N-Q 1 form.htm Unassociated Document
United States
Securities and Exchange Commission
Washington, D.C.  20549

Form N-Q
Quarterly Schedule of Portfolio Holdings of Registered Management Investment Companies




811-5950

(Investment Company Act File Number)


Money Market Obligations Trust
___________________________________________

(Exact Name of Registrant as Specified in Charter)



Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)


(412) 288-1900
(Registrant's Telephone Number)


John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)






Date of Fiscal Year End:  07/31/2011


Date of Reporting Period:  Quarter ended 04/30/2011







Item 1.                      Schedule of Investments


Federated Automated Cash Management Trust

Portfolio of Investments

April 30, 2011 (unaudited)

Principal
Amount		 Value
Asset-Backed Securities – 2.4%
Finance - Automotive – 0.8%
$1,438,381 AmeriCredit Automobile Receivables Trust 2010-4, Class A1, 0.325%, 12/8/2011 1,438,381
12,106,146 AmeriCredit Automobile Receivables Trust 2011-1, Class A1, 0.322%, 2/8/2012 12,106,146
5,000,000 AmeriCredit Automobile Receivables Trust 2011-2, Class A1, 0.323%, 4/8/2012 5,000,000
1,992,207 CarMax Auto Owner Trust 2010-3, Class A1, 0.313%, 11/15/2011 1,992,207
TOTAL 20,536,734
Finance - Retail – 1.6%
40,000,000 1,2,3 Arkle Master Issuer PLC 2010-1, Class 1A, 0.416%, 5/17/2011 40,000,000
TOTAL ASSET-BACKED SECURITIES 60,536,734
Certificates of Deposit – 35.4%
Finance - Banking – 35.4%
109,000,000 BNP Paribas SA, 0.450% — 0.540%, 8/9/2011 — 9/28/2011 109,000,000
25,000,000 3 Bank of Montreal, 0.321%, 5/10/2011 25,000,000
50,000,000 Bank of Nova Scotia, Toronto, 0.240%, 7/1/2011 50,000,000
94,500,000 Bank of Tokyo-Mitsubishi UFJ Ltd., 0.230% — 0.350%, 5/13/2011 — 7/18/2011 94,499,414
58,000,000 Barclays Bank PLC, 0.570% — 0.810%, 8/8/2011 — 1/25/2012 58,000,000
25,000,000 3 Barclays Bank PLC, 0.633%, 5/27/2011 25,000,000
8,000,000 Barclays Bank PLC, 0.790%, 1/27/2012 8,000,000
70,000,000 Caisse des Depots et Consignations (CDC), 0.370% — 0.670%, 6/9/2011 — 1/10/2012 70,001,402
39,000,000 Credit Agricole Corporate and Investment Bank, 0.400% — 0.410%, 5/18/2011 — 6/10/2011 39,000,000
40,000,000 3 Credit Suisse, Zurich, 0.294%, 5/9/2011 40,000,000
30,000,000 Deutsche Bank AG, 0.385% — 0.450%, 9/21/2011 — 10/7/2011 30,000,000
126,000,000 Mizuho Corporate Bank Ltd., 0.260% — 0.310%, 5/2/2011 — 7/28/2011 126,000,000
20,000,000 3 Rabobank Nederland NV, Utrecht, 0.308%, 5/24/2011 19,999,010
15,000,000 3 Rabobank Nederland NV, Utrecht, 0.320%, 5/6/2011 15,000,000
20,000,000 Rabobank Nederland NV, Utrecht, 0.500%, 9/14/2011 20,000,000
85,000,000 Societe Generale, Paris, 0.260% — 0.550%, 7/18/2011 — 10/7/2011 85,000,000
80,000,000 Svenska Handelsbanken, Stockholm, 0.215% — 0.280%, 5/25/2011 — 7/27/2011 80,000,362
TOTAL CERTIFICATES OF DEPOSIT 894,500,188
Collateralized Loan Agreements – 13.5%
Finance - Banking – 13.5%
25,000,000 BNP Paribas Securities Corp., 0.548%, 5/27/2011 25,000,000
20,000,000 Barclays Capital, Inc., 0.436%, 5/18/2011 20,000,000
35,000,000 3 Citigroup Global Markets, Inc., 0.608% — 0.750%, 5/2/2011 — 6/24/2011 35,000,000
80,000,000 Credit Suisse First Boston LLC, 0.380%, 7/20/2011 — 7/26/2011 80,000,000
75,000,000 Deutsche Bank Securities, Inc., 0.406% — 0.507%, 5/2/2011 — 5/23/2011 75,000,000
30,000,000 J.P. Morgan Securities, Inc., 0.507% — 0.568%, 6/20/2011 — 7/25/2011 30,000,000
75,000,000 3 RBS Securities, Inc., 0.517%, 5/4/2011 75,000,000
TOTAL COLLATERALIZED LOAN AGREEMENTS 340,000,000
Commercial Paper – 20.5%4
Aerospace/Auto – 2.0%
50,000,000 Toyota Motor Credit Corp., (Toyota Motor Corp. SA), 0.250%, 7/18/2011 49,972,917
Finance - Automotive – 1.0%
25,000,000 FCAR Owner Trust, (A1+/P1 Series), 0.451%, 7/1/2011 24,980,938
Finance - Banking – 16.1%
25,000,000 Citigroup Funding, Inc., 0.260%, 5/12/2011 24,998,014
40,000,000 1,2 Commonwealth Bank of Australia, 0.230%, 7/6/2011 39,983,133
1
Principal
Amount		 Value
$40,000,000 Credit Agricole North America, Inc., 0.431%, 5/2/2011 39,999,522
100,000,000 1,2 Danske Corp., Inc., 0.185% — 0.200%, 5/19/2011 — 5/31/2011 99,987,292
130,000,000 ING (U.S.) Funding LLC, 0.290% — 0.325%, 6/1/2011 — 8/4/2011 129,944,382
12,243,000 Los Angeles County, CA Metropolitan Transportation Authority, (Bank of America N.A. LOC), 0.296%, 5/3/2011 12,243,000
20,000,000 1,2 Northern Pines Funding LLC, 0.280%, 8/1/2011 19,985,689
40,000,000 Societe Generale North America, Inc., (GTD by Societe Generale, Paris), 0.501% — 0.501%, 6/3/2011 — 9/26/2011 39,949,722
TOTAL 407,090,754
Finance - Commercial – 1.0%
25,000,000 1,2,3 Fairway Finance Co. LLC, 0.256%, 6/16/2011 25,000,000
Finance - Retail – 0.4%
10,000,000 1,2 Salisbury Receivables Company LLC, 0.160%, 5/18/2011 9,999,244
TOTAL COMMERCIAL PAPER 517,043,853
Corporate Bonds – 3.4%
Finance - Banking – 1.6%
40,000,000 3 JPMorgan Chase Bank, N.A., 0.253%, 5/21/2012 40,000,000
Finance - Commercial – 1.8%
5,314,000 General Electric Capital Corp., 0.597%, 3/3/2012 5,481,194
21,580,000 General Electric Capital Corp., 5.000%, 11/15/2011 22,098,077
16,565,000 General Electric Capital Corp., 5.875%, 2/15/2012 17,259,616
TOTAL 44,838,887
TOTAL CORPORATE BONDS 84,838,887
Loan Participation – 2.2%
Chemicals – 2.2%
55,500,000 DuPont Teijin Films U.K. Ltd., (GTD by Du Pont (E.I.) de Nemours & Co.), 0.400%, 5/27/2011 55,500,000
Notes - Variable – 15.1%3
Finance - Banking – 14.2%
25,000,000 1,2 Australia & New Zealand Banking Group, Melbourne, 0.321%, 5/9/2011 25,000,000
30,000,000 1,2 Australia & New Zealand Banking Group, Melbourne, 0.326%, 5/9/2011 30,000,000
3,795,000 CNOS Building LLC, (U.S. Bank, N.A. LOC), 0.430%, 5/4/2011 3,795,000
8,235,000 California Statewide CDA, (Series 2005-B), (Union Bank, N.A. LOC), 0.650%, 5/5/2011 8,235,000
1,007,000 Capital One Funding Corp., Series 19Capital One Funding Corp., (Series 1996-C), (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/5/201196-C, (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/5/2011 1,007,000
5,000,000 Credit Agricole S.A., 0.490%, 6/7/2011 5,000,104
11,720,000 Frisch School, (Series 2006), (Banco Santander, S.A. LOC), 0.270%, 5/5/2011 11,720,000
4,185,000 Grand Chute, WI, (U.S. Bank, N.A. LOC), 0.430%, 5/4/2011 4,185,000
28,300,000 Houston, TX Combined Utility System, (Series 2004B-6), (Bank of Nova Scotia, Toronto LOC), 0.200%, 5/5/2011 28,300,000
50,000,000 JPMorgan Chase Bank, N.A., 0.212%, 5/31/2011 50,000,000
15,500,000 Metropolitan Water District of Southern California, (2008 Series A-1), 0.200%, 5/5/2011 15,500,000
25,000,000 Michigan Finance Authority, (Series 2010-A), (Bank of America N.A. LOC), 0.250%, 5/5/2011 25,000,000
5,340,000 New Hampshire Business Finance Authority, Seacast Health 1998B, (Bank of America N.A. LOC), 0.210%, 5/5/2011 5,340,000
2,785,000 Overland Park Professional Center LLC, (Series 2004), (U.S. Bank, N.A. LOC), 0.400%, 5/5/2011 2,785,000
25,000,000 Svenska Handelsbanken, Stockholm, 0.364%, 5/17/2011 25,000,000
21,715,000 Washington State Housing Finance Commission, (Series A), (Wells Fargo Bank, N.A. LOC), 0.280%, 5/5/2011 21,715,000
71,000,000 1,2 Westpac Banking Corp. Ltd., Sydney, 0.301%, 5/16/2011 71,000,000
25,000,000 Westpac Banking Corp. Ltd., Sydney, 0.323%, 5/4/2011 25,000,000
TOTAL 358,582,104
Finance - Commercial – 0.2%
5,000,000 General Electric Capital Corp., 0.390%, 6/6/2011 4,998,807
Government Agency – 0.7%
10,000,000 Capital Trust Agency, FL, (FNMA LOC), 0.210%, 5/5/2011 10,000,000
2
Principal
Amount		 Value
$2,520,000 Kentucky EDFA, Henderson County Health Care Corp., (FHLB of Cincinnati LOC), 0.610%, 5/5/2011 2,520,000
4,710,000 Wiz Kidz, LLC & Wiz Biz Holdings, LLC, (Series 2008), (FHLB of Atlanta LOC), 0.310%, 5/5/2011 4,710,000
TOTAL 17,230,000
TOTAL NOTES - VARIABLE 380,810,911
Time Deposit – 2.2%
Finance - Banking – 2.2%
55,000,000 Toronto Dominion Bank, 0.100%, 5/2/2011 55,000,000
Repurchase Agreement – 5.4%
137,143,000 Interest in $5,935,000,000 joint repurchase agreement 0.05%, dated 4/29/2011 under which Bank of America, N.A. will repurchase securities provided as collateral for $5,935,024,729 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/15/2040 and the market value of those underlying securities was $6,055,753,170. 137,143,000
TOTAL INVESTMENTS — 100.1%
(AT AMORTIZED COST)5 		2,525,373,573
OTHER ASSETS AND LIABILITIES - NET — (0.1)%6 (2,687,304)
TOTAL NET ASSETS — 100% $2,522,686,269
1 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 April 30, 2011, these restricted securities amounted to $360,955,358, which represented 14.3% of total net assets.
2 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 (the “Trustees”). At April 30, 2011, these liquid restricted securities amounted to $360,955,358, which represented 14.3% of total net assets.
3 Denotes a variable rate security with current rate and next reset date shown.
4 Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
5 Also represents cost for federal tax purposes.
6 Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2011.

Investment Valuation

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

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

Level 1 — quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable. Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Also includes securities valued at amortized cost. Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

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

As of April 30, 2011, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

CDA  — Community Development Authority
EDFA  — Economic Development Finance Authority
FHLB  — Federal Home Loan Bank
FNMA  — Federal National Mortgage Association
GTD  — Guaranteed
LOC  — Letter of Credit
SA  — Support Agreement

3


Federated Automated Government Money Trust

Portfolio of Investments

April 30, 2011 (unaudited)

Principal
Amount		 Value
Repurchase Agreements – 57.5%
$55,861,000 1 Interest in $1,421,627,000 joint repurchase agreement 0.13%, dated 3/21/2011 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $1,421,935,019 on 5/20/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2041 and the market value of those underlying securities was $1,450,279,581. 55,861,000
70,706,000 Interest in $1,766,000,000 joint repurchase agreement 0.03%, dated 4/29/2011 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $1,766,004,415 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 8/15/2039 and the market value of those underlying securities was $1,801,324,600. 70,706,000
100,000,000 Interest in $500,000,000 joint repurchase agreement 0.04%, dated 4/29/2011 under which Credit Agricole Securities (USA), Inc. will repurchase a security provided as collateral for $500,001,667 on 5/2/2011. The security provided as collateral at the end of the period was a U.S. Treasury security maturing on 4/15/2032 and the market value of that underlying security was $510,001,789. 100,000,000
19,000,000 1 Interest in $500,000,000 joint repurchase agreement 0.08%, dated 4/27/2011 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $500,067,778 on 6/27/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2027 and the market value of those underlying securities was $510,005,671. 19,000,000
100,000,000 Interest in $1,700,000,000 joint repurchase agreement 0.03%, dated 4/29/2011 under which RBS Securities, Inc. will repurchase securities provided as collateral for $1,700,004,250 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 5/15/2040 and the market value of those underlying securities was $1,734,004,863. 100,000,000
100,000,000 Interest in $1,000,000,000 joint repurchase agreement 0.04%, dated 4/29/2011 under which TD Securities (USA) LLC will repurchase securities provided as collateral for $1,000,003,333 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2041 and the market value of those underlying securities was $1,020,003,493. 100,000,000
TOTAL REPURCHASE AGREEMENTS 445,567,000
U.S. Treasury – 35.3%
75,000,000 2 United States Treasury Bills, 0.025%, 5/12/2011 74,999,427
25,000,000 2 United States Treasury Bills, 0.030%, 5/26/2011 24,999,479
25,000,000 2 United States Treasury Bills, 0.055%, 7/28/2011 24,996,639
8,500,000 2 United States Treasury Bills, 0.170%, 9/1/2011 8,495,063
20,500,000 United States Treasury Notes, 0.750% — 4.500%, 11/30/2011 20,863,205
11,500,000 United States Treasury Notes, 0.875%, 1/31/2012 11,550,537
28,000,000 United States Treasury Notes, 1.000% — 4.625%, 12/31/2011 28,240,979
4,000,000 United States Treasury Notes, 1.000%, 9/30/2011 4,012,002
14,500,000 United States Treasury Notes, 1.375% — 4.875%, 2/15/2012 14,823,829
11,300,000 United States Treasury Notes, 1.750%, 11/15/2011 11,390,995
35,500,000 United States Treasury Notes, 4.625%, 8/31/2011 36,017,381
5,500,000 United States Treasury Notes, 4.875%, 7/31/2011 5,563,706
7,000,000 United States Treasury Notes, 5.125%, 6/30/2011 7,053,857
TOTAL U.S. TREASURY 273,007,099
TOTAL INVESTMENTS — 92.8%
(AT AMORTIZED COST)3 		718,574,099
OTHER ASSETS AND LIABILITIES - NET — 7.2%4 55,601,972
TOTAL NET ASSETS — 100% $774,176,071
1 Although the repurchase date is more than seven days after the date of purchase, the Fund has the right to terminate the repurchase agreement at any time with seven-days' notice.
2 Discount rate at time of purchase.
3 Also represents cost for federal tax purposes.
4 Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2011.

1

Investment Valuation

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

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

Level 1 — quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable. Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost. Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

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

As of April 30, 2011, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

2


Federated Capital Reserves Fund

Portfolio of Investments

April 30, 2011 (unaudited)

Principal
Amount		 Value
ASSET-BACKED SECURITIES – 1.5%
Finance - Automotive – 1.4%
$63,300,109 Santander Drive Auto Receivables Trust 2010-3, Class A1, 0.357%, 12/15/2011 $63,300,109
19,717,749 1,2 Santander Drive Auto Receivables Trust 2010-B, Class A1, 0.374%, 12/15/2011 19,717,749
50,000,000 Santander Drive Auto Receivables Trust 2011-1, Class A1, 0.326%, 5/15/2012 50,000,000
12,822,376 1,2 SMART Series 2011-1 US Trust, Class A1, 0.432%, 3/14/2012 12,822,376
TOTAL 145,840,234
Finance - Equipment – 0.1%
16,381,044 1,2 Macquarie Equipment Funding Trust 2011-A, Class A1, 0.432%, 3/20/2012 16,381,044
TOTAL ASSET-BACKED SECURITIES 162,221,278
CERTIFICATES OF DEPOSIT – 43.2%
Banking – 43.2%
100,000,000 Bank of Montreal, 0.280%, 6/7/2011 100,009,221
350,000,000 Bank of Nova Scotia, Toronto, 0.220% — 0.240%, 7/1/2011 — 7/6/2011 350,000,000
549,000,000 Bank of Tokyo-Mitsubishi UFJ Ltd., 0.290% — 0.300%, 5/26/2011 — 6/8/2011 549,000,000
162,000,000 Barclays Bank PLC, 0.390% — 0.790%, 11/1/2011 — 1/27/2012 162,000,000
25,000,000 Barclays Bank PLC, 0.810%, 1/25/2012 25,000,000
550,000,000 BNP Paribas SA, 0.450% — 0.550%, 6/28/2011 — 9/29/2011 550,000,000
390,000,000 Caisse des Depots et Consignations (CDC), 0.370% — 0.670%, 6/9/2011 — 1/10/2012 390,003,504
542,000,000 Credit Agricole Corporate and Investment Bank, 0.370% — 0.540%, 6/10/2011 — 9/12/2011 542,000,000
100,000,000 Credit Suisse, Zurich, 0.330%, 5/26/2011 100,000,000
125,000,000 Deutsche Bank AG, 0.385% — 0.450%, 9/21/2011 — 10/7/2011 125,000,000
215,000,000 KBC Bank N.V., 0.270% — 0.420%, 5/5/2011 — 5/13/2011 214,999,745
541,000,000 Mizuho Corporate Bank Ltd., 0.260% — 0.300%, 5/2/2011 — 8/1/2011 541,000,000
50,000,000 Rabobank Nederland NV, Utrecht, 0.500%, 9/14/2011 50,000,000
475,000,000 Societe Generale, Paris, 0.450% — 0.550%, 7/5/2011 — 10/7/2011 475,000,000
195,000,000 Sumitomo Mitsui Banking Corp., 0.270%, 6/10/2011 — 6/20/2011 195,000,000
250,000,000 Svenska Handelsbanken, Stockholm, 0.215% — 0.280%, 5/25/2011 — 7/27/2011 250,001,811
TOTAL 4,619,014,281
TOTAL CERTIFICATES OF DEPOSIT 4,619,014,281
COLLATERALIZED LOAN AGREEMENTS – 9.1%
Banking – 8.6%
100,000,000 Barclays Capital, Inc., 0.436%, 5/18/2011 100,000,000
250,000,000 Citigroup Global Markets, Inc., 0.558% — 0.750%, 5/2/2011 — 6/24/2011 250,000,000
350,000,000 Credit Suisse First Boston LLC, 0.380%, 7/20/2011 — 7/26/2011 350,000,000
220,000,000 Deutsche Bank Securities, Inc., 0.406%, 5/3/2011 — 5/23/2011 220,000,000
TOTAL 920,000,000
Brokerage – 0.5%
50,000,000 Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.710%, 7/25/2011 50,000,000
TOTAL COLLATERALIZED LOAN AGREEMENTS 970,000,000
COMMERCIAL PAPER – 14.5%3
Aerospace / Auto – 2.4%
53,255,000 1,2 BMW US Capital LLC, (GTD by Bayerische Motoren Werke AG), 0.310% — 0.350%, 5/4/2011 — 5/26/2011 53,249,138
4,100,000 1,2 Nissan Motor Acceptance Corp., (Nissan Motor Co., Ltd. Support Agreement), 0.380%, 5/5/2011 — 5/6/2011 4,099,801
200,000,000 Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 0.250% — 0.270%, 6/23/2011 — 7/25/2011 199,901,222
TOTAL 257,250,161
Banking – 9.0%
100,000,000 Citigroup Funding, Inc., 0.260%, 5/12/2011 99,992,056
1
Principal
Amount		 Value
$150,000,000 1,2 Danske Corp., Inc., 0.200%, 5/19/2011 149,985,000
546,000,000 ING (U.S.) Funding LLC, 0.290% — 0.330%, 6/1/2011 — 8/4/2011 545,777,747
100,000,000 1,2 Northern Pines Funding LLC, 0.280%, 8/1/2011 99,928,444
70,000,000 Societe Generale North America, Inc., (GTD by Societe Generale, Paris), 0.451%, 6/1/2011 69,972,875
TOTAL 965,656,122
Consumer Products – 0.1%
10,000,000 Clorox Co., 0.300%, 5/3/2011 9,999,833
Diversified – 0.3%
35,200,000 1,2 ITT Corp., 0.340% — 0.360%, 5/11/2011 — 5/19/2011 35,194,965
Finance - Automotive – 0.3%
30,000,000 FCAR Owner Trust, A1+/P1 Series, 0.451%, 7/1/2011 29,977,125
Finance - Commercial – 1.7%
59,063,000 1,2 Fairway Finance Co. LLC, 0.200%, 5/10/2011 59,060,047
44,312,000 1,2 Market Street Funding LLC, 0.240%, 7/18/2011 44,288,958
78,000,000 1,2 Versailles Commercial Paper LLC, 0.230% — 0.250%, 5/18/2011 — 5/20/2011 77,990,748
TOTAL 181,339,753
Machinery, Equipment, Auto – 0.5%
47,300,000 1,2 Harley-Davidson Funding Corp., (Harley-Davidson, Inc. Support Agreement), 0.330% — 0.360%, 5/16/2011 — 6/10/2011 47,286,738
Miscellaneous – 0.2%
20,571,000 Bemis Co., Inc., 0.320% — 0.350%, 5/6/2011 — 5/19/2011 20,569,936
TOTAL COMMERCIAL PAPER 1,547,274,633
CORPORATE BOND – 0.7%
Banking – 0.7%
75,000,000 JPMorgan Chase Bank, N.A., 0.253%, 5/21/2012 75,000,000
TOTAL CORPORATE BOND 75,000,000
CORPORATE NOTE – 0.1%
Telecommunications – 0.1%
13,450,000 Cellco Partnership/Verizon Wireless Capital LLC, 2.914%, 5/20/2011 13,468,304
TOTAL CORPORATE NOTE 13,468,304
LOAN PARTICIPATION – 1.6%
Miscellaneous – 1.6%
175,000,000 Cargill, Inc., 0.290%, 5/10/2011 — 5/16/2011 175,000,000
TOTAL LOAN PARTICIPATION 175,000,000
MUNICIPALS – 8.1%
Banking – 6.2%
29,605,000 ABAG Finance Authority for Non-Profit Corporations, CA, (Series 2005), (Wells Fargo Bank, N.A. LOC), 0.170%, 5/2/2011 29,605,000
6,255,000 Albany-Dougherty County, GA Hospital Authority, (Series 2008A), (SunTrust Bank LOC), 0.450%, 5/2/2011 6,255,000
50,000,000 Bay Area Toll Authority, CA, (2008 Series G-1), (Bank of America N.A. LOC), 0.190%, 5/5/2011 50,000,000
50,025,000 Broward County, FL School District, COP (Series 2004D), (Insured by Assured Guaranty Municipal Corp.), 0.400%, 5/5/2011 50,025,000
41,885,000 Franklin County, OH Hospital Facility Authority, (Series 2008E), 0.250%, 5/5/2011 41,885,000
5,650,000 Houston, TX Combined Utility System, (Series 2004B-4), (JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/5/2011 5,650,000
30,000,000 Illinois Development Finance Authority IDB, (Series 1994), 0.270%, 5/4/2011 30,000,000
39,455,000 Illinois Finance Authority, (Series 1999 C), (Bank of America N.A. LOC), 0.270%, 5/5/2011 39,455,000
34,450,000 Knox County, TN Health Education & Housing Facilities Board, (Subseries B-4), (SunTrust Bank LOC), 0.450%, 5/2/2011 34,450,000
21,000,000 Louisiana State Offshore Terminal Authority, (Series 2003A), (SunTrust Bank LOC), 0.450%, 5/2/2011 21,000,000
30,250,000 Maryland State Health & Higher Educational Facilities Authority, (Series 1985A), (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/4/2011 30,250,000
6,700,000 Massachusetts HEFA, (Series N-4 2010), (JPMorgan Chase Bank, N.A. LOC), 0.230%, 5/2/2011 6,700,000
43,175,000 Michigan Higher Education Facilities Authority, (Series 2006), (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/5/2011 43,175,000
10,000,000 1,2 New Jersey State Transportation Trust Fund Authority, SPEARs (Series DBE-447), (GTD by Deutsche Bank AG), 0.260%, 5/5/2011 10,000,000
2
Principal
Amount		 Value
$2,000,000 New York City Housing Development Corp., (Series 2008A: Beekman Tower), (RBS Citizens Bank N.A. LOC), 0.330%, 5/4/2011 2,000,000
59,685,000 1,2 New York City, NY Transitional Finance Authority, PUTTERs (Series 3866), 0.270%, 5/2/2011 59,685,000
22,300,000 New York State HFA, Series 2008-B, (Landesbank Hessen-Thuringen LOC), 0.270%, 5/4/2011 22,300,000
17,600,000 New York State Local Government Assistance Corp., (Series 1995C), (Landesbank Hessen-Thuringen GTD LOC), 0.250%, 5/4/2011 17,600,000
30,925,000 North Broward Florida Hospital District, (Series 2007), (Wells Fargo Bank, N.A. LOC), 0.260%, 5/5/2011 30,925,000
7,780,000 Onondaga County, NY IDA, (Series 2008B), (JPMorgan Chase Bank, N.A. LOC), 0.230%, 5/4/2011 7,780,000
35,990,000 Orange County, FL IDA, (Series 2007), (SunTrust Bank LOC), 0.450%, 5/2/2011 35,990,000
4,945,000 Pinellas County, FL Health Facility Authority, (Series 2004), (SunTrust Bank LOC), 0.450%, 5/2/2011 4,945,000
9,000,000 Pinellas County, FL Health Facility Authority, (Series 2006A), (SunTrust Bank LOC), 0.450%, 5/2/2011 9,000,000
77,950,000 Sunshine State Governmental Finance Commission, FL, (Series 2010B), (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/5/2011 77,950,000
TOTAL 666,625,000
Insurance – 0.2%
26,000,000 Knox County, TN Health Education & Housing Facilities Board, (Series 2006 B-1), (Insured by Assured Guaranty Corp.), 0.420%, 5/2/2011 26,000,000
Municipal – 1.7%
48,780,000 Alaska State Housing Finance Corp., (Series 2009B), 0.180%, 5/5/2011 48,780,000
63,875,000 Loudoun County, VA IDA, (Series 2003B), 0.200%, 5/4/2011 63,875,000
7,500,000 Louisiana Public Facilities Authority, (Series 2007), 0.300%, 5/2/2011 7,500,000
7,000,000 Louisiana Public Facilities Authority, (Series 2008C), 0.300%, 5/2/2011 7,000,000
10,500,000 Louisiana Public Facilities Authority, (Series 2010), 0.260%, 5/4/2011 10,500,000
39,500,000 Michigan Strategic Fund, (Series 2007), 0.260%, 5/2/2011 39,500,000
TOTAL 177,155,000
TOTAL MUNICIPALS 869,780,000
NOTES - VARIABLE – 17.4%4
Banking – 16.2%
11,000,000 Advance Packaging Corp., Series 2006, (Fifth Third Bank, Cincinnati LOC), 0.520%, 5/5/2011 11,000,000
7,395,000 American Commercial Development, LLC, Series 2008, (Fulton Bank LOC), 2.100%, 5/5/2011 7,395,000
100,000,000 Bank of Montreal, 0.301%, 5/30/2011 100,000,000
75,000,000 Bank of Montreal, 0.321%, 5/10/2011 75,000,000
50,000,000 Barclays Bank PLC, 0.633%, 5/27/2011 50,000,000
12,400,000 Canadian Imperial Bank of Commerce, 0.492%, 7/6/2011 12,411,585
5,630,000 Capital Markets Access Co. LC, ECO Stonecrest, LLC. Series 2006, (SunTrust Bank LOC), 1.150%, 5/4/2011 5,630,000
5,800,000 Cincinnati Hills Christian Academy, Inc., Series 2008, (Fifth Third Bank, Cincinnati LOC), 0.520%, 5/5/2011 5,800,000
6,050,000 Cunat Capital Corp., Northfield Corp., Series 2006, (Fifth Third Bank, Cincinnati LOC), 0.550%, 5/5/2011 6,050,000
50,000,000 Deutsche Bank AG, 0.592%, 5/23/2011 50,000,000
2,105,000 Flintrock Farms, Series 2006, (Fulton Bank LOC), 2.100%, 5/5/2011 2,105,000
22,935,000 Fuller Road Management Corp., Series 2007, (Key Bank, N.A. LOC), 0.600%, 5/5/2011 22,935,000
6,145,000 Green Knight Economic Development Corp., Series 2004, (Fulton Bank LOC), 2.100%, 5/5/2011 6,145,000
10,064,100 Herman & Kittle Capital, LLC, Series 2005, (Fifth Third Bank, Cincinnati LOC), 0.520%, 5/5/2011 10,064,100
5,290,000 Katz Capital Corp., Series 1999-A, (Fifth Third Bank, Cincinnati LOC), 0.520%, 5/5/2011 5,290,000
10,600,000 Lakeline Austin Development, Ltd., Series 2005, (Wells Fargo Bank, N.A. LOC), 0.210%, 5/5/2011 10,600,000
25,000,000 Lloyds TSB Bank PLC, London, 1.240%, 5/6/2011 25,000,000
10,465,000 Maryland State Economic Development Corp., Human Genome Sciences Series 1999-B, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.560%, 5/3/2011 10,465,000
7,000,000 Maryland State Economic Development Corp., Series 2001A Human Genome Sciences, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.560%, 5/3/2011 7,000,000
7,110,000 Metrodev Newark, LLC, Series 2008, (PNC Bank, N.A. LOC), 0.360%, 5/5/2011 7,110,000
50,000,000 National Australia Bank Ltd., Melbourne, 0.291%, 5/10/2011 50,000,000
200,000,000 Natixis, 0.276%, 5/17/2011 200,000,000
27,375,000 New York City Housing Development Corp., Series 2009 A2, (RBS Citizens Bank N.A. LOC), 0.270%, 5/4/2011 27,375,000
65,000,000 New York City Housing Development Corp., Series 2009-A1, (RBS Citizens Bank N.A. LOC), 0.270%, 5/4/2011 65,000,000
3
Principal
Amount		 Value
$98,050,000 New York City Housing Development Corp., Series 2010-A1, (RBS Citizens Bank N.A. LOC), 0.270%, 5/4/2011 98,050,000
25,000,000 New York City Housing Development Corp., Series 2010-A2, (RBS Citizens Bank N.A. LOC), 0.270%, 5/4/2011 25,000,000
3,290,000 Pennsylvania Community Behavioral Healthcare Cooperative, Series 2006, (Fulton Bank LOC), 2.100%, 5/5/2011 3,290,000
16,600,000 Pineview Estates LC, Series 2008, (Fifth Third Bank, Cincinnati LOC), 0.490%, 5/5/2011 16,600,000
10,280,000 R.W. Sidley, Inc., Series 2005, (Fifth Third Bank, Cincinnati LOC), 0.520%, 5/5/2011 10,280,000
100,000,000 Rabobank Nederland NV, Utrecht, 0.296%, 5/18/2011 100,000,000
50,000,000 Rabobank Nederland NV, Utrecht, 0.320%, 5/6/2011 50,000,000
50,000,000 Rabobank Nederland NV, Utrecht, 0.343%, 5/4/2011 50,000,000
3,853,000 Ricker Realty & Development, LLC, Series 2005, (Fifth Third Bank, Cincinnati LOC), 0.520%, 5/5/2011 3,853,000
9,895,000 Springfield Surgical Properties LLC, Series 2008, (Fifth Third Bank, Cincinnati LOC), 0.520%, 5/5/2011 9,895,000
10,120,000 Summit Utilities, Inc., Series 2009-B, (UMB Bank, N.A. LOC), 0.660%, 5/5/2011 10,120,000
145,000,000 Svenska Handelsbanken, Stockholm, 0.364%, 5/17/2011 145,000,000
4,360,000 United Fuels, LLC, (Fifth Third Bank, Cincinnati LOC), 0.520%, 5/5/2011 4,360,000
150,000,000 Westpac Banking Corp. Ltd., Sydney, 0.293%, 5/4/2011 150,000,000
259,000,000 1,2 Westpac Banking Corp. Ltd., Sydney, 0.301%, 5/16/2011 259,000,000
3,315,000 1,2 Yonkers, NY IDA, Salgra Realty, LLC Series 2006, (TD Bank, N.A. LOC), 0.260%, 5/5/2011 3,315,000
23,250,000 York County, PA IDA, KDO Properties L. P. Project, Series 2010, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.561%, 5/5/2011 23,250,000
TOTAL 1,734,388,685
Finance - Commercial – 0.2%
6,390,000 Woodgrain Millwork, Inc., Series 2004, (General Electric Capital Corp. LOC), 0.400%, 5/5/2011 6,390,000
15,670,000 Ziegler Realty, (General Electric Capital Corp. LOC), 0.300%, 5/5/2011 15,670,000
4,365,000 Ziegler Realty, Series 2008, (General Electric Capital Services LOC), 0.300%, 5/5/2011 4,365,000
TOTAL 26,425,000
Government Agency – 1.0%
16,545,000 Cunat Capital Corp., Sheffield Height Series 2006, (Federal Home Loan Bank of Chicago LOC), 0.250%, 5/5/2011 16,545,000
800,000 Frogtown LLC, Series 2004, (Federal Home Loan Bank of Cincinnati LOC), 0.600%, 5/5/2011 800,000
90,000,000 Utah Telecommunication Open Infrastructure Agency, Series 2008, (Federal Home Loan Bank of Cincinnati LOC), 0.250%, 5/5/2011 90,000,000
TOTAL 107,345,000
TOTAL NOTES - VARIABLE 1,868,158,685
REPURCHASE AGREEMENTS – 3.5%
373,579,000 Interest in $2,000,000,000 joint repurchase agreement 0.050%, dated 4/29/2011 under which Bank of America, N.A., will repurchase securities provided as collateral for $373,580,557 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/15/2040 and the market value of those underlying securities was $2,040,008,501. 373,579,000
TOTAL REPURCHASE AGREEMENTS 373,579,000
U.S. TREASURY – 0.7%
75,000,000 United States Treasury, 0.750%, 11/30/2011 75,194,745
TOTAL U.S. TREASURY 75,194,745
TOTAL INVESTMENTS — 100.4%
(AT AMORTIZED COST)5 		10,748,690,926
OTHER ASSETS AND LIABILITIES - NET — (0.4)%6 (46,236,537)
TOTAL NET ASSETS — 100% $10,702,454,389

1 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 April 30, 2011, these restricted securities amounted to $952,005,008, which represented 8.9% of total net assets.
2 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 (the “Trustees”). At April 30, 2011, these liquid restricted securities amounted to $952,005,008, which represented 8.9% of total net assets.
3 Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest-bearing issues.
4 Floating rate note with current rate and next reset date shown.
5 Also represents cost for federal tax purposes.

4
6 Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2011.

Investment Valuation

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

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

Level 1 — quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable. Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost. Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

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

As of April 30, 2011, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

COP  — Certificate of Participation
GTD  — Guaranteed
HEFA  — Health and Education Facilities Authority
HFA  — Housing Finance Authority
IDA  — Industrial Development Authority
IDB  — Industrial Development Bond
LOC  — Letter of Credit
PUTTERs  — Puttable Tax-Exempt Receipts
SPEARS  — Short Puttable Exempt Adjustable Receipts

5


Federated Government Reserves Fund

Portfolio of Investments

April 30, 2011 (unaudited)

Principal
Amount		 Value
GOVERNMENT AGENCIES – 50.8%
$20,000,000 1 Federal Farm Credit System Discount Note, 0.030%, 5/6/2011 $19,999,917
88,000,000 2 Federal Farm Credit System Floating Rate Notes, 0.193% - 0.230%, 5/20/2011 - 5/23/2011 87,991,260
631,000,000 1 Federal Home Loan Bank System Discount Notes, 0.030% - 0.050%, 5/11/2011 - 5/31/2011 630,988,200
1,225,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 0.113% - 0.213%, 4/30/2011 - 7/15/2011 1,224,754,453
931,590,000 Federal Home Loan Bank System Notes, 0.180% - 3.625%, 5/6/2011 - 4/27/2012 931,738,714
328,250,000 1 Federal Home Loan Mortgage Corp. Discount Notes, 0.030% - 0.210%, 5/9/2011 - 9/12/2011 328,153,888
612,000,000 2 Federal Home Loan Mortgage Corp. Floating Rate Notes, 0.151% - 0.250%, 5/2/2011 - 6/3/2011 611,732,429
83,500,000 Federal Home Loan Mortgage Corp. Notes, 3.500% - 4.750%, 5/5/2011 - 3/5/2012 86,246,377
354,000,000 1 Federal National Mortgage Association Discount Notes, 0.070% - 0.210%, 5/16/2011 - 9/7/2011 353,957,962
328,000,000 2 Federal National Mortgage Association Floating Rate Notes, 0.113% - 0.174%, 5/11/2011 - 5/27/2011 327,953,100
76,000,000 Federal National Mortgage Association Notes, 0.875% - 5.375%, 11/15/2011 - 3/30/2012 76,888,259
563,992,000 1,3,4 Straight A Funding , LLC (unconditional liquidity support from Federal Financing Bank) Discount Notes, 0.250%,
5/2/2011 - 5/20/2011		 563,976,073
TOTAL GOVERNMENT AGENCIES 5,244,380,632
U.S. TREASURY – 7.8%
235,000,000 1 United States Treasury Bill, 0.025%, 5/12/2011 234,998,411
15,000,000 United States Treasury Note, 1.750%, 11/15/2011 15,121,237
34,000,000 United States Treasury Note, 4.625%, 2/29/2012 35,248,266
74,000,000 United States Treasury Note, 5.125%, 6/30/2011 74,599,148
128,000,000 United States Treasury Notes, 1.000% - 4.625%, 12/31/2011 129,315,480
314,000,000 United States Treasury Notes, 1.000% - 4.875%, 7/31/2011 316,115,851
TOTAL U.S. TREASURY 805,398,393
REPURCHASE AGREEMENTS – 41.6%
1,624,140,000 Interest in $2,000,000,000 joint repurchase agreement 0.050%, dated 4/29/2011 under which Bank of America, N.A. will repurchase securities provided as collateral for $2,000,008,333 on 5/2/2011. The securities provided as collateral were U.S. Government Agency securities with various maturities to 4/15/2040 and the market value of those underlying securities was $2,040,008,501. 1,624,140,000
250,000,000 5 Repurchase agreement 0.190%, dated 2/08/2011 under which Barclay's Capital, Inc. will repurchase securities provided as collateral for $250,118,750 on 5/9/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 9/20/2040 and the market value of those underlying securities was $257,612,800. 250,000,000
278,000,000 Repurchase agreement 0.050%, dated 4/29/2011 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $278,001,158 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 12/1/2040 and the market value of those underlying securities was $283,561,182. 278,000,000
150,000,000 5 Repurchase agreement 0.190%, dated 2/14/2011 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $150,072,042 on 5/16/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 10/1/2044 and the market value of those underlying securities was $154,548,840. 150,000,000
2,000,000,000 Repurchase agreement 0.050%, dated 4/29/2011 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $2,000,008,333 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/1/2041 and the market value of those underlying securities was $2,042,787,850. 2,000,000,000
TOTAL REPURCHASE AGREEMENTS 4,302,140,000
TOTAL INVESTMENTS — 100.2%
(AT AMORTIZED COST)6 		10,351,919,025
OTHER ASSETS AND LIABILITIES - NET — (0.2)%7 (16,242,416)
TOTAL NET ASSETS — 100% $10,335,676,609

1 Discount rate at the time of purchase.
2 Floating rate note with current rate and next reset date shown.
3 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 April 30, 2011, these restricted securities amounted to $563,976,073, which represented 5.5% of total net assets.
4 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 (“the Trustees”). At April 30, 2011, these liquid restricted securities amounted to $563,976,073, which represented 5.5% of total net assets.

1
5 Although the repurchase date is more than seven days after the date of purchase, the Fund has the right to terminate the repurchase agreement at any time with seven-days' notice.
6 Also represents cost for federal tax purposes.
7 Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2011.

Investment Valuation

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

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

Level 1 — quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable. Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Also includes securities valued at amortized cost. Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

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

As of April 30, 2011, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

2


Federated Master Trust

Portfolio of Investments

April 30, 2011 (unaudited)

Principal
Amount		 Value
Asset-Backed Securities – 1.1%
Finance - Automotive – 1.1%
$1,210,615 AmeriCredit Automobile Receivables Trust 2011-1, Class A1, 0.322%, 2/8/2012 1,210,615
Certificates of Deposit – 32.9%
Finance - Banking – 32.9%
5,500,000 BNP Paribas SA, 0.530% — 0.550%, 8/16/2011 — 9/14/2011 5,500,000
5,000,000 Bank of Nova Scotia, Toronto, 0.240%, 7/1/2011 5,000,000
3,300,000 Barclays Bank PLC, 0.390% — 0.790%, 11/1/2011 — 1/27/2012 3,300,000
2,000,000 Credit Agricole Corporate and Investment Bank, 0.540% — 0.560%, 6/24/2011 — 7/18/2011 2,000,000
5,000,000 Mizuho Corporate Bank Ltd., 0.290% — 0.300%, 7/8/2011 — 7/18/2011 5,000,000
5,000,000 1 Rabobank Nederland NV, Utrecht, 0.296%, 5/18/2011 5,000,000
500,000 Rabobank Nederland NV, Utrecht, 0.500%, 9/14/2011 500,000
5,000,000 Societe Generale, Paris, 0.260%, 7/18/2011 5,000,000
4,000,000 Svenska Handelsbanken, Stockholm, 0.215% — 0.280%, 5/25/2011 — 7/27/2011 4,000,012
TOTAL CERTIFICATES OF DEPOSIT 35,300,012
Collateralized Loan Agreements – 13.8%
Finance - Banking – 13.8%
2,000,000 Barclays Capital, Inc., 0.436%, 5/13/2011 2,000,000
4,300,000 Citigroup Global Markets, Inc., 0.608%, 5/2/2011 4,300,000
5,000,000 Deutsche Bank Securities, Inc., 0.406%, 5/3/2011 5,000,000
500,000 JPMorgan Securities, Inc., 0.507%, 7/25/2011 500,000
3,000,000 1 RBS Securities, Inc., 0.500%, 5/2/2011 3,000,000
TOTAL COLLATERALIZED LOAN AGREEMENTS 14,800,000
Commercial Paper – 25.1%2
Aerospace/Auto – 4.7%
5,000,000 Toyota Motor Credit Corp., (Toyota Motor Corp. SA), 0.250% — 0.270%, 6/28/2011 — 7/18/2011 4,997,612
Finance - Automotive – 2.3%
2,500,000 FCAR Owner Trust, (A1+/P1 Series), 0.451%, 7/5/2011 2,497,969
Finance - Banking – 18.1%
3,000,000 Bank of America Corp., 0.280%, 6/9/2011 2,999,090
2,000,000 3,4 Commonwealth Bank of Australia, 0.230%, 7/6/2011 1,999,157
2,000,000 Credit Agricole North America, Inc., 0.431%, 5/2/2011 1,999,976
5,000,000 3,4 Danske Corp., Inc., 0.190%, 5/23/2011 4,999,419
2,000,000 3,4 Gotham Funding Corp., 0.300%, 7/19/2011 1,998,683
5,400,000 ING (U.S.) Funding LLC, 0.320% — 0.325%, 6/1/2011 — 6/16/2011 5,397,973
TOTAL 19,394,298
TOTAL COMMERCIAL PAPER 26,889,879
Corporate Bonds – 4.7%
Finance - Banking – 2.8%
3,000,000 1 JPMorgan Chase Bank, N.A., 0.253%, 5/23/2011 3,000,000
Finance - Commercial – 1.9%
1,000,000 General Electric Capital Corp., 0.597%, 3/3/2012 1,031,463
1,000,000 General Electric Capital Corp., 4.375%, 11/21/2011 1,021,266
TOTAL 2,052,729
TOTAL CORPORATE BONDS 5,052,729
1
Principal
Amount		 Value
Notes - Variable – 11.6%1
Finance - Banking – 7.0%
$1,800,000 JPMorgan Chase Bank, N.A., 0.251%, 5/31/2011 1,800,000
4,500,000 3,4 Westpac Banking Corp. Ltd., Sydney, 0.301%, 5/16/2011 4,500,000
900,000 Westpac Banking Corp. Ltd., Sydney, 0.323%, 5/4/2011 900,000
275,000 Wildcat Management Co., Inc., (Series 1999), (U.S. Bank, N.A. LOC), 0.600%, 5/5/2011 275,000
TOTAL 7,475,000
Government Agency – 4.6%
2,000,000 Capital Trust Agency, FL, (FNMA LOC), 0.210%, 5/5/2011 2,000,000
3,000,000 Jaxon Arbor, LLC, (Series 2002-A), (FHLB of Indianapolis LOC), 0.240%, 5/5/2011 3,000,000
TOTAL 5,000,000
TOTAL NOTES - VARIABLE 12,475,000
U.S. Treasury – 1.0%
U.S. Treasury Note – 1.0%
1,000,000 United States Treasury, 0.750%, 11/30/2011 1,002,597
Repurchase Agreement – 9.8%
10,533,000 Interest in $5,935,000,000 joint repurchase agreement 0.05%, dated 4/29/2011 under which Bank of America, N.A. will repurchase securities provided as collateral for $5,935,024,729 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/15/2040 and the market value of those underlying securities was $6,055,753,170. 10,533,000
TOTAL INVESTMENTS — 100.0%
(AT AMORTIZED COST)5 		107,263,832
OTHER ASSETS AND LIABILITIES - NET — (0.0)%6 (18,133)
TOTAL NET ASSETS — 100% $107,245,699
1 Denotes a variable rate security with current rate and next reset date shown.
2 Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
3 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 April 30, 2011, these restricted securities amounted to $13,497,259, which represented 12.6% of total net assets.
4 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 (the “Trustees”). At April 30, 2011, these liquid restricted securities amounted to $13,497,259, which represented 12.6% of total net assets.
5 Also represents cost for federal tax purposes.
6 Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2011.

Investment Valuation

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

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

Level 1 — quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable. Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost. Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

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

As of April 30, 2011, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

FHLB  — Federal Home Loan Bank
FNMA  — Federal National Mortgage Association
LOC  — Letter of Credit
SA  — Support Agreement

2


Federated Municipal Trust

Portfolio of Investments

April 30, 2011(unaudited)

Principal
Amount		 Value
SHORT-TERM MUNICIPALS – 97.4%1,2
Alabama – 1.8%
$5,000,000 Alabama HFA MFH, (Series 2001D) Weekly VRDNs (Cottage Hill Pointe Apts., Ltd.)/(Wells Fargo Bank, N.A. LOC), 0.370%, 5/5/2011 5,000,000
5,000,000 Alabama HFA MFH, (Series 2002C) Weekly VRDNs (Liberty Square Apartments, Ltd.)/(Wells Fargo Bank, N.A. LOC), 0.390%, 5/5/2011 5,000,000
600,000 Alabama HFA MFH, (Series 2003A) Weekly VRDNs (Lakeshore Crossing Apartments Ltd.)/(Wells Fargo Bank, N.A. LOC), 0.370%, 5/5/2011 600,000
2,540,000 Alabama State IDA, (Series 1994) Weekly VRDNs (Homeland Vinyl Products, Inc.)/(Compass Bank, Birmingham LOC), 0.970%, 5/5/2011 2,540,000
1,000,000 Birmingham, AL, GO Refunding Warrants (Series 2006-A), 4.00% Bonds, 4/1/2012 1,028,722
TOTAL 14,168,722
Arkansas – 0.2%
2,000,000 Arkansas State Development Finance Authority Solid Waste, (Series 2003) Weekly VRDNs (Waste Management, Inc.)/(Bank of America N.A. LOC), 0.320%, 5/5/2011 2,000,000
California – 8.7%
2,880,000 Alameda County, CA IDA, (Series 2005A) Weekly VRDNs (Convergent Laser Technologies)/(Comerica Bank LOC), 0.350%, 5/5/2011 2,880,000
8,640,000 California PCFA, (Series 2006A) Weekly VRDNs (Garaventa Enterprises, Inc.)/(Bank of America N.A. LOC), 0.330%, 5/4/2011 8,640,000
8,465,000 California State, GO Tax Exempt Notes, 0.38% CP (CALPERS, CALSTRS), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/10/2011 8,465,000
20,000,000 California State, GO Tax Exempt Notes, 0.38% CP (CALPERS, CALSTRS), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/23/2011 20,000,000
10,000,000 California State, GO Tax Exempt Notes, 0.40% CP (CALPERS, CALSTRS), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/24/2011 10,000,000
7,000,000 3,4 Nuveen California Investment Quality Municipal Fund, Inc., (Series 1) Weekly VRDPs (GTD by Citibank N.A. New York), 0.51%, 5/5/2011 7,000,000
13,000,000 3,4 Nuveen California Quality Income Municipal Fund, Inc., (Series 1) Weekly VRDPs (GTD by Citibank N.A. New York), 0.510%, 5/5/2011 13,000,000
TOTAL 69,985,000
Colorado – 0.5%
2,300,000 Colorado HFA, (Series 2005A) Weekly VRDNs (Closet Factory)/(Federal Home Loan Bank of Topeka LOC), 0.330%, 5/5/2011 2,300,000
2,110,000 Colorado HFA, (Series 2007) Weekly VRDNs (Xybix Systems, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.480%, 5/5/2011 2,110,000
TOTAL 4,410,000
Connecticut – 0.7%
3,500,000 East Granby, CT, 1.50% BANs, 4/11/2012 3,528,931
1,830,000 Scotland, CT, 1.50% BANs, 5/17/2011 1,830,437
TOTAL 5,359,368
Delaware – 0.9%
5,300,000 Sussex County, DE IDA, (Series 2000) Weekly VRDNs (Perdue-AgriRecycle, LLC)/(SunTrust Bank LOC), 0.690%, 5/4/2011 5,300,000
2,240,000 Sussex County, DE, First Mortgage Revenue Bonds (Series 2006C) Weekly VRDNs (Cadbury at Lewes)/(Citizens Bank of Pennsylvania LOC), 0.360%, 5/5/2011 2,240,000
TOTAL 7,540,000
District of Columbia – 1.2%
2,480,000 3,4 District of Columbia HFA, P-Floats (Series PT-4575) Weekly VRDNs (Cavalier Apartments LP)/(FHLMC GTD)/(FHLMC LIQ), 0.360%, 5/5/2011 2,480,000
7,000,000 District of Columbia, (Series 2007) Weekly VRDNs (American Immigration Lawyers Association)/(Wells Fargo Bank, N.A. LOC), 0.350%, 5/5/2011 7,000,000
TOTAL 9,480,000
1
Principal
Amount		 Value
Florida – 3.9%
$5,920,000 Brevard County, FL Educational Facilities Authority, (Series B) Weekly VRDNs (Florida Institute of Technology)/(Fifth Third Bank, Cincinnati LOC), 0.460%, 5/5/2011 5,920,000
5,000,000 3,4 Orange County, FL School Board, Floater Certificates (Series 2008-2988) Weekly VRDNs (Assured Guaranty Corp. INS)/(Morgan Stanley Bank LIQ), 0.360%, 5/5/2011 5,000,000
7,800,000 Orlando & Orange County Expressway Authority, FL, (Series 2003C-1) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.650%, 5/5/2011 7,800,000
13,140,000 UCF Health Facilities Corp., Capital Improvement Revenue Bonds (Series 2007) Weekly VRDNs (UCF Health Sciences Campus at Lake Nona)/(Fifth Third Bank, Cincinnati LOC), 0.460%, 5/6/2011 13,140,000
TOTAL 31,860,000
Georgia – 0.7%
5,375,000 Gainesville and Hall County, GA Development Authority, (Series 2002) Weekly VRDNs (Fieldale Farms Corp.)/(Rabobank Nederland NV, Utrecht LOC), 0.420%, 5/5/2011 5,375,000
Idaho – 1.6%
11,485,000 Boise, ID Housing Authority, (Series 2002B) Weekly VRDNs (Civic Plaza LP)/(Bank of America N.A. LOC), 0.500%, 5/4/2011 11,485,000
1,755,000 Minidoka County, ID IDC, (Series 1998) Weekly VRDNs (Nature's Best Produce, Inc.)/(CoBank, ACB LOC), 0.460%, 5/5/2011 1,755,000
TOTAL 13,240,000
Illinois – 3.7%
3,550,000 Aurora, Kane, DuPage, Will and Kendall Counties, IL, (Series 1999) Weekly VRDNs (Jania Family LLC)/(Bank of America N.A. LOC), 0.480%, 5/5/2011 3,550,000
3,630,000 Chicago, IL, (Series 2001) Weekly VRDNs (John Hofmeister & Son)/(Harris, N.A. LOC), 0.460%, 5/5/2011 3,630,000
3,400,000 Harvey, IL Multifamily Revenue, (Series 1997) Weekly VRDNs (Bethlehem Village)/(Federal Home Loan Bank of Indianapolis LOC), 0.580%, 5/5/2011 3,400,000
4,485,000 Illinois Development Finance Authority IDB, (Series 1995) Weekly VRDNs (CHS Acquisition Corp.)/(Fifth Third Bank, Cincinnati LOC), 0.510%, 5/5/2011 4,485,000
8,650,000 Illinois Finance Authority, (Series 2006) Weekly VRDNs (Lawrence Hall Youth Services)/(Fifth Third Bank, Cincinnati LOC), 0.460%, 5/6/2011 8,650,000
2,000,000 Illinois Finance Authority, (Series 2008A) Weekly VRDNs (Delnor-Community Hospital)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/5/2011 2,000,000
3,000,000 Lockport, IL IDA, (Series 1990) Weekly VRDNs (Panduit Corp.)/(Fifth Third Bank, Cincinnati LOC), 0.520%, 5/4/2011 3,000,000
900,000 Will-Kankakee, IL Regional Development Authority, (Series 1999) Weekly VRDNs (T. H. Davidson & Co., Inc.)/(Bank of America N.A. LOC), 0.470%, 5/5/2011 900,000
TOTAL 29,615,000
Indiana – 3.0%
7,250,000 Bloomington, IN EDRB, (Series 2008: Henderson Court Apartments) Weekly VRDNs (SY Henderson Court Investors, LP)/(FHLMC LOC), 0.330%, 5/5/2011 7,250,000
2,900,000 Indianapolis, IN MFH, (Series 2007A: Forest Ridge Apartments) Weekly VRDNs (Pedcor Investments-2006-LXXXVIII LP)/(RBS Citizens Bank N.A. LOC), 0.380%, 5/5/2011 2,900,000
8,600,000 Spencer County, IN PCA, PCR Revenue Bonds Weekly VRDNs (American Iron Oxide Co.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.660%, 5/5/2011 8,600,000
5,560,000 St. Joseph County, IN EDRB, (Series 2004) Weekly VRDNs (Logan Community Resources, Inc.)/(Fifth Third Bank, Cincinnati LOC), 0.460%, 5/6/2011 5,560,000
TOTAL 24,310,000
Kansas – 0.2%
1,455,000 3,4 Clipper Tax-Exempt Certificates Trust (Kansas-AMT) Series 2009-11 Weekly VRDNs (Sedgwick & Shawnee Counties, KS)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.380%, 5/5/2011 1,455,000
Kentucky – 1.1%
5,000,000 Glasgow, KY, (Series 1990) Weekly VRDNs (ACK Controls)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.420%, 5/4/2011 5,000,000
3,920,000 Somerset, KY Industrial Building, (Series 2000) Weekly VRDNs (Wonderfuel LLC)/(Comerica Bank LOC), 0.590%, 5/5/2011 3,920,000
TOTAL 8,920,000
Louisiana – 3.5%
4,900,000 Calcasieu Parish, LA, IDB, (Series 1998) Weekly VRDNs (HydroServe Westlake, LLC)/(JPMorgan Chase Bank, N.A. LOC), 0.370%, 5/4/2011 4,900,000
23,500,000 St. James Parish, LA, (Series 2009) Weekly VRDNs (Louisiana Sugar Refining, LLC)/(Natixis LOC), 0.310%, 5/5/2011 23,500,000
TOTAL 28,400,000
2
Principal
Amount		 Value
Maryland – 2.7%
$13,090,000 Maryland Community Development Administration — Residential Revenue, (2008 Series D) Weekly VRDNs (KBC Bank N.V. LIQ), 0.300%, 5/5/2011 13,090,000
3,000,000 3,4 Maryland State Health & Higher Educational Facilities Authority, ROCs (Series 11594) Weekly VRDNs (Lifebridge Health)/(Assured Guaranty Corp. INS)/(Citibank NA, New York LIQ), 0.410%, 5/5/2011 3,000,000
5,400,000 Westminster, MD EDRB, (Series 2004C) Daily VRDNs (Carroll Lutheran Village, Inc.)/(Citizens Bank of Pennsylvania LOC), 0.320%, 5/2/2011 5,400,000
TOTAL 21,490,000
Massachusetts – 3.1%
9,990,000 3,4 Commonwealth of Massachusetts, DCL Floater Certificates (Series 2008-022) Daily VRDNs (Dexia Credit Local LIQ), 0.650%, 5/5/2011 9,990,000
14,935,000 3,4 Commonwealth of Massachusetts, DCL Floater Certificates (Series 2008-042) Daily VRDNs (Dexia Credit Local LIQ), 0.650%, 5/5/2011 14,935,000
TOTAL 24,925,000
Michigan – 0.9%
7,175,000 Michigan Strategic Fund, (Series 2008) Weekly VRDNs (Goodwill Industries of Greater Grand Rapids, Inc.)/(Fifth Third Bank, Cincinnati LOC), 0.460%, 5/6/2011 7,175,000
Minnesota – 0.3%
2,600,000 Stillwater, MN, (Series 2002A) Weekly VRDNs (Curve Crest Villa)/(Bank of America N.A. LOC), 0.360%, 5/6/2011 2,600,000
Mississippi – 2.3%
830,000 Mississippi Home Corp., (Series 2006-1) Weekly VRDNs (Terrace Park Apartments)/(Wells Fargo Bank, N.A. LOC), 0.370%, 5/5/2011 830,000
6,075,000 Mississippi Home Corp., (Series 2006-5) Weekly VRDNs (Ashton Park Apartments)/(Wells Fargo Bank, N.A. LOC), 0.370%, 5/5/2011 6,075,000
3,840,000 Mississippi Home Corp., MFH Revenue Bonds (Series 2001-4) Weekly VRDNs (Highland Park Apartments)/(Wells Fargo Bank, N.A. LOC), 0.370%, 5/5/2011 3,840,000
100,000 Mississippi Home Corp., MFH Revenue Refunding Bonds (Series 1991D-1) Weekly VRDNs (Summer Park Apartments)/(Wells Fargo Bank, N.A. LOC), 0.640%, 5/5/2011 100,000
7,800,000 Mississippi Regional Housing Authority No. II, (Series 2000), 1.50% TOBs (Laurel Park Apartments)/(Federal Home Loan Bank of Dallas LOC), Mandatory Tender 12/1/2011 7,800,000
TOTAL 18,645,000
Missouri – 0.2%
2,000,000 St. Louis, MO IDA, (Series 1991) Weekly VRDNs (U.S. Durum Milling, Inc.)/(Bank of America N.A. LOC), 0.450%, 5/4/2011 2,000,000
Multi State – 8.5%
6,314,000 3,4 Clipper Tax-Exempt Certificates Trust (Multi-State AMT) Series 2009-13 Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.410%, 5/5/2011 6,314,000
5,748,000 3,4 Clipper Tax-Exempt Certificates Trust (Multi-State AMT) Series 2009-68 Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.410%, 5/5/2011 5,748,000
7,820,000 3,4 Clipper Tax-Exempt Certificates Trust (Multi-State AMT) Series 2009-78 Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.410%, 5/5/2011 7,820,000
9,000,000 3,4 Nuveen Dividend Advantage Municipal Fund 2, (Series 2) Weekly VRDPs (Deutsche Bank AG GTD), 0.430%, 5/5/2011 9,000,000
20,000,000 3,4 Nuveen Municipal Market Opportunity Fund, Inc., (Series 1) Weekly VRDPs (Deutsche Bank AG GTD), 0.460%, 5/5/2011 20,000,000
20,000,000 3,4 Nuveen Premium Income Municipal Fund 4, Inc., (Series 1) Weekly VRDPs (JPMorgan Chase Bank N.A. GTD), 0.480%, 5/5/2011 20,000,000
TOTAL 68,882,000
Nebraska – 0.4%
3,305,000 3,4 Nebraska Investment Finance Authority, PUTTERs (Series 1352) Weekly VRDNs (JPMorgan Chase & Co. LIQ), 0.360%, 5/5/2011 3,305,000
Nevada – 8.1%
20,000,000 Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008A-1) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.650%, 5/4/2011 20,000,000
10,000,000 Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008B-1) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 1.050%, 5/4/2011 10,000,000
30,000,000 Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008B-2) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Banco Bilbao Vizcaya Argentaria SA LIQ), 0.410%, 5/4/2011 30,000,000
3,100,000 Director of the State of Nevada Department of Business and Industry, (Series 2007) Weekly VRDNs (LVE Energy Partners LLC)/(Sumitomo Mitsui Banking Corp. LOC), 0.350%, 5/5/2011 3,100,000
3
Principal
Amount		 Value
$2,715,000 Director of the State of Nevada Department of Business and Industry, IDRB (Series 1998A) Weekly VRDNs (575 Mill Street LLC)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.700%, 5/5/2011 2,715,000
TOTAL 65,815,000
New Hampshire – 0.4%
3,500,000 New Hampshire Business Finance Authority, PCRBs (1990 Series A), 0.80% CP (New England Power Co.), Mandatory Tender 5/5/2011 3,500,000
New Jersey – 8.4%
1,475,000 Belmar, NJ, 2.00% BANs, 4/27/2012 1,482,183
5,648,469 Cranford Township, NJ, 1.50% BANs, 2/3/2012 5,676,164
7,699,500 East Greenwich Township, NJ, (Series 2011A), 1.75% BANs, 4/14/2012 7,753,979
3,484,715 Eatontown, NJ, 1.50% BANs, 10/20/2011 3,495,616
7,000,000 Glassboro Borough, NJ, (Series 2011B), 2.00% BANs, 4/26/2012 7,051,094
6,900,192 Hopatcong, NJ, 1.50% BANs, 9/16/2011 6,918,950
6,234,762 Lodi, NJ, 1.75% BANs, 1/13/2012 6,256,420
3,000,000 Montclair Township, NJ, 1.50% BANs, 12/15/2011 3,009,264
7,135,177 Oakland Borough, NJ, 1.50% BANs, 2/10/2012 7,171,043
7,898,517 Stone Harbor, NJ, 1.25% BANs, 11/10/2011 7,923,409
5,000,000 Wall Township, NJ, 1.50% BANs, 6/15/2011 5,003,415
4,000,000 Woodbridge Township, NJ, 1.50% BANs, 7/1/2011 4,003,445
2,000,000 Woodbridge Township, NJ, 2.00% BANs, 7/1/2011 2,003,308
TOTAL 67,748,290
New York – 6.7%
1,000,000 Cattaraugus County, NY IDA, (Series 1999A) Weekly VRDNs (Gernatt Asphalt Products, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.410%, 5/5/2011 1,000,000
970,000 Cayuga County, NY IDA, (Series 1998) Weekly VRDNs (NFR Northeast, Inc.)/(Citizens Bank of Pennsylvania LOC), 0.500%, 5/4/2011 970,000
1,565,000 Erie County, NY IDA, IDRB (Series 1994) Weekly VRDNs (Servotronics, Inc.)/(Bank of America N.A. LOC), 0.460%, 5/5/2011 1,565,000
3,155,000 Erwin, NY, 1.50% BANs, 9/15/2011 3,164,169
1,700,000 Madison County, NY IDA, (Series A) Weekly VRDNs (Owl Wire and Cable)/(Key Bank, N.A. LOC), 0.670%, 5/4/2011 1,700,000
6,000,000 Malone, NY Central School District, 1.20% BANs, 7/8/2011 6,001,274
905,000 Monroe County, NY IDA, (Series 2000) Weekly VRDNs (Eldre Corp.)/(JPMorgan Chase Bank, N.A. LOC), 0.770%, 5/5/2011 905,000
5,000,000 Nassau County, NY, (Series 2011B), 2.00% TANs, 9/15/2011 5,015,800
1,600,000 New York City, NY IDA, IDRB (Series 2003) Weekly VRDNs (Novelty Crystal Corp.)/(TD Bank, N.A. LOC), 0.410%, 5/5/2011 1,600,000
6,000,000 New York City, NY Transitional Finance Authority, (Fiscal 2001 Series C) Weekly VRDNs (Landesbank Baden-Wurttemberg (GTD) LIQ), 0.270%, 5/4/2011 6,000,000
3,500,000 New York City, NY, (Fiscal 2008 Subseries L-5) Daily VRDNs (Dexia Credit Local LIQ), 0.500%, 5/2/2011 3,500,000
1,325,000 Oswego, NY City School District, (Series 2010A), 1.25% BANs, 6/30/2011 1,326,299
10,000,000 Penn-Yan, NY Central School District, 1.50% BANs, 6/17/2011 10,009,581
3,800,000 Portville, NY Central School District, 1.50% BANs, 7/28/2011 3,807,329
3,665,000 Rockland County, NY IDA, (Series 2001) Weekly VRDNs (Gussack Realty Co./Tappan Wire and Cable, Inc.)/(RBS Citizens Bank N.A. LOC), 0.400%, 5/4/2011 3,665,000
3,974,024 Wappingers, NY Central School District, (Series 2010C), 1.50% BANs, 9/9/2011 3,983,922
TOTAL 54,213,374
Ohio – 3.5%
3,900,000 Ashtabula County, OH, 1.15% BANs, 5/26/2011 3,900,927
2,825,000 Brunswick, OH, 1.30% BANs, 11/16/2011 2,831,869
6,800,000 Geauga County, OH, Revenue Bonds (Series 2007B) Daily VRDNs (South Franklin Circle)/(Key Bank, N.A. LOC), 0.480%, 5/2/2011 6,800,000
2,000,000 Hunting Valley, OH, 1.00% BANs, 6/2/2011 2,000,522
9,510,000 Madison County, OH, (Series 2005) Weekly VRDNs (Madison County Hospital, Inc.)/(Key Bank, N.A. LOC), 0.510%, 5/5/2011 9,510,000
2,716,000 University Heights, OH, 1.25% BANs, 5/2/2012 2,729,417
TOTAL 27,772,735
4
Principal
Amount		 Value
Oklahoma – 0.4%
$2,000,000 Broken Arrow, OK EDA Weekly VRDNs (Blue Bell Creameries)/(JPMorgan Chase Bank, N.A. LOC), 0.370%, 5/5/2011 2,000,000
1,440,059 3,4 Clipper Tax-Exempt Certificates Trust (Oklahoma AMT) Series 2009-5 Weekly VRDNs (Oklahoma HFA)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.380%, 5/5/2011 1,440,059
TOTAL 3,440,059
Pennsylvania – 1.8%
6,000,000 Pennsylvania State Higher Education Facilities Authority, (Series 2007B) Weekly VRDNs (La Salle University)/(Citizens Bank of Pennsylvania LOC), 0.300%, 5/4/2011 6,000,000
8,165,000 Philadelphia, PA Authority for Industrial Development, (Series 2007A) Daily VRDNs (Fox Chase Cancer Center)/(Citizens Bank of Pennsylvania LOC), 0.500%, 5/2/2011 8,165,000
TOTAL 14,165,000
Rhode Island – 1.6%
4,460,000 Rhode Island State Health and Educational Building Corp., (Series 2003) Weekly VRDNs (St. John Baptist De La Salle Institute)/(RBS Citizens Bank N.A. LOC), 0.490%, 5/4/2011 4,460,000
4,830,000 Rhode Island State Health and Educational Building Corp., (Series 2006) Weekly VRDNs (Child and Family Services of Newport County)/(RBS Citizens Bank N.A. LOC), 0.490%, 5/4/2011 4,830,000
3,995,000 Rhode Island State Health and Educational Building Corp., (Series 2007) Weekly VRDNs (CVS-Highlander Charter School, Inc.)/(RBS Citizens Bank N.A. LOC), 0.490%, 5/4/2011 3,995,000
TOTAL 13,285,000
South Carolina – 0.9%
7,000,000 South Carolina Jobs-EDA, IDB (Series 2008) Weekly VRDNs (South Carolina Electric and Gas)/(Branch Banking & Trust Co. LOC), 0.340%, 5/5/2011 7,000,000
South Dakota – 1.0%
8,410,000 South Dakota EDFA, (Series 1996) Weekly VRDNs (Hastings Filters, Inc. )/(JPMorgan Chase Bank, N.A. LOC), 0.390%, 5/5/2011 8,410,000
Tennessee – 5.2%
4,210,000 Coffee County, TN Industrial Board, (Series 2008) Weekly VRDNs (Fischer Land Development, LLC)/(Fifth Third Bank, Cincinnati LOC), 0.510%, 5/6/2011 4,210,000
3,500,000 Jackson, TN Health Educational & Housing Facilities Board Multifamily Revenue, (Series 1998) Weekly VRDNs (Park Ridge Apartments)/(Wells Fargo Bank, N.A. LOC), 0.370%, 5/5/2011 3,500,000
7,500,000 Marion County, TN IDA, (Series 2000) Weekly VRDNs (Valmont Industries, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.450%, 5/5/2011 7,500,000
7,195,000 Metropolitan Government Nashville & Davidson County, TN HEFA, (Series 2008) Weekly VRDNs (Mur-Ci Homes, Inc.)/(Fifth Third Bank, Cincinnati LOC), 0.460%, 5/6/2011 7,195,000
4,870,000 Metropolitan Government Nashville & Davidson County, TN HEFA, (Series 2009) Weekly VRDNs (Meharry Medical College)/(Fifth Third Bank, Cincinnati LOC), 0.460%, 5/6/2011 4,870,000
7,000,000 Sevier County, TN Public Building Authority, Local Government Public Improvement Bonds (Series VII-E-1) Weekly VRDNs (Oak Ridge, TN)/(KBC Bank N.V. LOC), 0.310%, 5/4/2011 7,000,000
7,500,000 Shelby County, TN Health Education & Housing Facilities Board, (Series 2007) Weekly VRDNs (St. Agnes Academy-St. Dominic School, Inc.)/(SunTrust Bank LOC), 0.650%, 5/4/2011 7,500,000
TOTAL 41,775,000
Texas – 4.3%
1,350,000 Crawford, TX Education Facilities Corp., (Series 2004A) Weekly VRDNs (Central Houston Parking LLC)/(BNP Paribas SA LOC), 0.470%, 5/5/2011 1,350,000
3,000,000 Dallam County, TX Industrial Development Corp., (Series 2006) Weekly VRDNs (Dalhart Jersey Ranch, Inc.)/(CoBank, ACB LOC), 0.410%, 5/5/2011 3,000,000
19,000,000 Gulf Coast, TX Waste Disposal Authority, (Series 2005) Weekly VRDNs (Air Products & Chemicals, Inc.), 0.300%, 5/4/2011 19,000,000
7,470,000 Harris County, TX Housing Finance Corp., Park at Kirkstall Apartments (Series 2002) Weekly VRDNs (Harris Park Partners LP)/(Wells Fargo Bank, N.A. LOC), 0.370%, 5/5/2011 7,470,000
3,000,000 Port Arthur Navigation District, TX IDC, (Series 2001) Weekly VRDNs (Air Products & Chemicals, Inc.), 0.330%, 5/4/2011 3,000,000
1,000,000 Waxahachie, TX IDA, (Series 1998) Weekly VRDNs (Rock-Tenn Converting Co.)/(SunTrust Bank LOC), 0.690%, 5/4/2011 1,000,000
TOTAL 34,820,000
Utah – 1.2%
10,035,000 3,4 Utah State Transit Authority Sales Tax Revenue, DCL Floater Certificates (Series 2008-021) Daily VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.650%, 5/5/2011 10,035,000
Virginia – 0.8%
3,475,000 Fairfax County, VA EDA, (Series 2001) Weekly VRDNs (The Langley School)/(SunTrust Bank LOC), 0.650%, 5/4/2011 3,475,000
5
Principal
Amount		 Value
$3,000,000 Halifax, VA IDA, MMMs, PCR (Series 1992), 1.35% CP (Virginia Electric & Power Co.), Mandatory Tender 5/13/2011 3,000,000
TOTAL 6,475,000
Washington – 0.7%
5,700,000 Washington State Housing Finance Commission: MFH, (Series 2005A: Park Vista) Weekly VRDNs (MWSH Port Orchard LLC)/(Federal Home Loan Bank of San Francisco LOC), 0.310%, 5/5/2011 5,700,000
West Virginia – 0.5%
4,000,000 West Virginia EDA, (Series 2005) Weekly VRDNs (Collins Hardwood Company, LLC)/(Bank of America N.A. LOC), 0.460%, 5/5/2011 4,000,000
Wisconsin – 1.8%
7,710,000 Janesville, WI, (Series 1992) Weekly VRDNs (Seneca Foods Corp.)/(Royal Bank of Scotland NV LOC), 1.260%, 5/5/2011 7,710,000
7,145,000 Wisconsin Housing & EDA, Home Ownership Revenue Bonds (Series 2005C) Weekly VRDNs (Lloyds TSB Bank PLC, London LIQ), 0.320%, 5/4/2011 7,145,000
TOTAL 14,855,000
TOTAL INVESTMENTS — 97.4%
(AT AMORTIZED COST)5 		788,149,548
OTHER ASSETS AND LIABILITIES - NET — 2.6%6 20,801,054
TOTAL NET ASSETS — 100% $808,950,602

Securities that are subject to the federal alternative minimum tax (AMT) represent 50.1% of the Fund's portfolio as calculated based upon total market value.

1 Current rate and next reset date shown on Variable Rate Demand Notes.
2 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical rating organizations (NRSROs) or unrated securities of comparable quality. An NRSRO's two highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+, SP-1 or SP-2 by Standard & Poor's, MIG-1, or MIG-2 by Moody's Investors Service, or F-1+, F-1 or F-2 by Fitch Ratings, are all considered rated in one of the two highest short-term rating categories. Securities rated in the highest short-term rating category (and unrated securities of comparable quality) are identified as First Tier securities. Securities rated in the second highest short-term rating category (and unrated securities of comparable quality) are identified as Second Tier securities. The Fund follows applicable regulations in determining whether a security is rated and whether a security rated by multiple NRSROs in different rating categories should be identified as a First or Second Tier security. At April 30, 2011 the portfolio securities were rated as follows: Tier Rating Percentages Based on Total Market Value
First Tier Second Tier
97.0% 3.0%

3 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 April 30, 2011, these restricted securities amounted to $140,522,059, which represented 17.4% of total net assets.
4 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 (the “Trustees”). At April 30, 2011, these liquid restricted securities amounted to $140,522,059, which represented 17.4% of total net assets.
5 Also represents cost for federal tax purposes.
6 Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2011.

Investment Valuation

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

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

Level 1 — quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable. Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Also includes securities valued at amortized cost. Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

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

6

As of April 30, 2011, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

AMT  — Alternative Minimum Tax
BANs  — Bond Anticipation Notes
CALPERS  — California Public Employees Retirement System
CALSTRS  — California State Teachers' Retirement System
COL  — Collateralized
CP  — Commercial Paper
EDA  — Economic Development Authority
EDFA  — Economic Development Finance Authority
EDRB  — Economic Development Revenue Bond
FHLMC  — Federal Home Loan Mortgage Corporation
GNMA  — Government National Mortgage Association
GO  — General Obligation
GTD  — Guaranteed
HEFA  — Health and Education Facilities Authority
HFA  — Housing Finance Authority
IDA  — Industrial Development Authority
IDB  — Industrial Development Bond
IDC  — Industrial Development Corporation
IDRB  — Industrial Development Revenue Bond
INS  — Insured
LIQ  — Liquidity Agreement
LOC  — Letter of Credit
MFH  — Multi-Family Housing
MMMs  — Money Market Municipals
P-Floats  — Puttable Floating Option Tax Exempt Receipts
PCA  — Pollution Control Authority
PCFA  — Pollution Control Finance Authority
PCR  — Pollution Control Revenue
PCRBs  — Pollution Control Revenue Bonds
PUTTERs  — Puttable Tax-Exempt Receipts
ROCs  — Reset Option Certificates
TANs  — Tax Anticipation Notes
TOBs  — Tender Option Bonds
VRDNs  — Variable Rate Demand Notes
VRDPs  — Variable Rate Demand Preferreds

7


Federated Government Obligations Fund

Portfolio of Investments

April 30, 2011 (unaudited)

Principal
Amount		 Value
GOVERNMENT AGENCIES – 48.9%
$200,000,000 1 Federal Farm Credit System Discount Notes, 0.030%, 5/5/2011 - 5/11/2011 199,998,938
270,500,000 2 Federal Farm Credit System Floating Rate Notes, 0.193% - 0.206%, 5/20/2011 - 5/21/2011 270,473,282
49,000,000 Federal Farm Credit System Notes, 0.950%, 2/10/2012 49,274,951
1,770,269,000 1 Federal Home Loan Bank System Discount Notes, 0.030% - 0.050%, 5/10/2011 - 6/29/2011 1,770,234,966
3,390,900,000 2 Federal Home Loan Bank System Floating Rate Notes, 0.113% - 0.211%, 5/3/2011 - 7/30/2011 3,390,345,038
2,770,615,000 Federal Home Loan Bank System Notes, 0.180% - 3.125%, 6/1/2011 - 4/27/2012 2,771,351,433
703,906,000 1 Federal Home Loan Mortgage Corp. Discount Notes, 0.030% - 0.210%, 5/9/2011 - 9/6/2011 703,762,778
1,499,500,000 2 Federal Home Loan Mortgage Corp. Floating Rate Notes, 0.161% - 0.250%, 5/2/2011 - 6/3/2011 1,498,799,676
126,932,000 Federal Home Loan Mortgage Corp. Notes, 3.500% - 5.750%, 5/5/2011 - 3/5/2012 129,613,426
1,017,900,000 1 Federal National Mortgage Association Discount Notes, 0.040% - 0.210%, 5/16/2011 - 9/14/2011 1,017,734,375
1,524,500,000 2 Federal National Mortgage Association Floating Rate Notes, 0.113% - 0.174%, 5/11/2011 - 5/27/2011 1,524,283,308
163,275,000 Federal National Mortgage Association Notes, 0.875% - 6.000%, 5/15/2011 - 3/30/2012 164,339,900
434,044,000 2 Housing and Urban Development Floating Rate Notes, 0.505%, 5/2/2011 434,044,000
TOTAL GOVERNMENT AGENCIES 13,924,256,071
U.S. Treasury – 7.1%
595,000,000 1 United States Treasury Bills, 0.025%, 5/12/2011 594,995,531
13,000,000 United States Treasury Notes, 0.875%, 5/31/2011 13,008,831
271,000,000 United States Treasury Notes, 1.000% - 4.625%, 12/31/2011 274,347,989
902,000,000 United States Treasury Notes, 1.000% - 4.875%, 7/31/2011 907,428,755
84,500,000 United States Treasury Notes, 1.750%, 11/15/2011 85,182,969
100,000,000 United States Treasury Notes, 4.625%, 2/29/2012 103,671,369
41,500,000 United States Treasury Notes, 5.125%, 6/30/2011 41,836,009
TOTAL U.S. TREASURY 2,020,471,453
Repurchase Agreements – 44.2%
809,394,000 Interest in $5,935,000,000 joint repurchase agreement 0.05%, dated 4/29/2011 under which Bank of America, N.A. will repurchase securities provided as collateral for $5,935,024,729 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/15/2040 and the market value of those underlying securities was $6,055,753,170. 809,394,000
400,502,000 Interest in $750,000,000 joint repurchase agreement 0.05%, dated 4/29/2011 under which Bank of Montreal will repurchase securities provided as collateral for $750,003,125 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 2/1/2041 and the market value of those underlying securities was $765,095,597. 400,502,000
1,080,000,000 3 Interest in $1,650,000,000 joint repurchase agreement 0.19%, dated 2/8/2011 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $1,650,783,750 on 5/9/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities and a U.S. Treasury security with various maturities to 4/25/2048 and the market value of those underlying securities was $1,697,296,891. 1,080,000,000
1,000,000,000 Repurchase agreement 0.05%, dated 4/29/2011 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $1,000,004,167 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 12/25/2045 and the market value of those underlying securities was $1,020,256,322. 1,000,000,000
454,515,000 3 Interest in $797,000,000 joint repurchase agreement 0.19%, dated 2/14/2011 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $797,382,781 on 5/16/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 10/25/2045 and the market value of those underlying securities was $818,473,116. 454,515,000
645,937,000 3 Interest in $1,000,000,000 joint repurchase agreement 0.19%, dated 2/15/2011 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $1,000,475,000 on 5/16/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 8/1/2047 and the market value of those underlying securities was $1,020,893,555. 645,937,000
598,000,000 3 Interest in $940,000,000 joint repurchase agreement 0.10%, dated 4/28/2011 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $940,156,667 on 6/28/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/1/2041 and the market value of those underlying securities was $958,807,991. 598,000,000
1
Principal
Amount		 Value
$182,528,000 Interest in $1,766,000,000 joint repurchase agreement 0.03%, dated 4/29/2011 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $1,766,004,415 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 8/15/2039 and the market value of those underlying securities was $1,801,324,600. 182,528,000
150,000,000 Interest in $2,591,000,000 joint repurchase agreement 0.05%, dated 4/29/2011 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $2,591,010,796 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/1/2041 and the market value of those underlying securities was $2,644,696,812. 150,000,000
629,882,000 3 Interest in $1,000,000,000 joint repurchase agreement 0.09%, dated 4/13/2011 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $1,000,072,500 on 5/12/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 10/1/2049 and the market value of those underlying securities was $1,020,198,623. 629,882,000
952,000,000 3 Interest in $1,500,000,000 joint repurchase agreement 0.13%, dated 4/27/2011 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $1,500,330,417 on 6/27/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 8/1/2049 and the market value of those underlying securities was $1,538,654,425. 952,000,000
800,000,000 Interest in $900,000,000 joint repurchase agreement 0.05%, dated 4/29/2011 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $900,003,750 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 3/25/2041 and the market value of those underlying securities was $919,501,174. 800,000,000
1,000,000,000 Interest in $2,000,000,000 joint repurchase agreement 0.10%, dated 4/26/2011 under which Goldman Sachs & Co. will repurchase securities provided as collateral for $2,000,038,889 on 5/3/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 1/25/2051 and the market value of those underlying securities was $2,060,034,334. 1,000,000,000
250,000,000 Repurchase agreement 0.06%, dated 4/29/2011 under which HSBC Securities, Inc. will repurchase securities provided as collateral for $250,001,250 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 3/1/2048 and the market value of those underlying securities was $256,416,830. 250,000,000
500,000,000 3 Repurchase agreement 0.19%, dated 3/14/2011 under which ING Financial Markets LLC will repurchase securities provided as collateral for $500,229,583 on 6/10/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 7/25/2048 and the market value of those underlying securities was $515,122,346. 500,000,000
250,000,000 Repurchase agreement 0.05%, dated 4/29/2011 under which ING Financial Markets LLC will repurchase securities provided as collateral for $250,001,042 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 10/1/2040 and the market value of those underlying securities was $255,002,418. 250,000,000
500,000,000 Interest in $1,000,000,000 joint repurchase agreement 0.06%, dated 4/29/2011 under which J.P. Morgan Securities Inc. will repurchase securities provided as collateral for $1,000,005,000 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 8/15/2051 and the market value of those underlying securities was $1,023,335,267. 500,000,000
318,828,000 Interest in $633,828,000 joint repurchase agreement 0.05%, dated 4/29/2011 under which Merrill Lynch, Pierce, Fenner & Smith, Inc. will repurchase securities provided as collateral for $633,830,641 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 7/16/2047 and the market value of those underlying securities was $651,110,247. 318,828,000
500,000,000 Interest in $1,000,000,000 joint repurchase agreement 0.06%, dated 4/29/2011 under which Natixis Financial Products, Inc. will repurchase securities provided as collateral for $1,000,005,000 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/25/2041 and the market value of those underlying securities was $1,022,257,881. 500,000,000
200,000,000 3 Repurchase agreement 0.14%, dated 4/6/2011 under which RBC Capital Markets, LLC will repurchase securities provided as collateral for $200,023,333 on 5/6/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/25/2041 and the market value of those underlying securities was $205,381,768. 200,000,000
654,000,000 3 Interest in $1,000,000,000 joint repurchase agreement 0.14%, dated 4/13/2011 under which RBS Securities, Inc. will repurchase securities provided as collateral for $1,000,350,000 on 7/12/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 8/16/2050 and the market value of those underlying securities was $1,030,064,248. 654,000,000
700,000,000 Interest in $1,400,000,000 joint repurchase agreement 0.05%, dated 4/29/2011 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $1,400,005,833 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency and U.S. Treasury securities with various maturities to 4/1/2041 and the market value of those underlying securities was $1,429,885,375. 700,000,000
TOTAL REPURCHASE AGREEMENTS 12,575,586,000
TOTAL INVESTMENTS — 100.2%
(AT AMORTIZED COST)4 		28,520,313,524
OTHER ASSETS AND LIABILITIES - NET —  (0.2)%5 (43,708,893)
TOTAL NET ASSETS — 100% $28,476,604,631

1 Discount rate at time of purchase.
2 Floating rate notes with current rate and next reset date shown.

2
3 Although the repurchase date is more than seven days after the date of purchase, the Fund has the right to terminate the repurchase agreement at any time with seven-days' notice.
4 Also represents cost for federal tax purposes.
5 Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2011.

Investment Valuation

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

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

Level 1 — quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable. Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost. Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

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

As of April 30, 2011, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

3


Federated Government Obligations Tax-Managed Fund

Portfolio of Investments

April 30, 2011 (unaudited)

Principal
Amount		 Value
GOVERNMENT AGENCIES – 75.5%
$819,998,000 1 Federal Farm Credit System Discount Notes, 0.030% - 0.290%, 5/6/2011 - 10/17/2011 $819,784,367
1,051,000,000 2 Federal Farm Credit System Floating Rate Notes, 0.153% - 0.333%, 5/3/2011 - 6/20/2011 1,050,944,902
1,284,022,000 1 Federal Home Loan Bank System Discount Notes, 0.035% - 0.180%, 5/4/2011 - 9/14/2011 1,283,830,078
809,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 0.113% - 0.270%, 5/2/2011 - 5/25/2011 808,871,495
641,050,000 Federal Home Loan Bank System Notes, 0.200% - 5.375%, 5/6/2011 - 10/14/2011 641,276,593
TOTAL GOVERNMENT AGENCIES 4,604,707,435
U.S. TREASURY – 20.9%
1,000,000 1 United States Treasury Bill, 0.025%, 5/12/2011 999,992
146,000,000 1 United States Treasury Bill, 0.165%, 9/15/2011 145,908,324
100,000,000 United States Treasury Note, 0.875%, 5/31/2011 100,057,188
296,000,000 United States Treasury Note, 4.875%, 7/31/2011 299,532,088
726,000,000 United States Treasury Notes, 1.125% - 5.125%, 6/30/2011 727,780,176
TOTAL U.S. TREASURY 1,274,277,768
TOTAL INVESTMENTS — 96.4%
(AT AMORTIZED COST)3 		5,878,985,203
OTHER ASSETS AND LIABILITIES - NET — 3.6%4 216,691,366
TOTAL NET ASSETS — 100% $6,095,676,569
1 Discount rate at the time of purchase.
2 Floating rate note with current rate and next reset date shown.
3 Also represents cost for federal tax purposes.
4 Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2011.

Investment Valuation

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

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

Level 1 — quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable. Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost. Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

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

As of April 30, 2011, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

1


Federated Liberty U.S. Government Money Market Trust

Portfolio of Investments

April 30, 2011 (unaudited)

Principal
Amount		 Value
GOVERNMENT AGENCIES – 48.4%
$1,500,000 1 Federal Farm Credit System Floating Rate Notes, 0.193% — 0.206%, 5/20/2011 — 5/21/2011 1,499,839
13,000,000 2 Federal Home Loan Bank System Discount Notes, 0.030% — 0.050%, 5/11/2011 — 5/31/2011 12,999,741
22,850,000 1 Federal Home Loan Bank System Floating Rate Notes, 0.113% — 0.211%, 4/30/2011 — 7/15/2011 22,845,795
14,450,000 Federal Home Loan Bank System Notes, 0.180% — 3.125%, 6/1/2011 — 4/27/2012 14,451,755
2,000,000 2 Federal Home Loan Mortgage Corp. Discount Notes, 0.170% — 0.210%, 8/10/2011 — 9/12/2011 1,998,767
9,990,000 1 Federal Home Loan Mortgage Corp. Floating Rate Notes, 0.161% — 0.250%, 5/2/2011 — 6/3/2011 9,985,549
1,250,000 Federal Home Loan Mortgage Corp. Notes, 3.500% — 4.750%, 5/5/2011 — 3/5/2012 1,288,177
7,000,000 2 Federal National Mortgage Association Discount Notes, 0.070% — 0.210%, 5/16/2011 — 9/7/2011 6,998,862
6,500,000 1 Federal National Mortgage Association Floating Rate Notes, 0.113% — 0.174%, 5/11/2011 — 5/27/2011 6,499,108
1,000,000 Federal National Mortgage Association Notes, 0.875% — 1.080%, 1/12/2012 — 3/30/2012 1,006,785
6,500,000 2,3,4 Straight A Funding, LLC (Unconditional Liquidity Support from Federal Financing Bank) Discount Notes, 0.250%, 5/3/2011 — 5/4/2011 6,499,875
TOTAL GOVERNMENT AGENCIES 86,074,253
U.S. Treasury – 7.6%
4,000,000 2 United States Treasury Bills, 0.025%, 5/12/2011 3,999,970
1,500,000 United States Treasury Notes, 1.000% — 4.625%, 12/31/2011 1,519,462
6,000,000 United States Treasury Notes, 1.000% — 4.875%, 7/31/2011 6,040,434
500,000 United States Treasury Notes, 1.750%, 11/15/2011 504,041
1,500,000 United States Treasury Notes, 5.125%, 6/30/2011 1,512,145
TOTAL U.S. TREASURY 13,576,052
Repurchase Agreements – 44.2%
5,690,000 Interest in $5,935,000,000 joint repurchase agreement 0.05%, dated 4/29/2011 under which Bank of America, N.A. will repurchase securities provided as collateral for $5,935,024,729 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/15/2040 and the market value of those underlying securities was $6,055,753,170. 5,690,000
5,000,000 5 Interest in $1,650,000,000 joint repurchase agreement 0.19%, dated 2/8/2011 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $1,650,783,750 on 5/9/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities and a U.S. Treasury security with various maturities to 4/25/2048 and the market value of those underlying securities was $1,697,296,891. 5,000,000
3,981,000 5 Interest in $1,000,000,000 joint repurchase agreement 0.19%, dated 2/15/2011 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $1,000,475,000 on 5/16/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 8/1/2047 and the market value of those underlying securities was $1,020,893,555. 3.981,000
3,840,000 5 Interest in $797,000,000 joint repurchase agreement 0.19%, dated 2/14/2011 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $797,382,781 on 5/16/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 10/25/2045 and the market value of those underlying securities was $818,473,116. 3,840,000
4,000,000 5 Interest in $940,000,000 joint repurchase agreement 0.10%, dated 4/28/2011 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $940,150,667 on 6/28/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/1/2041 and the market value of those underlying securities was $958,807,991. 4,000,000
6,000,000 5 Interest in $1,500,000,000 joint repurchase agreement 0.13%, dated 4/27/2011 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $1,500,330,417 on 6/27/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 8/1/2049 and the market value of those underlying securities was $1,538,654,425. 6,000,000
20,000,000 Interest in $2,000,000,000 joint repurchase agreement 0.10%, dated 4/26/2011 under which Goldman Sachs & Co. will repurchase securities provided as collateral for $2,000,038,889 on 5/3/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 1/25/2051 and the market value of those underlying securities was $2,060,034,334. 20,000,000
25,000,000 Interest in $ 600,000,000 joint repurchase agreement 0.03%, dated 4/29/2011 under which Mizuho Securities USA, Inc. will repurchase securities provided as collateral for $600,001,500 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 11/15/2040 and the market value of those underlying securities was $612,001,628. 25,000,000
1
Principal
Amount		 Value
$5,000,000 5 Interest in $1,000,000,000 joint repurchase agreement 0.14%, dated 4/13/2011 under which RBS Securities, Inc. will repurchase securities provided as collateral for $1,000,350,000 on 7/12/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 8/16/2050 and the market value of those underlying securities was $1,030,064,248. 5,000,000
TOTAL REPURCHASE AGREEMENTS 78,511,000
TOTAL INVESTMENTS — 100.2%
(AT AMORTIZED COST)6 		178,161,305
OTHER ASSETS AND LIABILITIES - NET — (0.2)%7 (360,983)
TOTAL NET ASSETS — 100% $177,800,322
1 Floating rate notes with current rate and next reset date shown.
2 Discount rate at time of purchase.
3 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 April 30, 2011, these restricted securities amounted to $6,499,875, which represented 3.7% of total net assets.
4 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 (the “Trustees”). At April 30, 2011, these liquid restricted securities amounted to $6,499,875, which represented 3.7% of total net assets.
5 Although the repurchase date is more than seven days after the date of purchase, the Fund has the right to terminate the repurchase agreement at any time with seven-days' notice.
6 Also represents cost for federal tax purposes.
7 Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2011.

Investment Valuation

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

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

Level 1 — quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable. Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost. Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

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

As of April 30, 2011, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

2


Federated Money Market Management

Portfolio of Investments

April 30, 2011 (unaudited)

Principal
Amount		 Value
Asset-Backed Securities – 1.2%
Finance - Automotive – 1.2%
$302,654 AmeriCredit Automobile Receivables Trust 2011-1, Class A1, 0.322%, 2/8/2012 302,654
Certificates of Deposit – 36.7%
Finance - Banking – 36.7%
750,000 BNP Paribas SA, 0.450%, 8/9/2011 750,000
500,000 1 Bank of Montreal, 0.363%, 5/27/2011 500,000
1,300,000 Bank of Tokyo-Mitsubishi UFJ Ltd., 0.280% — 0.300%, 6/2/2011 — 6/10/2011 1,300,000
800,000 Barclays Bank PLC, 0.390% — 0.790%, 11/1/2011 — 1/27/2012 800,000
1,300,000 Credit Agricole Corporate and Investment Bank, 0.370% — 0.400%, 5/18/2011 — 7/15/2011 1,300,000
500,000 Credit Suisse, Zurich, 0.330%, 5/26/2011 500,000
1,300,000 Mizuho Corporate Bank Ltd., 0.280% — 0.300%, 6/1/2011 — 7/8/2011 1,300,000
1,000,000 1 National Australia Bank Ltd., Melbourne, 0.291%, 5/10/2011 1,000,000
300,000 1 Rabobank Nederland NV, Utrecht, 0.320%, 5/6/2011 300,000
500,000 Rabobank Nederland NV, Utrecht, 0.500%, 9/14/2011 500,000
350,000 Societe Generale, Paris, 0.520%, 9/16/2011 350,000
1,000,000 Svenska Handelsbanken, Stockholm, 0.280%, 5/25/2011 1,000,000
TOTAL CERTIFICATES OF DEPOSIT 9,600,000
Collateralized Loan Agreements – 14.1%
Finance - Banking – 14.1%
500,000 BNP Paribas Securities Corp., 0.375%, 5/2/2011 500,000
500,000 Barclays Capital, Inc., 0.436%, 5/13/2011 500,000
200,000 Citigroup Global Markets, Inc., 0.608%, 5/2/2011 200,000
800,000 Credit Suisse First Boston LLC, 0.380%, 7/20/2011 800,000
900,000 Deutsche Bank Securities, Inc., 0.406% — 0.507%, 5/2/2011 — 5/23/2011 900,000
800,000 1 RBS Securities, Inc., 0.500%, 5/2/2011 800,000
TOTAL COLLATERALIZED LOAN AGREEMENTS 3,700,000
Commercial Paper – 19.1%2
Aerospace/Auto – 3.8%
1,000,000 Toyota Motor Credit Corp., (Toyota Motor Corp. SA), 0.270%, 6/28/2011 999,565
Finance - Banking – 11.5%
1,000,000 3,4 Commonwealth Bank of Australia, 0.230%, 7/6/2011 999,578
1,000,000 3,4 Danske Corp., Inc., 0.200%, 5/19/2011 999,900
1,000,000 ING (U.S.) Funding LLC, 0.325%, 6/1/2011 999,720
TOTAL 2,999,198
Finance - Commercial – 3.8%
1,000,000 1,3,4 Fairway Finance Co. LLC, 0.256%, 5/16/2011 1,000,000
TOTAL COMMERCIAL PAPER 4,998,763
Corporate Bonds – 0.4%
Finance - Commercial – 0.4%
100,000 General Electric Capital Corp., 4.375%, 11/21/2011 102,101
Loan Participation – 3.8%
Food & Beverage – 3.8%
1,000,000 Archer-Daniels-Midland Co., 0.250%, 5/25/2011 1,000,000
Notes - Variable – 16.2%1
Finance - Banking – 15.1%
500,000 3,4 Australia & New Zealand Banking Group, Melbourne, 0.326%, 5/9/2011 500,000
1,000,000 New Mexico State Finance Authority, (Series 2008-D), (Royal Bank of Canada, Montreal LOC), 0.210%, 5/5/2011 1,000,000
1
Principal
Amount		 Value
$1,000,000 Salvation Army, (Series 2004-A), (Bank of New York Mellon LOC), 0.410%, 5/5/2011 1,000,000
700,000 Westpac Banking Corp. Ltd., Sydney, 0.323%, 5/4/2011 700,000
750,000 3,4 Westpac Banking Corp. Ltd., Sydney, 0.301%, 5/16/2011 750,000
TOTAL 3,950,000
Finance - Commercial – 1.1%
275,000 General Electric Capital Corp., 0.659%, 6/28/2011 275,171
TOTAL NOTES — VARIABLE 4,225,171
Repurchase Agreement – 8.5%
2,229,000 Interest in $5,935,000,000 joint repurchase agreement 0.05%, dated 4/29/2011 under which Bank of America, N.A. will repurchase securities provided as collateral for $5,935,024,729 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/15/2040 and the market value of those underlying securities was $6,055,753,170. 2,229,000
TOTAL INVESTMENTS — 100.0%
(AT AMORTIZED COST)5 		26,157,689
OTHER ASSETS AND LIABILITIES - NET — 0.0%6 12,624
TOTAL NET ASSETS — 100% $26,170,313
1 Denotes a variable rate security with current rate and next reset date shown.
2 Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
3 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 April 30, 2011, these restricted securities amounted to $4,249,478, which represented 16.2% of total net assets.
4 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 (the “Trustees”). At April 30, 2011, these liquid restricted securities amounted to $4,249,478, which represented 16.2% of total net assets.
5 Also represents cost for federal tax purposes.
6 Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2011.

Investment Valuation

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

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

Level 1 — quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable. Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost. Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

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

As of April 30, 2011, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronym is used throughout this portfolio:

LOC — Letter of Credit

2


Federated Municipal Obligations Fund

Portfolio of Investments

April 30, 2011 (unaudited)

Principal
Amount		 Value
SHORT-TERM MUNICIPALS – 100.1%1,2
Alabama – 4.1%
$2,325,000 Alabama HFA MFH, (Series 2001D) Weekly VRDNs (Cottage Hill Pointe Apts., Ltd.)/(Wells Fargo Bank, N.A. LOC), 0.370%, 5/5/2011 2,325,000
7,840,000 Alabama HFA MFH, (Series 2003A) Weekly VRDNs (Lakeshore Crossing Apartments Ltd.)/(Wells Fargo Bank, N.A. LOC), 0.370%, 5/5/2011 7,840,000
43,000,000 Birmingham, AL Medical Clinic Board, (Series 1991) Weekly VRDNs (University of Alabama Health System)/(SunTrust Bank LOC), 0.650%, 5/4/2011 43,000,000
10,000,000 Bridgeport, AL IDB, (Series 1987) Weekly VRDNs (Beaulieu Nylon, Inc.)/(Bank of America N.A. LOC), 0.360%, 5/5/2011 10,000,000
50,000,000 Columbia, AL IDB PCRB, (Series 1997) Daily VRDNs (Alabama Power Co.), 0.320%, 5/2/2011 50,000,000
15,000,000 Columbia, AL IDB PCRB, (Series 1997) Weekly VRDNs (Alabama Power Co.), 0.330%, 5/5/2011 15,000,000
4,100,000 Decatur, AL IDB, (Series 2003-A) Weekly VRDNs (Nucor Steel Decatur LLC)/(GTD by Nucor Corp.), 0.320%, 5/4/2011 4,100,000
3,725,000 East Central, AL Solid Waste Disposal Authority, (Series 2003: Three Corners) Weekly VRDNs (Waste Management, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.350%, 5/5/2011 3,725,000
16,545,000 Millport, AL IDA, (Series 2007) Weekly VRDNs (Steel Dust Recycling, LLC)/(Comerica Bank LOC), 0.320%, 5/5/2011 16,545,000
7,000,000 Millport, AL IDA, (Series 2011) Weekly VRDNs (Steel Dust Recycling, LLC)/(Citibank NA, New York LOC), 0.320%, 5/5/2011 7,000,000
1,850,000 Montgomery, AL IDB, (Series 2001) Weekly VRDNs (Hager Hinge)/(U.S. Bank, N.A. LOC), 0.330%, 5/4/2011 1,850,000
6,000,000 Montgomery, AL IDB, IDRBs (Series 1996) Weekly VRDNs (CSC Fabrication, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.370%, 5/5/2011 6,000,000
4,350,000 North Sumter, AL Solid Waste Disposal Authority, (Series 2003: Emelle) Weekly VRDNs (Waste Management, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.350%, 5/5/2011 4,350,000
9,200,000 Tuscaloosa County, AL IDA, (1995 Series A) Weekly VRDNs (Nucor Steel Tuscaloosa, Inc.)/(GTD by Nucor Corp.), 0.320%, 5/4/2011 9,200,000
27,000,000 Tuscaloosa County, AL Port Authority, (Series 2006: Midtown Village) Weekly VRDNs (Carlyle-Cypress Tuscaloosa I LLC)/(Compass Bank, Birmingham LOC), 0.910%, 5/5/2011 27,000,000
TOTAL 207,935,000
Arizona – 0.3%
4,275,000 Maricopa County, AZ, IDA MFH, (Series 2000A) Weekly VRDNs (Las Gardenias Apartments LP)/(FNMA LOC), 0.280%, 5/5/2011 4,275,000
3,400,000 Maricopa County, AZ, IDA MFH, Revenue Bonds (Series 2002) Weekly VRDNs (San Remo Apartments LP)/(FNMA LOC), 0.270%, 5/5/2011 3,400,000
1,160,000 Pima County, AZ IDA, (Series 2002B) Weekly VRDNs (Eastside Place Apartments)/(FNMA LOC), 0.320%, 5/5/2011 1,160,000
4,000,000 Show Low, AZ IDA, (Series 2006) Weekly VRDNs (Snowflake White Mountain Power LLC)/(JPMorgan Chase Bank, N.A. LOC), 0.380%, 5/5/2011 4,000,000
TOTAL 12,835,000
Arkansas – 0.4%
12,500,000 Arkansas State Development Finance Authority Solid Waste, (Series 2003) Weekly VRDNs (Waste Management, Inc.)/(Bank of America N.A. LOC), 0.320%, 5/5/2011 12,500,000
7,100,000 Siloam Springs, AR, IDRB (Series 1994) Weekly VRDNs (La-Z Boy Chair Co.)/(JPMorgan Chase Bank, N.A. LOC), 0.360%, 5/5/2011 7,100,000
TOTAL 19,600,000
California – 11.1%
10,680,000 ABAG Finance Authority for Non-Profit Corporations, CA, (Series 1998) Weekly VRDNs (The Harker School Foundation)/(U.S. Bank, N.A. LOC), 0.290%, 5/4/2011 10,680,000
11,770,000 ABAG Finance Authority for Non-Profit Corporations, CA, (Series 2007) Daily VRDNs (899 Charleston LLC)/(Bank of America N.A. LOC), 0.280%, 5/2/2011 11,770,000
3,750,000 Alameda County, CA IDA, (Series 2005: Essai, Inc. Project) Weekly VRDNs (Oz Enterprises, LLC)/(Union Bank, N.A. LOC), 0.350%, 5/5/2011 3,750,000
29,000,000 3,4 BlackRock MuniYield California Quality Fund, Inc., (1665 Series W-7), 0.510%, 5/5/2011 29,000,000
25,225,000 California Infrastructure & Economic Development Bank, (Series 2008D) Daily VRDNs (California Academy of Sciences)/(City National Bank LOC), 0.310%, 5/2/2011 25,225,000
1,500,000 California Municipal Finance Authority, (Series 2008) Weekly VRDNs (Gideon Hausner Jewish Day School)/(U.S. Bank, N.A. LOC), 0.330%, 5/5/2011 1,500,000
410,000 California PCFA, (Series 1997A) Weekly VRDNs (West Valley MRF LLC)/(Union Bank, N.A. LOC), 0.380%, 5/4/2011 410,000
2,605,000 California PCFA, (Series 2000A) Weekly VRDNs (Sunset Waste Paper, Inc.)/(Comerica Bank LOC), 0.380%, 5/4/2011 2,605,000
1,550,000 California PCFA, (Series 2001) Weekly VRDNs (Bos Farms)/(Bank of America N.A. LOC), 0.310%, 5/5/2011 1,550,000
1
Principal
Amount		 Value
$6,815,000 California PCFA, (Series 2001) Weekly VRDNs (Brawley Beef, LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.310%, 5/5/2011 6,815,000
5,000,000 California PCFA, (Series 2001A) Weekly VRDNs (Western Sky Dairy)/(Bank of America N.A. LOC), 0.310%, 5/5/2011 5,000,000
3,500,000 California PCFA, (Series 2002) Weekly VRDNs (Carlos Echeverria and Sons Dairy)/(CoBank, ACB LOC), 0.310%, 5/5/2011 3,500,000
2,940,000 California PCFA, (Series 2002) Weekly VRDNs (T & W Farms)/(Bank of America N.A. LOC), 0.310%, 5/5/2011 2,940,000
480,000 California PCFA, (Series 2002A) Weekly VRDNs (Sunset Waste Paper, Inc.)/(Comerica Bank LOC), 0.380%, 5/4/2011 480,000
8,000,000 California PCFA, (Series 2003) Weekly VRDNs (B & B Dairy, LLC)/(CoBank, ACB LOC), 0.310%, 5/5/2011 8,000,000
2,000,000 California PCFA, (Series 2003) Weekly VRDNs (C.A. and E.J. Vanderham Family Trust)/(Bank of America N.A. LOC), 0.310%, 5/5/2011 2,000,000
2,350,000 California PCFA, (Series 2003: JDS Ranch) Weekly VRDNs (John & Jacqueline Scheenstra Trust)/(Wells Fargo Bank, N.A. LOC), 0.310%, 5/5/2011 2,350,000
2,000,000 California PCFA, (Series 2004) Weekly VRDNs (A & M Farms)/(Wells Fargo Bank, N.A. LOC), 0.310%, 5/5/2011 2,000,000
2,120,000 California PCFA, (Series 2005A) Weekly VRDNs (Sunset Waste Paper, Inc.)/(Comerica Bank LOC), 0.380%, 5/4/2011 2,120,000
3,920,000 California PCFA, (Series 2006A) Weekly VRDNs (CR&R, Inc.)/(Bank of the West, San Francisco, CA LOC), 0.360%, 5/4/2011 3,920,000
2,845,000 California PCFA, (Series 2007A) Weekly VRDNs (Northern Recycling & Waste Services LLC)/(Union Bank, N.A. LOC), 0.380%, 5/4/2011 2,845,000
3,635,000 California PCFA, (Series 2009A) Weekly VRDNs (MarBorg Industries)/(Union Bank, N.A. LOC), 0.340%, 5/4/2011 3,635,000
7,400,000 3,4 California Pooled School Districts, SPEARs (Series DBE-332) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.270%, 5/5/2011 7,400,000
42,670,000 3,4 California State, DCL Floater Certificates (Series 2008-035) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.900%, 5/5/2011 42,670,000
11,305,000 California State, GO Tax Exempt Notes, 0.37% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/25/2011 11,305,000
12,000,000 California State, GO Tax Exempt Notes, 0.38% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/10/2011 12,000,000
50,000,000 California State, GO Tax Exempt Notes, 0.38% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/23/2011 50,000,000
5,600,000 California Statewide CDA MFH, (2010 Series B: Mountain View Apartments) Weekly VRDNs (Beaumont CA Leased Housing Associates I, LP)/(FHLMC LOC), 0.260%, 5/5/2011 5,600,000
10,410,000 California Statewide CDA MFH, (Series 2002V: Cienega Garden Apartments) Weekly VRDNs (Cienega Preservation LP)/(FHLB of San Francisco LOC), 0.320%, 5/5/2011 10,410,000
23,910,000 California Statewide CDA, (Series 2007) Weekly VRDNs (House Ear Institute)/(FHLB of San Francisco LOC), 0.280%, 5/5/2011 23,910,000
37,101,000 3,4 California Statewide CDA, P-FLOATs (Series MT-387) Weekly VRDNs (FHLMC LIQ)/(FHLMC LOC), 0.350%, 5/5/2011 37,101,000
4,240,000 California Statewide CDA IDRB, (Series 2006) Weekly VRDNs (Gateway Circle LLC)/(Citibank NA, New York LOC), 0.400%, 5/5/2011 4,240,000
8,000,000 California Statewide CDA IDRB, (Series B) Weekly VRDNs (American Biodiesel Fuels Corp.)/(Wells Fargo Bank, N.A. LOC), 0.380%, 5/4/2011 8,000,000
13,515,000 California Statewide CDA, (Series 2005) Weekly VRDNs (University of San Diego)/(Wells Fargo Bank, N.A. LOC), 0.260%, 5/4/2011 13,515,000
11,440,000 3,4 Clipper Tax-Exempt Certificates Trust (California Non-AMT)/(Series 2009-61) Weekly VRDNs (California State)/(State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.260%, 5/5/2011 11,440,000
1,705,000 Concord, CA MFH, (Series 2001A) Weekly VRDNs (Maplewood & Golden Glen Apartments)/(Citibank NA, New York LOC), 0.290%, 5/5/2011 1,705,000
3,500,000 Corcoran Joint Powers Finance Authority, CA, (Series 2008) Weekly VRDNs (Corcoran, CA Water System)/(Union Bank, N.A. LOC), 0.290%, 5/5/2011 3,500,000
5,060,000 Los Angeles, CA MFH Revenue Bonds, (Series 2003A) Weekly VRDNs (Asbury Apartments L.P.)/(Citibank NA, New York LOC), 0.320%, 5/2/2011 5,060,000
45,000,000 Los Angeles, CA USD, (Series A), 2.00% TRANs, 6/30/2011 45,097,690
11,000,000 3,4 Nuveen California Investment Quality Municipal Fund, Inc., (956 Series 1), Weekly VRDPs (GTD by Citibank NA, New York), 0.510%, 5/5/2011 11,000,000
15,000,000 3,4 Nuveen California Performance Plus Municipal Fund, Inc., (810 Series 1) Weekly VRDPs (GTD by Citibank NA, New York), 0.510%, 5/5/2011 15,000,000
60,695,000 3,4 Oakland, CA Redevelopment Agency, P-FLOATs (Series MT-176) Weekly VRDNs (Uptown Housing Partners LP)/(FHLMC LIQ)/(FHLMC LOC), 0.350%, 5/5/2011 60,695,000
3,270,000 Riverside County, CA Transportation Commission, (2009 Series C) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.270%, 5/5/2011 3,270,000
2
Principal
Amount		 Value
$2,000,000 San Francisco, CA City & County Airport Commission, (Second Series)/(Issue 36B) Weekly VRDNs (Union Bank, N.A. LOC), 0.260%, 5/4/2011 2,000,000
6,180,000 3,4 San Jose, CA MFH Revenue Bonds, P-FLOATs (Series MT-654) Weekly VRDNs (North White Road Associates)/(GTD by FHLMC)/(FHLMC LIQ), 0.350%, 5/5/2011 6,180,000
8,330,000 3,4 San Jose, CA USD, SPEARs (Series DB-324) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.250%, 5/5/2011 8,330,000
14,955,000 3,4 Santa Clara County, CA, Stage Trust (Series 2009-19C), 0.38% TOBs (Wells Fargo & Co. LIQ), Optional Tender 8/1/2011 14,955,000
22,580,000 3,4 School Facilities Financing Authority, CA, Stage Trust (Series 2008-33C), 0.38% TOBs (Grant, CA Joint Union High School District)/(Wells Fargo Bank, N.A. LIQ)/(Wells Fargo & Co. LOC), Optional Tender 7/28/2011 22,580,000
TOTAL 569,058,690
Colorado – 0.5%
1,020,000 Boulder, CO Housing Authority, Broadway East Apartments (Series 2007) Weekly VRDNs (Broadway East Community LLLP)/(U.S. Bank, N.A. LOC), 0.360%, 5/5/2011 1,020,000
3,765,000 Colorado HFA, (Series 2007A) Weekly VRDNs (Ready Foods, Inc.)/(U.S. Bank, N.A. LOC), 0.310%, 5/5/2011 3,765,000
315,000 Colorado Springs, CO Utility System, (Series 1998) Weekly VRDNs (Catalono Family LLP)/(JPMorgan Chase Bank, N.A. LOC), 0.870%, 5/5/2011 315,000
5,000,000 Denver, CO City & County Airport Authority, (Series E), 5.00% Bonds, 11/15/2011 5,116,370
15,000,000 Denver, CO City & County Airport Authority, (Subseries 2008C1) Weekly VRDNs (KBC Bank N.V. LOC), 0.310%, 5/4/2011 15,000,000
TOTAL 25,216,370
Connecticut – 1.1%
1,400,000 Connecticut Development Authority, (Series 1993) Weekly VRDNs (Rand-Whitney Containerboard LP)/(Bank of Montreal LOC), 0.280%, 5/4/2011 1,400,000
1,000,000 Connecticut State HEFA, (Series A) Weekly VRDNs (Williams School)/(RBS Citizens Bank N.A. LOC), 0.360%, 5/5/2011 1,000,000
2,300,000 Connecticut State HEFA, (Series E) Weekly VRDNs (Taft School)/(Wells Fargo Bank, N.A. LOC), 0.300%, 5/4/2011 2,300,000
3,900,000 Connecticut State HEFA, (Series F) Weekly VRDNs (Saint Francis Hospital and Medical Center)/(JPMorgan Chase Bank, N.A. LOC), 0.280%, 5/5/2011 3,900,000
600,000 3,4 Connecticut State HFA, P-FLOATs (Series PT-4690) Weekly VRDNs (Bank of America N.A. LIQ), 0.400%, 5/5/2011 600,000
8,000,000 Derby, CT, 1.50% BANs, 6/2/2011 8,006,266
10,000,000 Hartford, CT, 2.00% BANs, 4/12/2012 10,129,934
10,000,000 Killingly, CT, 1.25% BANs, 5/2/2012 10,071,400
6,000,000 Plainville, CT, 1.50% BANs, 10/27/2011 6,026,319
10,500,000 Putnam, CT, 1.50% BANs, 1/17/2012 10,546,077
TOTAL 53,979,996
Delaware – 0.2%
7,000,000 Sussex County, DE IDA Weekly VRDNs (Perdue Farms)/(Rabobank Nederland NV, Utrecht LOC), 0.470%, 5/5/2011 7,000,000
5,000,000 Sussex County, DE IDA, (Series 2000) Weekly VRDNs (Perdue-AgriRecycle, LLC)/(SunTrust Bank LOC), 0.690%, 5/4/2011 5,000,000
TOTAL 12,000,000
District of Columbia – 1.0%
7,500,000 District of Columbia Enterprise Zone Weekly VRDNs (The House on F Street LLC)/(Bank of New York Mellon LOC), 0.310%, 5/5/2011 7,500,000
11,220,000 3,4 District of Columbia HFA, P-FLOATs (Series PT-4575) Weekly VRDNs (Cavalier Apartments LP)/(GTD by FHLMC)/(FHLMC LIQ), 0.360%, 5/5/2011 11,220,000
23,965,000 District of Columbia Revenue, (Series 2009) Weekly VRDNs (American Society of Hematology, Inc.)/(SunTrust Bank LOC), 0.650%, 5/4/2011 23,965,000
5,300,000 District of Columbia, (Series 2007) Weekly VRDNs (American Immigration Lawyers Association)/(Wells Fargo Bank, N.A. LOC), 0.350%, 5/5/2011 5,300,000
3,770,000 3,4 Metropolitan Washington, DC Airports Authority, SPEARs (Series DB-505) Weekly VRDNs (Deutsche Bank AG LIQ), 0.280%, 5/5/2011 3,770,000
TOTAL 51,755,000
Florida – 5.8%
10,200,000 Brevard County, FL Educational Facilities Authority, (Series B) Weekly VRDNs (Florida Institute of Technology)/(Fifth Third Bank, Cincinnati LOC), 0.460%, 5/5/2011 10,200,000
4,065,000 3,4 Clipper Tax-Exempt Certificates Trust (Florida AMT)/(Series 2009-75) Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.380%, 5/5/2011 4,065,000
3
Principal
Amount		 Value
$1,055,000 Collier County, FL Educational Facilities Authority, (Series 2004) Weekly VRDNs (International College, Inc.)/(Fifth Third Bank, Cincinnati LOC), 0.460%, 5/6/2011 1,055,000
10,000,000 Collier County, FL Educational Facilities Authority, (Series 2007) Weekly VRDNs (Ave Maria University, Inc.)/(Fifth Third Bank, Cincinnati LOC), 0.460%, 5/5/2011 10,000,000
17,000,000 Collier County, FL Educational Facilities Authority, (Series 2008) Weekly VRDNs (Ave Maria University, Inc.)/(Fifth Third Bank, Cincinnati LOC), 0.460%, 5/5/2011 17,000,000
21,500,000 Florida HFA, (Series 2007G-1) Weekly VRDNs (Northbridge Apartments)/(Key Bank, N.A. LOC), 0.750%, 5/4/2011 21,500,000
955,000 Florida Higher Educational Facilities Financing Authority, (Series 2008) Weekly VRDNs (Ringling College of Art and Design, Inc.)/(SunTrust Bank LOC), 0.650%, 5/4/2011 955,000
2,900,000 Florida State Municipal Power Agency, (Series 2008E) Daily VRDNs (SunTrust Bank LOC), 0.420%, 5/2/2011 2,900,000
16,160,000 3,4 Highlands County, FL Health Facilities Authority, Stage Trust (Series 2009-84C), 0.37% TOBs (Adventist Health System/ Sunbelt Obligated Group)/(GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), Optional Tender 5/19/2011 16,160,000
3,000,000 Hillsborough County, FL HFA, (Series 2006: Brandywine Apartments) Weekly VRDNs (Brandywine Housing, Ltd.)/(Citibank NA, New York LOC), 0.310%, 5/4/2011 3,000,000
2,596,000 Lake County, FL IDA, (Series 2002) Weekly VRDNs (Locklando Door & Millwork, Inc.)/(RBC Bank (USA) LOC), 0.420%, 5/5/2011 2,596,000
5,000,000 Liberty County, FL Weekly VRDNs (Georgia-Pacific Corp.)/(Bank of America N.A. LOC), 0.330%, 5/5/2011 5,000,000
13,500,000 3,4 Miami-Dade County, FL Aviation, Austin Floater Certificates (Series 2008-1145) Weekly VRDNs (Assured Guaranty Corp. INS)/(Bank of America N.A. LIQ), 0.430%, 5/5/2011 13,500,000
25,000,000 3,4 Miami-Dade County, FL Aviation, Clipper Floater Certificates (Series 2009-24) Weekly VRDNs (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.360%, 5/5/2011 25,000,000
40,205,000 Orlando & Orange County Expressway Authority, FL, (Subseries 2008B-2) Weekly VRDNs (SunTrust Bank LOC), 0.600%, 5/5/2011 40,205,000
43,300,000 St. Lucie County, FL PCRB, (Series 2000) Daily VRDNs (Florida Power & Light Co.), 0.270%, 5/2/2011 43,300,000
72,285,000 St. Lucie County, FL Solid Waste Disposal, (Series 2003) Daily VRDNs (Florida Power & Light Co.), 0.280%, 5/2/2011 72,285,000
9,640,000 UCF Health Facilities Corp., Capital Improvement Revenue Bonds (Series 2007) Weekly VRDNs (UCF Health Sciences Campus at Lake Nona)/(Fifth Third Bank, Cincinnati LOC), 0.460%, 5/6/2011 9,640,000
TOTAL 298,361,000
Georgia – 6.4%
230,000 Atlanta, GA, Urban Residential Finance Authority, (Series 2006) Weekly VRDNs (Columbia at Sylvan Hills Apartments)/(FNMA LOC), 0.330%, 5/5/2011 230,000
18,000,000 Bartow County, GA Development Authority, (First Series 1997) Daily VRDNs (Georgia Power Co.), 0.270%, 5/2/2011 18,000,000
5,400,000 Bulloch County, GA Development Authority, (Series 1999) Weekly VRDNs (Apogee Enterprises, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.510%, 5/5/2011 5,400,000
36,100,000 Burke County, GA Development Authority, (Second Series 1995) Daily VRDNs (Georgia Power Co.), 0.270%, 5/2/2011 36,100,000
13,155,000 Burke County, GA Development Authority, PCR (Series 1992) Daily VRDNs (Georgia Power Co.), 0.320%, 5/1/2011 13,155,000
4,500,000 Cobb County, GA Housing Authority, (Series 2002) Weekly VRDNs (Walton Reserve Apartments)/(FHLB of Atlanta LOC), 0.310%, 5/4/2011 4,500,000
9,300,000 Cobb County, GA Housing Authority, (Series 2004) Weekly VRDNs (Parkland Manor LP)/(Wells Fargo Bank, N.A. LOC), 0.370%, 5/5/2011 9,300,000
12,905,000 Crisp County, GA Solid Waste Management Authority, (Series 1998) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 0.880%, 5/5/2011 12,905,000
5,000,000 Dade County, GA IDA, (Series 1997) Weekly VRDNs (Bull Moose Tube Co.)/(U.S. Bank, N.A. LOC), 0.290%, 5/5/2011 5,000,000
11,000,000 DeKalb County, GA MFH Authority, (Series 2004) Weekly VRDNs (Highlands at East Atlanta Apartments)/(Bank of America N.A. LOC), 0.370%, 5/5/2011 11,000,000
13,870,000 Effingham County, GA Development Authority, (Series 2003) Daily VRDNs (Georgia Power Co.), 0.300%, 5/2/2011 13,870,000
270,000 Emanuel County, GA Development Authority, (Series 2001) Weekly VRDNs (Jabo Metal Fabrication, Inc.)/(SunTrust Bank LOC), 0.740%, 5/4/2011 270,000
10,080,000 Floyd County, GA Development Authority PCRB, (First Series 1996) Daily VRDNs (Georgia Power Co.), 0.270%, 5/2/2011 10,080,000
16,000,000 Fulton County, GA Development Authority, (Series 2004) Weekly VRDNs (Hidden Creste Apartments)/(Wells Fargo Bank, N.A. LOC), 0.370%, 5/5/2011 16,000,000
18,000,000 Fulton County, GA Housing Authority, (Series 1999) Weekly VRDNs (Walton Falls Apartments)/(Wells Fargo Bank, N.A. LOC), 0.350%, 5/5/2011 18,000,000
19,350,000 Fulton County, GA Housing Authority, (Series 2008A) Weekly VRDNs (Walton Lakes LLC)/(FHLB of Atlanta LOC), 0.310%, 5/4/2011 19,350,000
10,000,000 3,4 Georgia State HFA, MERLOTS (Series 2006-B11) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 0.360%, 5/4/2011 10,000,000
2,450,000 Gwinnett County, GA Development Authority Weekly VRDNs (Commercial Truck & Van Equipment)/(JPMorgan Chase Bank, N.A. LOC), 0.360%, 5/5/2011 2,450,000
3,800,000 Heard County, GA Development Authority, (First Series 1996) Daily VRDNs (Georgia Power Co.), 0.300%, 5/2/2011 3,800,000
4
Principal
Amount		 Value
$6,700,000 Kennesaw, GA Development Authority, (Series 2004) Weekly VRDNs (Walton Ridenour Apts)/(FHLB of Atlanta LOC), 0.310%, 5/4/2011 6,700,000
4,000,000 Main Street Gas, Inc., (Series 2010A) Weekly VRDNs (GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.260%, 5/5/2011 4,000,000
19,600,000 Monroe County, GA Development Authority, (First Series 1997) Daily VRDNs (Georgia Power Co.), 0.300%, 5/2/2011 19,600,000
31,300,000 Monroe County, GA Development Authority, (First Series 2008) Daily VRDNs (Georgia Power Co.), 0.270%, 5/2/2011 31,300,000
7,750,000 Monroe County, GA Development Authority, (Second Series 2006) Daily VRDNs (Georgia Power Co.), 0.270%, 5/2/2011 7,750,000
6,000,000 Municipal Gas Authority of Georgia, (Series III — J), 2.00% Bonds, 11/16/2011 6,045,503
8,240,000 Roswell, GA Housing Authority, (Series 2005) Weekly VRDNs (Wood Creek Apartments)/(FNMA LOC), 0.300%, 5/5/2011 8,240,000
10,750,000 Savannah, GA EDA, (Series 1995A) Weekly VRDNs (Home Depot, Inc.), 1.000%, 5/4/2011 10,750,000
5,600,000 Smyrna, GA Housing Authority, (Series 1994) Weekly VRDNs (Walton Grove, LP)/(Wells Fargo Bank, N.A. LOC), 0.350%, 5/5/2011 5,600,000
19,000,000 Summerville, GA Development Authority, (Series 1997) Weekly VRDNs (Image Industries, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.350%, 5/5/2011 19,000,000
TOTAL 328,395,503
Hawaii – 0.2%
10,557,000 Hawaii State Department of Budget & Finance, (Series 1991) Weekly VRDNs (Wailuku River Hydroelectric)/(Union Bank, N.A. LOC), 0.350%, 5/3/2011 10,557,000
Illinois – 2.0%
840,000 Arlington Heights, IL, (Series 1997) Weekly VRDNs (3E Graphics & Printing)/(Harris, N.A. LOC), 1.000%, 5/5/2011 840,000
1,290,000 Chicago, IL MFH Revenue, (Series 2007: Renaissance Place Apartments) Weekly VRDNs (RPA LP)/(Harris, N.A. LOC), 0.460%, 5/5/2011 1,290,000
9,100,000 3,4 Chicago, IL O'Hare International Airport, ROCs (Series 239) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Citibank NA, New York LIQ), 0.410%, 5/5/2011 9,100,000
3,000,000 Chicago, IL O'Hare International Airport, Special Facility Revenue Bonds (Series 1990) Weekly VRDNs (Compagnie Nationale Air France Project)/(Societe Generale, Paris LOC), 0.280%, 5/4/2011 3,000,000
1,380,000 Crystal Lake, IL IDA, (Series 2006) Weekly VRDNs (Millennium Electronics, Inc.)/(U.S. Bank, N.A. LOC), 0.490%, 5/5/2011 1,380,000
405,000 Galva, IL, (Series 1999) Weekly VRDNs (John H. Best & Sons, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.500%, 5/5/2011 405,000
2,810,000 Illinois Development Finance Authority IDB Weekly VRDNs (R. A. Zweig, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.390%, 5/4/2011 2,810,000
800,000 Illinois Development Finance Authority IDB, (Series 1995) Weekly VRDNs (Evapco, Inc.)/(Bank of America N.A. LOC), 0.590%, 5/5/2011 800,000
4,490,000 Illinois Development Finance Authority IDB, (Series 1998) Weekly VRDNs (Lakeview Partners I LP)/(Bank of America N.A. LOC), 0.470%, 5/5/2011 4,490,000
2,880,000 Illinois Development Finance Authority IDB, (Series 2001) Weekly VRDNs (3648 Morreim Drive, LLC)/(Harris, N.A. LOC), 0.460%, 5/5/2011 2,880,000
4,155,000 Illinois Development Finance Authority IDB, (Series 2001) Weekly VRDNs (Val-Matic Valve & Manufacturing Corp.)/(Bank of America N.A. LOC), 0.470%, 5/5/2011 4,155,000
3,695,000 Illinois Development Finance Authority, (Series 1999) Weekly VRDNs (Butterfield Creek Associates LP)/(Bank of America N.A. LOC), 0.470%, 5/5/2011 3,695,000
2,640,000 Illinois Development Finance Authority, (Series 2001) Weekly VRDNs (Mangel BG Investments LLC)/(Bank of America N.A. LOC), 2.030%, 5/4/2011 2,640,000
6,700,000 Illinois Development Finance Authority, (Series 2003) Weekly VRDNs (West Chicago Senior Apartments, LP)/(Citibank NA, New York LOC), 0.290%, 5/5/2011 6,700,000
1,110,000 Illinois Finance Authority, (Series 2004) Weekly VRDNs (Transparent Container Company, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.670%, 5/5/2011 1,110,000
7,260,000 Illinois Finance Authority, (Series 2007) Weekly VRDNs (Hidden Glen Apartments)/(U.S. Bank, N.A. LOC), 0.290%, 5/5/2011 7,260,000
910,000 Illinois Finance Authority, (Series 2007) Weekly VRDNs (Quality Metal Finishing Co.)/(Bank of America N.A. LOC), 0.840%, 5/5/2011 910,000
5,350,000 Illinois Finance Authority, (Series 2008) Weekly VRDNs (Kenall Manufacturing Co.)/(Harris, N.A. LOC), 0.420%, 5/5/2011 5,350,000
26,640,000 Illinois Finance Authority, (Series 2008A) Weekly VRDNs (Delnor-Community Hospital)/(Fifth Third Bank, Cincinnati LOC), 0.500%, 5/5/2011 26,640,000
4,000,000 Illinois Finance Authority, (Series 2008A) Weekly VRDNs (Rush University Medical Center Obligated Group)/(Northern Trust Co., Chicago, IL LOC), 0.240%, 5/5/2011 4,000,000
5,300,000 Illinois Health Facilities Authority, Revolving Fund Pooled Financing Program (Series 1985F) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/4/2011 5,300,000
1,200,000 Lake County, IL IDA, (Series 1994) Weekly VRDNs (Northpoint Assoc LLC)/(Northern Trust Co., Chicago, IL LOC), 0.370%, 5/4/2011 1,200,000
5
Principal
Amount		 Value
$3,730,000 Peoria, IL, (Series 2000) Weekly VRDNs (Peoria Academy Inc)/(JPMorgan Chase Bank, N.A. LOC), 0.470%, 5/5/2011 3,730,000
2,000,000 Savanna, IL IDA, (Series A) Weekly VRDNs (Metform Corp.)/(JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/4/2011 2,000,000
1,400,000 Southwestern Illinois Development Authority, (Series 2002) Weekly VRDNs (Waste Management, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.670%, 5/5/2011 1,400,000
465,000 Woodridge, DuPage, Will and Cook Counties, IL, (Series 2005) Weekly VRDNs (Home Run Inn Frozen Foods Corp.)/(JPMorgan Chase Bank, N.A. LOC), 0.670%, 5/5/2011 465,000
TOTAL 103,550,000
Indiana – 3.2%
4,345,000 Angola, IN Educational Facilities, (Series 2006) Weekly VRDNs (Tri-State University, Inc.)/(Fifth Third Bank, Cincinnati LOC), 0.460%, 5/6/2011 4,345,000
20,000,000 Bartholomew Consolidated School Corp., IN, 2.15% TANs, 12/30/2011 20,151,609
4,100,000 Gary/Chicago, IN International Airport Authority, (Series 2007) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.440%, 5/5/2011 4,100,000
540,000 Huntington, IN, (Series 1999) Weekly VRDNs (DK Enterprises LLC)/(Wells Fargo Bank, N.A. LOC), 0.500%, 5/5/2011 540,000
2,400,000 Indiana Development Finance Authority, D/B/A Center for Behavioral Health (Series 2002) Weekly VRDNs (South Central Community Mental Health Centers, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.430%, 5/5/2011 2,400,000
43,625,000 Indiana Health & Educational Facility Financing Authority, (Series 2005A) Weekly VRDNs (Clarian Health Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 1.050%, 5/4/2011 43,625,000
13,000,000 Indiana Health Facility Financing Authority, (Series 2005C) Weekly VRDNs (Community Hospitals of Indiana, Inc.)/(Fifth Third Bank, Cincinnati LOC), 0.460%, 5/5/2011 13,000,000
6,095,000 Indiana State Finance Authority (Environmental Improvement Bonds), (Series 2006A) Weekly VRDNs (IB & B LLC)/(Harris, N.A. LOC), 0.420%, 5/5/2011 6,095,000
4,980,000 Indianapolis, IN MFH, (Series 2004A) Weekly VRDNs (Nora Commons LP)/(Bank of America N.A. LOC), 0.310%, 5/5/2011 4,980,000
900,000 Indianapolis, IN, (Series 1999) Weekly VRDNs (Roth Companies Inc)/(Comerica Bank LOC), 0.470%, 5/4/2011 900,000
5,000,000 Jasper County, IN EDA, (Series 2010A) Weekly VRDNs (T & M LP)/(Rabobank Nederland NV, Utrecht LOC), 0.310%, 5/5/2011 5,000,000
4,035,000 Jasper County, IN EDA, (Series 2010B) Weekly VRDNs (T & M LP)/(Rabobank Nederland NV, Utrecht LOC), 0.260%, 5/5/2011 4,035,000
6,500,000 Jasper County, IN EDA, (Series 2010C) Weekly VRDNs (T & M LP)/(Rabobank Nederland NV, Utrecht LOC), 0.260%, 5/5/2011 6,500,000
14,000,000 Jasper, IN Hospital Authority, (Series 2008) Weekly VRDNs (Memorial Hospital & Health Care Center)/(Fifth Third Bank, Cincinnati LOC), 0.460%, 5/6/2011 14,000,000
6,000,000 Logansport, IN, (Series 2006) Weekly VRDNs (Andersons Clymers Ethanol LLC)/(Bank of the West, San Francisco, CA LOC), 0.370%, 5/5/2011 6,000,000
10,000,000 Portage, IN, PCRB (Series 1998-A) Weekly VRDNs (American Iron Oxide Co.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.660%, 5/5/2011 10,000,000
1,000,000 Portage, IN, PCRB (Series 1998-B) Weekly VRDNs (American Iron Oxide Co.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.660%, 5/5/2011 1,000,000
10,000,000 Spencer County, IN PCA, (Series 1998) Weekly VRDNs (American Iron Oxide Co.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.660%, 5/5/2011 10,000,000
1,685,000 St. Joseph County, IN EDRB, (Series 1998) Weekly VRDNs (South Bend Heritage Foundation, Inc.)/(Key Bank, N.A. LOC), 0.590%, 5/4/2011 1,685,000
1,400,000 St. Joseph County, IN EDRB, (Series 2002) Weekly VRDNs (Family & Children's Center Properties Management, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.430%, 5/5/2011 1,400,000
1,200,000 Whitley County, IN, (Series 1999) Weekly VRDNs (Undersea Sensor Systems, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.500%, 5/5/2011 1,200,000
TOTAL 160,956,609
Iowa – 0.2%
5,300,000 Iowa Finance Authority, (Series 2007) Weekly VRDNs (Five Star Holdings LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.310%, 5/5/2011 5,300,000
6,000,000 Iowa Finance Authority, (Series 2007) Weekly VRDNs (Roorda Dairy, LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.310%, 5/5/2011 6,000,000
500,000 Iowa Higher Education Loan Authority, (Series 2008) Weekly VRDNs (Grinnell College)/(Northern Trust Co., Chicago, IL LIQ), 0.260%, 5/5/2011 500,000
TOTAL 11,800,000
Kansas – 1.0%
13,906,000 3,4 Clipper Tax-Exempt Certificates Trust (Kansas-AMT)/(Series 2009-11) Weekly VRDNs (Sedgwick & Shawnee Counties, KS)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.380%, 5/5/2011 13,906,000
3,430,000 Dodge City, KS IDA, (Series 2000) Weekly VRDNs (Farmland National Beef Packing Co.)/(Rabobank Nederland NV, Utrecht LOC), 0.310%, 5/5/2011 3,430,000
6
Principal
Amount		 Value
$9,285,000 Kansas State Development Finance Authority, (Series 2004B) Weekly VRDNs (SH Apartments LLC)/(FHLMC LOC), 0.290%, 5/5/2011 9,285,000
9,550,000 Lenexa, KS MFH, (Series 2007) Weekly VRDNs (Heather Glen Apartments)/(U.S. Bank, N.A. LOC), 0.290%, 5/5/2011 9,550,000
3,695,000 3,4 Sedgwick & Shawnee Counties, KS, Floater Certificates (Series 2006-1670) Weekly VRDNs (GNMA COL)/(Morgan Stanley Bank LIQ), 0.300%, 5/5/2011 3,695,000
10,000,000 Wichita, KS, 0.50% BANs, 2/9/2012 10,002,802
TOTAL 49,868,802
Kentucky – 0.8%
5,500,000 Hopkinsville, KY, (Series 2007A) Weekly VRDNs (Riken Elastomers Corp.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.380%, 5/5/2011 5,500,000
9,880,000 Kentucky Housing Corp., (2005 Series B) Weekly VRDNs (BNP Paribas SA LIQ), 0.300%, 5/4/2011 9,880,000
1,850,000 Kentucky Housing Corp., (2006 Series I) Weekly VRDNs (BNP Paribas SA LIQ), 0.300%, 5/4/2011 1,850,000
5,740,000 Maysville, KY, (Series 1996) Weekly VRDNs (Green Tokai)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.380%, 5/5/2011 5,740,000
10,000,000 Shelbyville, KY, (Series 2008A) Weekly VRDNs (NIFCO North America, Inc.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.310%, 5/5/2011 10,000,000
10,000,000 Somerset, KY Industrial Building, (Series 2009) Weekly VRDNs (Armstrong Hardwood Flooring Co.)/(Credit Agricole Corporate and Investment Bank LOC), 0.340%, 5/5/2011 10,000,000
TOTAL 42,970,000
Louisiana – 0.9%
15,000,000 Ascension Parish, LA IDB, (Series 2009) Weekly VRDNs (BASF Corp.)/(GTD by BASF SE), 0.410%, 5/4/2011 15,000,000
2,891,000 3,4 Clipper Tax-Exempt Certificates Trust (Louisiana-AMT)/(Series 2009-10) Weekly VRDNs (Louisiana HFA)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.380%, 5/5/2011 2,891,000
5,000,000 Lake Charles, LA Harbor & Terminal District, (Series 1995A) Weekly VRDNs (Polycom-Huntsman, Inc.)/(PNC Bank, N.A. LOC), 0.340%, 5/5/2011 5,000,000
4,630,000 Louisiana HFA, (Series 2007) Weekly VRDNs (Emerald Point Apartments Partners, Ltd.)/(FNMA LOC), 0.330%, 5/5/2011 4,630,000
4,000,000 Louisiana Local Government Environmental Facilities CDA, (Series 2004) Weekly VRDNs (The Academy of the Sacred Heart of New Orleans)/(FHLB of Dallas LOC), 0.310%, 5/4/2011 4,000,000
8,225,000 Louisiana Public Facilities Authority, (Series 2010) Weekly VRDNs (Air Products & Chemicals, Inc.), 0.260%, 5/4/2011 8,225,000
7,500,000 Port of New Orleans, LA Board of Commissioners, (Series 2002) Weekly VRDNs (New Orleans Cold Storage)/(FHLB of Dallas LOC), 0.310%, 5/4/2011 7,500,000
TOTAL 47,246,000
Maine – 0.4%
3,100,000 Maine Finance Authority Weekly VRDNs (William Arthur, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.670%, 5/4/2011 3,100,000
15,000,000 Maine State Housing Authority, (Series 2004 C-3) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.310%, 5/5/2011 15,000,000
TOTAL 18,100,000
Maryland – 1.6%
565,000 Baltimore County, MD, (1994 Issue) Weekly VRDNs (Direct Marketing Associates, Inc. Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.500%, 5/4/2011 565,000
3,220,000 Harford County, MD EDA, (Series 2001) Weekly VRDNs (Clark Finance LLC)/(Branch Banking & Trust Co. LOC), 0.370%, 5/5/2011 3,220,000
2,500,000 Howard County, MD Economic Development Revenue Board, (Series 2005) Weekly VRDNs (Eight P CPL LLC)/(Banco Santander, S.A. LOC), 0.550%, 5/5/2011 2,500,000
450,000 Howard County, MD Revenue Bonds, (Series 1995) Weekly VRDNs (Bluffs at Clarys Forest Apartments)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.320%, 5/3/2011 450,000
2,580,000 Maryland Community Development Administration — MFH, (Series 1990 C) Weekly VRDNs (Cherry Hill Apartment Ltd.)/(PNC Bank, N.A. LOC), 0.340%, 5/4/2011 2,580,000
8,000,000 Maryland Community Development Administration — MFH, (Series 1990B) Weekly VRDNs (Cherry Hill Apartment Ltd.)/(PNC Bank, N.A. LOC), 0.340%, 5/4/2011 8,000,000
6,200,000 Maryland Community Development Administration — MFH, (Series 2008B: Shakespeare Park Apartments) Weekly VRDNs (New Shakespeare Park LP)/(FHLMC LOC), 0.300%, 5/5/2011 6,200,000
5,575,000 Maryland Community Development Administration — MFH, (Series 2008C) Weekly VRDNs (The Residences at Ellicott Gardens)/(FHLMC LOC), 0.300%, 5/5/2011 5,575,000
3,800,000 Maryland Community Development Administration — Residential Revenue, (2008 Series D) Weekly VRDNs (KBC Bank N.V. LIQ), 0.300%, 5/5/2011 3,800,000
4,250,000 3,4 Maryland Community Development Administration — Residential Revenue, PUTTERs (Series 3364) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.360%, 5/5/2011 4,250,000
7
Principal
Amount		 Value
$2,550,000 Maryland State Economic Development Corp., (Series 1998) Weekly VRDNs (Morrison Health Care, Inc.)/(Bank of America N.A. LOC), 0.440%, 5/5/2011 2,550,000
650,000 Maryland State Economic Development Corp., (Series 1999A) Weekly VRDNs (Victor Graphics, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.460%, 5/6/2011 650,000
1,630,000 Maryland State Economic Development Corp., (Series 2005A) Weekly VRDNs (Canusa Hershman Recycling)/(Wells Fargo Bank, N.A. LOC), 0.450%, 5/6/2011 1,630,000
1,885,000 Maryland State Economic Development Corp., (Series 2008) Weekly VRDNs (Recycle 1 C & D Processing, Inc.)/(Branch Banking & Trust Co. LOC), 0.470%, 5/5/2011 1,885,000
12,175,000 Maryland State Health & Higher Educational Facilities Authority, (Series 1997) Weekly VRDNs (Stella Maris, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.410%, 5/4/2011 12,175,000
5,200,000 Maryland State Health & Higher Educational Facilities Authority, (Series 1999) Weekly VRDNs (Landon School)/(SunTrust Bank LOC), 0.650%, 5/4/2011 5,200,000
715,000 Maryland State Health & Higher Educational Facilities Authority, (Series 2002) Weekly VRDNs (Holton-Arms School, Inc.)/(SunTrust Bank LOC), 0.650%, 5/4/2011 715,000
13,185,000 3,4 Maryland State Health & Higher Educational Facilities Authority, P-FLOATs (Series MT-277) Weekly VRDNs (Mercy Medical Center)/(Assured Guaranty Municipal Corp. INS)/(Merrill Lynch & Co., Inc. LIQ), 0.530%, 5/5/2011 13,185,000
3,500,000 Maryland State IDFA, (Series 2008) Weekly VRDNs (Paul Reed Smith Guitars, LP)/(PNC Bank, N.A. LOC), 0.310%, 5/6/2011 3,500,000
959,000 Montgomery County, MD Weekly VRDNs (Information Systems and Networks Corp.)/(Bank of America N.A. LOC), 0.880%, 5/2/2011 959,000
2,100,000 Washington County, MD Economic Development Revenue Board, (Series 2006) Weekly VRDNs (Packaging Services of Maryland, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.500%, 5/5/2011 2,100,000
TOTAL 81,689,000
Massachusetts – 1.7%
23,000,000 3,4 Commonwealth of Massachusetts, DCL Floater Certificates (Series 2008-022) Daily VRDNs (Dexia Credit Local LIQ), 0.650%, 5/2/2011 23,000,000
4,000,000 Fall River, MA, 1.50% BANs, 6/30/2011 4,003,906
12,000,000 Framingham, MA, 1.50% BANs, 6/17/2011 12,016,008
24,500,000 3,4 Massachusetts Bay Transportation Authority General Transportation System, DCL Floater Certificates (Series 2008-026) Daily VRDNs (Dexia Credit Local LIQ), 0.650%, 5/2/2011 24,500,000
5,000,000 Massachusetts Development Finance Agency, (Series 2004), 0.90% CP (Nantucket Electric Co.)/(GTD by Massachusetts Electric Co.), Mandatory Tender 5/19/2011 5,000,000
3,150,000 Massachusetts IFA, (Series 1998B) Weekly VRDNs (Groton School)/(U.S. Bank, N.A. LIQ), 0.260%, 5/5/2011 3,150,000
4,345,000 Massachusetts State Development Finance Agency, (Series 2002A) Weekly VRDNs (Assumption College)/(Banco Santander, S.A. LOC), 0.370%, 5/4/2011 4,345,000
8,210,392 Quincy, MA, 1.25% BANs, 7/29/2011 8,223,320
TOTAL 84,238,234
Michigan – 4.0%
9,005,000 Fremont, MI Hospital Finance Authority, (Series 2007) Weekly VRDNs (Gerber Memorial Health Services)/(Fifth Third Bank, Cincinnati LOC), 0.460%, 5/6/2011 9,005,000
5,500,000 Grand Rapids, MI IDR, (Series 2007) Weekly VRDNs (Clipper Belt Lacer Co.)/(Bank of America N.A. LOC), 0.440%, 5/5/2011 5,500,000
27,750,000 Kent Hospital Finance Authority, MI, (Series 2008B-2) Weekly VRDNs (Spectrum Health)/(Landesbank Baden-Wurttemberg LIQ), 0.380%, 5/4/2011 27,750,000
13,000,000 Michigan Finance Authority, (Series D-1), 2.00% RANs, 8/19/2011 13,057,053
1,895,000 Michigan Higher Education Facilities Authority, (Series 2008) Weekly VRDNs (Davenport University, MI)/(Fifth Third Bank, Cincinnati LOC), 0.460%, 5/6/2011 1,895,000
12,600,000 3,4 Michigan Higher Education Facilities Authority, RBC Muni Trust (Series 2008-L29) Weekly VRDNs (Royal Bank of Canada, Montreal LIQ)/(Royal Bank of Canada, Montreal LOC), 0.290%, 5/5/2011 12,600,000
6,000,000 Michigan State Financial Authority, (Series C) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 0.470%, 5/4/2011 6,000,000
10,000,000 Michigan State Hospital Finance Authority, (Series C) Weekly VRDNs (Healthcare Equipment Loan Program)/(Fifth Third Bank, Cincinnati LOC), 0.470%, 5/4/2011 10,000,000
1,500,000 Michigan State Housing Development Authority, SFM Revenue Bonds (2003 Series C) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 1.100%, 5/4/2011 1,500,000
11,805,000 Michigan State Housing Development Authority, SFM Revenue Bonds (Series D-1) Weekly VRDNs (Bank of America N.A. LIQ), 0.330%, 5/5/2011 11,805,000
4,680,000 Michigan State Strategic Fund Weekly VRDNs (Bishop Creek LLC)/(Comerica Bank LOC), 0.430%, 5/5/2011 4,680,000
8
Principal
Amount		 Value
$3,435,000 Michigan State Strategic Fund, (Series 2007) Weekly VRDNs (Lapeer Industries, Inc.)/(Bank of America N.A. LOC), 0.440%, 5/5/2011 3,435,000
80,000,000 Michigan State, Fiscal Year 2011 (Series A), 2.00% TANs, 9/30/2011 80,521,774
7,045,000 Michigan Strategic Fund, (Series 2007) Weekly VRDNs (Continental Carbonic Products, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.290%, 5/5/2011 7,045,000
4,090,000 Michigan Strategic Fund, (Series 2007) Weekly VRDNs (M.S.C.M., Inc.)/(Bank of America N.A. LOC), 0.440%, 5/5/2011 4,090,000
6,945,000 Michigan Strategic Fund, (Series 2010) Weekly VRDNs (CS Facilities LLC)/(Fifth Third Bank, Cincinnati LOC), 0.460%, 5/5/2011 6,945,000
TOTAL 205,828,827
Minnesota – 2.0%
725,000 Blue Earth, MN, (Series 2006) Weekly VRDNs (Nortech Systems, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.500%, 5/5/2011 725,000
1,600,000 Coon Rapids, MN, (Series 1999) Weekly VRDNs (Assurance Mfg. Co., Inc.)/(Wells Fargo Bank, N.A. LOC), 0.500%, 5/5/2011 1,600,000
2,000,000 Dakota County, MN Community Development Agency, (Series 2007A) Weekly VRDNs (View Pointe Apartments)/(FNMA LOC), 0.300%, 5/6/2011 2,000,000
6,000,000 Eden Prairie, MN MFH, (Series 2003-A) Weekly VRDNs (Eden Prairie, MN Leased Housing Associates LLP)/(Bank of America N.A. LOC), 0.320%, 5/6/2011 6,000,000
950,000 Melrose, MN, (Series 2008) Weekly VRDNs (Proliant Dairy, Inc.)/(Bank of America N.A. LOC), 0.440%, 5/5/2011 950,000
3,325,000 3,4 Minnesota State HFA, MERLOTS (Series 2008-C2) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 0.360%, 5/4/2011 3,325,000
3,020,000 Northfield, MN, (Series 2003) Weekly VRDNs (Summerfield Investments LLC)/(Bank of America N.A. LOC), 0.360%, 5/6/2011 3,020,000
24,390,000 Ramsey County, MN Housing and Redevelopment Authority, (Series 2003 A) Weekly VRDNs (Gateway Apartments LP)/(Bank of America N.A. LOC), 0.320%, 5/6/2011 24,390,000
16,100,000 St. Anthony, MN, (Series 2004A) Weekly VRDNs (Landings at Silver Lake Village)/(Bank of America N.A. LOC), 0.320%, 5/6/2011 16,100,000
5,000,000 St. Anthony, MN, (Series 2007) Weekly VRDNs (Landings at Silver Lake Village)/(Bank of America N.A. LOC), 0.360%, 5/6/2011 5,000,000
4,125,000 St. Louis Park, MN, (Series 2010A) Weekly VRDNs (Urban Park Apartments)/(Wells Fargo Bank, N.A. LOC), 0.350%, 5/6/2011 4,125,000
21,950,000 St. Paul and Ramsey County, MN Housing and Redevelopment Authority, (Series 2002A) Weekly VRDNs (St. Paul Leased Housing Associates I)/(Bank of America N.A. LOC), 0.320%, 5/6/2011 21,950,000
4,820,000 St. Paul, MN Housing & Redevelopment Authority, (Series 2006A) Weekly VRDNs (Gateway Apartments LP)/(Bank of America N.A. LOC), 0.360%, 5/6/2011 4,820,000
545,000 St. Paul, MN Port Authority, (Series 2002-11) Weekly VRDNs (Camada Ltd. Partnership)/(Wells Fargo Bank, N.A. LOC), 0.450%, 5/5/2011 545,000
4,390,000 Stillwater, MN, (Series 2002A) Weekly VRDNs (Curve Crest Villa)/(Bank of America N.A. LOC), 0.360%, 5/6/2011 4,390,000
3,415,000 White Bear Lake, MN, (Series 2004) Weekly VRDNs (Pinehurst Investments LLC)/(Bank of America N.A. LOC), 0.360%, 5/6/2011 3,415,000
TOTAL 102,355,000
Mississippi – 1.2%
9,695,000 3,4 Clipper Tax-Exempt Certificates Trust (Mississippi-AMT)/(Series 2009-14) Weekly VRDNs (Mississippi Home Corp.)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.380%, 5/5/2011 9,695,000
14,050,000 Mississippi Business Finance Corp., (Series 2008) Weekly VRDNs (200 Renaissance, LLC)/(FHLB of Atlanta LOC), 0.270%, 5/5/2011 14,050,000
9,770,000 Mississippi Home Corp., (Series 1999C) Weekly VRDNs (Summer Park Apartments)/(Wells Fargo Bank, N.A. LOC), 0.370%, 5/5/2011 9,770,000
7,000,000 Mississippi Home Corp., (Series 2004-6) Weekly VRDNs (Windsor Park Partners LP)/(FNMA LOC), 0.330%, 5/5/2011 7,000,000
8,500,000 Mississippi Home Corp., (Series 2006-1) Weekly VRDNs (Terrace Park Apartments)/(Wells Fargo Bank, N.A. LOC), 0.370%, 5/5/2011 8,500,000
9,670,000 Mississippi Home Corp., (Series 2006-2) Weekly VRDNs (Bradford Park Apartments)/(Wells Fargo Bank, N.A. LOC), 0.370%, 5/5/2011 9,670,000
4,395,000 3,4 Mississippi Home Corp., MERLOTS (Series 2001-A8) Weekly VRDNs (GNMA COL)/(Wells Fargo Bank, N.A. LIQ), 0.360%, 5/4/2011 4,395,000
TOTAL 63,080,000
Missouri – 0.1%
2,000,000 Missouri Development Finance Board, Revenue Bonds (Series 2000) Weekly VRDNs (St. Louis Air Cargo Svcs.)/(JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/5/2011 2,000,000
1,240,000 3,4 Missouri State Housing Development Commission, MERLOTS (Series 2001-A28) Weekly VRDNs (GNMA COL)/(Wells Fargo Bank, N.A. LIQ), 0.790%, 5/4/2011 1,240,000
460,000 St. Louis, MO IDA, (Series 1997) Weekly VRDNs (Cee Kay Supply)/(Commerce Bank, N.A., Kansas City LOC), 0.490%, 5/5/2011 460,000
TOTAL 3,700,000
9
Principal
Amount		 Value
Montana – 0.1%
$4,355,000 3,4 Montana State Board of Housing, P-FLOATs (Series PA-1406) Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ), 0.400%, 5/5/2011 4,355,000
Multi-State – 10.8%
14,258,000 3,4 Clipper Tax-Exempt Certificates Trust (Multi-State AMT)/(Series 2009-12) Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.410%, 5/5/2011 14,258,000
62,916,000 3,4 Clipper Tax-Exempt Certificates Trust (Multi-State AMT)/(Series 2009-13) Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.410%, 5/5/2011 62,916,000
6,409,000 3,4 Clipper Tax-Exempt Certificates Trust (Multi-State AMT)/(Series 2009-68) Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.410%, 5/5/2011 6,409,000
15,484,226 3,4 Clipper Tax-Exempt Certificates Trust (Multi-State AMT)/(Series 2009-77) Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.410%, 5/5/2011 15,484,226
29,175,000 3,4 Clipper Tax-Exempt Certificates Trust (Multi-State AMT)/(Series 2009-78) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.410%, 5/5/2011 29,175,000
10,680,000 FHLMC, (Series M015-A) Weekly VRDNs (MFH Revenue Bond Pass-Through Certificates)/(GTD by FHLMC)/(FHLMC LIQ), 0.310%, 5/5/2011 10,680,000
18,355,000 FHLMC, (Series M017-A) Weekly VRDNs (MFH Revenue Bond Pass-Through Certificates)/(GTD by FHLMC)/(FHLMC LIQ), 0.300%, 5/5/2011 18,355,000
25,010,000 FHLMC, (Series M020-A) Weekly VRDNs (MFH Revenue Bond Pass-Through Certificates)/(GTD by FHLMC)/(FHLMC LIQ), 0.310%, 5/5/2011 25,010,000
74,785,000 3,4 FHLMC, Eagles (Series 2008-0055F) Weekly VRDNs (GTD by FHLMC)/(FHLMC LIQ), 0.330%, 5/5/2011 74,785,000
82,300,000 3,4 Nuveen Dividend Advantage Municipal Fund 2, (Series 2), Weekly VRDPs (GTD by Deutsche Bank AG), 0.510%, 5/5/2011 82,300,000
30,000,000 3,4 Nuveen Insured Municipal Opportunity Fund, Inc., (Series 1), Weekly VRDPs (GTD by Citibank NA, New York), 0.510%, 5/5/2011 30,000,000
85,300,000 3,4 Nuveen Insured Premium Income Municipal Fund 2, (Series 2), Weekly VRDPs (GTD by Deutsche Bank AG), 0.430%, 5/5/2011 85,300,000
20,000,000 3,4 Nuveen Municipal Advantage Fund, Inc., (Series 1), Weekly VRDPs (GTD by JP Morgan Chase Bank, N.A.), 0.480%, 5/5/2011 20,000,000
25,000,000 3,4 Nuveen Municipal Market Opportunity Fund, Inc., (Series 1), Weekly VRDPs (GTD by Deutsche Bank AG), 0.460%, 5/5/2011 25,000,000
24,000,000 3,4 Nuveen Premier Insured Municipal Income Fund, Inc., (1309 Series 1), Weekly VRDPs (GTD by Citibank NA, New York), 0.510%, 5/5/2011 24,000,000
5,000,000 3,4 Nuveen Premium Income Municipal Fund 4, Inc., (Series 1), Weekly VRDPs (GTD by JPMorgan Chase Bank, N.A.), 0.480%, 5/5/2011 5,000,000
25,000,000 3,4 Nuveen Quality Income Municipal Fund, Inc., (3884 Series 1), Weekly VRDPs (GTD by JPMorgan Chase Bank, N.A.), 0.480%, 5/5/2011 25,000,000
TOTAL 553,672,226
Nebraska – 0.4%
1,900,000 Douglas County, NE, (Series 1997) Weekly VRDNs (American Laboratories, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.450%, 5/5/2011 1,900,000
2,000,000 Nebraska Investment Finance Authority, (Series 2005) Weekly VRDNs (Tuls Properties LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.310%, 5/5/2011 2,000,000
10,720,000 3,4 Nebraska Investment Finance Authority, Floater Certificates (Series 2006A) Weekly VRDNs (Amberwood, LLC)/(Wells Fargo Bank, N.A. LIQ)/(Wells Fargo Bank, N.A. LOC), 0.340%, 5/5/2011 10,720,000
5,700,000 Stanton County, NE, (Series 1998) Weekly VRDNs (Nucor Corp.), 0.320%, 5/4/2011 5,700,000
TOTAL 20,320,000
Nevada – 4.1%
34,800,000 Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008A-1) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.650%, 5/4/2011 34,800,000
76,500,000 Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008B-1) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 1.050%, 5/4/2011 76,500,000
20,000,000 Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008B-2) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Banco Bilbao Vizcaya Argentaria SA LIQ), 0.410%, 5/4/2011 20,000,000
41,000,000 Director of the State of Nevada Department of Business and Industry, (Series 2007) Weekly VRDNs (LVE Energy Partners LLC)/(Sumitomo Mitsui Banking Corp. LOC), 0.350%, 5/5/2011 41,000,000
15,900,000 Nevada Housing Division, (Series 2004) Weekly VRDNs (Sundance Village Apartments)/(Citibank NA, New York LOC), 0.300%, 5/5/2011 15,900,000
19,295,000 3,4 Truckee Meadows, NV Water Authority, Stage Trust (Series 2008-14C), 0.38% TOBs (GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ) Mandatory Tender 7/28/11, 5/5/2011 19,295,000
TOTAL 207,495,000
New Hampshire – 0.2%
10,500,000 New Hampshire Business Finance Authority, PCRBs (1990 Series A), 0.80% CP (New England Power Co.), Mandatory Tender 5/5/2011 10,500,000
10
Principal
Amount		 Value
$1,670,000 3,4 New Hampshire State HFA, MERLOTS (Series 2001-A51) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 0.790%, 5/4/2011 1,670,000
485,000 3,4 New Hampshire State HFA, MERLOTS (Series 2001-A82) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 0.790%, 5/4/2011 485,000
TOTAL 12,655,000
New Jersey – 3.3%
9,000,000 3,4 BlackRock MuniYield New Jersey Fund, Inc., (1022 Series W-7), 0.510%, 5/5/2011 9,000,000
3,750,000 Camden County, NJ Improvement Authority, (Series 1999A) Daily VRDNs (Harvest Village)/(JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/2/2011 3,750,000
6,427,117 Clinton, NJ, 1.50% BANs, 8/26/2011 6,437,315
5,369,570 Denville Township, NJ, 1.00% BANs, 10/21/2011 5,380,437
5,000,000 Freehold Township, NJ, 1.50% BANs, 12/21/2011 5,022,246
9,270,000 Hackensack, NJ, 1.50% BANs, 8/19/2011 9,292,803
3,269,150 Middle Township, NJ, 1.28% BANs, 12/16/2011 3,269,150
8,000,000 New Jersey EDA, (Series 1997) Weekly VRDNs (Thermal Energy I LP)/(JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/4/2011 8,000,000
45,000,000 3,4 New Jersey State, PUTTERs (Series 3810), 0.30% TOBs (J.P. Morgan Chase & Co. LIQ), Optional Tender 6/2/2011 45,000,000
10,354,285 North Plainfield, NJ, 1.50% BANs, 6/14/2011 10,361,707
6,778,000 Old Bridge Township, NJ, 1.00% BANs, 10/18/2011 6,792,118
10,000,000 Readington Township, NJ, 1.50% BANs, 2/2/2012 10,072,399
12,387,000 Robbinsville Township, NJ, 1.25% BANs, 9/20/2011 12,413,288
6,600,000 Sea Isle City, NJ, 2.00% BANs, 7/1/2011 6,608,714
20,000,000 Woodbridge Township, NJ, 1.50% BANs, 7/1/2011 20,017,228
5,000,000 Woodbridge Township, NJ, 2.00% BANs, 7/1/2011 5,008,270
TOTAL 166,425,675
New Mexico – 0.7%
430,000 Albuquerque, NM IDRB, (Series 1996) Weekly VRDNs (Rose's Southwest Papers, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.450%, 5/5/2011 430,000
3,640,000 Albuquerque, NM IDRB, (Series 1999) Weekly VRDNs (El Encanto, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.450%, 5/5/2011 3,640,000
3,200,000 Bernalillo County, NM MFH, (Series 2008) Weekly VRDNs (Las Brisas Apartments)/(U.S. Bank, N.A. LOC), 0.360%, 5/5/2011 3,200,000
1,650,000 Los Lunas Village, NM, (Series 1998) Weekly VRDNs (Wall Colmonoy Corp.)/(Bank of America N.A. LOC), 0.520%, 5/4/2011 1,650,000
10,000,000 New Mexico Educational Assistance Foundation, (Senior Series 2003A-2) Weekly VRDNs (Royal Bank of Canada, Montreal LOC), 0.300%, 5/5/2011 10,000,000
6,910,000 New Mexico Educational Assistance Foundation, (Senior Series 2004A-1) Weekly VRDNs (Royal Bank of Canada, Montreal LOC), 0.300%, 5/5/2011 6,910,000
6,935,000 New Mexico Educational Assistance Foundation, (Senior Series 2004A-2) Weekly VRDNs (Royal Bank of Canada, Montreal LOC), 0.300%, 5/5/2011 6,935,000
1,380,000 3,4 New Mexico Mortgage Finance Authority, MERLOTS (Series 2001-A66) Weekly VRDNs (GNMA COL)/(Wells Fargo Bank, N.A. LIQ), 0.790%, 5/4/2011 1,380,000
TOTAL 34,145,000
New York – 5.2%
10,000,000 Brewster, NY CSD, 0.75% BANs, 10/27/2011 10,011,263
14,300,000 Catskill, NY CSD, 1.25% BANs, 9/23/2011 14,322,496
9,633,447 Cattaraugus-Little Valley, NY CSD, 1.50% BANs, 6/16/2011 9,636,443
7,270,000 Grand Island, NY, 1.25% BANs, 10/19/2011 7,293,702
5,590,000 Hempstead (town), NY IDA MFH, (Series 2006) Weekly VRDNs (Hempstead Village Housing Associates LP)/(FNMA LOC), 0.330%, 5/5/2011 5,590,000
7,520,000 3,4 Lockport, NY Housing Authority, Red Stone (Series 2010C-1) Weekly VRDNs (Urban Park Towers)/(Wells Fargo Bank, N.A. LIQ)/(Wells Fargo Bank, N.A. LOC), 0.440%, 5/5/2011 7,520,000
15,000,000 Nassau County, NY, 2.00% TANs, 10/15/2011 15,052,312
4,670,000 New Rochelle, NY IDA, (Series 2006: West End Phase I Facility) Weekly VRDNs (180 Union Avenue Owner LP)/(Citibank NA, New York LOC), 0.530%, 5/5/2011 4,670,000
35,000,000 New York City Housing Development Corp., MFH Revenue Bonds (2006 Series J-1), 0.48% TOBs 9/15/2011 35,000,000
30,475,000 New York City, NY Transitional Finance Authority, New York City Recovery Bonds (2003 Subseries 2-A) Daily VRDNs (Dexia Credit Local LIQ), 0.550%, 5/2/2011 30,475,000
20,810,000 New York City, NY, (Fiscal 2006 Series H-1) Daily VRDNs (Dexia Credit Local LOC), 0.350%, 5/2/2011 20,810,000
11
Principal
Amount		 Value
$19,590,000 New York City, NY, (Fiscal 2008 Subseries J-5) Daily VRDNs (Dexia Credit Local LIQ), 0.500%, 5/2/2011 19,590,000
8,000,000 New York City, NY, (Fiscal 2008 Subseries L-5) Daily VRDNs (Dexia Credit Local LIQ), 0.500%, 5/2/2011 8,000,000
21,000,000 3,4 Nuveen Insured New York Dividend Advantage Municipal Fund, (Series 2), Weekly VRDPs (GTD by Deutsche Bank AG), 0.400%, 5/5/2011 21,000,000
31,000,000 3,4 Nuveen New York Select Quality Municipal Fund, Inc., (Series 1), Weekly VRDPs (GTD by Citibank NA, New York), 0.510%, 5/5/2011 31,000,000
5,900,000 Oswego, NY City School District, (Series 2010A), 1.25% BANs, 6/30/2011 5,905,783
13,355,551 Penn-Yan, NY CSD, 1.50% BANs, 6/17/2011 13,368,347
4,080,000 Westchester County, NY IDA, Commercial Facility Revenue Bonds (Series 2000) Weekly VRDNs (Panorama Flight Service, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.320%, 5/4/2011 4,080,000
TOTAL 263,325,346
North Carolina – 0.5%
12,300,000 Hertford County, NC Industrial Facilities & PCFA, (Series 2000B) Weekly VRDNs (Nucor Corp.), 0.450%, 5/4/2011 12,300,000
5,500,000 New Hanover County, NC, (Series 2008A) Weekly VRDNs (New Hanover Regional Medical Center)/(RBC Bank (USA) LOC), 0.260%, 5/4/2011 5,500,000
3,915,000 3,4 North Carolina HFA, MERLOTS (Series 2008-C20) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 0.360%, 5/4/2011 3,915,000
1,400,000 North Carolina Medical Care Commission, (Series 2008B-2) Weekly VRDNs (University Health Systems of Eastern Carolina)/(Branch Banking & Trust Co. LOC), 0.270%, 5/4/2011 1,400,000
3,720,000 Piedmont Triad Airport Authority, NC, (Series B) Weekly VRDNs (Branch Banking & Trust Co. LOC), 0.250%, 5/5/2011 3,720,000
TOTAL 26,835,000
North Dakota – 0.6%
415,000 Hebron, ND IDA, (Series 1998) Weekly VRDNs (Dacco, Inc.)/(U.S. Bank, N.A. LOC), 0.350%, 5/5/2011 415,000
18,835,000 North Dakota State HFA, (Series 2009 B) Weekly VRDNs (FHLB of Des Moines LIQ), 0.290%, 5/4/2011 18,835,000
12,240,000 Richland County, ND, (Series 2010A) Weekly VRDNs (Minn-Dak Farmers Cooperative)/(CoBank, ACB LOC), 0.410%, 5/5/2011 12,240,000
TOTAL 31,490,000
Ohio – 3.5%
10,000,000 Cleveland, OH, Subordinated Water Revenue Notes (Series 2010), 2.00% BANs, 7/28/2011 10,029,966
21,385,000 Delaware County, OH Healthcare Facilities, (Series 2007A) Weekly VRDNs (Willow Brook Christian Communities)/(Fifth Third Bank, Cincinnati LOC), 0.460%, 5/6/2011 21,385,000
34,905,000 Geauga County, OH, Revenue Bonds (Series 2007A) Daily VRDNs (South Franklin Circle)/(Key Bank, N.A. LOC), 0.480%, 5/2/2011 34,905,000
18,800,000 Geauga County, OH, Revenue Bonds (Series 2007B) Daily VRDNs (South Franklin Circle)/(Key Bank, N.A. LOC), 0.480%, 5/2/2011 18,800,000
15,050,000 Lake County, OH Port Authority, (Series 2008) Weekly VRDNs (Lake Erie College)/(Fifth Third Bank, Cincinnati LOC), 0.460%, 5/6/2011 15,050,000
5,000,000 Marion County, OH MFH, (Series 2006) Weekly VRDNs (Avalon Lakes)/(FHLB of Cincinnati LOC), 0.290%, 5/5/2011 5,000,000
7,000,000 Montgomery County, OH Hospital Authority, (Series 2008A) Weekly VRDNs (Kettering Health Network Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 1.000%, 5/4/2011 7,000,000
40,035,000 Montgomery County, OH Hospital Authority, (Series 2008B) Weekly VRDNs (Kettering Health Network Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 1.000%, 5/4/2011 40,035,000
4,655,000 Summit County, OH, (Series 2002) Weekly VRDNs (The Western Reserve Academy)/(Key Bank, N.A. LOC), 0.510%, 5/5/2011 4,655,000
19,655,000 Williams County, OH, (Series 2008) Weekly VRDNs (Community Hospital and Wellness Centers)/(Fifth Third Bank, Cincinnati LOC), 0.460%, 5/6/2011 19,655,000
TOTAL 176,514,966
Oklahoma – 0.5%
5,200,000 Blaine County, OK IDA, (Series 2000) Weekly VRDNs (Seaboard Farms)/(Bank of the West, San Francisco, CA LOC), 0.380%, 5/4/2011 5,200,000
6,000,000 Broken Arrow, OK EDA Weekly VRDNs (Blue Bell Creameries)/(JPMorgan Chase Bank, N.A. LOC), 0.370%, 5/5/2011 6,000,000
8,644,561 3,4 Clipper Tax-Exempt Certificates Trust (Oklahoma AMT)/(Series 2009-5) Weekly VRDNs (Oklahoma HFA)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.380%, 5/5/2011 8,644,561
2,500,000 Oklahoma Development Finance Authority, (Series 2002B) Weekly VRDNs (ConocoPhillips), 0.300%, 5/4/2011 2,500,000
1,470,000 Oklahoma State Industrial Authority, (Series 2001) Weekly VRDNs (Casady School)/(JPMorgan Chase Bank, N.A. LOC), 0.470%, 5/5/2011 1,470,000
TOTAL 23,814,561
Oregon – 0.4%
500,000 Oregon State EDRB, (Series 175) Weekly VRDNs (L D McFarland Co. Ltd.)/(U.S. Bank, N.A. LOC), 0.300%, 5/5/2011 500,000
12
Principal
Amount		 Value
$10,000,000 Port of Morrow, OR, (Series 2001A) Weekly VRDNs (Threemile Canyon Farms LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.310%, 5/5/2011 10,000,000
10,000,000 Port of Morrow, OR, (Series 2001C) Weekly VRDNs (Threemile Canyon Farms LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.310%, 5/5/2011 10,000,000
2,000,000 Port Portland, OR Special Obligation, (Series 2006) Weekly VRDNs (Portland Bulk Terminal)/(Canadian Imperial Bank of Commerce LOC), 0.240%, 5/5/2011 2,000,000
TOTAL 22,500,000
Pennsylvania – 0.9%
1,600,000 Dauphin County, PA IDA, (Series 1998-A) Weekly VRDNs (Key Ingredients, Inc.)/(Citibank NA, New York LOC), 0.320%, 5/4/2011 1,600,000
6,200,000 Pennsylvania EDFA, (Series 2005) Weekly VRDNs (Westrum Harleysville II LP)/(FHLB of Pittsburgh LOC), 0.290%, 5/5/2011 6,200,000
17,205,000 Pennsylvania EDFA, (Series 2006) Weekly VRDNs (AMC Delancey Traditions of Hershey Partners, L.P.)/(FHLB of Pittsburgh LOC), 0.290%, 5/5/2011 17,205,000
3,850,000 Philadelphia, PA Authority for Industrial Development, (Series 2008) Weekly VRDNs (Evangelical Manor)/(Citizens Bank of Pennsylvania LOC), 0.300%, 5/5/2011 3,850,000
19,000,000 Philadelphia, PA, (Series A of 2010-2011), 2.00% TRANs, 6/30/2011 19,040,323
TOTAL 47,895,323
Puerto Rico – 0.1%
7,100,000 Puerto Rico Highway and Transportation Authority, (Series 1998 A) Weekly VRDNs (Bank of Nova Scotia, Toronto LOC), 0.220%, 5/4/2011 7,100,000
Rhode Island – 0.2%
2,850,000 Rhode Island Industrial Facilities Corp., (Series 2001) Weekly VRDNs (Interplex Industries, Inc.)/(Key Bank, N.A. LOC), 1.030%, 5/5/2011 2,850,000
7,760,000 Warwick, RI Housing Authority, (Series 2001) Daily VRDNs (Trafalgar East Apartments)/(Bank of America N.A. LOC), 0.320%, 5/2/2011 7,760,000
TOTAL 10,610,000
South Carolina – 2.1%
24,000,000 Berkeley County, SC IDB Weekly VRDNs (Nucor Corp.), 0.320%, 5/4/2011 24,000,000
10,000,000 Berkeley County, SC IDB, (Series 1996A) Weekly VRDNs (Nucor Corp.), 0.430%, 5/4/2011 10,000,000
5,600,000 Berkeley County, SC IDB, (Series 1997) Weekly VRDNs (Nucor Corp.), 0.320%, 5/4/2011 5,600,000
25,000,000 Berkeley County, SC IDB, (Series 1998) Weekly VRDNs (Nucor Corp.), 0.430%, 5/4/2011 25,000,000
5,000,000 South Carolina Jobs-EDA, (Series 1997) Weekly VRDNs (Waste Management, Inc.)/(Bank of America N.A. LOC), 0.360%, 5/4/2011 5,000,000
3,000,000 South Carolina Jobs-EDA, (Series 1997B) Weekly VRDNs (Mohawk Industries, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.410%, 5/5/2011 3,000,000
6,225,000 South Carolina Jobs-EDA, (Series 1997C) Weekly VRDNs (Mohawk Industries, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.410%, 5/5/2011 6,225,000
8,280,000 South Carolina Jobs-EDA, (Series 2008) Weekly VRDNs (Brashier Charter, LLC)/(SunTrust Bank LOC), 0.650%, 5/4/2011 8,280,000
12,400,000 South Carolina State Housing Finance & Development Authority, (Series 2006) Weekly VRDNs (Rocky Creek Apartments)/(Wells Fargo Bank, N.A. LOC), 0.350%, 5/5/2011 12,400,000
6,485,000 Spartanburg County, SC Health Services District, Inc., (Series 2008B) Weekly VRDNs (Assured Guaranty Corp. INS)/(Bank of America N.A. LIQ), 0.350%, 5/4/2011 6,485,000
TOTAL 105,990,000
South Dakota – 0.1%
4,000,000 South Dakota Housing Development Authority, (2003 Series F) Weekly VRDNs (Landesbank Hessen-Thuringen (GTD) LIQ), 0.300%, 5/5/2011 4,000,000
Tennessee – 0.6%
5,000,000 Covington, TN IDB, (Series 1992) Weekly VRDNs (Charms Co.)/(Bank of America N.A. LOC), 0.390%, 5/4/2011 5,000,000
10,000,000 Lewisburg, TN IDB, (Series 2003) Weekly VRDNs (Waste Management, Inc. of Tennessee)/(PNC Bank, N.A. LOC), 0.280%, 5/5/2011 10,000,000
390,000 Loudon, TN IDB, (Series 2002) Weekly VRDNs (Continental Carbonic Products, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.670%, 5/5/2011 390,000
4,495,000 3,4 Metropolitan Government Nashville & Davidson County, TN, Red Stone (Series 2009B) Weekly VRDNs (Hickory Forest Apartments)/(Wells Fargo Bank, N.A. LIQ)/(Wells Fargo Bank, N.A. LOC), 0.440%, 5/5/2011 4,495,000
8,500,000 Selmer/McNairy County, TN Industrial Development Board, (Series 2008) Weekly VRDNs (United Stainless, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.450%, 5/5/2011 8,500,000
845,000 Tullahoma, TN IDB, (Series 1995) Weekly VRDNs (Rock-Tenn Converting Co.)/(SunTrust Bank LOC), 0.890%, 5/4/2011 845,000
TOTAL 29,230,000
13
Principal
Amount		 Value
Texas – 6.8%
$9,950,000 Brazos Harbor, TX IDC, Revenue Bonds (Series B) Weekly VRDNs (American Rice, Inc.)/(HSBC Bank USA LOC), 0.370%, 5/4/2011 9,950,000
180,000 Brazos River Authority, TX, (Series 2002A) Daily VRDNs (Texas Competitive Electric Holdings Co. LLC)/(Citibank NA, New York LOC), 0.280%, 5/2/2011 180,000
13,775,000 Calhoun County, TX Navigation District Environmental Facilities, (Series 2004) Weekly VRDNs (Formosa Plastic Corp.)/(Bank of America N.A. LOC), 0.380%, 5/5/2011 13,775,000
8,200,000 Calhoun County, TX Navigation District Environmental Facilities, (Series 2006) Weekly VRDNs (Formosa Plastic Corp.)/(Bank of America N.A. LOC), 0.380%, 5/5/2011 8,200,000
4,045,000 Colorado County, TX IDC, (Series 2000) Weekly VRDNs (Great Southern Wood, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.310%, 5/4/2011 4,045,000
4,000,000 Colorado River, TX Municipal Water Distribution, (Series 2001) Weekly VRDNs (Republic Services, Inc.)/(Bank of America N.A. LOC), 0.380%, 5/5/2011 4,000,000
2,100,000 Dalhart, TX Economic Development Corp., (Series 2005) Weekly VRDNs (DARE Investments)/(Rabobank Nederland NV, Utrecht LOC), 0.310%, 5/5/2011 2,100,000
2,950,000 Dalhart, TX Economic Development Corp., (Series 2005) Weekly VRDNs (Northside Farms LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.310%, 5/5/2011 2,950,000
6,900,000 Harris County, TX Housing Finance Corp., Park at Kirkstall Apartments (Series 2002) Weekly VRDNs (Harris Park Partners LP)/(Wells Fargo Bank, N.A. LOC), 0.370%, 5/5/2011 6,900,000
1,000,000 Port Arthur Navigation District, TX IDC, (Series 2000) Weekly VRDNs (Air Products & Chemicals, Inc.), 0.330%, 5/4/2011 1,000,000
10,000,000 Port Arthur Navigation District, TX IDC, (Series 2001) Weekly VRDNs (Air Products & Chemicals, Inc.), 0.330%, 5/4/2011 10,000,000
13,000,000 Southeast Texas Housing Finance Corp. Weekly VRDNs (Mansions at Moses Lake, LP)/(FHLMC LOC), 0.290%, 5/5/2011 13,000,000
175,000 3,4 Texas State Department of Housing & Community Affairs, MERLOTS (Series 2003-A8) Weekly VRDNs (GNMA COL)/(Wells Fargo Bank, N.A. LIQ), 0.790%, 5/4/2011 175,000
9,805,000 3,4 Texas State Department of Housing & Community Affairs, P-FLOATs (Series PT-4594) Weekly VRDNs (Tranquility Housing Ltd.)/(GTD by FHLMC)/(FHLMC LIQ), 0.360%, 5/5/2011 9,805,000
135,000,000 Texas State, 2.00% TRANs, 8/31/2011 135,740,797
7,195,000 3,4 Texas State, MERLOTS (Series 2008-C47) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 0.360%, 5/4/2011 7,195,000
52,000,000 Texas State, Variable Rate College Student Loan & Refunding Bonds (Series 2003) Weekly VRDNs (Landesbank Hessen-Thuringen (GTD) LIQ), 0.300%, 5/5/2011 52,000,000
16,945,000 Texas State, Veterans Land Board (Series 2002) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LIQ), 0.320%, 5/4/2011 16,945,000
29,935,000 Texas State, Veterans' Housing Assistance Program Fund II (Series 2006D) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LIQ), 0.320%, 5/4/2011 29,935,000
9,840,000 Texas State, Veterans' Housing Assistance Program, Fund II (Series 2004B) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LIQ), 0.270%, 5/4/2011 9,840,000
10,000,000 3,4 University of North Texas, TX, Municipal Securities Trust Receipts (Series SGA 146) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Societe Generale, Paris LIQ), 0.320%, 5/4/2011 10,000,000
TOTAL 347,735,797
Utah – 0.0%
1,375,000 Salt Lake County, UT Training Facilities, (Series 2000) Weekly VRDNs (Community Foundation For The Disabled, Inc.)/(Wells Fargo Bank Northwest, N.A. LOC), 0.430%, 5/5/2011 1,375,000
1,100,000 Utah State Housing Corporation: MFH, (Series 2007) Weekly VRDNs (Pointe Apartments, Ltd.)/(U.S. Bank, N.A. LOC), 0.360%, 5/5/2011 1,100,000
TOTAL 2,475,000
Vermont – 0.6%
13,800,000 Vermont HFA, Single Family Housing Bonds (Series 22C) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(TD Bank, N.A. LIQ), 0.490%, 5/4/2011 13,800,000
14,500,000 Vermont HFA, Single Family Housing Bonds (Series 23) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(TD Bank, N.A. LIQ), 0.490%, 5/4/2011 14,500,000
TOTAL 28,300,000
Virginia – 1.1%
1,000,000 Brunswick County, VA IDA, (Series 1996) Weekly VRDNs (Aegis Waste Solutions, Inc.)/(Bank of America N.A. LOC), 0.770%, 5/5/2011 1,000,000
3,000,000 Hanover County, VA IDA, (Series 2005A) Weekly VRDNs (Rhapsody Land & Development LLC)/(Wells Fargo Bank, N.A. LOC), 0.450%, 5/5/2011 3,000,000
4,700,000 Portsmouth, VA IDA, (Series 2001A) Weekly VRDNs (Ocean Marine LLC)/(Wells Fargo Bank, N.A. LOC), 0.370%, 5/5/2011 4,700,000
3,000,000 Portsmouth, VA IDA, (Series 2001B) Weekly VRDNs (Ocean Marine LLC)/(Wells Fargo Bank, N.A. LOC), 0.370%, 5/5/2011 3,000,000
14
Principal
Amount		 Value
$25,400,000 Roanoke, VA IDA, (Series 2005A-1) Daily VRDNs (Carilion Health System Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 0.230%, 5/2/2011 25,400,000
19,000,000 Roanoke, VA IDA, (Series 2005A-2) Daily VRDNs (Carilion Health System Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 0.230%, 5/2/2011 19,000,000
TOTAL 56,100,000
Washington – 1.8%
2,400,000 Kitsap County, WA IDC, (Series 2006) Weekly VRDNs (Cara Land Co., LLC)/(Wells Fargo Bank, N.A. LOC), 0.500%, 5/5/2011 2,400,000
9,000,000 Pierce County, WA Economic Development Corp., (Series 1995) Weekly VRDNs (Simpson-Tacoma Kraft Co.)/(Bank of America N.A. LOC), 0.630%, 5/5/2011 9,000,000
450,000 Port of Bellingham, WA IDC, (Series 2005) Weekly VRDNs (FPE Renewables LLC)/(Bank of America N.A. LOC), 1.370%, 5/5/2011 450,000
2,585,000 Port of Pasco, WA Economic Development Corp., (Series 1996) Weekly VRDNs (Douglas Fruit Co., Inc.)/(U.S. Bank, N.A. LOC), 0.370%, 5/5/2011 2,585,000
7,455,000 3,4 Port of Seattle, WA, PUTTERs (Series 2020) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.410%, 5/5/2011 7,455,000
4,005,000 Seattle, WA Housing Authority, (Series 2003: Rainier Vista Project, Phase I) Weekly VRDNs (Escallonia LP)/(Key Bank, N.A. LOC), 1.000%, 5/5/2011 4,005,000
3,085,000 Washington State EDFA, (Series 2000C) Weekly VRDNs (AMI-Moore LLC)/(Key Bank, N.A. LOC), 1.000%, 5/5/2011 3,085,000
4,100,000 Washington State EDFA, (Series 2001C) Weekly VRDNs (Waste Management, Inc.)/(Bank of America N.A. LOC), 0.340%, 5/4/2011 4,100,000
7,375,000 Washington State EDFA, (Series 2001E) Weekly VRDNs (Darigold, Inc./WestFarm Foods)/(Wells Fargo Bank, N.A. LOC), 0.410%, 5/5/2011 7,375,000
1,000,000 Washington State EDFA, (Series 2001L) Weekly VRDNs (Darigold, Inc./WestFarm Foods)/(Wells Fargo Bank, N.A. LOC), 0.410%, 5/5/2011 1,000,000
1,565,000 Washington State EDFA, (Series 2002B) Weekly VRDNs (Holbrook/Searight LLC)/(U.S. Bank, N.A. LOC), 0.280%, 5/5/2011 1,565,000
4,720,000 Washington State EDFA, (Series 2005B) Weekly VRDNs (Harold LeMay Enterprises, Inc.)/(Bank of America N.A. LOC), 0.340%, 5/4/2011 4,720,000
5,335,000 Washington State EDFA, (Series 2006K) Weekly VRDNs (Heirborne Investments LLC)/(Union Bank, N.A. LOC), 0.370%, 5/4/2011 5,335,000
10,000,000 Washington State EDFA, (Series 2007A) Weekly VRDNs (Delta Marine Industries, Inc.)/(Key Bank, N.A. LOC), 1.030%, 5/5/2011 10,000,000
4,500,000 Washington State EDFA, (Series 2007J) Weekly VRDNs (Ocean Gold Seafoods, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.430%, 5/5/2011 4,500,000
2,915,000 Washington State EDFA, (Series C) Weekly VRDNs (Novelty Hills Properties LLC)/(U.S. Bank, N.A. LOC), 0.390%, 5/5/2011 2,915,000
3,590,000 Washington State Housing Finance Commission: MFH, (Series 1996) Weekly VRDNs (Hamilton Place Senior Living LP)/(FNMA LOC), 0.290%, 5/5/2011 3,590,000
5,350,000 Washington State Housing Finance Commission: MFH, (Series 2002A) Weekly VRDNs (Alderwood Court Associates LP)/(FNMA LOC), 0.290%, 5/5/2011 5,350,000
6,500,000 Washington State Housing Finance Commission: MFH, (Series 2005A: Park Vista) Weekly VRDNs (MWSH Port Orchard LLC)/(FHLB of San Francisco LOC), 0.310%, 5/2/2011 6,500,000
3,560,000 Washington State Housing Finance Commission: MFH, (Series 2007) Weekly VRDNs (Clark Island LP)/(FHLMC LOC), 0.310%, 5/5/2011 3,560,000
TOTAL 89,490,000
West Virginia – 0.3%
3,760,000 Ritchie County, WV, IDRB (Series 1996) Weekly VRDNs (Simonton Building Products, Inc.)/(PNC Bank, N.A. LOC), 0.310%, 5/5/2011 3,760,000
10,000,000 West Virginia EDA Solid Waste Disposal Facilities, (Series 2008B) Weekly VRDNs (Appalachian Power Co.)/(Mizuho Corporate Bank Ltd. LOC), 0.330%, 5/5/2011 10,000,000
TOTAL 13,760,000
Wisconsin – 4.4%
9,500,000 Brokaw, WI, Sewage and Solid Waste Revenue Bonds (Series 1995) Weekly VRDNs (Wausau Paper Mills Co.)/(Bank of America N.A. LOC), 0.510%, 5/5/2011 9,500,000
4,000,000 Combined Locks, WI IDRB, (Series 1997) Weekly VRDNs (Appleton Papers)/(Fifth Third Bank, Cincinnati LOC), 0.580%, 5/5/2011 4,000,000
15,500,000 Franklin, WI Regional Solid Waste Finance Commission, (Series 2007A) Weekly VRDNs (Waste Management of Wisconsin, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.310%, 5/5/2011 15,500,000
800,000 Grand Chute, WI, (Series 2000A) Weekly VRDNs (Pacon Corp.)/(U.S. Bank, N.A. LOC), 0.450%, 5/4/2011 800,000
1,325,000 Kiel, WI IDA, (Series 2007) Weekly VRDNs (Polar Ware Co.)/(U.S. Bank, N.A. LOC), 0.440%, 5/5/2011 1,325,000
5,040,000 Lancaster, WI IDRB, (Series 2007) Weekly VRDNs (Woolwich Dairy (USA), Inc.)/(Harris, N.A. LOC), 0.420%, 5/5/2011 5,040,000
1,645,000 West Bend, WI IDA, (Series 2006) Weekly VRDNs (Jackson Concrete, Inc.)/(U.S. Bank, N.A. LOC), 0.490%, 5/5/2011 1,645,000
15
Principal
Amount		 Value
$1,600,000 Whitehall, WI IDRB, (Series 2007) Weekly VRDNs (Whitehall Specialties, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.370%, 5/5/2011 1,600,000
22,505,000 Wisconsin Housing & EDA, (Series 2004E) Weekly VRDNs (Lloyds TSB Bank PLC, London LIQ), 0.320%, 5/4/2011 22,505,000
81,650,000 Wisconsin Housing & EDA, (Series A) Weekly VRDNs (KBC Bank N.V. LIQ), 0.420%, 5/5/2011 81,650,000
14,920,000 Wisconsin Housing & EDA, Home Ownership Revenue Bonds (Series 2005C) Weekly VRDNs (Lloyds TSB Bank PLC, London LIQ), 0.320%, 5/4/2011 14,920,000
67,500,000 Wisconsin State, (Operating Notes of 2010), 2.00% TRANs, 6/15/2011 67,623,434
TOTAL 226,108,434
Wyoming – 0.6%
32,700,000 Sweetwater County, WY Environmental Improvement, (Series 2007) Weekly VRDNs (Simplot Phosphates LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.300%, 5/4/2011 32,700,000
TOTAL MUNICIPAL INVESTMENTS — 100.1%
(AT AMORTIZED COST)5 		5,110,118,359
OTHER ASSETS AND LIABILITIES - NET — (0.1)%6 (6,358,732)
TOTAL NET ASSETS — 100% $5,103,759,627

Securities that are subject to the federal alternative minimum tax (AMT) represent 58.8% of the portfolio as calculated based upon total market value.

1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical rating organizations (NRSROs) or unrated securities of comparable quality. An NRSRO's two highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+, SP-1 or SP-2 by Standard & Poor's, MIG-1 or MIG-2 by Moody's Investors Service, or F-1+, F-1 or F-2 by Fitch Ratings, are all considered rated in one of the two highest short-term rating categories. Securities rated in the highest short-term rating category (and unrated securities of comparable quality) are identified as First Tier securities. Securities rated in the second highest short-term rating category (and unrated securities of comparable quality) are identified as Second Tier securities. The Fund follows applicable regulations in determining whether a security is rated and whether a security rated by multiple NRSROs in different rating categories should be identified as a First or Second Tier security.
  At April 30, 2011, the portfolio securities were rated as follows:
  Tier Rating Percentages Based on Total Market Value
First Tier Second Tier
96.9% 3.1%
2 Current rate and next reset date shown for Variable Rate Demand Notes.
3 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 April 30, 2011, these restricted securities amounted to $1,179,184,787, which represented 23.1% of total net assets.
4 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 (the “Trustees”). At April 30, 2011, these liquid restricted securities amounted to $1,179,184,787, which represented 23.1% of total net assets.
5 Also represents cost for federal tax purposes.
6 Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2011.

Investment Valuation

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

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

Level 1 — quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable. Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Also includes securities valued at amortized cost. Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

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

16

As of April 30, 2011, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

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

17


Federated Prime Cash Obligations Fund

Portfolio of Investments

April 30, 2011 (unaudited)

Principal
Amount		 Value
Asset-Backed Securities – 1.6%
Finance - Automotive – 0.5%
$12,285,678 Ally Auto Receivables Trust 2010-4, Class A1, 0.336%, 11/15/2011 12,285,678
10,068,665 AmeriCredit Automobile Receivables Trust 2010-4, Class A1, 0.325%, 12/8/2011 10,068,665
53,000,000 AmeriCredit Automobile Receivables Trust 2011-2, Class A1, 0.323%, 4/8/2012 53,000,000
4,781,297 CarMax Auto Owner Trust 2010-3, Class A1, 0.313%, 11/15/2011 4,781,297
7,839,143 1,2 Ford Credit Auto Lease Trust 2010-B, Class A1, 0.383%, 11/15/2011 7,839,143
8,637,738 1,2 MMCA Auto Owner Trust 2011-A, Class A1, 0.372%, 3/15/2012 8,637,738
32,408,736 1,2 Santander Consumer Acquired Receivables Trust 2011-WO, Class A1, 0.356%, 1/17/2012 32,408,736
TOTAL 129,021,257
Finance - Retail – 1.1%
256,000,000 1,2,3 Arkle Master Issuer PLC 2010-1, Class 1A, 0.416%, 5/17/2011 256,000,000
TOTAL ASSET-BACKED SECURITIES 385,021,257
Certificates of Deposit – 39.6%
Finance - Banking – 39.6%
1,106,000,000 BNP Paribas SA, 0.310% — 0.550%, 6/28/2011 — 9/28/2011 1,106,000,000
50,000,000 3 Bank of Montreal, 0.303%, 5/27/2011 50,000,075
100,000,000 3 Bank of Montreal, 0.321%, 5/10/2011 100,000,000
172,500,000 3 Bank of Montreal, 0.363%, 5/27/2011 172,500,000
350,000,000 Bank of Nova Scotia, Toronto, 0.240% — 0.260%, 6/23/2011 — 7/1/2011 350,000,000
1,321,000,000 Bank of Tokyo-Mitsubishi UFJ Ltd., 0.230% — 0.300%, 5/13/2011 — 7/7/2011 1,321,000,000
180,000,000 Barclays Bank PLC, 0.390% — 0.790%, 11/1/2011 — 1/27/2012 180,000,000
50,000,000 Barclays Bank PLC, 0.430%, 10/21/2011 50,000,000
310,000,000 Barclays Bank PLC, 0.570% — 0.810%, 8/8/2011 — 1/25/2012 310,000,000
150,000,000 3 Barclays Bank PLC, 0.633%, 5/27/2011 150,000,000
772,000,000 Caisse des Depots et Consignations (CDC), 0.370% — 0.670%, 6/9/2011 — 1/10/2012 772,014,016
849,700,000 Credit Agricole Corporate and Investment Bank, 0.280% — 0.560%, 5/13/2011 — 7/18/2011 849,700,000
75,000,000 3 Credit Suisse, Zurich, 0.294%, 5/9/2011 75,000,000
125,000,000 3 Credit Suisse, Zurich, 0.323%, 5/2/2011 125,000,000
100,000,000 Credit Suisse, Zurich, 0.330%, 5/26/2011 100,000,000
50,000,000 3 Credit Suisse, Zurich, 0.509%, 6/27/2011 50,016,140
280,000,000 Deutsche Bank AG, 0.320% — 0.450%, 5/10/2011 — 10/7/2011 280,000,000
100,000,000 3 Deutsche Bank AG, 0.592%, 5/23/2011 100,000,000
1,231,000,000 Mizuho Corporate Bank Ltd., 0.240% — 0.310%, 5/2/2011 — 8/2/2011 1,231,000,000
200,000,000 3 National Australia Bank Ltd., Melbourne, 0.291%, 5/10/2011 200,000,000
50,000,000 3 National Australia Bank Ltd., Melbourne, 0.317%, 5/12/2011 50,000,000
200,000,000 3 Rabobank Nederland NV, Utrecht, 0.308%, 5/26/2011 199,990,098
75,000,000 3 Rabobank Nederland NV, Utrecht, 0.320%, 5/6/2011 75,000,000
120,000,000 3 Rabobank Nederland NV, Utrecht, 0.321%, 5/9/2011 120,000,000
175,000,000 3 Rabobank Nederland NV, Utrecht, 0.343%, 5/3/2011 175,000,000
375,000,000 Rabobank Nederland NV, Utrecht, 0.390% — 0.500%, 6/2/2011 — 9/14/2011 375,000,000
701,000,000 Societe Generale, Paris, 0.260% — 0.520%, 7/18/2011 — 10/19/2011 701,000,000
300,000,000 Svenska Handelsbanken, Stockholm, 0.270% — 0.280%, 5/25/2011 — 8/5/2011 300,007,993
100,000,000 3 Westpac Banking Corp. Ltd., Sydney, 0.321%, 5/11/2011 100,000,000
100,000,000 3 Westpac Banking Corp. Ltd., Sydney, 0.321%, 5/9/2011 100,000,000
TOTAL CERTIFICATES OF DEPOSIT 9,768,228,322
1
Principal
Amount		 Value
Collateralized Loan Agreements – 16.5%
Brokerage – 0.8%
$184,000,000 3 Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.380% — 0.700%, 5/2/2011 — 7/25/2011 184,000,000
Finance - Banking – 15.7%
135,000,000 BNP Paribas Securities Corp., 0.548%, 5/27/2011 135,000,000
533,000,000 Barclays Capital, Inc., 0.355% — 0.710%, 5/2/2011 — 7/25/2011 533,000,000
700,000,000 3 Citigroup Global Markets, Inc., 0.500% — 0.740%, 5/20/2011 — 6/24/2011 700,000,000
325,200,000 Credit Suisse First Boston LLC, 0.380%, 7/20/2011 — 7/26/2011 325,200,000
673,500,000 Deutsche Bank Securities, Inc., 0.406% — 0.507%, 5/2/2011 — 5/23/2011 673,500,000
357,500,000 J.P. Morgan Securities, Inc., 0.365% — 0.568%, 5/2/2011 — 7/25/2011 357,500,000
658,200,000 3 RBS Securities, Inc., 0.500%, 5/2/2011 658,200,000
495,000,000 Wells Fargo Securities, LLC, 0.304% — 0.406%, 5/2/2011 — 7/7/2011 495,000,000
TOTAL 3,877,400,000
TOTAL COLLATERALIZED LOAN AGREEMENTS 4,061,400,000
Commercial Paper – 18.8%4
Aerospace/Auto – 0.7%
173,000,000 Toyota Motor Credit Corp., (Toyota Motor Corp. SA), 0.270% — 0.401%, 6/1/2011 — 6/23/2011 172,935,212
Finance - Automotive – 0.3%
85,500,000 FCAR Owner Trust, (A1+/P1 Series), 0.451% — 0.451%, 7/1/2011 — 7/5/2011 85,432,531
Finance - Banking – 16.9%
450,000,000 Bank of America Corp., 0.230% — 0.280%, 6/9/2011 — 7/12/2011 449,844,778
172,000,000 Citigroup Funding, Inc., 0.260%, 5/11/2011 — 5/12/2011 171,987,058
161,000,000 1,2 Commonwealth Bank of Australia, 0.230%, 7/6/2011 160,932,112
505,000,000 Credit Agricole North America, Inc., 0.290% — 0.511%, 5/2/2011 — 8/23/2011 504,569,743
275,000,000 Credit Suisse, Zurich, 0.265% — 0.330%, 6/1/2011 — 7/7/2011 274,898,649
350,000,000 1,2 Danske Corp., Inc., 0.190% — 0.200%, 5/19/2011 — 5/23/2011 349,963,389
125,000,000 1,2 Grampian Funding LLC, 0.210%, 5/13/2011 124,991,250
1,295,630,000 ING (U.S.) Funding LLC, 0.290% — 0.330%, 5/6/2011 — 8/4/2011 1,295,199,325
155,000,000 1,2 Northern Pines Funding LLC, 0.280% — 0.330%, 8/1/2011 — 9/27/2011 154,837,067
567,000,000 Societe Generale North America, Inc., (GTD by Societe Generale, Paris), 0.401% — 0.541%, 5/2/2011 — 10/20/2011 566,240,744
100,000,000 Svenska Handelsbanken, Inc., (GTD by Svenska Handelsbanken, Stockholm), 0.270%, 8/1/2011 99,931,000
TOTAL 4,153,395,115
Finance - Commercial – 0.3%
74,000,000 1,2 Atlantic Asset Securitization LLC, 0.180%, 5/10/2011 73,996,670
Finance - Retail – 0.6%
56,525,000 1,2 Alpine Securitization Corp., 0.180%, 5/6/2011 56,523,587
90,000,000 1,2 Salisbury Receivables Company LLC, 0.160% — 0.170%, 5/11/2011 — 5/18/2011 89,994,333
TOTAL 146,517,920
TOTAL COMMERCIAL PAPER 4,632,277,448
Corporate Bonds – 0.6%
Finance - Banking – 0.6%
150,000,000 3 JPMorgan Chase Bank, N.A., 0.253%, 5/23/2011 150,000,000
Loan Participation – 0.1%
Food & Beverage – 0.1%
22,000,000 Archer-Daniels-Midland Co., 0.250%, 5/13/2011 22,000,000
Notes - Variable – 14.2%3
Finance - Banking – 14.0%
71,995,000 ABAG Finance Authority for Non-Profit Corporations, CA, (Series 2007), (Bank of America N.A. LOC), 0.280%, 5/2/2011 71,995,000
2,000,000 Albuquerque, NM IDRB, (Series 1997) El Canto, Inc., (Wells Fargo Bank, N.A. LOC), 0.260%, 5/5/2011 2,000,000
5,155,000 Albuquerque, NM, KTECH Corp. Project (Series 2005), (Wells Fargo Bank, N.A. LOC), 0.210%, 5/5/2011 5,155,000
6,585,000 Anchor Holdings LLC, (Series 2000), (U.S. Bank, N.A. LOC), 0.600%, 5/5/2011 6,585,000
57,600,000 Apache County, AZ IDA, (Series 1983B), (Bank of New York Mellon LOC), 0.270%, 5/4/2011 57,600,000
2
Principal
Amount		 Value
$1,000,000 Arizona Health Facilities Authority, (Series 2009F), (Citibank NA, New York LOC), 0.250%, 5/4/2011 1,000,000
210,000,000 1,2 Australia & New Zealand Banking Group, Melbourne, 0.293%, 5/20/2011 210,000,000
150,000,000 1,2 Australia & New Zealand Banking Group, Melbourne, 0.321%, 5/9/2011 150,000,000
225,000,000 1,2 Australia & New Zealand Banking Group, Melbourne, 0.326%, 5/9/2011 225,000,000
430,000 Biddle Road Corp., (Series 2004), (Wells Fargo Bank, N.A. LOC), 0.350%, 5/5/2011 430,000
45,090,000 Blount County, TN Public Building Authority, (Series E-6-A), (Branch Banking & Trust Co. LOC), 0.290%, 5/4/2011 45,090,000
795,000 Bond Holdings LP, (Wells Fargo Bank, N.A. LOC), 0.210%, 5/6/2011 795,000
36,460,000 California Health Facilities Financing Authority, (Series 2005H), (Bank of America N.A. LOC), 0.240%, 5/4/2011 36,460,000
39,965,000 California Statewide Communities Development Authority MFH, (Series 2007 G), (Bank of America N.A. LOC), 0.260%, 5/5/2011 39,965,000
2,970,000 California Statewide Communities Development Authority, (U.S. Bank, N.A. LOC), 0.260%, 5/2/2011 2,970,000
9,685,000 Capital Markets Access Co. LC, West Broad Holdings, LLC (Series 2007), (Wells Fargo Bank, N.A. LOC), 0.240%, 5/5/2011 9,685,000
1,995,000 Capital One Funding Corp., (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/5/2011 1,995,000
5,717,000 Capital One Funding Corp., (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/5/2011 5,717,000
1,113,000 Capital One Funding Corp., (JPMorgan Chase Bank, N.A. LOC), 0.330%, 5/5/2011 1,113,000
744,000 Capital One Funding Corp., (Series 1996-C), (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/5/2011 744,000
930,000 Capital One Funding Corp., (Series 1996-I), (JPMorgan Chase Bank, N.A. LOC), 0.310%, 5/5/2011 930,000
6,430,000 Capital One Funding Corp., (Series 1997-G), (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/5/2011 6,430,000
1,063,000 Capital One Funding Corp., (Series 2001-C), (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/5/2011 1,063,000
7,400,000 Charlotte Christian School, (Series 1999), (Wells Fargo Bank, N.A. LOC), 0.210%, 5/4/2011 7,400,000
11,850,000 Cleveland-Cuyahoga County, OH Port Authority, Revenue Bonds (Series 2007), (JPMorgan Chase Bank, N.A. LOC), 0.240%, 5/5/2011 11,850,000
83,000,000 Commonwealth Bank of Australia, 0.320%, 5/6/2011 82,996,216
130,000,000 Commonwealth Bank of Australia, 0.333%, 5/5/2011 130,000,000
75,320,000 Corporate Finance Managers, Inc., (Series B), (Wells Fargo Bank, N.A. LOC), 0.210%, 5/5/2011 75,320,000
360,000 Elliott Aviation, Inc., (U.S. Bank, N.A. LOC), 0.480%, 5/4/2011 360,000
8,670,000 Florida Heart Group, P.A. and Florida Heart Group Holdings, LLC, (Series 2004), (Wells Fargo Bank, N.A. LOC), 0.240%, 5/5/2011 8,670,000
4,850,000 Freeport, IL, (U.S. Bank, N.A. LOC), 0.270%, 5/5/2011 4,850,000
8,365,000 Guiding Light Church, (Series 2005), (Wells Fargo Bank, N.A. LOC), 0.210%, 5/5/2011 8,365,000
21,495,000 Hamilton Station Park and Ride, (Series 2005), (Wells Fargo Bank, N.A. LOC), 0.210%, 5/5/2011 21,495,000
14,150,000 Highlands County, FL Health Facilities Authority, (Series 2005F), (Wells Fargo Bank, N.A. LOC), 0.260%, 5/5/2011 14,150,000
22,000,000 Houston, TX Combined Utility System, (Series 2004B-6), (Bank of Nova Scotia, Toronto LOC), 0.200%, 5/5/2011 22,000,000
83,700,000 Houston, TX Combined Utility System, First Lien Revenue Refunding Bonds (Series 2004B-1), (Bank of America N.A. LOC), 0.260%, 5/5/2011 83,700,000
57,525,000 Illinois Finance Authority, (Series 2008C-2B), 0.260%, 5/4/2011 57,525,000
20,000,000 Illinois State Toll Highway Authority, (2007 Series A-2b), (Harris, N.A. LOC), 0.200%, 5/5/2011 20,000,000
250,000,000 JPMorgan Chase Bank, N.A., 0.251%, 5/31/2011 250,000,000
230,000 Kit Carson County, CO, Midwest Farms Project, (Wells Fargo Bank, N.A. LOC), 0.250%, 5/5/2011 230,000
75,000,000 Lloyds TSB Bank PLC, London, 1.240%, 5/6/2011 75,000,000
24,330,000 Los Angeles, CA Wastewater System, Subordinate Revenue Bonds (Series 2008-H), (Bank of America N.A. LOC), 0.260%, 5/5/2011 24,330,000
20,000,000 MTA Transportation Revenue, (Series 2002G-1), (Bank of Nova Scotia, Toronto LOC), 0.200%, 5/5/2011 20,000,000
36,050,000 Maryland State Health & Higher Educational Facilities Authority, (Series 1985A), (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/4/2011 36,050,000
33,250,000 Maryland State Health & Higher Educational Facilities Authority, (Series 2010), (Bank of America N.A. LOC), 0.250%, 5/5/2011 33,250,000
5,000,000 Massachusetts Development Finance Agency, (Series U-3), (BNP Paribas SA LOC), 0.200%, 5/5/2011 5,000,000
25,000,000 Massachusetts HEFA, (Series C 2008), (Bank of America N.A. LOC), 0.250%, 5/5/2011 25,000,000
10,330,000 1,2 Metropolitan Pier & Exposition Authority, IL, SPEARs (Series DB-433), (GTD by Deutsche Bank AG), 0.260%, 5/5/2011 10,330,000
131,215,000 Metropolitan Water District of Southern California, (2008 Series A-1), 0.200%, 5/5/2011 131,215,000
21,000,000 Michigan Finance Authority, (Series 2010-C), (Bank of Montreal LOC), 0.250%, 5/5/2011 21,000,000
26,675,000 Missouri State HEFA, (Series 2005C-2), (Bank of America N.A. LOC), 0.250%, 5/4/2011 26,675,000
2,380,000 Montgomery, AL IDB, (Wells Fargo Bank, N.A. LOC), 0.450%, 5/5/2011 2,380,000
2,565,000 New Jersey EDA, Phoenix Realty Partners, (Wells Fargo Bank, N.A. LOC), 0.260%, 5/4/2011 2,565,000
3
Principal
Amount		 Value
$10,000,000 New Jersey Health Care Facilities Financing Authority, (Series 2008C), (JPMorgan Chase Bank, N.A. LOC), 0.220%, 5/5/2011 10,000,000
30,200,000 New York City Trust For Cultural Resources, (Series 2009A), (JPMorgan Chase Bank, N.A. LOC), 0.250%, 5/5/2011 30,200,000
100,000,000 1,2 New York City, NY Transitional Finance Authority, PUTTERs (Series 3866), 0.270%, 5/2/2011 100,000,000
29,120,000 New York City, NY, (Fiscal 2006 Series E-2), (Bank of America N.A. LOC), 0.230%, 5/2/2011 29,120,000
38,750,000 New York State Local Government Assistance Corp., (Series 2003A-4V) Subordinate Lien Refunding Bonds, 0.270%, 5/4/2011 38,750,000
26,670,000 Osprey Properties Limited Partnership, LLLP & Nighthawk Properties, LLC, (Series 2008), (Wells Fargo Bank, N.A. LOC), 0.210%, 5/5/2011 26,670,000
26,945,000 Port of Portland, OR Airport, (Series 2009A-2: Passenger Facility Charge Bonds), (Bank of America N.A. LOC), 0.240%, 5/5/2011 26,945,000
21,220,000 Presbyterian Home and Services of New Jersey Obligated Group, (Series 1998-B1), (Wells Fargo Bank, N.A. LOC), 0.210%, 5/4/2011 21,220,000
2,895,000 Redcay Funding LLC, (Series 2007), (PNC Bank, N.A. LOC), 0.540%, 5/5/2011 2,895,000
30,350,000 Rochester, MN Health Care Facility Authority, (Series 2002-C Remarketed 4/18/08), 0.260%, 5/4/2011 30,350,000
12,250,000 Rochester, MN Health Care Facility Authority, (Series B), 0.260%, 5/4/2011 12,250,000
10,580,000 Rush Medical Foundation, (Series 2006), (U.S. Bank, N.A. LOC), 0.250%, 5/6/2011 10,580,000
9,200,000 San Juan Regional Medical Center, Inc., (Series 2007-B), (Wells Fargo Bank, N.A. LOC), 0.210%, 5/5/2011 9,200,000
100,000 Seeber USA LLP, (Series 2000), (Wells Fargo Bank, N.A. LOC), 0.210%, 5/4/2011 100,000
105,000,000 Svenska Handelsbanken, Stockholm, 0.364%, 5/17/2011 105,000,000
9,500,000 1,2 Svenska Handelsbanken, Stockholm, 0.412%, 5/9/2011 9,500,317
9,300,000 Syracuse, NY IDA, (Series 2005A), (JPMorgan Chase Bank, N.A. LOC), 0.230%, 5/4/2011 9,300,000
2,005,000 Syracuse, NY IDA, (Series 2005B), (JPMorgan Chase Bank, N.A. LOC), 0.230%, 5/4/2011 2,005,000
14,790,000 Tack Capital Co., (Series 2001-A), (Wells Fargo Bank, N.A. LOC), 0.210%, 5/5/2011 14,790,000
175,000,000 1,2 Texas State, PUTTERs (Series 3812), 0.270%, 5/2/2011 175,000,000
1,845,000 University Church of Christ, (Wells Fargo Bank, N.A. LOC), 0.260%, 5/6/2011 1,845,000
510,000 Vista Grande Villa, (Bank of America N.A. LOC), 0.500%, 5/5/2011 510,000
11,400,000 West Memphis IDRB, S-B Power Tool Project, (Series 2000 A), (JPMorgan Chase Bank, N.A. LOC), 0.230%, 5/5/2011 11,400,000
20,000,000 Westpac Banking Corp. Ltd., Sydney, 0.293%, 7/29/2011 20,000,131
300,500,000 1,2 Westpac Banking Corp. Ltd., Sydney, 0.301%, 5/16/2011 300,500,000
315,800,000 Westpac Banking Corp. Ltd., Sydney, 0.323%, 5/4/2011 315,795,942
2,400,000 Wildcat Management Co., Inc., (Series 1999), (U.S. Bank, N.A. LOC), 0.600%, 5/5/2011 2,400,000
21,000,000 Wilson County, TN Sports Authority, (Series 1999), (PNC Bank, N.A. LOC), 0.280%, 5/5/2011 21,000,000
13,300,000 Wisconsin Health & Educational Facilities Authority, (Series 1998 B), (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/4/2011 13,300,000
15,200,000 Woerner Holdings, Inc., (Series 2007), (Wells Fargo Bank, N.A. LOC), 0.210%, 5/5/2011 15,200,000
TOTAL 3,460,254,606
Finance — Commercial – 0.1%
23,400,000 General Electric Capital Corp., 0.379%, 6/20/2011 23,405,521
7,240,000 1,2 M3 Realty, LLC, (Series 2007), (General Electric Capital Corp. LOC), 0.300%, 5/5/2011 7,240,000
TOTAL 30,645,521
Insurance – 0.1%
12,500,000 Denver, CO City & County School District No. 01, (Series 2011 A-3), (Wells Fargo Bank, N.A. LOC, (Assured Guaranty Municipal Corp. INS), 0.160%, 5/4/2011 12,500,000
TOTAL NOTES — VARIABLE 3,503,400,127
Short-Term Municipals – 0.1%
Municipal – 0.1%
40,000,000 Idaho State, (Series 2010), 2.000%, 6/30/2011 40,116,000
U.S. Treasury Note – 0.4%
U.S. Treasury Note – 0.4%
95,000,000 United States Treasury Note, 0.750%, 11/30/2011 95,246,714
Repurchase Agreements – 8.5%
835,823,000 Interest in $5,935,000,000 joint repurchase agreement 0.05%, dated 4/29/2011 under which Bank of America, N.A. will repurchase securities provided as collateral for $5,935,024,729 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/15/2040 and the market value of those underlying securities was $6,055,753,170. 835,823,000
4
Principal
Amount		 Value
$1,000,000,000 Interest in $2,591,000,000 joint repurchase agreement 0.05%, dated 4/29/2011 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $2,591,010,796 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/1/2041 and the market value of those underlying securities was $2,644,696,812. 1,000,000,000
250,000,000 Interest in $500,000,000 joint repurchase agreement 0.05%, dated 4/29/2011 under which Societe Generale, Paris will repurchase securities provided as collateral for $500,002,083 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 8/16/2043 and the market value of those underlying securities was $514,875,288. 250,000,000
TOTAL REPURCHASE AGREEMENTS 2,085,823,000
TOTAL INVESTMENTS — 100.4%
(AT AMORTIZED COST)5 		24,743,512,868
OTHER ASSETS AND LIABILITIES - NET — (0.4)%6 (107,970,262)
TOTAL NET ASSETS — 100% $24,635,542,606
1 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 April 30, 2011, these restricted securities amounted to $2,503,694,342, which represented 10.2% of total net assets.
2 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 (the “Trustees”). At April 30, 2011, these liquid restricted securities amounted to $2,503,694,342, which represented 10.2% of total net assets.
3 Denotes a variable rate security with current rate and next reset date shown.
4 Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
5 Also represents cost for federal tax purposes.
6 Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2011.

Investment Valuation

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

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

Level 1 — quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable. Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost. Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

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

As of April 30, 2011, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

EDA  — Economic Development Authority
GTD  — Guaranteed
HEFA  — Health and Education Facilities Authority
IDA  — Industrial Development Authority
IDB  — Industrial Development Bond
IDRB  — Industrial Development Revenue Bond
INS  — Insured
LOC  — Letter of Credit
MFH  — Multi-Family Housing
PUTTERs  — Puttable Tax-Exempt Receipts
SPEARs  — Short Puttable Exempt Adjustable Receipts

5


Federated Prime Management Obligations Fund

Portfolio of Investments

April 30, 2011 (unaudited)

Principal
Amount		 Value
Asset-Backed Securities – 2.8%
Finance - Automotive – 1.2%
$8,328,962 Santander Drive Auto Receivables Trust 2010-3, Class A1, 0.357%, 12/15/2011 8,328,962
9,858,874 1,2 Santander Drive Auto Receivables Trust 2010-B, Class A1, 0.374%, 12/15/2011 9,858,874
5,000,000 Santander Drive Auto Receivables Trust 2011-1, Class A1, 0.326%, 5/15/2012 5,000,000
5,000,000 World Omni Automobile Lease Securitization Trust 2011-A, Class A1, 0.301%, 4/15/2012 5,000,000
TOTAL 28,187,836
Finance - Equipment – 0.2%
3,276,209 1,2 Macquarie Equipment Funding Trust 2011-A, Class A1, 0.432%, 3/20/2012 3,276,209
1,360,083 1,2 Navistar Financial Corp. Owner Trust 2010-B, Class A1, 0.345%, 10/18/2011 1,360,083
TOTAL 4,636,292
Finance - Retail – 1.4%
31,000,000 1,2,3 Arkle Master Issuer PLC 2010-1, Class 1A, 0.416%, 5/17/2011 31,000,000
TOTAL ASSET-BACKED SECURITIES 63,824,128
Certificates of Deposit – 41.5%
Finance - Banking – 41.5%
115,000,000 BNP Paribas SA, 0.510% - 0.550%, 6/28/2011 - 9/9/2011 115,000,000
25,000,000 3 Bank of Montreal, 0.301%, 5/31/2011 25,000,000
45,000,000 Bank of Nova Scotia, Toronto, 0.220% - 0.260%, 6/23/2011 - 7/6/2011 45,000,000
114,350,000 Bank of Tokyo-Mitsubishi UFJ Ltd., 0.280% - 0.330%, 5/6/2011 - 7/29/2011 114,349,982
40,000,000 Barclays Bank PLC, 0.390%, 11/1/2011 40,000,000
15,000,000 Barclays Bank PLC, 0.430%, 10/21/2011 15,000,000
30,000,000 Barclays Bank PLC, 0.570%, 8/8/2011 30,000,000
69,000,000 Caisse des Depots et Consignations (CDC), 0.370% - 0.670%, 6/3/2011 - 1/10/2012 69,000,701
106,000,000 Credit Agricole Corporate and Investment Bank, 0.380% - 0.510%, 5/18/2011 - 9/12/2011 106,000,000
25,000,000 3 Credit Suisse, Zurich, 0.294%, 5/9/2011 25,000,000
25,000,000 Deutsche Bank AG, 0.385%, 9/21/2011 25,000,000
11,000,000 KBC Bank NV, 0.270% - 0.420%, 5/5/2011 - 5/13/2011 10,999,998
59,000,000 Mizuho Corporate Bank Ltd., 0.290% - 0.300%, 7/18/2011 - 7/28/2011 59,000,000
27,000,000 3 Natixis, 0.276%, 5/17/2011 27,000,000
10,000,000 3 Rabobank Nederland NV, Utrecht, 0.320%, 5/6/2011 10,000,000
25,000,000 3 Rabobank Nederland NV, Utrecht, 0.321%, 5/9/2011 25,000,000
15,000,000 3 Rabobank Nederland NV, Utrecht, 0.343%, 5/3/2011 15,000,000
20,000,000 Rabobank Nederland NV, Utrecht, 0.380%, 6/7/2011 20,000,000
54,000,000 Societe Generale, Paris, 0.400% - 0.520%, 8/9/2011 - 10/19/2011 54,000,000
46,000,000 Sumitomo Mitsui Banking Corp., 0.270%, 6/10/2011 - 6/27/2011 45,999,588
75,000,000 Svenska Handelsbanken, Stockholm, 0.215% - 0.280%, 5/25/2011 - 7/27/2011 75,000,302
TOTAL CERTIFICATES OF DEPOSIT 951,350,571
Collateralized Loan Agreements – 18.2%
Finance - Banking – 18.2%
75,000,000 3 Citigroup Global Markets, Inc., 0.740%, 5/20/2011 75,000,000
80,000,000 Credit Suisse First Boston LLC, 0.380%, 7/20/2011 80,000,000
85,000,000 Deutsche Bank Securities, Inc., 0.406% - 0.507%, 5/2/2011 - 7/22/2011 85,000,000
64,000,000 JPMorgan Securities, Inc., 0.406% - 0.568%, 5/2/2011 - 6/20/2011 64,000,000
55,000,000 Mizuho Securities USA, Inc., 0.304%, 5/2/2011 55,000,000
35,000,000 3 RBS Securities, Inc., 0.500%, 5/2/2011 35,000,000
25,000,000 Wells Fargo Securities, LLC, 0.406%, 7/7/2011 25,000,000
TOTAL COLLATERALIZED LOAN AGREEMENTS 419,000,000
1
Principal
Amount		 Value
Commercial Paper – 12.6%4
Aerospace / Auto – 1.1%
$25,000,000 Toyota Motor Credit Corp., (Toyota Motor Corp. SA), 0.270%, 6/28/2011 24,989,125
Finance - Banking – 8.4%
25,000,000 3 Commonwealth Bank of Australia, 0.333%, 5/5/2011 25,000,000
118,000,000 ING (U.S.) Funding LLC, 0.290% - 0.330%, 5/19/2011 - 8/4/2011 117,949,824
50,000,000 Societe Generale North America, Inc., (GTD by Societe Generale, Paris), 0.501%, 6/3/2011 49,977,083
TOTAL 192,926,907
Finance - Commercial – 3.1%
72,500,000 1,2 Versailles Commercial Paper LLC, 0.230% - 0.280%, 5/6/2011 - 5/20/2011 72,493,342
TOTAL COMMERCIAL PAPER 290,409,374
Corporate Bond – 2.2%
Finance - Banking – 2.2%
50,000,000 1,2 Commonwealth Bank of Australia, 0.230%, 7/6/2011 49,978,917
Loan Participation – 2.2%
Miscellaneous – 2.2%
50,000,000 Cargill, Inc., 0.220% - 0.290%, 5/5/2011 - 6/3/2011 50,000,000
Notes - Variable – 14.1%3
Finance - Banking – 14.1%
25,000,000 1,2 Australia & New Zealand Banking Group, Melbourne, 0.326%, 5/9/2011 25,000,000
2,945,000 Biddle Road Corp., (Series 2004), (Wells Fargo Bank, N.A. LOC), 0.350%, 5/5/2011 2,945,000
795,000 Bond Holdings LP, (Wells Fargo Bank, N.A. LOC), 0.210%, 5/6/2011 795,000
4,350,000 Castleton United Methodist Church, Inc., (Series 2006A), (U.S. Bank, N.A. LOC), 0.310%, 5/5/2011 4,350,000
1,975,000 Dale G. Mithum, M.D. FACS, (Series 2003), (Compass Bank, Birmingham LOC), 0.950%, 5/5/2011 1,975,000
1,500,000 DeKalb County, GA Housing Authority, (Series 2004-T) Highlands, (Wells Fargo Bank, N.A. LOC), 0.450%, 5/5/2011 1,500,000
50,000,000 JPMorgan Chase Bank, N.A., 0.251%, 5/31/2011 50,000,000
8,710,000 Kingston Healthcare Co., (Series 2003A), (Fifth Third Bank, Cincinnati LOC), 0.520%, 5/5/2011 8,710,000
4,700,000 MOBR-04 LLC, (Series 2004), (Compass Bank, Birmingham LOC), 1.000%, 5/5/2011 4,700,000
33,000,000 Maryland Community Development Administration — Residential Revenue, (2008 Series D), 0.300%, 5/5/2011 33,000,000
3,495,000 Maryland State Economic Development Corp., Human Genome Sciences (Series 1999-A), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.560%, 5/3/2011 3,495,000
10,500,000 New York City Housing Development Corp., (Series 2008A: Beekman Tower), (RBS Citizens Bank N.A. LOC), 0.330%, 5/4/2011 10,500,000
20,000,000 New York City Housing Development Corp., (Series 2010-A2), (RBS Citizens Bank N.A. LOC), 0.270%, 5/4/2011 20,000,000
24,525,000 New York State HFA, (Series 2008-B), (Landesbank Hessen-Thuringen LOC), 0.270%, 5/4/2011 24,525,000
7,425,000 Prevea Clinic, Inc., (Series 2004-A), (Wells Fargo Bank, N.A. LOC), 0.240%, 5/5/2011 7,425,000
20,000 Saber Management, LLC, (RBS Citizens Bank N.A. LOC), 0.240%, 5/5/2011 20,000
1,675,000 Stratford Properties LP, (Series 1998), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.560%, 5/3/2011 1,675,000
10,000,000 Svenska Handelsbanken, Stockholm, 0.364%, 5/17/2011 10,000,000
340,000 Wellborn Forest Products, Inc., (Compass Bank, Birmingham LOC), 1.350%, 5/5/2011 340,000
68,000,000 1,2 Westpac Banking Corp. Ltd., Sydney, 0.301%, 5/16/2011 68,000,000
44,000,000 Westpac Banking Corp. Ltd., Sydney, 0.323%, 5/4/2011 44,000,000
TOTAL NOTES — VARIABLE 322,955,000
U.S. Treasury – 0.9%
20,000,000 United States Treasury Note, 0.750%, 11/30/2011 20,051,932
2
Principal
Amount		 Value
Repurchase Agreements – 5.9%
$36,092,000 Interest in $5,935,000,000 joint repurchase agreement 0.05%, dated 4/29/2011 under which Bank of America, N.A. will repurchase securities provided as collateral for $5,935,024,729 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/15/2040 and the market value of those underlying securities was $6,055,753,170. 36,092,000
100,000,000 Interest in $400,000,000 joint repurchase agreement 0.06%, dated 4/29/2011 under which Mizuho Securities USA, Inc. will repurchase securities provided as collateral for $400,002,000 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency and U.S. Treasury securities with various maturities to 4/15/2041 and the market value of those underlying securities was $410,251,213. 100,000,000
TOTAL REPURCHASE AGREEMENTS 136,092,000
TOTAL INVESTMENTS — 100.4%
(AT AMORTIZED COST)5 		2,303,661,922
OTHER ASSETS AND LIABILITIES - NET — (0.4)%6 (9,353,904)
TOTAL NET ASSETS — 100% $2,294,308,018
1 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 April 30, 2011, these restricted securities amounted to $260,967,425, which represented 11.4% of total net assets.
2 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 (the “Trustees”). At April 30, 2011, these liquid restricted securities amounted to $260,967,425, which represented 11.4% of total net assets.
3 Denotes a variable rate security with current rate and next reset date shown.
4 Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
5 Also represents cost for federal tax purposes.
6 Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2011.

Investment Valuation

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

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

Level 1 — quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable. Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost. Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

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

As of April 30, 2011, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

GTD  — Guaranteed
HFA  — Housing Finance Authority
LOC  — Letter of Credit

3


Federated Prime Obligations Fund

Portfolio of Investments

April 30, 2011 (unaudited)

Principal
Amount		 Value
Asset-Backed Securities – 1.0%
Finance - Automotive – 0.4%
$15,971,381 Ally Auto Receivables Trust 2010-4, Class A1, 0.336%, 11/15/2011 15,971,381
21,288,034 AmeriCredit Automobile Receivables Trust 2010-4, Class A1, 0.325%, 12/8/2011 21,288,034
13,619,415 AmeriCredit Automobile Receivables Trust 2011-1, Class A1, 0.322%, 2/8/2012 13,619,415
112,000,000 AmeriCredit Automobile Receivables Trust 2011-2, Class A1, 0.323%, 4/8/2012 112,000,000
4,980,518 CarMax Auto Owner Trust 2010-3, Class A1, 0.313%, 11/15/2011 4,980,518
18,291,334 1,2 Ford Credit Auto Lease Trust 2010-B, Class A1, 0.383%, 11/15/2011 18,291,334
22,458,119 1,2 MMCA Auto Owner Trust 2011-A, Class A1, 0.372%, 3/15/2012 22,458,119
12,153,276 1,2 Santander Consumer Acquired Receivables Trust 2011-WO, Class A1, 0.356%, 1/17/2012 12,153,276
TOTAL 220,762,077
Finance - Equipment – 0.1%
34,737,505 CNH Equipment Trust 2010-C, Class A1, 0.427%, 12/9/2011 34,737,505
34,085,943 Great America Leasing Receivables 2011-1, Class A1, 0.405%, 3/15/2012 34,085,943
TOTAL 68,823,448
Finance - Retail – 0.5%
225,000,000 1,2,3 Holmes Master Issuer PLC 2011-1, Class A1, 0.359%, 5/15/2011 225,000,000
TOTAL ASSET-BACKED SECURITIES 514,585,525
Certificates of Deposit – 30.5%
Finance - Banking – 30.5%
1,831,350,000 BNP Paribas SA, 0.310% - 0.550%, 7/5/2011 - 9/28/2011 1,831,350,000
585,700,000 Bank of Montreal, 0.280% - 0.500%, 6/7/2011 - 8/22/2011 585,763,575
900,000,000 Bank of Nova Scotia, Toronto, 0.220% - 0.260%, 6/23/2011 - 7/6/2011 900,000,000
2,689,500,000 Bank of Tokyo-Mitsubishi UFJ Ltd., 0.280% - 0.300%, 5/26/2011 - 7/29/2011 2,689,500,000
686,900,000 Barclays Bank PLC, 0.390% - 0.790%, 11/1/2011 - 1/27/2012 686,900,000
135,000,000 Barclays Bank PLC, 0.430%, 10/21/2011 135,000,000
281,250,000 Barclays Bank PLC, 0.570% - 0.810%, 8/8/2011 - 1/25/2012 281,250,000
1,645,000,000 Credit Agricole Corporate and Investment Bank, 0.280% - 0.560%, 5/18/2011 - 9/12/2011 1,645,000,000
644,500,000 Credit Suisse, Zurich, 0.320% - 0.330%, 5/6/2011 - 5/26/2011 644,500,000
905,000,000 Deutsche Bank AG, 0.320% - 0.450%, 5/10/2011 - 10/7/2011 905,000,000
2,642,800,000 Mizuho Corporate Bank Ltd., 0.260% - 0.310%, 5/2/2011 - 8/2/2011 2,642,800,000
753,000,000 Rabobank Nederland NV, Utrecht, 0.380% - 0.500%, 6/2/2011 - 9/14/2011 753,000,000
1,210,000,000 Societe Generale, Paris, 0.260% - 0.550%, 5/18/2011 - 10/7/2011 1,210,000,000
973,000,000 Svenska Handelsbanken, Stockholm, 0.210% - 0.280%, 5/25/2011 - 8/5/2011 973,029,594
TOTAL CERTIFICATES OF DEPOSIT 15,883,093,169
Collateralized Loan Agreements – 14.3%
Brokerage – 0.7%
365,000,000 3 Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.700%, 5/2/2011 - 7/25/2011 365,000,000
Finance - Banking – 13.6%
670,500,000 BNP Paribas Securities Corp., 0.375% - 0.548%, 5/2/2011 - 7/5/2011 670,500,000
789,500,000 Barclays Capital, Inc., 0.355% - 0.710%, 5/2/2011 - 7/25/2011 789,500,000
1,136,750,000 3 Citigroup Global Markets, Inc., 0.740%, 5/2/2011 - 6/24/2011 1,136,750,000
620,000,000 Credit Suisse First Boston LLC, 0.380%, 7/20/2011 - 7/26/2011 620,000,000
529,600,000 Deutsche Bank Securities, Inc., 0.406% - 0.507%, 5/2/2011 - 7/22/2011 529,600,000
25,000,000 ING Financial Markets LLC, 0.243%, 5/2/2011 25,000,000
1,015,000,000 JPMorgan Securities, Inc., 0.365% - 0.568%, 5/2/2011 - 7/25/2011 1,015,000,000
200,000,000 RBC Capital Markets, LLC, 0.172%, 5/2/2011 200,000,000
1,000,000,000 3 RBS Securities, Inc., 0.500%, 5/2/2011 1,000,000,000
1
Principal
Amount		 Value
$1,080,000,000 Wells Fargo Securities, LLC, 0.304% - 0.406%, 5/2/2011 - 7/25/2011 1,080,000,000
TOTAL 7,066,350,000
TOTAL COLLATERALIZED LOAN AGREEMENTS 7,431,350,000
Commercial Paper – 21.9%4
Aerospace/Auto – 0.9%
459,000,000 Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 0.250% - 0.401%, 5/2/2011 - 7/18/2011 458,841,909
Finance - Automotive – 1.4%
705,910,000 FCAR Owner Trust, (A1+/P1 Series), 0.401% - 0.451%, 6/20/2011 - 10/24/2011 705,150,523
43,000,000 FCAR Owner Trust, (A1/P1 Series), 0.280%, 5/13/2011 42,995,986
TOTAL 748,146,509
Finance - Banking – 17.8%
1,072,000,000 Bank of America Corp., 0.230% - 0.300%, 5/6/2011 - 7/12/2011 1,071,676,105
580,000,000 Citigroup Funding, Inc., 0.240% - 0.260%, 5/11/2011 - 6/6/2011 579,932,222
225,000,000 Credit Agricole Corporate and Investment Bank, 0.491%, 9/19/2011 224,568,188
857,900,000 Credit Agricole North America, Inc., 0.290% - 0.501%, 5/2/2011 - 9/29/2011 857,226,881
125,000,000 Credit Suisse, Zurich, 0.330%, 7/7/2011 124,923,229
1,435,000,000 1,2 Danske Corp., Inc., 0.185% - 0.200%, 5/19/2011 - 5/31/2011 1,434,807,974
475,000,000 1,2 Grampian Funding LLC, 0.210% - 0.210%, 5/13/2011 - 5/16/2011 474,964,125
2,662,600,000 ING (U.S.) Funding LLC, 0.210% - 0.330%, 5/6/2011 - 8/5/2011 2,661,662,141
127,314,000 1,2 Matchpoint Master Trust, 0.471%, 5/25/2011 127,274,108
500,000,000 1,2 National Australia Funding (Delaware) Inc., 0.185%, 5/2/2011 499,997,431
478,000,000 1,2 Northern Pines Funding LLC, 0.280% - 0.330%, 8/1/2011 - 9/27/2011 477,545,270
605,000,000 Societe Generale North America, Inc., (GTD by Societe Generale, Paris), 0.501% - 0.541%, 6/3/2011 - 8/3/2011 604,246,875
110,000,000 1,2 Surrey Funding Corporation, 0.180% - 0.280%, 5/11/2011 - 6/1/2011 109,983,033
TOTAL 9,248,807,582
Finance - Commercial – 0.7%
49,615,000 1,2 Fairway Finance Co. LLC, 0.190%, 5/24/2011 49,608,977
209,423,000 1,2 Market Street Funding LLC, 0.240% - 0.280%, 5/19/2011 - 7/20/2011 209,363,049
100,000,000 1,2 Starbird Funding Corp., 0.260% - 0.280%, 5/31/2011 - 7/5/2011 99,964,861
TOTAL 358,936,887
Finance - Retail – 1.1%
273,650,000 1,2 Alpine Securitization Corp., 0.170% - 0.180%, 5/6/2011 - 5/10/2011 273,641,433
153,336,000 1,2 Barton Capital LLC, 0.240%, 7/6/2011 - 7/7/2011 153,267,843
90,000,000 1,2 Chariot Funding LLC, 0.150% - 0.180%, 5/6/2011 - 5/12/2011 89,996,708
60,000,000 1,2 Salisbury Receivables Company LLC, 0.170%, 5/10/2011 59,997,450
TOTAL 576,903,434
TOTAL COMMERCIAL PAPER 11,391,636,321
Corporate Bonds – 1.0%
Finance - Banking – 0.9%
18,285,000 Citigroup, Inc., 0.404%, 5/18/2011 18,286,176
2,060,000 JPMorgan Chase & Co., 5.600%, 6/1/2011 2,069,214
456,500,000 3 JPMorgan Chase Bank, N.A., 0.253%, 5/23/2011 456,500,000
TOTAL 476,855,390
Finance - Commercial – 0.1%
25,819,000 General Electric Capital Corp., 5.000%, 11/15/2011 26,437,572
28,400,000 General Electric Capital Corp., 5.875%, 2/15/2012 29,547,573
TOTAL 55,985,145
TOTAL CORPORATE BONDS 532,840,535
2
Principal
Amount		 Value
Corporate Note – 0.0%
Finance - Commercial – 0.0%
$17,260,000 General Electric Capital Corp., 4.375%, 11/21/2011 17,627,064
Government Agencies – 0.2%
Government Agency – 0.2%
80,000,000 1,2,4 Straight A Funding LLC (Unconditional Liquidity Support from Federal Financing Bank) Discount Notes, 0.250%, 5/5/2011 79,997,778
Loan Participation – 0.1%
Food & Beverage – 0.1%
49,000,000 Archer-Daniels-Midland Co., 0.250%, 5/25/2011 49,000,000
Notes - Variable – 21.8%3
Electrical Equipment – 0.0%
1,325,000 Alabama State IDA, General Electric Project, (General Electric Co. LOC), 0.290%, 5/5/2011 1,325,000
Finance - Banking – 20.3%
18,000,000 Abraham Joshua Heschel School, (Series 2010), (TD Bank, N.A. LOC), 0.220%, 5/5/2011 18,000,000
2,020,000 Alabama State IDA, (Wellborn Cabinet, Inc.), Tax Revenue Bonds, (Bank of America N.A. LOC), 0.240%, 5/5/2011 2,020,000
100,000,000 Bank of Montreal, 0.301%, 5/31/2011 100,000,000
75,000,000 Bank of Montreal, 0.301%, 5/31/2011 75,000,000
500,000,000 Bank of Montreal, 0.338%, 5/31/2011 500,000,000
267,500,000 Bank of Montreal, 0.303%, 5/26/2011 267,500,000
87,000,000 Bank of Montreal, 0.303%, 5/27/2011 87,000,131
140,000,000 Bank of Montreal, 0.321%, 5/10/2011 140,000,000
250,000,000 Bank of Montreal, 0.363%, 5/27/2011 250,000,000
225,000,000 Barclays Bank PLC, 0.633%, 5/27/2011 225,000,000
12,100,000 Basic Water Company SPE 1, LLC, (U.S. Bank, N.A. LOC), 0.280%, 5/5/2011 12,100,000
169,100,000 Baton Rouge, LA Industrial Development Board, (Series 2010A), 0.110%, 5/2/2011 169,100,000
8,035,000 Biddle Road Corp., (Series 2004), (Wells Fargo Bank, N.A. LOC), 0.350%, 5/5/2011 8,035,000
4,215,000 Bond Holdings LP, (Wells Fargo Bank, N.A. LOC), 0.210%, 5/6/2011 4,215,000
17,350,000 Brazos River Authority, TX, (Series 2002A), (Citibank NA, New York LOC), 0.280%, 5/2/2011 17,350,000
30,475,000 California Health Facilities Financing Authority, (Series 2008G), (Bank of America N.A. LOC), 0.240%, 5/4/2011 30,475,000
10,575,000 California Infrastructure & Economic Development Bank, (Series 2009A: JSerra Catholic High School), (Wells Fargo Bank, N.A. LOC), 0.230%, 5/5/2011 10,575,000
38,830,000 California Statewide Communities Development Authority MFH, (Series 2007 G), (Bank of America N.A. LOC), 0.260%, 5/5/2011 38,830,000
32,860,000 California Statewide Communities Development Authority, (Series 2008C), (Wells Fargo Bank, N.A. LOC), 0.330%, 5/4/2011 32,860,000
12,055,000 Campus Crusade for Christ, Inc., (Series 1997), (Wells Fargo Bank, N.A. LOC), 0.210%, 5/5/2011 12,055,000
6,455,000 Capital Markets Access Co. LC, (Series 2007) LSPB Real Estate , LLC Project, (Wells Fargo Bank, N.A. LOC), 0.210%, 5/5/2011 6,455,000
5,310,000 Capital Markets Access Co. LC, (Series 2008) Sunshine Professional Suites, LLC Project, (Wells Fargo Bank, N.A. LOC), 0.240%, 5/5/2011 5,310,000
901,000 Capital One Funding Corp., (Series 1994-D), (JPMorgan Chase Bank, N.A. LOC), 0.380%, 5/5/2011 901,000
483,000 Capital One Funding Corp., (Series 1995-B), (JPMorgan Chase Bank, N.A. LOC), 0.380%, 5/5/2011 483,000
788,000 Capital One Funding Corp., (Series 1996-H), (JPMorgan Chase Bank, N.A. LOC), 0.310%, 5/5/2011 788,000
932,000 Capital One Funding Corp., (Series 1999-A), (JPMorgan Chase Bank, N.A. LOC), 0.310%, 5/5/2011 932,000
3,122,000 Capital One Funding Corp., (Series 2001-B), (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/5/2011 3,122,000
2,350,000 Castleton United Methodist Church, Inc., (Series 2007-A), (U.S. Bank, N.A. LOC), 0.410%, 5/4/2011 2,350,000
93,100,000 Charlotte, NC Water & Sewer System, (Series 2006B), 0.280%, 5/5/2011 93,100,000
66,825,000 Charlotte-Mecklenburg Hospital Authority, NC, (Series 2007G), (Bank of America N.A. LOC), 0.240%, 5/5/2011 66,825,000
6,450,000 Church at Brook Hills, (Wells Fargo Bank, N.A. LOC), 0.210%, 5/6/2011 6,450,000
5,240,000 Cincinnati Bible College and Seminary, (U.S. Bank, N.A. LOC), 0.540%, 5/5/2011 5,240,000
59,850,000 Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008D-3), (Bank of America N.A. LOC), 0.270%, 5/4/2011 59,850,000
19,700,000 Colorado Educational & Cultural Facilities Authority, (Series 2008), (Bank of America N.A. LOC), 0.270%, 5/2/2011 19,700,000
580,000 Colorado Health Facilities Authority, Development Disabilities Resource Center (Series 1998-C1), (JPMorgan Chase Bank, N.A. LOC), 0.480%, 5/5/2011 580,000
7,425,000 Connecticut Health and Educational Facilities Authority, (Series D) Griffin Hospital, (Wells Fargo Bank, N.A. LOC), 0.210%, 5/5/2011 7,425,000
3
Principal
Amount		 Value
$67,925,000 Cook County, IL, (Series 2002 A), 0.210%, 5/4/2011 67,925,000
150,000,000 Credit Suisse, Zurich, 0.294%, 5/9/2011 150,000,000
300,000,000 Credit Suisse, Zurich, 0.323%, 8/25/2011 300,000,000
28,400,000 Cumberland County, PA Municipal Authority, (Series 2008B), (Bank of America N.A. LOC), 0.280%, 5/5/2011 28,400,000
11,600,000 Denver, CO City & County School District No. 01, (Series 2011 A-1), (JPMorgan Chase Bank, N.A. LOC, (Assured Guaranty Municipal Corp. INS), 0.170%, 5/4/2011 11,600,000
15,300,000 Denver, CO City & County School District No. 01, (Series 2011 A-2), (JPMorgan Chase Bank, N.A. LOC, (Assured Guaranty Municipal Corp. INS), 0.170%, 5/18/2011 15,300,000
250,000,000 Deutsche Bank AG, 0.592%, 5/23/2011 250,000,000
7,550,000 District of Columbia Revenue, (Series 2008), (JPMorgan Chase Bank, N.A. LOC), 0.250%, 5/5/2011 7,550,000
64,900,000 East Baton Rouge Parish, LA, PCR (Series 1993), 0.120%, 5/2/2011 64,900,000
35,510,000 East Bay Municipal Utility District, CA Water System, (Series 2008 A-2), 0.190%, 5/4/2011 35,510,000
40,410,000 East Bay Municipal Utility District, CA Water System, (Series 2008 A-3), 0.190%, 5/4/2011 40,410,000
55,895,000 Eastern Municipal Water District of Riverside County, CA, (Series 2008A), 0.240%, 5/4/2011 55,895,000
25,875,000 1,2 Elsinore Valley, CA Municipal Water District, Solar Eclipse (Series 2007-69), (U.S. Bank, N.A. LOC), 0.240%, 5/5/2011 25,875,000
14,300,000 Fulton County, GA Development Authority, (Series 1999), (Wells Fargo Bank, N.A. LOC), 0.280%, 5/5/2011 14,300,000
33,900,000 Greene County Development Authority, Reynolds Lodge, LLC (Series 2000 A), (U.S. Bank, N.A. LOC), 0.300%, 5/4/2011 33,900,000
7,040,000 Harris County, TX Hospital Distict, Senior Lien Refunding Revenue Bonds (Series 2010), (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/5/2011 7,040,000
26,300,000 Harris County, TX IDC, (Series 1984-B), 0.120%, 5/2/2011 26,300,000
18,750,000 Highlands County, FL Health Facilities Authority, (Series 2009E), (PNC Bank, N.A. LOC), 0.240%, 5/5/2011 18,750,000
4,900,000 Hillsborough County, FL HFA, (Series 2006: Brandywine Apartments), (Citibank NA, New York LOC), 0.310%, 5/4/2011 4,900,000
30,300,000 Illinois Development Finance Authority IDB, 0.250%, 5/4/2011 30,300,000
12,515,000 Illinois Finance Authority, (Series 2004), (JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/4/2011 12,515,000
44,400,000 Illinois Finance Authority, (Series 2008), (U.S. Bank, N.A. LOC), 0.240%, 5/5/2011 44,400,000
127,900,000 Illinois Finance Authority, (Series 2008C-1), 0.260%, 5/4/2011 127,900,000
44,700,000 Illinois Finance Authority, (Series 2008D), (JPMorgan Chase Bank, N.A. LOC), 0.250%, 5/5/2011 44,700,000
10,200,000 Illinois Finance Authority, (Series 2009-F), (JPMorgan Chase Bank, N.A. LOC), 0.250%, 5/4/2011 10,200,000
12,625,000 Illinois Finance Authority, (Series 2009D), (JPMorgan Chase Bank, N.A. LOC), 0.200%, 5/5/2011 12,625,000
63,015,000 Illinois Finance Authority, (Subseries C-3A), 0.270%, 5/4/2011 63,015,000
31,895,000 Illinois Finance Authority, Refunding Bonds (Series 2006A), (JPMorgan Chase Bank, N.A. LOC), 0.250%, 5/4/2011 31,895,000
50,345,000 Illinois Health Facilities Authority, (Series 2003), (JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/4/2011 50,345,000
21,665,000 Indiana Health & Educational Facility Financing Authority, (Series 2005D), (Branch Banking & Trust Co. LOC), 0.260%, 5/4/2011 21,665,000
21,420,000 Indiana State Finance Authority (Health System Bonds), (Series 2008F), (Bank of New York Mellon LOC), 0.210%, 5/5/2011 21,420,000
24,100,000 Indiana State Finance Authority (Health System Bonds), (Series2008H), (JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/4/2011 24,100,000
5,560,000 Indiana State Finance Authority (Hospital Revenue Bonds), (Series 2009C), (PNC Bank, N.A. LOC), 0.240%, 5/4/2011 5,560,000
11,630,000 Iowa 80 Group, Inc., (Series 2003), (Wells Fargo Bank, N.A. LOC), 0.290%, 6/1/2011 11,630,000
37,340,000 JEA, FL Electric System, (Series Three 2008B-3), 0.260%, 5/4/2011 37,340,000
400,500,000 JPMorgan Chase Bank, N.A., 0.251%, 5/31/2011 400,499,807
18,250,000 Johnson City, TN Health & Education Facilities Board, Mountain State Health Alliance (Series 2007B-2), (PNC Bank, N.A. LOC), 0.250%, 5/4/2011 18,250,000
20,650,000 Johnson City, TN Health & Education Facilities Board, Mountain State Health Alliance 2007B-1, (U.S. Bank, N.A. LOC), 0.270%, 5/4/2011 20,650,000
13,175,000 Kansas City, MO, H. Roe Bartle Convention Center (Series 2008E), (Bank of America N.A. LOC), 0.270%, 5/4/2011 13,175,000
22,900,000 Kemmerer, WY, (Series 1984), 0.120%, 5/2/2011 22,900,000
2,000,000 Kings Creek Country Club, Inc., (Series 1997), (Wells Fargo Bank, N.A. LOC), 0.260%, 5/4/2011 2,000,000
4,300,000 Knox County, TN Health Education & Housing Facilities Board, (Series 2008A), (U.S. Bank, N.A. LOC), 0.240%, 5/4/2011 4,300,000
1,330,000 L.H. Kroh, Inc., (Series 1998), (Wells Fargo Bank, N.A. LOC), 0.260%, 5/4/2011 1,330,000
13,680,000 Lincoln County, WY, (Series 1984A), 0.120%, 5/2/2011 13,680,000
17,375,000 Lincoln County, WY, (Series 1984B), 0.120%, 5/2/2011 17,375,000
24,100,000 Lincoln County, WY, (Series 1984D), 0.120%, 5/2/2011 24,100,000
150,000,000 Lloyds TSB Bank PLC, London, 1.240%, 5/6/2011 150,000,000
4
Principal
Amount		 Value
$24,665,000 Los Angeles County Fair Association, (Wells Fargo Bank, N.A. LOC), 0.210%, 5/4/2011 24,665,000
61,000,000 Los Angeles, CA Department of Water & Power (Electric/Power System), (Series 2001 B-7), 0.170%, 5/5/2011 61,000,000
20,000,000 Los Angeles, CA Wastewater System, Subordinate Revenue Bonds (Series 2008-D), (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/5/2011 20,000,000
69,525,000 MTA Transportation Revenue, (Series 2002G-1), (Bank of Nova Scotia, Toronto LOC), 0.200%, 5/5/2011 69,525,000
15,000,000 Maryland State Health & Higher Educational Facilities Authority, (Series 1985A), (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/4/2011 15,000,000
18,970,000 Massachusetts Bay Transportation Authority Sales Tax Revenue, (Series A-2), 0.270%, 5/4/2011 18,970,000
57,440,000 Miami-Dade County, FL School Board, (Series 2008C), (Wells Fargo Bank, N.A. LOC), 0.280%, 5/5/2011 57,440,000
25,000,000 Michigan Finance Authority, (Series 2010-A), (Bank of America N.A. LOC), 0.250%, 5/5/2011 25,000,000
33,590,000 Michigan Higher Education Facilities Authority, (Series 2008A), (Wells Fargo Bank, N.A. LOC), 0.260%, 5/5/2011 33,590,000
8,500,000 Michigan State Hospital Finance Authority, (Series 2008B), (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/4/2011 8,500,000
19,300,000 Michigan Strategic Fund, (Series 2008), (Bank of America N.A. LOC), 0.270%, 5/4/2011 19,300,000
8,820,000 Mississippi Business Finance Corp., 2007-B PSL-North America, LLC, (Wells Fargo Bank, N.A. LOC), 0.350%, 5/5/2011 8,820,000
10,000,000 Mississippi Business Finance Corp., Kohler Project, (Wells Fargo Bank, N.A. LOC), 0.500%, 5/5/2011 10,000,000
25,000,000 Missouri State HEFA, (Series 2008-G), 0.270%, 5/4/2011 25,000,000
14,000,000 Missouri State HEFA, (Series 2008B), (Bank of America N.A. LOC), 0.280%, 5/4/2011 14,000,000
482,000,000 National Australia Bank Ltd., Melbourne, 0.291%, 5/10/2011 482,000,000
300,000,000 National Australia Bank Ltd., Melbourne, 0.296%, 5/16/2011 299,981,178
447,000,000 National Australia Bank Ltd., Melbourne, 0.317%, 5/12/2011 447,000,000
8,685,257 1,2 Nevada Housing Division, GS Trust (Series 2007-116TP), (Wells Fargo & Co. LOC), 0.280%, 5/5/2011 8,685,257
33,550,000 New Hampshire Higher Educational & Health Facilities Authority, Revenue Bonds (Series 2002), 0.230%, 5/4/2011 33,550,000
10,000,000 New Jersey Health Care Facilities Financing Authority, (Series 2008C), (JPMorgan Chase Bank, N.A. LOC), 0.220%, 5/5/2011 10,000,000
25,000,000 New York City Housing Development Corp., (Series 2010A), (Bank of America N.A. LOC), 0.240%, 5/5/2011 25,000,000
107,805,000 New York City, NY Municipal Water Finance Authority, (Series 2007C-C1), 0.200%, 5/2/2011 107,805,000
25,100,000 New York City, NY Transitional Finance Authority, (Series 1999B-3), 0.230%, 5/4/2011 25,100,000
17,400,000 New York City, NY, (Fiscal 1995 Series F-3), (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/4/2011 17,400,000
15,600,000 New York City, NY, (Fiscal 2004 Series A-2), (Bank of America N.A. LOC), 0.270%, 5/4/2011 15,600,000
46,885,000 New York City, NY, (Fiscal 2004 Series H-6), (Bank of America N.A. LOC), 0.260%, 5/4/2011 46,885,000
77,145,000 New York City, NY, (Fiscal 2006 Series E-3), (Bank of America N.A. LOC), 0.240%, 5/5/2011 77,145,000
40,000,000 New York State Dormitory Authority, (Series 2006A-1), (Bank of America N.A. LOC), 0.250%, 5/4/2011 40,000,000
70,000,000 New York State Dormitory Authority, Consolidated Fifth General Resolution Revenue Bonds (Series 2008C), (Bank of America N.A. LOC), 0.250%, 5/5/2011 70,000,000
42,035,000 New York State HFA, 320 West 38th Street Housing Revenue Bonds (Series 2009A), (Wells Fargo Bank, N.A. LOC), 0.250%, 5/4/2011 42,035,000
25,130,000 New York State HFA, 8 East 102nd Street Housing (Series 2010A), (Bank of America N.A. LOC), 0.250%, 5/4/2011 25,130,000
63,500,000 North Broward Florida Hospital District, (Series 2007), (Wells Fargo Bank, N.A. LOC), 0.260%, 5/5/2011 63,500,000
10,515,000 North Oaks Partnership, (Series 1998), (Bank of America N.A. LOC), 0.250%, 5/5/2011 10,515,000
28,000,000 North Texas Tollway Authority, (Series 2009D), (JPMorgan Chase Bank, N.A. LOC), 0.240%, 5/4/2011 28,000,000
75,800,000 Novant Health, Inc., (Series 1997), (Wells Fargo Bank, N.A. LOC), 0.210%, 5/4/2011 75,800,000
10,700,000 Ohio State Higher Educational Facility Commission, (Series A), (JPMorgan Chase Bank, N.A. LOC), 0.280%, 5/5/2011 10,700,000
10,450,000 Oregon State Facilities Authority, (Series 2008A), (U.S. Bank, N.A. LOC), 0.200%, 5/5/2011 10,450,000
5,095,000 Palm Desert Financing Authority, Emergency Independence Progam (Series 2009), (Wells Fargo Bank, N.A. LOC), 0.210%, 5/5/2011 5,095,000
41,395,000 Philadelphia, PA Authority for Industrial Development, (Series 2007B), 0.260%, 5/5/2011 41,395,000
50,000,000 Philadelphia, PA School District, (Series G of 2010), (Wells Fargo Bank, N.A. LOC), 0.260%, 5/5/2011 50,000,000
5,300,000 Physicians Real Estate LLP, (Wells Fargo Bank, N.A. LOC), 0.220%, 5/4/2011 5,300,000
51,785,000 Pittsburgh, PA Water & Sewer Authority, (Series C-2 of 2008) (Subordinate Bonds), (Assured Guaranty Municipal Corp. INS), 0.330%, 5/5/2011 51,785,000
17,220,000 Presbyterian Home and Services of New Jersey Obligated Group, (Series 1998-B2), (Wells Fargo Bank, N.A. LOC), 0.210%, 5/4/2011 17,220,000
9,125,000 Public Building Corp. Springfield, MO, Jordan Valley Ice Park, (Series 2003), (U.S. Bank, N.A. LOC), 0.310%, 5/5/2011 9,125,000
565,000,000 Rabobank Nederland NV, Utrecht, 0.296%, 5/18/2011 565,000,000
255,000,000 Rabobank Nederland NV, Utrecht, 0.308%, 5/26/2011 254,987,375
5
Principal
Amount		 Value
$224,700,000 Rabobank Nederland NV, Utrecht, 0.320%, 5/6/2011 224,700,000
200,000,000 Rabobank Nederland NV, Utrecht, 0.321%, 5/9/2011 200,000,000
275,000,000 Rabobank Nederland NV, Utrecht, 0.343%, 5/3/2011 275,000,000
13,335,000 Reno, NV Capital Improvement Revenue Bonds, (Series 2005A), (Bank of America N.A. LOC), 0.260%, 5/5/2011 13,335,000
20,000,000 Riverside County, CA Asset Leasing Corp., (Series 2008A: Southwest Justice Center), (Union Bank, N.A. LOC), 0.260%, 5/4/2011 20,000,000
39,540,000 Riverside County, CA Transportation Commission, (2009 Series A), 0.250%, 5/5/2011 39,540,000
19,000,000 Rochester, MN Health Care Facility Authority, (Series 2002-C Remarketed 4/18/08), 0.260%, 5/4/2011 19,000,000
6,990,000 Roman Catholic Bishop of San Jose, CA, (Series 2005), (Wells Fargo Bank, N.A. LOC), 0.210%, 5/5/2011 6,990,000
46,060,000 Sacramento, CA Municipal Utility District, (Series 2008J), (Bank of America N.A. LOC), 0.230%, 5/5/2011 46,060,000
29,000,000 Salvation Army, (Series 2004-A), (Bank of New York Mellon LOC), 0.410%, 5/5/2011 29,000,000
33,600,000 San Francisco, CA City & County Airport Commission, (Second Series) (Issue 36A), (Wells Fargo Bank, N.A. LOC), 0.240%, 5/4/2011 33,600,000
25,095,000 San Francisco, CA City & County Airport Commission, (Series 2010 A-2), (JPMorgan Chase Bank, N.A. LOC), 0.240%, 5/4/2011 25,095,000
23,350,000 San Francisco, CA City & County Redevelopment Agency Community Facilities District No. 7, (Series 2005A: Hunters Point Shipyard Phase One), (JPMorgan Chase Bank, N.A. LOC), 0.280%, 5/5/2011 23,350,000
400,000 Seeber USA LLP, (Series 2000), (Wells Fargo Bank, N.A. LOC), 0.210%, 5/4/2011 400,000
9,400,000 Spira Millenium LLC, (Series 2001), (Bank of America N.A. LOC), 0.410%, 5/5/2011 9,400,000
975,000 St. Paul, MN Port Authority, National Checking Co. Project (Series 1998-B), (U.S. Bank, N.A. LOC), 0.450%, 5/5/2011 975,000
12,050,000 Syracuse, NY IDA, (Series 2005B), (JPMorgan Chase Bank, N.A. LOC), 0.230%, 5/4/2011 12,050,000
25,000,000 Tarrant County, TX Cultural Education Facilities Finance Corp., (Series 2008C-1), (Bank of America N.A. LOC), 0.270%, 5/4/2011 25,000,000
23,560,000 Tarrant County, TX Cultural Education Facilities Finance Corp., (Series 2008C-2), (Bank of America N.A. LOC), 0.270%, 5/4/2011 23,560,000
63,500,000 1,2 Texas State, PUTTERs (Series 3812), 0.270%, 5/2/2011 63,500,000
17,350,000 The Chestnut Partnership, (Series 1999), (Bank of America N.A. LOC), 0.250%, 5/5/2011 17,350,000
200,000,000 Toronto Dominion Bank, 0.307%, 5/12/2011 200,000,000
65,630,000 Valdez, AK Marine Terminal, Revenue Bonds, 0.120%, 5/2/2011 65,630,000
900,000 Village Green Finance Co. LLC, (Series 1997), (Wells Fargo Bank, N.A. LOC), 0.210%, 5/4/2011 900,000
400,000,000 Westpac Banking Corp. Ltd., Sydney, 0.314%, 5/13/2011 400,000,000
400,000,000 Westpac Banking Corp. Ltd., Sydney, 0.321%, 5/11/2011 400,000,000
300,000,000 Westpac Banking Corp. Ltd., Sydney, 0.321%, 5/9/2011 300,000,000
7,795,000 Yeshivas Novominsk, (Series 2008), (TD Bank, N.A. LOC), 0.220%, 5/5/2011 7,795,000
TOTAL 10,541,279,748
Finance - Commercial – 0.5%
50,000,000 1,2 Fairway Finance Co. LLC, 0.231%, 5/3/2011 50,000,000
68,000,000 1,2 Fairway Finance Co. LLC, 0.256%, 5/16/2011 68,000,000
30,000,000 1,2 Fairway Finance Co. LLC, 0.271%, 5/16/2011 30,000,000
55,000,000 1,2 Fairway Finance Co. LLC, 0.271%, 5/9/2011 55,000,000
25,000,000 1,2 Fairway Finance Co. LLC, 0.283%, 5/4/2011 25,000,000
27,475,000 Pitney Road Partners LLC, (Series 2008), (General Electric Capital Corp. LOC), 0.400%, 5/5/2011 27,475,000
14,590,000 The Anderson's, Inc., (Series 2008), (General Electric Capital Corp. LOC), 0.400%, 5/5/2011 14,590,000
TOTAL 270,065,000
Government Agency – 0.5%
24,780,000 COG Leasing Co. LLP, (Series 2007), (FHLB of Des Moines LOC), 0.290%, 5/5/2011 24,780,000
14,000,000 California HFA, (Series 2005F), 0.240%, 5/4/2011 14,000,000
8,245,000 California HFA, (Series 2006 B), 0.210%, 5/4/2011 8,245,000
36,020,000 Capital Trust Agency, FL, (FNMA LOC), 0.210%, 5/5/2011 36,020,000
21,155,000 Fiore Capital LLC, (Series 2005-A), (FHLB of Chicago LOC), 0.260%, 5/5/2011 21,155,000
4,255,000 Grand Pointe II Ltd. Partnership, (Series 1999) Globe Apartments, (FHLB of Indianapolis LOC), 0.400%, 5/5/2011 4,255,000
8,290,000 Helmholdt Capital, LLC, (Series 2007-A), (FHLB of San Francisco LOC), 0.260%, 5/5/2011 8,290,000
33,735,000 Michigan Higher Education Facilities Authority, (Series 2008B), (FHLB of Boston LOC), 0.260%, 5/5/2011 33,735,000
99,750,000 Nebraska Investment Finance Authority, (2010 Series B), 0.250%, 5/4/2011 99,750,000
17,725,000 Pinnacle Ridge Apartments LP, (Series 2006), (FHLB of Dallas LOC), 0.350%, 5/5/2011 17,725,000
6
Principal
Amount		 Value
$10,680,000 Tack Capital Co., (FHLB of New York LOC), 0.210%, 5/5/2011 10,680,000
TOTAL 278,635,000
Insurance – 0.3%
41,025,000 1,2 Chicago, IL Board of Education, MERLOTS (Series 2008-C6), (Assured Guaranty Corp. INS), 0.290%, 5/4/2011 41,025,000
60,565,000 Missouri State HEFA, (Series 2005C-4), (Assured Guaranty Municipal Corp. INS), 0.290%, 5/4/2011 60,565,000
28,470,000 New Jersey Health Care Facilities Financing Authority, (Series 2007-IV), (Assured Guaranty Corp. INS), 0.240%, 5/4/2011 28,470,000
TOTAL 130,060,000
Municipal – 0.2%
130,000,000 South Carolina State Public Service Authority (Santee Cooper), (Series A), 0.469%, 5/16/2011 130,000,000
TOTAL NOTES - VARIABLE 11,351,364,748
Short-Term Municipals – 0.0%
Municipal – 0.0%
25,000,000 Texas State, 2.000%, 8/31/2011 25,144,929
U.S. Treasury Note – 0.8%
U.S. Treasury Note – 0.8%
397,000,000 United States Treasury, 0.750%, 11/30/2011 398,030,953
Repurchase Agreements – 9.1%
400,000,000 Interest in $2,591,000,000 joint repurchase agreement 0.05%, dated 4/29/2011 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $2,591,010,796 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/1/2041 and the market value of those underlying securities was $2,644,696,812. 400,000,000
3,069,092,000 Interest in $5,935,000,000 joint repurchase agreement 0.05%, dated 4/29/2011 under which Bank of America, N.A. will repurchase securities provided as collateral for $5,935,024,729 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/15/2040 and the market value of those underlying securities was $6,055,753,170. 3,069,092,000
500,000,000 Repurchase agreement 0.06%, dated 4/29/2011 under which Citibank, N.A. will repurchase securities provided as collateral for $500,002,500 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/20/2041 and the market value of those underlying securities was $513,594,953. 500,000,000
500,000,000 Repurchase agreement 0.06%, dated 4/29/2011 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $500,002,500 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 6/1/2048 and the market value of those underlying securities was $510,002,550. 500,000,000
250,000,000 Interest in $500,000,000 joint repurchase agreement 0.05%, dated 4/29/2011 under which Societe Generale, New York will repurchase securities provided as collateral for $500,002,083 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 8/16/2043 and the market value of those underlying securities was $514,875,288. 250,000,000
TOTAL REPURCHASE AGREEMENTS 4,719,092,000
TOTAL INVESTMENTS — 100.7%
(AT AMORTIZED COST)5 		52,393,763,022
OTHER ASSETS AND LIABILITIES - NET — (0.7)%6 (355,353,469)
TOTAL NET ASSETS — 100% $52,038,409,553
1 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 April 30, 2011, these restricted securities amounted to $4,785,398,026, which represented 9.2% of total net assets.
2 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 (the “Trustees”). At April 30, 2011, these liquid restricted securities amounted to $4,785,398,026, which represented 9.2% of total net assets.
3 Denotes a variable rate security with current rate and next reset date shown.
4 Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
5 Also represents cost for federal tax purposes.
6 Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2011.

7

Investment Valuation

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

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

Level 1 — quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable. Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost. Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

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

As of April 30, 2011, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

FHLB  — Federal Home Loan Bank
FNMA  — Federal National Mortgage Association
GTD  — Guaranteed
HEFA  — Health and Education Facilities Authority
HFA  — Housing Finance Authority
IDA  — Industrial Development Authority
IDB  — Industrial Development Bond
IDC  — Industrial Development Corporation
INS  — Insured
LOC  — Letter of Credit
MERLOTS  — Municipal Exempt Receipts-Liquidity Optional Tender Series
MFH  — Multi-Family Housing
PCR  — Pollution Control Revenue
PUTTERs  — Puttable Tax-Exempt Receipts

8


Federated Prime Value Obligations Fund

Portfolio of Investments

April 30, 2011 (unaudited)

Principal
Amount		 Value
Asset-Backed Securities – 2.4%
Finance - Automotive – 1.3%
$17,096,501 1,2 SMART (Series 2011-1US Trust), Class A1, 0.432%, 3/14/2012 17,096,501
50,000,000 Santander Drive Auto Receivables Trust 2011-1, Class A1, 0.326%, 5/15/2012 50,000,000
41,000,000 World Omni Automobile Lease Securitization Trust 2011-A, Class A1, 0.301%, 4/15/2012 41,000,000
TOTAL 108,096,501
Finance - Equipment – 0.7%
808,487 1,2 GE Equipment Midticket LLC, (Series 2010-1), Class A1, 0.351%, 9/14/2011 808,487
22,385,406 1,2 GE Equipment Small Ticket LLC, (Series 2011-1), Class A1, 0.382%, 2/21/2012 22,385,406
25,226,808 1,2 Macquarie Equipment Funding Trust 2011-A, Class A1, 0.432%, 3/20/2012 25,226,807
12,240,753 1,2 Navistar Financial Corp. Owner Trust 2010-B, Class A1, 0.345%, 10/18/2011 12,240,753
TOTAL 60,661,453
Finance - Retail – 0.4%
30,000,000 1,2,3 Arkle Master Issuer PLC 2010-1, Class 1A, 0.416%, 5/17/2011 30,000,000
5,000,000 1,2,3 Holmes Master Issuer PLC 2011-1, Class A1, 0.359%, 5/15/2011 5,000,000
TOTAL 35,000,000
TOTAL ASSET-BACKED SECURITIES 203,757,954
Certificates of Deposit – 37.9%
Finance - Banking – 37.9%
360,000,000 BNP Paribas SA, 0.510% - 0.550%, 7/5/2011 - 9/28/2011 360,000,000
389,200,000 Bank of Tokyo-Mitsubishi UFJ Ltd., 0.290% - 0.350%, 5/26/2011 - 6/7/2011 389,192,601
200,000,000 Barclays Bank PLC, 0.390% - 0.790%, 11/1/2011 - 1/27/2012 200,000,000
50,000,000 Barclays Bank PLC, 0.430%, 10/21/2011 50,000,000
40,000,000 Barclays Bank PLC, 0.570% - 0.810%, 8/8/2011 - 1/25/2012 40,000,000
406,000,000 Caisse des Depots et Consignations (CDC), 0.370% - 0.630%, 6/3/2011 - 8/15/2011 406,000,000
345,000,000 Credit Agricole Corporate and Investment Bank, 0.370% - 0.540%, 5/18/2011 - 8/10/2011 345,000,000
75,000,000 Deutsche Bank AG, 0.320% - 0.450%, 5/25/2011 - 10/7/2011 75,000,000
179,000,000 KBC Bank N.V., 0.270% - 0.420%, 5/5/2011 - 5/13/2011 178,999,969
388,600,000 Mizuho Corporate Bank Ltd., 0.260% - 0.310%, 5/2/2011 - 8/1/2011 388,600,000
130,000,000 Rabobank Nederland NV, Utrecht, 0.390% - 0.500%, 6/2/2011 - 9/14/2011 130,000,000
285,000,000 Societe Generale, Paris, 0.400% - 0.500%, 6/20/2011 - 10/19/2011 285,000,000
180,000,000 Sumitomo Mitsui Banking Corp., 0.270%, 6/20/2011 - 6/27/2011 179,998,370
140,000,000 Svenska Handelsbanken, Stockholm, 0.270% - 0.280%, 5/25/2011 - 8/5/2011 140,003,996
TOTAL CERTIFICATES OF DEPOSIT 3,167,794,936
Collateralized Loan Agreements – 12.0%
Brokerage – 1.2%
100,000,000 3 Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.380% - 0.700%, 5/2/2011 - 7/25/2011 100,000,000
Finance - Banking – 10.8%
29,000,000 BNP Paribas Securities Corp., 0.375%, 5/2/2011 29,000,000
320,000,000 3 Citigroup Global Markets, Inc., 0.500% - 0.740%, 5/2/2011 - 6/24/2011 320,000,000
200,000,000 Credit Suisse First Boston LLC, 0.380%, 7/20/2011 - 7/26/2011 200,000,000
105,000,000 Deutsche Bank Securities, Inc., 0.406% - 0.507%, 5/2/2011 - 5/3/2011 105,000,000
25,000,000 ING Financial Markets LLC, 0.243%, 5/2/2011 25,000,000
64,000,000 J.P. Morgan Securities, Inc., 0.406%, 5/2/2011 64,000,000
34,000,000 Mizuho Securities USA, Inc., 0.304%, 5/2/2011 34,000,000
125,000,000 3 RBS Securities, Inc., 0.500%, 5/2/2011 125,000,000
TOTAL 902,000,000
TOTAL COLLATERALIZED LOAN AGREEMENTS 1,002,000,000
1
Principal
Amount		 Value
Commercial Paper – 13.7%4
Aerospace/Auto – 0.8%
$46,200,000 1,2 BMW US Capital LLC, (GTD by Bayerische Motoren Werke AG), 0.310% - 0.350%, 5/4/2011 - 5/26/2011 46,196,045
4,200,000 1,2 Nissan Motor Acceptance Corp., (Nissan Motor Co., Ltd. SA), 0.380% - 0.380%, 5/6/2011 4,199,778
17,000,000 1,2 Volkswagen of America, Inc., (GTD by Volkswagen AG), 0.310%, 5/3/2011 16,999,707
TOTAL 67,395,530
Consumer Products – 0.2%
15,000,000 Clorox Co., 0.300%, 5/3/2011 14,999,750
Diversified – 0.2%
20,000,000 1,2 ITT Corp., 0.360%, 5/19/2011 19,996,400
Finance - Banking – 7.4%
100,000,000 1,2 Commonwealth Bank of Australia, 0.230%, 7/6/2011 99,957,833
75,000,000 Credit Agricole North America, Inc., 0.491%, 9/29/2011 74,845,854
24,000,000 1,2 Gotham Funding Corp., 0.300%, 7/19/2011 23,984,200
377,000,000 ING (U.S.) Funding LLC, 0.290% - 0.330%, 6/1/2011 - 8/4/2011 376,854,104
40,000,000 Societe Generale North America, Inc., (GTD by Societe Generale, Paris), 0.501%, 6/3/2011 39,981,667
TOTAL 615,623,658
Finance - Commercial – 4.5%
373,000,000 1,2 Versailles Commercial Paper LLC, 0.230% - 0.280%, 5/2/2011 - 5/25/2011 372,981,489
Machinery/Equipment / Auto – 0.4%
34,200,000 1,2 Harley-Davidson Funding Corp., (Harley-Davidson, Inc. SA), 0.310% - 0.360%, 5/16/2011 — 5/23/2011 34,194,341
Packaging & Containers – 0.2%
16,000,000 Bemis Co., Inc., 0.350%, 5/6/2011 15,999,222
TOTAL COMMERCIAL PAPER 1,141,190,390
Corporate Bonds – 1.8%
Finance - Banking – 1.8%
150,000,000 3 JPMorgan Chase Bank, N.A., 0.253%, 5/23/2011 150,000,000
Loan Participation – 0.5%
Miscellaneous – 0.5%
40,000,000 Cargill, Inc., 0.220% - 0.290%, 5/5/2011 - 5/10/2011 40,000,000
Notes - Variable – 31.2%3
Chemicals – 0.6%
12,500,000 Gulf Coast, TX Waste Disposal Authority, Solid Waste Disposal Revenue Bonds (Series 2000), (GTD by Air Products & Chemicals, Inc.), 0.330%, 5/4/2011 12,500,000
24,000,000 Louisiana Public Facilities Authority, (Series 2007A), 0.260%, 5/2/2011 24,000,000
5,000,000 Louisiana Public Facilities Authority, (Series 2008C), 0.300%, 5/2/2011 5,000,000
11,400,000 Michigan Strategic Fund, (Series 2007), 0.260%, 5/2/2011 11,400,000
TOTAL 52,900,000
Finance - Banking – 28.4%
12,695,000 Advance Packaging Corp., (Series 2006), (Fifth Third Bank, Cincinnati LOC), 0.520%, 5/5/2011 12,695,000
40,000 Alabama State IDA, (Wellborn Cabinet, Inc.), Tax Revenue Bonds, (Bank of America N.A. LOC), 0.240%, 5/5/2011 40,000
11,500,000 Allen County, OH, (Series 2008A), (Bank of America N.A. LOC), 0.250%, 5/2/2011 11,500,000
9,000,000 Athens-Clarke County, GA IDA, (Series 2001), (SunTrust Bank LOC), 0.450%, 5/2/2011 9,000,000
20,000,000 1,2 Australia & New Zealand Banking Group, Melbourne, 0.293%, 5/20/2011 20,000,000
112,500,000 1,2 Australia & New Zealand Banking Group, Melbourne, 0.326%, 5/9/2011 112,500,000
50,000,000 Bank of Montreal, 0.303%, 5/26/2011 50,000,000
3,590,000 Baramax LLC, (Series 2002), (TD Bank, N.A. LOC), 0.360%, 5/4/2011 3,590,000
50,000,000 Barclays Bank PLC, 0.633%, 5/27/2011 50,000,000
6,040,000 Bethesda Country Club, Inc., (Series 1997), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.560%, 5/3/2011 6,040,000
12,535,000 CEI Capital, LLC, Crystal Enterprises, Inc., (Fifth Third Bank, Cincinnati LOC), 0.460%, 5/5/2011 12,535,000
24,300,000 California State, (Series 2004 B-4), (Citibank NA, New York LOC), 0.220%, 5/5/2011 24,300,000
5,610,000 Capital Markets Access Co. LC, (Series 2006K), ESC Properties, LLC., (Compass Bank, Birmingham LOC), 0.610%, 5/5/2011 5,610,000
2
Principal
Amount		 Value
$6,395,000 Capital Markets Access Co. LC, ML Destiny Plaza, LLC, (Fifth Third Bank, Cincinnati LOC), 0.520%, 5/5/2011 6,395,000
5,090,000 Capital Markets Access Co. LC, Pelican I&II Project, (Series 2006), (SunTrust Bank LOC), 1.150%, 5/4/2011 5,090,000
330,000 Capital One Funding Corp., (Series 1996-C), (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/5/2011 330,000
10,555,000 Centra State Medical Arts Building LLC, (TD Bank, N.A. LOC), 0.310%, 5/5/2011 10,555,000
4,095,000 Century Drive Associates, (Series 2001), (TD Bank, N.A. LOC), 0.310%, 5/4/2011 4,095,000
67,500,000 1,2 Colorado State General Fund, PUTTERs (Series 3892), 0.270%, 5/2/2011 67,500,000
4,950,000 Commercial Contractors, Inc., (Series 1998), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.560%, 5/3/2011 4,950,000
245,000,000 Commonwealth Bank of Australia, 0.333%, 5/5/2011 245,000,000
6,100,000 Connecticut Water Co., (Series 2004), (RBS Citizens Bank N.A. LOC), 0.460%, 5/4/2011 6,100,000
765,000 Covered Bridge Development Co. LLC, (Series 2004), (Compass Bank, Birmingham LOC), 0.790%, 5/5/2011 765,000
155,000,000 Credit Suisse, Zurich, 0.294%, 5/9/2011 155,000,000
5,335,000 DJD Investments, LLC, (Series 2004), (RBC Bank (USA) LOC), 0.240%, 5/5/2011 5,335,000
51,810,000 Dallas, TX Performing Arts Cultural Facilities Corp., (Series 2008A), (Bank of America N.A. LOC), 0.240%, 5/2/2011 51,810,000
3,840,000 Dellridge Care Center LP, (Series 1997), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.560%, 5/3/2011 3,840,000
50,000,000 Deutsche Bank AG, 0.592%, 5/23/2011 50,000,000
985,000 Engle Printing & Publishing, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.560%, 5/6/2011 985,000
1,040,000 Engle Printing & Publishing, (Series 2003), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.560%, 5/6/2011 1,040,000
27,945,000 Florida State Municipal Power Agency, (Series 2008E), (SunTrust Bank LOC), 0.420%, 5/2/2011 27,945,000
11,335,000 Galasso Materials LLC and Galasso Holdings LLC, (Series 1998), (Key Bank, N.A. LOC), 0.650%, 5/5/2011 11,335,000
1,840,000 Gannett Fleming, Inc., (Series 2001), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.560%, 5/6/2011 1,840,000
16,700,000 Greene County Development Authority, Reynolds Lodge, LLC (Series 2000B), (SunTrust Bank LOC), 1.150%, 5/4/2011 16,700,000
25,000,000 Harris County, TX Education Facilities Finance Corp., (Series 2008B), (Bank of America N.A. LOC), 0.270%, 5/2/2011 25,000,000
3,580,000 Hazlet Manor Associates, (Series 1998), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.560%, 5/3/2011 3,580,000
141,000,000 JPMorgan Chase Bank, N.A., 0.251%, 5/31/2011 141,000,000
4,210,000 Lee County, FL IDA, Bonita Community Health Center, (Series 1999B), (Fifth Third Bank, Cincinnati LOC), 0.590%, 5/6/2011 4,210,000
25,000,000 Lloyds TSB Bank PLC, London, 1.240%, 5/6/2011 25,000,000
11,200,000 Louisiana State Offshore Terminal Authority, (Series 2003A), (SunTrust Bank LOC), 0.450%, 5/2/2011 11,200,000
8,120,000 Marsh Enterprises, L.L.C., (Series 2003), (Fifth Third Bank, Cincinnati LOC), 0.520%, 5/5/2011 8,120,000
16,000,000 Maryland State Economic Development Corp., (Series 2001A) Human Genome Sciences, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.560%, 5/3/2011 16,000,000
17,570,000 Maryland State Economic Development Corp., Human Genome (Series 1997), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.560%, 5/3/2011 17,570,000
3,380,000 Miller, James & Deborah, (Series 1997), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.560%, 5/3/2011 3,380,000
3,000,000 Nassau County, NY IDA, Brush Hollow Project, (Series 2006-A), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.560%, 5/5/2011 3,000,000
100,000,000 National Australia Bank Ltd., Melbourne, 0.291%, 5/10/2011 100,000,000
90,000,000 Natixis, 0.276%, 5/17/2011 90,000,000
11,000,000 New York City Housing Development Corp., (Series 2008A: Beekman Tower), (RBS Citizens Bank N.A. LOC), 0.330%, 5/4/2011 11,000,000
8,800,000 New York City Housing Development Corp., (Series 2009 A2), (RBS Citizens Bank N.A. LOC), 0.270%, 5/4/2011 8,800,000
65,000,000 New York City Housing Development Corp., (Series 2009-A1), (RBS Citizens Bank N.A. LOC), 0.270%, 5/4/2011 65,000,000
40,000,000 New York City Housing Development Corp., (Series 2010-A2), (RBS Citizens Bank N.A. LOC), 0.270%, 5/4/2011 40,000,000
8,295,000 New York State HFA, (Series 2008-B), (Landesbank Hessen-Thuringen LOC), 0.270%, 5/4/2011 8,295,000
20,145,000 Pinellas County, FL Health Facility Authority, (Series 2004), (SunTrust Bank LOC), 0.450%, 5/2/2011 20,145,000
125,000,000 Rabobank Nederland NV, Utrecht, 0.296%, 5/18/2011 125,000,000
85,000,000 Rabobank Nederland NV, Utrecht, 0.321%, 5/9/2011 85,000,000
4,260,000 River Road Marietta LP, (Series 2006), (Fulton Bank LOC), 2.100%, 5/5/2011 4,260,000
23,855,000 Saber Management, LLC, (RBS Citizens Bank N.A. LOC), 0.240%, 5/5/2011 23,855,000
51,920,000 San Jose, CA Financing Authority, (Series 2008A: Civic Center Project), (Union Bank, N.A. LOC), 0.250%, 5/5/2011 51,920,000
5,840,000 Silvio Properties, LLC, (Series 2007), (Fifth Third Bank, Cincinnati LOC), 0.490%, 5/5/2011 5,840,000
18,325,000 Southeastern California Conference of Seventh-Day Adventists, (Series 2008), (Bank of America N.A. LOC), 0.250%, 5/5/2011 18,325,000
150,000,000 Svenska Handelsbanken, Stockholm, 0.364%, 5/17/2011 150,000,000
3
Principal
Amount		 Value
$7,795,000 Team Rahal, Inc., (Series 2002), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.560%, 5/6/2011 7,795,000
6,950,000 Test Associates, (Series 2002), (Fulton Bank LOC), 2.100%, 5/5/2011 6,950,000
7,135,000 Urban Campus Environments LLC, (Series 2006), (Wells Fargo Bank, N.A. LOC), 0.210%, 5/5/2011 7,135,000
450,000 Vista Funding Corp., (Series 1995-D), (Fifth Third Bank, Cincinnati LOC), 0.480%, 5/5/2011 450,000
8,475,000 WCN Properties, Inc., (Series 2), (Fulton Bank LOC), 2.100%, 5/5/2011 8,475,000
5,815,000 West Shore Country Club, (Series 2000), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.560%, 5/6/2011 5,815,000
25,000,000 Westpac Banking Corp. Ltd., Sydney, 0.293%, 7/29/2011 25,000,164
163,000,000 1,2 Westpac Banking Corp. Ltd., Sydney, 0.301%, 5/16/2011 163,000,000
63,900,000 Westpac Banking Corp. Ltd., Sydney, 0.323%, 5/4/2011 63,900,000
6,855,000 Whetstone Care Center LLC, (Series 1998), (Fifth Third Bank, Cincinnati LOC), 0.980%, 5/4/2011 6,855,000
4,675,000 Wilsbach Distributors, Inc., (Series 1999), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.560%, 5/4/2011 4,675,000
7,055,000 Yonkers, NY IDA, JME Associates, LLC (Series 2006), (TD Bank, N.A. LOC), 0.260%, 5/5/2011 7,055,000
3,000,000 York County, PA IDA, (Series 2003-B), (Insured by Assured Guaranty Municipal Corp.), 3.000%, 5/5/2011 3,000,000
TOTAL 2,370,025,164
Finance - Retail – 0.5%
43,000,000 AFS Insurance Premium Receivables Trust, (Series 1994-A), 0.774%, 5/16/2011 43,000,000
Government Agency – 0.8%
17,550,000 Aquarium Parking Deck, LLC, (Series 2005), (FHLB of Atlanta LOC), 0.300%, 5/4/2011 17,550,000
4,905,000 Cunat Capital Corp., (Series 2007), (FHLB of Chicago LOC), 0.250%, 5/5/2011 4,905,000
8,965,000 Frogtown LLC, (Series 2004), (FHLB of Cincinnati LOC), 0.600%, 5/5/2011 8,965,000
35,005,000 Goldleaf Mortgage LLC, (Series 2007-A), (FHLB of Chicago LOC), 0.260%, 5/5/2011 35,005,000
TOTAL 66,425,000
Insurance – 0.9%
50,000,000 Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008A-2), (Assured Guaranty Municipal Corp. INS), 0.400%, 5/4/2011 50,000,000
14,500,000 Knox County, TN Health Education & Housing Facilities Board, (Series 2006 B-1), (Assured Guaranty Corp. INS), 0.420%, 5/2/2011 14,500,000
7,000,000 Knox County, TN Health Education & Housing Facilities Board, (Subseries B-2), (Assured Guaranty Corp. INS), 0.420%, 5/2/2011 7,000,000
TOTAL 71,500,000
TOTAL NOTES - VARIABLE 2,603,850,164
Repurchase Agreements – 1.6%
89,932,000 Interest in $5,935,000,000 joint repurchase agreement 0.05%, dated 4/29/2011 under which Bank of America, N.A. will repurchase securities provided as collateral for $5,935,024,729 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/15/2040 and the market value of those underlying securities was $6,055,753,170. 89,932,000
40,000,000 Interest in $600,000,000 joint repurchase agreement 0.03%, dated 4/29/2011 under which Mizuho Securities USA, Inc. will repurchase securities provided as collateral for $600,001,500 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 11/15/2040 and the market value of those underlying securities was $612,001,628. 40,000,000
TOTAL REPURCHASE AGREEMENTS 129,932,000
TOTAL INVESTMENTS — 101.1%
(AT AMORTIZED COST)5 		8,438,525,444
OTHER ASSETS AND LIABILITIES - NET — (1.1)%6 (89,899,211)
TOTAL NET ASSETS — 100% $8,348,626,233

4
1 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 April 30, 2011, these restricted securities amounted to $1,094,267,747, which represented 13.1% of total net assets.
2 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 (the “Trustees”). At April 30, 2011, these liquid restricted securities amounted to $1,094,267,747, which represented 13.1% of total net assets.
3 Denotes a variable rate security with current rate and next reset date shown.
4 Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
5 Also represents cost for federal tax purposes.
6 Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2011.

Investment Valuation

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

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

Level 1 — quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable. Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost. Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

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

As of April 30, 2011, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

FHLB  — Federal Home Loan Bank
GTD  — Guaranteed
HFA  — Housing Finance Authority
IDA  — Industrial Development Authority
INS  — Insured
LOC  — Letter of Credit
PUTTERs  — Puttable Tax-Exempt Receipts

5


Federated Tax-Free Obligations Fund

Portfolio of Investments

April 30, 2011 (unaudited)

Principal
Amount		 Value
SHORT-TERM MUNICIPALS – 99.7%1,2
Alabama – 3.1%
$4,000,000 Alabama HFA MFH, (2000 Series A:Turtle Lake) Weekly VRDNs (Double Lake Ventures LLC)/(FNMA LOC), 0.260%, 5/5/2011 4,000,000
20,765,000 3,4 Alabama Special Care Facilities Financing Authority of Birmingham, Solar Eclipse (Series 2007-46) Weekly VRDNs (Ascension Health Credit Group)/(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.250%, 5/5/2011 20,765,000
34,900,000 Birmingham, AL Medical Clinic Board, (Series 2007-A) Weekly VRDNs (University of Alabama Health Services Foundation, P.C.)/(Bank of America N.A. LOC), 0.280%, 5/6/2011 34,900,000
8,000,000 3,4 Birmingham, AL Waterworks & Sewer Board, Floater Certificates (Series 2008-2707) Weekly VRDNs (Berkshire Hathaway Assurance Corp. INS)/(Morgan Stanley Bank LIQ), 0.260%, 5/5/2011 8,000,000
14,010,000 Birmingham-St. Martin's, AL Special Care Facilities Financing Authority, (Series 2007) Weekly VRDNs (St. Martin's In The Pines)/(FHLB of Atlanta LOC), 0.330%, 5/5/2011 14,010,000
85,960,000 Mobile County, AL IDA, (Series 2010A: Recovery Zone Facility) Weekly VRDNs (SSAB Alabama, Inc.)/(Svenska Handelsbanken, Stockholm LOC), 0.260%, 5/5/2011 85,960,000
3,000,000 Mobile, AL Downtown Redevelopment Authority, (Series 2009) Weekly VRDNs (Austal USA, LLC)/(Westpac Banking Corp. Ltd., Sydney LOC), 0.230%, 5/5/2011 3,000,000
12,000,000 Mobile, AL IDB, PCR (Series 1993B) Weekly VRDNs (Alabama Power Co.), 0.270%, 5/2/2011 12,000,000
31,000,000 Mobile, AL IDB, PCR (Series 2008: Gulf Opportunity Zone Bond), 1.00% TOBs (Alabama Power Co.), Mandatory Tender 8/16/2011 31,000,000
3,000,000 Mobile, AL Special Care Facilities Financing Authority, (Series 2010-B) Weekly VRDNs (Infirmary Health Systems, Inc.)/(Deutsche Bank AG LOC), 0.240%, 5/4/2011 3,000,000
2,000,000 Pell, AL Special Care Facilities Financing Authority, (Series 2009-A) Weekly VRDNs (Noland Health Services, Inc.)/(U.S. Bank, N.A. LOC), 0.260%, 5/5/2011 2,000,000
13,240,000 3,4 Trussville, AL, Solar Eclipse (Series 2007-0105) Weekly VRDNs (U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.250%, 5/5/2011 13,240,000
18,500,000 Tuscaloosa County, AL IDA, (Series 2008A: Gulf Opportunity Zone Bonds) Weekly VRDNs (Hunt Refining Co.)/(JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/4/2011 18,500,000
4,000,000 Tuscaloosa County, AL IDA, (Series 2008C: Gulf Opportunity Zone Bonds) Weekly VRDNs (Hunt Refining Co.)/(JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/4/2011 4,000,000
8,575,000 Tuscaloosa County, AL Port Authority, (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs (Tuscaloosa Riverfront Development, LLC)/(FHLB of Atlanta LOC), 0.310%, 5/5/2011 8,575,000
43,615,000 3,4 University of South Alabama, Solar Eclipse (Series 2007-0023) Weekly VRDNs (U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.250%, 5/5/2011 43,615,000
6,175,000 Washington County, AL IDA, (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs (Bay Gas Storage Company, Ltd.)/(UBS AG LOC), 0.240%, 5/4/2011 6,175,000
TOTAL 312,740,000
Alaska – 1.8%
40,000,000 Alaska State Housing Finance Corp., (Series 2007A) Weekly VRDNs (Landesbank Baden-Wurttemberg LIQ), 0.260%, 5/5/2011 40,000,000
73,900,000 Alaska State Housing Finance Corp., (Series 2007B) Weekly VRDNs (Landesbank Baden-Wurttemberg LIQ), 0.250%, 5/5/2011 73,900,000
70,000,000 Alaska State Housing Finance Corp., Home Mortgage Revenue Bonds (Series 2007D) Weekly VRDNs (Landesbank Baden-Wurttemberg LIQ), 0.240%, 5/5/2011 70,000,000
TOTAL 183,900,000
Arizona – 1.4%
20,000,000 Ak-Chin Indian Community, AZ, (Series 2008) Weekly VRDNs (Bank of America N.A. LOC), 0.290%, 5/5/2011 20,000,000
2,250,000 Arizona Health Facilities Authority, (2008 Series B) Weekly VRDNs (Catholic Healthcare West)/(Bank of America N.A. LOC), 0.260%, 5/4/2011 2,250,000
900,000 Arizona Health Facilities Authority, (Series 1994) Weekly VRDNs (University Physicians, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.410%, 5/5/2011 900,000
3,310,000 Arizona Health Facilities Authority, (Series 2000) Weekly VRDNs (University Physicians, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.410%, 5/5/2011 3,310,000
1,800,000 Arizona Health Facilities Authority, (Series 2004) Weekly VRDNs (Southwest Behavioral Health Services, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/4/2011 1,800,000
21,935,000 3,4 Arizona State, Stage Trust (Series 2011-9C), 0.38% (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ) 7/28/2011 21,935,000
5,000,000 Glendale, AZ IDA, (Series 2008) Weekly VRDNs (Midwestern University)/(Bank of America N.A. LOC), 0.280%, 5/5/2011 5,000,000
5,000,000 Maricopa County, AZ School District No. 11 (Peoria USD), 0.75% Bonds, 7/1/2011 5,002,033
9,750,000 Maricopa County, AZ School District No. 48 (Scottsdale USD), (Series 2010), 2.50% Bonds, 7/1/2011 9,782,927
1
Principal
Amount		 Value
$6,750,000 Phoenix, AZ IDA, (Series 2000) Weekly VRDNs (Copper Palms Apartments)/(FHLMC LOC), 0.260%, 5/4/2011 6,750,000
2,415,000 Phoenix, AZ IDA, (Series 2002) Weekly VRDNs (Jewell McFarland Lewis Fresh Start Women's Resource Center)/(Bank of America N.A. LOC), 0.480%, 5/5/2011 2,415,000
3,010,000 Phoenix, AZ IDA, (Series 2008) Weekly VRDNs (Southwestern College of Phoenix)/(Comerica Bank LOC), 0.320%, 5/5/2011 3,010,000
8,000,000 3,4 Salt River Project, AZ Agricultural Improvement & Power District, ROCs (Series 12276) Weekly VRDNs (Citibank NA, New York LIQ), 0.260%, 5/5/2011 8,000,000
3,345,000 Sierra Vista, AZ IDA, (Series 2001A) Weekly VRDNs (Mountain Steppes Properties LLC)/(FNMA LOC), 0.260%, 5/5/2011 3,345,000
3,300,000 Sun Devil Energy Center LLC, AZ, (Series 2008) Weekly VRDNs (Arizona State University)/(Assured Guaranty Corp. INS)/(Royal Bank of Canada, Montreal LIQ), 0.370%, 5/4/2011 3,300,000
4,835,000 Yavapai County, AZ Highway Construction, Revenue Bonds (Series 2007) Weekly VRDNs (Landesbank Hessen-Thuringen LOC), 0.320%, 5/5/2011 4,835,000
11,000,000 Yavapai County, AZ IDA — Recovery Zone Facility, (Series 2010: Drake Cement Project) Weekly VRDNs (Skanon Investments, Inc.)/(Citibank NA, New York LOC), 0.320%, 5/5/2011 11,000,000
28,895,000 3,4 Yuma, AZ Municipal Property Corp., Solar Eclipse (Series 2007-0115) Weekly VRDNs (Yuma, AZ)/(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.250%, 5/5/2011 28,895,000
TOTAL 141,529,960
California – 8.8%
18,105,000 ABAG Finance Authority for Non-Profit Corporations, CA, (Series 2007) Weekly VRDNs (Harker School)/(U.S. Bank, N.A. LOC), 0.290%, 5/4/2011 18,105,000
16,750,000 3,4 ABAG Finance Authority for Non-Profit Corporations, CA, Stage Trust (Series 2011-17C), 0.38% TOBs (Sharp Healthcare)/(GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 8/1/2011 16,750,000
8,960,000 California Educational Facilities Authority, (2008 Series B) Daily VRDNs (Chapman University)/(Bank of America N.A. LOC), 0.270%, 5/2/2011 8,960,000
18,665,000 California Health Facilities Financing Authority, (Series 2005H) Weekly VRDNs (Catholic Healthcare West)/(Bank of America N.A. LOC), 0.240%, 5/4/2011 18,665,000
6,250,000 California Infrastructure & Economic Development Bank, (Series 2006) Weekly VRDNs (Le Lycee Francais de Los Angeles)/(U.S. Bank, N.A. LOC), 0.270%, 5/5/2011 6,250,000
9,000,000 California Infrastructure & Economic Development Bank, (Series 2008D) Daily VRDNs (California Academy of Sciences)/(City National Bank LOC), 0.310%, 5/2/2011 9,000,000
10,000,000 California PCFA, (Series 2010) Weekly VRDNs (Athens Services)/(Wells Fargo Bank, N.A. LOC), 0.290%, 5/4/2011 10,000,000
34,800,000 California State, (Series 2004 A-10) Weekly VRDNs (CALSTRS (California State Teachers' Retirement System) and Citibank NA, New York LOCs), 0.260%, 5/5/2011 34,800,000
29,000,000 California State, (Series 2004 A-7) Weekly VRDNs (CALSTRS (California State Teachers' Retirement System) and Citibank NA, New York LOCs), 0.260%, 5/5/2011 29,000,000
33,000,000 California State, GO Tax Exempt Notes, 0.37% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/4/2011 33,000,000
16,094,000 California State, GO Tax Exempt Notes, 0.37% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/10/2011 16,094,000
16,000,000 California State, GO Tax Exempt Notes, 0.38% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/10/2011 16,000,000
25,425,000 California State, GO Tax Exempt Notes, 0.38% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/11/2011 25,425,000
33,278,000 California State, GO Tax Exempt Notes, 0.38% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/19/2011 33,278,000
45,000,000 California State, GO Tax Exempt Notes, 0.38% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/23/2011 45,000,000
13,495,000 California State, GO Tax Exempt Notes, 0.38% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/26/2011 13,495,000
10,000,000 California State, GO Tax Exempt Notes, 0.40% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/11/2011 10,000,000
2
Principal
Amount		 Value
$25,000,000 California State, GO Tax Exempt Notes, 0.40% CP (CALPERS (California Public Employees Retirement System), CALSTRS (California State Teachers' Retirement System), Credit Agricole Corporate and Investment Bank, Dexia Credit Local, Landesbank Hessen-Thuringen, Royal Bank of Canada, Montreal and Wells Fargo Bank, N.A. LOCs), Mandatory Tender 5/24/2011 25,000,000
17,045,000 California Statewide CDA, (Series 2004E), 0.34% CP (Kaiser Permanente), Mandatory Tender 9/8/2011 17,045,000
21,800,000 California Statewide CDA, (Series 2004L) Weekly VRDNs (Kaiser Permanente), 0.230%, 5/4/2011 21,800,000
11,950,000 California Statewide CDA, (Series 2004M) Weekly VRDNs (Kaiser Permanente), 0.230%, 5/4/2011 11,950,000
6,500,000 California Statewide CDA, (Series 2005A: Sweetwater Union High School District) Weekly VRDNs (Plan Nine Partners LLC)/(Union Bank, N.A. LOC), 0.340%, 5/5/2011 6,500,000
30,000,000 California Statewide CDA, (Series 2008B), 0.38% CP (Kaiser Permanente), Mandatory Tender 11/15/2011 30,000,000
14,335,000 California Statewide CDA, (Series B) Weekly VRDNs (Kaiser Permanente), 0.230%, 5/4/2011 14,335,000
85,000,000 California Statewide CDA, Gas Supply Variable Rate Revenue Bonds (Series 2010) Weekly VRDNs (GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.250%, 5/5/2011 85,000,000
15,000,000 California Statewide CDA, MFH, (2009 Series E: Crossings West Apartments) Weekly VRDNs (Villas 154, L.P.)/(FHLMC LOC), 0.270%, 5/5/2011 15,000,000
17,300,000 3,4 Coast CCD, CA, SPEARs (Series DB-326) Weekly VRDNs (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.250%, 5/5/2011 17,300,000
9,800,000 Corcoran Joint Powers Finance Authority, CA, (Series 2008) Weekly VRDNs (Corcoran, CA Water System)/(Union Bank, N.A. LOC), 0.290%, 5/5/2011 9,800,000
24,965,000 3,4 Grossmont, CA Healthcare District, SPEARs (Series DBE-345) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.250%, 5/5/2011 24,965,000
7,200,000 Irvine Ranch, CA Water District Weekly VRDNs (Sumitomo Mitsui Banking Corp. LOC), 0.250%, 5/5/2011 7,200,000
12,010,000 3,4 Los Angeles, CA Department of Airports, Stage Trust (Series 2010-31C), 0.37% TOBs (Los Angeles International Airport)/(GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 5/5/2011 12,010,000
14,000,000 3,4 Los Angeles, CA Department of Water & Power (Water Works/System), ROCs (Series 11625) Weekly VRDNs (Berkshire Hathaway Assurance Corp. INS)/(Citibank NA, New York LIQ), 0.260%, 5/5/2011 14,000,000
10,065,000 Los Angeles, CA Wastewater System, Subordinate Revenue Bonds (Series 2008-E) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/5/2011 10,065,000
12,000,000 Los Angeles, CA Wastewater System, Subordinate Revenue Bonds (Series 2008-H) Weekly VRDNs (Bank of America N.A. LOC), 0.260%, 5/5/2011 12,000,000
19,900,000 Los Angeles, CA, Adjustable Rate COP (2007 Series A) Weekly VRDNs (Windward School)/(U.S. Bank, N.A. LOC), 0.280%, 5/5/2011 19,900,000
18,600,000 Metropolitan Water District of Southern California, (Series 2006A-2) Weekly VRDNs (Banco Bilbao Vizcaya Argentaria SA LIQ), 0.300%, 5/5/2011 18,600,000
10,125,000 3,4 Orange County, CA Sanitation District, ROCs (Series 11738) Weekly VRDNs (Citibank NA, New York LIQ), 0.260%, 5/5/2011 10,125,000
11,170,000 Oxnard, CA Financing Authority (Wastewater), (Series 2004B: Headworks and Septic System Projects) Weekly VRDNs (Oxnard, CA Wastewater System)/(Union Bank, N.A. LOC), 0.290%, 5/5/2011 11,170,000
11,250,000 Oxnard, CA Financing Authority, (Series 2006: Civic Center Phase 2) Weekly VRDNs (Oxnard, CA)/(Union Bank, N.A. LOC), 0.290%, 5/5/2011 11,250,000
32,388,000 Riverside County, CA, Teeter Obligation (Series B), 0.31% CP (Bank of Nova Scotia, Toronto LOC), Mandatory Tender 6/10/2011 32,388,000
6,185,000 San Diego County, CA Regional Transportation Commission, (Series 2008B) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.240%, 5/5/2011 6,185,000
20,000,000 San Diego County, CA Water Authority, (Series 3), 0.40% CP, Mandatory Tender 5/6/2011 20,000,000
14,500,000 San Francisco, CA City & County Airport Commission, Second Series (Issue 36B) Weekly VRDNs (Union Bank, N.A. LOC), 0.260%, 5/4/2011 14,500,000
30,100,000 San Francisco, CA City & County Redevelopment Finance Agency MFH, (Series 1992 A-1) Weekly VRDNs (Fillmore Center Associates LP)/(FHLMC LOC), 0.270%, 5/4/2011 30,100,000
12,540,000 San Jose, CA Financing Authority, (Series 2008B-2: Civic Center Garage Project) Weekly VRDNs (San Jose, CA)/(Union Bank, N.A. LOC), 0.240%, 5/5/2011 12,540,000
6,500,000 Santa Clara Valley, CA Transportation Authority, (2008 Series D) Weekly VRDNs (2000 Measure A Sales Tax)/(Sumitomo Mitsui Banking Corp. LIQ), 0.250%, 5/5/2011 6,500,000
29,850,000 West Hills CCD Financing Corporation, CA, (Series 2008) Weekly VRDNs (West Hills CCD, CA)/(Union Bank, N.A. LOC), 0.300%, 5/4/2011 29,850,000
TOTAL 900,900,000
Colorado – 1.2%
4,835,000 Base Village, CO Metropolitan District No. 2, (Series 2008A) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.280%, 5/5/2011 4,835,000
6,510,000 Base Village, CO Metropolitan District No. 2, (Series 2008B) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.280%, 5/5/2011 6,510,000
58,480,000 Centerra Metropolitan District No. 1, CO, (Series 2008) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.270%, 5/4/2011 58,480,000
3
Principal
Amount		 Value
$2,065,000 Colorado Health Facilities Authority, (Series 1998c-1) Weekly VRDNs (Developmental Disabilities Center)/(JPMorgan Chase Bank, N.A. LOC), 0.470%, 5/5/2011 2,065,000
10,425,000 Colorado HFA, (2009 Series A-1) Weekly VRDNs (FHLB of Topeka LIQ), 0.270%, 5/4/2011 10,425,000
8,625,000 Commerce City, CO Northern Infrastructure General Improvement District, (Series 2008) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.280%, 5/5/2011 8,625,000
11,500,000 Denver Urban Renewal Authority, Stapleton Senior Tax Increment Revenue Bonds (Series 2008A-2) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.260%, 5/5/2011 11,500,000
21,260,000 3,4 University of Colorado, Solar Eclipse (Series 2006-0066) Weekly VRDNs (U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.250%, 5/5/2011 21,260,000
TOTAL 123,700,000
Connecticut – 0.3%
17,300,000 3,4 Connecticut State Health & Educational Facilities, Eagles (Series 720053031) Weekly VRDNs (Yale University)/(Citibank NA, New York LIQ), 0.260%, 5/5/2011 17,300,000
9,000,000 New Britain, CT, 2.00% BANs, 3/28/2012 9,105,358
TOTAL 26,405,358
District of Columbia – 0.8%
4,500,000 District of Columbia Revenue, (Series 1999) Weekly VRDNs (Young Men's Christian Association of Metropolitan Washington)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.310%, 5/6/2011 4,500,000
4,920,000 District of Columbia Revenue, (Series 2006) Weekly VRDNs (Washington Center for Internships & Academic Seminars)/(Branch Banking & Trust Co. LOC), 0.290%, 5/5/2011 4,920,000
7,050,000 District of Columbia Revenue, (Series 2007) Weekly VRDNs (American Educational Research Association)/(Wells Fargo Bank, N.A. LOC), 0.380%, 5/5/2011 7,050,000
4,000,000 District of Columbia Revenue, (Series 2009) Weekly VRDNs (Washington Center for Internships & Academic Seminars)/(Branch Banking & Trust Co. LOC), 0.290%, 5/5/2011 4,000,000
14,230,000 3,4 District of Columbia Water & Sewer Authority, Stage Trust (Series 2008-21C), 0.38% TOBs (GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), Optional Tender 7/28/2011 14,230,000
15,220,000 District of Columbia, (Series 2009A), 0.35% CP (National Academy of Sciences)/(Bank of America N.A. LOC), Mandatory Tender 6/2/2011 15,220,000
26,665,000 3,4 Washington, DC Convention Center Authority, Floater Certificates (Series 2006-1606) Weekly VRDNs (Berkshire Hathaway Assurance Corp. INS)/(Morgan Stanley Bank LIQ), 0.260%, 5/5/2011 26,665,000
8,200,000 3,4 Washington, DC Convention Center Authority, Stage Trust (Series 2010-25C), 0.38% TOBs (Convention Center Authority)/(GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 10/28/2011 8,200,000
TOTAL 84,785,000
Florida – 5.0%
12,000,000 Alachua County, FL Health Facilities Authority, (Series 2008B), 0.32% CP (Shands Healthcare)/(Bank of America N.A. LOC), Mandatory Tender 5/25/2011 12,000,000
4,455,000 Broward County, FL HFA, (Series 1997) Weekly VRDNs (Jacaranda Village Apartments)/(HSBC Bank USA LOC), 0.270%, 5/4/2011 4,455,000
28,375,000 3,4 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), 0.290%, 5/5/2011 28,375,000
5,000,000 Capital Trust Agency, FL, (Series 2008A) Weekly VRDNs (Atlantic Housing Foundation Properties)/(FNMA LOC), 0.260%, 5/5/2011 5,000,000
18,000,000 3,4 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), 0.260%, 5/5/2011 18,000,000
2,700,000 Florida HFA, (Series 1985-SS) Weekly VRDNs (Woodlands Apartments)/(Northern Trust Co., Chicago, IL LOC), 0.270%, 5/4/2011 2,700,000
15,550,000 3,4 Florida State Board of Education, P-FLOATs (Series PZ-198) Weekly VRDNs (Florida State)/(Wells Fargo Bank, N.A. LIQ), 0.290%, 5/5/2011 15,550,000
4,705,000 3,4 Florida State, MERLOTS (Series 2008-C7) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 0.290%, 5/4/2011 4,705,000
8,000,000 Highlands County, FL Health Facilities Authority, (Series 2005G) Weekly VRDNs (Adventist Health System/ Sunbelt Obligated Group)/(Royal Bank of Canada, Montreal LOC), 0.230%, 5/5/2011 8,000,000
27,750,000 Highlands County, FL Health Facilities Authority, (Series 2006A-1) Weekly VRDNs (Adventist Health System/ Sunbelt Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.290%, 5/5/2011 27,750,000
9,400,000 Highlands County, FL Health Facilities Authority, (Series 2007B) Weekly VRDNs (Adventist Health System/ Sunbelt Obligated Group)/(Bank of Montreal LOC), 0.240%, 5/5/2011 9,400,000
7,500,000 Highlands County, FL Health Facilities Authority, (Series 2009A) Weekly VRDNs (Adventist Health System/ Sunbelt Obligated Group)/(PNC Bank, N.A. LOC), 0.250%, 5/5/2011 7,500,000
25,000,000 Indian River County School District, FL, (Series 2010), 2.00% TANs, 6/30/2011 25,065,695
4
Principal
Amount		 Value
$23,820,000 JEA, FL Water & Sewer System, (2008 Series A-2: Senior Revenue Bonds) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LOC), 0.280%, 5/4/2011 23,820,000
12,810,000 3,4 Lee County, FL Memorial Health System, (Series 2009B) Daily VRDNs (Bank of America N.A. LOC), 0.260%, 5/2/2011 12,810,000
3,790,000 Miami, FL Health Facilities Authority, Health Facilities Revenue Refunding Bonds (Series 1998) Weekly VRDNs (Mercy Hospital, FL)/(Bank of America N.A. LOC), 0.270%, 5/4/2011 3,790,000
6,000,000 Miami-Dade County, FL IDA, (Series 2000) Weekly VRDNs (Gulliver Schools)/(Bank of America N.A. LOC), 0.350%, 5/5/2011 6,000,000
5,200,000 Orange County, FL IDA, (Series 2005) Weekly VRDNs (Christian Prison Ministry, Inc.)/(Branch Banking & Trust Co. LOC), 0.290%, 5/5/2011 5,200,000
11,925,000 Orange County, FL IDA, (Series 2007) Weekly VRDNs (Lake Highland Preparatory School, Inc.)/(Bank of America N.A. LOC), 0.290%, 5/5/2011 11,925,000
6,000,000 Orange County, FL School Board, COP (Series 2008C) Weekly VRDNs (Bank of America N.A. LOC), 0.260%, 5/5/2011 6,000,000
11,000,000 Orange County, FL, Health Facilities Authority, (Series 2008E) Weekly VRDNs (Orlando Health, Inc.)/(Branch Banking & Trust Co. LOC), 0.270%, 5/4/2011 11,000,000
31,060,000 Orlando & Orange County Expressway Authority, FL, (Series 2003C-1) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.650%, 5/5/2011 31,060,000
40,895,000 Orlando & Orange County Expressway Authority, FL, (Series 2003C-3) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.800%, 5/5/2011 40,895,000
113,750,000 3,4 Orlando & Orange County Expressway Authority, FL, Eagles (Series 2007-0081) Weekly VRDNs (Berkshire Hathaway Assurance Corp. INS)/(Citibank NA, New York LIQ), 0.270%, 5/5/2011 113,750,000
22,600,000 3,4 Orlando & Orange County Expressway Authority, FL, Eagles (Series 2007-0145) Weekly VRDNs (Berkshire Hathaway Assurance Corp. INS)/(Citibank NA, New York LIQ), 0.270%, 5/5/2011 22,600,000
12,600,000 Palm Beach County, FL, (Series 2000) Weekly VRDNs (Norton Gallery and School of Art, Inc.)/(Bank of America N.A. LOC), 0.300%, 5/4/2011 12,600,000
4,850,000 Palm Beach County, FL, (Series 2008) Weekly VRDNs (Caron Foundation of Florida, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.380%, 5/5/2011 4,850,000
4,000,000 Palm Beach County, FL, Refunding Revenue Bonds Weekly VRDNs (Northern Trust Co., Chicago, IL LOC), 0.300%, 5/4/2011 4,000,000
10,000,000 Pinellas County, FL Health Facility Authority, (Series 2009A-2) Weekly VRDNs (Baycare Health System)/(Northern Trust Co., Chicago, IL LOC), 0.250%, 5/5/2011 10,000,000
26,200,000 St. Lucie County, FL PCRB, (Series 2000) Daily VRDNs (Florida Power & Light Co.), 0.270%, 5/2/2011 26,200,000
2,125,000 Venice, FL Health Care Revenue Bonds, (Series 2002B) Weekly VRDNs (Bon Secours Health System)/(Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.800%, 5/5/2011 2,125,000
TOTAL 517,125,695
Georgia – 3.2%
5,000,000 Bartow County, GA Development Authority, (Series 2010) Weekly VRDNs (VMC Specialty Alloys LLC)/(Comerica Bank LOC), 0.290%, 5/5/2011 5,000,000
15,000,000 Burke County, GA Development Authority, (Second Series 1995) Daily VRDNs (Georgia Power Co.), 0.270%, 5/2/2011 15,000,000
6,610,000 Cobb County, GA Development Authority, (Series 2003) Weekly VRDNs (Young Men's Christian Association of Cobb County, GA, Inc.)/(Branch Banking & Trust Co. LOC), 0.290%, 5/5/2011 6,610,000
12,695,000 3,4 Coweta County, GA Development Authority, Stage Trust (Series 2010-26C), 0.38% TOBs (Piedmont Healthcare, Inc.)/(GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ) Mandatory Tender 10/28/2011 12,695,000
29,785,000 Dalton, GA Development Authority, (Series 2003B) Weekly VRDNs (Hamilton Medical Center, Inc.)/(Bank of America N.A. LOC), 0.270%, 5/5/2011 29,785,000
7,550,000 DeKalb County, GA MFH Authority, (Series 2003) Weekly VRDNs (Timber Trace Apartments)/(FHLMC LOC), 0.240%, 5/5/2011 7,550,000
8,085,000 DeKalb Private Hospital Authority, GA, (Series 2008) Weekly VRDNs (Children's Healthcare of Atlanta, Inc.)/(Landesbank Hessen-Thuringen LIQ), 0.270%, 5/4/2011 8,085,000
10,600,000 Fayette County, GA Development Authority, (Series 1999) Weekly VRDNs (Catholic School Properties, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.280%, 5/5/2011 10,600,000
2,000,000 Fulton County, GA Development Authority, (Series 2001) Weekly VRDNs (Alpharetta Christian Academy, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.380%, 5/5/2011 2,000,000
6,405,000 Fulton County, GA Development Authority, (Series 2002) Weekly VRDNs (Woodward Academy, Inc.)/(FHLB of Atlanta LOC), 0.270%, 5/4/2011 6,405,000
80,000 Fulton County, GA Development Authority, (Series 2006) Weekly VRDNs (King's Ridge Christian School)/(Branch Banking & Trust Co. LOC), 0.290%, 5/5/2011 80,000
7,915,000 Fulton County, GA Development Authority, (Series 2006) Weekly VRDNs (The Weber School, Inc.)/(Branch Banking & Trust Co. LOC), 0.290%, 5/5/2011 7,915,000
4,000,000 Fulton County, GA Development Authority, (Series 2007) Weekly VRDNs (First Montessori School of Atlanta, Inc.)/(Branch Banking & Trust Co. LOC), 0.290%, 5/5/2011 4,000,000
5
Principal
Amount		 Value
$11,450,000 Fulton County, GA Development Authority, (Series 2008) Weekly VRDNs (Children's Healthcare of Atlanta, Inc.)/(Landesbank Hessen-Thuringen LIQ), 0.300%, 5/4/2011 11,450,000
4,100,000 Fulton County, GA Development Authority, (Series 2008) Weekly VRDNs (Pace Academy, Inc.)/(Bank of America N.A. LOC), 0.290%, 5/5/2011 4,100,000
6,455,000 Georgia Ports Authority, (Series 2007) Weekly VRDNs (Garden City Terminal)/(Branch Banking & Trust Co. LOC), 0.290%, 5/4/2011 6,455,000
20,500,000 Glynn-Brunswick, GA Hospital Authority, (Series 2008) Weekly VRDNs (Southeast Georgia Health System, Inc.)/(Branch Banking & Trust Co. LOC), 0.280%, 5/5/2011 20,500,000
4,425,000 Gwinnett County, GA Hospital Authority, (Series 2009) Weekly VRDNs (Gwinnett Hospital System, Inc.)/(FHLB of Atlanta LOC), 0.270%, 5/4/2011 4,425,000
7,500,000 Macon-Bibb County, GA Hospital Authority, (Series 1998) Weekly VRDNs (Medical Center of Central Georgia, Inc.)/(Branch Banking & Trust Co. LOC), 0.280%, 5/4/2011 7,500,000
5,700,000 Macon-Bibb County, GA Hospital Authority, (Series 2003B) Weekly VRDNs (Medical Center of Central Georgia, Inc.)/(Branch Banking & Trust Co. LOC), 0.280%, 5/4/2011 5,700,000
50,100,000 Main Street Gas, Inc., (Series 2010A) Weekly VRDNs (GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.260%, 5/5/2011 50,100,000
14,750,000 Municipal Electric Authority of Georgia, (Series 1994D) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.700%, 5/4/2011 14,750,000
40,000,000 Richmond County, GA Development Authority, (Series 2008A) Weekly VRDNs (MCG Health, Inc.)/(Bank of America N.A. LOC), 0.280%, 5/4/2011 40,000,000
43,500,000 Richmond County, GA Development Authority, (Series 2008B) Weekly VRDNs (MCG Health, Inc.)/(Bank of America N.A. LOC), 0.280%, 5/4/2011 43,500,000
6,960,000 Savannah, GA EDA, (Series 2007) Weekly VRDNs (Savannah Country Day School)/(Branch Banking & Trust Co. LOC), 0.290%, 5/5/2011 6,960,000
TOTAL 331,165,000
Hawaii – 0.1%
10,395,000 3,4 University of Hawaii, Stage Trust (Series 2008-11C), 0.38% TOBs (GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), Optional Tender 7/28/2011 10,395,000
Idaho – 0.7%
31,000,000 Idaho Health Facilities Authority, (Series 2009B) Weekly VRDNs (St. Lukes Regional Medical Center, Ltd.)/(Harris, N.A. LOC), 0.260%, 5/5/2011 31,000,000
40,000,000 Idaho State, (Series 2010), 2.00% TANs, 6/30/2011 40,104,110
TOTAL 71,104,110
Illinois – 6.6%
12,410,000 Aurora, Kane, DuPage, Will and Kendall Counties, IL, (Series 2006) Weekly VRDNs (Covey at Fox Valley Apartments)/(FNMA LOC), 0.260%, 5/5/2011 12,410,000
30,450,000 Canton, IL, (Series 2009) Weekly VRDNs (Graham Hospital Association)/(Harris, N.A. LOC), 0.280%, 5/5/2011 30,450,000
17,955,000 Chicago, IL Board of Education, (Series 2000B) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.750%, 5/5/2011 17,955,000
74,795,000 Chicago, IL Board of Education, (Series 2000C) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.750%, 5/5/2011 74,795,000
8,045,000 Chicago, IL Board of Education, (Series 2009A-2) Weekly VRDNs (Northern Trust Co., Chicago, IL LOC), 0.260%, 5/5/2011 8,045,000
14,325,000 Chicago, IL Board of Education, (Series 2010A) Daily VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/2/2011 14,325,000
6,030,000 Chicago, IL Board of Education, (Series 2010B) Daily VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/2/2011 6,030,000
5,250,000 Chicago, IL MFH Revenue, (Series 2010) Weekly VRDNs (Oakwood Shores Senior Apartments)/(Bank of America N.A. LOC), 0.280%, 5/5/2011 5,250,000
15,025,000 Chicago, IL Midway Airport, Second Lien Revenue Bonds (Series 2004D) Weekly VRDNs (Morgan Stanley Bank LOC), 0.270%, 5/5/2011 15,025,000
12,500,000 Cook County, IL, (Series 2002 B) Weekly VRDNs (GTD by Landesbank Hessen-Thuringen LIQ), 0.280%, 5/4/2011 12,500,000
9,915,000 Freeport, IL, (Series 2001) Weekly VRDNs (Freeport Regional Health Care Foundation)/(U.S. Bank, N.A. LOC), 0.310%, 5/5/2011 9,915,000
3,900,000 Galesburg, IL, (Series 1996) Weekly VRDNs (Knox College)/(Bank of America N.A. LOC), 0.270%, 5/5/2011 3,900,000
1,050,000 Illinois Development Finance Authority IDB, (Series 1997) Weekly VRDNs (Ada S. McKInley Community Services, Inc.)/(Harris, N.A. LOC), 0.470%, 5/5/2011 1,050,000
9,500,000 Illinois Development Finance Authority Weekly VRDNs (Chicago Theatre Group Inc.)/(JPMorgan Chase Bank, N.A. and Northern Trust Co., Chicago, IL LOCs), 0.270%, 5/4/2011 9,500,000
10,000,000 Illinois Development Finance Authority, (Series 1999) Weekly VRDNs (North Park University)/(JPMorgan Chase Bank, N.A. LOC), 0.290%, 5/4/2011 10,000,000
6
Principal
Amount		 Value
$3,700,000 Illinois Development Finance Authority, (Series 2002) Weekly VRDNs (St. Ignatius College Prep.)/(JPMorgan Chase Bank, N.A. LOC), 0.290%, 5/4/2011 3,700,000
4,155,000 Illinois Finance Authority, (Series 2004) Weekly VRDNs (Riverside Health Systems, IL)/(JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/4/2011 4,155,000
24,000,000 Illinois Finance Authority, (Series 2007) Weekly VRDNs (Erikson Institute)/(Bank of America N.A. LOC), 0.400%, 5/5/2011 24,000,000
100,425,000 Illinois Finance Authority, (Series 2007C) Weekly VRDNs (Hospital Sisters Services, Inc.)/(Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.350%, 5/5/2011 100,425,000
15,600,000 Illinois Finance Authority, (Series 2008) Weekly VRDNs (Chicago Symphony Orchestra Project)/(U.S. Bank, N.A. LOC), 0.240%, 5/5/2011 15,600,000
4,970,000 Illinois Finance Authority, (Series 2008) Weekly VRDNs (Clearbrook Corp.)/(Harris, N.A. LOC), 0.290%, 5/5/2011 4,970,000
50,000,000 Illinois Finance Authority, (Series 2008A) Weekly VRDNs (Swedish Covenant Hospital)/(Bank of America N.A. LOC), 0.280%, 5/4/2011 50,000,000
9,000,000 Illinois Finance Authority, (Series 2008A), 0.48% TOBs (Advocate Health Care Network), Mandatory Tender 2/1/2012 9,000,000
62,700,000 Illinois Finance Authority, (Series 2008C) Weekly VRDNs (Elmhurst Memorial Healthcare)/(RBS Citizens Bank N.A. LOC), 0.280%, 5/4/2011 62,700,000
14,950,000 Illinois Finance Authority, (Series 2009) Weekly VRDNs (Concordia University)/(FHLB of Chicago LOC), 0.280%, 5/5/2011 14,950,000
8,000,000 Illinois Finance Authority, (Series 2009C) Weekly VRDNs (OSF Health Care Systems)/(Wells Fargo Bank, N.A. LOC), 0.290%, 5/4/2011 8,000,000
19,300,000 Illinois Finance Authority, (Series 2009D-2) Daily VRDNs (University of Chicago Medical Center)/(Bank of America N.A. LOC), 0.270%, 5/2/2011 19,300,000
7,500,000 Illinois Finance Authority, (Subseries C-3A) Weekly VRDNs (Advocate Health Care Network)/(Bank of America N.A. LIQ), 0.270%, 5/4/2011 7,500,000
11,250,000 3,4 Illinois Finance Authority, ROCs (Series 11503) Weekly VRDNs (Resurrection Health Care Corp.)/(Assured Guaranty Municipal Corp. INS)/(Citibank NA, New York LIQ), 0.460%, 5/5/2011 11,250,000
9,885,000 3,4 Illinois Finance Authority, Stage Trust (Series 2009-09C), 0.38% TOBs (OSF Health Care Systems)/(GTD by Wells Fargo & Co.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 5/15/2011 9,885,000
28,000,000 Illinois State Toll Highway Authority, (2007 Series A-1a) Weekly VRDNs (Citibank NA, New York LOC), 0.250%, 5/5/2011 28,000,000
15,000,000 Illinois State Toll Highway Authority, (2007 Series A-2a) Weekly VRDNs (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.290%, 5/5/2011 15,000,000
13,500,000 Illinois State Toll Highway Authority, (2007 Series A-2d) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 0.240%, 5/5/2011 13,500,000
15,870,000 3,4 Metropolitan Pier & Exposition Authority, IL, SPEARs (Series DB-433) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.260%, 5/5/2011 15,870,000
9,995,000 Southwestern Illinois Development Authority, (Series 2010) Weekly VRDNs (Molinero, Inc.)/(Harris, N.A. LOC), 0.290%, 5/5/2011 9,995,000
16,500,000 Will & Kendall Counties, IL Community Consolidated School District No. 202, (2010 Educational Purposes Tax Anticipation Warrants), 1.25% TANs, 8/30/2011 16,537,946
TOTAL 675,487,946
Indiana – 1.1%
3,545,000 Dekko Foundation Educational Facilities Tax Exempt Income Trust, (Series 1) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.470%, 5/5/2011 3,545,000
19,300,000 Indiana Development Finance Authority, (Series 2002) Weekly VRDNs (Indianapolis Museum of Art, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/4/2011 19,300,000
20,000,000 Indiana Health & Educational Facility Financing Authority, (Series 2005A) Weekly VRDNs (Clarian Health Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 1.050%, 5/4/2011 20,000,000
4,800,000 Indiana Health & Educational Facility Financing Authority, (Series 2006) Weekly VRDNs (Marian College, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/5/2011 4,800,000
20,465,000 3,4 Indiana State Finance Authority (Hospital Revenue Bonds), Stage Trust (Series 2009-75C), 0.38% TOBs (Parkview Health System Obligated Group)/(GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 5/5/2011 20,465,000
4,995,000 Indiana State Finance Authority, (Series 2009-C) Weekly VRDNs (Lighthouse Facilities Management, LLC)/(Harris, N.A. LOC), 0.290%, 5/5/2011 4,995,000
3,460,000 Indiana State Finance Authority, (Series 2009A) Weekly VRDNs (Lighthouse Facilities Management, LLC)/(Harris, N.A. LOC), 0.290%, 5/5/2011 3,460,000
5,900,000 Indiana State Finance Authority, (Series 2009B) Weekly VRDNs (Lighthouse Facilities Management, LLC)/(Harris, N.A. LOC), 0.290%, 5/5/2011 5,900,000
32,460,000 Richmond, IN Hospital Authority, (Series 2005A) Daily VRDNs (Reid Hospital & Health Care Services, Inc.)/(Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.280%, 5/2/2011 32,460,000
TOTAL 114,925,000
7
Principal
Amount		 Value
Iowa – 0.6%
$12,905,000 Iowa Finance Authority — Health Facilities, (Series 2009D) Daily VRDNs (Iowa Health System)/(Bank of America N.A. LOC), 0.260%, 5/2/2011 12,905,000
13,110,000 Iowa Finance Authority, (Series 2006) Weekly VRDNs (Unity Healthcare)/(Bank of America N.A. LOC), 0.290%, 5/5/2011 13,110,000
40,000,000 Iowa Higher Education Loan Authority, (Series 2008) Weekly VRDNs (Grinnell College)/(Northern Trust Co., Chicago, IL LIQ), 0.260%, 5/5/2011 40,000,000
TOTAL 66,015,000
Kansas – 0.4%
10,195,000 Unified Government of Wyandotte County/Kansas City, KS, (Series 1993) Weekly VRDNs (Wood View Apartments)/(FHLMC LOC), 0.260%, 5/5/2011 10,195,000
27,770,000 Wichita, KS, 0.50% BANs, 2/9/2012 27,777,782
TOTAL 37,972,782
Kentucky – 0.8%
20,080,000 Floyd County, KY, (Series 2007A) Weekly VRDNs (Highlands Regional Medical Center)/(JPMorgan Chase Bank, N.A. LOC), 0.280%, 5/5/2011 20,080,000
5,000,000 Russell, KY Revenue Bonds, (Series 2002B) Weekly VRDNs (Bon Secours Health System)/(Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.800%, 5/5/2011 5,000,000
55,270,000 Warren County, KY, (Series 2008) Weekly VRDNs (Bowling Green-Warren County Community Hospital Corp.)/(Assured Guaranty Corp. INS)/(Branch Banking & Trust Co. LIQ), 0.330%, 5/5/2011 55,270,000
4,750,000 Williamstown, KY, (2008 Series A) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.250%, 5/6/2011 4,750,000
TOTAL 85,100,000
Louisiana – 3.1%
25,000,000 Ascension Parish, LA IDB, (Series 2009) Weekly VRDNs (BASF Corp.)/(GTD by BASF SE), 0.410%, 5/4/2011 25,000,000
5,000,000 Louisiana Local Government Environmental Facilities CDA, (Series 2004) Weekly VRDNs (The Academy of the Sacred Heart of New Orleans)/(FHLB of Dallas LOC), 0.310%, 5/4/2011 5,000,000
3,350,000 Louisiana Local Government Environmental Facilities CDA, (Series 2004) Weekly VRDNs (The Christ Episcopal Church in Covington)/(FHLB of Dallas LOC), 0.310%, 5/4/2011 3,350,000
3,000,000 Louisiana Public Facilities Authority, (Series 2009B-1) Weekly VRDNs (Christus Health System)/(Bank of New York Mellon LOC), 0.250%, 5/4/2011 3,000,000
24,000,000 Louisiana Public Facilities Authority, (Series 2010) Weekly VRDNs (Air Products & Chemicals, Inc.), 0.260%, 5/4/2011 24,000,000
81,000,000 3,4 Louisiana State Gas & Fuels, ROCs (Series 660) Weekly VRDNs (Citibank NA, New York LIQ), 0.270%, 5/5/2011 81,000,000
37,830,000 3,4 Louisiana State Gas & Fuels, Stage Trust (Series 2008-06C), 0.38% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 8/18/2011 37,830,000
9,700,000 Louisiana State, UT GO Weekly VRDNs (BNP Paribas SA LOC), 0.250%, 5/4/2011 9,700,000
6,235,000 New Orleans, LA IDB, (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs (521 Tchoupitoulas Street LLC)/(FHLB of Dallas LOC), 0.310%, 5/5/2011 6,235,000
80,000,000 St. James Parish, LA, (Series 2010A-1) Weekly VRDNs (Nucor Corp.)/(GTD by Nucor Corp.), 0.280%, 5/4/2011 80,000,000
42,500,000 St. James Parish, LA, (Series 2010B-1) Weekly VRDNs (Nucor Corp.)/(GTD by Nucor Corp.), 0.280%, 5/4/2011 42,500,000
TOTAL 317,615,000
Maine – 0.1%
4,119,000 Ellsworth, ME, 2.00% BANs, 12/15/2011 4,153,685
3,380,000 3,4 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), 0.250%, 5/5/2011 3,380,000
TOTAL 7,533,685
Maryland – 1.9%
6,450,000 Baltimore County, MD MFH, (Series 2004) Weekly VRDNs (Quail Ridge Apartments)/(FNMA LOC), 0.260%, 5/5/2011 6,450,000
14,555,000 Baltimore, MD IDA, (Series 1986: Baltimore Capital Acquisition Program) Weekly VRDNs (Baltimore, MD)/(GTD by Bayerische Landesbank LOC), 0.340%, 5/4/2011 14,555,000
11,310,000 Carroll County, MD Revenue Bonds, (Series 2008) Weekly VRDNs (Fairhaven, Inc./Copper Ridge, Inc.)/(Branch Banking & Trust Co. LOC), 0.290%, 5/5/2011 11,310,000
3,350,000 Howard County, MD Revenue Bonds, (Series 1995) Weekly VRDNs (Bluffs at Clarys Forest Apartments)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.320%, 5/3/2011 3,350,000
100,000 Howard County, MD Revenue Bonds, (Series 1999) Weekly VRDNs (Howard Development LP Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.360%, 5/6/2011 100,000
7,800,000 Maryland IDFA, (Series 2002A) Weekly VRDNs (National Aquarium in Baltimore, Inc.)/(Bank of America N.A. LOC), 0.260%, 5/4/2011 7,800,000
8
Principal
Amount		 Value
$6,680,000 Maryland State Economic Development Corp., (Series 2003) Weekly VRDNs (YMCA of Central Maryland, Inc.)/(Branch Banking & Trust Co. LOC), 0.290%, 5/5/2011 6,680,000
5,425,000 Maryland State Economic Development Corp., (Series 2006) Weekly VRDNs (YMCA of Central Maryland, Inc.)/(Branch Banking & Trust Co. LOC), 0.290%, 5/5/2011 5,425,000
23,000,000 Maryland State Economic Development Corp., (Series 2006A) Weekly VRDNs (Constellation Energy Group, Inc.)/(Royal Bank of Scotland PLC, Edinburgh LOC), 0.240%, 5/5/2011 23,000,000
5,270,000 Maryland State Economic Development Corp., (Series 2008A) Daily VRDNs (United States Pharmacopeial Convention, Inc.)/(Bank of America N.A. LOC), 0.270%, 5/2/2011 5,270,000
9,150,000 Maryland State Economic Development Corp., (Series 2008B) Daily VRDNs (United States Pharmacopeial Convention, Inc.)/(Bank of America N.A. LOC), 0.270%, 5/2/2011 9,150,000
3,285,000 Maryland State Economic Development Corp., (Series A) Weekly VRDNs (The Associated: Jewish Community Federation of Baltimore, Inc.)/(Bank of America N.A. LOC), 0.270%, 5/5/2011 3,285,000
1,301,000 Maryland State Health & Higher Educational Facilities Authority Weekly VRDNs (Capitol College)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.320%, 5/3/2011 1,301,000
1,300,000 Maryland State Health & Higher Educational Facilities Authority, (Series 1985A) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/4/2011 1,300,000
22,300,000 Maryland State Health & Higher Educational Facilities Authority, (Series 2003B) Weekly VRDNs (Adventist HealthCare, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.380%, 5/6/2011 22,300,000
5,800,000 Maryland State Health & Higher Educational Facilities Authority, (Series 2006) Weekly VRDNs (Severn School, Inc.)/(PNC Bank, N.A. LOC), 0.280%, 5/5/2011 5,800,000
15,000,000 Maryland State Health & Higher Educational Facilities Authority, (Series 2009B) Weekly VRDNs (Anne Arundel Health System, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.260%, 5/5/2011 15,000,000
5,000,000 3,4 Maryland State Health & Higher Educational Facilities Authority, P-FLOATs (Series MT-277) Weekly VRDNs (Mercy Medical Center)/(Assured Guaranty Municipal Corp. INS)/(Merrill Lynch & Co., Inc. LIQ), 0.530%, 5/5/2011 5,000,000
12,000,000 3,4 Maryland State Health & Higher Educational Facilities Authority, ROCs (Series 11594) Weekly VRDNs (Lifebridge Health)/(Assured Guaranty Corp. INS)/(Citibank NA, New York LIQ), 0.410%, 5/5/2011 12,000,000
10,045,000 Maryland State IDFA, (Series 2005) Weekly VRDNs (McDonogh School, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.260%, 5/6/2011 10,045,000
14,900,000 Montgomery County, MD EDA, (Series 2008) Weekly VRDNs (Georgetown Preparatory School, Inc.)/(Bank of America N.A. LOC), 0.260%, 5/5/2011 14,900,000
1,649,000 Montgomery County, MD Housing Opportunities Commission, (Series 1998 Issue I) Weekly VRDNs (Byron House, Inc. Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.370%, 5/3/2011 1,649,000
3,510,000 Washington County, MD, (Series 2000) Weekly VRDNs (YMCA of Hagerstown, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.310%, 5/6/2011 3,510,000
1,000,000 Westminster, MD EDRB, (Series 2004C) Daily VRDNs (Carroll Lutheran Village, Inc.)/(Citizens Bank of Pennsylvania LOC), 0.320%, 5/2/2011 1,000,000
TOTAL 190,180,000
Massachusetts – 2.4%
50,400,000 Commonwealth of Massachusetts, (Series 1997-B) Weekly VRDNs (GTD by Landesbank Hessen-Thuringen LIQ), 0.260%, 5/5/2011 50,400,000
25,740,000 Commonwealth of Massachusetts, (Series 2001 B) Weekly VRDNs (GTD by Landesbank Hessen-Thuringen LIQ), 0.260%, 5/5/2011 25,740,000
3,400,000 Commonwealth of Massachusetts, Consolidated Loan (Series 2006A) Daily VRDNs (Dexia Credit Local LIQ), 0.390%, 5/2/2011 3,400,000
15,905,000 3,4 Commonwealth of Massachusetts, MERLOTS (Series 2006-B30), 0.38% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 8/24/2011 15,905,000
7,000,000 Commonwealth of Massachusetts, Refunding GO Bonds (SIFMA Index Bonds)(Series 2010A), 0.50% Bonds, 2/1/2012 7,004,821
10,000,000 Falmouth, MA, 1.50% BANs, 3/9/2012 10,083,323
14,000,000 Framingham, MA, 1.50% BANs, 6/17/2011 14,018,676
8,000,000 Massachusetts Bay Transportation Authority Sales Tax Revenue, MVRENs, 7 Month Window (Series 2010A), 0.350%, 5/5/2011 8,000,000
39,000,000 Massachusetts Development Finance Agency, (Series 2008 C-3) Daily VRDNs (Olin College)/(RBS Citizens Bank N.A. LOC), 0.310%, 5/2/2011 39,000,000
24,255,000 Massachusetts HEFA, (Series 2008G) Weekly VRDNs (South Shore Hospital)/(Assured Guaranty Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.360%, 5/5/2011 24,255,000
7,700,000 Massachusetts HEFA, (Series B) Weekly VRDNs (Boston Home)/(FHLB of Boston LOC), 0.260%, 5/5/2011 7,700,000
11,810,000 Massachusetts State Development Finance Agency, (Series 2006) Weekly VRDNs (Governor Dummer Academy)/(TD Bank, N.A. LOC), 0.250%, 5/4/2011 11,810,000
25,305,000 3,4 Massachusetts Water Resources Authority, DCL Floater Certificates (Series 2007-001) Daily VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.650%, 5/5/2011 25,305,000
TOTAL 242,621,820
9
Principal
Amount		 Value
Michigan – 5.6%
$8,000,000 3,4 Detroit, MI City School District, P-FLOATs (Series PA-997R) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Merrill Lynch & Co., Inc. LIQ), 0.420%, 5/5/2011 8,000,000
15,900,000 3,4 Detroit, MI City School District, Solar Eclipse (Series 2006-0001) Weekly VRDNs (U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.250%, 5/5/2011 15,900,000
15,005,000 3,4 Detroit, MI Water Supply System, ROCs (Series 11172) Weekly VRDNs (Berkshire Hathaway Assurance Corp. INS)/(Citibank NA, New York LIQ), 0.280%, 5/5/2011 15,005,000
1,300,000 Grand Rapids, MI Economic Development Corp., Series 1991-A) Weekly VRDNs (Amway Hotel Corp.)/(Bank of America N.A. LOC), 0.440%, 5/4/2011 1,300,000
22,730,000 Grand Rapids, MI EDR, (Series 2007) Weekly VRDNs (MapleCreek)/(Comerica Bank LOC), 0.320%, 5/5/2011 22,730,000
6,765,000 Huron County, MI Economic Development Corp., (Series 2001) Weekly VRDNs (Scheurer Hospital)/(RBS Citizens Bank N.A. LOC), 0.410%, 5/5/2011 6,765,000
36,500,000 Jackson County, MI Hospital Finance Authority, (Series 2011A) Weekly VRDNs (Allegiance Health)/(J.P. Morgan Chase & Co. LOC), 0.290%, 5/5/2011 36,500,000
32,500,000 Kent Hospital Finance Authority, MI, (Series 2008B-2) Weekly VRDNs (Spectrum Health)/(Landesbank Baden-Wurttemberg LIQ), 0.380%, 5/4/2011 32,500,000
21,040,000 Livonia, MI Economic Development Corp., (Series 2009) Weekly VRDNs (Madonna University)/(FHLB of Chicago LOC), 0.250%, 5/5/2011 21,040,000
16,750,000 Michigan Finance Authority, (Series D-1), 2.00% RANs, 8/19/2011 16,818,473
22,000,000 Michigan Finance Authority, (Series D-2), 2.00% RANs (JPMorgan Chase Bank, N.A. LOC), 8/22/2011 22,108,652
600,000 Michigan Higher Education Facilities Authority, (Series 2006) Weekly VRDNs (Albion College)/(JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/5/2011 600,000
4,635,000 Michigan Higher Education Facilities Authority, (Series 2008) Weekly VRDNs (Adrian College)/(Comerica Bank LOC), 0.330%, 5/5/2011 4,635,000
10,000,000 Michigan State Financial Authority, (Ascension Health Credit Group), MVRENs, (Subseries F-6), 0.350%, 5/5/2011 10,000,000
10,500,000 Michigan State Financial Authority, (Ascension Health Credit Group), MVRENs, (Subseries F-7), 0.350%, 5/5/2011 10,500,000
7,100,000 Michigan State Financial Authority, (Ascension Health Credit Group), MVRENs, (Subseries F-8), 0.350%, 5/5/2011 7,100,000
570,000 Michigan State Hospital Finance Authority, (Series 2003B) Daily VRDNs (Crittenton Hospital Medical Center)/(Comerica Bank LOC), 0.300%, 5/2/2011 570,000
1,965,000 Michigan State Hospital Finance Authority, (Series 2007) Weekly VRDNs (Henry Ford Health System, MI)/(JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/4/2011 1,965,000
2,000,000 Michigan State Hospital Financial Authority, (Series 2003A) Daily VRDNs (Crittenton Hospital Medical Center)/(Comerica Bank LOC), 0.300%, 5/2/2011 2,000,000
7,700,000 Michigan State Housing Development Authority, (Series 2000) Weekly VRDNs (JAS Nonprofit Housing Corp. VI)/(JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/5/2011 7,700,000
9,070,000 Michigan State Housing Development Authority, (Series 2002A) Weekly VRDNs (Ponds Taylor Limited Dividend Housing Association LLC)/(FNMA LOC), 0.270%, 5/5/2011 9,070,000
2,345,000 Michigan State Strategic Fund, (Series 2003) Weekly VRDNs (Catholic Social Services of Lansing/St. Vincent Home, Inc.)/(Comerica Bank LOC), 0.280%, 5/5/2011 2,345,000
15,995,000 Michigan State Strategic Fund, (Series 2003) Weekly VRDNs (Lutheran Social Services of Michigan)/(Comerica Bank LOC), 0.320%, 5/5/2011 15,995,000
6,670,000 Michigan State Strategic Fund, (Series 2005) Weekly VRDNs (Detroit Public Television)/(Comerica Bank LOC), 0.290%, 5/5/2011 6,670,000
800,000 Michigan State Strategic Fund, (Series 2005) Weekly VRDNs (Michigan Heartland Goodwill Industries, Inc.)/(Bank of America N.A. LOC), 0.490%, 5/5/2011 800,000
1,635,000 Michigan State Strategic Fund, Limited Obligation Refunding Revenue Bonds Weekly VRDNs (Peachwood Center Association)/(Comerica Bank LOC), 0.290%, 5/4/2011 1,635,000
1,000,000 Michigan State Strategic Fund, Revenue Bond Weekly VRDNs (YMCA of Metropolitan Detroit)/(JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/5/2011 1,000,000
162,000,000 Michigan State, Fiscal Year 2011 (Series A), 2.00% TANs, 9/30/2011 163,056,593
1,700,000 Michigan Strategic Fund, (Series 2008) Weekly VRDNs (Van Andel Research Institute)/(Bank of America N.A. LOC), 0.270%, 5/4/2011 1,700,000
5,000,000 Michigan Strategic Fund, (Series 2008) Weekly VRDNs (Wedgwood Christian Services)/(Bank of America N.A. LOC), 0.280%, 5/5/2011 5,000,000
24,675,000 Michigan Strategic Fund, (Series 2010) Weekly VRDNs (Kroger Co.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.320%, 5/5/2011 24,675,000
6,000,000 Michigan Strategic Fund, (Series 2011) Weekly VRDNs (Greenpath, Inc.)/(PNC Bank, N.A. LOC), 0.280%, 5/5/2011 6,000,000
9,135,000 Oakland County, MI EDC Weekly VRDNs (Straith Hospital Special Surgery)/(FHLB of Indianapolis LOC), 0.260%, 5/5/2011 9,135,000
3,345,000 Southfield, MI EDC, (Series 2001) Weekly VRDNs (Lawrence Technological University)/(JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/4/2011 3,345,000
10
Principal
Amount		 Value
$34,200,000 St. Joseph, MI Hospital Finance Authority, (Series 2002) Weekly VRDNs (Lakeland Hospitals at Niles & St. Joseph Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.320%, 5/5/2011 34,200,000
45,875,000 St. Joseph, MI Hospital Finance Authority, (Series 2006) Weekly VRDNs (Lakeland Hospitals at Niles & St. Joseph Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.320%, 5/5/2011 45,875,000
TOTAL 574,238,718
Minnesota – 1.7%
2,400,000 Bloomington, MN, (Series 2008) Weekly VRDNs (Presbyterian Homes, Inc.)/(FHLMC LOC), 0.260%, 5/5/2011 2,400,000
1,000,000 Cohasset, MN, (Series 2000) Weekly VRDNs (Minnesota Power, Inc.)/(Bank of America N.A. LOC), 0.310%, 5/5/2011 1,000,000
2,000,000 East Grand Forks, MN Solid Waste Disposal, (Series 2009) Weekly VRDNs (American Crystal Sugar Co.)/(CoBank, ACB LOC), 0.270%, 5/5/2011 2,000,000
4,000,000 Edina, MN ISD No. 273, (Series 2011A), 1.75% TANs (GTD by Minnesota State), 2/27/2012 4,041,731
5,000,000 Farmington, MN ISD No. 192, (Series 2011A), 0.75% TANs (GTD by Minnesota State), 9/2/2011 5,004,347
2,100,000 Minneapolis, MN, (Series 1994) Weekly VRDNs (Minnehaha/Lake Partners)/(U.S. Bank, N.A. LOC), 0.290%, 5/1/2011 2,100,000
2,075,000 Minneapolis, MN, (Series 1999) Weekly VRDNs (Dexia Credit Local LIQ), 0.450%, 5/5/2011 2,075,000
7,000,000 Minneapolis, MN, Convention Center Bonds (Series 2000) Daily VRDNs (Dexia Credit Local LIQ), 0.450%, 5/5/2011 7,000,000
12,700,000 Minneapolis, MN, Housing Development Revenue Refunding Bonds (Series 1988) Weekly VRDNs (Symphony Place)/(FHLMC LOC), 0.260%, 5/5/2011 12,700,000
6,345,000 Minneapolis, MN, Variable Rate Housing Revenue Bonds Weekly VRDNs (One Ten Grant Project)/(FNMA LOC), 0.280%, 5/5/2011 6,345,000
16,790,000 Minnesota State Higher Education Facility Authority, (Series Five-L) Weekly VRDNs (University of St. Thomas)/(U.S. Bank, N.A. LOC), 0.290%, 5/4/2011 16,790,000
10,085,000 Minnesota State Higher Education Facility Authority, (Series Five-N2) Weekly VRDNs (College of Saint Catherine)/(U.S. Bank, N.A. LOC), 0.280%, 5/5/2011 10,085,000
4,100,000 Minnesota State Higher Education Facility Authority, (Series Six-H) Weekly VRDNs (St. Thomas University)/(U.S. Bank, N.A. LOC), 0.260%, 5/5/2011 4,100,000
4,100,000 Minnesota State Higher Education Facility Authority, (Series Six-J2) Weekly VRDNs (Augsburg College)/(Harris, N.A. LOC), 0.260%, 5/5/2011 4,100,000
23,000,000 Minnesota Tax and Aid Anticipation Borrowing Program, (Series 2010), 2.00% TANs (GTD by Minnesota State), 9/1/2011 23,127,421
5,900,000 Minnetonka, MN, MFH Revenue Refunding Bonds (Series 1995) Weekly VRDNs (Southampton Apartments (MN))/(U.S. Bank, N.A. LOC), 0.270%, 5/5/2011 5,900,000
2,655,000 New Hope, MN, (Series 2003A) Weekly VRDNs (Broadway Lanel)/(FNMA LOC), 0.260%, 5/5/2011 2,655,000
4,560,000 Plymouth, MN, (Series 2003) Weekly VRDNs (Parkside Apartments)/(FNMA LOC), 0.260%, 5/5/2011 4,560,000
3,575,000 Robbinsdale, MN, (Series 2004C) Weekly VRDNs (Copperfield Hill)/(Bank of America N.A. LOC), 0.270%, 5/6/2011 3,575,000
5,085,000 Robbinsdale, MN, (Series 2008A-1) Weekly VRDNs (North Memorial Health Care)/(Wells Fargo Bank, N.A. LOC), 0.250%, 5/5/2011 5,085,000
5,000,000 Rochester, MN Health Care Facility Authority, (Series B) Weekly VRDNs (Mayo Clinic)/(Northern Trust Co., Chicago, IL LIQ), 0.260%, 5/4/2011 5,000,000
13,000,000 Seaway Port Authority of Duluth, MN, (Series of 2000) Weekly VRDNs (St. Lawrence Cement Inc.)/(Wells Fargo Bank, N.A. LOC), 0.280%, 5/5/2011 13,000,000
2,765,000 Shakopee, MN Hospital Finance Authority Weekly VRDNs (St. Francis Regional Medical Center)/(Wells Fargo Bank, N.A. LOC), 0.260%, 5/5/2011 2,765,000
5,000,000 St. Cloud, MN ISD No. 742, 1.50% TANs (GTD by Minnesota State), 8/19/2011 5,014,993
10,900,000 St. Cloud, MN, (Series 2008A) Weekly VRDNs (Centracare Health System)/(Assured Guaranty Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.450%, 5/5/2011 10,900,000
7,370,000 St. Paul, MN Housing & Redevelopment Authority, (Series 2009C) Weekly VRDNs (Allina Health System, MN)/(Wells Fargo Bank, N.A. LOC), 0.260%, 5/5/2011 7,370,000
3,000,000 St. Paul, MN Port Authority, (2009-9 Series BB) Weekly VRDNs (District Cooling St. Paul)/(Deutsche Bank AG LOC), 0.230%, 5/5/2011 3,000,000
TOTAL 171,693,492
Mississippi – 0.4%
24,000,000 Mississippi Business Finance Corp., (Series 2008) Weekly VRDNs (200 Renaissance, LLC)/(FHLB of Atlanta LOC), 0.270%, 5/5/2011 24,000,000
7,115,000 Mississippi Business Finance Corp., (Series 2008) Weekly VRDNs (Horn Island Realty LLC)/(Wells Fargo Bank, N.A. LOC), 0.380%, 5/5/2011 7,115,000
12,390,000 3,4 Mississippi Development Bank, Solar Eclipse (Series 2006-0153) Weekly VRDNs (Jackson, MS)/(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.250%, 5/5/2011 12,390,000
TOTAL 43,505,000
11
Principal
Amount		 Value
Missouri – 0.5%
$19,000,000 Missouri State HEFA, (Series 2008A) Weekly VRDNs (Saint Luke's Health System)/(Bank of America N.A. LOC), 0.280%, 5/4/2011 19,000,000
8,500,000 Missouri State HEFA, (Series 2008B) Weekly VRDNs (Saint Luke's Health System)/(Bank of America N.A. LOC), 0.280%, 5/4/2011 8,500,000
22,000,000 St. Louis, MO, (Series 2010), 2.00% RANs, 6/1/2011 22,026,898
TOTAL 49,526,898
Multi-State – 0.1%
8,635,000 3,4 Clipper Tax-Exempt Certificates Trust (Multi-State Non-AMT)/(Series 2009-76) Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ)/(United States Treasury PRF), 0.310%, 5/5/2011 8,635,000
Nebraska – 1.1%
98,390,000 Central Plains Energy Project, (Project #2) Weekly VRDNs (GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.260%, 5/5/2011 98,390,000
10,000,000 Washington County, NE, (Series 2010) Weekly VRDNs (Cargill, Inc.), 0.330%, 5/5/2011 10,000,000
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), 0.260%, 5/4/2011 6,500,000
17,900,000 Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008D-2A) Weekly VRDNs (Citibank NA, New York LOC), 0.260%, 5/4/2011 17,900,000
18,000,000 Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008D-2B) Weekly VRDNs (Royal Bank of Canada, Montreal LOC), 0.250%, 5/4/2011 18,000,000
9,050,000 Clark County, NV Passenger Facility, (2010 Series F-2) Weekly VRDNs (Las Vegas-McCarran International Airport)/(Union Bank, N.A. LOC), 0.290%, 5/4/2011 9,050,000
28,500,000 3,4 Henderson, NV Health Facility, Floater Certificates (Series 2008-2633) Weekly VRDNs (Catholic Healthcare West)/(Berkshire Hathaway Assurance Corp. INS)/(Morgan Stanley Bank LIQ), 0.260%, 5/5/2011 28,500,000
20,000,000 Reno, NV Hospital Revenue Bonds, (Series 2008A) Weekly VRDNs (Renown Regional Medical Center)/(Union Bank, N.A. LOC), 0.270%, 5/4/2011 20,000,000
TOTAL 99,950,000
New Hampshire – 0.4%
26,260,000 New Hampshire Business Finance Authority, (Series 2008) Daily VRDNs (Valley Regional Hospital)/(RBS Citizens Bank N.A. LOC), 0.320%, 5/2/2011 26,260,000
20,000,000 New Hampshire HEFA, (Series 2007) Weekly VRDNs (Phillips Exeter Academy)/(JPMorgan Chase Bank, N.A. LIQ), 0.290%, 5/5/2011 20,000,000
TOTAL 46,260,000
New Jersey – 4.2%
9,105,000 Camden County, NJ Improvement Authority, (Series 1999A) Daily VRDNs (Harvest Village)/(JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/2/2011 9,105,000
33,321,000 Cherry Hill, NJ, (Series 2010), 1.00% BANs, 10/18/2011 33,408,925
21,000,000 3,4 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), 0.260%, 5/5/2011 21,000,000
27,100,000 New Jersey Health Care Facilities Financing Authority, (Series 2007-III) Weekly VRDNs (Meridian Health System Obligated Group)/(Assured Guaranty Corp. INS)/(Bank of America N.A. LIQ), 0.340%, 5/4/2011 27,100,000
6,800,000 New Jersey Health Care Facilities Financing Authority, (Series 2010A) Weekly VRDNs (Princeton Healthcare System)/(Bank of America N.A. LOC), 0.260%, 5/5/2011 6,800,000
28,730,000 3,4 New Jersey State Transportation Trust Fund Authority, SPEARs (Series DB-297) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.250%, 5/5/2011 28,730,000
25,000,000 New Jersey State, (Series 2011A), 2.00% TRANs, 6/23/2011 25,060,153
85,000,000 3,4 New Jersey State, PUTTERs (Series 3810), 0.30% TOBs (J.P. Morgan Chase & Co. LIQ), Optional Tender 6/2/2011 85,000,000
50,000,000 3,4 New Jersey State, PUTTERs (Series 3850), 0.30% TOBs (JPMorgan Chase Bank, N.A. LIQ), Optional Tender 5/12/2011 50,000,000
42,920,000 3,4 Tobacco Settlement Financing Corp., NJ, PUTTERs (Series 1734B) Weekly VRDNs (J.P. Morgan Chase & Co. LIQ)/(United States Treasury PRF), 0.270%, 5/5/2011 42,920,000
50,000,000 Union County, NJ, 1.25% BANs, 7/1/2011 50,066,515
9,273,034 Upper Saddle River, NJ, 1.25% BANs, 2/24/2012 9,324,374
32,000,000 Woodbridge Township, NJ, 1.50% BANs, 7/1/2011 32,027,564
8,000,000 Woodbridge Township, NJ, 2.00% BANs, 7/1/2011 8,013,232
TOTAL 428,555,763
12
Principal
Amount		 Value
New Mexico – 1.3%
$5,983,000 Albuquerque, NM Airport, (Series B), 0.37% CP (Bank of New York Mellon LOC), Mandatory Tender 6/30/2011 5,983,000
127,000,000 New Mexico Municipal Energy Acquisition Authority, (Series 2009: Gas Supply Revenue Bonds) Weekly VRDNs (GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.260%, 5/5/2011 127,000,000
TOTAL 132,983,000
New York – 12.2%
12,370,000 East Ramapo, NY CSD, 1.00% BANs, 6/17/2011 12,378,242
10,000,000 Haverstraw, NY, (Series 2011A), 1.50% BANs, 3/9/2012 10,067,917
18,000,000 Islip, NY Union Free School District, 1.25% TANs, 6/24/2011 18,021,210
20,900,000 Liverpool, NY CSD, (Series 2010A), 1.00% BANs, 6/17/2011 20,914,735
31,750,000 Long Island Power Authority, NY, (Series 1A) Weekly VRDNs (GTD by Bayerische Landesbank and Landesbank Baden-Wurttemberg LOCs), 0.300%, 5/4/2011 31,750,000
42,160,000 Long Island Power Authority, NY, (Series 2003H) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 1.050%, 5/4/2011 42,160,000
18,030,000 Metropolitan Transportation Authority, NY, (Series 2008A) Weekly VRDNs (MTA Dedicated Tax Fund)/(Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 1.050%, 5/5/2011 18,030,000
61,100,000 Nassau County, NY Interim Finance Authority, Senior Sales Tax Secured Bonds (Series 2008C) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.270%, 5/4/2011 61,100,000
19,500,000 New York City Housing Development Corp., (Series 2008A: Beekman Tower) Weekly VRDNs (FC Beekman Associates LLC)/(RBS Citizens Bank N.A. LOC), 0.330%, 5/4/2011 19,500,000
5,610,000 New York City, NY Municipal Water Finance Authority, (Senior Revenue Bonds) (Fiscal 2008 Series B-1) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.240%, 5/5/2011 5,610,000
16,230,000 New York City, NY Municipal Water Finance Authority, (Series 2001F-1) Daily VRDNs (Dexia Credit Local LIQ), 0.350%, 5/2/2011 16,230,000
17,325,000 3,4 New York City, NY Municipal Water Finance Authority, ROCs (Series 12292) Weekly VRDNs (Citibank NA, New York LIQ), 0.260%, 5/5/2011 17,325,000
63,000,000 New York City, NY Transitional Finance Authority, (Fiscal 2001 Series C) Weekly VRDNs (GTD by Landesbank Baden-Wurttemberg LIQ), 0.270%, 5/4/2011 63,000,000
18,360,000 New York City, NY Transitional Finance Authority, (Series 2007A-3) Future Tax Secured Subordinate Bonds Weekly VRDNs (Dexia Credit Local LIQ), 0.850%, 5/4/2011 18,360,000
10,400,000 New York City, NY Transitional Finance Authority, (Subseries F-5) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LOC), 0.270%, 5/4/2011 10,400,000
12,015,000 New York City, NY Transitional Finance Authority, New York City Recovery Bonds (2003 Subseries 2-E) Weekly VRDNs (Dexia Credit Local LIQ), 1.000%, 5/4/2011 12,015,000
17,100,000 New York City, NY Transitional Finance Authority, New York City Recovery Bonds (Subseries 2003A-1) Weekly VRDNs (GTD by Landesbank Hessen-Thuringen LIQ), 0.270%, 5/4/2011 17,100,000
24,130,000 New York City, NY Transitional Finance Authority, Subordinate Bonds (Series 2007A-3) Weekly VRDNs (Dexia Credit Local LIQ), 0.850%, 5/4/2011 24,130,000
23,035,000 New York City, NY, (2004 Series H-5) Weekly VRDNs (Dexia Credit Local LOC), 0.600%, 5/4/2011 23,035,000
14,200,000 New York City, NY, (Fiscal 2006 Subseries F-4A) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LOC), 0.260%, 5/5/2011 14,200,000
62,260,000 New York City, NY, (Fiscal 2008 Subseries J-10) Weekly VRDNs (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.280%, 5/5/2011 62,260,000
61,180,000 New York City, NY, (Fiscal 2008 Subseries J-5) Daily VRDNs (Dexia Credit Local LIQ), 0.500%, 5/2/2011 61,180,000
28,650,000 New York City, NY, (Fiscal 2008 Subseries L-5) Daily VRDNs (Dexia Credit Local LIQ), 0.500%, 5/2/2011 28,650,000
13,500,000 New York City, NY, (Series 1995B-B4) Weekly VRDNs (Landesbank Hessen-Thuringen LIQ), 0.270%, 5/4/2011 13,500,000
3,745,000 New York Liberty Development Corporation, (Series 2009B) Weekly VRDNs (World Trade Center)/(JPMorgan Chase Bank, N.A. LOC), 0.300%, 5/5/2011 3,745,000
325,000,000 New York Liberty Development Corporation, (Series A-1), 0.35% TOBs (World Trade Center)/(GTD by United States Treasury) Mandatory Tender 11/1/2011 325,000,000
6,000,000 New York State Dormitory Authority, (Series 2002A-2) Weekly VRDNs (Rockefeller University)/(JPMorgan Chase Bank, N.A. LIQ), 0.250%, 5/5/2011 6,000,000
10,670,000 New York State HFA, 505 West 37th Street Housing (Series 2009A) Weekly VRDNs (Landesbank Hessen-Thuringen LOC), 0.270%, 5/4/2011 10,670,000
35,300,000 New York State HFA, 505 West 37th Street Housing (Series 2009B) Weekly VRDNs (Landesbank Hessen-Thuringen LOC), 0.270%, 5/4/2011 35,300,000
12,500,000 New York State HFA, Service Contract Revenue Bonds (2003 Series I) Weekly VRDNs (GTD by Landesbank Hessen-Thuringen LOC), 0.280%, 5/4/2011 12,500,000
63,375,000 New York State Local Government Assistance Corp., (Senior Series 2008B-BV2) Weekly VRDNs (Dexia Credit Local LIQ), 1.000%, 5/4/2011 63,375,000
13
Principal
Amount		 Value
$7,750,000 New York State Local Government Assistance Corp., (Series 1995C) Weekly VRDNs (GTD by Landesbank Hessen-Thuringen LOC), 0.250%, 5/4/2011 7,750,000
15,100,000 New York State Local Government Assistance Corp., (Series 1995E) Weekly VRDNs (GTD by Landesbank Hessen-Thuringen LOC), 0.280%, 5/4/2011 15,100,000
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), 0.270%, 5/4/2011 14,200,000
19,500,000 New York State Local Government Assistance Corp., (Subordinate Series 2008B-3V) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.230%, 5/4/2011 19,500,000
11,800,000 Oswego, NY City School District, (Series 2010A), 1.25% BANs, 6/30/2011 11,811,565
18,000,000 Rochester, NY, (Series 2011-I), 1.25% BANs, 2/21/2012 18,103,047
44,963,000 Rochester, NY, (Series II-2010), 1.25% BANs, 8/19/2011 45,077,680
15,260,000 Triborough Bridge & Tunnel Authority, NY, General Revenue Bonds (Series 2003B) Weekly VRDNs (Dexia Credit Local LIQ), 0.900%, 5/4/2011 15,260,000
8,975,000 Triborough Bridge & Tunnel Authority, NY, General Revenue Bonds (Series 2005B-3) Weekly VRDNs (Bank of America N.A. LIQ), 0.250%, 5/5/2011 8,975,000
20,000,000 West Islip, NY Unified Free School District, 1.25% TANs, 6/30/2011 20,024,571
TOTAL 1,253,308,967
North Carolina – 0.9%
12,405,000 Charlotte, NC, 0.40% CP (Bank of America N.A. LIQ), Mandatory Tender 9/8/2011 12,405,000
19,320,000 Mecklenburg County, NC, MVRENs, 7 Month Windows (Series 2009D), 0.360%, 5/5/2011 19,320,000
9,825,000 New Hanover County, NC, (Series 2008B) Weekly VRDNs (New Hanover Regional Medical Center)/(RBC Bank (USA) LOC), 0.250%, 5/4/2011 9,825,000
595,000 North Carolina Capital Facilities Finance Agency, (Series 2002) Weekly VRDNs (The Capital Area YMCA, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.240%, 5/4/2011 595,000
4,060,000 North Carolina Capital Facilities Finance Agency, (Series 2002) Weekly VRDNs (Wolfpack Club)/(Bank of America N.A. LOC), 0.250%, 5/5/2011 4,060,000
5,370,000 North Carolina Capital Facilities Finance Agency, (Series 2005) Weekly VRDNs (Forsyth Country Day School, Inc.)/(Branch Banking & Trust Co. LOC), 0.290%, 5/5/2011 5,370,000
4,720,000 North Carolina Capital Facilities Finance Agency, (Series 2006) Weekly VRDNs (High Point University)/(Branch Banking & Trust Co. LOC), 0.290%, 5/5/2011 4,720,000
10,720,000 North Carolina Capital Facilities Finance Agency, (Series 2007) Weekly VRDNs (High Point University)/(Branch Banking & Trust Co. LOC), 0.290%, 5/5/2011 10,720,000
7,320,000 North Carolina Capital Facilities Finance Agency, (Series 2008) Weekly VRDNs (Countryside Montessori School)/(Wells Fargo Bank, N.A. LOC), 0.380%, 5/5/2011 7,320,000
8,000,000 North Carolina Capital Facilities Finance Agency, (Series 2008) Weekly VRDNs (St. David's School)/(Branch Banking & Trust Co. LOC), 0.290%, 5/5/2011 8,000,000
2,360,000 3,4 North Carolina Capital Facilities Finance Agency, PUTTERs (Series 3248) Daily VRDNs (Duke University)/(JPMorgan Chase Bank, N.A. LIQ), 0.270%, 5/2/2011 2,360,000
4,595,000 North Carolina State Ports Authority, (Series 2008) Weekly VRDNs (Branch Banking & Trust Co. LOC), 0.290%, 5/5/2011 4,595,000
TOTAL 89,290,000
North Dakota – 0.3%
29,124,000 Grand Forks County, ND, (Series 2010) Weekly VRDNs (Rabobank Nederland NV, Utrecht LOC), 0.310%, 5/4/2011 29,124,000
Ohio – 2.1%
3,125,000 Akron, Bath & Copley, OH Joint Township, (Series 2002) Weekly VRDNs (Sumner on Ridgewood, Inc.)/(KBC Bank N.V. LOC), 0.270%, 5/5/2011 3,125,000
3,450,000 Cleveland, OH Airport System, (Series D) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.260%, 5/5/2011 3,450,000
8,050,000 Cleveland, OH, (Series 2009D) Weekly VRDNs (Cleveland, OH Airport System)/(KBC Bank N.V. LOC), 0.290%, 5/5/2011 8,050,000
9,175,000 Cleveland-Cuyahoga County, OH Port Authority, (Series 2004) Weekly VRDNs (Playhouse Square Foundation)/(U.S. Bank, N.A. LOC), 0.240%, 5/5/2011 9,175,000
11,105,000 Cuyahoga County, OH, (Series 2002) Weekly VRDNs (The Health Museum of Cleveland)/(PNC Bank, N.A. LOC), 0.280%, 5/5/2011 11,105,000
1,705,000 Erie County, OH, (Series 1996A) Weekly VRDNs (Providence Care Center)/(JPMorgan Chase Bank, N.A. LOC), 0.280%, 5/5/2011 1,705,000
7,885,000 Franklin County, OH Health Care Facilities, (Series 2005) Weekly VRDNs (Traditions Healthcare Obligated Group)/(U.S. Bank, N.A. LOC), 0.280%, 5/5/2011 7,885,000
5,463,000 Green City, OH, 1.50% BANs, 7/7/2011 5,471,970
14
Principal
Amount		 Value
$4,870,000 Hamilton County, OH Hospital Facilities Authority, (Series 1999A) Weekly VRDNs (Drake Center, Inc.)/(U.S. Bank, N.A. LOC), 0.260%, 5/5/2011 4,870,000
11,435,000 Hamilton County, OH, (Series 2004) Weekly VRDNs (Block 3 Project)/(Bank of New York Mellon LOC), 0.270%, 5/5/2011 11,435,000
31,705,000 Lancaster, OH Port Authority, (Series 2008) Gas Supply Revenue Weekly VRDNs (Royal Bank of Canada, Montreal LIQ), 0.260%, 5/5/2011 31,705,000
2,190,000 Lorain County, OH Port Authority, (Series 2008) Weekly VRDNs (St. Ignatius High School)/(U.S. Bank, N.A. LOC), 0.280%, 5/5/2011 2,190,000
7,400,000 Lucas County, OH IDA Weekly VRDNs (Kroger Co.)/(U.S. Bank, N.A. LOC), 0.330%, 5/5/2011 7,400,000
10,000,000 Montgomery County, OH Hospital Authority, (Series 2008A) Weekly VRDNs (Kettering Health Network Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 1.000%, 5/4/2011 10,000,000
40,000,000 Montgomery County, OH Hospital Authority, (Series 2008B) Weekly VRDNs (Kettering Health Network Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 1.000%, 5/4/2011 40,000,000
4,600,000 Ohio State Air Quality Development Authority, (Series 2009C) Weekly VRDNs (Ohio Valley Electric Corp.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.280%, 5/5/2011 4,600,000
15,000,000 Ohio State Higher Educational Facility Commission, (2008 Series A) Weekly VRDNs (Case Western Reserve University, OH)/(PNC Bank, N.A. LOC), 0.240%, 5/4/2011 15,000,000
4,600,000 Ohio State Higher Educational Facility Commission, (2008 Series B) Weekly VRDNs (Otterbein College)/(JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/5/2011 4,600,000
5,000,000 3,4 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), 0.260%, 5/5/2011 5,000,000
12,085,000 Pike County, OH Health Care Facilities, (Series A) Weekly VRDNs (National Church Residences)/(Bank of America N.A. LOC), 0.290%, 5/5/2011 12,085,000
3,820,000 Pike County, OH Health Care Facilities, (Series B) Weekly VRDNs (National Church Residences)/(Bank of America N.A. LOC), 0.290%, 5/5/2011 3,820,000
5,405,000 Ross County, OH Weekly VRDNs (Adena Health System)/(PNC Bank, N.A. LOC), 0.270%, 5/5/2011 5,405,000
4,095,000 Westlake, OH, (Series 2005) Weekly VRDNs (Lutheran Homes of Ohio Corp.)/(RBS Citizens Bank N.A. LOC), 0.440%, 5/5/2011 4,095,000
TOTAL 212,171,970
Oklahoma – 0.1%
7,545,000 Oklahoma State Industrial Authority, (Series 2002) Weekly VRDNs (American Cancer Society, Inc.)/(Bank of America N.A. LOC), 0.290%, 5/5/2011 7,545,000
Pennsylvania – 6.2%
13,175,000 Adams County, PA IDA, (Series 2007) Weekly VRDNs (Cross Keys Village — Brethren Home Community)/(PNC Bank, N.A. LOC), 0.300%, 5/5/2011 13,175,000
4,240,000 Allegheny County, PA IDA, (Series 2008A) Weekly VRDNs (Vincentian Collaborative System)/(PNC Bank, N.A. LOC), 0.280%, 5/5/2011 4,240,000
11,170,000 Allegheny County, PA IDA, (Series of 2002) Weekly VRDNs (Carnegie Museums of Pittsburgh)/(Citizens Bank of Pennsylvania LOC), 0.350%, 5/5/2011 11,170,000
5,425,000 Berks County, PA Municipal Authority, (Series 2009A-4) Weekly VRDNs (Reading Hospital & Medical Center), 0.270%, 5/5/2011 5,425,000
3,900,000 Bermudian Springs, PA School District, (Series 2005) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Royal Bank of Canada, Montreal LIQ), 0.450%, 5/5/2011 3,900,000
12,600,000 Bethlehem, PA Area School District, (Series 2007) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.900%, 5/5/2011 12,600,000
18,940,000 Bucks County, PA IDA, (Series 2007A) Weekly VRDNs (Pennswood Village)/(Bank of America N.A. LOC), 0.300%, 5/5/2011 18,940,000
2,500,000 Bucks County, PA IDA, (Series 2007B) Weekly VRDNs (Pennswood Village)/(Bank of America N.A. LOC), 0.300%, 5/5/2011 2,500,000
3,090,000 Bucks County, PA IDA, (Series A of 2008) Weekly VRDNs (Grand View Hospital)/(TD Bank, N.A. LOC), 0.200%, 5/5/2011 3,090,000
3,000,000 Chester County, PA IDA, (Series 2003) Weekly VRDNs (West Chester University)/(FHLB of Pittsburgh LOC), 0.260%, 5/4/2011 3,000,000
1,500,000 Chester County, PA Intermediate Unit, (Series 2003) Weekly VRDNs (PNC Bank, N.A. LOC), 0.270%, 5/5/2011 1,500,000
1,100,000 Clearfield County, PA IDA, (Series 2002) Weekly VRDNs (Dubois Area Catholic School)/(PNC Bank, N.A. LOC), 0.280%, 5/5/2011 1,100,000
6,955,000 3,4 Commonwealth of Pennsylvania, BB&T Floater Certificates (Series 2008-01) Weekly VRDNs (Branch Banking & Trust Co. LIQ), 0.280%, 5/5/2011 6,955,000
7,845,000 Cumberland County, PA Municipal Authority, (Series 2008C) Weekly VRDNs (Presbyterian Homes, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.310%, 5/5/2011 7,845,000
3,460,000 Dallastown Area School District, PA, Series A of 2011 VRNs, 1.500%, 7/1/2011 3,481,963
15,000,000 Dallastown Area School District, PA, Series A of 2011 VRNs, 1.500%, 7/1/2011 15,131,281
5,745,000 Delaware County, PA Authority, (Series 2008) Weekly VRDNs (Eastern University)/(TD Bank, N.A. LOC), 0.280%, 5/5/2011 5,745,000
31,800,000 Delaware Valley, PA Regional Finance Authority, (Series 1985D) Weekly VRDNs (Bayerische Landesbank LOC), 0.320%, 5/4/2011 31,800,000
15
Principal
Amount		 Value
$48,900,000 Delaware Valley, PA Regional Finance Authority, (Series 2007B) Weekly VRDNs (Bayerische Landesbank LOC), 0.340%, 5/4/2011 48,900,000
45,300,000 Delaware Valley, PA Regional Finance Authority, Mode 1 (Series 1986) Weekly VRDNs (Bayerische Landesbank LOC), 0.310%, 5/4/2011 45,300,000
27,995,000 Erie County, PA Hospital Authority, (Series 2010B) Weekly VRDNs (St. Vincent Health System)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.320%, 5/5/2011 27,995,000
11,000,000 Erie, PA Water Authority, (Series 2006A), 2.50% TOBs (FHLB of Pittsburgh LOC), Mandatory Tender 6/1/2011 11,015,312
4,000,000 Haverford Twp, PA School District, (Series 2009) Weekly VRDNs (TD Bank, N.A. LOC), 0.260%, 5/5/2011 4,000,000
14,700,000 Lackawanna County, PA, (Series A of 2008) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.650%, 5/5/2011 14,700,000
35,390,000 Luzerne County, PA, (Series A of 2006) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.500%, 5/5/2011 35,390,000
11,010,000 3,4 Montgomery County, PA Higher Education & Health Authority Hospital, Stage Trust (Series 2009-76C), 0.38% TOBs (Abington Memorial Hospital)/(GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), Optional Tender 6/1/2011 11,010,000
8,650,000 Montgomery County, PA IDA Weekly VRDNs (Waverly Heights, Ltd.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.270%, 5/5/2011 8,650,000
4,000,000 Moon, PA IDA, (Series 2007: Providence Point Project) Weekly VRDNs (Baptist Homes, Inc.)/(Bank of Scotland, Edinburgh LOC), 0.250%, 5/5/2011 4,000,000
2,500,000 North Penn, PA Water Authority, (Series 2008) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.900%, 5/5/2011 2,500,000
5,365,000 Pennsylvania Economic Development Financing Authority, (2006 Series A1) Weekly VRDNs (Ellwood City Hospital (PA))/(PNC Bank, N.A. LOC), 0.280%, 5/5/2011 5,365,000
20,170,000 3,4 Pennsylvania Economic Development Financing Authority, Stage Trust (Series 2009-81C), 0.37% TOBs (Aqua Pennsylvania, Inc.)/(GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), Optional Tender 5/19/2011 20,170,000
200,000 Pennsylvania EDFA, (Series 1996 E) Weekly VRDNs (Adelphoi, Inc.)/(PNC Bank, N.A. LOC), 0.360%, 5/5/2011 200,000
4,000,000 Pennsylvania HFA, (Series 2008-O) Weekly VRDNs (Foxwood Manor Apartments)/(Bank of America N.A. LOC), 0.270%, 5/5/2011 4,000,000
9,890,000 Pennsylvania HFA, (Series 2008A) Weekly VRDNs (Bank of America N.A. LIQ), 0.260%, 5/4/2011 9,890,000
10,990,000 Pennsylvania HFA, (Series 2008B) Weekly VRDNs (Bank of America N.A. LIQ), 0.260%, 5/4/2011 10,990,000
12,145,000 Pennsylvania HFA, (Series 2008C: Section 8 Assisted) Weekly VRDNs (Bank of America N.A. LIQ), 0.260%, 5/4/2011 12,145,000
34,815,000 Pennsylvania HFA, (Series 2008D: Section 8 Assisted) Weekly VRDNs (Bank of America N.A. LIQ), 0.260%, 5/4/2011 34,815,000
10,500,000 Pennsylvania HFA, (series 2010-111), 0.45% Bonds, 9/22/2011 10,500,000
4,600,000 Pennsylvania State Higher Education Facilities Authority, (Series 2002 K1) Weekly VRDNs (University of Scranton)/(JPMorgan Chase Bank, N.A. LOC), 0.310%, 5/5/2011 4,600,000
22,330,000 Pennsylvania State Higher Education Facilities Authority, (Series 2007B) Weekly VRDNs (La Salle University)/(Citizens Bank of Pennsylvania LOC), 0.300%, 5/4/2011 22,330,000
2,930,000 Pennsylvania State Higher Education Facilities Authority, (Series 2008) Weekly VRDNs (Holy Family University)/(TD Bank, N.A. LOC), 0.260%, 5/5/2011 2,930,000
2,990,000 Pennsylvania State Higher Education Facilities Authority, (Series 2008B) Weekly VRDNs (Thomas Jefferson University)/(JPMorgan Chase Bank, N.A. LOC), 0.240%, 5/5/2011 2,990,000
5,900,000 Pennsylvania State Higher Education Facilities Authority, (Series A of 2008) Weekly VRDNs (St. Joseph's University)/(TD Bank, N.A. LOC), 0.250%, 5/4/2011 5,900,000
2,700,000 Pennsylvania State Higher Education Facilities Authority, (Series I-6) Weekly VRDNs (York College of Pennsylvania)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.260%, 5/5/2011 2,700,000
9,300,000 Pennsylvania State Higher Education Facilities Authority, Revenue Bonds Weekly VRDNs (York College of Pennsylvania)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.260%, 5/5/2011 9,300,000
10,000,000 Pennsylvania State Turnpike Commission, (Series B-3 of 2008) Weekly VRDNs (Bank of America N.A. LOC), 0.240%, 5/5/2011 10,000,000
14,710,000 Philadelphia, PA Authority for Industrial Development, (Series 2007A) Daily VRDNs (Fox Chase Cancer Center)/(Citizens Bank of Pennsylvania LOC), 0.500%, 5/2/2011 14,710,000
35,000,000 Philadelphia, PA, (Series A of 2010-2011), 2.00% TRANs, 6/30/2011 35,074,279
42,745,000 Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, (Series A of 2007) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.450%, 5/5/2011 42,745,000
3,765,000 Ridley, PA School District, (Series of 2009) Weekly VRDNs (TD Bank, N.A. LOC), 0.260%, 5/5/2011 3,765,000
7,000,000 Southcentral PA, General Authority, (Series 2005) Weekly VRDNs (Hanover Lutheran Retirement Village, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.310%, 5/6/2011 7,000,000
2,480,000 Wallingford Swarthmore, PA School District, (Series 2008) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.900%, 5/5/2011 2,480,000
TOTAL 639,657,835
16
Principal
Amount		 Value
Rhode Island – 0.6%
$11,155,000 East Greenwich, RI, 1.50% BANs, 2/15/2012 11,243,161
51,000,000 Rhode Island State and Providence Plantations, (Fiscal Year 2011 #R-1), 2.00% TANs, 6/30/2011 51,125,264
3,020,000 Rhode Island State Health and Educational Building Corp., (Series 2005A: Catholic School Pool Program Issue) Daily VRDNs (RBS Citizens Bank N.A. LOC), 0.340%, 5/2/2011 3,020,000
TOTAL 65,388,425
South Carolina – 1.0%
55,695,000 Greenville, SC Hospital System, (Series 2008C) Weekly VRDNs (Bank of America N.A. LOC), 0.250%, 5/5/2011 55,695,000
4,500,000 South Carolina Jobs-EDA, (Series 2002) Weekly VRDNs (Carolina Piedmont Foundation, Inc.)/(Bank of America N.A. LOC), 0.310%, 5/5/2011 4,500,000
7,000,000 South Carolina Jobs-EDA, (Series 2004) Weekly VRDNs (Republic Services, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.280%, 5/5/2011 7,000,000
9,110,000 South Carolina Jobs-EDA, (Series 2006B) Weekly VRDNs (Oconee Memorial Hospital, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.270%, 5/5/2011 9,110,000
5,170,000 South Carolina Jobs-EDA, (Series 2008) Weekly VRDNs (Pinewood Preparatory School)/(Branch Banking & Trust Co. LOC), 0.290%, 5/5/2011 5,170,000
18,955,000 Spartanburg County, SC Health Services District, Inc., (Series 2008B) Weekly VRDNs (Assured Guaranty Corp. INS)/(Bank of America N.A. LIQ), 0.350%, 5/4/2011 18,955,000
TOTAL 100,430,000
Tennessee – 0.7%
9,350,000 Blount County, TN Public Building Authority, (Series E-5-B) Weekly VRDNs (Alcoa, TN)/(Branch Banking & Trust Co. LOC), 0.290%, 5/4/2011 9,350,000
5,430,000 Blount County, TN Public Building Authority, (Series E-7-A) Weekly VRDNs (Monroe County, TN)/(Branch Banking & Trust Co. LOC), 0.290%, 5/4/2011 5,430,000
1,470,000 Blount County, TN Public Building Authority, (Series E-8-A) Weekly VRDNs (Maryville, TN)/(Branch Banking & Trust Co. LOC), 0.290%, 5/4/2011 1,470,000
6,615,000 Bristol, TN Health and Educational Facilities Board Weekly VRDNs (King College, Inc.)/(Bank of America N.A. LOC), 0.350%, 5/5/2011 6,615,000
4,300,000 Knox County, TN Health Education & Housing Facilities Board, (Series 2008A) Weekly VRDNs (Catholic Healthcare Partners)/(U.S. Bank, N.A. LOC), 0.240%, 5/4/2011 4,300,000
6,040,000 3,4 Knox County, TN Health Education & Housing Facilities Board, P-FLOATs (Series PT-2524) Weekly VRDNs (Steeplechase Falls II LP)/(Assured Guaranty Municipal Corp. INS)/(Merrill Lynch & Co., Inc. LIQ), 0.530%, 5/5/2011 6,040,000
25,750,000 Metropolitan Government Nashville & Davidson County, TN HEFA, (Ascension Health Credit Group), (Series 2001B-1), MVRENs, 0.350%, 5/5/2011 25,750,000
4,865,000 Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs (Branch Banking & Trust Co. LOC), 0.290%, 5/5/2011 4,865,000
7,225,000 Shelby County, TN Health Education & Housing Facilities Board, (Series 2007A) Weekly VRDNs (Trezevant Manor)/(Bank of America N.A. LOC), 0.280%, 5/5/2011 7,225,000
TOTAL 71,045,000
Texas – 9.4%
11,110,000 Alamo Heights, TX Higher Education Facilities Corp., (Series 1999-A) Weekly VRDNs (University of the Incarnate Word)/(JPMorgan Chase Bank, N.A. LOC), 0.350%, 5/5/2011 11,110,000
3,500,000 Bexar County, TX Housing Finance Corp., (Series 2005A) Weekly VRDNs (Summit Hills Apartments)/(FHLMC LOC), 0.260%, 5/5/2011 3,500,000
7,000,000 Brazos Harbor, TX Industrial Development Corp., (Series 2007A) Weekly VRDNs (American Rice, Inc.)/(HSBC Bank USA LOC), 0.270%, 5/4/2011 7,000,000
13,000,000 Capital Area Cultural Education Facilities Finance Corp., TX, (Series 2005) Weekly VRDNs (John Cooper School)/(Bank of America N.A. LOC), 0.300%, 5/5/2011 13,000,000
24,150,000 3,4 Clipper Tax-Exempt Certificates Trust (Texas Non-AMT) Series 2009-64 Weekly VRDNs (GTD by Texas PSFG Program)/(State Street Bank and Trust Co. LIQ), 0.290%, 5/5/2011 24,150,000
8,430,000 Crawford, TX Education Facilities Corp., (Series 2004A) Weekly VRDNs (Central Houston Parking LLC)/(BNP Paribas SA LOC), 0.470%, 5/5/2011 8,430,000
10,365,000 3,4 Ellis County, TX, Solar Eclipse (Series 2007-0080) Weekly VRDNs (U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.250%, 5/5/2011 10,365,000
16,815,000 Gregg County, TX HFDC, (Series 2004) Weekly VRDNs (Good Sheperd Medical Center)/(KBC Bank N.V. LOC), 0.310%, 5/5/2011 16,815,000
25,000,000 Harris County, TX Cultural Education Facilities Finance Corp., (Subseries 2009C-1), 0.40% CP (Methodist Hospital, Harris County, TX), Mandatory Tender 10/5/2011 25,000,000
28,000,000 Harris County, TX Cultural Education Facilities Finance Corp., (Subseries 2009C-1), 0.40% CP (Methodist Hospital, Harris County, TX), Mandatory Tender 9/6/2011 28,000,000
17
Principal
Amount		 Value
$9,815,000 3,4 Harris County, TX Cultural Education Facilities Finance Corp., Stage Trust (Series 2011-05C), 0.38% TOBs (Texas Medical Center Central Heating)/(GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 7/28/2011 9,815,000
7,500,000 Harris County, TX Education Facilities Finance Corp., (Series 2008D-1) Weekly VRDNs (Memorial Hermann Healthcare System)/(JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/5/2011 7,500,000
6,310,000 Harris County, TX HFDC, (Series 2000) Weekly VRDNs (St. Dominic Village)/(JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/5/2011 6,310,000
50,000,000 Harris County, TX HFDC, (Series 2005A) Weekly VRDNs (St. Luke's Episcopal Hospital)/(JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A. LIQs), 0.260%, 5/5/2011 50,000,000
68,600,000 Harris County, TX HFDC, (Series 2008A) Weekly VRDNs (Memorial Hermann Healthcare System)/(Assured Guaranty Municipal Corp. INS)/(Dexia Credit Local LIQ), 0.750%, 5/4/2011 68,600,000
13,000,000 Harris County, TX HFDC, (Series 2008A) Weekly VRDNs (St. Luke's Episcopal Hospital)/(Bank of America N.A. and Wells Fargo Bank, N.A. LIQs), 0.290%, 5/5/2011 13,000,000
9,540,000 Houston, TX Higher Education Finance Corp., (Series 2000A) Weekly VRDNs (Houston Student Housing LLC)/(Wells Fargo Bank, N.A. LOC), 0.470%, 5/5/2011 9,540,000
4,590,000 Houston, TX Higher Education Finance Corp., (Series 2003A: Tierwester Oaks and Richfield Manor) Weekly VRDNs (Houston Student Housing LLC)/(Bank of New York Mellon LOC), 0.930%, 5/1/2011 4,590,000
9,765,000 Kendall County, TX HFDC, (Series 2008) Weekly VRDNs (Morningside Ministries Foundation, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/5/2011 9,765,000
5,130,000 3,4 Lamar, TX Consolidated ISD, ROCs (Series 12266) Weekly VRDNs (GTD by Texas PSFG Program)/(Citibank NA, New York LIQ), 0.260%, 5/5/2011 5,130,000
18,965,000 3,4 Longview, TX ISD, Stage Trust (Series 2008-45C), 0.38% TOBs (GTD by Texas PSFG Program)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 8/15/2011 18,965,000
16,830,000 3,4 Love Field Airport Modernization Corporation, TX, Stage Trust (Series 2011-11C), 0.38% TOBs (Southwest Airlines Co.)/(GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 5/1/2011 16,830,000
3,500,000 Lower Colorado River Authority, TX, (Series A), 0.30% CP, Mandatory Tender 5/19/2011 3,500,000
50,000,000 North Texas Higher Education Authority, Inc., (Series 2010E) Weekly VRDNs (Lloyds TSB Bank PLC, London LOC), 0.270%, 5/4/2011 50,000,000
71,700,000 San Antonio, TX Electric & Gas System, (Series 2003) Weekly VRDNs (Bank of America N.A. LIQ), 0.270%, 5/4/2011 71,700,000
5,000,000 San Antonio, TX Electric & Gas System, (Series A), 0.28% CP (Bank of America N.A. and State Street Bank and Trust Co. LIQs), Mandatory Tender 5/10/2011 5,000,000
27,500,000 San Antonio, TX Electric & Gas System, (Series A), 0.29% CP (Bank of America N.A. and State Street Bank and Trust Co. LIQs), Mandatory Tender 6/7/2011 27,500,000
15,000,000 San Antonio, TX Housing Finance Corp., (Series 2008) Weekly VRDNs (Artisan at San Pedro Creek Apartments)/(Bank of America N.A. LOC), 0.260%, 5/5/2011 15,000,000
82,770,000 Tarrant County, TX Cultural Education Facilities Finance Corp., (Series 2007) Weekly VRDNs (Valley Baptist Medical Center)/(JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/4/2011 82,770,000
8,685,000 3,4 Texas State Transportation Commission, Eagles (Series 2007-0139) Weekly VRDNs (Texas State)/(Citibank NA, New York LIQ), 0.260%, 5/5/2011 8,685,000
300,000,000 Texas State, 2.00% TRANs, 8/31/2011 301,645,748
15,000,000 3,4 Texas State, PUTTERs (Series 3812) Daily VRDNs (J.P. Morgan Chase & Co. LIQ), 0.270%, 5/2/2011 15,000,000
10,380,000 3,4 Texas Water Development Board, MERLOTS (Series 2008-C51) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 0.290%, 5/4/2011 10,380,000
TOTAL 958,595,748
Utah – 0.8%
1,865,000 Carbon County, UT, PCRB (Series 1994) Weekly VRDNs (Pacificorp)/(Wells Fargo Bank, N.A. LOC), 0.240%, 5/4/2011 1,865,000
10,000,000 Emery County, UT, PCRB (Series 1994) Weekly VRDNs (Pacificorp)/(Wells Fargo Bank, N.A. LOC), 0.290%, 5/4/2011 10,000,000
22,350,000 Emery County, UT, PCRB (Series 1991) Weekly VRDNs (Pacificorp)/(BNP Paribas SA LOC), 0.270%, 5/4/2011 22,350,000
47,500,000 3,4 Riverton, UT Hospital Revenue Authority, PUTTERs (Series 1762) Weekly VRDNs (IHC Health Services, Inc.)/(J.P. Morgan Chase & Co. LIQ), 0.260%, 5/5/2011 47,500,000
TOTAL 81,715,000
Virginia – 1.4%
11,970,000 Fairfax County, VA EDA, (Series 2005) Weekly VRDNs (Public Broadcasting Service)/(Bank of America N.A. LOC), 0.260%, 5/5/2011 11,970,000
27,000,000 Fairfax County, VA IDA, (Series 2005C-2) Weekly VRDNs (Inova Health System)/(Northern Trust Co., Chicago, IL LOC), 0.240%, 5/4/2011 27,000,000
23,135,000 Farmville, VA IDA, (Series 2007) Weekly VRDNs (Longwood University Real Estate Foundation, Inc.)/(Assured Guaranty Corp. INS)/(Bank of America N.A. LIQ), 0.360%, 5/5/2011 23,135,000
9,375,000 Lynchburg, VA IDA, (Series 2004 B) Weekly VRDNs (Centra Health, Inc.)/(Branch Banking & Trust Co. LOC), 0.290%, 5/5/2011 9,375,000
19,430,000 Lynchburg, VA IDA, (Series 2004 C) Weekly VRDNs (Centra Health, Inc.)/(Branch Banking & Trust Co. LOC), 0.290%, 5/5/2011 19,430,000
18
Principal
Amount		 Value
$24,000,000 Metropolitan Washington, DC Airports Authority, (Series 2009A-1) Weekly VRDNs (Landesbank Baden-Wurttemberg LIQ), 0.290%, 5/5/2011 24,000,000
9,250,000 Norfolk, VA EDA, (Sentara Health Systems Obligation Group), MVRENs, (Series 2010 C), 0.380%, 5/5/2011 9,250,000
19,125,000 Rockingham County, VA IDA, (Series 2003) Weekly VRDNs (Sunnyside Presbyterian Home)/(Branch Banking & Trust Co. LOC), 0.290%, 5/5/2011 19,125,000
TOTAL 143,285,000
Washington – 0.5%
3,380,000 3,4 NJB Properties, Solar Eclipse (Series 2007-0106) Weekly VRDNs (King County, WA)/(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.250%, 5/5/2011 3,380,000
14,000,000 Washington State Health Care Facilities Authority, (Series 2011C) Weekly VRDNs (Swedish Health Services)/(Citibank NA, New York LOC), 0.250%, 5/4/2011 14,000,000
15,075,000 3,4 Washington State Health Care Facilities Authority, Stage Trust (Series 2008-48C), 0.38% TOBs (Virginia Mason Medical Center)/(GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), Optional Tender 7/28/2011 15,075,000
16,840,000 Washington State Higher Education Facilities Authority, (Series 2007) Weekly VRDNs (Saint Martin's University)/(U.S. Bank, N.A. LOC), 0.270%, 5/5/2011 16,840,000
TOTAL 49,295,000
West Virginia – 0.1%
10,800,000 West Virginia EDA Solid Waste Disposal Facilities, (Series 2009A) Weekly VRDNs (Appalachian Power Co.)/(Mizuho Corporate Bank Ltd. LOC), 0.280%, 5/5/2011 10,800,000
Wisconsin – 3.5%
22,000,000 3,4 Clipper Tax-Exempt Certificates Trust (Wisconsin Non-AMT) Series 2009-6 Weekly VRDNs (Wisconsin State)/(State Street Bank and Trust Co. LIQ), 0.310%, 5/5/2011 22,000,000
12,900,000 Oconomowoc, WI Area School District, 1.25% TRANs, 8/25/2011 12,934,697
6,950,000 Oshkosh, WI School District, 1.50% TRANs, 9/22/2011 6,977,249
3,935,000 Wausau, WI CDA, (Series 2008A) Weekly VRDNs (Clover Industries, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.370%, 5/5/2011 3,935,000
23,615,000 Wisconsin State HEFA, (Series 2006B) Weekly VRDNs (Aurora Health Care, Inc.)/(Bank of Montreal LOC), 0.280%, 5/4/2011 23,615,000
17,235,000 Wisconsin State HEFA, (Series 2007) Weekly VRDNs (Benevolent Corporation Cedar Community)/(JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/5/2011 17,235,000
10,400,000 Wisconsin State HEFA, (Series 2008) Weekly VRDNs (Agnesian Healthcare, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.280%, 5/5/2011 10,400,000
4,890,000 Wisconsin State HEFA, (Series 2008B) Weekly VRDNs (Meriter Retirement Services, Inc.)/(U.S. Bank, N.A. LOC), 0.270%, 5/5/2011 4,890,000
3,935,000 Wisconsin State HEFA, (Series 2009) Weekly VRDNs (Lawrence University, WI)/(JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/5/2011 3,935,000
21,000,000 Wisconsin State HEFA, (Series B-2) Weekly VRDNs (Hospital Sisters Services, Inc.)/(Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.350%, 5/5/2011 21,000,000
23,210,000 3,4 Wisconsin State HEFA, Solar Eclipse (Series 2007-0029) Weekly VRDNs (Ascension Health Credit Group)/(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.250%, 5/5/2011 23,210,000
212,500,000 Wisconsin State, (Operating Notes of 2010), 2.00% TRANs, 6/15/2011 212,889,914
TOTAL 363,021,860
Wyoming – 0.2%
3,760,000 Sweetwater County, WY PCRB (Series 1994) Weekly VRDNs (Pacificorp)/(Wells Fargo Bank, N.A. LOC), 0.240%, 5/4/2011 3,760,000
20,625,000 Wyoming Student Loan Corp., (Senior Series 2010A-1) Weekly VRDNs (Royal Bank of Canada, Montreal LOC), 0.260%, 5/5/2011 20,625,000
TOTAL 24,385,000
TOTAL MUNICIPAL INVESTMENTS — 99.7%
(AT AMORTIZED COST)5 		10,203,998,032
OTHER ASSETS AND LIABILITIES - NET — 0.3%6 34,670,207
TOTAL NET ASSETS — 100% $10,238,668,239

At April 30, 2011, the Fund held no securities that are subject to the federal alternative minimum tax (AMT).

1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical rating organizations (NRSROs) or unrated securities of comparable quality. An NRSRO's two highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+, SP-1 or SP-2 by Standard & Poor's, MIG-1 or MIG-2 by Moody's Investors Service, or F-1+, F-1 or F-2 by Fitch Ratings, are all considered rated in one of the two highest short-term rating categories. Securities rated in the highest short-term rating category (and unrated securities of comparable quality) are identified as First Tier securities. Securities rated in the second highest short-term rating category (and unrated securities of comparable quality) are identified as Second Tier securities. The Fund follows applicable regulations in determining whether a security is rated and whether a security rated by multiple NRSROs in different rating categories should be identified as a First or Second Tier security.

19
  At April 30, 2011, the portfolio securities were rated as follows:
  Tier Rating Percentages Based on Total Market Value

First Tier Second Tier
100.0% 0.0%
2 Current rate and next reset date shown for Variable Rate Demand Notes.
3 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 April 30, 2011, these restricted securities amounted to $1,419,450,000, which represented 13.9% of total net assets.
4 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 (the “Trustees”). At April 30, 2011, these liquid restricted securities amounted to $1,419,450,000, which represented 13.9% of total net assets.
5 Also represents cost for federal tax purposes.
6 Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2011.

Investment Valuation

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

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

Level 1 — quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable. Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost. Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

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

As of April 30, 2011, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

20
The following acronyms are used throughout this portfolio:

AMT  — Alternative Minimum Tax
BANs  — Bond Anticipation Notes
CCD  — Community College District
CDA  — Community Development Authority
COL  — Collateralized
COP  — Certificate of Participation
CP  — Commercial Paper
CSD  — Central School District
EDA  — Economic Development Authority
EDC  — Economic Development Commission
EDFA  — Economic Development Finance Authority
EDR  — Economic Development Revenue
EDRB  — Economic Development Revenue Bond
FHLB  — Federal Home Loan Bank
FHLMC  — Federal Home Loan Mortgage Corporation
FNMA  — Federal National Mortgage Association
GNMA  — Government National Mortgage Association
GO  — General Obligation
GTD  — Guaranteed
HEFA  — Health and Education Facilities Authority
HFA  — Housing Finance Authority
HFDC  — Health Facility Development Corporation
IDA  — Industrial Development Authority
IDB  — Industrial Development Bond
IDFA  — Industrial Development Finance Authority
INS  — Insured
ISD  — Independent School District
LIQs  — Liquidity Agreements
LOCs  — Letters of Credit
MERLOTS  — Municipal Exempt Receipts-Liquidity Optional Tender Series
MFH  — Multi-Family Housing
MVRENs  — Municipal Variable Rate Exchangeable Notes
PCFA  — Pollution Control Finance Authority
PCR  — Pollution Control Revenue
PCRB  — Pollution Control Revenue Bond
P-FLOATs  — Puttable Floating Option Tax-Exempt Receipts
PRF  — Prerefunded
PSFG  — Permanent School Fund Guarantee
PUTTERs  — Puttable Tax-Exempt Receipts
RANs  — Revenue Anticipation Notes
ROCs  — Reset Option Certificates
SPEARs  — Short Puttable Exempt Adjustable Receipts
TANs  — Tax Anticipation Notes
TOBs  — Tender Option Bonds
TRANs  — Tax and Revenue Anticipation Notes
USD  — Unified School District
UT  — Unlimited Tax
VRDNs  — Variable Rate Demand Notes
VRNs  — Variable Rate Notes

21


Federated Treasury Obligations Fund

Portfolio of Investments

April 30, 2011 (unaudited)

Principal
Amount		 Value
Repurchase Agreements – 52.3%
$897,000,000 1 Interest in $980,000,000 joint repurchase agreement 0.07%, dated 4/28/2011 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $980,114,333 on 6/28/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2018 and the market value of those underlying securities was $999,605,862. 897,000,000
1,464,216,000 Interest in $1,766,000,000 joint repurchase agreement 0.03%, dated 4/29/2011 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $1,766,004,415 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 8/15/2039 and the market value of those underlying securities was $1,801,324,600. 1,464,216,000
550,000,000 Interest in $650,000,000 joint repurchase agreement 0.03%, dated 4/29/2011 under which Bank of Montreal will repurchase securities provided as collateral for $650,001,625 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 8/15/2039 and the market value of those underlying securities was $663,001,693. 550,000,000
1,251,734,000 1 Interest in $1,421,627,000 joint repurchase agreement 0.13%, dated 3/21/2011 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $1,421,935,019 on 5/20/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2041 and the market value of those underlying securities was $1,450,279,581. 1,251,734,000
867,000,000 Interest in $950,000,000 joint repurchase agreement 0.07%, dated 4/26/2011 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $950,012,931 on 5/3/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 4/15/2032 and the market value of those underlying securities was $969,011,389. 867,000,000
100,000,000 Repurchase agreement 0.03%, dated 4/29/2011 under which CIBC World Markets Corp. will repurchase securities provided as collateral for $100,000,250 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 11/15/2020 and the market value of those underlying securities was $102,005,115. 100,000,000
500,000,000 Repurchase agreement 0.03%, dated 4/29/2011 under which Citibank, N.A. will repurchase securities provided as collateral for $500,001,250 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/28/2015 and the market value of those underlying securities was $510,102,157. 500,000,000
500,000,000 Repurchase agreement 0.03%, dated 4/29/2011 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $500,001,250 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/28/2018 and the market value of those underlying securities was $510,001,328. 500,000,000
300,000,000 Interest in $500,000,000 joint repurchase agreement 0.04%, dated 4/29/2011 under which Credit Agricole Securities (USA), Inc. will repurchase a security provided as collateral for $500,001,667 on 5/2/2011. The security provided as collateral at the end of the period was a U.S. Treasury security maturing on 4/15/2032 and the market value of that underlying security was $510,001,789. 300,000,000
440,000,000 1 Interest in $500,000,000 joint repurchase agreement 0.08%, dated 4/27/2011 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $500,067,778 on 6/27/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2027 and the market value of those underlying securities was $510,005,671. 440,000,000
112,233,000 Repurchase agreement 0.02%, dated 4/29/2011 under which J.P. Morgan Securities, Inc. will repurchase securities provided as collateral for $112,233,187 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 10/20/2011 and the market value of those underlying securities was $114,482,428. 112,233,000
200,000,000 Interest in $300,000,000 joint repurchase agreement 0.02%, dated 4/29/2011 under which J.P. Morgan Securities, Inc. will repurchase a security provided as collateral for $300,000,500 on 5/2/2011. The security provided as collateral at the end of the period was a U.S. Treasury security maturing on 10/31/2015 and the market value of that underlying security was $306,003,173. 200,000,000
1,476,000,000 Interest in $1,700,000,000 joint repurchase agreement 0.03%, dated 4/29/2011 under which RBS Securities, Inc. will repurchase securities provided as collateral for $1,700,004,250 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 5/15/2040 and the market value of those underlying securities was $1,734,004,863. 1,476,000,000
750,000,000 Interest in $1,000,000,000 joint repurchase agreement 0.04%, dated 4/29/2011 under which TD Securities (USA) LLC will repurchase securities provided as collateral for $1,000,003,333 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2041 and the market value of those underlying securities was $1,020,003,493. 750,000,000
TOTAL REPURCHASE AGREEMENTS 9,408,183,000
U.S. Treasury – 36.9%
2,121,250,000 2 United States Treasury Bills, 0.025%, 5/12/2011 2,121,233,796
378,750,000 2 United States Treasury Bills, 0.030%, 5/26/2011 378,742,109
650,000,000 2 United States Treasury Bills, 0.055%, 7/28/2011 649,912,611
164,400,000 2 United States Treasury Bills, 0.170%, 9/1/2011 164,304,511
538,100,000 United States Treasury Notes, 0.750% - 4.500%, 11/30/2011 546,167,938
296,000,000 United States Treasury Notes, 0.875%, 1/31/2012 297,294,102
100,000,000 United States Treasury Notes, 1.000%, 9/30/2011 100,300,045
1
Principal
Amount		 Value
$516,500,000 United States Treasury Notes, 1.000%, 12/31/2011 519,184,411
315,300,000 United States Treasury Notes, 1.375% - 4.875%, 2/15/2012 322,596,292
300,000,000 United States Treasury Notes, 1.750%, 11/15/2011 302,415,234
887,500,000 United States Treasury Notes, 4.625%, 8/31/2011 900,433,833
164,000,000 United States Treasury Notes, 4.875%, 7/31/2011 165,898,926
171,000,000 United States Treasury Notes, 5.125%, 6/30/2011 172,315,662
TOTAL U.S. TREASURY 6,640,799,470
TOTAL INVESTMENTS — 89.2%
(AT AMORTIZED COST)3 		16,048,982,470
OTHER ASSETS AND LIABILITIES - NET — 10.8%4 1,932,207,683
TOTAL NET ASSETS — 100% $17,981,190,153
1 Although the repurchase date is more than seven days after the date of purchase, the Fund has the right to terminate the repurchase agreement at any time with seven-days' notice.
2 Discount rate at time of purchase.
3 Also represents cost for federal tax purposes.
4 Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2011.

Investment Valuation

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

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

Level 1 — quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable. Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost. Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

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

As of April 30, 2011, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

2


Federated Trust for U.S. Treasury Obligations

Portfolio of Investments

April 30, 2011 (unaudited)

Principal
Amount		 Value
Repurchase Agreements – 55.0%
$11,314,000 1 Interest in $1,421,627,000 joint repurchase agreement 0.13%, dated 3/21/2011 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $1,421,935,019 on 5/20/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2041 and the market value of those underlying securities was $1,450,279,581. 11,314,000
9,000,000 Interest in $950,000,000 joint repurchase agreement 0.07%, dated 4/26/2011 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $950,012,931 on 5/3/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 4/15/2032 and the market value of those underlying securities was $969,011,389. 9,000,000
8,000,000 1 Interest in $980,000,000 joint repurchase agreement 0.07%, dated 4/29/2011 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $980,114,333 on 6/28/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2018 and the market value of those underlying securities was $999,605,862. 8,000,000
11,569,000 Interest in $1,766,000,000 joint repurchase agreement 0.03%, dated 4/29/2011 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $1,766,004,415 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 8/15/2039 and the market value of those underlying securities was $1,801,324,600. 11,569,000
4,000,000 1 Interest in $500,000,000 joint repurchase agreement 0.08%, dated 4/27/2011 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $500,067,778 on 6/27/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2027 and the market value of those underlying securities was $510,005,671. 4,000,000
10,000,000 Interest in $1,700,000,000 joint repurchase agreement 0.03%, dated 4/29/2011 under which RBS Securities, Inc. will repurchase securities provided as collateral for $1,700,004,250 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 5/15/2040 and the market value of those underlying securities was $1,734,004,863. 10,000,000
40,000,000 Interest in $1,000,000,000 joint repurchase agreement 0.04%, dated 4/29/2011 under which TD Securities (USA), LLC will repurchase securities provided as collateral for $1,000,003,333 on 5/2/2011. The securities provided as collateral at the end of the period were U.S. Treasury securities with various maturities to 2/15/2041 and the market value of those underlying securities was $1,020,003,493. 40,000,000
TOTAL REPURCHASE AGREEMENTS 93,883,000
U.S. Treasury – 38.7%
18,750,000 2 United States Treasury Bills, 0.025%, 5/12/2011 18,749,857
6,250,000 2 United States Treasury Bills, 0.030%, 5/26/2011 6,249,870
6,000,000 2 United States Treasury Bills, 0.055%, 7/28/2011 5,999,193
2,000,000 2 United States Treasury Bills, 0.170%, 9/1/2011 1,998,838
3,900,000 United States Treasury Notes, 0.750% — 4.500%, 11/30/2011 3,985,230
3,000,000 United States Treasury Notes, 0.875%, 1/31/2012 3,012,583
3,750,000 United States Treasury Notes, 1.000%, 12/31/2011 3,769,615
1,000,000 United States Treasury Notes, 1.000%, 9/30/2011 1,003,000
4,100,000 United States Treasury Notes, 1.375% — 4.875%, 2/15/2012 4,178,411
2,200,000 United States Treasury Notes, 1.750%, 11/15/2011 2,217,744
10,750,000 United States Treasury Notes, 4.625%, 8/31/2011 10,906,711
2,000,000 United States Treasury Notes, 4.875%, 7/31/2011 2,023,166
2,000,000 United States Treasury Notes, 5.125%, 6/30/2011 2,015,388
TOTAL U.S. TREASURY 66,109,606
TOTAL INVESTMENTS — 93.7%
(AT AMORTIZED COST)3 		159,992,606
OTHER ASSETS AND LIABILITIES - NET — 6.3%4 10,818,915
TOTAL NET ASSETS — 100% $170,811,521

1
1 Although the repurchase date is more than seven days after the date of purchase, the Fund has the right to terminate the repurchase agreement at any time with seven-days' notice.
2 Discount rate at time of purchase.
3 Also represents cost for federal tax purposes.
4 Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2011.

Investment Valuation

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

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

Level 1 — quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable. Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost. Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

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

As of April 30, 2011, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

2


Item 2.                      Controls and Procedures

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-Q.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3.                                Exhibits


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant                                Money Market Obligations Trust

By
/S/ Richard A. Novak
 
Richard A. Novak
 
Principal Financial Officer
   
Date
June 22, 2011


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By
/S/ J. Christopher Donahue
 
J. Christopher Donahue
 
Principal Executive Officer
   
Date
June 22, 2011
   
   
By
/S/ Richard A. Novak
 
Richard A. Novak
 
Principal Financial Officer
   
Date
June 22, 2011