF SE), 0.040% 04350RAD0 $ 25,000,000 9/22/ /1/2039 Variable Rate Demand Note $ 2,885,000 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), 0.040% $ 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), 0.040% H6 $ 2,885,000 9/22/2015 1/1/2024 Variable Rate Demand Note K9 $ 3,350,000 9/22/2015 8/1/2034 Variable Rate Demand Note $ 5,200,000 Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2008A) Daily VRDNs, 0.010% YU6 $ 5,200,000 9/16/2015 8/1/2043 Variable Rate Demand Note $ 5,000,000 Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2008C) Daily VRDNs, 0.010% ZP6 $ 5,000,000 9/16/ /1/2043 Variable Rate Demand Note $ 12,125,000 Louisiana Public Facilities Authority (Coca-Cola Bottling Co.), (Series 2008) Weekly VRDNs,(U.S. Bank, N.A. $ 23,700,000 Louisiana Public Facilities Authority (Dynamic Fuels, LLC), (Series 2008) Daily VRDNs,(Bank of America N.A. 96,075, XX1 $ 12,125,000 9/22/2015 4/1/2023 Variable Rate Demand Note YV4 $ 23,700,000 9/16/ /1/2033 Variable Rate Demand Note $ (4)(5) Louisiana State Gas & Fuels Second Lien, Rocs (Series 660) Weekly VRDNs,(Citibank NA, New York LIQ), 76113PFK9 $ 96,075,000 9/22/2015 5/1/2034 Variable Rate Demand Note $ 5,400,000 New Orleans, LA IDB (521 Tchoupitoulas Street LLC), (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs,(Federal Home Loan Bank of Dallas LOC), 0.040% 20,000, PAB2 $ 5,400,000 9/22/ /1/2039 Variable Rate Demand Note $ St. James Parish, LA (NuStar Logistics, L.P.), (Series 2010) Weekly VRDNs,(Mizuho Bank Ltd AE5 $ 20,000,000 9/22/2015 7/1/2040 Variable Rate Demand Note $ 22,000,000 St. James Parish, LA (NuStar Logistics, L.P.), (Series 2011) Weekly VRDNs,(Bank of Nova Scotia, Toronto LOC), TOTAL $ 220,735,000 Maine - 0.1% $ 3,350,000 (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), 0.030% TOTAL $ 3,350,000 Maryland - 0.7% $ 2,665,000 Howard County, MD Revenue Bonds (Bluffs at Clarys Forest Apartments), (Series 1995) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.070% $ 15,300,000 Maryland Community Development Administration - Residential Revenue, (Series 2007M) Weekly VRDNs,(TD Bank, N.A. LIQ), $ 794,500 Maryland State Health & Higher Educational Facilities Authority (Capitol College) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.070% $ 1,149,000 Montgomery County, MD Housing Opportunities Commission (Byron House, Inc. Facility), (Series 1998 Issue I) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.120% AK1 $ 22,000,000 9/22/2015 8/1/2041 Variable Rate Demand Note 27884FYV6 $ 3,350,000 9/22/2015 7/1/2037 Variable Rate Demand Note AH7 $ 2,665,000 9/22/ /1/2020 Variable Rate Demand Note 57419PVA4 $ 15,300,000 9/22/2015 9/1/2043 Variable Rate Demand Note PK7 $ 794,500 9/22/2015 1/1/2021 Variable Rate Demand Note RU6 $ 1,149,000 9/22/2015 9/1/2023 Variable Rate Demand Note $ 25,000,000 Montgomery County, MD, (2009 Series A), CP, 61335SET9 $ 25,000,000 10/2/ /2/2015 Other Municipal Debt TOTAL $ 44,908,500 Massachusetts - 3.4% $ 9,822,000 Attleboro, MA, BANs, 1.250% W35 $ 9,890,647 6/15/2016 6/15/2016 Other Municipal Debt $ 38,000,000 (4)(5) Clipper Tax-Exempt Certificates Trust (Series ) Weekly VRDNs,(State Street Bank and Trust Co. LIQ), 0.050% 18886PUV5 $ 38,000,000 9/22/ /1/2026 Variable Rate Demand Note TFOF - 7

8 Rule 2a-7 Category of Investment $ 57,500,000 (4)(5) Clipper Tax-Exempt Certificates Trust (Series ) Weekly VRDNs,(State Street Bank and Trust Co. LIQ), 18886PB79 $ 57,500,000 9/22/2015 7/1/2027 Variable Rate Demand Note 0.050% $ 17,000,000 (4)(5) Commonwealth of Massachusetts, Municipal Securities Trust Receipts (Series 2008-SGC-51) Weekly 57582PJU5 $ 17,000,000 9/22/2015 8/1/2037 Variable Rate Demand Note VRDNs,(Societe Generale, Paris LIQ), $ 30,395,000 Massachusetts Bay Transportation Authority General Transportation System, (Series B), CP,(Sumitomo Mitsui 57557YJS2 $ 30,395,000 9/28/2015 9/28/2015 Other Municipal Debt Banking Corp. LIQ), 0.030% $ 10,000,000 Massachusetts Bay Transportation Authority Sales Tax Revenue, (Series A-2) Weekly VRDNs,(JPMorgan Chase TK3 $ 10,000,000 9/22/2015 7/1/2026 Variable Rate Demand Note Bank, N.A. LIQ), $ 15,210,000 Massachusetts Bay Transportation Authority Sales Tax Revenue, 7 Month Window (Series 2010A) VRENs, VW4 $ 15,210,000 4/12/2016 7/1/2030 Variable Rate Demand Note 0.220% $ 6,100,000 Massachusetts Development Finance Agency (CIL Realty of Massachusetts), (Series 2014) Weekly 57583UN87 $ 6,100,000 9/22/2015 7/1/2044 Variable Rate Demand Note VRDNs,(HSBC Bank USA, N.A. $ 16,000,000 Massachusetts School Building Authority, 2015 (Series C), CP,(Barclays Bank plc LOC), 0.050% 57580SAQ9 $ 16,000,000 11/5/ /5/2015 Other Municipal Debt $ 14,435,000 University of Massachusetts Building Authority, MA (Commonwealth of Massachusetts), (Series ) VRENs, 0.220% TOTAL $ 214,530,647 Michigan - 2.4% $ 28,250,000 Jackson County, MI Hospital Finance Authority (Allegiance Health), (Series 2011A) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.030% $ 5,310,000 Kent Hospital Finance Authority, MI (Spectrum Health), (Series 2008B-3) Weekly VRDNs,(Wells Fargo Bank, N.A. LIQ), 0.010% $ 2,500,000 Lenawee County, MI EDC (Siena Heights University), (Series 2009) Weekly VRDNs,(Federal Home Loan Bank of Chicago LOC), 0.030% $ 5,415,000 Michigan State Building Authority, Facilities Program (Series I) Weekly VRDNs,(Citibank NA, New York LOC), 0.010% $ 2,155,000 Michigan State Finance Authority Revenue, Healthcare Equipment Loan (Series D) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.030% $ 8,650,000 Michigan State Financial Authority (Ascension Health Alliance Senior Credit Group), (Subseries F-6) VRENs, 0.200% $ 10,625,000 Michigan State Financial Authority (Ascension Health Alliance Senior Credit Group), (Subseries F-7) VRENs, 0.200% $ 7,100,000 Michigan State Financial Authority (Ascension Health Alliance Senior Credit Group), (Subseries F-8) VRENs, 0.200% $ 5,800,000 Michigan State Housing Development Authority (JAS Nonprofit Housing Corp. VI), (Series 2000) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.010% $ 2,850,000 Michigan State Strategic Fund (Detroit Public Television), (Series 2005) Weekly VRDNs,(Comerica Bank LOC), 0.030% $ 500,000 Michigan State University Board of Trustees (Michigan State University), (Series 2000A-1) Weekly VRDNs,(Royal Bank of Canada, Montreal LIQ), 0.010% $ 4,640,000 Michigan State University Board of Trustees (Michigan State University), (Series 2005) Weekly VRDNs,(Royal Bank of Canada, Montreal LIQ), 0.010% $ 5,000,000 Michigan Strategic Fund (CS Facilities LLC), (Series 2010) Weekly VRDNs,(MUFG Union Bank, N.A. LOC), $ 9,500,000 Michigan Strategic Fund (Consumers Energy), (Series 2008) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 1,715, QC5 $ 14,435,000 4/12/ /1/2034 Variable Rate Demand Note EH1 $ 28,250,000 9/22/2015 6/1/2036 Variable Rate Demand Note CW5 $ 5,310,000 9/22/2015 1/15/2047 Variable Rate Demand Note AD5 $ 2,500,000 9/22/2015 4/30/2029 Variable Rate Demand Note AW6 $ 5,415,000 9/22/ /15/2042 Variable Rate Demand Note 59447PEQ0 $ 2,155,000 9/22/2015 6/1/2041 Variable Rate Demand Note 59465HMN3 $ 8,650,000 4/12/ /15/2049 Variable Rate Demand Note 59465HMP8 $ 10,625,000 4/12/ /15/2047 Variable Rate Demand Note 59465HMQ6 $ 7,100,000 4/12/ /15/2049 Variable Rate Demand Note 59465JMS8 $ 5,800,000 9/22/2015 6/1/2025 Variable Rate Demand Note H1 $ 2,850,000 9/22/2015 6/1/2035 Variable Rate Demand Note MZ1 $ 500,000 9/22/2015 8/15/2030 Variable Rate Demand Note NG2 $ 4,640,000 9/22/2015 2/15/2034 Variable Rate Demand Note JM5 $ 5,000,000 9/22/2015 8/1/2040 Variable Rate Demand Note EC2 $ 9,500,000 9/22/2015 4/15/2018 Variable Rate Demand Note $ Michigan Strategic Fund (Greenpath, Inc.), (Series 2011) Weekly VRDNs,(PNC Bank, N.A JQ6 $ 1,715,000 9/22/2015 2/1/2041 Variable Rate Demand Note $ 32,675,000 Michigan Strategic Fund (Kroger Co.), (Series 2010) Weekly VRDNs,(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), JT0 $ 32,675,000 9/22/2015 1/1/2026 Variable Rate Demand Note TFOF - 8

9 Rule 2a-7 Category of Investment $ 2,000,000 Michigan Strategic Fund (Wedgwood Christian Services), (Series 2008) Weekly VRDNs,(Bank of America N.A GZ9 $ 2,000,000 9/22/ /1/2038 Variable Rate Demand Note $ 7,125,000 (4)(5) Royal Oak, MI Hospital Finance Authority (Beaumont Health Credit Group ), Putters (Series 5000) Daily VRDNs,(J.P. Morgan Securities LLC LIQ)/(United States Treasury PRF), 0.030% 46640KVJ0 $ 7,125,000 9/16/2015 9/1/2017 Variable Rate Demand Note $ 4,160,000 Southfield, MI EDC (Lawrence Technological University), (Series 2001) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.010% 4,200, AU8 $ 4,160,000 9/22/ /1/2031 Variable Rate Demand Note $ Waterford, MI School District, 2014 State Aid Notes, RANs, 1.000% UH1 $ 4,200,421 9/24/2015 9/24/2015 Other Municipal Debt TOTAL $ 150,170,421 Minnesota - 1.6% $ 3,460,000 Eagan, MN (Aspenwoods of Eagan Apartments)), (Series 2003) Weekly VRDNs,(Federal National Mortgage Association LOC), 0.040% 11,500, GL3 $ 3,460,000 9/22/2015 1/15/2026 Variable Rate Demand Note $ Hennepin County, MN, (Series C) Weekly VRDNs,(U.S. Bank, N.A. LIQ), 0.010% BF6 $ 11,500,000 9/22/ /1/2033 Variable Rate Demand Note $ 11,595,000 Minneapolis, MN (One Ten Grant Project), Variable Rate Housing Revenue Bonds Weekly VRDNs,(Federal National Mortgage Association 16,910, BS7 $ 11,595,000 9/22/2015 9/1/2026 Variable Rate Demand Note $ Minneapolis, MN (Symphony Place) Weekly VRDNs,(Federal Home Loan Mortgage Corp. LOC), 0.030% BT5 $ 16,910,000 9/22/ /1/2019 Variable Rate Demand Note $ 18,670,000 Minneapolis/St. Paul, MN Housing & Redevelopment Authority (Children's Hospitals & Clinics of Minnesota), (Series 2007A - Tranche II) Daily VRDNs,(INS by Assured Guaranty Municipal Corp.)/(U.S. Bank, N.A. LIQ), 0.030% $ 2,150,000 Minneapolis/St. Paul, MN Housing & Redevelopment Authority (Children's Hospitals & Clinics of Minnesota), (Series 2007A Tranche I) Daily VRDNs,(INS by Assured Guaranty Municipal Corp.)/(U.S. Bank, N.A. LIQ), 0.030% FP7 $ 18,670,000 9/16/2015 8/15/2037 Variable Rate Demand Note FN2 $ 2,150,000 9/16/2015 8/15/2037 Variable Rate Demand Note $ 7,345,000 Minnesota State Higher Education Facility Authority (College of Saint Catherine), (Series Five-N2) Weekly VRDNs,(U.S. Bank, N.A. $ 2,655,000 New Hope, MN (Broadway Lanel), (Series 2003A) Weekly VRDNs,(Federal National Mortgage Association $ 4,560,000 Plymouth, MN (Parkside Apartments), (Series 2003) Weekly VRDNs,(Federal National Mortgage Association $ 2,000,000 Richfield, MN (Market Plaza Housing), (Series 2004) Weekly VRDNs,(Federal Home Loan Mortgage Corp. LOC), 0.040% 5,500, U8 $ 7,345,000 9/22/ /1/2032 Variable Rate Demand Note FK9 $ 2,655,000 9/22/2015 7/15/2033 Variable Rate Demand Note AC4 $ 4,560,000 9/22/2015 4/15/2033 Variable Rate Demand Note AD9 $ 2,000,000 9/22/2015 3/1/2034 Variable Rate Demand Note $ Rochester, MN Health Care Facility Authority (Mayo Clinic), (Series A) Weekly VRDNs, FB4 $ 5,500,000 9/22/ /15/2038 Variable Rate Demand Note $ 5,000,000 Roseville, MN Independent School District No. 623, (Series A), TANs,(GTD by Minnesota State), 1.000% Q89 $ 5,015,818 2/8/2016 2/8/2016 Other Municipal Debt $ 7,292,000 St. Louis Park, MN (Parkshore Senior Camput, LLC), (Series 2004) Weekly VRDNs,(Federal Home Loan Mortgage Corp. TOTAL $ 98,652,818 Mississippi - 0.6% $ 40,000,000 Mississippi Development Bank (Harrison County, MS), (Series 2010B: Coliseum and Convention Center Bonds) Weekly VRDNs,(Bank of America N.A. TOTAL $ 40,000,000 Missouri - 1.1% 79177DEU2 $ 7,292,000 9/22/2015 8/1/2034 Variable Rate Demand Note AT3 $ 40,000,000 9/22/2015 1/1/2045 Variable Rate Demand Note $ 7,625,000 Golden Valley, MO Memorial Hospital District, (Series 2006) Weekly VRDNs,(UMB Bank, N.A. LOC), 0.120% BY7 $ 7,625,000 9/22/2015 5/1/2031 Variable Rate Demand Note $ 12,000,000 Missouri State HEFA (BJC Health System, MO), (Series 2013C) VRENs, 0.220% 60637AEH1 $ 12,000,000 4/12/2016 1/1/2050 Variable Rate Demand Note $ 8,275,000 Missouri State HEFA (Saint Louis University), (Series A-1) Daily VRDNs,(Wells Fargo Bank, N.A. LOC), 0.010% Q6 $ 8,275,000 9/16/ /1/2035 Variable Rate Demand Note TFOF - 9

10 Rule 2a-7 Category of Investment $ 26,000,000 Southwest City, MO IDA (Simmons Foods, Inc.), (Series 2009) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 84479TAB8 $ 26,000,000 9/22/ /1/2020 Variable Rate Demand Note 0.040% $ 15,300,000 St. Joseph, MO IDA (Heartland Regional Medical Center), (Series 2009A) Weekly VRDNs,(Bank of Montreal 79075LAB3 $ 15,300,000 9/22/ /15/2043 Variable Rate Demand Note TOTAL $ 69,200,000 Multi State - 1.5% $ 10,525,000 Federal Home Loan Mortgage Corp. (Multifamily Housing Revenue Bond Pass-Through Certificates), (M033-A) Weekly VRDNs,(Federal Home Loan Mortgage Corp. LIQ)/(GTD by Federal Home Loan Mortgage Corp.), 0.030% $ 9,740,000 Federal Home Loan Mortgage Corp. (Multifamily Housing Revenue Bond Pass-Through Certificates), Floater Certificates (Series M027-A) Weekly VRDNs,(Federal Home Loan Mortgage Corp. LIQ)/(GTD by Federal Home Loan Mortgage Corp.), 0.030% $ 11,425,000 Federal Home Loan Mortgage Corp. (Multifamily Housing Revenue Bond Pass-Through Certificates), Floater Certificates (Series M031-A) Weekly VRDNs,(Federal Home Loan Mortgage Corp. LIQ)/(GTD by Federal Home Loan Mortgage Corp.), 0.030% $ 44,300,000 (4)(5) Nuveen AMT-Free Municipal Income Fund, (Series 1) Weekly VRDPs,(Deutsche Bank Trust Co. Americas LIQ), 0.140% 19,000, ABP2 $ 10,525,000 9/22/2015 3/15/2049 Variable Rate Demand Note 31350ABB3 $ 9,740,000 9/22/ /15/2029 Variable Rate Demand Note 31350ABK3 $ 11,425,000 9/22/ /15/2045 Variable Rate Demand Note $ 44,300,000 9/22/2015 6/1/2040 Variable Rate Demand Note $ (4)(5) Nuveen AMT-Free Municipal Income Fund, (Series 2) Weekly VRDPs,(Citibank NA, New York LIQ), 0.100% $ 19,000,000 9/22/ /1/2040 Variable Rate Demand Note TOTAL $ 94,990,000 Nebraska - 0.2% $ 10,000,000 Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 0.050% AB8 $ 10,000,000 9/22/2015 8/1/2040 Variable Rate Demand Note TOTAL $ 10,000,000 Nevada - 0.4% $ 28,500,000 (4)(5) Henderson, NV Health Facility (Dignity Health (Catholic Healthcare West)), Floater Certificates (Series ) Weekly VRDNs,(Credit Suisse AG LIQ)/(INS by Berkshire Hathaway Assurance Corp.), TOTAL $ 28,500,000 New Jersey - 3.8% DK9 $ 28,500,000 9/22/2015 7/1/2031 Variable Rate Demand Note $ 45,000,000 Hamilton Township, NJ, BANs, 1.500% P40 $ 45,354,116 6/10/2016 6/10/2016 Other Municipal Debt $ 10,112,300 Marlboro Township, NJ, BANs, 1.000% FD0 $ 10,139,250 2/12/2016 2/12/2016 Other Municipal Debt $ 6,819,575 Middletown Township, NJ, BANs, 1.000% LV7 $ 6,825,714 11/13/ /13/2015 Other Municipal Debt $ 16,050,110 Morristown, NJ, BANs, 1.000% C84 $ 16,122,586 6/10/2016 6/10/2016 Other Municipal Debt $ 40,000,000 (4)(5) New Jersey State Transportation Trust Fund Authority (New Jersey State), Clipper Tax-Exempt Certificate Trust (Series ) Weekly VRDNs,(State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.030% $ 45,280,000 (4)(5) New Jersey State Transportation Trust Fund Authority (New Jersey State), SPEARs (DBE-339) Weekly VRDNs,(Deutsche Bank AG LIQ)/(GTD by Deutsche Bank AG), 0.140% $ 30,305,000 (4)(5) New Jersey State Transportation Trust Fund Authority (New Jersey State), Spears (Series DBE-297) Weekly VRDNs,(Deutsche Bank AG LIQ)/(GTD by Deutsche Bank AG), 0.140% $ 15,060,000 (4)(5) New Jersey State Transportation Trust Fund Authority (New Jersey State), Spears (Series DBE-447) Weekly VRDNs,(Deutsche Bank AG LIQ)/(GTD by Deutsche Bank AG), 0.140% 10,752, PC52 $ 40,000,000 9/22/2015 1/1/2020 Variable Rate Demand Note 25154CXB5 $ 45,280,000 9/22/ /15/2036 Variable Rate Demand Note 25154CNQ3 $ 30,305,000 9/22/ /15/2031 Variable Rate Demand Note 25154LBJ2 $ 15,060,000 9/22/ /15/2036 Variable Rate Demand Note $ Paramus, NJ, BANs, 1.000% KT2 $ 10,785,454 2/19/2016 2/19/2016 Other Municipal Debt $ 9,700,714 Point Pleasant Beach, NJ, BANs, 2.000% FV5 $ 9,811,497 8/5/2016 8/5/2016 Other Municipal Debt $ 7,116,000 Watchung Borough, NJ, BANs, 1.000% JT3 $ 7,135,916 2/26/2016 2/26/2016 Other Municipal Debt $ 6,647,000 Westwood, NJ, BANs, 1.000% KB9 $ 6,655,799 11/24/ /24/2015 Other Municipal Debt TFOF - 10

11 TOTAL $ 243,475,333 New York - 8.8% $ 50,000,000 (4)(5) Battery Park, NY City Authority, Putters (Series 4410), TOBs,(JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.100% 32,380, KHA5 $ 50,000,000 11/12/ /12/2015 Other Municipal Debt $ Corning, NY City School District, (Series 2015B), BANs, 1.250% QX3 $ 32,584,411 6/23/2016 6/23/2016 Other Municipal Debt $ 15,600,000 Grand Island, NY Central School District, BANs, 1.000% JF4 $ 15,624,836 12/3/ /3/2015 Other Municipal Debt $ 6,000,000 Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Series 2015E-1) Daily VRDNs,(U.S. Bank, N.A. LOC), 0.010% $ 18,000,000 Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Series 2015E-3) Weekly VRDNs,(Citibank NA, New York LOC), 0.010% $ 33,850,000 Nassau County, NY Interim Finance Authority, Senior Sales Tax Secured Bonds (Series 2008C) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.010% $ 5,000,000 New York City, NY IDA (New York Law School), (Series 2006A) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.010% $ 4,000,000 New York City, NY Municipal Water Finance Authority, (2014 Series AA-1) Daily VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.010% $ 5,500,000 New York City, NY Municipal Water Finance Authority, (2014 Series AA-2) Daily VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.010% $ 21,135,000 New York City, NY Municipal Water Finance Authority, (Series 2014AA-8) Daily VRDNs,(Mizuho Bank Ltd. LIQ), 0.010% 24,735,000 Rule 2a-7 Category of Investment 59259Y7K9 $ 6,000,000 9/16/ /15/2050 Variable Rate Demand Note 59259Y7C7 $ 18,000,000 9/22/ /15/2050 Variable Rate Demand Note ML2 $ 33,850,000 9/22/ /15/2019 Variable Rate Demand Note HP6 $ 5,000,000 9/22/2015 7/1/2036 Variable Rate Demand Note 64972GCM4 $ 4,000,000 9/16/2015 6/15/2050 Variable Rate Demand Note 64972GCN2 $ 5,500,000 9/16/2015 6/15/2050 Variable Rate Demand Note 64972GCP7 $ 21,135,000 9/16/2015 6/15/2048 Variable Rate Demand Note $ New York City, NY Transitional Finance Authority, (Series 2014B-3) Daily VRDNs,(Barclays Bank plc LIQ), 0.010% 64971WCT5 $ 24,735,000 9/16/ /1/2042 Variable Rate Demand Note $ 23,065,000 New York City, NY Transitional Finance Authority, (Series 2015A-3) Daily VRDNs,(Mizuho Bank Ltd. LIQ), 0.010% 4,000, WGW4 $ 23,065,000 9/16/2015 8/1/2043 Variable Rate Demand Note $ New York City, NY, (Fiscal 2004 Series H-6) Weekly VRDNs,(Bank of America N.A. LOC), 0.010% 64966CH20 $ 4,000,000 9/22/2015 3/1/2034 Variable Rate Demand Note $ 4,900,000 New York City, NY, (Fiscal 2006 Series I-5) Daily VRDNs,(Bank of New York Mellon LOC), 0.010% 64966FA95 $ 4,900,000 9/16/2015 4/1/2036 Variable Rate Demand Note $ 24,400,000 New York City, NY, (Fiscal 2008 Subseries D-3) Weekly VRDNs,(Bank of Montreal LIQ), 64966GZW5 $ 24,400,000 9/22/ /1/2032 Variable Rate Demand Note $ 28,100,000 New York City, NY, (Series 2013D-3) Daily VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.010% 64966LCJ8 $ 28,100,000 9/16/2015 8/1/2038 Variable Rate Demand Note $ 8,500,000 New York City, NY, (Series 2015F-6) Daily VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.010% 64966LU25 $ 8,500,000 9/16/2015 6/1/2044 Variable Rate Demand Note $ 41,000,000 New York City, NY, 2015 Series F (Subseries F-5) Daily VRDNs,(Barclays Bank plc LIQ), 0.010% 64966LU41 $ 41,000,000 9/16/2015 6/1/2044 Variable Rate Demand Note $ 6,760,000 (4)(5) New York Liberty Development Corporation (One Bryant Park LLC), Tender Option Bond Trust Certificates (2015-XF2107) Weekly VRDNs,(Morgan Stanley Bank, N.A. LIQ), 0.030% $ 2,900,000 New York State Dormitory Authority (Rockefeller University), (Series 2008A) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.010% $ 10,000,000 New York State Dormitory Authority (University of Rochester, NY), (Series 2006A-1) Weekly VRDNs,(Barclays Bank plc LOC), 0.010% $ 4,500,000 New York State Energy Research & Development Authority (Consolidated Edison Co.), (Series 2005A-1) Weekly VRDNs,(Mizuho Bank Ltd. LOC), 0.010% $ 21,490,000 New York State HFA (625 West 57th Street), (2015 Series A-1) Weekly VRDNs,(Bank of New York Mellon LOC), 0.010% $ 15,500,000 New York State HFA (Midtown West B LLC), (Series 2009A: 505 West 37th Street Housing) Daily VRDNs,(Landesbank Hessen-Thuringen $ 19,000,000 New York State HFA (Midtown West B LLC), (Series 2009B: 505 West 37th Street Housing) Daily VRDNs,(Landesbank Hessen-Thuringen 88033LH44 $ 6,760,000 9/22/2015 1/15/2046 Variable Rate Demand Note YA3 $ 2,900,000 9/22/2015 7/1/2039 Variable Rate Demand Note J9 $ 10,000,000 9/22/2015 7/1/2027 Variable Rate Demand Note 64984EDJ1 $ 4,500,000 9/22/2015 5/1/2039 Variable Rate Demand Note 64986U2F3 $ 21,490,000 9/22/2015 5/1/2049 Variable Rate Demand Note 64986M3C7 $ 15,500,000 9/16/2015 5/1/2042 Variable Rate Demand Note 64986M6P5 $ 19,000,000 9/16/2015 5/1/2042 Variable Rate Demand Note TFOF - 11

12 Rule 2a-7 Category of Investment $ 10,000,000 New York State HFA, 855 6th Ave (Series 2014A) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.010% 64986UV87 $ 10,000,000 9/22/ /1/2047 Variable Rate Demand Note $ 6,750,000 New York State Urban Development Corp., (Subseries 2008A-1) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.010% 5,500, KP2 $ 6,750,000 9/22/2015 1/1/2030 Variable Rate Demand Note $ (4)(5) Nuveen NY AMT-Free Municipal Income Fund, (Series 1) Weekly VRDPs,(Citibank NA, New York LIQ), 0.080% $ 5,500,000 9/22/2015 8/1/2040 Variable Rate Demand Note $ 31,000,000 (4)(5) Nuveen NY AMT-Free Municipal Income Fund, (Series 2) Weekly VRDPs,(Citibank NA, New York LIQ), 0.080% $ 31,000,000 9/22/2015 8/1/2040 Variable Rate Demand Note $ 31,000,000 (4)(5) Nuveen NY AMT-Free Municipal Income Fund, (Series 3) Weekly VRDPs,(Citibank NA, New York LIQ), 0.080% $ 31,000,000 9/22/ /1/2040 Variable Rate Demand Note $ 23,500,000 (4)(5) Nuveen NY AMT-Free Municipal Income Fund, (Series 4) Weekly VRDPs,(Deutsche Bank Trust Co. Americas LIQ), 0.130% 10,000, $ 23,500,000 9/22/ /1/2040 Variable Rate Demand Note $ Ogdensburg, NY Enlarged City School District, BANs, 1.250% EP6 $ 10,045,443 6/22/2016 6/22/2016 Other Municipal Debt $ 11,000,000 Sweet Home, NY Central School District, BANs, 1.500% PE8 $ 11,069,910 6/21/2016 6/21/2016 Other Municipal Debt TOTAL $ 559,409,600 North Carolina - 1.5% $ 20,000,000 Charlotte, NC, CP, 0.300% 16105FWZ5 $ 20,000,000 3/22/2016 3/22/2016 Other Municipal Debt $ 9,005,000 Charlotte-Mecklenburg Hospital Authority, NC (Carolinas HealthCare System), (Series 2007B) Daily VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.010% $ 5,000,000 Charlotte-Mecklenburg Hospital Authority, NC (Carolinas HealthCare System), (Series 2007C) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.010% 17,950, MR5 $ 9,005,000 9/16/2015 1/15/2038 Variable Rate Demand Note MS3 $ 5,000,000 9/22/2015 1/15/2037 Variable Rate Demand Note $ Mecklenburg County, NC, 7 Month Windows (Series 2009D) VRENs, 0.200% NC9 $ 17,950,000 4/12/2016 3/1/2026 Variable Rate Demand Note $ 1,000,000 New Hanover County, NC (New Hanover Regional Medical Center), (Series 2008B) Weekly VRDNs,(PNC Bank, N.A. LOC), 0.010% $ 10,000 North Carolina Capital Facilities Finance Agency (High Point University), (Series 2006) Weekly VRDNs,(Branch Banking & Trust Co. $ 3,940,000 North Carolina Capital Facilities Finance Agency (Salem Academy and College), (Series 2005) Weekly VRDNs,(Branch Banking & Trust Co. 22,500, CG9 $ 1,000,000 9/22/ /1/2038 Variable Rate Demand Note 65818PEP0 $ 10,000 9/22/ /1/2028 Variable Rate Demand Note 65818PED7 $ 3,940,000 9/22/2015 8/1/2030 Variable Rate Demand Note $ North Carolina Medical Care Commission (Moses H. Cone Memorial), (Series 2004A) Weekly VRDNs, 65820HXQ1 $ 22,500,000 9/22/ /1/2035 Variable Rate Demand Note $ 2,855,000 North Carolina Medical Care Commission (Southeastern Regional Medical Center), (Series 2005) Weekly VRDNs,(Branch Banking & Trust Co. $ 4,015,000 (4) North Carolina State Capital Improvement, Stage Trust (Series C), TOBs, (North Carolina State),(Wells Fargo Bank, N.A. LIQ), 0.150% $ 1,000,000 (4)(5) North Carolina State Turnpike Authority (North Carolina State), Spears (Series DB-1044) Weekly VRDNs,(Deutsche Bank AG LIQ), 0.230% 7,490, HXU2 $ 2,855,000 9/22/2015 6/1/2037 Variable Rate Demand Note 94987KAP0 $ 4,015,000 10/8/2015 5/1/2031 Other Municipal Debt 25155DHF1 $ 1,000,000 9/22/2015 7/1/2041 Variable Rate Demand Note $ Raleigh, NC, (Series 2005B-2) Weekly VRDNs,(PNC Bank, N.A. LIQ), FK6 $ 7,490,000 9/22/2015 2/1/2034 Variable Rate Demand Note TOTAL $ 94,765,000 North Dakota - 0.5% $ 29,124,000 Grand Forks County, ND (J. R. Simplot Co.), (Series 2010) Weekly VRDNs,(Rabobank Nederland NV, Utrecht LOC), 0.050% TOTAL $ 29,124,000 Ohio - 1.0% AN7 $ 29,124,000 9/22/ /1/2026 Variable Rate Demand Note $ 14,710,000 Allen County, OH (Mercy Health), (Series 2010C) Daily VRDNs,(MUFG Union Bank, N.A. LOC), 0.010% 01757LDW3 $ 14,710,000 9/16/2015 6/1/2034 Variable Rate Demand Note $ 10,835,000 Franklin County, OH Hospital Facility Authority (Nationwide Children's Hospital), (Series 2008F) Weekly VRDNs,(PNC Bank, N.A. LIQ), Z8 $ 10,835,000 9/22/2015 5/1/2031 Variable Rate Demand Note TFOF - 12

13 Rule 2a-7 Category of Investment $ 12,500,000 Franklin County, OH Mortgage Revenue, (Series 2013OH), TOBs, (Trinity Healthcare Credit Group), 0.070% FK5 $ 12,500,000 12/1/ /1/2046 Other Municipal Debt $ 3,000,000 Montgomery County, OH (Miami Valley Hospital), (Series 2011C) Daily VRDNs,(Barclays Bank plc LIQ), 0.010% JT2 $ 3,000,000 9/16/ /15/2045 Variable Rate Demand Note $ 13,000,000 Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2008 B-4) Daily VRDNs,(Barclays Bank plc LIQ), 0.010% 3,300,000 3,700, AH96 $ 13,000,000 9/16/2015 1/1/2043 Variable Rate Demand Note $ Ohio State University, (Series 2008B) Weekly VRDNs, 0.010% JT9 $ 3,300,000 9/22/ /1/2028 Variable Rate Demand Note $ Ohio State, (Series 2001B) Weekly VRDNs, 0.010% S9 $ 3,700,000 9/22/2015 8/1/2021 Variable Rate Demand Note TOTAL $ 61,045,000 Oklahoma - 0.3% $ 14,700,000 Oklahoma Development Finance Authority (INTEGRIS Obligated Group), (Series 2015 B) VRENs, 0.200% 67884XBV8 $ 14,700,000 4/12/2016 8/15/2033 Variable Rate Demand Note $ 5,370,000 Oklahoma State Industrial Authority (American Cancer Society, Inc.), (Series 2002) Weekly VRDNs,(Bank of America N.A. LOC), 0.070% TOTAL $ 20,070,000 Pennsylvania - 4.5% $ 3,800,000 Allegheny County, PA IDA (Vincentian Collaborative System), (Series 2008A) Weekly VRDNs,(PNC Bank, N.A. 12,300, UM1 $ 5,370,000 9/22/2015 6/1/2022 Variable Rate Demand Note 01731AAA9 $ 3,800,000 9/22/2015 6/1/2038 Variable Rate Demand Note $ Bucks County, PA IDA (Grand View Hospital), (Series B of 2008) Weekly VRDNs,(PNC Bank, N.A MAC0 $ 12,300,000 9/22/2015 7/1/2039 Variable Rate Demand Note $ 11,300,000 Butler County, PA General Authority (North Allegheny, PA School District), (Series 2011A) Weekly VRDNs,(PNC Bank, N.A. LIQ), $ 4,000,000 Butler County, PA General Authority (North Allegheny, PA School District), (Series 2014) Weekly VRDNs,(PNC Bank, N.A. LIQ), 1,200, BK0 $ 11,300,000 9/22/ /1/2021 Variable Rate Demand Note BR5 $ 4,000,000 9/22/2015 5/1/2027 Variable Rate Demand Note $ Chester County, PA Intermediate Unit, (Series 2003) Weekly VRDNs,(PNC Bank, N.A AA5 $ 1,200,000 9/22/2015 3/1/2025 Variable Rate Demand Note $ 7,500,000 Cumberland County, PA Municipal Authority (Presbyterian Homes Obligated Group), (Series 2008B) Weekly VRDNs,(Bank of America N.A. 12,000, DQ9 $ 7,500,000 9/22/2015 1/1/2038 Variable Rate Demand Note $ Dallastown Area School District, PA, (Series of 2015), VRNs, 1.250% HP7 $ 12,064,333 4/15/2016 4/15/2016 Other Municipal Debt $ 19,545,000 Emmaus, PA General Authority, (Series 1996) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(Wells Fargo Bank, N.A. LIQ), 0.070% $ 24,515,000 Erie County, PA Hospital Authority (St. Vincent Health System), (Series 2010B) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.040% $ 9,115,000 Lancaster, PA IDA (Willow Valley Retirement Communities), (Series A of 2009) Weekly VRDNs,(PNC Bank, N.A. $ 2,300,000 New Castle, PA Area Hospital Authority (Jameson Memorial Hospital), (Series 1996) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(PNC Bank, N.A. LIQ), 0.060% 26,900, ES8 $ 19,545,000 9/22/ /1/2028 Variable Rate Demand Note TS8 $ 24,515,000 9/22/2015 7/1/2039 Variable Rate Demand Note CB3 $ 9,115,000 9/22/ /1/2039 Variable Rate Demand Note DT7 $ 2,300,000 9/22/2015 7/1/2026 Variable Rate Demand Note $ Philadelphia, PA School District, (Series F of 2010) Weekly VRDNs,(Barclays Bank plc LN0 $ 26,900,000 9/22/2015 9/1/2030 Variable Rate Demand Note $ 40,000,000 Philadelphia, PA School District, (Series G of 2010) Weekly VRDNs,(PNC Bank, N.A NK4 $ 40,000,000 9/22/2015 9/1/2030 Variable Rate Demand Note $ 79,100,000 Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, (Series A of 2007) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(PNC Bank, N.A. LIQ), 0.110% $ 20,000,000 Pittsburgh, PA Water & Sewer Authority, First Lien (Series D-2) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(PNC Bank, N.A. LIQ), 0.060% 1,000, AA8 $ 79,100,000 9/22/ /1/2038 Variable Rate Demand Note RM3 $ 20,000,000 9/22/2015 9/1/2040 Variable Rate Demand Note $ Ridley, PA School District, (Series of 2009) Weekly VRDNs,(TD Bank, N.A HM2 $ 1,000,000 9/22/ /1/2029 Variable Rate Demand Note $ 8,705,000 Upper St. Clair Township, PA, (Series of 2008) Weekly VRDNs,(Bank of New York Mellon LIQ), 0.060% HJ8 $ 8,705,000 9/22/2015 6/1/2038 Variable Rate Demand Note TOTAL $ 283,344,333 TFOF - 13

14 South Carolina - 0.4% $ 10,000,000 Columbia, SC Waterworks & Sewer System, (Series 2009) Weekly VRDNs,(Sumitomo Mitsui Banking Corp. 10,000,000 Rule 2a-7 Category of Investment SD5 $ 10,000,000 9/22/2015 2/1/2038 Variable Rate Demand Note $ Lexington, SC, BANs, (Lexington, SC Water & Sewage), 2.250% CV4 $ 10,041,529 12/1/ /1/2015 Other Municipal Debt $ 4,425,000 South Carolina Jobs-EDA (Pinewood Preparatory School), (Series 2008) Weekly VRDNs,(Branch Banking & Trust Co. $ 3,540,000 South Carolina Jobs-EDA (Woodhead LLC), (Series 2007A) Weekly VRDNs,(Federal Home Loan Bank of Atlanta LOC), 0.120% TOTAL $ 28,006,529 Tennessee - 1.6% $ 365,000 Blount County, TN Public Building Authority (Maryville, TN), (Series E-8-A) Weekly VRDNs,(Branch Banking & Trust Co. $ 5,000,000 Blount County, TN Public Building Authority (Monroe County, TN), (Series E-7-A) Weekly VRDNs,(Branch Banking & Trust Co. $ 35,095,000 Metropolitan Government Nashville & Davidson County, TN HEFA (Ascension Health Alliance Senior Credit Group), (Series 2001B-1) VRENs, 0.200% $ 25,000,000 Metropolitan Government Nashville & Davidson County, TN Water & Sewer, (Series A), CP,(Bank of Tokyo- Mitsubishi UFJ Ltd. LIQ), 0.090% 12,500, QR7 $ 4,425,000 9/22/2015 6/1/2033 Variable Rate Demand Note PG2 $ 3,540,000 9/22/2015 3/1/2022 Variable Rate Demand Note TB1 $ 365,000 9/22/2015 6/1/2037 Variable Rate Demand Note SQ9 $ 5,000,000 9/22/2015 6/1/2039 Variable Rate Demand Note SL2 $ 35,095,000 4/12/ /15/2031 Variable Rate Demand Note 59209RAC9 $ 25,000,000 10/6/ /6/2015 Other Municipal Debt $ Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 0.150% 59212RAJ9 $ 12,500,000 9/16/2015 4/24/2016 Other Municipal Debt $ 4,300,000 Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 17,200, UP0 $ 4,300,000 9/22/2015 6/1/2035 Variable Rate Demand Note $ Wilson County, TN Sports Authority, (Series 1999) Weekly VRDNs,(PNC Bank, N.A. LOC), 0.030% 97218MAA3 $ 17,200,000 9/22/2015 9/1/2029 Variable Rate Demand Note TOTAL $ 99,460,000 Texas - 9.8% $ 20,000,000 Austin, TX, Hotel Occupancy Tax Subordinate Lien Variable Rate Revenue Refunding Bonds (Series 2008-B) Weekly VRDNs,(JPMorgan Chase Bank, N.A. $ 3,500,000 Bexar County, TX Housing Finance Corp. (Summit Hills Apartments), (Series 2005A) Weekly VRDNs,(Federal Home Loan Mortgage Corp. LOC), 0.030% $ 24,150,000 (4)(5) Clipper Tax-Exempt Certificates Trust (Texas Non-AMT) Series Weekly VRDNs,(State Street Bank and Trust Co. LIQ)/(Texas Permanent School Fund Guarantee Program LOC), 0.050% $ 37,760,000 Dallas, TX Performing Arts Cultural Facilities Corp. (Dallas Center for the Performing Arts Foundation, Inc.), (Series 2008A) Weekly VRDNs,(Bank of America N.A. LOC), 0.010% $ 9,900,000 Dallas, TX Performing Arts Cultural Facilities Corp. (Dallas Center for the Performing Arts Foundation, Inc.), (Series 2008B) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.010% 8,900, DQ2 $ 20,000,000 9/22/ /15/2029 Variable Rate Demand Note XD9 $ 3,500,000 9/22/2015 3/1/2035 Variable Rate Demand Note 18886PZH1 $ 24,150,000 9/22/2015 8/15/2019 Variable Rate Demand Note AH9 $ 37,760,000 9/22/2015 9/1/2041 Variable Rate Demand Note AG1 $ 9,900,000 9/22/2015 9/1/2041 Variable Rate Demand Note $ Denton, TX Independent School District, (Series 2005-A) Weekly VRDNs,(Bank of America N.A. LIQ), K56 $ 8,900,000 9/22/2015 8/1/2035 Variable Rate Demand Note $ 5,000,000 Garland, TX, Electric Utility System (Series 2014), CP,(Wells Fargo Bank, N.A. LOC), 0.050% 36613RAG8 $ 5,000,000 12/8/ /8/2015 Other Municipal Debt $ 13,650,000 (4)(5) Grand Parkway Transportation Corp., TX, Tender Option Bond Trust Certificates (2015-XF0228) Weekly 88033LM97 $ 13,650,000 9/22/ /1/2044 Variable Rate Demand Note VRDNs,(State Street Bank and Trust Co. LIQ), 0.030% $ 34,000,000 Harris County, TX Cultural Education Facilities Finance Corp., (Subseries 2009C-1), CP, (Methodist Hospital, 41386R2D9 $ 34,000,000 10/5/ /5/2015 Other Municipal Debt Harris County, TX), 0.120% $ 30,000,000 Harris County, TX Cultural Education Facilities Finance Corp., (Subseries 2009C-1), CP, (Methodist Hospital, 41386R2G2 $ 30,000,000 1/6/2016 1/6/2016 Other Municipal Debt Harris County, TX), 0.180% $ 28,000,000 Harris County, TX Cultural Education Facilities Finance Corp., (Subseries 2009C-1), CP, (Methodist Hospital, 41386R2M9 $ 28,000,000 2/3/2016 2/3/2016 Other Municipal Debt Harris County, TX), 0.180% $ 57,500,000 Harris County, TX Cultural Education Facilities Finance Corp., (Subseries 2009C-1), CP, (Methodist Hospital, Harris County, TX), 0.250% 41386R2H0 $ 57,500,000 3/1/2016 3/1/2016 Other Municipal Debt TFOF - 14

15 Rule 2a-7 Category of Investment $ 4,560,000 Harris County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2008C-1) AT7 $ 4,560,000 9/16/ /1/2024 Variable Rate Demand Note Daily VRDNs, 0.010% $ 13,000,000 Harris County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2008C-2) AU4 $ 13,000,000 9/16/ /1/2027 Variable Rate Demand Note Daily VRDNs, 0.010% $ 11,000,000 (4)(5) Harris County, TX HFDC (Memorial Hermann Health System), RBC Muni Trust (Series E-27) Weekly VRDNs,(Royal Bank of Canada, Montreal LIQ)/(Royal Bank of Canada, Montreal 74926YTA9 $ 11,000,000 9/17/2015 9/1/2016 Variable Rate Demand Note $ 5,400,000 Harris County, TX HFDC (Methodist Hospital, Harris County, TX), (Subseries 2008A-2) Daily VRDNs, 0.010% 41315RGV0 $ 5,400,000 9/16/ /1/2041 Variable Rate Demand Note $ 13,665,000 (4)(5) Judson, TX Independent School District, Spears (Series DB-423) Weekly VRDNs,(Deutsche Bank AG LIQ)/(GTD by Texas Permanent School Fund Guarantee Program), 0.090% $ 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), 0.030% $ 18,965,000 (4)(5) Longview, TX ISD, Stage Trust (Series C) Weekly VRDNs,(GTD by Texas Permanent School Fund Guarantee Program)/(Wells Fargo Bank, N.A. LIQ), 0.030% $ 40,000,000 (4)(5) North Texas Tollway Authority, Spears (Series DB-620) Weekly VRDNs,(Deutsche Bank AG LIQ)/(GTD by Deutsche Bank AG)/(INS by Assured Guaranty Corp.), 0.120% $ 25,660,000 (4)(5) North Texas Tollway Authority, Spears (Series DBE-626) Weekly VRDNs,(Deutsche Bank AG LIQ)/(GTD by Deutsche Bank AG), 0.140% $ 8,300,000 Port Arthur Navigation District, TX IDC (Air Products LP), (Series 2005) Daily VRDNs,(GTD by Air Products & Chemicals, Inc.), 0.010% $ 25,000,000 Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL Petrochemicals USA, Inc.), (Series 2010) Weekly VRDNs,(GTD by Total S.A.), 0.030% $ 21,000,000 Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL Petrochemicals USA, Inc.), Exempt Facilities Revenue Bonds (Series 2009) Weekly VRDNs,(GTD by Total S.A.), 0.030% 25154C4C5 $ 13,665,000 9/22/2015 2/1/2027 Variable Rate Demand Note PW6 $ 5,130,000 9/22/ /25/2016 Variable Rate Demand Note 94985NDY4 $ 18,965,000 9/22/2015 2/15/2036 Variable Rate Demand Note 25154LN34 $ 40,000,000 9/22/2015 1/1/2038 Variable Rate Demand Note 25154LQ31 $ 25,660,000 9/22/2015 1/1/2032 Variable Rate Demand Note AD7 $ 8,300,000 9/16/2015 5/1/2040 Variable Rate Demand Note 73522WAC9 $ 25,000,000 9/22/2015 3/1/2040 Variable Rate Demand Note 73522WAB1 $ 21,000,000 9/22/2015 3/1/2039 Variable Rate Demand Note $ 16,750,000 San Antonio, TX Electric & Gas System, (Series A), CP, 0.060% 79625WBX5 $ 16,750,000 10/6/ /6/2015 Other Municipal Debt $ 15,000,000 San Antonio, TX Housing Finance Corp. (Artisan at San Pedro Creek Apartments), (Series 2008) Weekly HC3 $ 15,000,000 9/22/2015 3/1/2049 Variable Rate Demand Note VRDNs,(Federal Home Loan Mortgage Corp. $ 14,000,000 Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Care System), 87638QGT0 $ 14,000,000 4/12/ /15/2050 Variable Rate Demand Note (Series 2013B) VRENs, 0.220% $ 16,000,000 (4)(5) Texas State Transportation Commission (Texas State Highway Fund), Tender Option Bond Trust Certificates 88283LJK3 $ 16,000,000 9/22/2015 4/1/2033 Variable Rate Demand Note (2015-XF2001) Weekly VRDNs,(Morgan Stanley Bank, N.A. LIQ), 0.030% $ 8,685,000 (4)(5) Texas State Transportation Commission (Texas State), Eagles (Series ) Weekly VRDNs,(Citibank NA, D59 $ 8,685,000 9/22/2015 4/1/2029 Variable Rate Demand Note New York LIQ), $ 56,370,000 Texas State Transportation Commission (Texas State), Mobility Fund Bonds (Series 2006B) Weekly RM7 $ 56,370,000 9/22/2015 4/1/2036 Variable Rate Demand Note VRDNs,(CALPERS (California Public Employees Retirement System) LIQ)/(State Street Bank and Trust Co. LIQ), 0.010% $ 23,000,000 (4)(5) Texas State, Municipal Securities Trust Receipts (Series 2007-SGC-9) Weekly VRDNs,(Societe Generale, Paris C92 $ 23,000,000 9/22/2015 4/1/2037 Variable Rate Demand Note LIQ), $ 10,065,000 (4)(5) Texas Water Development Board, Merlots (Series 2008-C51) Weekly VRDNs,(Wells Fargo Bank, N.A. LIQ), SG8 $ 10,065,000 9/22/2015 7/15/2023 Variable Rate Demand Note 0.030% TOTAL $ 623,910,000 Utah - 0.5% $ 8,100,000 Utah County, UT (IHC Health Services, Inc.), (Series 2014B) VRENs, 0.220% AY6 $ 8,100,000 4/12/2016 5/15/2049 Variable Rate Demand Note $ 24,000,000 Utah County, UT (IHC Health Services, Inc.), (Series 2014C) VRENs, 0.220% AZ3 $ 24,000,000 4/12/2016 5/15/2049 Variable Rate Demand Note TOTAL $ 32,100,000 Vermont - 0.2% TFOF - 15

16 Rule 2a-7 Category of Investment $ 14,350,000 Vermont EDA (Wake Robin Corp.), (Series 2006B) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, 92415TAK8 $ 14,350,000 9/22/2015 5/1/2029 Variable Rate Demand Note NY TOTAL $ 14,350,000 Virginia - 3.6% $ 10,000,000 Alexandria, VA IDA (Institute for Defense Analyses), (Series 2000B) Weekly VRDNs,(Branch Banking & Trust Co CY5 $ 10,000,000 9/22/ /1/2030 Variable Rate Demand Note $ 1,945,000 Alexandria, VA IDA (Institute for Defense Analyses), (Series 2005) Weekly VRDNs,(Branch Banking & Trust Co DC2 $ 1,945,000 9/22/ /1/2030 Variable Rate Demand Note $ 4,865,000 Fairfax County, VA IDA (Inova Health System), (Series 2012 C) VRENs, 0.200% KN7 $ 4,865,000 4/12/2016 5/15/2042 Variable Rate Demand Note $ 4,000,000 Fauquier County, VA IDA (Wakefield School, Inc.), (Series 2008) Weekly VRDNs,(PNC Bank, N.A AN7 $ 4,000,000 9/22/2015 4/1/2038 Variable Rate Demand Note $ 11,385,000 Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2003C) Weekly VRDNs, 0.010% AG6 $ 11,385,000 9/22/2015 2/15/2038 Variable Rate Demand Note $ 4,000,000 Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2003E) Weekly VRDNs, 0.010% AJ0 $ 4,000,000 9/22/2015 2/15/2038 Variable Rate Demand Note $ 11,900,000 Lynchburg, VA IDA (Centra Health, Inc.), (Series 2004 B) Weekly VRDNs,(Branch Banking & Trust Co. LOC), $ 24,065,000 Lynchburg, VA IDA (Centra Health, Inc.), (Series 2004 C) Weekly VRDNs,(Branch Banking & Trust Co. LOC), $ 4,325,000 Lynchburg, VA IDA (Centra Health, Inc.), (Series 2004E) Weekly VRDNs,(Federal Home Loan Bank of Atlanta 9,125, GQ0 $ 11,900,000 9/22/2015 1/1/2035 Variable Rate Demand Note GR8 $ 24,065,000 9/22/2015 1/1/2035 Variable Rate Demand Note HA4 $ 4,325,000 9/22/2015 1/1/2035 Variable Rate Demand Note $ Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series 2010 C) VRENs, 0.220% 65588TAM1 $ 9,125,000 4/12/ /1/2034 Variable Rate Demand Note $ 7,000,000 Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series 2010B) 7 Month Window VRENs, 0.220% 65588TAL3 $ 7,000,000 4/12/ /1/2034 Variable Rate Demand Note $ 45,000,000 Stafford County, VA and Staunton, VA IDA, Series 2008 A-1, CP,(Bank of America N.A. LOC), 0.030% 85774NHE7 $ 45,000,000 10/1/ /1/2015 Other Municipal Debt $ 57,850,000 (4)(5) Suffolk, VA EDA, Eagles (Series ), TOBs, (Sentara Health Systems Obligation Group),(Citibank NA, New York LIQ), 0.160% 14,000, QAD1 $ 57,850,000 10/8/ /8/2015 Other Municipal Debt $ Virginia College Building Authority, CPX, (Liberty University, Inc.), 0.190% 92778YAB8 $ 14,000,000 11/3/2015 5/1/2016 Other Municipal Debt $ 10,000,000 Virginia Peninsula Port Authority, Coal Terminal Revenue Refunding Bonds (Series 1987A), CP, (Dominion Terminal Associates),(U.S. Bank, N.A. LOC), 0.050% $ 9,145,000 Virginia Small Business Financing Authority (Virginia State University Real Estate Foundation), (Series 2008) Daily VRDNs,(Bank of America N.A. LOC), 0.010% 70716RLW6 $ 10,000,000 10/5/ /5/2015 Other Municipal Debt KL1 $ 9,145,000 9/16/2015 7/1/2030 Variable Rate Demand Note TOTAL $ 228,605,000 Washington - 0.2% $ 3,340,000 (4)(5) NJB Properties (King County, WA), Solar Eclipse (Series ) Weekly VRDNs,(U.S. Bank, N.A. LIQ)/(U.S FYP9 $ 3,340,000 9/22/ /1/2031 Variable Rate Demand Note Bank, N.A. LOC), 0.070% $ 12,450,000 Washington State Economic Development Finance Authority (CleanScapes, Inc.), (Series 2009) Weekly 93975VAS6 $ 12,450,000 9/22/2015 2/12/2019 Variable Rate Demand Note VRDNs,(Bank of America N.A. LOC), 0.050% TOTAL $ 15,790,000 West Virginia - 1.2% $ 50,925,000 Cabell County, WV (Provident Group-Marshall Properties, LLC), (Series 2010A) Weekly VRDNs,(Bank of America N.A. LOC), 0.040% $ 22,100,000 West Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs,(Branch Banking & Trust Co. TOTAL $ 73,025,000 Wisconsin - 4.6% 12681XAD0 $ 50,925,000 9/22/2015 7/1/2039 Variable Rate Demand Note YU2 $ 22,100,000 9/22/2015 1/1/2034 Variable Rate Demand Note $ 5,300,000 Green Bay, WI Area Public School District, BONDs, 2.000% TQ5 $ 5,345,629 4/1/2016 4/1/2016 Other Municipal Debt TFOF - 16

17 Rule 2a-7 Category of Investment $ 8,195,000 Whitewater, WI CDA (Wisconsin Housing Preservation Corp.), (Series 2007) Weekly VRDNs,(BMO Harris Bank, AC8 $ 8,195,000 9/22/2015 6/1/2042 Variable Rate Demand Note N.A. LOC), 0.040% $ 9,150,000 Wisconsin Health & Educational Facilities Authority (Ascension Health Alliance Senior Credit Group), (Series 97712DBP0 $ 9,150,000 4/12/ /15/2043 Variable Rate Demand Note 2013B) VRENs, 0.200% $ 12,200,000 Wisconsin Health & Educational Facilities Authority (UnityPoint Health), (Series 2014B-2) VRENs, 0.220% 97712DEB8 $ 12,200,000 4/12/ /1/2041 Variable Rate Demand Note $ 28,105,000 Wisconsin Health & Educational Facilities Authority, (Series 2010C), CP, (Aurora Health Care, Inc.),(Bank of America N.A. LOC), 0.160% $ 15,070,000 Wisconsin State HEFA (Benevolent Corporation Cedar Community), (Series 2007) Weekly VRDNs,(JPMorgan Chase Bank, N.A. $ 3,770,000 Wisconsin State HEFA (Meriter Retirement Services, Inc.), (Series 2008A) Weekly VRDNs,(KBC Bank N.V. LOC), 0.200% $ 4,265,000 Wisconsin State HEFA (Meriter Retirement Services, Inc.), (Series 2008B) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.030% 23,165, CBP2 $ 28,105,000 12/18/ /8/2015 Other Municipal Debt 97710V3U0 $ 15,070,000 9/22/2015 6/1/2037 Variable Rate Demand Note 97710V7V4 $ 3,770,000 9/22/2015 3/1/2038 Variable Rate Demand Note 97710V7W2 $ 4,265,000 9/22/2015 3/1/2038 Variable Rate Demand Note $ Wisconsin State HEFA (Ripon College) Weekly VRDNs,(BMO Harris Bank, N.A VH35 $ 23,165,000 9/22/2015 6/1/2036 Variable Rate Demand Note $ 40,950,000 Wisconsin State, General Obligation Extendible Municipal Commercial Paper, CPX, 0.070% 97709PZ23 $ 40,950,000 10/20/2015 6/5/2016 Other Municipal Debt $ 18,785,000 Wisconsin State, General Obligation Extendible Municipal Commercial Paper, CPX, 0.080% 97709PMT8 $ 18,785,000 10/6/2015 5/28/2016 Other Municipal Debt $ 75,000,000 Wisconsin State, General Obligation Extendible Municipal Commercial Paper, CPX, 0.130% 97709PY73 $ 75,000,000 10/16/2015 4/17/2016 Other Municipal Debt $ 16,550,000 Wisconsin State, General Obligation Extendible Municipal Commercial Paper, CPX, 0.150% 97709PW59 $ 16,550,000 11/10/2015 2/13/2016 Other Municipal Debt $ 31,545,000 Wisconsin State, General Obligation Extendible Municipal Commercial Paper, CPX, 0.200% 97709PX41 $ 31,545,000 10/6/2015 3/5/2016 Other Municipal Debt TOTAL $ 292,095,629 TOTAL MUNICIPALS $ 6,351,893,798 TOTAL INVESTMENTS $ 6,351,893,798 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 September 15,2015, these restricted securities amounted to $1,607,815,000, which represented 25.3% 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 September 15,2015, these liquid restricted securities amounted to $1,603,800,000, which represented 25.3% of total net assets. The categories of investments are shown as a percentage of net assets ($6,344,271,240) at the close of business on September 15,2015, and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes. TFOF - 17

18 Rule 2a-7 Category of Investment 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 CPX --Extendible 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 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 PRF --Pollution Control Revenue --Prerefunded PUTTER --Puttable Tax-Exempt Receipt ROC --Reset Option Certificate TFOF - 18

19 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 Rule 2a-7 Category of Investment 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) 09/15/2015 Federated is a registered mark of Federated Investors, Inc Federated Investors, Inc. TFOF - 19