FED ERATED TAX-FREE OBLIGATION S FUN D

FED ERATED TAX-FREE OBLIGATION S FUN D Portfolio as of May 13, 2011 Current Net Assets -- $ 10,608,024,853 Weighted Average : 32 D ays Weighted Average Life: 32 D ays Credit Rating: Aaa MOODY'S AAA FITCH Principal Amount MUNICIPALS - 98.1% Alabama - 2.9% $ 4,000,000 Alabama HFA Multi-Family Housing (Double Lake Ventures LLC), (2000 Series A:Turtle Lake) Weekly VRDNs,(Federal National Mortgage Association LOC), 0.210% $ 20,765,000 (4)(5) Alabama Special Care Facilities Financing Authority of Birmingham (Ascension Health Credit Group), Solar Eclipse (Series 2007-46) Weekly VRDNs,(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.200% 01030PDD5 $ 4,000,000 5/20/2011 2/15/2030 Variable Rate Demand Note 27884FTT7 $ 20,765,000 5/20/2011 11/15/2036 Variable Rate Demand Note $ 34,900,000 Birmingham, AL Medical Clinic Board (University of Alabama Health Services Foundation, P.C.), (Series 2007-091041JT1 $ 34,900,000 5/20/2011 3/1/2047 Variable Rate Demand Note A) Weekly VRDNs,(Bank of America N.A. LOC), 0.240% $ 8,000,000 (4)(5) Birmingham, AL Waterworks & Sewer Board, Floater Certificates (Series 2008-2707) Weekly VRDNs,(INS by 091089KY7 $ 8,000,000 5/20/2011 1/1/2043 Variable Rate Demand Note Berkshire Hathaway Assurance Corp.)/(Morgan Stanley Bank LIQ), 0.210% $ 14,340,000 Birmingham-St. Martin's, AL Special Care Facilities Financing Authority (St. Martin's In The Pines), (Series 091245AA8 $ 14,340,000 5/20/2011 8/1/2045 Variable Rate Demand Note 2007) Weekly VRDNs,(Federal Home Loan Bank of Atlanta LOC), 0.260% $ 81,960,000 Mobile County, AL IDA (SSAB Alabama, Inc.), (Series 2010A: Recovery Zone Facility) Weekly VRDNs,(Svenska 607336AD6 $ 81,960,000 5/20/2011 7/1/2040 Variable Rate Demand Note Handelsbanken, Stockholm LOC), 0.210% $ 12,000,000 Mobile, AL IDB (Alabama Power Co.), PCR (Series 1993B) Weekly VRDNs, 0.210% 607167DF7 $ 12,000,000 5/20/2011 8/1/2017 Variable Rate Demand Note $ 31,000,000 Mobile, AL IDB, PCR (Series 2008: Gulf Opportunity Zone Bond), TOBs, (Alabama Power Co.), 1.000% 607167DX8 $ 31,000,000 8/16/2011 8/16/2011 Other Municipal Debt $ 3,000,000 Mobile, AL Special Care Facilities Financing Authority (Infirmary Health Systems, Inc.), (Series 2010-B) Weekly VRDNs,(Deutsche Bank AG LOC), 0.190% $ 2,800,000 Pell, AL Special Care Facilities Financing Authority (Noland Health Services, Inc.), (Series 2009-A) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.210% $ 13,240,000 (4)(5) Trussville, AL, Solar Eclipse (Series 2007-0105) Weekly VRDNs,(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.200% $ 20,000,000 Tuscaloosa County, AL IDA (Hunt Refining Co.), (Series 2008A: Gulf Opportunity Zone Bonds) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.240% $ 4,000,000 Tuscaloosa County, AL IDA (Hunt Refining Co.), (Series 2008C: Gulf Opportunity Zone Bonds) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.240% $ 8,450,000 Tuscaloosa County, AL Port Authority (Tuscaloosa Riverfront Development, LLC), (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs,(Federal Home Loan Bank of Atlanta LOC), 0.270% 45663NBA9 $ 3,000,000 5/20/2011 2/1/2040 Variable Rate Demand Note 705888AZ8 $ 2,800,000 5/20/2011 12/1/2039 Variable Rate Demand Note 27884FYR5 $ 13,240,000 5/20/2011 10/1/2036 Variable Rate Demand Note 90068FAA4 $ 20,000,000 5/20/2011 3/1/2027 Variable Rate Demand Note 90068FAD8 $ 4,000,000 5/20/2011 12/1/2027 Variable Rate Demand Note 900595AY5 $ 8,450,000 5/20/2011 5/1/2030 Variable Rate Demand Note $ 43,615,000 (4)(5) University of South Alabama, Solar Eclipse (Series 2007-0023) Weekly VRDNs,(U.S. Bank, N.A. LIQ)/(U.S. 27884FRG7 $ 43,615,000 5/20/2011 12/1/2036 Variable Rate Demand Note Bank, N.A. LOC), 0.200% $ 6,175,000 Washington County, AL Industrial Development Authority (Bay Gas Storage Company, Ltd.), (Series 2007: 937517AA8 $ 6,175,000 5/20/2011 8/1/2037 Variable Rate Demand Note Gulf Opportunity Zone Bonds) Weekly VRDNs,(UBS AG LOC), 0.190% TOTAL $ 308,245,000 TFOF - 1

Alaska - 1.4% $ 73,900,000 Alaska State Housing Finance Corp., (Series 2007B) Weekly VRDNs,(Landesbank Baden-Wurttemberg LIQ), 01170PBV7 $ 73,900,000 5/20/2011 12/1/2041 Variable Rate Demand Note 0.200% $ 78,120,000 Alaska State Housing Finance Corp., Home Mortgage Revenue Bonds (Series 2007D) Weekly 01170PBX3 $ 78,120,000 5/20/2011 12/1/2041 Variable Rate Demand Note VRDNs,(Landesbank Baden-Wurttemberg LIQ), 0.200% TOTAL $ 152,020,000 Arizona - 1.3% $ 20,000,000 Ak-Chin Indian Community, AZ, (Series 2008) Weekly VRDNs,(Bank of America N.A. LOC), 0.250% 00971JAA1 $ 20,000,000 5/20/2011 4/1/2023 Variable Rate Demand Note $ 2,250,000 Arizona Health Facilities Authority (Catholic Healthcare West), (2008 Series B) Weekly VRDNs,(Bank of 040507JU0 $ 2,250,000 5/20/2011 7/1/2035 Variable Rate Demand Note America N.A. LOC), 0.210% $ 1,800,000 Arizona Health Facilities Authority (Southwest Behavioral Health Services, Inc.), (Series 2004) Weekly 040507EM3 $ 1,800,000 5/20/2011 12/1/2024 Variable Rate Demand Note VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.220% $ 900,000 Arizona Health Facilities Authority (University Physicians, Inc.), (Series 1994) Weekly VRDNs,(JPMorgan 040507CN3 $ 900,000 5/20/2011 8/1/2024 Variable Rate Demand Note Chase Bank, N.A. LOC), 0.360% $ 3,310,000 Arizona Health Facilities Authority (University Physicians, Inc.), (Series 2000) Weekly VRDNs,(JPMorgan 040507DJ1 $ 3,310,000 5/20/2011 8/1/2030 Variable Rate Demand Note Chase Bank, N.A. LOC), 0.360% $ 21,935,000 (4)(5) Arizona State, Stage Trust (Series 2011-9C), TOBs,(GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. 94985NC82 $ 21,935,000 7/28/2011 10/1/2021 Other Municipal Debt LIQ), 0.380% $ 5,000,000 Maricopa County, AZ School District No. 11 (Peoria Unified School District), BONDs, 0.750% 567090XW0 $ 5,001,533 7/1/2011 7/1/2011 Other Municipal Debt $ 9,750,000 Maricopa County, AZ School District No. 48 (Scottsdale Unified School District), (Series 2010), BONDs, 567288RD9 $ 9,774,830 7/1/2011 7/1/2011 Other Municipal Debt 2.500% $ 6,750,000 Phoenix, AZ IDA (Copper Palms Apartments), (Series 2000) Weekly VRDNs,(Federal Home Loan Mortgage 718903JP3 $ 6,750,000 5/20/2011 2/1/2030 Variable Rate Demand Note Corp. LOC), 0.210% $ 2,415,000 Phoenix, AZ IDA (Jewell McFarland Lewis Fresh Start Women's Resource Center), (Series 2002) Weekly 718911FC9 $ 2,415,000 5/20/2011 11/1/2027 Variable Rate Demand Note VRDNs,(Bank of America N.A. LOC), 0.440% $ 3,010,000 Phoenix, AZ IDA (Southwestern College of Phoenix), (Series 2008) Weekly VRDNs,(Comerica Bank LOC), 718911FM7 $ 3,010,000 5/20/2011 7/1/2033 Variable Rate Demand Note 0.260% $ 8,000,000 (4)(5) Salt River Project, AZ Agricultural Improvement & Power District, Rocs (Series 12276) Weekly 79575DC65 $ 8,000,000 5/20/2011 1/1/2035 Variable Rate Demand Note VRDNs,(Citibank NA, New York LIQ), 0.210% $ 3,345,000 Sierra Vista, AZ IDA (Mountain Steppes Properties LLC), (Series 2001A) Weekly VRDNs,(Federal National 82651JBT4 $ 3,345,000 5/20/2011 6/15/2031 Variable Rate Demand Note Mortgage Association LOC), 0.210% $ 3,300,000 Sun Devil Energy Center LLC, AZ (Arizona State University), (Series 2008) Weekly VRDNs,(INS by Assured 866690AB6 $ 3,300,000 5/20/2011 7/1/2030 Variable Rate Demand Note Guaranty Corp.)/(Royal Bank of Canada, Montreal LIQ), 0.350% $ 4,835,000 Yavapai County, AZ Highway Construction, Revenue Bonds (Series 2007) Weekly VRDNs,(Landesbank Hessen- 98521WAA1 $ 4,835,000 5/20/2011 7/1/2018 Variable Rate Demand Note Thuringen LOC), 0.260% $ 11,000,000 Yavapai County, AZ IDA - Recovery Zone Facility (Skanon Investments, Inc.), (Series 2010: Drake Cement 98521YAA7 $ 11,000,000 5/20/2011 9/1/2035 Variable Rate Demand Note Project) Weekly VRDNs,(Citibank NA, New York LOC), 0.260% $ 28,895,000 (4)(5) Yuma, AZ Municipal Property Corp. (Yuma, AZ), Solar Eclipse (Series 2007-0115) Weekly VRDNs,(U.S. Bank, 27884FZT0 $ 28,895,000 5/20/2011 7/1/2032 Variable Rate Demand Note N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.200% TOTAL $ 136,521,363 California - 8.1% $ 18,105,000 ABAG Finance Authority for Non-Profit Corporations, CA (Harker School), (Series 2007) Weekly VRDNs,(U.S. 00037EHF6 $ 18,105,000 5/20/2011 1/1/2037 Variable Rate Demand Note Bank, N.A. LOC), 0.220% $ 16,750,000 (4)(5) ABAG Finance Authority for Non-Profit Corporations, CA, Stage Trust (Series 2011-17C), TOBs, (Sharp Healthcare),(GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 0.380% 94985NF63 $ 16,750,000 9/1/2011 8/1/2030 Other Municipal Debt TFOF - 2

$ 8,960,000 California Educational Facilities Authority (Chapman University), (2008 Series B) Daily VRDNs,(Bank of 130178NW2 $ 8,960,000 5/16/2011 10/1/2026 Variable Rate Demand Note America N.A. LOC), 0.120% $ 20,000,000 (4)(5) California Health Facilities Financing Authority, RBC Muni Trust (Series E-21), TOBs, (Kaiser Permanente),(Royal Bank of Canada, Montreal LIQ)/(Royal Bank of Canada, Montreal LOC), 0.250% 74926YSB8 $ 20,000,000 9/1/2011 9/1/2011 Other Municipal Debt $ 9,000,000 California Infrastructure & Economic Development Bank (California Academy of Sciences), (Series 2008D) 13033WQ71 $ 9,000,000 5/16/2011 9/1/2038 Variable Rate Demand Note Daily VRDNs,(City National Bank LOC), 0.120% $ 6,250,000 California Infrastructure & Economic Development Bank (Le Lycee Francais de Los Angeles), (Series 2006) 13033WWM1 $ 6,250,000 5/20/2011 9/1/2036 Variable Rate Demand Note Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.220% $ 10,000,000 California PCFA (Athens Services), (Series 2010) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.220% 130536PX7 $ 10,000,000 5/20/2011 10/1/2040 Variable Rate Demand Note $ 34,100,000 California State, (Series 2004 A-10) Weekly VRDNs,(CALSTRS (California State Teachers' Retirement System) LOC)/(Citibank NA, New York LOC), 0.210% $ 29,000,000 California State, (Series 2004 A-7) Weekly VRDNs,(CALSTRS (California State Teachers' Retirement System) LOC)/(Citibank NA, New York LOC), 0.220% $ 33,278,000 California State, GO Tax Exempt Notes, CP,(CALPERS (California Public Employees Retirement System) LOC)/(CALSTRS (California State Teachers' Retirement System) LOC)/(Credit Agricole Corporate and Investment Bank LOC)/(Dexia Credit Local LOC)/(Landesbank Hessen-Thuringen LOC)/(Royal Bank of Canada, Montreal LOC)/(Wells Fargo Bank, N.A. LOC), 0.380% $ 13,495,000 California State, GO Tax Exempt Notes, CP,(CALPERS (California Public Employees Retirement System) LOC)/(CALSTRS (California State Teachers' Retirement System) LOC)/(Credit Agricole Corporate and Investment Bank LOC)/(Dexia Credit Local LOC)/(Landesbank Hessen-Thuringen LOC)/(Royal Bank of Canada, Montreal LOC)/(Wells Fargo Bank, N.A. LOC), 0.380% $ 45,000,000 California State, GO Tax Exempt Notes, CP,(CALPERS (California Public Employees Retirement System) LOC)/(CALSTRS (California State Teachers' Retirement System) LOC)/(Credit Agricole Corporate and Investment Bank LOC)/(Dexia Credit Local LOC)/(Landesbank Hessen-Thuringen LOC)/(Royal Bank of Canada, Montreal LOC)/(Wells Fargo Bank, N.A. LOC), 0.380% $ 25,000,000 California State, GO Tax Exempt Notes, CP,(CALPERS (California Public Employees Retirement System) LOC)/(CALSTRS (California State Teachers' Retirement System) LOC)/(Credit Agricole Corporate and Investment Bank LOC)/(Dexia Credit Local LOC)/(Landesbank Hessen-Thuringen LOC)/(Royal Bank of Canada, Montreal LOC)/(Wells Fargo Bank, N.A. LOC), 0.400% $ 16,094,000 California State, GO Tax Exempt Notes, CP,(CALPERS (California Public Employees Retirement System) LOC)/(CALSTRS (California State Teachers' Retirement System) LOC)/(Credit Agricole Corporate and Investment Bank LOC)/(Dexia Credit Local LOC)/(Landesbank Hessen-Thuringen LOC)/(Royal Bank of Canada, Montreal LOC)/(Wells Fargo Bank, N.A. LOC), 0.500% $ 8,755,000 California State, GO Tax Exempt Notes, CP,(CALPERS (California Public Employees Retirement System) LOC)/(CALSTRS (California State Teachers' Retirement System) LOC)/(Credit Agricole Corporate and Investment Bank LOC)/(Dexia Credit Local LOC)/(Landesbank Hessen-Thuringen LOC)/(Royal Bank of Canada, Montreal LOC)/(Wells Fargo Bank, N.A. LOC), 0.520% $ 33,000,000 California State, GO Tax Exempt Notes, CP,(CALPERS (California Public Employees Retirement System) LOC)/(CALSTRS (California State Teachers' Retirement System) LOC)/(Credit Agricole Corporate and Investment Bank LOC)/(Dexia Credit Local LOC)/(Landesbank Hessen-Thuringen LOC)/(Royal Bank of Canada, Montreal LOC)/(Wells Fargo Bank, N.A. LOC), 0.600% 13063A6E9 $ 34,100,000 5/20/2011 5/1/2034 Variable Rate Demand Note 13063A6B5 $ 29,000,000 5/20/2011 5/1/2034 Variable Rate Demand Note 13067HZM0 $ 33,278,000 5/19/2011 5/19/2011 Other Municipal Debt 13067HZV0 $ 13,495,000 5/26/2011 5/26/2011 Other Municipal Debt 13067KXY9 $ 45,000,000 5/23/2011 5/23/2011 Other Municipal Debt 13067KXV5 $ 25,000,000 5/24/2011 5/24/2011 Other Municipal Debt 13067KZG6 $ 16,094,000 6/9/2011 6/9/2011 Other Municipal Debt 13067HA54 $ 8,755,000 5/26/2011 5/26/2011 Other Municipal Debt 13067KYX0 $ 33,000,000 6/8/2011 6/8/2011 Other Municipal Debt TFOF - 3

$ 16,000,000 California State, GO Tax Exempt Notes, CP,(CALPERS (California Public Employees Retirement System) LOC)/(CALSTRS (California State Teachers' Retirement System) LOC)/(Credit Agricole Corporate and Investment Bank LOC)/(Dexia Credit Local LOC)/(Landesbank Hessen-Thuringen LOC)/(Royal Bank of Canada, Montreal LOC)/(Wells Fargo Bank, N.A. LOC), 0.600% 13067KZJ0 $ 16,000,000 6/9/2011 6/9/2011 Other Municipal Debt $ 10,000,000 California State, GO Tax Exempt Notes, CP,(CALPERS (California Public Employees Retirement System) LOC)/(CALSTRS (California State Teachers' Retirement System) LOC)/(Credit Agricole Corporate and Investment Bank LOC)/(Dexia Credit Local LOC)/(Landesbank Hessen-Thuringen LOC)/(Royal Bank of Canada, Montreal LOC)/(Wells Fargo Bank, N.A. LOC), 0.600% $ 25,425,000 California State, GO Tax Exempt Notes, CP,(CALPERS (California Public Employees Retirement System) LOC)/(CALSTRS (California State Teachers' Retirement System) LOC)/(Credit Agricole Corporate and Investment Bank LOC)/(Dexia Credit Local LOC)/(Landesbank Hessen-Thuringen LOC)/(Royal Bank of Canada, Montreal LOC)/(Wells Fargo Bank, N.A. LOC), 0.600% $ 14,500,000 California Statewide Communities Development Authority (Kaiser Permanente), (Series 2003D) Weekly VRDNs, 0.190% $ 6,200,000 California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004L) Weekly VRDNs, 0.190% $ 6,500,000 California Statewide Communities Development Authority (Plan Nine Partners LLC), (Series 2005A: Sweetwater Union High School District) Weekly VRDNs,(Union Bank, N.A. LOC), 0.290% $ 15,000,000 California Statewide Communities Development Authority Multi-Family Housing (Villas 154, L.P.), (2009 Series E: Crossings West Apartments) Weekly VRDNs,(Federal Home Loan Mortgage Corp. LOC), 0.220% 13067KZL5 $ 10,000,000 6/14/2011 6/14/2011 Other Municipal Debt 13067KZM3 $ 25,425,000 6/8/2011 6/8/2011 Other Municipal Debt 130911RZ5 $ 14,500,000 5/20/2011 5/1/2033 Variable Rate Demand Note 130911WD8 $ 6,200,000 5/20/2011 4/1/2038 Variable Rate Demand Note 130911A67 $ 6,500,000 5/20/2011 2/1/2035 Variable Rate Demand Note 13079PRV7 $ 15,000,000 5/20/2011 8/1/2041 Variable Rate Demand Note $ 17,045,000 California Statewide Communities Development Authority, (Series 2004E), CP, (Kaiser Permanente), 13080MBG1 $ 17,045,000 9/8/2011 9/8/2011 Other Municipal Debt 0.340% $ 30,000,000 California Statewide Communities Development Authority, (Series 2008B), CP, (Kaiser Permanente), 13079JBY2 $ 30,000,000 11/15/2011 11/15/2011 Other Municipal Debt 0.380% $ 85,000,000 California Statewide Communities Development Authority, Gas Supply Variable Rate Revenue Bonds (Series 13080PAA8 $ 85,000,000 5/20/2011 11/1/2040 Variable Rate Demand Note 2010) Weekly VRDNs,(GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.200% $ 17,300,000 (4)(5) Coast Community College District, CA, Spears (Series DB-326) Weekly VRDNs,(Deutsche Bank AG 25154CUF9 $ 17,300,000 5/20/2011 8/1/2030 Variable Rate Demand Note LIQ)/(Deutsche Bank AG LOC), 0.200% $ 9,800,000 Corcoran Joint Powers Finance Authority, CA (Corcoran, CA Water System), (Series 2008) Weekly 218364AZ0 $ 9,800,000 5/20/2011 7/1/2036 Variable Rate Demand Note VRDNs,(Union Bank, N.A. LOC), 0.240% $ 24,965,000 (4)(5) Grossmont, CA Healthcare District, Spears (Series DBE-345) Weekly VRDNs,(Deutsche Bank AG LIQ)/(GTD by 25154CWH3 $ 24,965,000 5/20/2011 7/15/2033 Variable Rate Demand Note Deutsche Bank AG), 0.200% $ 7,200,000 Irvine Ranch, CA Water District, (Series 1995) Weekly VRDNs,(Sumitomo Mitsui Banking Corp. LOC), 0.170% 4636324A4 $ 7,200,000 5/20/2011 1/1/2021 Variable Rate Demand Note $ 19,900,000 Los Angeles, CA (Windward School), Adjustable Rate Certificates of Participation (2007 Series A) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.220% $ 12,010,000 (4)(5) Los Angeles, CA Department of Airports, Stage Trust (Series 2010-31C), TOBs, (Los Angeles International Airport),(GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 0.380% $ 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.), 0.210% $ 10,065,000 Los Angeles, CA Wastewater System, Subordinate Revenue Bonds (Series 2008-E) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.200% 544358P99 $ 19,900,000 5/20/2011 7/1/2037 Variable Rate Demand Note 94985NXJ5 $ 12,010,000 11/3/2011 5/15/2040 Other Municipal Debt 544525LR7 $ 14,000,000 5/20/2011 7/1/2043 Variable Rate Demand Note 5446522T6 $ 10,065,000 5/20/2011 6/1/2028 Variable Rate Demand Note TFOF - 4

$ 12,000,000 Los Angeles, CA Wastewater System, Subordinate Revenue Bonds (Series 2008-H) Weekly VRDNs,(Bank of 5446522X7 $ 12,000,000 5/20/2011 6/1/2032 Variable Rate Demand Note America N.A. LOC), 0.210% $ 18,600,000 Metropolitan Water District of Southern California, (Series 2006A-2) Weekly VRDNs,(Banco Bilbao Vizcaya 5926632F4 $ 18,600,000 5/20/2011 7/1/2021 Variable Rate Demand Note Argentaria SA LIQ), 0.260% $ 10,125,000 (4)(5) Orange County, CA Sanitation District, Rocs (Series 11738) Weekly VRDNs,(Citibank NA, New York LIQ), 68428PEZ4 $ 10,125,000 5/20/2011 2/1/2035 Variable Rate Demand Note 0.210% $ 11,250,000 Oxnard, CA Financing Authority (Oxnard, CA), (Series 2006: Civic Center Phase 2) Weekly VRDNs,(Union 691875AQ1 $ 11,250,000 5/20/2011 6/1/2036 Variable Rate Demand Note Bank, N.A. LOC), 0.240% $ 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), 0.240% 691878AJ1 $ 11,170,000 5/20/2011 6/1/2034 Variable Rate Demand Note $ 32,388,000 Riverside County, CA, Teeter Obligation (Series B), CP,(Bank of Nova Scotia, Toronto LOC), 0.310% 76913VHS9 $ 32,388,000 6/10/2011 6/10/2011 Other Municipal Debt $ 6,185,000 San Diego County, CA Regional Transportation Commission, (Series 2008B) Weekly VRDNs,(JPMorgan Chase 797400FG8 $ 6,185,000 5/20/2011 4/1/2038 Variable Rate Demand Note Bank, N.A. LIQ), 0.180% $ 20,000,000 San Diego County, CA Water Authority, (Series 3), CP, 0.700% 79741PUJ9 $ 20,000,000 6/9/2011 6/9/2011 Other Municipal Debt $ 30,100,000 San Francisco, CA City & County Redevelopment Finance Agency Multi-Family Housing (Fillmore Center Associates LP), (Series 1992 A-1) Weekly VRDNs,(Federal Home Loan Mortgage Corp. LOC), 0.220% 79771MAS1 $ 30,100,000 5/20/2011 12/1/2017 Variable Rate Demand Note $ 12,540,000 San Jose, CA Financing Authority (San Jose, CA), (Series 2008B-2: Civic Center Garage Project) Weekly 798153KG6 $ 12,540,000 5/20/2011 6/1/2039 Variable Rate Demand Note VRDNs,(Union Bank, N.A. LOC), 0.180% $ 29,850,000 West Hills Community College District Financing Corporation, CA (West Hills Community College District, CA) 95330RAC5 $ 29,850,000 5/20/2011 7/1/2033 Variable Rate Demand Note, (Series 2008) Weekly VRDNs,(Union Bank, N.A. LOC), 0.250% TOTAL $ 861,905,000 Colorado - 1.2% $ 4,835,000 Base Village, CO Metropolitan District No. 2, (Series 2008A) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.230% 069780AA2 $ 4,835,000 5/20/2011 12/1/2038 Variable Rate Demand Note $ 6,510,000 Base Village, CO Metropolitan District No. 2, (Series 2008B) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.230% 069780AB0 $ 6,510,000 5/20/2011 12/1/2038 Variable Rate Demand Note $ 58,480,000 Centerra Metropolitian District No. 1, CO, (Series 2008) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.230% 15200PAB6 $ 58,480,000 5/20/2011 12/1/2029 Variable Rate Demand Note $ 10,425,000 Colorado HFA, (2009 Series A-1) Weekly VRDNs,(Federal Home Loan Bank of Topeka LIQ), 0.220% 196479QR3 $ 10,425,000 5/20/2011 10/1/2041 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), 0.420% $ 8,625,000 Commerce City, CO Northern Infrastructure General Improvement District, (Series 2008) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.230% $ 11,500,000 Denver Urban Renewal Authority, Stapleton Senior Tax Increment Revenue Bonds (Series 2008A-2) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.210% $ 21,260,000 (4)(5) University of Colorado, Solar Eclipse (Series 2006-0066) Weekly VRDNs,(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.200% TOTAL $ 123,700,000 Connecticut - 0.3% $ 8,000,000 Connecticut State HEFA (Greenwich Hospital, CT), (Series C) Weekly VRDNs,(Bank of America N.A. LOC), 0.200% $ 17,300,000 (4)(5) Connecticut State Health & Educational Facilities (Yale University), Eagles (Series 720053031) Weekly VRDNs,(Citibank NA, New York LIQ), 0.210% 9,000,000 196474LS7 $ 2,065,000 5/20/2011 6/1/2018 Variable Rate Demand Note 20058RAC3 $ 8,625,000 5/20/2011 12/1/2038 Variable Rate Demand Note 249301EE8 $ 11,500,000 5/20/2011 12/1/2025 Variable Rate Demand Note 27884FFU9 $ 21,260,000 5/20/2011 6/1/2013 Variable Rate Demand Note 20774UYC3 $ 8,000,000 5/20/2011 7/1/2026 Variable Rate Demand Note 20774UCC7 $ 17,300,000 5/20/2011 7/1/2035 Variable Rate Demand Note $ New Britain, CT, BANs, 2.000% 6427133L3 $ 9,100,598 3/28/2012 3/28/2012 Other Municipal Debt TOTAL $ 34,400,598 TFOF - 5

District Of Columbia - 0.8% $ 7,050,000 District of Columbia Revenue (American Educational Research Association), (Series 2007) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.300% $ 4,920,000 District of Columbia Revenue (Washington Center for Internships & Academic Seminars), (Series 2006) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 0.220% $ 4,000,000 District of Columbia Revenue (Washington Center for Internships & Academic Seminars), (Series 2009) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 0.220% $ 4,280,000 District of Columbia Revenue (Young Men's Christian Association of Metropolitan Washington), (Series 1999) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.260% 254839W90 $ 7,050,000 5/20/2011 7/1/2037 Variable Rate Demand Note 254839L27 $ 4,920,000 5/20/2011 7/1/2036 Variable Rate Demand Note 2548394W0 $ 4,000,000 5/20/2011 2/1/2048 Variable Rate Demand Note 254839UG6 $ 4,280,000 5/20/2011 5/1/2024 Variable Rate Demand Note $ 14,230,000 (4)(5) District of Columbia Water & Sewer Authority, Stage Trust (Series 2008-21C), TOBs,(GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), 0.380% $ 15,220,000 District of Columbia, (Series 2009A), CP, (National Academy of Sciences),(Bank of America N.A. LOC), 0.350% $ 26,665,000 (4)(5) Washington, DC Convention Center Authority, Floater Certificates (Series 2006-1606) Weekly VRDNs,(INS by Berkshire Hathaway Assurance Corp.)/(Morgan Stanley Bank LIQ), 0.210% $ 8,200,000 (4)(5) Washington, DC Convention Center Authority, Stage Trust (Series 2010-25C), TOBs, (Convention Center Authority),(GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 0.380% 94985NBV2 $ 14,230,000 7/28/2011 10/1/2034 Other Municipal Debt 25483LAY2 $ 15,220,000 6/2/2011 6/2/2011 Other Municipal Debt 93877MCE4 $ 26,665,000 5/20/2011 10/1/2030 Variable Rate Demand Note 94985NWS6 $ 8,200,000 10/27/2011 10/1/2040 Other Municipal Debt TOTAL $ 84,565,000 Florida - 5.0% $ 12,000,000 Alachua County, FL Health Facilities Authority, (Series 2008B), CP, (Shands Healthcare),(Bank of America N.A. LOC), 0.320% $ 4,455,000 Broward County, FL HFA (Jacaranda Village Apartments), (Series 1997) Weekly VRDNs,(HSBC Bank USA LOC), 0.230% $ 28,375,000 (4)(5) Broward County, FL, Clipper Floater Certificates (Series 2009-55) Weekly VRDNs,(State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.240% $ 5,000,000 Capital Trust Agency, FL (Atlantic Housing Foundation Properties), (Series 2008A) Weekly VRDNs,(Federal National Mortgage Association LOC), 0.210% $ 18,000,000 (4)(5) Clipper Tax-Exempt Trust (Florida Non-AMT) Series 2009-83 Weekly VRDNs,(State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.210% $ 15,550,000 (4)(5) Florida State Board of Education (Florida State), P-Floats (Series PZ-198) Weekly VRDNs,(Wells Fargo Bank, N.A. LIQ), 0.240% 4,705,000 01068QCA5 $ 12,000,000 5/25/2011 5/25/2011 Other Municipal Debt 115027GV0 $ 4,455,000 5/20/2011 9/1/2022 Variable Rate Demand Note 18886PXB6 $ 28,375,000 5/20/2011 1/1/2018 Variable Rate Demand Note 140532AN2 $ 5,000,000 5/20/2011 7/15/2024 Variable Rate Demand Note 18886PQ40 $ 18,000,000 5/20/2011 7/1/2019 Variable Rate Demand Note 341535U67 $ 15,550,000 5/20/2011 6/1/2032 Variable Rate Demand Note $ (4)(5) Florida State, Merlots (Series 2008-C7) Weekly VRDNs,(Wells Fargo Bank, N.A. LIQ), 0.210% 341150WT3 $ 4,705,000 5/20/2011 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,(Royal Bank of Canada, Montreal LOC), 0.170% $ 9,400,000 Highlands County, FL Health Facilities Authority (Adventist Health System/ Sunbelt Obligated Group), (Series 2007B) Weekly VRDNs,(Bank of Montreal LOC), 0.170% $ 7,500,000 Highlands County, FL Health Facilities Authority (Adventist Health System/ Sunbelt Obligated Group), (Series 2009A) Weekly VRDNs,(PNC Bank, N.A. LOC), 0.190% 25,000,000 8,125,000 431022QV7 $ 8,000,000 5/20/2011 11/15/2035 Variable Rate Demand Note 431022QR6 $ 9,400,000 5/20/2011 11/15/2037 Variable Rate Demand Note 431022RW4 $ 7,500,000 5/20/2011 11/15/2027 Variable Rate Demand Note $ Indian River County School District, FL, (Series 2010), TANs, 2.000% 454412FM4 $ 25,049,272 6/30/2011 6/30/2011 Other Municipal Debt $ JEA, FL Electric System, (Series Three 2008B-3) Weekly VRDNs,(Bank of America N.A. LIQ), 0.210% 46613CMT9 $ 8,125,000 5/20/2011 10/1/2036 Variable Rate Demand Note $ 23,820,000 JEA, FL Water & Sewer System, (2008 Series A-2: Senior Revenue Bonds) Weekly VRDNs,(Sumitomo Mitsui Banking Corp. LOC), 0.210% $ 3,790,000 Miami, FL Health Facilities Authority (Mercy Hospital, FL), Health Facilities Revenue Refunding Bonds (Series 1998) Weekly VRDNs,(Bank of America N.A. LOC), 0.220% 46613PVV5 $ 23,820,000 5/20/2011 10/1/2042 Variable Rate Demand Note 593416BR0 $ 3,790,000 5/20/2011 8/1/2020 Variable Rate Demand Note TFOF - 6

$ 6,000,000 Miami-Dade County, FL IDA (Gulliver Schools), (Series 2000) Weekly VRDNs,(Bank of America N.A. LOC), 59333CAG2 $ 6,000,000 5/20/2011 9/1/2029 Variable Rate Demand Note 0.310% $ 5,200,000 Orange County, FL IDA (Christian Prison Ministry, Inc.), (Series 2005) Weekly VRDNs,(Branch Banking & Trust 684908AM8 $ 5,200,000 5/20/2011 11/1/2030 Variable Rate Demand Note Co. LOC), 0.220% $ 11,925,000 Orange County, FL IDA (Lake Highland Preparatory School, Inc.), (Series 2007) Weekly VRDNs,(Bank of 684908AP1 $ 11,925,000 5/20/2011 8/1/2032 Variable Rate Demand Note America N.A. LOC), 0.250% $ 6,000,000 Orange County, FL School Board, Certificates of Participation (Series 2008C) Weekly VRDNs,(Bank of America 684517MH5 $ 6,000,000 5/20/2011 8/1/2025 Variable Rate Demand Note N.A. LOC), 0.210% $ 11,000,000 Orange County, FL, Health Facilities Authority (Orlando Health, Inc.), (Series 2008E) Weekly VRDNs,(Branch 6845035S0 $ 11,000,000 5/20/2011 10/1/2026 Variable Rate Demand Note Banking & Trust Co. LOC), 0.210% $ 31,060,000 Orlando & Orange County Expressway Authority, FL, (Series 2003C-1) Weekly VRDNs,(Dexia Credit Local 686543NA3 $ 31,060,000 5/20/2011 7/1/2025 Variable Rate Demand Note LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.600% $ 40,895,000 Orlando & Orange County Expressway Authority, FL, (Series 2003C-3) Weekly VRDNs,(Dexia Credit Local 686543NC9 $ 40,895,000 5/20/2011 7/1/2025 Variable Rate Demand Note LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.500% $ 113,750,000 (4)(5) Orlando & Orange County Expressway Authority, FL, Eagles (Series 2007-0081) Weekly VRDNs,(Citibank NA, 686543NZ8 $ 113,750,000 5/20/2011 7/1/2042 Variable Rate Demand Note New York LIQ)/(INS by Berkshire Hathaway Assurance Corp.), 0.220% $ 22,600,000 (4)(5) Orlando & Orange County Expressway Authority, FL, Eagles (Series 2007-0145) Weekly VRDNs,(Citibank NA, 686543PH6 $ 22,600,000 5/20/2011 7/1/2042 Variable Rate Demand Note New York LIQ)/(INS by Berkshire Hathaway Assurance Corp.), 0.220% $ 4,850,000 Palm Beach County, FL (Caron Foundation of Florida, Inc.), (Series 2008) Weekly VRDNs,(Wells Fargo Bank, 696547EY0 $ 4,850,000 5/20/2011 1/1/2028 Variable Rate Demand Note N.A. LOC), 0.300% $ 12,600,000 Palm Beach County, FL (Norton Gallery and School of Art, Inc.), (Series 2000) Weekly VRDNs,(Bank of 696547CK2 $ 12,600,000 5/20/2011 5/1/2030 Variable Rate Demand Note America N.A. LOC), 0.260% $ 4,000,000 Palm Beach County, FL, Refunding Revenue Bonds Weekly VRDNs,(Northern Trust Co., Chicago, IL LOC), 696547AY4 $ 4,000,000 5/20/2011 3/1/2027 Variable Rate Demand Note 0.260% $ 10,000,000 Pinellas County, FL Health Facility Authority (Baycare Health System), (Series 2009A-2) Weekly 72316MEZ8 $ 10,000,000 5/20/2011 11/1/2038 Variable Rate Demand Note VRDNs,(Northern Trust Co., Chicago, IL LOC), 0.200% $ 75,700,000 St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 0.100% 792070BH6 $ 75,700,000 5/16/2011 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.), 0.500% TOTAL $ 531,474,272 Georgia - 3.1% $ 4,865,000 Bartow County, GA Development Authority (VMC Specialty Alloys LLC), (Series 2010) Weekly VRDNs,(Comerica Bank LOC), 0.240% 15,000,000 92268PAS7 $ 2,125,000 5/20/2011 11/1/2028 Variable Rate Demand Note 06964CAA2 $ 4,865,000 5/20/2011 11/1/2030 Variable Rate Demand Note $ Burke County, GA Development Authority (Georgia Power Co.), (Second Series 1995) Daily VRDNs, 0.120% 121342MX4 $ 15,000,000 5/16/2011 10/1/2032 Variable Rate Demand Note $ 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), 0.220% $ 12,695,000 (4)(5) Coweta County, GA Development Authority, Stage Trust (Series 2010-26C), TOBs, (Piedmont Healthcare, Inc.),(GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 0.380% $ 29,785,000 Dalton, GA Development Authority (Hamilton Medical Center, Inc.), (Series 2003B) Weekly VRDNs,(Bank of America N.A. LOC), 0.230% $ 7,550,000 DeKalb County, GA Multi-Family Housing Authority (Timber Trace Apartments), (Series 2003) Weekly VRDNs,(Federal Home Loan Mortgage Corp. LOC), 0.200% $ 8,085,000 DeKalb Private Hospital Authority, GA (Children's Healthcare of Atlanta, Inc.), (Series 2008) Weekly VRDNs,(Landesbank Hessen-Thuringen LIQ), 0.220% $ 10,600,000 Fayette County, GA Developmen Authority (Catholic School Properties, Inc.), (Series 1999) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.200% $ 2,000,000 Fulton County, GA Development Authority (Alpharetta Christian Academy, Inc.), (Series 2001) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.300% 190806BR9 $ 6,610,000 5/20/2011 12/1/2025 Variable Rate Demand Note 94985NWV9 $ 12,695,000 10/27/2011 6/15/2045 Other Municipal Debt 235550EQ9 $ 29,785,000 5/20/2011 8/15/2033 Variable Rate Demand Note 240471LQ3 $ 7,550,000 5/20/2011 1/1/2034 Variable Rate Demand Note 241064DD3 $ 8,085,000 5/20/2011 7/1/2042 Variable Rate Demand Note 312222AA0 $ 10,600,000 5/20/2011 4/1/2024 Variable Rate Demand Note 36004PAE4 $ 2,000,000 5/20/2011 11/1/2021 Variable Rate Demand Note TFOF - 7

$ 11,450,000 Fulton County, GA Development Authority (Children's Healthcare of Atlanta, Inc.), (Series 2008) Weekly 359900UM7 $ 11,450,000 5/20/2011 7/1/2042 Variable Rate Demand Note VRDNs,(Landesbank Hessen-Thuringen LIQ), 0.220% $ 4,000,000 Fulton County, GA Development Authority (First Montessori School of Atlanta, Inc.), (Series 2007) Weekly 359900TW7 $ 4,000,000 5/20/2011 6/1/2030 Variable Rate Demand Note VRDNs,(Branch Banking & Trust Co. LOC), 0.220% $ 80,000 Fulton County, GA Development Authority (King's Ridge Christian School), (Series 2006) Weekly 359900RZ2 $ 80,000 5/20/2011 5/1/2026 Variable Rate Demand Note VRDNs,(Branch Banking & Trust Co. LOC), 0.220% $ 4,100,000 Fulton County, GA Development Authority (Pace Academy, Inc.), (Series 2008) Weekly VRDNs,(Bank of 359900UQ8 $ 4,100,000 5/20/2011 7/1/2027 Variable Rate Demand Note America N.A. LOC), 0.250% $ 7,685,000 Fulton County, GA Development Authority (The Weber School, Inc.), (Series 2006) Weekly VRDNs,(Branch 359900RV1 $ 7,685,000 5/20/2011 12/1/2030 Variable Rate Demand Note Banking & Trust Co. LOC), 0.220% $ 6,405,000 Fulton County, GA Development Authority (Woodward Academy, Inc.), (Series 2002) Weekly 359900ZR1 $ 6,405,000 5/20/2011 12/1/2027 Variable Rate Demand Note VRDNs,(Federal Home Loan Bank of Atlanta LOC), 0.200% $ 6,455,000 Georgia Ports Authority (Garden City Terminal), (Series 2007) Weekly VRDNs,(Branch Banking & Trust Co. 373586FN1 $ 6,455,000 5/20/2011 9/1/2012 Variable Rate Demand Note LOC), 0.230% $ 20,500,000 Glynn-Brunswick, GA Hospital Authority (Southeast Georgia Health System, Inc.), (Series 2008) Weekly 380037FL0 $ 20,500,000 5/20/2011 8/1/2038 Variable Rate Demand Note VRDNs,(Branch Banking & Trust Co. LOC), 0.210% $ 4,425,000 Gwinnett County, GA Hospital Authority (Gwinnett Hospital System, Inc.), (Series 2009) Weekly 403732EQ9 $ 4,425,000 5/20/2011 7/1/2036 Variable Rate Demand Note VRDNs,(Federal Home Loan Bank of Atlanta LOC), 0.200% $ 7,500,000 Macon-Bibb County, GA Hospital Authority (Medical Center of Central Georgia, Inc.), (Series 1998) Weekly 55553RBU8 $ 7,500,000 5/20/2011 12/1/2018 Variable Rate Demand Note VRDNs,(Branch Banking & Trust Co. LOC), 0.220% $ 5,700,000 Macon-Bibb County, GA Hospital Authority (Medical Center of Central Georgia, Inc.), (Series 2003B) Weekly 55553RCB9 $ 5,700,000 5/20/2011 7/1/2028 Variable Rate Demand Note VRDNs,(Branch Banking & Trust Co. LOC), 0.220% $ 50,100,000 Main Street Gas, Inc., (Series 2010A) Weekly VRDNs,(GTD by Royal Bank of Canada, Montreal)/(Royal Bank 56036YEJ0 $ 50,100,000 5/20/2011 8/1/2040 Variable Rate Demand Note of Canada, Montreal LIQ), 0.210% $ 14,750,000 Municipal Electric Authority of Georgia, (Series 1994D) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by 626207CM4 $ 14,750,000 5/20/2011 1/1/2022 Variable Rate Demand Note Assured Guaranty Municipal Corp.), 0.500% $ 40,000,000 Richmond County, GA Development Authority (MCG Health, Inc.), (Series 2008A) Weekly VRDNs,(Bank of 764595BD5 $ 40,000,000 5/20/2011 7/1/2037 Variable Rate Demand Note America N.A. LOC), 0.230% $ 46,000,000 Richmond County, GA Development Authority (MCG Health, Inc.), (Series 2008B) Weekly VRDNs,(Bank of 764595BE3 $ 46,000,000 5/20/2011 7/1/2037 Variable Rate Demand Note America N.A. LOC), 0.230% $ 6,960,000 Savannah, GA EDA (Savannah Country Day School), (Series 2007) Weekly VRDNs,(Branch Banking & Trust 80483CGQ8 $ 6,960,000 5/20/2011 5/1/2032 Variable Rate Demand Note Co. LOC), 0.220% TOTAL $ 333,300,000 Hawaii - 0.1% $ 10,395,000 (4)(5) University of Hawaii, Stage Trust (Series 2008-11C), TOBs,(GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), 0.380% TOTAL $ 10,395,000 Idaho - 0.7% $ 31,000,000 Idaho Health Facilities Authority (St. Lukes Regional Medical Center, Ltd.), (Series 2009B) Weekly VRDNs,(Harris, N.A. LOC), 0.200% 40,000,000 94985NHV6 $ 10,395,000 7/28/2011 10/1/2038 Other Municipal Debt 451295TY5 $ 31,000,000 5/20/2011 11/1/2043 Variable Rate Demand Note $ Idaho State, (Series 2010), TANs, 2.000% 451434BQ6 $ 40,078,082 6/30/2011 6/30/2011 Other Municipal Debt TOTAL $ 71,078,082 Illinois - 6.5% $ 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), 0.210% 30,450,000 051655CT3 $ 12,410,000 5/20/2011 10/15/2027 Variable Rate Demand Note $ Canton, IL (Graham Hospital Association), (Series 2009) Weekly VRDNs,(Harris, N.A. LOC), 0.230% 138206AA5 $ 30,450,000 5/20/2011 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.), 0.570% 167501ZE8 $ 17,955,000 5/20/2011 3/1/2032 Variable Rate Demand Note TFOF - 8

$ 85,060,000 Chicago, IL Board of Education, (Series 2000C) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured 167501ZF5 $ 85,060,000 5/20/2011 3/1/2032 Variable Rate Demand Note Guaranty Municipal Corp.), 0.570% $ 8,045,000 Chicago, IL Board of Education, (Series 2009A-2) Weekly VRDNs,(Northern Trust Co., Chicago, IL LOC), 0.210% 167505HS8 $ 8,045,000 5/20/2011 3/1/2026 Variable Rate Demand Note $ 15,025,000 Chicago, IL Midway Airport, Second Lien Revenue Bonds (Series 2004D) Weekly VRDNs,(Morgan Stanley Bank LOC), 0.220% $ 5,250,000 Chicago, IL Multi-Family Housing Revenue (Oakwood Shores Senior Apartments), (Series 2010) Weekly VRDNs,(Bank of America N.A. LOC), 0.240% 12,500,000 167562JW8 $ 15,025,000 5/20/2011 1/1/2035 Variable Rate Demand Note 167570TC4 $ 5,250,000 5/20/2011 9/1/2015 Variable Rate Demand Note $ Cook County, IL, (Series 2002 B) Weekly VRDNs,(Landesbank Hessen-Thuringen (Guaranteed) LIQ), 0.220% 213183U87 $ 12,500,000 5/20/2011 11/1/2031 Variable Rate Demand Note $ 9,915,000 Freeport, IL (Freeport Regional Health Care Foundation), (Series 2001) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.260% 3,900,000 356667BA2 $ 9,915,000 5/20/2011 1/1/2026 Variable Rate Demand Note $ Galesburg, IL (Knox College), (Series 1996) Weekly VRDNs,(Bank of America N.A. LOC), 0.230% 363433AQ6 $ 3,900,000 5/20/2011 3/1/2031 Variable Rate Demand Note $ 9,500,000 Illinois Development Finance Authority (Chicago Theatre Group Inc.) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC)/(Northern Trust Co., Chicago, IL LOC), 0.220% $ 10,000,000 Illinois Development Finance Authority (North Park University), (Series 1999) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.250% $ 3,700,000 Illinois Development Finance Authority (St. Ignatius College Prep.), (Series 2002) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.230% $ 1,050,000 Illinois Development Finance Authority IDB (Ada S. McKInley Community Services, Inc.), (Series 1997) Weekly VRDNs,(Harris, N.A. LOC), 0.420% $ 7,500,000 Illinois Finance Authority (Advocate Health Care Network), (Subseries C-3A) Weekly VRDNs,(Bank of America N.A. LIQ), 0.220% $ 15,600,000 Illinois Finance Authority (Chicago Symphony Orchestra Project), (Series 2008) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.190% 4,970,000 45188REE5 $ 9,500,000 5/20/2011 12/1/2033 Variable Rate Demand Note 45188RLZ0 $ 10,000,000 5/20/2011 10/1/2029 Variable Rate Demand Note 45188RQ44 $ 3,700,000 5/20/2011 6/1/2032 Variable Rate Demand Note 451887TB9 $ 1,050,000 5/20/2011 4/1/2017 Variable Rate Demand Note 45200FFT1 $ 7,500,000 5/20/2011 11/1/2038 Variable Rate Demand Note 45200FGY9 $ 15,600,000 5/20/2011 5/1/2048 Variable Rate Demand Note $ Illinois Finance Authority (Clearbrook Corp.), (Series 2008) Weekly VRDNs,(Harris, N.A. LOC), 0.230% 45200FNZ8 $ 4,970,000 5/20/2011 9/1/2033 Variable Rate Demand Note $ 14,950,000 Illinois Finance Authority (Concordia University), (Series 2009) Weekly VRDNs,(Federal Home Loan Bank of Chicago LOC), 0.230% $ 62,700,000 Illinois Finance Authority (Elmhurst Memorial Healthcare), (Series 2008C) Weekly VRDNs,(RBS Citizens Bank N.A. LOC), 0.240% $ 24,000,000 Illinois Finance Authority (Erikson Institute), (Series 2007) Weekly VRDNs,(Bank of America N.A. LOC), 0.360% $ 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), 0.310% $ 38,570,000 Illinois Finance Authority (OSF Health Care Systems), (Series 2007E) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.310% $ 8,000,000 Illinois Finance Authority (OSF Health Care Systems), (Series 2009C) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.200% $ 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.), 0.410% $ 4,155,000 Illinois Finance Authority (Riverside Health Systems, IL), (Series 2004) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.210% $ 50,000,000 Illinois Finance Authority (Swedish Covenant Hospital), (Series 2008A) Weekly VRDNs,(Bank of America N.A. LOC), 0.230% 9,000,000 45200FA82 $ 14,950,000 5/20/2011 11/1/2034 Variable Rate Demand Note 45200FGZ6 $ 62,700,000 5/20/2011 1/1/2048 Variable Rate Demand Note 452029AA9 $ 24,000,000 5/20/2011 11/1/2037 Variable Rate Demand Note 45200BX94 $ 100,425,000 5/20/2011 3/15/2036 Variable Rate Demand Note 45200B8D3 $ 38,570,000 5/20/2011 11/15/2037 Variable Rate Demand Note 45200FWE5 $ 8,000,000 5/20/2011 11/15/2037 Variable Rate Demand Note 45200FKX6 $ 11,250,000 5/20/2011 5/15/2016 Variable Rate Demand Note 45200BDS4 $ 4,155,000 5/20/2011 11/15/2029 Variable Rate Demand Note 45200FEW5 $ 50,000,000 5/20/2011 8/15/2038 Variable Rate Demand Note $ Illinois Finance Authority, (Series 2008A), TOBs, (Advocate Health Care Network), 0.480% 45200FED7 $ 9,000,000 2/1/2012 2/1/2012 Other Municipal Debt $ 9,885,000 (4)(5) Illinois Finance Authority, Stage Trust (Series 2009-09C), TOBs, (OSF Health Care Systems),(GTD by Wells Fargo & Co.)/(Wells Fargo Bank, N.A. LIQ), 0.380% 94985NHP9 $ 9,885,000 5/18/2011 11/15/2029 Other Municipal Debt TFOF - 9

$ 28,000,000 Illinois State Toll Highway Authority, (2007 Series A-1a) Weekly VRDNs,(Citibank NA, New York LOC), 0.210% 452252GK9 $ 28,000,000 5/20/2011 7/1/2030 Variable Rate Demand Note $ 15,000,000 Illinois State Toll Highway Authority, (2007 Series A-2a) Weekly VRDNs,(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.250% 13,500,000 452252GM5 $ 15,000,000 5/20/2011 7/1/2030 Variable Rate Demand Note $ Illinois State Toll Highway Authority, (2007 Series A-2d) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.200% 452252GQ6 $ 13,500,000 5/20/2011 7/1/2030 Variable Rate Demand Note $ 15,870,000 (4)(5) Metropolitan Pier & Exposition Authority, IL, Spears (Series DB-433) Weekly VRDNs,(Deutsche Bank AG LIQ)/(GTD by Deutsche Bank AG), 0.210% $ 9,995,000 Southwestern Illinois Development Authority (Molinero, Inc.), (Series 2010) Weekly VRDNs,(Harris, N.A. LOC), 0.230% $ 16,500,000 Will & Kendall Counties, IL Community Consolidated School District No. 202, (2010 Educational Purposes Tax Anticipation Warrants), TANs, 1.250% TOTAL $ 684,663,242 Indiana - 1.0% $ 3,545,000 Dekko Foundation Educational Facilities Tax Exempt Income Trust, (Series 1) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.420% $ 19,300,000 Indiana Development Finance Authority (Indianapolis Museum of Art, Inc.), (Series 2002) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.220% $ 4,800,000 Indiana Health & Educational Facility Financing Authority (Marian College, Inc.), (Series 2006) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.220% $ 10,000,000 Indiana State Finance Authority (Hospital Revenue Bonds) (Indiana University Health Obligated Group), (Series 2011G) Weekly VRDNs,(Bank of New York Mellon LOC), 0.200% $ 20,440,000 (4)(5) Indiana State Finance Authority (Hospital Revenue Bonds), Stage Trust (Series 2009-75C), TOBs, (Parkview Health System Obligated Group),(GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 0.380% 25154CY65 $ 15,870,000 5/20/2011 12/15/2039 Variable Rate Demand Note 845524DA2 $ 9,995,000 5/20/2011 7/1/2030 Variable Rate Demand Note 968648YG4 $ 16,533,242 8/30/2011 8/30/2011 Other Municipal Debt 244888AA1 $ 3,545,000 5/20/2011 4/1/2021 Variable Rate Demand Note 45504RDA1 $ 19,300,000 5/20/2011 2/1/2037 Variable Rate Demand Note 454795BB0 $ 4,800,000 5/20/2011 2/1/2027 Variable Rate Demand Note 45471AED0 $ 10,000,000 5/20/2011 3/1/2021 Variable Rate Demand Note 94985NRQ6 $ 20,440,000 10/20/2011 5/1/2031 Other Municipal Debt $ 4,995,000 Indiana State Finance Authority (Lighthouse Facilities Management, LLC), (Series 2009-C) Weekly VRDNs,(Harris, N.A. LOC), 0.230% $ 3,460,000 Indiana State Finance Authority (Lighthouse Facilities Management, LLC), (Series 2009A) Weekly VRDNs,(Harris, N.A. LOC), 0.230% $ 5,900,000 Indiana State Finance Authority (Lighthouse Facilities Management, LLC), (Series 2009B) Weekly VRDNs,(Harris, N.A. LOC), 0.230% $ 32,460,000 Richmond, IN Hospital Authority (Reid Hospital & Health Care Services, Inc.), (Series 2005A) Daily VRDNs,(INS by Assured Guaranty Municipal Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.110% 455057RV3 $ 4,995,000 5/20/2011 12/1/2038 Variable Rate Demand Note 455057RS0 $ 3,460,000 5/20/2011 12/1/2038 Variable Rate Demand Note 455057RU5 $ 5,900,000 5/20/2011 12/1/2038 Variable Rate Demand Note 759249AA3 $ 32,460,000 5/16/2011 1/1/2040 Variable Rate Demand Note TOTAL $ 104,900,000 Iowa - 0.5% $ 13,110,000 Iowa Finance Authority (Unity Healthcare), (Series 2006) Weekly VRDNs,(Bank of America N.A. LOC), 0.240% 46246PKC4 $ 13,110,000 5/20/2011 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), 0.210% 462460E69 $ 40,000,000 5/20/2011 6/1/2023 Variable Rate Demand Note TOTAL $ 53,110,000 Kansas - 0.4% $ 10,195,000 Unified Government of Wyandotte County/Kansas City, KS (Wood View Apartments), (Series 1993) Weekly 484700AH2 $ 10,195,000 5/20/2011 6/1/2030 Variable Rate Demand Note VRDNs,(Federal Home Loan Mortgage Corp. LOC), 0.210% $ 27,770,000 Wichita, KS, BANs, 0.500% 967244XK5 $ 27,776,637 2/9/2012 2/9/2012 Other Municipal Debt TOTAL $ 37,971,637 Kentucky - 0.8% $ 20,080,000 Floyd County, KY (Highlands Regional Medical Center), (Series 2007A) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.230% 343653AB7 $ 20,080,000 5/20/2011 12/1/2033 Variable Rate Demand Note TFOF - 10

$ 5,000,000 Russell, KY Revenue Bonds (Bon Secours Health System), (Series 2002B) Weekly VRDNs,(Dexia Credit Local 782563AT7 $ 5,000,000 5/20/2011 11/1/2026 Variable Rate Demand Note LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.500% $ 55,270,000 Warren County, KY (Bowling Green-Warren County Community Hospital Corp.), (Series 2008) Weekly VRDNs,(Branch Banking & Trust Co. LIQ)/(INS by Assured Guaranty Corp.), 0.280% 934864AA7 $ 55,270,000 5/20/2011 4/1/2037 Variable Rate Demand Note $ 4,720,000 Williamstown, KY, (2008 Series A) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.200% 970351AA0 $ 4,720,000 5/20/2011 7/1/2038 Variable Rate Demand Note TOTAL $ 85,070,000 Louisiana - 3.2% $ 25,000,000 Ascension Parish, LA IDB (BASF Corp.), (Series 2009) Weekly VRDNs,(GTD by BASF SE), 0.360% 04350RAD0 $ 25,000,000 5/20/2011 10/1/2039 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), 0.270% $ 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), 0.270% 24,000,000 5462798H6 $ 5,000,000 5/20/2011 1/1/2024 Variable Rate Demand Note 5462798K9 $ 3,350,000 5/20/2011 8/1/2034 Variable Rate Demand Note $ Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2010) Weekly VRDNs, 0.210% 546398J66 $ 24,000,000 5/20/2011 8/1/2050 Variable Rate Demand Note $ 3,000,000 Louisiana Public Facilities Authority (Christus Health System), (Series 2009B-1) Weekly VRDNs,(Bank of New York Mellon LOC), 0.210% $ 25,485,000 Louisiana Public Facilities Authority (Dynamic Fuels, LLC), (Series 2008) Daily VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.080% 81,000,000 546398C63 $ 3,000,000 5/20/2011 7/1/2047 Variable Rate Demand Note 546398YV4 $ 25,485,000 5/16/2011 10/1/2033 Variable Rate Demand Note $ (4)(5) Louisiana State Gas & Fuels, Rocs (Series 660) Weekly VRDNs,(Citibank NA, New York LIQ), 0.220% 76113PFK9 $ 81,000,000 5/20/2011 5/1/2041 Variable Rate Demand Note $ 37,830,000 (4)(5) Louisiana State Gas & Fuels, Stage Trust (Series 2008-06C), TOBs,(Wells Fargo Bank, N.A. LIQ), 0.380% 94985NAN1 $ 37,830,000 8/18/2011 5/1/2041 Other Municipal Debt $ 9,700,000 Louisiana State, UT GO Weekly VRDNs,(BNP Paribas SA LOC), 0.200% 546415YD6 $ 9,700,000 5/20/2011 7/15/2026 Variable Rate Demand Note $ 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), 0.270% 80,000,000 64764PAB2 $ 6,235,000 5/20/2011 11/1/2039 Variable Rate Demand Note $ St. James Parish, LA (Nucor Corp.), (Series 2010A-1) Weekly VRDNs,(GTD by Nucor Corp.), 0.230% 790103AG0 $ 80,000,000 5/20/2011 11/1/2040 Variable Rate Demand Note $ 42,500,000 St. James Parish, LA (Nucor Corp.), (Series 2010B-1) Weekly VRDNs,(GTD by Nucor Corp.), 0.240% 790103AH8 $ 42,500,000 5/20/2011 11/1/2040 Variable Rate Demand Note TOTAL $ 343,100,000 Maine - 0.1% $ 4,119,000 Ellsworth, ME, BANs, 2.000% 289119EX3 $ 4,151,403 12/15/2011 12/15/2011 Other Municipal Debt $ 3,380,000 (4)(5) Maine Health & Higher Educational Facilities Authority, Solar Eclipse (Series 2007-0104) Weekly VRDNs,(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.200% TOTAL $ 7,531,403 Maryland - 1.8% $ 6,450,000 Baltimore County, MD Mutli-Family Housing (Quail Ridge Apartments), (Series 2004) Weekly VRDNs,(Federal National Mortgage Association LOC), 0.210% $ 14,555,000 Baltimore, MD IDA (Baltimore, MD), (Series 1986: Baltimore Capital Acquisition Program) Weekly VRDNs,(Bayerische Landesbank (Guaranteed) LOC), 0.290% $ 11,310,000 Carroll County, MD Revenue Bonds (Fairhaven, Inc./Copper Ridge, Inc.), (Series 2008) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 0.220% $ 3,350,000 Howard County, MD Revenue Bonds (Bluffs at Clarys Forest Apartments), (Series 1995) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.280% 27884FYV6 $ 3,380,000 5/20/2011 7/1/2037 Variable Rate Demand Note 059149CF9 $ 6,450,000 5/20/2011 4/15/2034 Variable Rate Demand Note 05922DAA3 $ 14,555,000 5/20/2011 8/1/2016 Variable Rate Demand Note 145003AU3 $ 11,310,000 5/20/2011 1/1/2038 Variable Rate Demand Note 442595AH7 $ 3,350,000 5/20/2011 12/1/2020 Variable Rate Demand Note TFOF - 11

$ 100,000 Howard County, MD Revenue Bonds (Howard Development LP Facility), (Series 1999) Weekly 442595AK0 $ 100,000 5/20/2011 2/1/2012 Variable Rate Demand Note VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.310% $ 7,800,000 Maryland Industrial Development Financing Authority (National Aquarium in Baltimore, Inc.), (Series 2002A) 574223CL5 $ 7,800,000 5/20/2011 11/1/2026 Variable Rate Demand Note Weekly VRDNs,(Bank of America N.A. LOC), 0.210% $ 23,000,000 Maryland State Economic Development Corp. (Constellation Energy Group, Inc.), (Series 2006A) Weekly 574205FD7 $ 23,000,000 5/20/2011 4/1/2024 Variable Rate Demand Note VRDNs,(Royal Bank of Scotland plc, Edinburgh LOC), 0.190% $ 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), 0.230% 57420NAM3 $ 3,285,000 5/20/2011 12/1/2031 Variable Rate Demand Note $ 5,270,000 Maryland State Economic Development Corp. (United States Pharmacopeial Convention, Inc.), (Series 2008A) Daily VRDNs,(Bank of America N.A. LOC), 0.100% $ 9,150,000 Maryland State Economic Development Corp. (United States Pharmacopeial Convention, Inc.), (Series 2008B) Daily VRDNs,(Bank of America N.A. LOC), 0.100% $ 6,680,000 Maryland State Economic Development Corp. (YMCA of Central Maryland, Inc.), (Series 2003) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 0.220% $ 5,425,000 Maryland State Economic Development Corp. (YMCA of Central Maryland, Inc.), (Series 2006) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 0.220% $ 22,300,000 Maryland State Health & Higher Educational Facilities Authority (Adventist HealthCare, Inc.), (Series 2003B) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.300% $ 15,000,000 Maryland State Health & Higher Educational Facilities Authority (Anne Arundel Health System, Inc.), (Series 2009B) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.210% $ 1,301,000 Maryland State Health & Higher Educational Facilities Authority (Capitol College) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.280% $ 12,000,000 (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% $ 5,000,000 (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), 0.480% $ 5,800,000 Maryland State Health & Higher Educational Facilities Authority (Severn School, Inc.), (Series 2006) Weekly VRDNs,(PNC Bank, N.A. LOC), 0.210% $ 1,300,000 Maryland State Health & Higher Educational Facilities Authority, (Series 1985A) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.210% $ 10,045,000 Maryland State IDFA (McDonogh School, Inc.), (Series 2005) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.210% $ 18,000,000 Montgomery County, MD EDA (Georgetown Preparatory School, Inc.), (Series 2008) Weekly VRDNs,(Bank of America N.A. LOC), 0.220% $ 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), 0.330% 57420NAZ4 $ 5,270,000 5/16/2011 7/1/2038 Variable Rate Demand Note 57420NBA8 $ 9,150,000 5/16/2011 7/1/2038 Variable Rate Demand Note 57420NAP6 $ 6,680,000 5/20/2011 4/1/2028 Variable Rate Demand Note 57420NAS0 $ 5,425,000 5/20/2011 4/1/2031 Variable Rate Demand Note 574217JH9 $ 22,300,000 5/20/2011 1/1/2033 Variable Rate Demand Note 5742173V5 $ 15,000,000 5/20/2011 7/1/2043 Variable Rate Demand Note 574216PK7 $ 1,301,000 5/20/2011 1/1/2021 Variable Rate Demand Note 5742172Z7 $ 12,000,000 5/20/2011 7/1/2039 Variable Rate Demand Note 574217XY6 $ 5,000,000 5/20/2011 7/1/2026 Variable Rate Demand Note 574217YF6 $ 5,800,000 5/20/2011 7/1/2036 Variable Rate Demand Note 574215RC5 $ 1,300,000 5/20/2011 4/1/2035 Variable Rate Demand Note 574223CQ4 $ 10,045,000 5/20/2011 8/1/2031 Variable Rate Demand Note 613342CD4 $ 18,000,000 5/20/2011 6/1/2037 Variable Rate Demand Note 613344RU6 $ 1,649,000 5/20/2011 9/1/2023 Variable Rate Demand Note $ 3,510,000 Washington County, MD (YMCA of Hagerstown, Inc.), (Series 2000) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.260% $ 1,000,000 Westminster, MD EDRB (Carroll Lutheran Village, Inc.), (Series 2004C) Daily VRDNs,(Citizens Bank of Pennsylvania LOC), 0.160% TOTAL $ 193,280,000 Massachusetts - 2.4% $ 48,300,000 Commonwealth of Massachusetts, (Series 1997-B) Weekly VRDNs,(Landesbank Hessen-Thuringen (Guaranteed) LIQ), 0.210% 937766AA1 $ 3,510,000 5/20/2011 9/1/2025 Variable Rate Demand Note 960734AB7 $ 1,000,000 5/16/2011 5/1/2034 Variable Rate Demand Note 575827KH2 $ 48,300,000 5/20/2011 8/1/2015 Variable Rate Demand Note TFOF - 12

$ 25,740,000 Commonwealth of Massachusetts, (Series 2001 B) Weekly VRDNs,(Landesbank Hessen-Thuringen 575827X47 $ 25,740,000 5/20/2011 1/1/2021 Variable Rate Demand Note (Guaranteed) LIQ), 0.220% $ 3,400,000 Commonwealth of Massachusetts, Consolidated Loan (Series 2006A) Daily VRDNs,(Dexia Credit Local LIQ), 57582N4G7 $ 3,400,000 5/16/2011 3/1/2026 Variable Rate Demand Note 0.180% $ 15,905,000 (4)(5) Commonwealth of Massachusetts, Merlots (Series 2006-B30), TOBs,(Wells Fargo Bank, N.A. LIQ), 0.380% 57582PAT7 $ 15,905,000 8/24/2011 9/1/2025 Other Municipal Debt $ 7,000,000 Commonwealth of Massachusetts, Refunding GO Bonds (SIFMA Index Bonds)(Series 2010A), BONDs, 0.450% 10,000,000 57582PUJ7 $ 7,004,035 2/1/2012 2/1/2012 Other Municipal Debt $ Falmouth, MA, BANs, 1.500% 306801YG0 $ 10,079,330 3/9/2012 3/9/2012 Other Municipal Debt $ 14,000,000 Framingham, MA, BANs, 1.500% 351694P81 $ 14,012,715 6/17/2011 6/17/2011 Other Municipal Debt $ 8,000,000 Massachusetts Bay Transportation Authority Sales Tax Revenue, 7 Month Window (Series 2010A) VRENs, 0.300% $ 39,000,000 Massachusetts Development Finance Agency (Olin College), (Series 2008 C-3) Daily VRDNs,(RBS Citizens Bank N.A. LOC), 0.150% $ 7,700,000 Massachusetts HEFA (Boston Home), (Series B) Weekly VRDNs,(Federal Home Loan Bank of Boston LOC), 0.200% $ 24,255,000 Massachusetts HEFA (South Shore Hospital), (Series 2008G) Weekly VRDNs,(INS by Assured Guaranty Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.300% $ 11,810,000 Massachusetts State Development Finance Agency (Governor Dummer Academy), (Series 2006) Weekly VRDNs,(TD Bank, N.A. LOC), 0.190% 15,230,000 575579VW4 $ 8,000,000 12/9/2011 7/1/2030 Variable Rate Demand Note 57583RZG3 $ 39,000,000 5/16/2011 7/1/2043 Variable Rate Demand Note 57585KZY7 $ 7,700,000 5/20/2011 6/1/2032 Variable Rate Demand Note 57586CS22 $ 24,255,000 5/20/2011 7/1/2032 Variable Rate Demand Note 57583RGN9 $ 11,810,000 5/20/2011 8/1/2036 Variable Rate Demand Note $ Massachusetts State HFA, (Series A) Weekly VRDNs,(Bank of America N.A. LOC), 0.220% 57586NDU2 $ 15,230,000 5/24/2011 1/1/2043 Variable Rate Demand Note $ 25,305,000 (4)(5) Massachusetts Water Resources Authority, DCL Floater Certificates (Series 2007-001) Daily VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.550% TOTAL $ 255,741,081 Michigan - 4.9% $ 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), 0.370% $ 15,900,000 (4)(5) Detroit, MI City School District, Solar Eclipse (Series 2006-0001) Weekly VRDNs,(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.200% $ 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.), 0.230% 22,730,000 5760493E8 $ 25,305,000 5/19/2011 8/1/2033 Variable Rate Demand Note 251129C91 $ 8,000,000 5/20/2011 5/1/2029 Variable Rate Demand Note 27884FAL4 $ 15,900,000 5/20/2011 5/1/2013 Variable Rate Demand Note 2512555Y7 $ 15,005,000 5/20/2011 7/1/2014 Variable Rate Demand Note $ Grand Rapids, MI EDR (MapleCreek), (Series 2007) Weekly VRDNs,(Comerica Bank LOC), 0.270% 386246HF2 $ 22,730,000 5/20/2011 6/1/2042 Variable Rate Demand Note $ 1,300,000 Grand Rapids, MI Economic Development Corp. (Amway Hotel Corp.), Series 1991-A) Weekly VRDNs,(Bank of America N.A. LOC), 0.390% $ 6,765,000 Huron County, MI Economic Development Corp. (Scheurer Hospital), (Series 2001) Weekly VRDNs,(RBS Citizens Bank N.A. LOC), 0.360% $ 30,500,000 Jackson County, MI Hospital Finance Authority (Allegiance Health), (Series 2011A) Weekly VRDNs,(J.P. Morgan Chase & Co. LOC), 0.240% $ 32,500,000 Kent Hospital Finance Authority, MI (Spectrum Health), (Series 2008B-2) Weekly VRDNs,(Landesbank Baden- Wurttemberg LIQ), 0.370% $ 3,000,000 Kent Hospital Finance Authority, MI (Spectrum Health), (Series 2008B-3) Weekly VRDNs,(Wells Fargo Bank, N.A. LIQ), 0.200% $ 21,040,000 Livonia, MI Economic Development Corp. (Madonna University), (Series 2009) Weekly VRDNs,(Federal Home Loan Bank of Chicago LOC), 0.200% 16,750,000 386247AA8 $ 1,300,000 5/20/2011 8/1/2017 Variable Rate Demand Note 447531AN4 $ 6,765,000 5/20/2011 11/1/2021 Variable Rate Demand Note 467148EH1 $ 30,500,000 5/20/2011 6/1/2036 Variable Rate Demand Note 490580CV7 $ 32,500,000 5/20/2011 1/15/2047 Variable Rate Demand Note 490580CW5 $ 3,000,000 5/20/2011 1/15/2047 Variable Rate Demand Note 539213BN7 $ 21,040,000 5/20/2011 4/1/2038 Variable Rate Demand Note $ Michigan Finance Authority, (Series D-1), RANs, 2.000% 59447PAA9 $ 16,809,135 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 $ 22,094,230 8/22/2011 8/22/2011 Other Municipal Debt $ 4,600,000 Michigan Higher Education Facilities Authority (Adrian College), (Series 2008) Weekly VRDNs,(Comerica Bank LOC), 0.260% 594519N63 $ 4,600,000 5/20/2011 5/1/2033 Variable Rate Demand Note TFOF - 13

$ 600,000 Michigan Higher Education Facilities Authority (Albion College), (Series 2006) Weekly VRDNs,(JPMorgan 594519J92 $ 600,000 5/20/2011 11/1/2036 Variable Rate Demand Note Chase Bank, N.A. LOC), 0.220% $ 10,000,000 Michigan State Financial Authority (Ascension Health Credit Group), (Subseries F-6) VRENs, 0.300% 59465HMN3 $ 10,000,000 12/9/2011 11/15/2049 Variable Rate Demand Note $ 10,500,000 Michigan State Financial Authority (Ascension Health Credit Group), (Subseries F-7) VRENs, 0.300% 59465HMP8 $ 10,500,000 12/9/2011 11/15/2049 Variable Rate Demand Note $ 7,100,000 Michigan State Financial Authority (Ascension Health Credit Group), (Subseries F-8) VRENs, 0.300% 59465HMQ6 $ 7,100,000 12/9/2011 11/15/2049 Variable Rate Demand Note $ 570,000 Michigan State Hospital Finance Authority (Crittenton Hospital Medical Center), (Series 2003B) Daily VRDNs,(Comerica Bank LOC), 0.130% $ 1,965,000 Michigan State Hospital Finance Authority (Henry Ford Health System, MI), (Series 2007) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.210% $ 2,000,000 Michigan State Hospital Financial Authority (Crittenton Hospital Medical Center), (Series 2003A) Daily VRDNs,(Comerica Bank LOC), 0.130% $ 7,700,000 Michigan State Housing Development Authority (JAS Nonprofit Housing Corp. VI), (Series 2000) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.220% $ 7,170,000 Michigan State Housing Development Authority (Ponds Taylor Limited Dividend Housing Association LLC), (Series 2002A) Weekly VRDNs,(Federal National Mortgage Association LOC), 0.220% 59465E5X7 $ 570,000 5/16/2011 3/1/2014 Variable Rate Demand Note 59465HGS9 $ 1,965,000 5/20/2011 11/15/2042 Variable Rate Demand Note 59465E4Z3 $ 2,000,000 5/16/2011 3/1/2030 Variable Rate Demand Note 59465JMS8 $ 7,700,000 5/20/2011 6/1/2025 Variable Rate Demand Note 594650KZ5 $ 7,170,000 5/20/2011 8/15/2032 Variable Rate Demand Note $ 2,345,000 Michigan State Strategic Fund (Catholic Social Services of Lansing/St. Vincent Home, Inc.), (Series 2003) Weekly VRDNs,(Comerica Bank LOC), 0.220% $ 6,670,000 Michigan State Strategic Fund (Detroit Public Television), (Series 2005) Weekly VRDNs,(Comerica Bank LOC), 0.220% $ 9,995,000 Michigan State Strategic Fund (Lutheran Social Services of Michigan), (Series 2003) Weekly VRDNs,(Comerica Bank LOC), 0.270% $ 800,000 Michigan State Strategic Fund (Michigan Heartland Goodwill Industries, Inc.), (Series 2005) Weekly VRDNs,(Bank of America N.A. LOC), 0.450% $ 1,635,000 Michigan State Strategic Fund (Peachwood Center Association), Limited Obligation Refunding Revenue Bonds Weekly VRDNs,(Comerica Bank LOC), 0.220% $ 1,000,000 Michigan State Strategic Fund (YMCA of Metropolitan Detroit), Revenue Bond Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.210% 162,000,000 59469C6E8 $ 2,345,000 5/20/2011 8/1/2028 Variable Rate Demand Note 5946928H1 $ 6,670,000 5/20/2011 6/1/2035 Variable Rate Demand Note 59469C6M0 $ 9,995,000 5/20/2011 9/1/2033 Variable Rate Demand Note 59469C8V8 $ 800,000 5/20/2011 9/1/2025 Variable Rate Demand Note 59469CJX2 $ 1,635,000 5/20/2011 6/1/2016 Variable Rate Demand Note 59469C2E2 $ 1,000,000 5/20/2011 5/1/2031 Variable Rate Demand Note $ Michigan State, Fiscal Year 2011 (Series A), TANs, 2.000% 5946106R3 $ 162,952,324 9/30/2011 9/30/2011 Other Municipal Debt $ 6,000,000 Michigan Strategic Fund (Greenpath, Inc.), (Series 2011) Weekly VRDNs,(PNC Bank, N.A. LOC), 0.210% 594698JQ6 $ 6,000,000 5/20/2011 2/1/2041 Variable Rate Demand Note $ 24,675,000 Michigan Strategic Fund (Kroger Co.), (Series 2010) Weekly VRDNs,(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.270% $ 1,700,000 Michigan Strategic Fund (Van Andel Research Institute), (Series 2008) Weekly VRDNs,(Bank of America N.A. LOC), 0.220% $ 5,000,000 Michigan Strategic Fund (Wedgwood Christian Services), (Series 2008) Weekly VRDNs,(Bank of America N.A. LOC), 0.200% $ 9,135,000 Oakland County, MI EDC (Straith Hospital Special Surgery) Weekly VRDNs,(Federal Home Loan Bank of Indianapolis LOC), 0.210% $ 3,345,000 Southfield, MI EDC (Lawrence Technological University), (Series 2001) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.220% $ 34,200,000 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), 0.280% 594698JT0 $ 24,675,000 5/20/2011 1/1/2026 Variable Rate Demand Note 594698EG3 $ 1,700,000 5/20/2011 4/1/2043 Variable Rate Demand Note 594698GZ9 $ 5,000,000 5/20/2011 12/1/2038 Variable Rate Demand Note 672522AQ2 $ 9,135,000 5/20/2011 1/1/2040 Variable Rate Demand Note 844210AU8 $ 3,345,000 5/20/2011 10/1/2031 Variable Rate Demand Note 790678CB0 $ 34,200,000 5/20/2011 1/1/2032 Variable Rate Demand Note TOTAL $ 517,300,689 Minnesota - 1.7% TFOF - 14

$ 2,400,000 Bloomington, MN (Presbyterian Homes, Inc.), (Series 2008) Weekly VRDNs,(Federal Home Loan Mortgage 09478LAA5 $ 2,400,000 5/20/2011 7/1/2038 Variable Rate Demand Note Corp. LOC), 0.220% $ 1,000,000 Cohasset, MN (Minnesota Power, Inc.), (Series 2000) Weekly VRDNs,(Bank of America N.A. LOC), 0.270% 192472BD9 $ 1,000,000 5/20/2011 12/1/2015 Variable Rate Demand Note $ 2,000,000 East Grand Forks, MN Solid Waste Disposal (American Crystal Sugar Co.), (Series 2009) Weekly VRDNs,(CoBank, ACB LOC), 0.220% 4,000,000 272456AF1 $ 2,000,000 5/20/2011 12/1/2021 Variable Rate Demand Note $ Edina, MN Independent School District No. 273, (Series 2011A), TANs,(GTD by Minnesota State), 1.750% 280659SC8 $ 4,039,658 2/27/2012 2/27/2012 Other Municipal Debt $ 5,000,000 Farmington, MN Independent School District No. 192, (Series 2011A), TANs,(GTD by Minnesota State), 0.750% 2,100,000 311315RZ0 $ 5,003,821 9/2/2011 9/2/2011 Other Municipal Debt $ Minneapolis, MN (Minnehaha/Lake Partners), (Series 1994) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.230% 603904FZ1 $ 2,100,000 5/20/2011 10/1/2013 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), 0.200% $ 12,700,000 Minneapolis, MN (Symphony Place), Housing Development Revenue Refunding Bonds (Series 1988) Weekly VRDNs,(Federal Home Loan Mortgage Corp. LOC), 0.210% 1,380,000 603901BS7 $ 6,345,000 5/20/2011 9/1/2026 Variable Rate Demand Note 603901BR9 $ 12,700,000 5/20/2011 12/1/2014 Variable Rate Demand Note $ Minneapolis, MN, (Series 1999) Weekly VRDNs,(Dexia Credit Local LIQ), 0.250% 60374AWX3 $ 1,380,000 5/20/2011 12/1/2018 Variable Rate Demand Note $ 5,100,000 Minneapolis, MN, Convention Center Bonds (Series 2000) Daily VRDNs,(Dexia Credit Local LIQ), 0.250% 60374AE70 $ 5,100,000 5/19/2011 12/1/2018 Variable Rate Demand Note $ 4,100,000 Minnesota State Higher Education Facility Authority (Augsburg College), (Series Six-J2) Weekly VRDNs,(Harris, N.A. LOC), 0.210% $ 20,345,000 Minnesota State Higher Education Facility Authority (College of Saint Catherine), (Series Five-N2) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.200% $ 3,845,000 Minnesota State Higher Education Facility Authority (Hamline University of Minnesota), (Series Six-E2) Weekly VRDNs,(Harris, N.A. LOC), 0.210% $ 4,100,000 Minnesota State Higher Education Facility Authority (St. Thomas University), (Series Six-H) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.210% $ 16,790,000 Minnesota State Higher Education Facility Authority (University of St. Thomas), (Series Five-L) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.230% $ 23,000,000 Minnesota Tax and Aid Anticipation Borrowing Program, (Series 2010), TANs,(GTD by Minnesota State), 2.000% $ 5,900,000 Minnetonka, MN (Southampton Apartments (MN)), Multi-Family Housing Revenue Refunding Bonds (Series 1995) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.220% $ 2,655,000 New Hope, MN (Broadway Lanel), (Series 2003A) Weekly VRDNs,(Federal National Mortgage Association LOC), 0.220% $ 4,560,000 Plymouth, MN (Parkside Apartments), (Series 2003) Weekly VRDNs,(Federal National Mortgage Association LOC), 0.220% 3,575,000 60416HHS6 $ 4,100,000 5/20/2011 5/1/2021 Variable Rate Demand Note 6041517U8 $ 20,345,000 5/20/2011 10/1/2032 Variable Rate Demand Note 60416HEQ3 $ 3,845,000 5/20/2011 10/1/2025 Variable Rate Demand Note 60416HGL2 $ 4,100,000 5/20/2011 10/1/2032 Variable Rate Demand Note 6041517P9 $ 16,790,000 5/20/2011 4/1/2027 Variable Rate Demand Note 604125BQ6 $ 23,111,882 9/1/2011 9/1/2011 Other Municipal Debt 604217AQ2 $ 5,900,000 5/20/2011 6/1/2024 Variable Rate Demand Note 645464FK9 $ 2,655,000 5/20/2011 7/15/2033 Variable Rate Demand Note 729783AC4 $ 4,560,000 5/20/2011 4/15/2033 Variable Rate Demand Note $ Robbinsdale, MN (Copperfield Hill), (Series 2004C) Weekly VRDNs,(Bank of America N.A. LOC), 0.220% 770274CU0 $ 3,575,000 5/20/2011 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), 0.200% $ 5,000,000 Rochester, MN Health Care Facility Authority (Mayo Clinic), (Series B) Weekly VRDNs,(Northern Trust Co., Chicago, IL LIQ), 0.170% $ 13,000,000 Seaway Port Authority of Duluth, MN (St. Lawrence Cement Inc.), (Series of 2000) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.200% $ 2,765,000 Shakopee, MN Hospital Finance Authority (St. Francis Regional Medical Center) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.210% $ 10,900,000 St. Cloud, MN (Centracare Health System), (Series 2008A) Weekly VRDNs,(INS by Assured Guaranty Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.300% 770278AA7 $ 5,085,000 5/20/2011 5/1/2033 Variable Rate Demand Note 771902FC2 $ 5,000,000 5/20/2011 11/15/2038 Variable Rate Demand Note 812810AA7 $ 13,000,000 5/20/2011 3/1/2020 Variable Rate Demand Note 819177AA4 $ 2,765,000 5/20/2011 10/1/2017 Variable Rate Demand Note 78916VBD1 $ 10,900,000 5/20/2011 5/1/2042 Variable Rate Demand Note TFOF - 15

$ 5,000,000 St. Cloud, MN Independent School District No. 742, TANs,(GTD by Minnesota State), 1.500% 789177NB4 $ 5,012,949 8/19/2011 8/19/2011 Other Municipal Debt $ 3,000,000 St. Paul, MN Port Authority (District Cooling St. Paul), (2009-9 Series BB) Weekly VRDNs,(Deutsche Bank AG LOC), 0.200% TOTAL $ 175,813,310 Mississippi - 0.4% $ 24,000,000 Mississippi Business Finance Corp. (200 Renaissance, LLC), (Series 2008) Weekly VRDNs,(Federal Home Loan Bank of Atlanta LOC), 0.220% $ 6,810,000 Mississippi Business Finance Corp. (Horn Island Realty LLC), (Series 2008) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.300% $ 12,390,000 (4)(5) Mississippi Development Bank (Jackson, MS), Solar Eclipse (Series 2006-0153) Weekly VRDNs,(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.200% TOTAL $ 43,200,000 Missouri - 0.5% $ 19,000,000 Missouri State HEFA (Saint Luke's Health System), (Series 2008A) Weekly VRDNs,(Bank of America N.A. LOC), 0.240% $ 8,500,000 Missouri State HEFA (Saint Luke's Health System), (Series 2008B) Weekly VRDNs,(Bank of America N.A. LOC), 0.240% 22,000,000 79303MAY5 $ 3,000,000 5/20/2011 3/1/2029 Variable Rate Demand Note 605279HR2 $ 24,000,000 5/20/2011 1/1/2037 Variable Rate Demand Note 605279HL5 $ 6,810,000 5/20/2011 4/1/2029 Variable Rate Demand Note 27884FNQ9 $ 12,390,000 5/20/2011 3/1/2036 Variable Rate Demand Note 60635R3F2 $ 19,000,000 5/20/2011 11/15/2040 Variable Rate Demand Note 60635R3G0 $ 8,500,000 5/20/2011 11/15/2040 Variable Rate Demand Note $ St. Louis, MO, (Series 2010), RANs, 2.000% 79164MAQ0 $ 22,013,883 6/1/2011 6/1/2011 Other Municipal Debt TOTAL $ 49,513,883 Multi State - 0.1% $ 8,575,000 (4)(5) Clipper Tax-Exempt Certificates Trust (Multistate Non-AMT) Series 2009-76 Weekly VRDNs,(GNMA COL)/(State Street Bank and Trust Co. LIQ)/(United States Treasury PRF), 0.260% 18886PJ55 $ 8,575,000 5/20/2011 4/1/2038 Variable Rate Demand Note TOTAL $ 8,575,000 Nebraska - 1.0% $ 98,390,000 Central Plains Energy Project, (Project #2) Weekly VRDNs,(GTD by Royal Bank of Canada, Montreal)/(Royal 154871BJ5 $ 98,390,000 5/20/2011 8/1/2039 Variable Rate Demand Note Bank of Canada, Montreal LIQ), 0.210% $ 10,000,000 Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 0.280% 938115AB8 $ 10,000,000 5/20/2011 8/1/2040 Variable Rate Demand Note TOTAL $ 108,390,000 Nevada - 1.0% $ 6,500,000 Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008D-1) Weekly VRDNs,(Citibank NA, New York LOC), 0.210% $ 17,900,000 Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008D-2A) Weekly VRDNs,(Citibank NA, New York LOC), 0.210% $ 18,000,000 Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008D-2B) Weekly VRDNs,(Royal Bank of Canada, Montreal LOC), 0.210% $ 9,050,000 Clark County, NV Passenger Facility (Las Vegas-McCarran International Airport), (2010 Series F-2) Weekly VRDNs,(Union Bank, N.A. LOC), 0.240% $ 28,500,000 (4)(5) Henderson, NV Health Facility (Catholic Healthcare West), Floater Certificates (Series 2008-2633) Weekly VRDNs,(INS by Berkshire Hathaway Assurance Corp.)/(Morgan Stanley Bank LIQ), 0.210% $ 25,300,000 Reno, NV Hospital Revenue Bonds (Renown Regional Medical Center), (Series 2008A) Weekly VRDNs,(Union Bank, N.A. LOC), 0.220% 18085PKC7 $ 6,500,000 5/20/2011 7/1/2036 Variable Rate Demand Note 18085PMX9 $ 17,900,000 5/20/2011 7/1/2040 Variable Rate Demand Note 18085PNC4 $ 18,000,000 5/20/2011 7/1/2040 Variable Rate Demand Note 181006FZ5 $ 9,050,000 5/20/2011 7/1/2022 Variable Rate Demand Note 425203DK9 $ 28,500,000 5/20/2011 7/1/2031 Variable Rate Demand Note 759836JC4 $ 25,300,000 5/20/2011 6/1/2041 Variable Rate Demand Note TOTAL $ 105,250,000 New Hampshire - 0.4% $ 26,260,000 New Hampshire Business Finance Authority (Valley Regional Hospital), (Series 2008) Daily VRDNs,(RBS Citizens Bank N.A. LOC), 0.100% 64468KBJ4 $ 26,260,000 5/16/2011 10/1/2040 Variable Rate Demand Note TFOF - 16

$ 20,000,000 New Hampshire Health and Education Facilities Authority (Phillips Exeter Academy), (Series 2007) Weekly 644614SZ3 $ 20,000,000 5/20/2011 9/1/2042 Variable Rate Demand Note VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.220% TOTAL $ 46,260,000 New Jersey - 4.3% $ 9,105,000 Camden County, NJ Improvement Authority (Harvest Village), (Series 1999A) Daily VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.180% 33,321,000 13281NDK5 $ 9,105,000 5/16/2011 7/1/2029 Variable Rate Demand Note $ Cherry Hill, NJ, (Series 2010), BANs, 1.000% 164663VW3 $ 33,401,167 10/18/2011 10/18/2011 Other Municipal Debt $ 21,000,000 (4)(5) Clipper Tax-Exempt Certificates Trust (New Jersey Non-AMT) (Series 2009-49) Weekly VRDNs,(State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.210% $ 26,100,000 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.), 0.290% $ 6,800,000 New Jersey Health Care Facilities Financing Authority (Princeton Healthcare System), (Series 2010A) Weekly VRDNs,(Bank of America N.A. LOC), 0.220% $ 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), 0.200% 25,000,000 85,000,000 18886PVH5 $ 21,000,000 5/20/2011 12/15/2020 Variable Rate Demand Note 64579FWM1 $ 26,100,000 5/20/2011 7/1/2038 Variable Rate Demand Note 64579FB93 $ 6,800,000 5/20/2011 7/1/2041 Variable Rate Demand Note 25154CNQ3 $ 28,730,000 5/20/2011 12/15/2031 Variable Rate Demand Note $ New Jersey State, (Series 2011A), TRANs, 2.000% 646039SJ7 $ 25,043,128 6/23/2011 6/23/2011 Other Municipal Debt $ (4)(5) New Jersey State, Putters (Series 3810), TOBs,(J.P. Morgan Chase & Co. LIQ), 0.300% 46633VZZ5 $ 85,000,000 6/2/2011 6/23/2011 Other Municipal Debt $ 75,000,000 (4)(5) New Jersey State, Putters (Series 3850) Daily VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.120% 46633VK32 $ 75,000,000 5/16/2011 6/23/2011 Variable Rate Demand Note $ 6,000,000 North Wildwood, NJ, BANs, 1.500% 663345HB5 $ 6,032,580 5/18/2012 5/18/2012 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), 0.220% 50,000,000 9,273,034 32,000,000 8,000,000 888808FF4 $ 42,920,000 5/19/2011 6/1/2011 Variable Rate Demand Note $ Union County, NJ, BANs, 1.250% 9063445R3 $ 50,050,159 7/1/2011 7/1/2011 Other Municipal Debt $ Upper Saddle River, NJ, BANs, 1.250% 916431CC1 $ 9,321,798 2/24/2012 2/24/2012 Other Municipal Debt $ Woodbridge Township, NJ, BANs, 1.500% 978862K82 $ 32,020,786 7/1/2011 7/1/2011 Other Municipal Debt $ Woodbridge Township, NJ, BANs, 2.000% 978862K90 $ 8,009,978 7/1/2011 7/1/2011 Other Municipal Debt TOTAL $ 458,534,597 New Mexico - 1.3% $ 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 $ 126,760,000 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), 0.210% TOTAL $ 132,743,000 647207AA7 $ 126,760,000 5/20/2011 11/1/2039 Variable Rate Demand Note New York - 12.3% $ 12,370,000 East Ramapo, NY Central School District, BANs, 1.000% 274672EM2 $ 12,375,611 6/17/2011 6/17/2011 Other Municipal Debt $ 10,000,000 Haverstraw, NY, (Series 2011A), BANs, 1.500% 419560JD0 $ 10,064,662 3/9/2012 3/9/2012 Other Municipal Debt $ 18,000,000 Islip, NY Union Free School District, TANs, 1.250% 464776MV2 $ 18,015,318 6/24/2011 6/24/2011 Other Municipal Debt $ 20,900,000 Liverpool, NY Central School District, (Series 2010A), BANs, 1.000% 538361PW0 $ 20,910,032 6/17/2011 6/17/2011 Other Municipal Debt $ 31,750,000 Long Island Power Authority, NY, (Series 1A) Weekly VRDNs,(Bayerische Landesbank (Guaranteed) 542690RT1 $ 31,750,000 5/20/2011 5/1/2033 Variable Rate Demand Note LOC)/(Landesbank Baden-Wurttemberg (Guaranteed) LOC), 0.280% $ 42,160,000 Long Island Power Authority, NY, (Series 2003H) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured 542690WB4 $ 42,160,000 5/20/2011 12/1/2029 Variable Rate Demand Note Guaranty Municipal Corp.), 0.500% $ 18,030,000 Metropolitan Transportation Authority, NY (MTA Dedicated Tax Fund), (Series 2008A) Weekly VRDNs,(Dexia 59259NVZ3 $ 18,030,000 5/20/2011 11/1/2031 Variable Rate Demand Note Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.450% $ 58,100,000 Nassau County, NY Interim Finance Authority, Senior Sales Tax Secured Bonds (Series 2008C) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.220% 631663ML2 $ 58,100,000 5/20/2011 11/15/2019 Variable Rate Demand Note TFOF - 17

$ 19,500,000 New York City Housing Development Corp. (FC Beekman Associates LLC), (Series 2008A: Beekman Tower) 64966TBH6 $ 19,500,000 5/20/2011 3/1/2048 Variable Rate Demand Note Weekly VRDNs,(RBS Citizens Bank N.A. LOC), 0.250% $ 5,610,000 New York City, NY Municipal Water Finance Authority, (Senior Revenue Bonds) (Fiscal 2008 Series B-1) 64972FSE7 $ 5,610,000 5/20/2011 6/15/2024 Variable Rate Demand Note Weekly VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.180% $ 16,230,000 New York City, NY Municipal Water Finance Authority, (Series 2001F-1) Daily VRDNs,(Dexia Credit Local LIQ), 64970KRM1 $ 16,230,000 5/16/2011 6/15/2033 Variable Rate Demand Note 0.140% $ 17,325,000 (4)(5) New York City, NY Municipal Water Finance Authority, Rocs (Series 12292) Weekly VRDNs,(Citibank NA, New 64972FG67 $ 17,325,000 5/19/2011 11/1/2011 Variable Rate Demand Note York LIQ), 0.210% $ 63,000,000 New York City, NY Transitional Finance Authority, (Fiscal 2001 Series C) Weekly VRDNs,(Landesbank Baden- 649716B55 $ 63,000,000 5/20/2011 2/1/2032 Variable Rate Demand Note Wurttemberg (Guaranteed) LIQ), 0.230% $ 18,360,000 New York City, NY Transitional Finance Authority, (Series 2007A-3) Future Tax Secured Subordinate Bonds 64971MEF5 $ 18,360,000 5/20/2011 8/1/2023 Variable Rate Demand Note Weekly VRDNs,(Dexia Credit Local LIQ), 0.370% $ 10,400,000 New York City, NY Transitional Finance Authority, (Subseries F-5) Weekly VRDNs,(Sumitomo Mitsui Banking 64971MN73 $ 10,400,000 5/20/2011 2/1/2035 Variable Rate Demand Note Corp. LOC), 0.220% $ 34,015,000 New York City, NY Transitional Finance Authority, New York City Recovery Bonds (2003 Subseries 2-E) 64971KFF8 $ 34,015,000 5/20/2011 11/1/2022 Variable Rate Demand Note Weekly VRDNs,(Dexia Credit Local LIQ), 0.370% $ 17,100,000 New York City, NY Transitional Finance Authority, New York City Recovery Bonds (Subseries 2003A-1) Weekly 6497167P6 $ 17,100,000 5/20/2011 11/1/2022 Variable Rate Demand Note VRDNs,(Landesbank Hessen-Thuringen (Guaranteed) LIQ), 0.220% $ 24,130,000 New York City, NY Transitional Finance Authority, Subordinate Bonds (Series 2007A-3) Weekly VRDNs,(Dexia 64971MEE8 $ 24,130,000 5/20/2011 8/1/2022 Variable Rate Demand Note Credit Local LIQ), 0.370% $ 23,035,000 New York City, NY, (2004 Series H-5) Weekly VRDNs,(Dexia Credit Local LOC), 0.400% 64966CG96 $ 23,035,000 5/20/2011 3/1/2034 Variable Rate Demand Note $ 14,200,000 New York City, NY, (Fiscal 2006 Subseries F-4A) Weekly VRDNs,(Sumitomo Mitsui Banking Corp. LOC), 0.210% 64966HW30 $ 14,200,000 5/20/2011 9/1/2035 Variable Rate Demand Note $ 62,260,000 New York City, NY, (Fiscal 2008 Subseries J-10) Weekly VRDNs,(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.200% 61,180,000 28,650,000 13,500,000 64966G2L5 $ 62,260,000 5/20/2011 8/1/2027 Variable Rate Demand Note $ New York City, NY, (Fiscal 2008 Subseries J-5) Daily VRDNs,(Dexia Credit Local LIQ), 0.240% 64966G2F8 $ 61,180,000 5/16/2011 8/1/2028 Variable Rate Demand Note $ New York City, NY, (Fiscal 2008 Subseries L-5) Daily VRDNs,(Dexia Credit Local LIQ), 0.240% 64966G4Q2 $ 28,650,000 5/16/2011 4/1/2035 Variable Rate Demand Note $ New York City, NY, (Series 1995B-B4) Weekly VRDNs,(Landesbank Hessen-Thuringen LIQ), 0.220% 64966G6L1 $ 13,500,000 5/20/2011 8/15/2023 Variable Rate Demand Note $ 3,745,000 New York Liberty Development Corporation (World Trade Center), (Series 2009B) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.250% $ 325,000,000 New York Liberty Development Corporation, (Series A-1), TOBs, (World Trade Center),(GTD by United States Treasury), 0.350% $ 6,000,000 New York State Dormitory Authority (Rockefeller University), (Series 2002A-2) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.200% $ 32,540,000 New York State HFA, 505 West 37th Street Housing (Series 2009A) Weekly VRDNs,(Landesbank Hessen- Thuringen LOC), 0.220% $ 35,300,000 New York State HFA, 505 West 37th Street Housing (Series 2009B) Weekly VRDNs,(Landesbank Hessen- Thuringen LOC), 0.220% $ 12,500,000 New York State HFA, Service Contract Revenue Bonds (2003 Series I) Weekly VRDNs,(Landesbank Hessen- Thuringen (Guaranteed) LOC), 0.230% $ 63,375,000 New York State Local Government Assistance Corp., (Senior Series 2008B-BV2) Weekly VRDNs,(Dexia Credit Local LIQ), 0.370% $ 7,750,000 New York State Local Government Assistance Corp., (Series 1995C) Weekly VRDNs,(Landesbank Hessen- Thuringen (Guaranteed) LOC), 0.210% $ 15,100,000 New York State Local Government Assistance Corp., (Series 1995E) Weekly VRDNs,(Landesbank Hessen- Thuringen (Guaranteed) LOC), 0.220% $ 14,200,000 New York State Local Government Assistance Corp., (Series 2003A-4V) Subordinate Lien Refunding Bonds Weekly VRDNs,(Bank of America N.A. LIQ), 0.210% 11,800,000 649519AB1 $ 3,745,000 5/20/2011 12/1/2049 Variable Rate Demand Note 649519BE4 $ 325,000,000 11/1/2011 12/1/2049 Other Municipal Debt 649903ZF1 $ 6,000,000 5/20/2011 7/1/2032 Variable Rate Demand Note 64986M3C7 $ 32,540,000 5/20/2011 5/1/2042 Variable Rate Demand Note 64986M6P5 $ 35,300,000 5/20/2011 5/1/2042 Variable Rate Demand Note 64986BAJ8 $ 12,500,000 5/20/2011 3/15/2031 Variable Rate Demand Note 649876K65 $ 63,375,000 5/20/2011 4/1/2021 Variable Rate Demand Note 649876PT0 $ 7,750,000 5/20/2011 4/1/2025 Variable Rate Demand Note 649876PV5 $ 15,100,000 5/20/2011 4/1/2025 Variable Rate Demand Note 649876U80 $ 14,200,000 5/20/2011 4/1/2022 Variable Rate Demand Note $ Oswego, NY City School District, (Series 2010A), BANs, 1.250% 688715HN4 $ 11,808,674 6/30/2011 6/30/2011 Other Municipal Debt TFOF - 18

$ 18,000,000 Rochester, NY, (Series 2011-I), BANs, 1.250% 771694GC4 $ 18,097,825 2/21/2012 2/21/2012 Other Municipal Debt $ 44,963,000 Rochester, NY, (Series II-2010), BANs, 1.250% 771694GB6 $ 45,062,042 8/19/2011 8/19/2011 Other Municipal Debt $ 15,260,000 Triborough Bridge & Tunnel Authority, NY, General Revenue Bonds (Series 2003B) Weekly VRDNs,(Dexia 89602NFZ2 $ 15,260,000 5/20/2011 1/1/2033 Variable Rate Demand Note Credit Local LIQ), 0.400% $ 8,975,000 Triborough Bridge & Tunnel Authority, NY, General Revenue Bonds (Series 2005B-3) Weekly VRDNs,(Bank of 89602NGX6 $ 8,975,000 5/20/2011 1/1/2032 Variable Rate Demand Note America N.A. LIQ), 0.210% $ 33,285,000 Triborough Bridge & Tunnel Authority, NY, Subordinate Revenue Bonds (Series 2000AB) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.250% 89602NJY1 $ 33,285,000 5/20/2011 1/1/2019 Variable Rate Demand Note $ 20,000,000 West Islip, NY Unified Free School District, TANs, 1.250% 953429HN0 $ 20,018,429 6/30/2011 6/30/2011 Other Municipal Debt TOTAL $ 1,307,917,594 North Carolina - 0.8% $ 12,405,000 Charlotte, NC, CP,(Bank of America N.A. LIQ), 0.400% 16105FAY2 $ 12,405,000 9/8/2011 9/8/2011 Other Municipal Debt $ 19,320,000 Mecklenburg County, NC, 7 Month Windows (Series 2009D) VRENs, 0.310% 584002NC9 $ 19,320,000 12/9/2011 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 644804CG9 $ 9,825,000 5/20/2011 10/1/2038 Variable Rate Demand Note (USA) LOC), 0.200% $ 7,320,000 North Carolina Capital Facilities Finance Agency (Countryside Montessori School), (Series 2008) Weekly 65818PGS2 $ 7,320,000 5/20/2011 3/1/2033 Variable Rate Demand Note VRDNs,(Wells Fargo Bank, N.A. LOC), 0.300% $ 2,360,000 (4)(5) North Carolina Capital Facilities Finance Agency (Duke University), Putters (Series 3248) Daily 46632PPD9 $ 2,360,000 5/16/2011 10/1/2034 Variable Rate Demand Note VRDNs,(JPMorgan Chase Bank, N.A. LIQ), 0.110% $ 5,370,000 North Carolina Capital Facilities Finance Agency (Forsyth Country Day School, Inc.), (Series 2005) Weekly 65818PEE5 $ 5,370,000 5/20/2011 12/1/2031 Variable Rate Demand Note VRDNs,(Branch Banking & Trust Co. LOC), 0.220% $ 4,720,000 North Carolina Capital Facilities Finance Agency (High Point University), (Series 2006) Weekly VRDNs,(Branch 65818PEP0 $ 4,720,000 5/20/2011 12/1/2028 Variable Rate Demand Note Banking & Trust Co. LOC), 0.220% $ 10,720,000 North Carolina Capital Facilities Finance Agency (High Point University), (Series 2007) Weekly VRDNs,(Branch 65818PFN4 $ 10,720,000 5/20/2011 12/1/2029 Variable Rate Demand Note Banking & Trust Co. LOC), 0.220% $ 8,000,000 North Carolina Capital Facilities Finance Agency (St. David's School), (Series 2008) Weekly VRDNs,(Branch 65818PGR4 $ 8,000,000 5/20/2011 10/1/2030 Variable Rate Demand Note Banking & Trust Co. LOC), 0.220% $ 4,060,000 North Carolina Capital Facilities Finance Agency (Wolfpack Club), (Series 2002) Weekly VRDNs,(Bank of 65819GAN8 $ 4,060,000 5/19/2011 4/1/2012 Variable Rate Demand Note America N.A. LOC), 0.210% $ 4,595,000 North Carolina State Ports Authority, (Series 2008) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 0.220% 65827LAC1 $ 4,595,000 5/20/2011 6/1/2036 Variable Rate Demand Note TOTAL $ 88,695,000 North Dakota - 0.3% $ 29,124,000 Grand Forks County, ND, (Series 2010) Weekly VRDNs,(Rabobank Nederland NV, Utrecht LOC), 0.250% 385433AN7 $ 29,124,000 5/20/2011 12/1/2026 Variable Rate Demand Note TOTAL $ 29,124,000 Ohio - 2.0% $ 3,125,000 Akron, Bath & Copley, OH Joint Township (Sumner on Ridgewood, Inc.), (Series 2002) Weekly VRDNs,(KBC 009730KL5 $ 3,125,000 5/20/2011 12/1/2032 Variable Rate Demand Note Bank N.V. LOC), 0.210% $ 8,050,000 Cleveland, OH (Cleveland, OH Airport System), (Series 2009D) Weekly VRDNs,(KBC Bank N.V. LOC), 0.240% 186352MX5 $ 8,050,000 5/20/2011 1/1/2024 Variable Rate Demand Note $ 3,450,000 Cleveland, OH Airport System, (Series D) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.210% 186352MK3 $ 3,450,000 5/20/2011 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 5/20/2011 11/15/2034 Variable Rate Demand Note VRDNs,(U.S. Bank, N.A. LOC), 0.190% $ 11,105,000 Cuyahoga County, OH (The Health Museum of Cleveland), (Series 2002) Weekly VRDNs,(PNC Bank, N.A. 232239AD5 $ 11,105,000 5/20/2011 3/1/2032 Variable Rate Demand Note LOC), 0.210% $ 1,705,000 Erie County, OH (Providence Care Center), (Series 1996A) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.230% 295144AA7 $ 1,705,000 5/20/2011 10/1/2014 Variable Rate Demand Note TFOF - 19

$ 7,885,000 Franklin County, OH Health Care Facilities (Traditions Healthcare Obligated Group), (Series 2005) Weekly 353180GT3 $ 7,885,000 5/20/2011 6/1/2030 Variable Rate Demand Note VRDNs,(U.S. Bank, N.A. LOC), 0.230% $ 5,463,000 Green City, OH, BANs, 1.500% 39317PDZ0 $ 5,469,961 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), 0.210% 407311AC3 $ 11,435,000 5/20/2011 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), 0.210% $ 31,580,000 Lancaster, OH Port Authority, (Series 2008) Gas Supply Revenue Weekly VRDNs,(Royal Bank of Canada, Montreal LIQ), 0.210% $ 2,190,000 Lorain County, OH Port Authority (St. Ignatius High School), (Series 2008) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.210% 7,400,000 $ 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.), 0.700% 407272G49 $ 4,870,000 5/20/2011 6/1/2019 Variable Rate Demand Note 514401AA6 $ 31,580,000 5/20/2011 5/1/2038 Variable Rate Demand Note 543611AA5 $ 2,190,000 5/20/2011 8/2/2038 Variable Rate Demand Note $ Lucas County, OH IDA (Kroger Co.) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.280% 549315HD4 $ 7,400,000 5/19/2011 7/1/2011 Variable Rate Demand Note 613520KR5 $ 10,000,000 5/20/2011 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.), 0.700% $ 4,600,000 Ohio State Air Quality Development Authority (Ohio Valley Electric Corp.), (Series 2009C) Weekly VRDNs,(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.220% $ 15,000,000 Ohio State Higher Educational Facility Commission (Case Western Reserve University, OH), (2008 Series A) Weekly VRDNs,(PNC Bank, N.A. LOC), 0.200% $ 4,600,000 Ohio State Higher Educational Facility Commission (Otterbein College), (2008 Series B) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.220% $ 5,000,000 (4)(5) Ohio State Higher Educational Facility Commission, Clipper Floater Certificates (Series 2009-50) Weekly VRDNs,(State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.210% 613520KS3 $ 40,000,000 5/20/2011 8/1/2047 Variable Rate Demand Note 677525TP2 $ 4,600,000 5/20/2011 2/1/2026 Variable Rate Demand Note 67756BVL1 $ 15,000,000 5/20/2011 12/1/2044 Variable Rate Demand Note 67756BWR7 $ 4,600,000 5/20/2011 12/1/2028 Variable Rate Demand Note 18886PVP7 $ 5,000,000 5/20/2011 12/1/2022 Variable Rate Demand Note $ 12,085,000 Pike County, OH Health Care Facilities (National Church Residences), (Series A) Weekly VRDNs,(Bank of America N.A. LOC), 0.240% $ 3,820,000 Pike County, OH Health Care Facilities (National Church Residences), (Series B) Weekly VRDNs,(Bank of America N.A. LOC), 0.240% 5,405,000 $ 4,095,000 Westlake, OH (Lutheran Homes of Ohio Corp.), (Series 2005) Weekly VRDNs,(RBS Citizens Bank N.A. LOC), 0.390% 72127PBV2 $ 12,085,000 5/20/2011 11/1/2033 Variable Rate Demand Note 72127PCV1 $ 3,820,000 5/20/2011 11/1/2033 Variable Rate Demand Note $ Ross County, OH (Adena Health System) Weekly VRDNs,(PNC Bank, N.A. LOC), 0.210% 778260EB1 $ 5,405,000 5/20/2011 12/1/2023 Variable Rate Demand Note 960474AG9 $ 4,095,000 5/20/2011 12/1/2035 Variable Rate Demand Note TOTAL $ 212,044,961 Oklahoma - 0.1% $ 7,545,000 Oklahoma State Industrial Authority (American Cancer Society, Inc.), (Series 2002) Weekly VRDNs,(Bank of America N.A. LOC), 0.250% TOTAL $ 7,545,000 Pennsylvania - 7.9% $ 13,175,000 Adams County, PA IDA (Cross Keys Village - Brethren Home Community), (Series 2007) Weekly VRDNs,(PNC Bank, N.A. LOC), 0.230% $ 11,170,000 Allegheny County, PA IDA (Carnegie Museums of Pittsburgh), (Series of 2002) Weekly VRDNs,(Citizens Bank of Pennsylvania LOC), 0.300% $ 4,240,000 Allegheny County, PA IDA (Vincentian Collaborative System), (Series 2008A) Weekly VRDNs,(PNC Bank, N.A. LOC), 0.210% $ 8,100,000 Berks County, PA Municipal Authority (Reading Hospital & Medical Center), (Series 2009A-4) Weekly VRDNs, 0.220% 679103UM1 $ 7,545,000 5/20/2011 6/1/2024 Variable Rate Demand Note 006116AL1 $ 13,175,000 5/20/2011 6/1/2032 Variable Rate Demand Note 017292UN1 $ 11,170,000 5/20/2011 8/1/2032 Variable Rate Demand Note 01731AAA9 $ 4,240,000 5/20/2011 6/1/2038 Variable Rate Demand Note 084538GQ4 $ 8,100,000 5/20/2011 5/1/2032 Variable Rate Demand Note TFOF - 20

$ 3,500,000 Bermudian Springs, PA School District, (Series 2005) Weekly VRDNs,(INS by Assured Guaranty Municipal 085223GR0 $ 3,500,000 5/20/2011 5/1/2017 Variable Rate Demand Note Corp.)/(Royal Bank of Canada, Montreal LIQ), 0.410% $ 12,600,000 Bethlehem, PA Area School District, (Series 2007) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured 087365QH8 $ 12,600,000 5/20/2011 1/1/2032 Variable Rate Demand Note Guaranty Municipal Corp.), 0.700% $ 3,090,000 Bucks County, PA IDA (Grand View Hospital), (Series A of 2008) Weekly VRDNs,(TD Bank, N.A. LOC), 0.150% 11861MAA4 $ 3,090,000 5/20/2011 7/1/2034 Variable Rate Demand Note $ 18,940,000 Bucks County, PA IDA (Pennswood Village), (Series 2007A) Weekly VRDNs,(Bank of America N.A. LOC), 0.240% $ 2,500,000 Bucks County, PA IDA (Pennswood Village), (Series 2007B) Weekly VRDNs,(Bank of America N.A. LOC), 0.240% $ 3,000,000 Chester County, PA IDA (West Chester University), (Series 2003) Weekly VRDNs,(Federal Home Loan Bank of Pittsburgh LOC), 0.200% 1,500,000 118612LA6 $ 18,940,000 5/20/2011 10/1/2034 Variable Rate Demand Note 118612LB4 $ 2,500,000 5/20/2011 10/1/2037 Variable Rate Demand Note 16559PAC9 $ 3,000,000 5/20/2011 8/1/2035 Variable Rate Demand Note $ Chester County, PA Intermediate Unit, (Series 2003) Weekly VRDNs,(PNC Bank, N.A. LOC), 0.220% 165600AA5 $ 1,500,000 5/20/2011 3/1/2025 Variable Rate Demand Note $ 1,100,000 Clearfield County, PA IDA (Dubois Area Catholic School), (Series 2002) Weekly VRDNs,(PNC Bank, N.A. LOC), 0.210% $ 6,955,000 (4)(5) Commonwealth of Pennsylvania, BB&T Floater Certificates (Series 2008-01) Weekly VRDNs,(Branch Banking & Trust Co. LIQ), 0.230% $ 7,845,000 Cumberland County, PA Municipal Authority (Presbyterian Homes, Inc.), (Series 2008C) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.260% 3,460,000 15,000,000 $ 5,745,000 Delaware County, PA Authority (Eastern University), (Series 2008) Weekly VRDNs,(TD Bank, N.A. LOC), 0.210% $ 31,800,000 Delaware Valley, PA Regional Finance Authority, (Series 1985D) Weekly VRDNs,(Bayerische Landesbank LOC), 0.300% $ 48,900,000 Delaware Valley, PA Regional Finance Authority, (Series 2007B) Weekly VRDNs,(Bayerische Landesbank LOC), 0.250% $ 45,300,000 Delaware Valley, PA Regional Finance Authority, Mode 1 (Series 1986) Weekly VRDNs,(Bayerische Landesbank LOC), 0.310% $ 27,995,000 Erie County, PA Hospital Authority (St. Vincent Health System), (Series 2010B) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.260% 11,000,000 184818AR3 $ 1,100,000 5/20/2011 11/1/2031 Variable Rate Demand Note 07330CHC6 $ 6,955,000 5/20/2011 8/1/2025 Variable Rate Demand Note 230614DR7 $ 7,845,000 5/20/2011 12/1/2026 Variable Rate Demand Note $ Dallastown Area School District, PA, Series A of 2011, VRNs, 1.500% 235452GT0 $ 3,480,629 1/3/2012 1/3/2012 Other Municipal Debt $ Dallastown Area School District, PA, Series A of 2011, VRNs, 1.500% 235452GU7 $ 15,125,671 4/16/2012 4/16/2012 Other Municipal Debt 24600NAC7 $ 5,745,000 5/20/2011 7/1/2029 Variable Rate Demand Note 246579AG1 $ 31,800,000 5/20/2011 12/1/2020 Variable Rate Demand Note 246579JL1 $ 48,900,000 5/20/2011 6/1/2042 Variable Rate Demand Note 246579AJ5 $ 45,300,000 5/20/2011 8/1/2016 Variable Rate Demand Note 295200TS8 $ 27,995,000 5/20/2011 7/1/2039 Variable Rate Demand Note $ Erie, PA Water Authority, (Series 2006A), TOBs,(Federal Home Loan Bank of Pittsburgh LOC), 2.500% 295540AE8 $ 11,007,903 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), 0.210% 419434HD0 $ 4,000,000 5/20/2011 3/1/2030 Variable Rate Demand Note $ 14,700,000 Lackawanna County, PA, (Series A of 2008) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.600% $ 35,390,000 Luzerne County, PA, (Series A of 2006) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.320% $ 11,010,000 (4)(5) Montgomery County, PA Higher Education & Health Authority Hospital, Stage Trust (Series 2009-76C), TOBs, (Abington Memorial Hospital),(GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), 0.380% $ 8,650,000 Montgomery County, PA IDA (Waverly Heights, Ltd.) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.220% $ 7,000,000 Moon, PA IDA (Baptist Homes, Inc.), (Series 2007: Providence Point Project) Weekly VRDNs,(Bank of Scotland, Edinburgh LOC), 0.220% $ 2,500,000 North Penn, PA Water Authority, (Series 2008) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.700% 200,000 505480ZD8 $ 14,700,000 5/20/2011 9/1/2035 Variable Rate Demand Note 550697TC0 $ 35,390,000 5/20/2011 11/15/2026 Variable Rate Demand Note 94985NRT0 $ 11,010,000 9/22/2011 6/1/2033 Other Municipal Debt 613609YA8 $ 8,650,000 5/20/2011 12/1/2039 Variable Rate Demand Note 615437AA8 $ 7,000,000 5/20/2011 7/1/2038 Variable Rate Demand Note 661524FY9 $ 2,500,000 5/20/2011 11/1/2024 Variable Rate Demand Note $ Pennsylvania EDFA (Adelphoi, Inc.), (Series 1996 E) Weekly VRDNs,(PNC Bank, N.A. LOC), 0.290% 708684LX1 $ 200,000 5/20/2011 8/1/2012 Variable Rate Demand Note TFOF - 21

$ 5,365,000 Pennsylvania Economic Development Financing Authority (Ellwood City Hospital (PA)), (2006 Series A1) 708693AA4 $ 5,365,000 5/20/2011 6/1/2031 Variable Rate Demand Note Weekly VRDNs,(PNC Bank, N.A. LOC), 0.210% $ 20,170,000 (4)(5) Pennsylvania Economic Development Financing Authority, Stage Trust (Series 2009-81C), TOBs, (Aqua Pennsylvania, Inc. ),(GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), 0.370% 94985NSG7 $ 20,170,000 5/19/2011 11/15/2040 Other Municipal Debt $ 4,000,000 Pennsylvania HFA (Foxwood Manor Apartments), (Series 2008-O) Weekly VRDNs,(Bank of America N.A. LOC), 0.220% 9,890,000 17,075,000 708797AA3 $ 4,000,000 5/20/2011 5/1/2046 Variable Rate Demand Note $ Pennsylvania HFA, (Series 2008A) Weekly VRDNs,(Bank of America N.A. LIQ), 0.210% 708793NS9 $ 9,890,000 5/20/2011 1/1/2021 Variable Rate Demand Note $ Pennsylvania HFA, (Series 2008B) Weekly VRDNs,(Bank of America N.A. LIQ), 0.210% 708793NT7 $ 17,075,000 5/20/2011 1/1/2021 Variable Rate Demand Note $ 12,145,000 Pennsylvania HFA, (Series 2008C: Section 8 Assisted) Weekly VRDNs,(Bank of America N.A. LIQ), 0.210% 708793NQ3 $ 12,145,000 5/20/2011 7/1/2020 Variable Rate Demand Note $ 26,580,000 Pennsylvania HFA, (Series 2008D: Section 8 Assisted) Weekly VRDNs,(Bank of America N.A. LIQ), 0.210% 708793NR1 $ 26,580,000 5/20/2011 7/1/2020 Variable Rate Demand Note $ 10,500,000 Pennsylvania HFA, (series 2010-111), BONDs, 0.450% 708796XP7 $ 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 5/20/2011 8/1/2038 Variable Rate Demand Note VRDNs,(TD Bank, N.A. LOC), 0.210% $ 22,275,000 Pennsylvania State Higher Education Facilities Authority (La Salle University), (Series 2007B) Weekly 70917RNQ4 $ 22,275,000 5/20/2011 5/1/2037 Variable Rate Demand Note VRDNs,(Citizens Bank of Pennsylvania LOC), 0.260% $ 5,900,000 Pennsylvania State Higher Education Facilities Authority (St. Joseph's University), (Series A of 2008) Weekly 70917PHH5 $ 5,900,000 5/20/2011 7/15/2036 Variable Rate Demand Note VRDNs,(TD Bank, N.A. LOC), 0.200% $ 2,990,000 Pennsylvania State Higher Education Facilities Authority (Thomas Jefferson University), (Series 2008B) 70917RNZ4 $ 2,990,000 5/20/2011 2/1/2031 Variable Rate Demand Note Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.190% $ 4,600,000 Pennsylvania State Higher Education Facilities Authority (University of Scranton), (Series 2002 K1) Weekly 70917NSY1 $ 4,600,000 5/20/2011 11/1/2022 Variable Rate Demand Note VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.240% $ 2,700,000 Pennsylvania State Higher Education Facilities Authority (York College of Pennsylvania), (Series I-6) Weekly 70917NMC5 $ 2,700,000 5/20/2011 11/1/2031 Variable Rate Demand Note VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.210% $ 9,300,000 Pennsylvania State Higher Education Facilities Authority (York College of Pennsylvania), Revenue Bonds Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.210% 70917NSZ8 $ 9,300,000 5/20/2011 11/1/2032 Variable Rate Demand Note $ 10,000,000 Pennsylvania State Turnpike Commission, (Series B-3 of 2008) Weekly VRDNs,(Bank of America N.A. LOC), 0.200% $ 14,710,000 Philadelphia, PA Authority for Industrial Development (Fox Chase Cancer Center), (Series 2007A) Daily VRDNs,(Citizens Bank of Pennsylvania LOC), 0.290% 35,000,000 $ 183,150,000 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% $ 60,000,000 Pittsburgh, PA Water & Sewer Authority, First Lien (Series D-2) Weekly VRDNs,(INS by Assured Guaranty Municipal Corp.)/(PNC Bank, N.A. LIQ), 0.320% 3,765,000 $ 7,000,000 Southcentral PA, General Authority (Hanover Lutheran Retirement Village, Inc.), (Series 2005) Weekly VRDNs,(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.260% $ 2,480,000 Wallingford Swarthmore, PA School District, (Series 2008) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.700% 709223TC5 $ 10,000,000 5/20/2011 12/1/2038 Variable Rate Demand Note 7178182F4 $ 14,710,000 5/16/2011 7/1/2031 Variable Rate Demand Note $ Philadelphia, PA, (Series A of 2010-2011), TRANs, 2.000% 717813MH9 $ 35,055,709 6/30/2011 6/30/2011 Other Municipal Debt 724790AA8 $ 183,150,000 5/20/2011 11/1/2038 Variable Rate Demand Note 725304RM3 $ 60,000,000 5/20/2011 9/1/2040 Variable Rate Demand Note $ Ridley, PA School District, (Series of 2009) Weekly VRDNs,(TD Bank, N.A. LOC), 0.210% 766357HM2 $ 3,765,000 5/20/2011 11/1/2029 Variable Rate Demand Note 84129NDA4 $ 7,000,000 5/20/2011 5/1/2035 Variable Rate Demand Note TOTAL $ 843,099,912 932533LF7 $ 2,480,000 5/20/2011 5/1/2026 Variable Rate Demand Note Rhode Island - 0.6% $ 11,155,000 East Greenwich, RI, BANs, 1.500% 272587LV6 $ 11,238,601 2/15/2012 2/15/2012 Other Municipal Debt $ 3,020,000 Rhode Island State Health and Educational Building Corp., (Series 2005A: Catholic School Pool Program 762243LB7 $ 3,020,000 5/16/2011 4/1/2035 Variable Rate Demand Note Issue) Daily VRDNs,(RBS Citizens Bank N.A. LOC), 0.200% $ 51,000,000 Rhode Island State and Providence Plantations, (Fiscal Year 2011 #R-1), TANs, 2.000% 76222RJE3 $ 51,093,948 6/30/2011 6/30/2011 Other Municipal Debt TFOF - 22

TOTAL $ 65,352,549 South Carolina - 0.8% $ 55,695,000 Greenville, SC Hospital System, (Series 2008C) Weekly VRDNs,(Bank of America N.A. LOC), 0.210% 396080HU0 $ 55,695,000 5/20/2011 5/1/2033 Variable Rate Demand Note $ 4,500,000 South Carolina Jobs-EDA (Carolina Piedmont Foundation, Inc.), (Series 2002) Weekly VRDNs,(Bank of America N.A. LOC), 0.270% $ 9,110,000 South Carolina Jobs-EDA (Oconee Memorial Hospital, Inc.), (Series 2006B) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.220% $ 5,170,000 South Carolina Jobs-EDA (Pinewood Preparatory School), (Series 2008) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 0.220% $ 7,000,000 South Carolina Jobs-EDA (Republic Services, Inc.), (Series 2004) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.200% 837031KW2 $ 4,500,000 5/20/2011 9/1/2032 Variable Rate Demand Note 83703FAW2 $ 9,110,000 5/20/2011 10/1/2036 Variable Rate Demand Note 837031QR7 $ 5,170,000 5/20/2011 6/1/2033 Variable Rate Demand Note 837031PL1 $ 7,000,000 5/20/2011 4/1/2034 Variable Rate Demand Note TOTAL $ 81,475,000 Tennessee - 1.0% $ 9,350,000 Blount County, TN Public Building Authority (Alcoa, TN), (Series E-5-B) Weekly VRDNs,(Branch Banking & 095175RQ0 $ 9,350,000 5/20/2011 6/1/2042 Variable Rate Demand Note Trust Co. LOC), 0.220% $ 1,470,000 Blount County, TN Public Building Authority (Maryville, TN), (Series E-8-A) Weekly VRDNs,(Branch Banking & 095175TB1 $ 1,470,000 5/20/2011 6/1/2037 Variable Rate Demand Note Trust Co. LOC), 0.220% $ 5,430,000 Blount County, TN Public Building Authority (Monroe County, TN), (Series E-7-A) Weekly VRDNs,(Branch 095175SQ9 $ 5,430,000 5/20/2011 6/1/2039 Variable Rate Demand Note Banking & Trust Co. LOC), 0.220% $ 6,615,000 Bristol, TN Health and Educational Facilities Board (King College, Inc.) Weekly VRDNs,(Bank of America N.A. 110227DF9 $ 6,615,000 5/20/2011 5/1/2021 Variable Rate Demand Note LOC), 0.350% $ 4,300,000 Knox County, TN Health Education & Housing Facilities Board (Catholic Healthcare Partners), (Series 2008A) 499523VK1 $ 4,300,000 5/20/2011 10/1/2031 Variable Rate Demand Note Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.200% $ 6,040,000 (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), 0.480% 78388KBF9 $ 6,040,000 5/20/2011 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, 0.300% $ 4,865,000 Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 0.220% $ 7,225,000 Shelby County, TN Health Education & Housing Facilities Board (Trezevant Manor), (Series 2007A) Weekly VRDNs,(Bank of America N.A. LOC), 0.230% $ 29,790,000 Sullivan County, TN Health Educational & Housing Facilities Board (Wellmont Health System), (Series 2005) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.190% TOTAL $ 100,835,000 Texas - 8.6% $ 11,110,000 Alamo Heights, TX Higher Education Facilities Corp. (University of the Incarnate Word), (Series 1999-A) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.310% $ 27,000,000 Austin, TX (Austin, TX Water and Wastewater System), Travis and Williamson Counties (Series 2008) Weekly VRDNs,(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC)/(Sumitomo Mitsui Banking Corp. LOC), 0.230% 592041SL2 $ 25,750,000 12/9/2011 11/15/2031 Variable Rate Demand Note 818200UP0 $ 4,865,000 5/20/2011 6/1/2035 Variable Rate Demand Note 821697XS3 $ 7,225,000 5/20/2011 9/1/2039 Variable Rate Demand Note 865292DZ6 $ 29,790,000 5/20/2011 9/1/2032 Variable Rate Demand Note 011329AA7 $ 11,110,000 5/20/2011 4/1/2019 Variable Rate Demand Note 052476SL3 $ 27,000,000 5/20/2011 5/15/2031 Variable Rate Demand Note $ 3,500,000 Bexar County, TX Housing Finance Corp. (Summit Hills Apartments), (Series 2005A) Weekly VRDNs,(Federal Home Loan Mortgage Corp. LOC), 0.220% $ 9,800,000 Brazos Harbor, TX Industrial Development Corp. (American Rice, Inc.), (Series 2007A) Weekly VRDNs,(HSBC Bank USA LOC), 0.220% $ 13,000,000 Capital Area Cultural Education Facilities Finance Corp., TX (John Cooper School), (Series 2005) Weekly VRDNs,(Bank of America N.A. LOC), 0.240% 088379XD9 $ 3,500,000 5/20/2011 3/1/2035 Variable Rate Demand Note 10624EAA2 $ 9,800,000 5/20/2011 12/1/2025 Variable Rate Demand Note 13972MAB4 $ 13,000,000 5/20/2011 10/1/2035 Variable Rate Demand Note TFOF - 23

$ 24,150,000 (4)(5) Clipper Tax-Exempt Certificates Trust (Texas Non-AMT) Series 2009-64 Weekly VRDNs,(GTD by Texas Permanent School Fund Guarantee Program)/(State Street Bank and Trust Co. LIQ), 0.240% 18886PZH1 $ 24,150,000 5/20/2011 8/15/2019 Variable Rate Demand Note $ 8,235,000 Crawford, TX Education Facilities Corp. (Central Houston Parking LLC), (SEries 2004A) Weekly VRDNs,(BNP Paribas SA LOC), 0.430% $ 10,365,000 (4)(5) Ellis County, TX, Solar Eclipse (Series 2007-0080) Weekly VRDNs,(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.200% $ 16,815,000 Gregg County, TX HFDC (Good Sheperd Medical Center), (Series 2004) Weekly VRDNs,(KBC Bank N.V. LOC), 0.260% $ 28,000,000 Harris County, TX Cultural Education Facilities Finance Corp., (Subseries 2009C-1), CP, (Methodist Hospital, Harris County, TX), 0.400% $ 25,000,000 Harris County, TX Cultural Education Facilities Finance Corp., (Subseries 2009C-1), CP, (Methodist Hospital, Harris County, TX), 0.400% $ 9,815,000 (4)(5) Harris County, TX Cultural Education Facilities Finance Corp., Stage Trust (Series 2011-05C), TOBs, (Texas Medical Center Central Heating),(GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 0.380% $ 7,500,000 Harris County, TX Education Facilities Finance Corp. (Memorial Hermann Healthcare System), (Series 2008D- 1) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.210% $ 68,600,000 Harris County, TX HFDC (Memorial Hermann Healthcare System), (Series 2008A) Weekly VRDNs,(Dexia Credit Local LIQ)/(INS by Assured Guaranty Municipal Corp.), 0.550% $ 6,310,000 Harris County, TX HFDC (St. Dominic Village), (Series 2000) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.220% $ 50,000,000 Harris County, TX HFDC (St. Luke's Episcopal Hospital), (Series 2005A) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LIQ)/(Wells Fargo Bank, N.A. LIQ), 0.210% $ 13,000,000 Harris County, TX HFDC (St. Luke's Episcopal Hospital), (Series 2008A) Weekly VRDNs,(Bank of America N.A. LIQ)/(Wells Fargo Bank, N.A. LIQ), 0.240% $ 9,540,000 Houston, TX Higher Education Finance Corp. (Houston Student Housing LLC), (Series 2000A) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.430% $ 4,590,000 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), 0.930% $ 9,765,000 Kendall County, TX Health Facilities Development Corp. (Morningside Ministries Foundation, Inc.), (Series 2008) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.220% $ 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), 0.210% $ 18,965,000 (4)(5) Longview, TX ISD, Stage Trust (Series 2008-45C), TOBs,(GTD by Texas Permanent School Fund Guarantee Program)/(Wells Fargo Bank, N.A. LIQ), 0.380% $ 16,830,000 (4)(5) Love Field Airport Modernization Corporation, TX, Stage Trust (Series 2011-11C), TOBs, (Southwest Airlines Co.),(GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 0.380% 225095AA6 $ 8,235,000 5/20/2011 5/1/2035 Variable Rate Demand Note 27884FYB0 $ 10,365,000 5/20/2011 8/1/2032 Variable Rate Demand Note 39753MDT2 $ 16,815,000 5/20/2011 10/1/2015 Variable Rate Demand Note 41386RBE7 $ 28,000,000 9/6/2011 9/6/2011 Other Municipal Debt 41386RBF4 $ 25,000,000 10/5/2011 10/5/2011 Other Municipal Debt 94985NB67 $ 9,815,000 7/28/2011 11/15/2035 Other Municipal Debt 414009BD1 $ 7,500,000 5/20/2011 6/1/2029 Variable Rate Demand Note 414152RT7 $ 68,600,000 5/20/2011 6/1/2027 Variable Rate Demand Note 41315RCR3 $ 6,310,000 5/20/2011 6/1/2025 Variable Rate Demand Note 41315RHB3 $ 50,000,000 5/20/2011 2/15/2032 Variable Rate Demand Note 41315RHE7 $ 13,000,000 5/20/2011 2/15/2047 Variable Rate Demand Note 442379AA1 $ 9,540,000 5/20/2011 12/1/2030 Variable Rate Demand Note 442379AC7 $ 4,590,000 6/1/2011 3/1/2033 Variable Rate Demand Note 488726AC4 $ 9,765,000 5/20/2011 1/1/2041 Variable Rate Demand Note 513174PW6 $ 5,130,000 5/20/2011 2/15/2036 Variable Rate Demand Note 94985NDY4 $ 18,965,000 8/18/2011 2/15/2036 Other Municipal Debt 94985ND57 $ 16,830,000 9/1/2011 11/1/2040 Other Municipal Debt $ 3,500,000 Lower Colorado River Authority, TX, (Series A), CP, 0.300% 54810SNA9 $ 3,500,000 5/19/2011 5/19/2011 Other Municipal Debt $ 50,000,000 North Texas Higher Education Authority, Inc., (Series 2010E) Weekly VRDNs,(Lloyds TSB Bank plc, London 662826EZ5 $ 50,000,000 5/20/2011 12/1/2045 Variable Rate Demand Note LOC), 0.220% $ 27,500,000 San Antonio, TX Electric & Gas System, (Series A), CP,(Bank of America N.A. LIQ)/(State Street Bank and 79625TVL6 $ 27,500,000 6/7/2011 6/7/2011 Other Municipal Debt Trust Co. LIQ), 0.290% $ 15,000,000 San Antonio, TX Housing Finance Corp. (Artisan at San Pedro Creek Apartments), (Series 2008) Weekly 796265HC3 $ 15,000,000 5/20/2011 3/1/2049 Variable Rate Demand Note VRDNs,(Bank of America N.A. LOC), 0.210% $ 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), 0.220% 87638QAG4 $ 82,770,000 5/20/2011 9/1/2030 Variable Rate Demand Note TFOF - 24

$ 300,000,000 Texas State, TRANs, 2.000% 882722VC2 $ 301,443,402 8/31/2011 8/31/2011 Other Municipal Debt $ 8,685,000 (4)(5) Texas State Transportation Commission (Texas State), Eagles (Series 2007-0139) Weekly VRDNs,(Citibank NA, New York LIQ), 0.210% 15,000,000 882721D59 $ 8,685,000 5/20/2011 4/1/2029 Variable Rate Demand Note $ (4)(5) Texas State, Putters (Series 3812) Daily VRDNs,(J.P. Morgan Chase & Co. LIQ), 0.110% 46633VA58 $ 15,000,000 5/16/2011 8/31/2011 Variable Rate Demand Note $ 10,380,000 (4)(5) Texas Water Development Board, Merlots (Series 2008-C51) Weekly VRDNs,(Wells Fargo Bank, N.A. LIQ), 0.210% 882854SG8 $ 10,380,000 5/20/2011 7/15/2023 Variable Rate Demand Note TOTAL $ 911,298,402 Utah - 0.8% $ 1,865,000 Carbon County, UT (Pacificorp), PCRB (Series 1994) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.200% 140890AD6 $ 1,865,000 5/20/2011 11/1/2024 Variable Rate Demand Note $ 10,000,000 Emery County, UT (Pacificorp), PCRB (Series 1994) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 0.200% 291147CE4 $ 10,000,000 5/20/2011 11/1/2024 Variable Rate Demand Note $ 22,350,000 Emery County, UT (Pacificorp), PCRRB (Series 1991) Weekly VRDNs,(BNP Paribas SA LOC), 0.220% 291147BW5 $ 22,350,000 5/20/2011 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), 0.210% 769369AB5 $ 47,500,000 5/19/2011 5/15/2012 Variable Rate Demand Note TOTAL $ 81,715,000 Virginia - 1.3% $ 11,970,000 Fairfax County, VA EDA (Public Broadcasting Service), (Series 2005) Weekly VRDNs,(Bank of America N.A. 30382EDB7 $ 11,970,000 5/20/2011 7/1/2040 Variable Rate Demand Note LOC), 0.220% $ 27,000,000 Fairfax County, VA IDA (Inova Health System), (Series 2005C-2) Weekly VRDNs,(Northern Trust Co., Chicago, 303823FS2 $ 27,000,000 5/20/2011 5/15/2026 Variable Rate Demand Note IL LOC), 0.190% $ 23,135,000 Farmville, VA IDA (Longwood University Real Estate Foundation, Inc.), (Series 2007) Weekly VRDNs,(Bank of 311617AD6 $ 23,135,000 5/20/2011 9/1/2036 Variable Rate Demand Note America N.A. LIQ)/(INS by Assured Guaranty Corp.), 0.320% $ 9,375,000 Lynchburg, VA IDA (Centra Health, Inc.), (Series 2004 B) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 551245GQ0 $ 9,375,000 5/20/2011 1/1/2035 Variable Rate Demand Note 0.220% $ 19,430,000 Lynchburg, VA IDA (Centra Health, Inc.), (Series 2004 C) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 551245GR8 $ 19,430,000 5/20/2011 1/1/2035 Variable Rate Demand Note 0.220% $ 21,000,000 Metropolitan Washington, DC Airports Authority, (Series 2009A-1) Weekly VRDNs,(Landesbank Baden- 592646D83 $ 21,000,000 5/20/2011 10/1/2039 Variable Rate Demand Note Wurttemberg LIQ), 0.250% $ 9,250,000 Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series 2010 C) VRENs, 0.330% 65588TAM1 $ 9,250,000 12/9/2011 11/1/2034 Variable Rate Demand Note $ 19,125,000 Rockingham County, VA IDA (Sunnyside Presbyterian Home), (Series 2003) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 0.220% 773460AT7 $ 19,125,000 5/20/2011 12/1/2033 Variable Rate Demand Note TOTAL $ 140,285,000 Washington - 0.5% $ 3,380,000 (4)(5) NJB Properties (King County, WA), Solar Eclipse (Series 2007-0106) Weekly VRDNs,(U.S. Bank, N.A. LIQ)/(U.S. 27884FYP9 $ 3,380,000 5/20/2011 12/1/2031 Variable Rate Demand Note Bank, N.A. LOC), 0.200% $ 14,000,000 Washington State Health Care Facilities Authority (Swedish Health Services), (Series 2011C) Weekly 93978HBQ7 $ 14,000,000 5/20/2011 11/15/2046 Variable Rate Demand Note VRDNs,(Citibank NA, New York LOC), 0.200% $ 15,075,000 (4)(5) Washington State Health Care Facilities Authority, Stage Trust (Series 2008-48C), TOBs, (Virginia Mason Medical Center),(GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), 0.380% 94985NEE7 $ 15,075,000 7/28/2011 2/15/2017 Other Municipal Debt $ 16,840,000 Washington State Higher Education Facilities Authority (Saint Martin's University), (Series 2007) Weekly VRDNs,(U.S. Bank, N.A. LOC), 0.210% 939781ZG8 $ 16,840,000 5/20/2011 2/1/2037 Variable Rate Demand Note TOTAL $ 49,295,000 West Virginia - 0.2% $ 10,800,000 West Virginia EDA Solid Waste Disposal Facilities (Appalachian Power Co.), (Series 2009A) Weekly VRDNs,(Mizuho Corporate Bank Ltd. LOC), 0.200% 95648VAP4 $ 10,800,000 5/20/2011 12/1/2042 Variable Rate Demand Note TFOF - 25

$ 15,000,000 West Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly 956622YU2 $ 15,000,000 5/20/2011 1/1/2034 Variable Rate Demand Note VRDNs,(Branch Banking & Trust Co. LOC), 0.220% TOTAL $ 25,800,000 Wisconsin - 3.6% $ 22,000,000 (4)(5) Clipper Tax-Exempt Certificates Trust (Wisconsin Non-AMT) Series 2009-6 (Wisconsin State) Weekly 188857GR1 $ 22,000,000 5/20/2011 5/1/2013 Variable Rate Demand Note VRDNs,(State Street Bank and Trust Co. LIQ), 0.260% $ 12,900,000 Oconomowoc, WI Area School District, TRANs, 1.250% 675635JT4 $ 12,930,210 8/25/2011 8/25/2011 Other Municipal Debt $ 6,950,000 Oshkosh, WI School District, TRANs, 1.500% 687908DY6 $ 6,974,410 9/22/2011 9/22/2011 Other Municipal Debt $ 3,935,000 Wausau, WI Community Development Authority (Clover Industries, Inc.), (Series 2008A) Weekly 943335AA7 $ 3,935,000 5/20/2011 11/1/2038 Variable Rate Demand Note VRDNs,(JPMorgan Chase Bank, N.A. LOC), 0.320% $ 10,400,000 Wisconsin State HEFA (Agnesian Healthcare, Inc.), (Series 2008) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 97710BGG1 $ 10,400,000 5/20/2011 6/1/2035 Variable Rate Demand Note 0.200% $ 23,210,000 (4)(5) Wisconsin State HEFA (Ascension Health Credit Group), Solar Eclipse (Series 2007-0029) Weekly VRDNs,(U.S. 27884FSG6 $ 23,210,000 5/20/2011 11/15/2014 Variable Rate Demand Note Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.200% $ 23,615,000 Wisconsin State HEFA (Aurora Health Care, Inc.), (Series 2006B) Weekly VRDNs,(Bank of Montreal LOC), 97710VC71 $ 23,615,000 5/20/2011 4/1/2028 Variable Rate Demand Note 0.240% $ 17,235,000 Wisconsin State HEFA (Benevolent Corporation Cedar Community), (Series 2007) Weekly VRDNs,(JPMorgan 97710V3U0 $ 17,235,000 5/20/2011 6/1/2037 Variable Rate Demand Note Chase Bank, N.A. LOC), 0.220% $ 40,800,000 Wisconsin State HEFA (Hospital Sisters Services, Inc.), (Series B-2) Weekly VRDNs,(INS by Assured Guaranty 97710V2R8 $ 40,800,000 5/20/2011 3/15/2036 Variable Rate Demand Note Municipal Corp.)/(JPMorgan Chase Bank, N.A. LIQ), 0.310% $ 3,935,000 Wisconsin State HEFA (Lawrence University, WI), (Series 2009) Weekly VRDNs,(JPMorgan Chase Bank, N.A. 97710BGM8 $ 3,935,000 5/20/2011 2/1/2039 Variable Rate Demand Note LOC), 0.210% $ 4,890,000 Wisconsin State HEFA (Meriter Retirement Services, Inc.), (Series 2008B) Weekly VRDNs,(U.S. Bank, N.A. 97710V7W2 $ 4,890,000 5/20/2011 3/1/2038 Variable Rate Demand Note LOC), 0.220% $ 212,500,000 Wisconsin State, (Operating Notes of 2010), TRANs, 2.000% 97705LZR1 $ 212,759,943 6/15/2011 6/15/2011 Other Municipal Debt TOTAL $ 382,684,563 Wyoming - 0.2% $ 3,760,000 Sweetwater County, WY PCRB (Pacificorp), PCRB (Series 1994) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 870487CF0 $ 3,760,000 5/20/2011 11/1/2024 Variable Rate Demand Note 0.200% $ 16,805,000 Wyoming Student Loan Corp., (Senior Series 2010A-1) Weekly VRDNs,(Royal Bank of Canada, Montreal LOC), 983483CJ5 $ 16,805,000 5/20/2011 6/1/2035 Variable Rate Demand Note 0.220% TOTAL $ 20,565,000 TOTAL MUNICIPALS $ 10,406,284,138 TOTAL INVESTMENTS $ 10,406,284,138 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 May 13,2011, these restricted securities amounted to $1,451,555,000, which represented 13.7% of total net assets. TFOF - 26

Principal Amount (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 May 13,2011, these liquid restricted securities amounted to $1,451,555,000, which represented 13.7% of total net assets. The categories of investments are shown as a percentage of net assets ($10,608,024,853) at the close of business on May 13,2011, 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 LOC --Letter of Credit LP --Limited Partnership LT --Limited Tax MERLOTS --Municipal Exempt Receipts-Liquidity Optional Tender Series MFH --Multi-Family Housing TFOF - 27

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) 05/13/2011 Federated is a registered mark of Federated Investors, Inc. 2010 Federated Investors, Inc. TFOF - 28

TFOF - 29