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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-02731
Tax-Free Investments Trust
(Exact name of registrant as specified in charter)
11 Greenway Plaza, Suite 100 Houston, Texas 77046
(Address of principal executive offices) (Zip code)
Karen Dunn Kelley 11 Greenway Plaza, Suite 100 Houston, Texas 77046
(Name and address of agent for service)
Registrant's telephone number, including area code: (713) 626-1919
Date of fiscal year end: 3/31___
Date of reporting period: 9/30/06
Item 1. Reports to Stockholders.
TAX-FREE CASH RESERVE PORTFOLIO
CASH MANAGEMENT CLASS
TAX-FREE INVESTMENTS TRUST (TFIT)
SEPTEMBER 30, 2006
SEMIANNUAL REPORT
[COVER IMAGE]
SEMIANNUAL
==============================================
INSIDE THIS REPORT
Letter to Shareholders..................... 1
Fund Data.................................. 2
Fund Composition by Maturity............... 2
Letter from Independent
Chairman of Board of Trustees.............. 3
Calculating Your Ongoing Fund Expenses..... 4
Approval of Investment Advisory Agreement.. 5
Financial Pages.......................... F-1
Trustees and Officers................... F-44
==============================================
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
TAX-FREE CASH RESERVE PORTFOLIO
DEAR SHAREHOLDER:
We are pleased to present this report on the performance of
the Cash Management Class of Tax-Free Cash Reserve Portfolio
[KELLEY of Tax-Free Investments Trust, part of AIM Cash Management,
PHOTO] for the six months ended September 30, 2006. Thank you for
investing with us.
Tax-Free Cash Reserve Portfolio's objective is to provide
KAREN DUNN KELLEY as high a level of tax-exempt income as is consistent with
preservation of capital and maintenance of liquidity. The
Fund invests in high-quality, short-term municipal
obligations, seeking to provide income exempt from federal
taxation. The Fund structure is driven to some extent by the
supply of municipal securities, and liquidity is managed with
daily and weekly variable-rate demand notes.
Through a combination of short-term cash management vehicles and selective
use of a longer maturity schedule for higher yields, the Fund continued to
provide competitive returns. The Fund continued to maintain a relatively short
maturity structure to take advantage of rising interest rates and yields.
The Fund also continued to hold the highest credit-quality ratings given by
three widely known credit rating agencies: AAAm from Standard & Poor's, Aaa from
Moody's and AAA from FitchRatings. Fund ratings are subject to change and are
based on several factors including an analysis of the Fund's overall credit
quality, market price exposure and management.
MARKET CONDITIONS AFFECTING MONEY MARKET FUNDS
The economy expanded throughout the reporting period, but that expansion was
clearly slowing. U.S. gross domestic product, the broadest measure of economic
activity, grew at an annualized rate of 2.6% in the second quarter of 2006, down
from the exceptionally strong 5.6% annualized growth rate recorded in the first
quarter. Initial estimates put the rate at a weaker-than-expected 1.6% in the
third quarter.
In response to economic expansion and increasing inflation pressures, the
U.S. Federal Reserve Board (the Fed) raised its federal funds target rate by 50
basis points (0.50%) during the reporting period, from 4.75% to 5.25%. Increases
in the federal funds target rate are reflected fairly rapidly in the yields of
money market funds and other fixed income funds that invest primarily in
short-term securities.
At their early August meeting, Fed officials--for the first time in more than
two years--left this key interest rate unchanged. They noted that "economic
growth has moderated from its quite strong pace earlier this year, partly
reflecting a gradual cooling of the housing market and the lagged effects of
increases in interest rates and energy prices." However, the Fed held out the
possibility that additional rate hikes could be needed to fight inflation.
Inflation pressures do not appear to be an immediate concern of the Fed and the
need for additional tightening will likely depend on future economic
developments.
At the close of the reporting period, there was considerable uncertainty
about whether the U.S. economy was headed for a so-called "soft landing"--a
period of gradually slowing economic growth--or a more bumpy and potentially
more painful "hard landing."
IN CONCLUSION
At a recent meeting of the AIM Funds board, Robert H. Graham relinquished his
position as president of Tax-Free Investments Trust. Bob, who was one of three
founders of AIM Investments--Registered Trademark-- in 1976 and who has a
well-earned reputation for being one of the most respected and most
knowledgeable leaders in the mutual fund industry, will continue in his role as
trustee and vice chair of the AIM Funds. As I assume Bob's previous
responsibilities as president of Tax-Free Investments Trust, I am grateful that
I will have the opportunity to continue working with him closely, as I have
since I first joined A I M Management Group Inc. in 1989.
All of us at AIM Investments are committed to the goals of safety, liquidity
and yield in money market fund management. We are also dedicated to excellence
in customer service. Should you have questions about this report or your
account, please contact one of our Cash Management and Alliance representatives
at 800-659-1005.
Sincerely,
/S/ KAREN DUNN KELLEY
Karen Dunn Kelley
President, Fund Management Company
November 15, 2006
The views and opinions expressed in this letter are those of A I M Advisors,
Inc. These views and opinions are subject to change at any time based on factors
such as market and economic conditions. These views and opinions may not be
relied upon as investment advice or recommendations, or as an offer for a
particular security. Statements of fact are from sources considered reliable,
but A I M Advisors, Inc. makes no representation or warranty as to their
completeness or accuracy. Although historical performance is no guarantee of
future results, these insights may help you understand our investment management
philosophy.
1
TAX-FREE CASH RESERVE PORTFOLIO
========================================================================================================
FUND DATA
CASH MANAGEMENT CLASS DATA AS OF 9/30/06
YIELDS WEIGHTED AVERAGE MATURITY NET ASSETS
7-DAY MONTHLY RANGE DURING AT REPORTING
SEC YIELD YIELD REPORTING PERIOD PERIOD END
3.42% 3.27% 22-51 days 46 days $859.78 million
Performance quoted is past performance and cannot guarantee comparable future results; current
performance may be lower or higher. Please visit AIMinvestments.com for the most recent month-end
performance. Investment return will vary. Monthly yield represents annualized results for the
period, net of fees and expenses, and excludes any realized capital gains or losses. Had the advisor
and distributor not waived fees and/or reimbursed expenses, performance would have been lower.
========================================================================================================
===================================
FUND COMPOSITION BY MATURITY
IN DAYS, AS OF 9/30/06
1-7 76.0%
8-30 3.3
31-90 5.8
91-180 4.2
181+ 10.7
===================================
The number of days to maturity of each holding is determined in accordance with
the provisions of Rule 2a-7 under the Investment Company Act of 1940, as
amended.
================================================================================
AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.
================================================================================
================================================================================
THIS REPORT MUST BE ACCOMPANIED OR PRECEDED BY A CURRENTLY EFFECTIVE FUND
PROSPECTUS, WHICH CONTAINS MORE COMPLETE INFORMATION, INCLUDING FEES AND
EXPENSES. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
================================================================================
2
TAX-FREE CASH RESERVE PORTFOLIO
DEAR FELLOW AIM FUND SHAREHOLDERS:
At our meeting at the end of June, your Board completed its
comprehensive review* of each fund's advisory agreement with
[CROCKETT A I M Advisors, Inc. (AIM) to make certain your interests are
PHOTO] being served in terms of fees, performance and operations.
Looking ahead, your Board finds many reasons to be
positive about AIM's management and strategic direction. Most
importantly, AIM's investment management discipline is paying
BRUCE L. CROCKETT off in terms of improved overall performance. While work
remains to be done, AIM's complex-wide, asset-weighted mutual
fund performance for the trailing one-, three- and five-year
periods is at its highest since 2000 for the periods ended
September 30, 2006. We are also pleased with AIM's efforts to
seek more cost-effective ways of delivering superior service.
In addition, AIM is realizing the benefits of belonging to
a leading independent global investment management
organization in its parent company, AMVESCAP PLC, which is
dedicated to helping people worldwide build their financial
security. AMVESCAP managed approximately $441 billion
globally as of September 30, 2006, operating under the AIM,
INVESCO, AIM Trimark, INVESCO PERPETUAL and Atlantic Trust
brands. These companies are home to an abundance of
investment talent that is gradually being integrated and
leveraged into centers of excellence, each focusing on a
given market segment or asset class. Over the next few years,
your Board will be meeting at these various centers of
excellence to learn about their progress and how they may
serve you through our goal of enhancing performance and
reducing costs.
The seven new AIM funds--which include Asian funds,
structured U.S. equity funds and specialized bond funds--are
an early example of the kind of opportunities the AMVESCAP
organization can provide AIM clients. More information on
these funds can be found on AIM's Web site.
Your Board is very pleased with the overall direction and
progress of the AIM Funds. We're working closely and
effectively with AIM's management to continue this momentum.
As always, your Board is eager to hear your views on how we
might better serve you. Please send your comments in a letter
addressed to me at AIM Investments, AIM Investments Tower, 11
Greenway Plaza, Suite 100, Houston TX 77046.
Sincerely,
/S/ BRUCE L. CROCKETT
Bruce L. Crockett
Independent Chair
AIM Funds Board
November 15, 2006
*To learn more about all the factors we considered before
approving each fund's advisory agreement, go to the "Products
& Performance" tab at the AIM Web site (AIMinvestments.com)
and click on "Investment Advisory Agreement Renewals." The
approval of advisory agreement information for your Fund is
also included in this semiannual report on pages 5-6.
3
TAX-FREE CASH RESERVE PORTFOLIO
CALCULATING YOUR ONGOING FUND EXPENSES
EXAMPLE together with the amount you invested, to The hypothetical account values and
estimate the expenses that you paid over expenses may not be used to estimate the
As a shareholder of the Fund, you incur the period. Simply divide your account actual ending account balance or expenses
ongoing costs, including management fees; value by $1,000 (for example, an $8,600 you paid for the period. You may use this
distribution and/or service fees (12b-1); account value divided by $1,000 = 8.6), information to compare the ongoing costs
and other Fund expenses. This example is then multiply the result by the number in of investing in the Fund and other funds.
intended to help you understand your the table under the heading entitled To do so, compare this 5% hypothetical
ongoing costs (in dollars) of investing "Actual Expenses Paid During Period" to example with the 5% hypothetical examples
in the Fund and to compare these costs estimate the expenses you paid on your that appear in the shareholder reports of
with ongoing costs of investing in other account during this period. the other funds.
mutual funds. The example is based on an
investment of $1,000 invested at the HYPOTHETICAL EXAMPLE FOR COMPARISON Please note that the expenses shown in
beginning of the period and held for the PURPOSES the table are meant to highlight your
entire period, April 1, 2006, through ongoing costs only. Therefore, the
September 30, 2006. The table below also provides information hypothetical information is useful in
about hypothetical account values and comparing ongoing costs only, and will
ACTUAL EXPENSES hypothetical expenses based on the Fund's not help you determine the relative total
actual expense ratio and an assumed rate costs of owning different funds.
The table below provides information of return of 5% per year before expenses,
about actual account values and actual which is not the Fund's actual return.
expenses. You may use the information in
this table,
===================================================================================================================================
HYPOTHETICAL
ACTUAL (5% ANNUAL RETURN BEFORE EXPENSES)
BEGINNING ENDING EXPENSES ENDING EXPENSES ANNUALIZED
ACCOUNT VALUE ACCOUNT VALUE PAID DURING ACCOUNT VALUE PAID DURING EXPENSE
CLASS (4/1/06) (9/30/06)(1) PERIOD(2) (9/30/06) PERIOD(2) RATIO
Cash
Management $1,000.00 $1,016.40 $1.52 $1,023.56 $1.52 0.30%
(1) The actual ending account value is based on the actual total return of the Fund for the period April 1, 2006, through September
30, 2006, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense
ratio and a hypothetical annual return of 5% before expenses.
(2) Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the
period, multiplied by 183/365 to reflect the most recent fiscal half-year.
===================================================================================================================================
4
TAX-FREE CASH RESERVE PORTFOLIO
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
The Board of Trustees of Tax-Free cluded that the range of services to be uation of the Fund's Senior Officer
Investments Trust (the "Board") oversees provided by AIM under the Advisory (discussed below) only considered Fund
the management of Tax-Free Cash Reserve Agreement was appropriate and that AIM performance through the most recent
Portfolio (the "Fund") and, as required currently is providing services in calendar year, the Board also reviewed
by law, determines annually whether to accordance with the terms of the Advisory more recent Fund performance, which did
approve the continuance of the Fund's Agreement. not change their conclusions.
advisory agreement with A I M Advisors,
Inc. ("AIM"). Based upon the o The quality of services to be provided o Meetings with the Fund's portfolio
recommendation of the Investments by AIM. The Board reviewed the managers and investment personnel. With
Committee of the Board, at a meeting held credentials and experience of the respect to the Fund, the Board is meeting
on June 27, 2006, the Board, including officers and employees of AIM who will periodically with such Fund's portfolio
all of the independent trustees, approved provide investment advisory services to managers and/or investment personnel and
the continuance of the advisory agreement the Fund. In reviewing the qualifications believes that such individuals are
(the "Advisory Agreement") between the of AIM to provide investment advisory competent and able to continue to carry
Fund and AIM for another year, effective services, the Board considered such out their responsibilities under the
July 1, 2006. issues as AIM's portfolio and product Advisory Agreement.
review process, AIM's legal and
The Board considered the factors compliance function, AIM's use of o Overall performance of AIM. The Board
discussed below in evaluating the technology, AIM's portfolio considered the overall performance of AIM
fairness and reasonableness of the administration function and the quality in providing investment advisory and
Advisory Agreement at the meeting on June of AIM's investment research. Based on portfolio administrative services to the
27, 2006 and as part of the Board's the review of these and other factors, Fund and concluded that such performance
ongoing oversight of the Fund. In their the Board concluded that the quality of was satisfactory.
deliberations, the Board and the services to be provided by AIM was
independent trustees did not identify any appropriate and that AIM currently is o Fees relative to those of clients of
particular factor that was controlling, providing satisfactory services in AIM with comparable investment
and each trustee attributed different accordance with the terms of the Advisory strategies. The Board noted that AIM does
weights to the various factors. Agreement. not serve as an advisor to other mutual
funds or other clients with investment
One responsibility of the independent o The performance of the Fund relative to strategies comparable to those of the
Senior Officer of the Fund is to manage comparable funds. The Board reviewed the Fund.
the process by which the Fund's proposed performance of the Fund during the past
management fees are negotiated to ensure one, three and five calendar years o Fees relative to those of comparable
that they are negotiated in a manner against the performance of funds advised funds with other advisors. The Board
which is at arms' length and reasonable. by other advisors with investment reviewed the advisory fee rate for the
To that end, the Senior Officer must strategies comparable to those of the Fund under the Advisory Agreement. The
either supervise a competitive bidding Fund. The Board noted that the Fund's Board compared effective contractual
process or prepare an independent written performance in such periods was at or advisory fee rates at a common asset
evaluation. The Senior Officer has above the median performance of such level at the end of the past calendar
recommended an independent written comparable funds. Based on this review year and noted that the Fund's rate was
evaluation in lieu of a competitive and after taking account of all of the comparable to the median rate of the
bidding process and, upon the direction other factors that the Board considered funds advised by other advisors with
of the Board, has prepared such an in determining whether to continue the investment strategies comparable to those
independent written evaluation. Such Advisory Agreement for the Fund, the of the Fund that the Board reviewed. The
written evaluation also considered Board concluded that no changes should be Board noted that AIM has agreed to waive
certain of the factors discussed below. made to the Fund and that it was not fees and/or limit expenses of the Fund,
necessary to change the Fund's portfolio as discussed below. Based on this review,
The discussion below serves as a management team at this time. Although the Board concluded that the advisory fee
summary of the Senior Officer's the independent written evaluation of the rate for the Fund under the Advisory
independent written evaluation, as well Fund's Senior Officer (discussed below) Agreement was fair and reasonable.
as a discussion of the material factors only considered Fund performance through
and the conclusions with respect thereto the most recent calendar year, the Board o Expense limitations and fee waivers.
that formed the basis for the Board's also reviewed more recent Fund The Board noted that AIM has
approval of the Advisory Agreement. After performance, which did not change their contractually agreed to waive fees and/or
consideration of all of the factors below conclusions. limit expenses of the Fund in an amount
and based on its informed business necessary to limit total annual operating
judgment, the Board determined that the o The performance of the Fund relative to expenses to a specified percentage of
Advisory Agreement is in the best indices. The Board reviewed the average daily net assets for each class
interests of the Fund and its performance of the Fund during the past of the Fund. The Board considered the
shareholders and that the compensation to one, three and five calendar years contractual nature of this fee
AIM under the Advisory Agreement is fair against the performance of the Lipper waiver/expense limitation and noted that
and reasonable and would have been Institutional Tax-Exempt Money Market it remains in effect until June 30, 2007.
obtained through arm's length Index. The Board noted that the Fund's The Board considered the effect this fee
negotiations. performance in such periods was waiver/expense limitation would have on
comparable to the performance of such the Fund's estimated expenses and
Unless otherwise stated, information Index. Based on this review and after concluded that the levels of fee
presented below is as of June 27, 2006 taking account of all of the other waivers/expense limitations for the Fund
and does not reflect any changes that may factors that the Board considered in were fair and reasonable.
have occurred since June 27, 2006, determining whether to continue the
including but not limited to changes to Advisory Agreement for the Fund, the o Breakpoints and economies of scale. The
the Fund's performance, advisory fees, Board concluded that no changes should be Board reviewed the structure of the
expense limitations and/or fee waivers. made to the Fund and that it was not Fund's advisory fee under the Advisory
necessary to change the Fund's portfolio Agreement, noting that it includes one
o The nature and extent of the advisory management team at this time. Although breakpoint. The Board reviewed the level
services to be provided by AIM. The Board the independent written eval- of the Fund's advisory fees, and noted
reviewed the services to be provided by that such fees, as a percentage of the
AIM under the Advisory Agreement. Based Fund's net assets,
on such review, the Board con-
(continued)
5
TAX-FREE CASH RESERVE PORTFOLIO
have decreased as net assets increased o Historical relationship between the
because the Advisory Agreement includes a Fund and AIM. In determining whether to
breakpoint. The Board concluded that the continue the Advisory Agreement for the
Fund's fee levels under the Advisory Fund, the Board also considered the prior
Agreement therefore reflect economies of relationship between AIM and the Fund, as
scale and that it was not necessary to well as the Board's knowledge of AIM's
change the advisory fee breakpoints in operations, and concluded that it was
the Fund's advisory fee schedule. beneficial to maintain the current
relationship, in part, because of such
o Investments in affiliated money market knowledge. The Board also reviewed the
funds. Not applicable because the Fund general nature of the non-investment
does not invest in affiliated money advisory services currently performed by
market funds. AIM and its affiliates, such as
administrative, transfer agency and
o Independent written evaluation and distribution services, and the fees
recommendations of the Fund's Senior received by AIM and its affiliates for
Officer. The Board noted that, upon their performing such services. In addition to
direction, the Senior Officer of the reviewing such services, the trustees
Fund, who is independent of AIM and AIM's also considered the organizational
affiliates, had prepared an independent structure employed by AIM and its
written evaluation in order to assist the affiliates to provide those services.
Board in determining the reasonableness Based on the review of these and other
of the proposed management fees of the factors, the Board concluded that AIM and
AIM Funds, including the Fund. The Board its affiliates were qualified to continue
noted that the Senior Officer's written to provide non-investment advisory
evaluation had been relied upon by the services to the Fund, including
Board in this regard in lieu of a administrative, transfer agency and
competitive bidding process. In distribution services, and that AIM and
determining whether to continue the its affiliates currently are providing
Advisory Agreement for the Fund, the satisfactory non-investment advisory
Board considered the Senior Officer's services.
written evaluation.
o Other factors and current trends. The
o Profitability of AIM and its Board considered the steps that AIM and
affiliates. The Board reviewed its affiliates have taken over the last
information concerning the profitability several years, and continue to take, in
of AIM's (and its affiliates') investment order to improve the quality and
advisory and other activities and its efficiency of the services they provide
financial condition. The Board considered to the Funds in the areas of investment
the overall profitability of AIM, as well performance, product line
as the profitability of AIM in connection diversification, distribution, fund
with managing the Fund. The Board noted operations, shareholder services and
that AIM's operations remain profitable, compliance. The Board concluded that
although increased expenses in recent these steps taken by AIM have improved,
years have reduced AIM's profitability. and are likely to continue to improve,
Based on the review of the profitability the quality and efficiency of the
of AIM's and its affiliates' investment services AIM and its affiliates provide
advisory and other activities and its to the Fund in each of these areas, and
financial condition, the Board concluded support the Board's approval of the
that the compensation to be paid by the continuance of the Advisory Agreement for
Fund to AIM under its Advisory Agreement the Fund.
was not excessive.
o Benefits of soft dollars to AIM. The
Board considered the benefits realized by
AIM as a result of brokerage transactions
executed through "soft dollar"
arrangements. Under these arrangements,
brokerage commissions paid by other funds
advised by AIM are used to pay for
research and execution services. This
research may be used by AIM in making
investment decisions for the Fund. The
Board concluded that such arrangements
were appropriate.
o AIM's financial soundness in light of
the Fund's needs. The Board considered
whether AIM is financially sound and has
the resources necessary to perform its
obligations under the Advisory Agreement,
and concluded that AIM has the financial
resources necessary to fulfill its
obligations under the Advisory Agreement.
6
Tax-Free Cash Reserve Portfolio
SCHEDULE OF INVESTMENTS
September 30, 2006
(Unaudited)
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MUNICIPAL OBLIGATIONS-98.85%(A)
ALABAMA-0.17%
Homewood (City of) Educational Building
Authority (Samford University Facilities
Project); Series 1999, VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 12/01/21(b)(c) -- VMIG-1 $ 3,685 $ 3,685,000
- -------------------------------------------------------------------------------------------
Tuscaloosa (County of) Board of Education
(Capital Outlay); Series 1997 B, VRD Wts.
(LOC-Regions Bank)
3.76%, 02/01/17(d)(e) -- Aa3 3,175 3,175,000
===========================================================================================
6,860,000
===========================================================================================
ALASKA-0.75%
Alaska (State of) Industrial Development
Authority (Providence Medical Office
Building); Series 1985, VRD IDR (LOC-KBC
Bank N.V.)
3.55%, 06/01/10(d)(f)(g) -- VMIG-1 1,590 1,590,000
- -------------------------------------------------------------------------------------------
North Slope (Borough of); Series 2000 A,
Refunding VRD GO (INS-MBIA Insurance Corp.)
3.77%, 06/30/10(c)(e) A-1+ VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Alaska (State of) Housing
Finance Corp.); Series 1999 D, VRD RB
(Acquired 03/28/06; Cost $25,000,000)
3.78%, 06/01/49(e)(h)(i) -- VMIG-1 25,000 25,000,000
===========================================================================================
30,290,000
===========================================================================================
ARIZONA-0.54%
Arizona State University Board of Regents;
Series 2003 A, Refunding VRD RB (INS-Ambac
Assurance Corp.)
3.73%, 07/01/34(c)(e) A-1+ VMIG-1 1,570 1,570,000
- -------------------------------------------------------------------------------------------
Casa Grande (City of) Industrial Development
Authority (Center Park Apartments Project);
Series 2001 A, Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association)
3.77%, 06/15/31(e) -- VMIG-1 2,010 2,010,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ARIZONA-(CONTINUED)
Casa Grande (City of) Industrial Development
Authority (Quail Gardens Apartments);
Series 2001 A, Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association)
3.77%, 06/15/31(e) -- VMIG-1 $ 1,885 $ 1,885,000
- -------------------------------------------------------------------------------------------
Phoenix (City of) Industrial Development
Authority (Lynwood Apartments Project);
Series 1994, Refunding Multi-Family Housing
VRD IDR (CEP-Federal Home Loan Bank of San
Francisco)
3.81%, 10/01/25(e) A-1+ -- 5,715 5,715,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (El Dorado Hospital); Series
2004, VRD IDR (LOC-Branch Banking & Trust
Co.)
3.78%, 04/01/38(d)(e) -- VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (Tohono Chul Park Project);
Series 2001, VRD IDR (LOC-Northern Trust
Co.)
3.85%, 08/01/36(d)(e) -- VMIG-1 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Scottsdale (City of) Industrial Development
Authority (Notre Dame School); Series 2001
A, VRD Limited Obligation IDR (LOC-JPMorgan
Chase Bank, N.A.)
3.80%, 05/01/21(d)(e) A-1+ -- 3,000 3,000,000
===========================================================================================
21,980,000
===========================================================================================
CALIFORNIA-0.90%
California (State of) Pollution Control
Financing Authority (Southdown, Inc.
Project); Series 1983 Floating Rate PCR
(LOC-Wachovia Bank, N.A.)
3.70%, 02/15/13(d)(f) -- VMIG-1 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Series 1983 B Floating Rate PCR
(LOC-Wachovia Bank, N.A.)
3.70%, 09/15/13(d)(f) A-1+ VMIG-1 9,400 9,400,000
- -------------------------------------------------------------------------------------------
</Table>
F-1
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
CALIFORNIA-(CONTINUED)
JPMorgan PUTTERs (Sacramento (County of)
Sanitation District Financing Authority);
Series 2006-1407, VRD RB (Acquired
07/19/06; Cost $1,455,000)
3.77%, 06/01/14(e)(h)(i) A-1+ -- $ 1,455 $ 1,455,000
- -------------------------------------------------------------------------------------------
San Jose (City of) Financing Authority;
Series 2006, Commercial Paper Notes
(LOC-State Street Bank & Trust Co.;
California State Teachers Retirement
System)
3.68%, 11/07/06(d) A-1+ P-1 17,806 17,806,000
===========================================================================================
36,661,000
===========================================================================================
COLORADO-2.18%
Broomfield (City of) Urban Renewal Authority
(Event Center Project); Series 2005, Tax
Increment Allocation VRD Revenue (LOC-BNP
Paribas)
3.76%, 12/01/30(d)(e)(g) -- VMIG-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
Castle Pines North Metropolitan District;
Series 2006 C, VRD Refunding Limited Tax GO
(LOC-U.S. Bank, N.A.)
3.76%, 12/01/24(d)(e) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Centerra Metropolitan District No. 1; Series
2004, VRD RB (LOC-BNP Paribas)
3.77%, 12/01/29(d)(e)(g) A-1+ -- 12,000 12,000,000
- -------------------------------------------------------------------------------------------
Colorado (State of) E-470 Public Highway
Authority (Vehicle Registration Fee);
Series 2001, VRD RB (INS-MBIA Insurance
Corp.)
3.77%, 09/01/18(c)(e) A-1+ -- 1,175 1,175,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Community Wireless
Park City); Series 2003, VRD RB (LOC-U.S.
Bank, N.A.)
3.78%, 12/01/23(d)(e) A-1+ -- 600 600,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Regis Jesuit High
School Project); Series 2003, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 12/01/33(d)(e) A-1+ -- 5,065 5,065,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
COLORADO-(CONTINUED)
Colorado (State of) Educational & Cultural
Facilities Authority (Southeastern Baptist
Theological Seminary); Series 2005, VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 03/01/25(d)(e) -- VMIG-1 $ 8,945 $ 8,945,000
- -------------------------------------------------------------------------------------------
Colorado (State of) General Fund; Series
2006, RAN 4.75%, 06/27/07 SP-1+ -- 10,000 10,070,764
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Arapahoe House Project); Series
2004 A, VRD RB (LOC-Wells Fargo Bank, N.A.)
3.81%, 04/01/24(d)(e) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Christian Living Project);
Series 1997, Refunding VRD RB (LOC-U.S.
Bank, N.A.)
3.78%, 01/01/11(d)(e) A-1+ -- 1,245 1,245,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Covenant Retirement); Series
2006, Refunding VRD RB (LOC-LaSalle Bank
N.A.)
3.75%, 12/01/25(d)(e) A-1 -- 6,760 6,760,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Craig Hospital Project); Series
2003, Refunding VRD RB (LOC-Wells Fargo
Bank, N.A.)
3.74%, 12/01/20(d)(e) A-1+ -- 5,275 5,275,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Goodwill Industries Denver
Project); Series 2004, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.85%, 12/01/24(d)(e) -- VMIG-1 1,350 1,350,000
- -------------------------------------------------------------------------------------------
Colorado Springs (City of) (Pikes Peak Mental
Health Center); Series 2003, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 03/15/23(d)(e) A-1+ -- 1,805 1,805,000
- -------------------------------------------------------------------------------------------
Colorado Springs (City of) Industrial
Development Authority (Cook Communications
Project); Series 2002, VRD IDR (LOC-Bank of
America, N.A.)
3.79%, 03/01/17(d)(e) A-1+ -- 2,350 2,350,000
- -------------------------------------------------------------------------------------------
</Table>
F-2
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
COLORADO-(CONTINUED)
Concord (Metropolitan District of); Series
2004, Refunding & Improvement Unlimited Tax
GO (LOC-Wells Fargo Bank, N.A.)
3.50%, 12/01/29(d)(j) A-1+ -- $ 1,550 $ 1,550,000
- -------------------------------------------------------------------------------------------
Crystal Valley Metropolitan District of No.
1; Series 2004, VRD RB (LOC-Wells Fargo
Bank, N.A.)
3.74%, 10/01/34(d)(e) A-1+ -- 4,795 4,795,000
- -------------------------------------------------------------------------------------------
Denver (City & County of) Excise Tax Revenue
Authority (Convention Center Project);
Series 2001 B, RB (INS-Financial Security
Assurance Inc.)
3.74%, 09/01/25(c)(e) A-1+ VMIG-1 4,920 4,920,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Section 14 Metropolitan
District; Series 2000 Refunding Unlimited
Tax GO (LOC-U.S. Bank, N.A.)
5.20%, 12/01/19(d)(j) AA -- 1,100 1,102,889
- -------------------------------------------------------------------------------------------
Series 2004 Refunding Unlimited Tax VRD GO
(LOC-U.S. Bank, N.A.)
3.50%, 12/01/13(d)(k) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Mesa (County of) (Goodwill Industries of
Colorado Springs); Series 2006, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 12/01/26(d)(e) A-1+ -- 1,250 1,250,000
===========================================================================================
88,458,653
===========================================================================================
CONNECTICUT-0.26%
Connecticut (State of) Development Authority
(Central Vermont Public Service); Series
1985, Floating Rate PCR (LOC-Citizens Bank
of Massachusetts)
3.66%, 12/01/15(d)(f) A-1+ -- 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Connecticut (State of) Health & Educational
Facilities Authority (Westminster School);
Series 2002 C, VRD RB (LOC-Bank of America,
N.A.)
3.73%, 07/01/32(d)(e) A-1+ -- 1,395 1,395,000
- -------------------------------------------------------------------------------------------
Connecticut (State of) Health & Educational
Facilities Authority (YMCA of Greater
Hartford); Series 2002 A, VRD RB (INS-Ambac
Assurance Corp.)
3.73%, 07/01/32(c)(e) -- VMIG-1 7,910 7,910,000
===========================================================================================
10,705,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
DELAWARE-0.17%
Delaware (State of) Economic Development
Authority (Connections Community Support);
Series 2006, VRD RB (LOC-Mercantile Safe
Deposit & Trust Co.)
3.77%, 08/01/31(d)(e) A-1+ -- $ 7,035 $ 7,035,000
===========================================================================================
DISTRICT OF COLUMBIA-0.39%
District of Columbia (American Library
Association); Series 2005, VRD RB (LOC-Bank
of America, N.A.)
3.76%, 02/01/35(d)(e) -- VMIG-1 3,175 3,175,000
- -------------------------------------------------------------------------------------------
District of Columbia (American Psychology
Association); Series 2003, VRD RB (LOC-Bank
of America, N.A.)
3.79%, 03/01/28(d)(e) A-1+ -- 5,055 5,055,000
- -------------------------------------------------------------------------------------------
District of Columbia (National Academy of
Sciences); Series 1999 B Commercial Paper
(INS-Ambac Assurance Corp.)
3.46%, 11/07/06(c) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
3.63%, 11/07/06(c) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
District of Columbia (Washington Center for
Internships & Academic); Series 2006, VRD
RB (LOC-Branch Banking & Trust Co.)
3.78%, 07/01/36(d)(e) -- VMIG-1 1,700 1,700,000
===========================================================================================
15,930,000
===========================================================================================
FLORIDA-5.57%
ABN AMRO Munitops Ctfs. Trust (Miami-Dade
(County of) Transit Sales Surtax Revenue
Bonds); Series 2006-24, Non-AMT VRD Ctfs.
(Acquired 05/05/06; Cost $14,270,000)
3.78%, 07/01/14(e)(h)(i) -- VMIG-1 14,270 14,270,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Port St. Lucie
(City of) Utilities Systems Revenue Bonds);
Series 2006-50, Non-AMT VRD Ctfs. (Acquired
07/17/06; Cost $10,700,000)
3.78%, 09/01/14(e)(h)(i) -- VMIG-1 10,700 10,700,000
- -------------------------------------------------------------------------------------------
Cape Coral (City of); Series 2006, Commercial
Paper Notes (LOC-Bank of America, N.A.)
3.48%, 10/10/06(d) A-1+ -- 15,000 15,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-3
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-(CONTINUED)
Capital Projects Finance Authority (Capital
Projects Loan Program); Series 1997 A, VRD
RB (INS-Financial Security Assurance Inc.)
3.77%, 08/01/17(c)(e) A-1+ -- $ 7,200 $ 7,200,000
- -------------------------------------------------------------------------------------------
Collier (County of) Industrial Development
Authority (Redlands Christian Migrant
Association Inc.); Series 2001, VRD IDR
(LOC-Bank of America, N.A.)
3.79%, 12/01/26(d)(e)(l) -- -- 2,800 2,800,000
- -------------------------------------------------------------------------------------------
Florida (State of) Division of Bond Finance
Department of General Services
(Environmental Protection Preservation
2000); Series 1998 B, RB (INS-Financial
Security Assurance Inc.)
5.50%, 07/01/07(c) AAA Aaa 5,200 5,273,637
- -------------------------------------------------------------------------------------------
Florida (State of) Local Government Finance
Commission (Pooled Loan Program); Series
1994 A, Commercial Paper Notes
(LOC-Wachovia Bank, N.A.)
3.52%, 10/31/06(d) -- P-1 22,670 22,670,000
- -------------------------------------------------------------------------------------------
Florida Gulf Coast University Financing Corp.
(Florida Capital Improvement); Series 2003,
VRD RB (LOC-Wachovia Bank, N.A.)
3.78%, 12/01/33(d)(e) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Highlands (County of) Health Facilities
Authority (Adventist Health); Series 2006
A, Refunding VRD RB (INS-Financial Security
Assurance Inc.)
3.76%, 11/15/30(c)(e) A-1+ VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Hillsborough (County of) Industrial
Development Authority (Tampa Metropolitan
Area YMCA Project); Series 2000, VRD IDR
(LOC-Bank of America, N.A.)
3.76%, 03/01/25(d)(e)(l) -- -- 5,550 5,550,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (Baptist Medical Center Project);
Series 2004, Commercial Paper (LOC-Bank of
America, N.A.)
3.20%, 10/13/06(d) A-1+ -- 3,000 3,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
FLORIDA-(CONTINUED)
Jacksonville (City of) Health Facilities
Authority (Samuel C. Taylor Foundation
Project); Series 1998, VRD RB (LOC-Bank of
America, N.A.) (Acquired 02/20/01; Cost
$2,600,000)
3.79%, 12/01/23(d)(e)(h)(l) -- -- $ 2,600 $ 2,600,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (University of Florida
Jacksonville Physicians, Inc.); Series
2002, VRD RB (LOC-Bank of America, N.A.)
3.80%, 06/01/22(d)(e) -- VMIG-1 11,245 11,245,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority; Series 2003 C, VRD RB (LOC-Bank
of America, N.A.)
3.80%, 08/15/33(b)(d) A-1+ -- 5,695 5,695,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Florida (State of) Department of
Environmental Protection); Series 2002-722,
Floating Rate Trust Ctfs. VRD RB (Acquired
11/13/02; Cost $9,690,000)
3.78%, 07/01/22(e)(h)(i) A-1 -- 9,690 9,690,000
- -------------------------------------------------------------------------------------------
North Miami (City of) Educational Facilities
(Miami Country Day School Project); Series
1999, VRD RB (LOC-Bank of America, N.A.)
3.76%, 08/01/19(d)(e)(l) -- -- 1,450 1,450,000
- -------------------------------------------------------------------------------------------
Orange (County of) Health Facilities
Authority (Adventist Health System/Sunbelt
Inc.); Series 1992, VRD RB (LOC-SunTrust
Bank)
3.83%, 11/15/14(d)(e) A-1+ VMIG-1 1,535 1,535,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Educational Facilities
Authority (Atlantic College); Series 2001,
Educational Facilities VRD RB (LOC-Bank of
America, N.A.)
3.76%, 12/01/31(d)(e)(l) -- -- 13,400 13,400,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Housing Finance
Authority (Emerald Bay Club Apartments);
Series 2004, Refunding Multi-Family Housing
VRD RB (LOC-Wachovia Bank, N.A.)
3.77%, 06/01/30(d)(e) A-1+ P-1 8,000 8,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-4
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-(CONTINUED)
Palm Beach (County of) School Board; Series
2002 B, VRD COP (INS-Financial Security
Assurance Inc.)
3.73%, 08/01/27(c)(e) -- VMIG-1 $14,680 $ 14,680,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) School District Sales
Tax; Series 2006 Commercial Paper Notes
(LOC-Bank of America, N.A.)
3.50%, 10/11/06(d) A-1+ P-1 18,000 18,000,000
- -------------------------------------------------------------------------------------------
3.55%, 10/16/06(d) A-1+ P-1 9,200 9,200,000
- -------------------------------------------------------------------------------------------
Seminole (County of) School District; Series
2006, Unlimited Tax GO TAN 4.50%, 09/13/07 -- MIG-1 23,000 23,199,825
- -------------------------------------------------------------------------------------------
Tampa (City of) (Agency for Community
Treatment
DACCO Project);
Series 2001, VRD RB (LOC-Bank of America,
N.A.)
3.79%, 07/01/22(d)(e)(l) -- -- 4,730 4,730,000
===========================================================================================
225,888,462
===========================================================================================
GEORGIA-5.34%
ABN AMRO Munitops Ctfs. Trust (Fulton (County
of) Water & Sewer Revenue Bonds); Series
2004-15, Non-AMT VRD Ctfs. (Acquired
10/12/04; Cost $9,995,000)
3.78%, 01/01/12(e)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
Albany-Dougherty (County of) Hospital
Authority (Phoebe Hospital); Series 2002,
RANS (INS-Ambac Assurance Corp.)
3.78%, 09/01/32(b)(c) -- VMIG-1 25,000 25,000,000
- -------------------------------------------------------------------------------------------
Atlanta (City of) Metropolitan Rapid Transit
Authority; Series 1998 A, Refunding Second
Indenture RB (INS-MBIA Insurance Corp.)
6.25%, 07/01/07(c) AAA Aaa 9,000 9,169,959
- -------------------------------------------------------------------------------------------
Burke (County of) Development Authority
(Oglethorpe Power Corp.); Series 1994 A VRD
PCR (INS-Financial Guaranty Insurance Co.)
3.78%, 01/01/19(c)(e) A-1+ VMIG-1 20,911 20,911,000
- -------------------------------------------------------------------------------------------
Series 2006 B Commercial Paper VRD PCR
(INS-Ambac Assurance Corp.)
3.53%, 12/28/06(c) A-1+ VMIG-1 6,500 6,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
GEORGIA-(CONTINUED)
Cobb (County of) Development Authority (YMCA
of Cobb County); Series 2003, VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 12/01/25(d)(e) -- VMIG-1 $ 1,300 $ 1,300,000
- -------------------------------------------------------------------------------------------
Conyers-Rockdale-Big Haynes Impoundment
Authority; Series 1998, VRD RB
(INS-Financial Security Assurance Inc.)
3.74%, 07/01/22(c)(e) -- VMIG-1 3,040 3,040,000
- -------------------------------------------------------------------------------------------
Dahlonega (City of) Downtown Development
Authority (North Georgia Student Housing
Project); Series 2001 A, VRD RB
(LOC-Wachovia Bank, N.A.)
3.73%, 06/01/28(d)(e) -- VMIG-1 3,550 3,550,000
- -------------------------------------------------------------------------------------------
DeKalb (County of) Housing Authority (Wood
Hills Apartment Project); Series 1988,
Refunding Floating Rate Multi-Family
Housing RB (LOC-Bank of America, N.A.)
3.80%, 12/01/07(d)(e) A-1+ -- 9,250 9,250,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Georgia (State of));
Series 2000-1001 C, VRD COP (Acquired
07/26/2000; Cost $20,000,000)
3.79%, 07/01/15(e)(h)(i) A-1+ -- 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Floyd (County of) Development Authority
(Shorter College Project); Series 1998, VRD
RB (LOC-SunTrust Bank)
3.79%, 06/01/17(d)(e) A-1+ -- 1,600 1,600,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Development Authority
(Pinecrest Academy Inc. Project); Series
2000, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 09/01/25(d)(e) -- VMIG-1 8,800 8,800,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Atlanta Park II Project); Series 1997,
Refunding VRD RB (LOC-Wachovia Bank, N.A.)
(Acquired 04/12/06; Cost $1,350,000)
3.80%, 10/01/10(d)(e)(h) -- Aa2 1,350 1,350,000
- -------------------------------------------------------------------------------------------
</Table>
F-5
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
GEORGIA-(CONTINUED)
Fulton (County of) Development Authority
(Bridgeway Foundation for Education
Project); Series 2000, Educational
Facilities VRD RB (LOC-Wachovia Bank, N.A.)
3.80%, 06/01/15(d)(e) A-1+ -- $ 1,725 $ 1,725,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Doris & Alex Weber School Project); Series
2006, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 12/01/30(d)(e) -- VMIG-1 4,500 4,500,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Kings Ridge Christian School); Series
2006, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 05/01/26(d)(e) -- VMIG-1 7,000 7,000,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Mount Vernon Presbyterian School); Series
2005, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 08/01/35(d)(e) -- VMIG-1 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Georgia (State of) Road and Tollway Authority
(Federal Highway Grant); Series 2006,
Revenue BAN 4.50%, 06/01/07 AA- Aa3 18,865 18,967,989
- -------------------------------------------------------------------------------------------
Georgia (State of) Road and Tollway Authority
(Federal Highway Reimbursement); Series
2006, RB 4.50%, 06/01/07 AA- Aa3 4,920 4,946,859
- -------------------------------------------------------------------------------------------
Gwinnett (County of) School District; Series
2006, Limited Tax TAN GO
4.50%, 12/29/06 -- MIG-1 10,000 10,021,569
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Atlanta (City of) Water &
Wastewater); Series 2004-520, VRD RB
(Acquired 04/20/05; Cost $37,495,000)
3.78%, 05/01/12(e)(h)(i) A-1 -- 37,495 37,495,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Rockdale (County of) Water
& Sewer Authority); Series 2006-1342, VRD
RB (Acquired 05/24/06; Cost $2,945,000)
3.78%, 07/01/13(e)(h)(i) -- VMIG-1 2,945 2,945,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
GEORGIA-(CONTINUED)
Savannah (City of) Economic Development
Authority (Westside Urban Health Center);
Series 2002 A, VRD RB (LOC-SunTrust Bank)
3.80%, 03/01/18(d)(e) -- VMIG-1 $ 2,445 $ 2,445,000
- -------------------------------------------------------------------------------------------
Smyrna (City of) Hospital Authority
(Ridgeview Institute Inc. Project); Series
2002, VRD RB (LOC-Wachovia Bank, N.A.)
3.80%, 11/01/27(d)(e) -- VMIG-1 1,960 1,960,000
===========================================================================================
216,572,376
===========================================================================================
HAWAII-0.22%
Eagle Tax Exempt Trust (Hawaii (State of));
Series 2000-1101, VRD COP (Acquired
01/11/01; Cost $6,000,000)
3.79%, 12/01/16(e)(h)(i) A-1+ -- 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Hawaii (State of); Series 1997 CN, Unlimited
Tax GO (INS-Financial Guaranty Insurance
Co.)
6.25%, 03/01/07(c) AAA Aaa 3,000 3,032,471
===========================================================================================
9,032,471
===========================================================================================
IDAHO-0.78%
Custer (County of) Pollution Control (Amoco
Oil Co.-Standard Oil Industry Project);
Series 1983, VRD PCR 3.55%, 10/01/09(g)(m) A-1+ -- 22,200 22,200,000
- -------------------------------------------------------------------------------------------
Idaho (State of) Health Facilities Authority
(Pooled Financing Program); Series 1985,
VRD ACES RB (LOC-U.S. Bank, N.A.)
3.80%, 10/01/10(d)(e) -- VMIG-1 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Idaho (State of); Series 2006, Unlimited Tax
GO TAN 4.50%, 06/29/07 SP-1+ MIG-1 8,000 8,045,667
===========================================================================================
31,645,667
===========================================================================================
ILLINOIS-13.04%
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of) Board of Education); Series 2002-4, VRD
GO Ctfs. (Acquired 11/10/05 Cost
$24,225,000)
3.77%, 12/01/09(e)(h)(i) -- VMIG-1 24,225 24,225,000
- -------------------------------------------------------------------------------------------
</Table>
F-6
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of)); Series 2001-34 Refunding Multi-State
Non-AMT VRD Limited Tax Ctfs. (Acquired
11/15/01; Cost $10,000,000) 3.79%,
07/01/07(e)(h)(i) -- VMIG-1 $10,000 $ 10,000,000
- -------------------------------------------------------------------------------------------
Series 2005-40 Non-AMT VRD Unlimited Tax GO
(Acquired 11/30/05; Cost $15,165,000)
3.79%, 07/01/13(e)(h)(i)(l) -- -- 15,165 15,165,000
- -------------------------------------------------------------------------------------------
Aurora (City of) Economic Development (Aurora
University); Series 2004, VRD RB
(LOC-Harris N.A.)
3.85%, 03/01/35(d)(e) A-1+ VMIG-1 7,250 7,250,000
- -------------------------------------------------------------------------------------------
Bear Stearns Municipal Securities Trust Ctfs.
(State of Illinois); Series 1998-25 A VRD
RB (Acquired 08/26/99; Cost $10,000,000)
3.79%, 03/15/07(e)(h)(i) A-1 -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2002-190 A VRD RB (Acquired
05/06/02; Cost $10,130,000) 3.79%,
06/05/14(e)(h)(i) A-1 -- 10,130 10,130,000
- -------------------------------------------------------------------------------------------
Channahon (City of) (Morris Hospital); Series
2003 A Refunding VRD RB (LOC-U.S. Bank,
N.A.)
3.77%, 12/01/23(d)(e) A-1+ -- 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Series 2003 B VRD RB (LOC-U.S. Bank, N.A.)
3.77%, 12/01/32(d)(e) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Chicago (City of); Series 2002 B, VRD
Unlimited GO (INS-Financial Guaranty
Insurance Co.)
3.74%, 01/01/37(c)(e) A-1+ VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Cook (County of) (Capital Improvement);
Series 2004 E, VRD Unlimited Tax GO 3.78%,
11/01/33(e) A-1+ VMIG-1 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
O'Hare International Airport); Series
2006-0056 A, VRD COP (Acquired 03/22/06;
Cost $6,200,000)
3.79%, 01/01/33(e)(h)(i) A-1+ -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Eagle Tax Exempt Trust (Chicago (City of)
Park District); Series 2002-1306 A,
Unlimited Tax VRD COP (Acquired 05/02/02;
Cost $5,500,000)
3.79%, 01/01/29(e)(h)(i) A-1+ -- $ 5,500 $ 5,500,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
Water & Sewer); Series 2001-1308, VRD COP
(Acquired 12/12/01; Cost $8,655,000)
3.79%, 11/01/26(e)(h)(i) A-1+ -- 8,655 8,655,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of));
Series 2001-1305, VRD COP (Acquired
04/20/01; Cost $4,950,000)
3.89%, 01/01/35(e)(h)(i) A-1+ -- 4,950 4,950,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Illinois (State of));
Series 2000-1304, VRD COP (Acquired
06/27/00; Cost $7,340,000)
3.79%, 06/01/21(e)(h)(i) A-1+ -- 7,340 7,340,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Regional
Transportation Authority); Series
2000-1303, VRD COP (Acquired 03/26/01; Cost
$19,000,000)
3.79%, 07/01/23(e)(h)(i) A-1+ -- 19,000 19,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Chicago Shakespeare Theater
Project); Series 1999, VRD RB (LOC-LaSalle
Bank N.A.) (Acquired 09/24/03; Cost
$4,100,000)
3.75%, 01/01/19(d)(e)(h) A-1 -- 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Christian Heritage Academy);
Series 2001, VRD RB (LOC-Fifth Third Bank)
3.94%, 12/01/21(b)(d) A-1+ -- 4,625 4,625,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Embers Elementary School
Project); Series 2002, Educational
Facilities VRD RB (LOC-LaSalle Bank N.A.)
(Acquired 11/04/03; Cost $2,175,000)
3.76%, 04/01/32(d)(e)(h) A-1 -- 2,175 2,175,000
- -------------------------------------------------------------------------------------------
</Table>
F-7
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Fenwich High School Project);
Series 1997, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 03/01/32(d)(e) A-1+ -- $ 3,000 $ 3,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Glenwood School for Boys);
Series 1998, VRD RB (LOC-Harris N.A.)
3.85%, 02/01/33(d)(e) A-1+ -- 2,250 2,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Institute of Gas Technology
Project); Series 1999, VRD IDR (LOC-Harris
N.A.)
3.83%, 09/01/24(d)(e) A-1+ -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (James Jordan Boys & Girls Club
and Family Center Project); Series 1995,
VRD RB (LOC-JPMorgan Chase Bank, N.A.,
LaSalle Bank N.A.) (Acquired 10/18/05; Cost
$4,700,000)
3.85%, 08/01/30(d)(e)(h) A-1 -- 4,700 4,700,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Lyric Opera Chicago Project);
Series 1994, VRD RB (LOC-Northern Trust
Co., Harris N.A., JPMorgan Chase Bank,
N.A.)
3.80%, 12/01/28(d)(e) A-1+ VMIG-1 15,600 15,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Museum of Contemporary Art
Project); Series 1994, VRD RB (LOC-JPMorgan
Chase Bank, N.A., Northern Trust Co.)
3.80%, 02/01/29(d)(e) A-1+ VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Oak Park Residence Corp.
Project); Series 2001, VRD RB (LOC-LaSalle
Bank N.A.) (Acquired 01/29/03; Cost
$2,975,000)
3.75%, 07/01/41(d)(e)(h) A-1 -- 2,975 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Providence-St. Mel School
Project); Series 2002, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.85%, 06/01/37(d)(e) -- VMIG-1 1,360 1,360,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Radiological Society Project);
Series 1997, VRD RB (LOC-JPMorgan Chase
Bank, N.A.) (Acquired 04/07/06; Cost
$1,600,000)
3.83%, 06/01/17(d)(e)(h) A-1+ -- $ 1,600 $ 1,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Rosecrance Inc. Project); Series
2003, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 10/01/24(d)(e) A-1+ -- 2,825 2,825,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Teachers Academy for Mathamatics
& Science); Series 2001, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.85%, 02/01/21(d)(e) -- VMIG-1 2,975 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Uhlich Childrens Home Project);
Series 2002, VRD IDR (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 10/01/33(d)(e) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (West Central Illinois
Educational Project); Series 2002, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 09/01/32(d)(e) -- VMIG-1 3,600 3,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (YMCA of Metropolitan Chicago
Project); Series 2001, VRD RB (LOC-Harris
N.A.)
3.80%, 06/01/29(d)(e) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Arts Club of Chicago); Series
1996, VRD RB (LOC-Northern Trust Co.)
3.85%, 01/01/26(d)(e) A-1+ -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Aurora University); Series 2002,
RB (LOC-Fifth Third Bank)
3.85%, 03/01/32(d)(e) -- VMIG-1 4,900 4,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-8
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Educational Facilities
Authority (Chicago Childrens Museum);
Series 1994, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 02/01/28(d)(e) A-1 VMIG-1 $ 1,200 $ 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Dominican University); Series
2000 B, VRD RB (LOC-Allied Irish Banks PLC)
3.85%, 10/01/30(d)(e)(g) -- VMIG-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Elmhurst College); Series 2003,
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.85%, 03/01/33(d)(e) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Field Museum of National
History); Series 1998, VRD RB (LOC-Bank of
America, N.A.)
3.80%, 11/01/32(d)(e) A-1+ -- 3,950 3,950,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Lake County Family YMCA); Series
2000, VRD RB (LOC-Harris N.A.)
3.85%, 11/01/30(d)(e) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Lincoln Park Society); Series
1999, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.80%, 01/01/29(d)(e) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Museum of Science & Industry);
Series 1992, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 10/01/26(d)(e) -- VMIG-1 3,250 3,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (National Louis University);
Series 1999 A VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.75%, 06/01/29(d)(e) A-1+ -- 5,600 5,600,000
- -------------------------------------------------------------------------------------------
Series 1999 B VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.83%, 06/01/29(d)(e) A-1+ -- 3,100 3,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Educational Facilities
Authority (Newberry Library); Series 1988,
VRD RB (LOC-Northern Trust Co.)
3.85%, 03/01/28(d)(e) -- VMIG-1 $ 1,205 $ 1,205,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Shedd Aquarium Society); Series
1987 B, Commercial Paper (LOC-Bank of
America, N.A.)
3.70%, 04/16/07(d) -- VMIG-1 18,000 18,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority; Series 1998, Pooled Financing
VRD RB (LOC-Bank of America, N.A.)
3.77%, 03/01/28(d)(e) A-1+ -- 2,720 2,720,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Benedictine University Project); Series
2006, VRD RB (LOC-National City Bank of the
Midwest)
3.76%, 03/01/26(d)(e) A-1 -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Fairview Hospital); Series 2004 C,
Refunding VRD RB (LOC-LaSalle Bank N.A.)
3.75%, 08/15/34(d)(e) A-1 -- 13,250 13,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Franciscan Communities, Inc. - The Village
at Victory Lakes); Series 2006 A, VRD RB
(LOC-LaSalle Bank N.A.)
3.76%, 05/01/36(d)(e) A-1 -- 8,045 8,045,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Jewish
Charities); Series 2006 O6-07 A, VRD RN
(LOC-Harris N.A.)
3.80%, 06/29/07(d)(e) A-1+ -- 8,890 8,890,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Latin
School Project); Series 2005 A, Refunding
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 08/01/28(d)(e) -- VMIG-1 9,100 9,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Mercy
Alliance Project); Series 2005, VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.77%, 02/15/35(d)(e) -- VMIG-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-9
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Finance Authority (North
Park University Project); Series 2005, VRD
RB (LOC-JPMorgan Chase Bank, N.A.)
3.85%, 07/01/35(d)(e) A-1+ -- $ 2,900 $ 2,900,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Search
Development Center Inc. Project); Series
2004, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 06/01/24(d)(e) -- VMIG-1 5,075 5,075,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Sunshine Through Golf Foundation Project);
Series 2004 A, VRD RB (LOC-LaSalle Bank
N.A.)
3.76%, 11/01/24(d)(e) A-1 -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Three
Crowns Park Plaza); Series 2006 C, VRD RB
(LOC-Allied Irish Banks PLC)
3.77%, 02/15/38(d)(e)(g)(l) -- -- 7,500 7,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (YMCA
of Metropolitan Chicago Project); Series
2004, VRD RB (LOC-Harris N.A.)
3.80%, 06/01/34(d)(e) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Blessing Hospital); Series 1999
B, VRD RB (INS-Financial Security Assurance
Inc.)
3.78%, 11/15/29(c)(e) A-1+ VMIG-1 6,675 6,675,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Cradle Society Project); Series
1998, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 04/01/33(d)(e) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Northwestern Memorial Hospital);
Series 1995, VRD RB 3.80%, 08/15/25(e) A-1+ VMIG-1 22,835 22,835,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Park Plaza Center); Series 1996,
Multi-Family VRD RB (LOC-LaSalle Bank N.A.)
3.85%, 09/15/20(d)(e) A-1 -- 7,350 7,350,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Health Facilities
Authority (Peace Memorial Ministry); Series
2003 B, VRD RB (LOC-LaSalle Bank N.A.)
3.76%, 08/15/33(d)(e) A-1 -- $ 7,605 $ 7,605,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority; Series 1985 C Revolving Fund
Pooled VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.80%, 08/01/15(d)(e) A-1+ VMIG-1 5,200 5,200,000
- -------------------------------------------------------------------------------------------
Series 1985 D Revolving Fund Pooled VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.80%, 08/01/15(d)(e) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Chicago (City of) Park
District); Series 2005 974, VRD Limited Tax
GO (Acquired 07/06/05; Cost $1,095,000)
3.78%, 01/01/13(e)(h)(i) A-1 -- 1,095 1,095,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Chicago (City of) Water
Revenue); Series 2006 1419, VRD RB
(Acquired 07/26/06; Cost $5,345,000)
3.78%, 05/01/14(e)(h)(i) A-1+ -- 5,345 5,345,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Illinois (State of) State
Toll Highway Authority); Series 2006 1354,
VRD RB (Acquired 06/07/06; Cost
$13,400,000)
3.78%, 01/01/14(e)(h)(i) A-1+ -- 13,400 13,400,000
- -------------------------------------------------------------------------------------------
Lombard (City of) (Clover Creek Apartments
Project); Series 2000, Multi-Family Housing
VRD RB (CEP-Federal National Mortgage
Association)
3.77%, 12/15/30(e) A-1+ -- 14,855 14,855,000
- -------------------------------------------------------------------------------------------
McCook (City of) (Illinois St. Andrew
Society); Series 1996 A VRD RB
(LOC-Northern Trust Co.)
3.76%, 12/01/21(d)(e) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Series 1996 B VRD RB (LOC-Northern Trust
Co.)
3.76%, 12/01/21(d)(e) A-1+ -- 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Monmouth (City of) Industrial Development
Project (Monmouth College); Series 2005,
VRD IDR (LOC-Allied Irish Banks PLC)
3.77%, 06/01/35(d)(e)(g) -- VMIG-1 6,185 6,185,000
- -------------------------------------------------------------------------------------------
</Table>
F-10
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Peoria (County of) Community Unit School
District No. 323 (Dunlap); Series 2006, VRD
Unlimited GO (INS-Financial Security
Assurance Inc.)
3.80%, 04/01/26(c)(e) -- VMIG-1 $ 2,785 $ 2,785,000
- -------------------------------------------------------------------------------------------
Quincy (City of) (Blessing Hospital Project);
Series 2004, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 11/15/33(d)(e) A-1+ VMIG-1 5,120 5,120,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Central Lake (County of)
Joint Action Water Agency); Series 2003
B18, VRD RB (Acquired 02/19/03; Cost
$9,695,000)
3.78%, 05/01/20(e)(h)(i) -- VMIG-1 9,695 9,695,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of)); Series
2000 A12, VRD Limited Tax GO (Acquired
10/13/00; Cost $12,200,000)
3.78%, 01/01/23(e)(h)(i) -- VMIG-1 12,200 12,200,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Regional Transportation
Authority); Series 2002 A41, VRD Unlimited
Tax GO (Acquired 07/25/02; Cost
$17,610,000)
3.78%, 06/01/17(e)(h)(i) -- VMIG-1 17,610 17,610,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (University of Illinois);
Series 2000 S, VRD GO (Acquired 03/20/00;
Cost $17,900,000)
3.78%, 04/01/30(e)(h)(i) -- VMIG-1 17,900 17,900,000
- -------------------------------------------------------------------------------------------
Will (County of) (University of St. Francis);
Series 2005, VRD RB (LOC-Fifth Third Bank)
3.85%, 12/01/25(d)(e) -- VMIG-1 10,600 10,600,000
===========================================================================================
528,340,000
===========================================================================================
INDIANA-4.49%
ABN AMRO Munitops Ctfs. Trust (Indianapolis
(City of) Public Improvement Bond Bank
Waterworks); Series 2002-7, Non-AMT VRD RB
(Acquired 11/17/05; Cost $5,000,000)
3.78%, 07/01/10(e)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
INDIANA-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (Wayne
(Township of), Marion (County of) School
Building Corp.); Series 2003-27 Multi-
State Non-AMT VRD RB (Acquired 11/12/03
Cost $13,795,000)
3.77%, 07/15/11(e)(h)(i) -- VMIG-1 $13,795 $ 13,795,000
- -------------------------------------------------------------------------------------------
Series 2003-32 Multi-State Non-AMT VRD RB
Ctfs. (Acquired 01/31/06; Cost $17,900,000)
3.77%, 01/15/12(e)(h)(i)(l) -- -- 17,900 17,900,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Economic Development
Authority (Sisters of St. Francis Project);
Series 1998, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 12/01/18(d)(e) A-1+ -- 1,060 1,060,000
- -------------------------------------------------------------------------------------------
Goshen (City of) Economic Development
Authority (Goshen College Project); Series
2004, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 10/01/34(d)(e) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Bond Bank; Series 2006 A,
Midyear Funding Program Notes
4.50%, 02/02/07 SP-1+ -- 19,355 19,411,299
- -------------------------------------------------------------------------------------------
Indiana (State of) Development Finance
Authority (Indiana Historical Society, Inc.
Project); Series 1996 Educational
Facilities VRD RB (LOC-JPMorgan Chase Bank,
N.A.) (Acquired 07/25/05; Cost $4,260,000)
3.78%, 08/01/31(d)(e)(h) A-1+ -- 4,260 4,260,000
- -------------------------------------------------------------------------------------------
Series 1997 Educational Facilities VRD RB
(LOC-JPMorgan Chase Bank, N.A.) (Acquired
07/03/06; Cost $2,000,000)
3.78%, 08/01/31(d)(e)(h) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-11
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
INDIANA-(CONTINUED)
Indiana (State of) Development Finance
Authority (Indianapolis Museum of Art);
Series 2001 Educational Facilities
Historical VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.78%, 02/01/36(d)(e) -- VMIG-1 $ 8,700 $ 8,700,000
- -------------------------------------------------------------------------------------------
Series 2002 Educational Facilities
Historical VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.78%, 02/01/37(d)(e) -- VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Series 2004 VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.78%, 02/01/39(d)(e) -- VMIG-1 41,400 41,400,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Educational Facilities
Authority (Marian College Project); Series
2003, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.83%, 04/01/24(d)(e) -- VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Educational Facilities
Authority (Wabash College Project); Series
2003, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.80%, 12/01/23(d)(e) -- VMIG-1 3,835 3,835,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health & Educational
Facilities Financing Authority (Schneck
Memorial Hospital Project); Series 2006 B,
VRD RB (LOC-Fifth Third Bank)
3.85%, 02/15/36(b)(d) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Clark Memorial
Hospital); Series 2004 A, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 04/01/24(d)(e) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Community Hospitals
Project); Series 1997 A, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 07/01/27(d)(e) A-1+ -- 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Golden Years
Homestead); Series 2002 A, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 06/01/25(d)(e) A-1+ -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
INDIANA-(CONTINUED)
Indiana University (Trustees of); Series
2005, Commercial Paper (LOC-JPMorgan Chase
Bank, N.A.)
3.51%, 11/07/06(d) -- P-1 $12,000 $ 12,000,000
- -------------------------------------------------------------------------------------------
St. Joseph (County of) Economic Development
Authority (Holy Cross Village Project);
Series 2006 D, VRD RB (LOC-Allied Irish
Banks PLC)
3.78%, 05/15/39(d)(e)(g)(l) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Tippecanoe (County of) (Faith Properties Inc.
Project); Series 2005, VRD RB (LOC-Regions
Bank)
3.78%, 11/01/30(d)(e)(l) -- -- 6,475 6,475,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Wayne (Township of), Marion
(County of) School Building Corp.); Series
2006 D-02, RB (Acquired 02/23/06; Cost
$4,710,000)
3.78%, 07/15/24(e)(h)(i) A-1+ -- 4,710 4,710,000
===========================================================================================
181,846,299
===========================================================================================
IOWA-0.41%
Iowa (State of) Finance Authority (Holy
Family Catholic Schools); Series 2006,
Educational Facility VRD RB (LOC-Allied
Irish Banks PLC)
3.90%, 03/01/36(b)(d)(g) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Finance Authority
(Morningside College Project); Series 2002,
Private College Facility VRD RB (LOC-U.S.
Bank, N.A.)
3.80%, 10/01/32(d)(e) A-1+ -- 1,785 1,785,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Higher Education Loan
Authority (Graceland Private College);
Series 2003, VRD RB (LOC-Bank of America,
N.A.)
3.79%, 02/01/33(d)(e) -- VMIG-1 5,820 5,820,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Higher Education Loan
Authority; Series 1985, Educational Loan
Private College Facility VRD ACES (INS-MBIA
Insurance Corp.)
3.85%, 12/01/15(c)(e) A-1+ VMIG-1 5,100 5,100,000
===========================================================================================
16,705,000
===========================================================================================
</Table>
F-12
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
KANSAS-0.97%
Eagle Tax Exempt Trust (Wyandotte (County of)
Unified Government Utility System); Series
2004-0038 A, VRD COP (Acquired 09/08/04;
Cost $5,000,000)
3.79%, 09/01/21(e)(h)(i) A-1+ -- $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
Leawood (City of); Series 2006 1, Temporary
Unlimited GO RN 3.88%, 10/01/07 -- MIG-1 26,550 26,633,582
- -------------------------------------------------------------------------------------------
Olathe (City of) Recreational Facilities
(YMCA of Greater Kansas City Project);
Series 2002 B, VRD RB (LOC-Bank of America,
N.A.)
3.79%, 11/01/18(d)(e) -- VMIG-1 3,215 3,215,000
- -------------------------------------------------------------------------------------------
Shawnee (City of) Industrial Development
Authority (Shawnee Village Associate);
Series 1984, VRD IDR (LOC-JPMorgan Chase
Bank, N.A.)
3.75%, 12/01/09(d)(e) A-1+ -- 1,155 1,155,000
- -------------------------------------------------------------------------------------------
Wichita (City of) Recreational Facilities
(YMCA of Wichita Project); Series 1998 XI,
VRD RB (LOC-Bank of America, N.A.)
(Acquired 03/10/06; Cost $3,300,000)
3.79%, 08/01/09(d)(e)(h) A-1+ -- 3,300 3,300,000
===========================================================================================
39,303,582
===========================================================================================
KENTUCKY-1.64%
Boyle (County of) Hospital (Ephraim McDowell
Health Project); Series 2006, VRD RB
(LOC-Fifth Third Bank)
3.78%, 04/01/36(d)(e) -- VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Louisville &
Jefferson (Counties of) Metropolitan Sewer
District); Series 2006-0053 A, VRD RB
(Acquired 03/22/06; Cost $14,335,000)
3.79%, 05/15/33(e)(h)(i) A-1+ -- 14,335 14,335,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Industrial Building
(Franciscan Eldercare Service); Series
2001, VRD RB (LOC-LaSalle Bank N.A.)
3.77%, 05/15/30(d)(e) A-1 -- 3,780 3,780,000
- -------------------------------------------------------------------------------------------
Kentucky (State of) Asset & Liability
Commission General Fund; Series 2006, TRAN
4.50%, 06/28/07 SP-1+ MIG-1 14,900 14,984,727
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
KENTUCKY-(CONTINUED)
Lexington (City of) Center Corp. Mortgage
Revenue; Series 2001 A, VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 10/01/21(c)(e) A-1+ -- $ 3,000 $ 3,000,000
- -------------------------------------------------------------------------------------------
Lexington (City of) Fayette (County of) Urban
Government; Series 2006 A, Variable Purpose
Notes Unlimited GO 4.00%, 05/01/07 AA+ Aa2 2,145 2,148,551
- -------------------------------------------------------------------------------------------
Newport (City of) League of Cities Funding
Trust; Series 2002, Lease Program VRD RB
(LOC-U.S. Bank, N.A.)
3.76%, 04/01/32(d)(e)(n) -- VMIG-1 18,600 18,600,000
===========================================================================================
66,348,278
===========================================================================================
MAINE-0.05%
JPMorgan PUTTERs (Maine (State of) Turnpike
Authority); Series 2004 546, Turnpike VRD
RB (Acquired 10/28/04; Cost $2,185,000)
3.78%, 07/01/12(e)(h)(i) -- VMIG-1 2,185 2,185,000
===========================================================================================
MARYLAND-2.28%
Baltimore (County of) (Blue Circle Inc.
Project); Series 1992, Economic Development
VRD RB (LOC-BNP Paribas)
3.85%, 12/01/17(d)(e)(g) -- VMIG-1 7,900 7,900,000
- -------------------------------------------------------------------------------------------
Frederick (County of) Retirement Community
(Buckingham's Choice Inc. Project); Series
1997 C, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 01/01/27(d)(e) A-1+ VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Howard (County of) Economic Development
(Norbel School Inc. Project); Series 2001,
VRD RB (LOC-Branch Banking & Trust Co.)
3.78%, 02/01/28(d)(e) -- VMIG-1 4,785 4,785,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Economic Development
Corp. (Prologue Inc. Project); Series 2005,
Economic Development VRD RB (LOC-Bank of
America, N.A.)
3.76%, 06/01/31(d)(e) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
</Table>
F-13
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MARYLAND-(CONTINUED)
Maryland (State of) Economic Development
Corp. (YMCA of Central Maryland Inc.
Project); Series 2003 Economic Development
VRD RB (LOC-Branch Banking & Trust Co.)
3.78%, 04/01/28(d)(e) -- VMIG-1 $ 3,200 $ 3,200,000
- -------------------------------------------------------------------------------------------
Series 2006 Economic Development VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 04/01/31(d)(e) -- VMIG-1 1,950 1,950,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Health & Higher
Educational Facilities Authority (Glen
Meadows Retirement); Series 1999 A, VRD RB
(LOC-Wachovia Bank, N.A.)
3.80%, 07/01/29(d)(e) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Industrial Development
Financing Authority (Baltimore
International College Facility); Series
2005, Economic VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 11/01/30(d)(e) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Montgomery (County of); Series 2002
Commercial Paper (LOC-Fortis Bank
N.V./S.A.)
3.50%, 11/01/06(d)(g) A-1+ P-1 20,000 20,000,000
- -------------------------------------------------------------------------------------------
3.50%, 12/01/06(d)(g) A-1+ P-1 37,000 37,000,000
- -------------------------------------------------------------------------------------------
Queen Anne's (County of) (Safeway Inc.
Project); Series 1994, Refunding Economic
Development VRD RB (LOC-Deutsche Bank A.G.)
3.75%, 12/01/09(d)(g)(m) A-1 -- 1,145 1,145,000
===========================================================================================
92,475,000
===========================================================================================
MASSACHUSETTS-0.18%
Massachusetts (State of) Health & Educational
Facilities Authority (Hallmark Health
System Issue); Series 1998 B, VRD RB
(LOC-Financial Security Assurance Inc.)
3.75%, 07/01/27(d)(e) A-1+ VMIG-1 2,465 2,465,000
- -------------------------------------------------------------------------------------------
Massachusetts (State of) Health & Educational
Facilities Authority (Sherrill House);
Series 2002 A-1, VRD RB (LOC-Comerica Bank)
3.77%, 01/01/32(d)(e) A-1+ -- 5,000 5,000,000
===========================================================================================
7,465,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MICHIGAN-4.37%
ABN AMRO Munitops Ctfs. Trust (Bay City
School District); Series 2006-51, Non-AMT
Unlimited GO (Acquired 07/20/06 Cost
$5,000,000)
3.78%, 05/01/14(e)(h)(i)(l) -- -- $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Michigan
(State of) Building Authority); Series
2003-35, Non-AMT VRD RB (Acquired 09/29/05;
Cost $10,595,0000)
3.78%, 10/15/11(e)(h)(i) -- VMIG-1 10,595 10,595,000
- -------------------------------------------------------------------------------------------
Bruce (Township of) Hospital Finance
Authority (Sisters Charity of St. Joseph);
Series 1988 B, Health Care System VRD RB
(INS-MBIA Insurance Corp.)
3.65%, 05/01/18(c)(m) A-1+ VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Detroit (City of) Economic Development Corp.
(Waterfront Reclamation); Series 1999 C,
VRD RB (LOC-National City Bank of the
Midwest)
3.79%, 05/01/09(d)(e) A-1 P-1 1,005 1,005,000
- -------------------------------------------------------------------------------------------
Detroit (City of); Series 2006, Limited Tax
TAN GO (LOC-Bank of Nova Scotia)
4.50%, 03/01/07(d)(g) SP-1+ -- 4,000 4,012,340
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Detroit (City of)
School District); Series 2002-6014 A, VRD
Unlimited Tax GO (Acquired 11/06/02; Cost
$14,305,000)
3.79%, 05/01/32(e)(h)(i) A-1+ -- 14,305 14,305,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Michigan (State of)
Building Authority); Series 2006-0113 Class
A, VRD RB (Acquired 09/20/06; Cost
$8,090,000)
3.79%, 10/15/36(e)(h)(i) A-1+ VMIG-1 8,090 8,090,000
- -------------------------------------------------------------------------------------------
Eastern Michigan University; Series 2001, VRD
General Refunding RB (INS-Financial
Guaranty Insurance Co.)
3.85%, 06/01/27(b)(c) A-1+ -- 15,715 15,715,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Michigan (State of)
Building Authority); Series 2006 1479, VRD
RB (Acquired 09/27/06; Cost $10,600,000)
3.78%, 04/15/14(e)(h)(i) A-1+ -- 10,600 10,600,000
- -------------------------------------------------------------------------------------------
</Table>
F-14
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MICHIGAN-(CONTINUED)
Kent (County of) Hospital Finance Authority
(Metropolitan Hospital Project); Series
2005 B,
Refunding VRD RB
(LOC-ABN AMRO Bank N.V.)
3.78%, 07/01/40(d)(e)(g) A-1 -- $ 2,700 $ 2,700,000
- -------------------------------------------------------------------------------------------
Kentwood (City of) Economical Development
Corp. (Holland Home); Series 2006 B, VRD
Refunding Limited RB
(LOC-LaSalle Bank N.A.)
3.75%, 11/15/32(d)(e) A-1 -- 6,750 6,750,000
- -------------------------------------------------------------------------------------------
Marquette (City of) Hospital Finance
Authority (Marquette General Hospital
Group); Series 2004 A, VRD RB (LOC-U.S.
Bank, N.A.)
3.83%, 07/01/09(d)(e) A-1+ -- 945 945,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Hospital Finance
Authority (Healthcare Equipment Loan
Program); Series 2006 C, VRD RB (LOC-Fifth
Third Bank)
3.79%, 12/01/32(d)(e) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Housing Development
Authority (JAS Non-Profit Housing Corp.
VI); Series 2000, VRD Limited Obligation RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 06/01/25(d)(e) A-1+ -- 1,050 1,050,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Municipal Bond Authority;
Series 2006 B-2,
RN (LOC-Bank of Nova Scotia)
4.50%, 08/20/07(d)(g) SP-1+ -- 15,000 15,104,628
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (Van Andel
Research Institute Project); Series 1997
Limited Tax VRD RB (LOC-LaSalle Bank N.A.)
3.80%, 11/01/27(d)(e) A-1 -- 4,600 4,600,000
- -------------------------------------------------------------------------------------------
Series 2001 Limited Tax VRD RB (LOC-LaSalle
Bank N.A.)
3.80%, 12/01/21(d)(e) A-1 -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (YMCA of
Metropolitan Detroit Project); Series 2001,
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.79%, 05/01/31(d)(e) A-1+ -- 700 700,000
- -------------------------------------------------------------------------------------------
Northern Michigan University; Series 2006,
VRD General RB (INS-Ambac Assurance Corp.)
3.85%, 12/01/35(b)(c) -- VMIG-1 14,525 14,525,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MICHIGAN-(CONTINUED)
Oakland (County of) Economic Development
Corp. (Rochester College Project); Series
2001, VRD Limited Obligation RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 08/01/21(d)(e)(n) -- VMIG-1 $ 1,364 $ 1,364,000
- -------------------------------------------------------------------------------------------
Reset Option Ctfs. Trust II-R (Michigan
(State of) Building Authority); Series
2006-628, VRD RB (Acquired 09/06/06; Cost
$4,475,000)
3.78%, 10/15/36(e)(h)(i) -- VMIG-1 4,475 4,475,000
- -------------------------------------------------------------------------------------------
University of Michigan (Medical Service
Plan); Series 1998 A-1, VRD Refunding
Floating Rate RB 3.80%, 12/01/21(b) A-1+ VMIG-1 9,100 9,100,000
- -------------------------------------------------------------------------------------------
University of Michigan Hospital; Series 2005
A, VRD RB 3.80%, 12/01/35(b) A-1+ VMIG-1 7,850 7,850,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Detroit (City of) Water
Supply System); Series 2000 D, VRD RB
(Acquired 01/21/00; Cost $10,000,000)
3.78%, 07/01/29(e)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Michigan (State of)
Hospital Finance Authority); Series 1997 X,
VRD RB (Acquired 12/12/03; Cost
$15,000,000)
3.78%, 08/15/24(e)(h)(i) -- VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Michigan (State of) Trunk
Line); Series 2006 B-02, VRD RB (Acquired
06/30/06; Cost $6,500,000)
3.78%, 11/01/21(e)(h)(i) A-1+ -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
Washtenaw (County of) (Saline Area Schools);
Series 2004, Refunding Unlimited GO 4.00%,
05/01/07 AA Aa2 1,025 1,026,585
===========================================================================================
177,212,553
===========================================================================================
MINNESOTA-2.56%
Brooklyn (City of) (Brookdale Corp. II
Project); Series 2001, VRD Refunding RB
(LOC-U.S. Bank, N.A.)
3.90%, 12/01/14(b)(d) A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-15
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MINNESOTA-(CONTINUED)
JPMorgan PUTTERs (Minnesota (State of) Public
Facilities Authority); Series 2002-319, VRD
Drinking Water COP (Acquired 07/31/03; Cost
$13,905,000)
3.78%, 03/01/21(e)(h)(i) A-1 -- $13,905 $ 13,905,000
- -------------------------------------------------------------------------------------------
Minnesota (State of) Higher Education
Facilities Authority (University of St.
Thomas); Series 2004 Five-Z, VRD RB
(LOC-LaSalle Bank N.A.)
3.77%, 10/01/29(d)(e) -- VMIG-1 9,200 9,200,000
- -------------------------------------------------------------------------------------------
Minnesota (State of) Rural Water Finance
Authority (Public Projects Construction);
Series 2006, RN 4.75%, 09/01/07 -- MIG-1 4,000 4,037,212
- -------------------------------------------------------------------------------------------
Rochester (City of) Health Care Facilities
(Mayo Foundation); Series 2000 A Adjustable
Tender Commercial Paper Notes
3.60%, 10/05/06 A-1+ -- 30,000 30,000,000
- -------------------------------------------------------------------------------------------
Series 2001 A Adjustable Tender Commercial
Paper Notes
3.60%, 10/05/06 A-1+ VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Series 2001 B Adjustable Tender Commercial
Paper Notes
3.60%, 10/05/06 A-1+ VMIG-1 10,600 10,600,000
- -------------------------------------------------------------------------------------------
Roseville (City of) Private School Facilities
Authority (Northwestern College Project);
Series 2002, VRD RB (LOC-M&I Marshall &
Ilsley Bank)
3.90%, 11/01/22(b)(d) -- VMIG-1 1,555 1,555,000
- -------------------------------------------------------------------------------------------
St. Paul (City of) Housing & Redevelopment
Authority (Science Museum of Minnesota);
Series 1997 A, VRD RB (LOC-U.S. Bank, N.A.)
3.78%, 05/01/27(d)(e) -- VMIG-1 17,360 17,360,000
===========================================================================================
103,557,212
===========================================================================================
MISSISSIPPI-0.42%
ABN AMRO Munitops Ctfs. Trust (Mississippi
(State of) Development Board-Jackson Water
& Sewer); Series 2002-22, Multi-State
Non-AMT VRD Ctfs. (Acquired 09/10/03; Cost
$9,995,000)
3.78%, 09/01/10(e)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MISSISSIPPI-(CONTINUED)
Eagle Tax Exempt Trust (Mississippi (State
of)); Series 2002-6018 A, VRD Unlimited Tax
COP (Acquired 11/20/02; Cost $3,200,000)
3.79%, 11/01/22(e)(h)(i) A-1+ -- $ 3,200 $ 3,200,000
- -------------------------------------------------------------------------------------------
Mississippi (State of) Business Finance Corp.
(St. Andrew Episcopal Day Project); Series
2003, VRD RB (LOC-Allied Irish Banks PLC)
3.77%, 07/01/25(d)(e)(g) -- VMIG-1 3,675 3,675,000
===========================================================================================
16,870,000
===========================================================================================
MISSOURI-1.66%
Curators University of Missouri (Capital
Projects); Series 2006 FY, RN 4.50%,
06/29/07 SP-1+ MIG-1 10,000 10,057,141
- -------------------------------------------------------------------------------------------
Jackson (County of) Industrial Development
Authority Recreational Facilities (YMCA of
Greater Kansas City Project); Series 2002
A, VRD IDR (LOC-Bank of America, N.A.)
3.79%, 11/01/18(d)(e) -- VMIG-1 3,300 3,300,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Association of Municipal Utilities);
Series 2003, VRD RB (LOC-U.S. Bank, N.A.)
3.90%, 06/01/33(b)(d) -- VMIG-1 12,000 12,000,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Center of Creative Arts Project); Series
2004, Cultural Facilities VRD RB
(LOC-National City Bank of the Midwest)
3.79%, 07/01/24(d)(e) -- VMIG-1 1,750 1,750,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Nelson Gallery Foundation); Series 2001 B,
Cultural Facilities VRD RB (INS-MBIA
Insurance Corp.)
3.89%, 12/01/31(b)(c) A-1+ VMIG-1 7,550 7,550,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Utilities Lease Financing Program); Series
2006, Commercial Paper Notes (LOC-U.S. Bank
N.A.)
3.58%, 10/19/06(d) -- P-1 13,000 13,000,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (Bethesda Health
Group); Series 2006, VRD RB (LOC-U.S. Bank,
N.A.)
3.90%, 08/01/37(b)(d) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
</Table>
F-16
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MISSOURI-(CONTINUED)
Missouri (State of) Health & Educational
Facilities Authority (The Washington
University); Series 1985 B VRD RB 3.85%,
09/01/10(e) A-1+ VMIG-1 $ 900 $ 900,000
- -------------------------------------------------------------------------------------------
Series 1996 C VRD RB 3.85%, 09/01/30(b) A-1+ VMIG-1 1,300 1,300,000
- -------------------------------------------------------------------------------------------
Series 2000 C VRD RB 3.85%, 03/01/40(b) A-1+ VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Platte (County of) Industrial Development
Authority (Southern Platte County Athletic
Assoc. Inc.); Series 2005 A, Recreational
Facilities VRD IDR (LOC-Bank of America,
N.A.)
3.76%, 10/01/25(d)(e) -- VMIG-1 2,140 2,140,000
- -------------------------------------------------------------------------------------------
St. Louis (County of) Industrial Development
Authority (Westport Station Apartments);
Series 2006, Refunding Multi-Family Housing
VRD IDR (CEP-Federal National Mortgage
Association)
3.78%, 04/15/27(e) A-1+ -- 4,970 4,970,000
- -------------------------------------------------------------------------------------------
St. Louis (County of) Industrial Development
Authority (Whitfield School Inc.); Series
2004 B, Educational Facilities Refunding
VRD IDR (LOC-U.S. Bank, N.A.)
3.78%, 06/15/24(d)(e) A-1+ -- 2,185 2,185,000
===========================================================================================
67,147,141
===========================================================================================
MONTANA-0.03%
Montana (State of) Facility Finance Authority
(Mission Ridge Project); Series 2002, VRD
RB (LOC-LaSalle Bank N.A.)
3.77%, 08/01/27(d)(e)(l)(n) -- -- 1,114 1,114,000
===========================================================================================
NEBRASKA-3.19%
American Public Energy Agency Nebraska (State
of) Gas Supply (National Public Gas Agency
Project); Series 2003 A, VRD RB 3.75%,
02/01/14(e)(g) A-1+ VMIG-1 19,329 19,329,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NEBRASKA-(CONTINUED)
Nebhelp Inc.; Series 1985 A Multi-Mode VRD RB
(INS-MBIA Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 $32,475 $ 32,475,000
- -------------------------------------------------------------------------------------------
Series 1985 B Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 3,590 3,590,000
- -------------------------------------------------------------------------------------------
Series 1985 C Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Series 1985 D Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 5,865 5,865,000
- -------------------------------------------------------------------------------------------
Series 1985 E Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 28,635 28,635,000
- -------------------------------------------------------------------------------------------
Nebraska (State of) Educational Finance
Authority (Concordia University Project);
Series 2005, VRD RB (LOC-Fifth Third Bank)
3.94%, 12/15/35(b)(d) A-1+ -- 4,050 4,050,000
- -------------------------------------------------------------------------------------------
Nebraska (State of) Educational Finance
Authority (Creighton University Project);
Series 2003 VRD RB (INS-Ambac Assurance
Corp.)
3.85%, 03/01/33(b)(c) -- VMIG-1 13,625 13,625,000
- -------------------------------------------------------------------------------------------
Series 2005 C VRD RB (INS-Financial
Guaranty Insurance Co.)
3.85%, 07/01/35(b)(c) -- VMIG-1 1,900 1,900,000
===========================================================================================
129,469,000
===========================================================================================
NEVADA-0.32%
ABN AMRO Munitops Ctfs. Trust (Henderson
(City of)) Series 2004-43, Multi-State
Non-AMT VRD GO Ctfs. (Acquired 03/28/06;
Cost $6,500,000)
3.79%, 12/01/12(e)(h)(i) -- VMIG-1 6,500 6,500,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Washoe (County
of)); Series 2001-24, Refunding VRD Limited
Tax Single Asset Trust Ctfs. (Acquired
06/21/01; Cost $6,500,000)
3.79%, 07/01/09(e)(h)(i) -- VMIG-1 6,500 6,500,000
===========================================================================================
13,000,000
===========================================================================================
</Table>
F-17
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NEW HAMPSHIRE-0.52%
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(New Hampshire (State of) Higher
Educational & Health Facilities Authority);
Series 2003-772 Refunding VRD RB (Acquired
01/22/03; Cost $5,186,500)
3.78%, 01/01/17(e)(h)(i) A-1 -- $ 5,187 $ 5,186,500
- -------------------------------------------------------------------------------------------
Series 2003-866 Refunding VRD RB (Acquired
10/23/03; Cost $7,185,000)
3.78%, 08/15/21(e)(h)(i) A-1 -- 7,185 7,185,000
- -------------------------------------------------------------------------------------------
New Hampshire (State of) Health & Education
Facilities Authority (Antioch University
Issue); Series 2004, Refunding Educational
Facilities VRD RB (LOC-National City Bank)
3.77%, 12/01/24(d)(e) A-1 -- 4,175 4,175,000
- -------------------------------------------------------------------------------------------
New Hampshire (State of) Health & Educational
Facilities Authority (Southern New
Hampshire Medical Center); Series 2001-866,
VRD RB (LOC-Bank of America, N.A.)
3.80%, 10/01/30(d)(e) -- VMIG-1 4,600 4,600,000
===========================================================================================
21,146,500
===========================================================================================
NEW JERSEY-0.31%
JPMorgan PUTTERs (New Jersey (State of)
Transportation Trust Fund Authority);
Series 2006-1403, VRD RB (Acquired
07/19/06; Cost $1,500,000)
3.78%, 06/15/15(e)(h)(i) A-1+ -- 1,500 1,500,000
- -------------------------------------------------------------------------------------------
Middlesex (County of); Series 2005, Unlimited
BAN GO 4.50%, 12/26/06 SP-1+ MIG-1 10,835 10,857,014
===========================================================================================
12,357,014
===========================================================================================
NEW MEXICO-1.19%
Bernalillo (County of); Series 2006,
Unlimited Tax TRAN GO 4.50%, 06/29/07 -- MIG-1 34,000 34,186,716
- -------------------------------------------------------------------------------------------
New Mexico (State of) Finance Authority
(University of New Mexico Health Sciences
Center Project); Series 2004 B, VRD
Cigarette Tax RB (INS-MBIA Insurance Corp.)
3.80%, 04/01/19(c)(e) A-1+ VMIG-1 4,485 4,485,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NEW MEXICO-(CONTINUED)
New Mexico (State of) Financing Authority
(Public Project Revolving Fund); Series
2006 D, Sr. Lien RB (INS-Ambac Assurance
Corp.)
4.50%, 06/01/07(c) AAA Aaa $ 3,755 $ 3,773,850
- -------------------------------------------------------------------------------------------
New Mexico (State of) Highway Commission;
Series 2001 A, Sr. Sub. Lien RB 5.00%,
06/15/07 AAA Aa2 3,750 3,782,894
- -------------------------------------------------------------------------------------------
New Mexico (State of) Hospital Equipment Loan
Council (Dialysis Clinic, Inc. Project);
Series 2000, VRD RB (LOC-SunTrust Bank)
3.81%, 07/01/25(d)(e) -- VMIG-1 2,000 2,000,000
===========================================================================================
48,228,460
===========================================================================================
NEW YORK-1.26%
ABN AMRO Munitops Ctfs. Trust (Triborough
Bridge & Tunnel Authority); Series 2002-31,
Non-AMT VRD Ctfs. (Acquired 03/24/04; Cost
16,000,000)
3.77%, 11/15/10(e)(h)(i) -- VMIG-1 16,000 16,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (New York (State of)
Thruway Authority); Series 2006-0111 A, VRD
RB (Acquired 05/03/06; Cost $12,000,000)
3.78%, 01/01/32(e)(h)(i) A-1+ -- 12,000 12,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (New York (City of)); Series
2006-1318, Unlimited Tax VRD GO (Acquired
05/03/06; Cost $1,500,000)
3.78%, 06/01/13(e)(h)(i) A-1+ -- 1,500 1,500,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (New York (State of) Thruway
Authority (Second General Highway & Bridge
Trust Fund); Series 2006-1413, VRD RB
(Acquired 07/26/06; Cost $3,495,000)
3.78%, 04/01/14(e)(h)(i) A-1+ -- 3,495 3,495,000
- -------------------------------------------------------------------------------------------
New York (City of); Series 2005 E-3,
Unlimited Tax GO (LOC-Bank of America,
N.A.)
3.72%, 08/01/34(d)(e) A-1+ VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
New York (State of); Series 2000 B, VRD
Unlimited GO (LOC-Dexia Bank)
3.60%, 03/15/30(d)(g)(j) A-1+ VMIG-1 12,000 12,000,000
===========================================================================================
51,195,000
===========================================================================================
</Table>
F-18
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NORTH CAROLINA-3.88%
Charlotte (City of); Series 2006 Commercial
Paper BAN GO 3.32%, 10/05/06 A-1+ -- $10,200 $ 10,200,000
- -------------------------------------------------------------------------------------------
3.63%, 12/18/06 A-1+ -- 7,600 7,600,000
- -------------------------------------------------------------------------------------------
3.53%, 02/01/07 A-1+ -- 3,900 3,900,000
- -------------------------------------------------------------------------------------------
3.56%, 02/01/07 A-1+ -- 8,300 8,300,000
- -------------------------------------------------------------------------------------------
3.59%, 02/01/07 A-1+ -- 4,800 4,800,000
- -------------------------------------------------------------------------------------------
3.65%, 02/01/07 A-1+ -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
3.68%, 02/01/07 A-1+ -- 4,700 4,700,000
- -------------------------------------------------------------------------------------------
3.70%, 02/01/07 A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Industrial Facilities &
Pollution Control Financing Authority (YWCA
Winston); Series 2005, Recreational VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 12/01/30(d)(e) -- VMIG-1 2,750 2,750,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Barton College); Series
2004, Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 07/01/19(d)(e) -- VMIG-1 5,165 5,165,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Canterbury School Project);
Series 2002, Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 08/01/22(d)(e) -- VMIG-1 1,440 1,440,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Forsyth Country Day
School); Series 2005, Educational
Facilities VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 12/01/31(d)(e) -- VMIG-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Guilford College); Series
2005 B, Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 09/01/35(d)(e) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NORTH CAROLINA-(CONTINUED)
North Carolina (State of) Capital Facilities
Finance Agency (Salem Academy & College
Project); Series 2005, Educational
Facilities VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 08/01/30(d)(e) -- VMIG-1 $ 2,260 $ 2,260,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Carolina Meadows Inc. Project);
Series 2004, Health Care Facilities VRD
(LOC-Allied Irish Banks PLC)
3.77%, 12/01/34(d)(e)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Lexington Memorial Hospital
Project); Series 1997, VRD RB LOC-Wachovia
Bank, N.A.)
3.80%, 04/01/10(b)(d) -- VMIG-1 2,170 2,170,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Moses Cone Health System);
Series 2001 B, VRD RB 3.70%, 10/01/35(e) A-1+ -- 22,200 22,200,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Person Memorial Hospital);
Series 2005, Health Care Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 01/01/35(d)(e) -- VMIG-1 2,500 2,500,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Pooled Equipment Financing
Project); Series 1985, Hospital VRD ACES
(INS-MBIA Insurance Corp.)
3.78%, 12/01/25(c)(e) A-1 VMIG-1 8,500 8,500,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Southeastern Regional Medical
Center); Series 2005, Hospital VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 06/01/37(d)(e) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Westcare Health System); Series
2002 A, Hospital VRD RB (LOC-Branch Banking
& Trust Co.)
3.78%, 09/01/22(d)(e) -- VMIG-1 9,360 9,360,000
- -------------------------------------------------------------------------------------------
</Table>
F-19
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NORTH CAROLINA-(CONTINUED)
North Carolina (State of) Medical Care
Commission Retirement Facilities (First
Mortgage United Methodist); Series 2005 B
VRD RB (LOC-Branch Banking & Trust Co.)
3.78%, 10/01/08(d)(e) -- VMIG-1 $ 1,300 $ 1,300,000
- -------------------------------------------------------------------------------------------
3.78%, 10/01/35(d)(e) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission; Series 2004 C, Health Care
Facilities Refunding 1st Mortgage VRD RB
(LOC-SunTrust Bank)
3.78%, 11/01/27(d)(e) -- VMIG-1 4,765 4,765,000
- -------------------------------------------------------------------------------------------
Union (County of); Series 2006, Commercial
Paper BAN 3.54%, 12/27/06 A-1+ P-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
University of North Carolina at Chapel Hill
(Board of Governers); Series 2006 B,
Commercial Paper Notes
3.55%, 10/19/06 A-1+ P-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Wake (County of); Series 2006 Commercial
Paper BAN 3.58%, 02/05/07 A-1+ P-1 14,220 14,220,000
- -------------------------------------------------------------------------------------------
3.70%, 04/16/07 A-1+ P-1 9,750 9,750,000
- -------------------------------------------------------------------------------------------
Winston-Salem (City of); Series 2006 C, VRD
COP 3.73%, 08/01/11(e) A-1+ VMIG-1 3,500 3,500,000
===========================================================================================
157,380,000
===========================================================================================
OHIO-1.51%
ABN AMRO Munitops Ctfs. Trust (Olentangy
Local School District); Series 2006-04,
Multi-State Non-AMT VRD GO Ctfs. (Acquired
02/16/06; Cost $2,865,000)
3.78%, 06/01/14(e)(h)(i) -- VMIG-1 2,865 2,865,000
- -------------------------------------------------------------------------------------------
Cambridge (City of) Hospital Facilities
(Regional Medical Center Project); Series
2001, Refunding & Improvement VRD RB
(LOC-National City Bank)
3.76%, 12/01/21(d)(e) -- VMIG-1 9,990 9,990,000
- -------------------------------------------------------------------------------------------
Centerville (City of) (Bethany Lutheran
Village Project); Series 1994, Health Care
VRD RB (LOC-National City Bank)
3.78%, 11/01/13(d)(e) -- VMIG-1 2,835 2,835,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OHIO-(CONTINUED)
Cincinnati & Hamilton (County of) Economic
Development Port Authority (Kenwood Office
Association Project); Series 1985, VRD RB
(LOC-Fifth Third Bank)
3.94%, 09/01/25(b)(d) A-1+ -- $ 1,600 $ 1,600,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
Economic Development (Carnegie/96th
Research Building Project); Series 2003,
VRD RB (LOC-Fifth Third Bank)
3.80%, 01/01/33(d)(e) A-1+ VMIG-1 6,800 6,800,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
Economic Development (Euclid/93rd Garage
Office); Series 2003, VRD RB (LOC-Fifth
Third Bank)
3.80%, 01/01/34(d)(e) A-1+ VMIG-1 4,815 4,815,000
- -------------------------------------------------------------------------------------------
Columbus (City of) Sewer System; Series 1994,
Refunding VRD RB 3.74%, 06/01/11(e) A-1+ VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Health Care Facilities
(First Community Village); Series 2005,
Refunding & Improvement VRD RB (LOC-KBC
Bank N.V.)
3.77%, 03/01/36(d)(e)(g) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Mahoning (County of) Hospital Facilities
(Forum Health Obligation Group); Series
2002 B, VRD RB (LOC-Fifth Third Bank)
3.77%, 12/01/27(d)(e) -- VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Marion (County of) (Pooled Lease Program);
Series 1990, Hospital Improvement VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.77%, 08/01/20(d)(e) A-1+ -- 1,080 1,080,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) (St. Vincent DePaul
Society); Series 1996, Limited Obligation
VRD RB (LOC-National City Bank)
3.77%, 12/01/10(d)(e) A-1 -- 1,205 1,205,000
- -------------------------------------------------------------------------------------------
Ohio (State of) Water Development Authority
(Timken Co. (The) Project); Series 1993,
Refunding VRD RB (LOC-Wachovia Bank, N.A.)
3.80%, 05/01/07(d)(e) A-1+ P-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
</Table>
F-20
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
OHIO-(CONTINUED)
University of Toledo; Series 2002, General
Receipts VRD RB (INS-Financial Guaranty
Insurance Co.)
3.85%, 06/01/32(b)(c) A-1+ VMIG-1 $15,000 $ 15,000,000
===========================================================================================
61,090,000
===========================================================================================
OKLAHOMA-1.39%
Oklahoma (County of) Finance Authority
(Oxford Oaks Apartments Projects); Series
2000, Refunding Multi-Family Housing VRD RB
(CEP-Federal National Mortgage Association)
3.77%, 07/15/30(e)(n) A-1+ -- 13,844 13,844,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Development Finance
Authority (Capitol Dome Project); Series
2001, VRD RB (LOC-Bank of America, N.A.)
3.84%, 06/01/11(d)(e) A-1+ -- 2,320 2,320,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Water Resources Board;
Series 1995 State Loan Program VRD RB
3.60%, 09/01/24(m) A-1+ -- 4,295 4,295,000
- -------------------------------------------------------------------------------------------
Series 1997 State Loan Project VRD RB
3.60%, 09/01/26(m) A-1+ -- 5,650 5,650,000
- -------------------------------------------------------------------------------------------
Series 2001 State Loan Program VRD RB
3.50%, 10/01/34(m) A-1+ -- 4,560 4,560,000
- -------------------------------------------------------------------------------------------
Series 2003 A State Loan Program VRD RB
3.50%, 10/01/36(m) A-1+ -- 3,350 3,350,000
- -------------------------------------------------------------------------------------------
Tulsa (City of) Industrial Authority (YMCA of
Greater Tulsa Project); Series 1999, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 05/01/19(d)(e)(l) -- -- 1,040 1,040,000
- -------------------------------------------------------------------------------------------
Tulsa (County of) Industrial Authority
(Capital Improvements); Series 2003 A VRD
RB 3.70%, 05/15/17(m) A-1+ -- 18,000 18,000,000
- -------------------------------------------------------------------------------------------
Series 2006 D RB (INS-Financial Securities
Assurance Inc.)
4.25%, 07/01/07(c) AAA -- 3,050 3,065,402
===========================================================================================
56,124,402
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OREGON-0.23%
JPMorgan PUTTERs (Portland (City of)); Series
2004-614, Sewer System VRD RB (Acquired
12/02/04; Cost $1,595,000)
3.78%, 10/01/12(e)(h)(i) -- VMIG-1 $ 1,595 $ 1,595,000
- -------------------------------------------------------------------------------------------
Portland (City of) (South Park Block
Project); Series 1988, Multi-Family Housing
VRD RB (LOC-Harris N.A.)
3.80%, 12/01/11(d)(e) A-1+ -- 7,850 7,850,000
===========================================================================================
9,445,000
===========================================================================================
PENNSYLVANIA-3.96%
ABN AMRO Munitops Ctfs. Trust (Pennsylvania
(State of) Public School Building
Authority); Series 2001-30 Non-AMT VRD
Ctfs. (Acquired 10/31/02; Cost $5,000,000)
3.78%, 09/01/09(e)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Series 2003-24 Non-AMT VRD Ctfs. (Acquired
03/08/04; Cost $16,500,000) 3.78%,
06/01/11(e)(h)(i) -- VMIG-1 16,500 16,500,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Reading (City
of) School District); Series 2003-20, Non-
AMT VRD Ctfs. (Acquired 03/02/05; Cost
$4,225,000)
3.78%, 07/15/11(e)(h)(i)(l) -- -- 4,225 4,225,000
- -------------------------------------------------------------------------------------------
Allegheny (County of) Hospital Development
Authority (Presbyterian Health Center);
Series 1990 A VRD RB (INS-MBIA Insurance
Corp.)
3.80%, 03/01/20(c)(e) A-1+ VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Series 1990 B VRD RB (INS-MBIA Insurance
Corp.)
3.80%, 03/01/20(c)(e) A-1+ VMIG-1 1,250 1,250,000
- -------------------------------------------------------------------------------------------
Series 1990 D VRD RB (INS-MBIA Insurance
Corp.)
3.80%, 03/01/20(c)(e) A-1+ VMIG-1 1,425 1,425,000
- -------------------------------------------------------------------------------------------
</Table>
F-21
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Allegheny (County of) Hospital Development
Authority (Presbyterian University
Hospital); Series 1988 B-2 Hospital
Development VRD ACES (LOC-JPMorgan Chase
Bank, N.A.)
3.80%, 03/01/18(d)(e) -- VMIG-1 $ 1,115 $ 1,115,000
- -------------------------------------------------------------------------------------------
Series 1988 B-3 Hospital Development VRD
ACES (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 03/01/18(d)(e) -- VMIG-1 3,465 3,465,000
- -------------------------------------------------------------------------------------------
Butler (County of) General Authority (Mars
Area School District Refunding Project);
Series 2006, VRD RB (INS-Financial Security
Assurance Inc.)
3.75%, 09/01/19(c)(e) AAA Aaa 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Cumberland (County of) Municipal Authority
(Wesley Affiliated Services); Series 2005,
Refunding VRD RB (LOC-KBC Bank N.V.)
3.77%, 01/01/38(d)(e)(g) A-1+ -- 16,000 16,000,000
- -------------------------------------------------------------------------------------------
Delaware (County of) Authority (White Horse
Village Project); Series 2006 B VRD RB
(LOC-Citizens Bank of Pennsylvania)
3.86%, 07/01/30(b)(d) -- VMIG-1 1,215 1,215,000
- -------------------------------------------------------------------------------------------
3.86%, 07/01/36(b)(d) -- VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Delaware Valley
Regional Financial Authority Local
Government); Series 2004-0026 Class A, VRD
RB (Acquired 08/01/06; Cost $5,490,000)
3.79%, 08/01/28(e)(h)(i) A-1+ -- 5,490 5,490,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Delaware Valley
Regional Financial Authority); Series
2001-3801 Class A, VRD COP (Acquired
06/04/01; Cost $8,900,000)
3.79%, 08/01/28(e)(h)(i) A-1+ -- 8,900 8,900,000
- -------------------------------------------------------------------------------------------
Emmaus (City of) General Authority; Series
2000 A, Pennsylvania Loan Program VRD RB
(INS-Financial Security Assurance Inc.)
3.76%, 03/01/30(c)(e) A-1+ -- 9,150 9,150,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
PENNSYLVANIA-(CONTINUED)
Franklin (County of) Industrial Development
Authority (Chambersburg Hospital Obligated
Group Projects); Series 2000, Health Care
VRD IDR (INS-Ambac Assurance Corp.)
3.79%, 12/01/24(c)(e) A-1+ -- $ 3,000 $ 3,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Pittsburgh (City of));
Series 2006-1367T, Unlimited Tax VRD GO
(Acquired 06/07/06; Cost $6,195,000)
3.78%, 03/01/14(e)(h)(i) -- VMIG-1 6,195 6,195,000
- -------------------------------------------------------------------------------------------
Lackawanna (County of); Series 2004 B,
Unlimited Tax GO (INS-Financial Security
Assurance Inc.)
3.78%, 10/15/29(c)(e) A-1+ -- 13,135 13,135,000
- -------------------------------------------------------------------------------------------
Luzerne (County of) Industrial Development
Authority (Methodist Homes); Series 2003,
VRD IDR (LOC-Bank of New York)
3.80%, 02/01/29(d)(e) A-1+ -- 3,100 3,100,000
- -------------------------------------------------------------------------------------------
Pennsylvania (State of) Economic Development
Financing Authority (Hospital Enhancement
Loan Program); Series 2006 A3, Treasury
Department Hospital VRD RB (LOC-National
City Bank of Pennsylvania)
3.76%, 06/01/21(d)(e) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Pennsylvania (State of) Higher Educational
Facilities Authority (Washington &
Jefferson Development); Series 2005 A, VRD
RB (LOC-UniCredito Italiano S.p.A.)
3.77%, 11/01/36(d)(e)(g) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Gas Works; Series 2004
A-2, Fifth VRD RB (LOC-Bank of Nova Scotia,
JPMorgan Chase Bank, N.A.)
3.80%, 09/01/34(d)(e)(g) A-1+ VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Hospitals & Higher
Education Facilities Authority (Temple
University); Series 2005 A, Hospital VRD RB
(LOC-Wachovia Bank, N.A.)
3.78%, 07/01/27(d)(e) A-1+ VMIG-1 9,300 9,300,000
- -------------------------------------------------------------------------------------------
</Table>
F-22
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Philadelphia (City of) Industrial Development
Authority (Pennsylvania School for the
Deaf); Series 2002, VRD IDR (LOC-Citizens
Bank of Pennsylvania)
3.79%, 11/01/32(d)(e) -- VMIG-1 $ 2,895 $ 2,895,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) School District;
Series 2006 A, School Unlimited Tax TRAN GO
(LOC-Bank of America, N.A.)
4.50%, 06/29/07(d) SP-1+ MIG-1 9,000 9,046,156
- -------------------------------------------------------------------------------------------
Pottstown (Borough of) Authority (The Hill
School Project); Series 2002, Educational
Facilities VRD RB (LOC-Allied Irish Banks
PLC)
3.78%, 08/01/32(d)(e)(g) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
Washington (County of) Authority (Girard
Estate Project); Series 1999, Refunding RB
(LOC-JPMorgan Chase Bank, N.A.) (Acquired
08/29/06; Cost $1,920,000)
3.78%, 06/01/27(d)(e)(h) A-1+ -- 1,920 1,920,000
===========================================================================================
160,626,156
===========================================================================================
RHODE ISLAND-0.07%
Rhode Island (State of) Health & Educational
Building Corp. (Paul Cuffee School); Series
2002, Educational Institution VRD RB
(LOC-Citizens Bank of Rhode Island)
3.76%, 08/01/32(d)(e) A-1+ -- 2,845 2,845,000
===========================================================================================
SOUTH CAROLINA-2.70%
Charleston (County of) School District
Development Corp.; Series 2006, Unlimited
GO Notes
4.00%, 03/01/07 AA Aa1 20,325 20,366,376
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (South Carolina (State
of) Public Service Authority); Series
2000-4001 A VRD COP (Acquired 09/08/00;
Cost $10,100,000) 3.79%, 01/01/22(e)(h)(i) A-1+ -- 10,100 10,100,000
- -------------------------------------------------------------------------------------------
Series 2004-0017 Class A VRD RB (Acquired
08/01/06; Cost $5,000,000)
3.79%, 01/01/39(e)(h)(i) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
SOUTH CAROLINA-(CONTINUED)
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(South Carolina (State of) Transportation
Infrastructure Bank); Series 2002-728,
Floating Rate Trust Ctfs. VRD RB (Acquired
11/13/02; Cost $7,185,000)
3.78%, 10/01/22(e)(h)(i) -- VMIG-1 $ 7,185 $ 7,185,000
- -------------------------------------------------------------------------------------------
Piedmont Municipal Power Agency; Series 2004
B-1 Refunding VRD RB (INS-MBIA Insurance
Corp.)
3.73%, 01/01/34(c)(e) A-1+ VMIG-1 8,360 8,360,000
- -------------------------------------------------------------------------------------------
Series 2004 B-3
Refunding VRD RB (INS-Ambac Assurance
Corp.)
3.73%, 01/01/34(c)(e) A-1+ VMIG-1 2,210 2,210,000
- -------------------------------------------------------------------------------------------
Series 2004 B-6 Refunding VRD RB (INS-MBIA
Insurance Corp.)
3.73%, 01/01/31(c)(e) A-1+ VMIG-1 25,255 25,255,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Morris College Project);
Series 1997, VRD RB (LOC-Bank of America,
N.A.) (Acquired 07/30/02; Cost $1,900,000)
3.79%, 07/01/17(d)(e)(h) A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Newberry College Project);
Series 2005, VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 09/01/35(d)(e) -- VMIG-1 1,250 1,250,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Carolina Piedmont
Foundation Project); Series 2002, VRD RB
(LOC-Bank of America, N.A.)
3.79%, 09/01/32(d)(e)(l) -- -- 3,800 3,800,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Catholic Diocese of
South Carolina Project); Series 1998, VRD
RB (LOC-Bank of America, N.A.) (Acquired
07/23/02; Cost $2,620,000)
3.79%, 09/01/18(d)(e)(h) A-1+ -- 2,620 2,620,000
- -------------------------------------------------------------------------------------------
</Table>
F-23
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
SOUTH CAROLINA-(CONTINUED)
South Carolina (State of) Jobs-Economic
Development Authority (Goodwill Industrials
Upper South Carolina); Series 2006, VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 09/01/28(d)(e) -- VMIG-1 $ 2,200 $ 2,200,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (MUFC Central Energy
Plant); Series 2004, VRD RB (LOC-Bank of
America, N.A.)
3.74%, 08/15/32(d)(e)(l) -- -- 14,800 14,800,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Presbyterian Home of
South Carolina Project); Series 2003 A, VRD
RB (LOC-Wachovia Bank, N.A.)
3.80%, 04/01/20(d)(e) A-1+ -- 4,360 4,360,000
===========================================================================================
109,406,376
===========================================================================================
SOUTH DAKOTA-0.33%
South Dakota (State of) Health & Educational
Facilities Authority (Rapid City Regional
Hospital); Series 2003, Hospital VRD RB
(INS-MBIA Insurance Corp.)
3.85%, 09/01/27(b)(c) -- VMIG-1 13,200 13,200,000
===========================================================================================
TENNESSEE-2.82%
Blount (County of) Public Building Authority
(Local Government Public Improvement);
Series 2001 A-2-E VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 06/01/35(b)(c) -- VMIG-1 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Series 2005 A-7-B
VRD RB (INS-Ambac Assurance Corp.)
3.76%, 06/01/24(c)(e) -- VMIG-1 3,045 3,045,000
- -------------------------------------------------------------------------------------------
Series 2005 D-5-A VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/36(b)(c) -- VMIG-1 3,175 3,175,000
- -------------------------------------------------------------------------------------------
Series 2005 D-5-F VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/36(b)(c) -- VMIG-1 1,125 1,125,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TENNESSEE-(CONTINUED)
Dayton (City of) Industrial Development Board
(Bryan College Dorm Project); Series 2001,
VRD IDR (LOC-Regions Bank)
3.76%, 07/01/36(d)(e) -- VMIG-1 $ 7,000 $ 7,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Chattanooga (City
of)); Series 2000-4202 A, VRD COP (Acquired
10/10/00; Cost $14,040,000)
3.79%, 10/01/27(e)(h)(i) A-1+ -- 14,040 14,040,000
- -------------------------------------------------------------------------------------------
Greeneville (City of) Industrial Development
Board (Pet Inc. Project); Series 1993, VRD
Refunding IDR (LOC-BNP Paribas)
3.78%, 05/01/13(d)(e)(g) -- Aa2 1,510 1,510,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Memphis (City of)); Series
2006 1350, Electrical System VRD RB
(Acquired 05/24/06; Cost $4,800,000)
3.78%, 12/01/11(e)(h)(i) A-1+ -- 4,800 4,800,000
- -------------------------------------------------------------------------------------------
Metropolitan Government of Nashville &
Davidson (County of) Health & Educational
Facilities Bond (Adventist Health Systems);
Series 1997 A, VRD RB (LOC-SunTrust Bank)
3.75%, 11/15/27(d)(e) A-1+ VMIG-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Public Building
Authority (Tennessee County Loan Pooled
Financing); Series 2002, VRD RB (LOC-Bank
of America, N.A.)
3.85%, 04/01/32(b)(d) -- VMIG-1 7,100 7,100,000
- -------------------------------------------------------------------------------------------
Morristown (City of) Health Educational &
Housing Facilities Board (All Saints
Episcopal School); Series 2001, VRD RB
(LOC-SunTrust Bank)
3.80%, 08/01/16(d)(e) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Oak Ridge (City of) Industrial Development
Board (Oak Ridge Associated Universities,
Inc.); Series 2002, VRD RB (LOC-Allied
Irish Banks PLC)
3.77%, 09/01/32(d)(e)(g) -- VMIG-1 4,200 4,200,000
- -------------------------------------------------------------------------------------------
</Table>
F-24
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TENNESSEE-(CONTINUED)
Sevier (County of) Public Building Authority
(Local Government Public Improvement);
Series 1995 A VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/15(c)(e)(n) -- VMIG-1 $ 500 $ 500,000
- -------------------------------------------------------------------------------------------
Series 1996 F-2 VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/11(c)(e) -- VMIG-1 3,715 3,715,000
- -------------------------------------------------------------------------------------------
Series 1996 G-1 VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/16(c)(e) -- VMIG-1 4,480 4,480,000
- -------------------------------------------------------------------------------------------
Series 1997 A-1 VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/22(c)(e) -- VMIG-1 5,900 5,900,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-3 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/10(c)(e) -- VMIG-1 1,085 1,085,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-5 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/17(c)(e) -- VMIG-1 1,170 1,170,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-1 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/17(c)(e) -- VMIG-1 880 880,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-2 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/17(c)(e) -- VMIG-1 995 995,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-4 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/09(c)(e) -- VMIG-1 315 315,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-5 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/27(c)(e) -- VMIG-1 2,155 2,155,000
- -------------------------------------------------------------------------------------------
Series 1999 II A-1 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/24(c)(e) -- VMIG-1 6,300 6,300,000
- -------------------------------------------------------------------------------------------
Series 2004 IV-C-3 VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 06/01/31(b)(c) -- VMIG-1 4,075 4,075,000
- -------------------------------------------------------------------------------------------
Series 2005 V1-G-1 VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/25(b)(c) -- VMIG-1 6,400 6,400,000
- -------------------------------------------------------------------------------------------
Series 2005 VI-F-4 VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/24(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TENNESSEE-(CONTINUED)
Shelby (County of) Health, Educational &
Housing Facilities Board (Memphis College
Art Project); Series 2003, VRD RB
(LOC-Regions Bank)
3.77%, 08/01/23(d)(e) -- VMIG-1 $ 3,885 $ 3,885,000
- -------------------------------------------------------------------------------------------
Shelby (County of) Health, Educational &
Housing Facilities Board (Memphis
University School Project); Series 2006,
VRD RB (LOC-SunTrust Bank)
3.76%, 07/01/26(d)(e) -- VMIG-1 4,590 4,590,000
- -------------------------------------------------------------------------------------------
Shelby (County of) Health, Educational &
Housing Facilities Board (Southern College
of Optometry Project); Series 2001, VRD RB
(LOC-Allied Irish Banks PLC)
3.77%, 06/01/26(d)(e)(g) -- VMIG-1 4,900 4,900,000
- -------------------------------------------------------------------------------------------
Williamson (County of) Industrial Development
Board (Currey Ingram Academy); Series 2003,
Educational Facilities VRD RB (LOC-SunTrust
Bank)
3.85%, 04/01/23(d)(e) -- VMIG-1 2,300 2,300,000
===========================================================================================
114,140,000
===========================================================================================
TEXAS-14.24%
ABN AMRO Munitops Ctfs. Trust (Duncanville
(City of) Independent School District);
Series 2006-22, Unlimited Asset 14 Non-AMT
VRD GO (Acquired 05/22/06; Cost
$10,000,000)
3.79%, 02/15/14(e)(h)(i)(l) -- -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Edinburg (City
of) Independent School District); Series
2005-47, Unlimited Single Non-AMT VRD GO
(Acquired 04/27/06; Cost $5,470,000)
3.79%, 02/15/13(e)(h)(i)(l) -- -- 5,470 5,470,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Leander (City
of) Independent School District); Series
2002-16, Unlimited Multi-State Non-AMT VRD
Ctfs. (Acquired 08/20/03; Cost $5,395,000)
3.79%, 08/15/10(e)(h)(i) -- VMIG-1 5,395 5,395,000
- -------------------------------------------------------------------------------------------
</Table>
F-25
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (North East
Independent School District); Series
2000-13, Multi-State Non-AMT VRD RB
(Acquired 11/17/05; Cost $8,500,000)
3.77%, 02/06/08(e)(h)(i) -- VMIG-1 $ 8,500 $ 8,500,000
- -------------------------------------------------------------------------------------------
Aldine (City of) Independent School District;
Series 2003, Unlimited Tax School Building
VRD GO (CEP-Texas Permanent School Fund)
3.72%, 06/15/28(k) A-1+ VMIG-1 3,650 3,650,000
- -------------------------------------------------------------------------------------------
Arlington (City of) (Dallas Cowboys); Series
2005 B, Special Obligation VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 08/15/35(c)(e) A-1+ VMIG-1 15,465 15,465,000
- -------------------------------------------------------------------------------------------
Austin (City of) Utility Systems; Series
1998, Refunding Combined RB (INS-Ambac
Assurance Corp.)
6.50%, 11/15/06(c) AAA Aaa 6,000 6,020,952
- -------------------------------------------------------------------------------------------
Bexar (County of) Health Facilities
Development Corp. (Warm Springs
Rehabilitation Foundation Project); Series
1997, Health Care System VRD RB
(LOC-JPMorgan Chase Bank, N.A)
3.83%, 09/01/27(d)(e) -- VMIG-1 735 735,000
- -------------------------------------------------------------------------------------------
Bowie (County of) Industrial Development
Corp. (Texarkana Newspapers Inc.); Series
1985, VRD IDR (LOC-Bank of New York)
3.86%, 11/01/25(b)(d) A-1+ -- 2,800 2,800,000
- -------------------------------------------------------------------------------------------
Brownsville (City of) Utility System; Series
2003 A, Refunding Sub Lien VRD RB (INS-MBIA
Insurance Corp.)
3.73%, 09/01/27(c)(e) A-1+ VMIG-1 12,855 12,855,000
- -------------------------------------------------------------------------------------------
Crawford (City of) Education Facilities Corp.
Package (University Parking System
Project); Series 2004 A, Refunding VRD RB
(LOC-BNP Paribas)
3.83%, 05/01/35(d)(e)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Cypress-Fairbanks (City of) Independent
School District; Series 2006, Unlimited Tax
TAN GO 4.50%, 06/14/07 SP-1+ VMIG-1 17,500 17,580,143
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Denton (County of) Upper Trinity Regulation
Water District; Series 2006 A Commercial
Paper RB (LOC-Bank of America, N.A.)
3.60%, 11/16/06(d) A-1+ P-1 $ 2,500 $ 2,500,000
- -------------------------------------------------------------------------------------------
3.65%, 11/16/06(d) A-1+ P-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
3.68%, 11/16/06(d) A-1+ P-1 2,250 2,250,000
- -------------------------------------------------------------------------------------------
3.68%, 11/16/06(d) A-1+ P-1 3,750 3,750,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Dallas (City of)
Waterworks & Sewer System); Series
2006-0109 A, VRD RB (Acquired 05/10/06;
Cost $22,295,000)
3.79%, 10/01/35(e)(h)(i) A-1+ -- 22,295 22,295,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Harris (County of)
Toll Road); Series 2002-6012 A, VRD COP
(Acquired 11/20/02; Cost $1,580,000)
3.79%, 08/15/30(e)(h)(i) A-1+ -- 1,580 1,580,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Houston (City of)
Airport); Series 2000-4307, VRD COP
(Acquired 11/15/00; Cost $15,750,000)
3.79%, 07/01/28(e)(h)(i) A-1+ -- 15,750 15,750,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Houston (City of)
Water & Sewer); Series 1997-4305 A VRD COP
(Acquired 04/27/99; Cost $14,005,000)
3.79%, 12/01/27(e)(h)(i) A-1+ -- 14,005 14,005,000
- -------------------------------------------------------------------------------------------
Series 2002-6019 A VRD COP (Acquired
11/13/02; Cost $8,910,000)
3.79%, 12/01/30(e)(h)(i) A-1+ -- 8,910 8,910,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (University of Texas
Board of Regents); Series 2006-0108 A, VRD
RB (Acquired 05/10/06; Cost $18,810,000)
3.79%, 08/15/37(e)(h)(i) A-1+ -- 18,810 18,810,000
- -------------------------------------------------------------------------------------------
Garland (City of) Industrial Development
Authority Inc. (Carroll Co. Project);
Series 1984, VRD IDR (LOC-Wells Fargo Bank,
N.A.) (Acquired 07/19/06; Cost $1,300,000)
3.83%, 12/01/14(d)(e)(h) -- Aaa 1,300 1,300,000
- -------------------------------------------------------------------------------------------
</Table>
F-26
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Grand Prairie (City of) Housing Finance Corp.
(Lincoln Property Co.); Series 1993,
Refunding Multi-Family Housing VRD RB
(CEP-General Electric Corp.)
3.80%, 06/01/10(e) A-1+ -- $ 2,700 $ 2,700,000
- -------------------------------------------------------------------------------------------
Harris (County of) Health Facilities
Development Corp. (St. Luke's Episcopal);
Series 2005 A, Refunding Hospital RB
(INS-Financial Guaranty Insurance Co.)
3.80%, 02/15/32(c)(e) A-1+ VMIG-1 12,820 12,820,000
- -------------------------------------------------------------------------------------------
Harris (County of) Health Facilities
Development Corp. (Texas Medical Center
Project); Series 2001, Special Facilities
VRD RB (INS-MBIA Insurance Corp.)
3.89%, 09/01/31(b)(c) A-1+ VMIG-1 10,200 10,200,000
- -------------------------------------------------------------------------------------------
Harris (County of) Hospital District; Series
2006 A, Sub. Lien Commercial Paper
(LOC-Bank of America, N.A.)
3.65%, 01/16/07(d) A-1+ -- 13,651 13,651,000
- -------------------------------------------------------------------------------------------
Hockley (County of) Industrial Development
Corp. (AMOCO Project); Series 1985, VRD PCR
3.68%, 11/01/19(g)(m) A-1+ P-1 10,640 10,640,000
- -------------------------------------------------------------------------------------------
Hockley (County of) Industrial Development
Corp. (AMOCO Project-Standard Oil Co.);
Series 1983, VRD PCR 3.65%, 03/01/14(g)(m) A-1+ -- 15,000 15,007,267
- -------------------------------------------------------------------------------------------
Houston (City of) Higher Education Finance
Corp. (Houston Baptist University); Series
2000, Higher Education Refunding VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 07/01/20(d)(e)(l) -- -- 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Houston (City of) Higher Education Finance
Corp. (Tierwester Oaks); Series 2003 A,
Housing VRD RB (LOC-Bank of New York)
3.65%, 03/01/33(d)(f) -- VMIG-1 11,005 11,005,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Houston (City of); Series 2006 TRAN
4.50%, 06/29/07(l) -- -- $10,000 $ 10,058,601
- -------------------------------------------------------------------------------------------
Series 2006 B Commercial Paper Notes GO
3.53%, 12/28/06 A-1+ P-1 4,500 4,500,000
- -------------------------------------------------------------------------------------------
Series 2006 D Commercial Paper Notes GO
3.53%, 10/10/06 A-1+ P-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Alamo Heights (City of)
Independent School District); Series
2005-980, Unlimited VRD GO (Acquired
08/28/06; Cost $6,430,000)
3.78%, 02/01/12(e)(h)(i) -- VMIG-1 6,430 6,430,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Austin (City of) Water &
Wastewater Systems); Series 2006-1319, VRD
RB (Acquired 05/03/06; Cost $3,025,000)
3.78%, 11/15/13(e)(h)(i) A-1+ -- 3,025 3,025,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Bexar (County of)); Series
2004-530, Limited Tax VRD GO (Acquired
10/28/04; Cost $4,610,000)
3.78%, 06/15/12(e)(h)(i) -- VMIG-1 4,610 4,610,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Brownsville (City Of));
Series 2005-1038, Unlimited VRD GO
(Acquired 07/21/06; Cost $6,700,000)
3.78%, 02/15/13(e)(h)(i) A-1 -- 6,700 6,700,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Nueces River Authority
Water Supply); Series 2006-1412, VRD RB
(Acquired 07/19/06; Cost $1,950,000)
3.78%, 07/15/13(e)(h)(i) A-1+ -- 1,950 1,950,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Texas Tech University
System); Series 2006-1373, VRD RB (Acquired
07/21/06; Cost $5,195,000)
3.78%, 02/15/14(e)(h)(i) A-1+ -- 5,195 5,195,000
- -------------------------------------------------------------------------------------------
Kendleton (City of) Higher Education Finance
Corp. (Dallas Theological Project); Series
2003 A, VRD Limited Tax Obligation RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 07/01/33(d)(e) A-1+ -- 2,400 2,400,000
- -------------------------------------------------------------------------------------------
</Table>
F-27
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Lower Colorado River Authority; Series 1999
B, Refunding RB (INS-Financial Security
Assurance Inc.)
6.00%, 05/15/07(c) AAA Aaa $ 4,000 $ 4,060,493
- -------------------------------------------------------------------------------------------
Lufkin (City of) Health Facilities
Development Corp. (Memorial Health System
of East Texas); Series 2005, Refunding VRD
RB (LOC-Wachovia Bank, N.A.)
3.85%, 02/15/35(b)(d) A-1+ -- 16,875 16,875,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Brazosport (City of)
Independent School District); Series 2003
PT-1690, Refunding VRD Unlimited Tax GO
(Acquired 02/20/03; Cost $4,838,000)
3.78%, 08/15/10(e)(h)(i) -- VMIG-1 4,838 4,838,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Lamar Consolidated
Independent School District); Series 2005
PT-2860, VRD Unlimited Tax GO (Acquired
09/09/05; Cost $9,725,000)
3.78%, 02/15/25(e)(h)(i) A-1 -- 9,725 9,725,000
- -------------------------------------------------------------------------------------------
Mesquite (City of) Health Facilities
Development Corp.; Series 2000 C,
Retirement Facility VRD RB (LOC-LaSalle
Bank N.A.)
3.77%, 02/15/30(d)(e) A-1 -- 7,435 7,435,000
- -------------------------------------------------------------------------------------------
Metropolitan Higher Education Authority
(University of Dallas Project); Series
1999, Higher Education VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.79%, 05/01/19(d)(e)(l) -- -- 5,870 5,870,000
- -------------------------------------------------------------------------------------------
Nueces (County of) Health Facilities
Development Corp. (Driscoll Children's
Foundation); Series 1985, Floating Rate RB
(LOC-JPMorgan Chase Bank, N.A.)
3.78%, 07/01/15(d)(e) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Polly Ryon Hospital Authority (Polly Ryon
Memorial Hospital); Series 2001, Hospital
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 11/01/26(d)(e) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Red River Authority (Southwestern Public
Services); Series 1996, Refunding VRD PCR
(INS-Ambac Assurance Corp.)
3.80%, 07/01/16(c)(e) A-1+ VMIG-1 $ 3,350 $ 3,350,000
- -------------------------------------------------------------------------------------------
San Antonio (City of) Electric & Gas; Series
2006 A, Commercial Paper
3.55%, 10/16/06 A-1+ P-1 7,000 7,000,000
- -------------------------------------------------------------------------------------------
San Antonio (City of) Water Authority; Series
2003 A, Refunding Sub RB (INS-MBIA
Insurance Corp.)
3.74%, 05/15/33(c)(e) A-1+ VMIG-1 3,025 3,025,000
- -------------------------------------------------------------------------------------------
San Gabriel Health Facilities Development
Corp. (YMCA of Greater Williamson County
Project); Series 2005, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.85%, 04/01/26(d)(e) -- VMIG-1 2,200 2,200,000
- -------------------------------------------------------------------------------------------
Sherman (City of) Higher Education Finance
Corp. (Austin College Project); Series
1997, Higher Education VRD RB (LOC-Bank of
America, N.A.)
3.79%, 01/01/18(d)(e)(n) A-1+ -- 7,519 7,519,000
- -------------------------------------------------------------------------------------------
Texas (State of) Public Financing Authority;
Series 1996 B Refunding Unlimited GO 5.75%,
10/01/06(o)(p) AAA NRR 10,440 10,440,000
- -------------------------------------------------------------------------------------------
Series 2002 A Commercial Paper Notes GO
3.50%, 11/16/06 A-1+ P-1 10,500 10,500,000
- -------------------------------------------------------------------------------------------
Texas (State of); Series 2006, TRAN
4.50%, 08/31/07 SP-1+ MIG-1 95,000 95,806,537
- -------------------------------------------------------------------------------------------
Texas A&M University Board of Regents
(Revenue Financing System); Series 2006,
Commercial Paper Notes
3.53%, 10/12/06 A-1+ P-1 7,600 7,600,000
- -------------------------------------------------------------------------------------------
University of Texas Board of Regents (Revenue
Financing System); Series 2006 Commercial
Paper Notes
3.55%, 10/19/06 A-1+ P-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
3.50%, 11/02/06 A-1+ P-1 15,378 15,378,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Harris (County of) Toll
Road); Series 2003-B16, VRD RB (Acquired
02/19/03; Cost $16,005,000)
3.78%, 08/15/25(e)(h)(i) -- VMIG-1 16,005 16,005,000
- -------------------------------------------------------------------------------------------
</Table>
F-28
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Wachovia MERLOTs (University of Texas);
Series 2003-B14, Refunding VRD RB (Acquired
01/29/03; Cost $7,975,000)
3.78%, 08/15/22(e)(h)(i) -- VMIG-1 $ 7,975 $ 7,975,000
===========================================================================================
576,914,993
===========================================================================================
UTAH-0.75%
Davis (County of); Series 2006, Unlimited Tax
TRAN GO 4.50%, 12/28/06 -- MIG-1 5,000 5,009,318
- -------------------------------------------------------------------------------------------
Duchesne (County of) School District (Utah
Municipal Building Authority); Series 2005,
Lease VRD RB (LOC-U.S. Bank, N.A.)
3.79%, 06/01/21(d)(e) A-1+ -- 900 900,000
- -------------------------------------------------------------------------------------------
Intermountain Power Agency; Series 1985 E
Power Supply VRD RB (INS-Ambac Assurance
Corp.)
3.60%, 07/01/18(c)(m) A-1 VMIG-1 4,260 4,260,000
- -------------------------------------------------------------------------------------------
Refunding Sub. VRD RB (INS-Ambac Assurance
Corp.)
3.53%, 07/01/14(c)(m) A-1 VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Salt Lake (County of) Housing Authority
(Crossroads Apartments Project); Series
2003, Refunding Multi-Family VRD RB
(CEP-Federal National Mortgage Association)
3.77%, 02/15/31(e) A-1+ -- 4,435 4,435,000
- -------------------------------------------------------------------------------------------
Sanpete (County of) School Facility (Wasatch
Academy); Series 2003, VRD RB (LOC-U.S.
Bank, N.A.)
3.79%, 08/01/28(d)(e) A-1+ -- 800 800,000
===========================================================================================
30,404,318
===========================================================================================
VERMONT-0.25%
Vermont (State of) Industrial Development
Authority (Central Vermont Public Service
Corp.); Series 1984, Hydroelectric VRD IDR
(LOC-Citizens Bank of Massachusetts)
3.55%, 12/01/13(d)(f) A-1+ -- 2,900 2,900,000
- -------------------------------------------------------------------------------------------
Vermont (State of) Student Assistance Corp.;
Series 1985, Student Loan VRD RB (LOC-State
Street Bank & Trust Co.)
3.66%, 01/01/08(d)(f) -- VMIG-1 7,205 7,205,000
===========================================================================================
10,105,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
VIRGINIA-0.31%
Arlington (County of) (Ballston Public
Parking); Series 1984, VRD RB (LOC-Bank of
America, N.A.)
3.80%, 08/01/17(d)(e) A-1+ -- $ 1,950 $ 1,950,000
- -------------------------------------------------------------------------------------------
Rockingham (County of) Industrial Development
Authority (Sunnyside Presbyterian Home);
Series 2003, Residential Care Facility VRD
RB (LOC-Branch Banking & Trust Co.)
3.78%, 12/01/33(d)(e) A-1+ -- 750 750,000
- -------------------------------------------------------------------------------------------
Virginia College Building Authority
Educational Facilities (21st Century
College & Equipment); Series 2005 A, RB
5.00%, 02/01/07 AAA Aa1 6,105 6,131,049
- -------------------------------------------------------------------------------------------
Winchester (City of) Industrial Development
Authority (Westminster-Cantenbury); Series
2005 B Residential Care Facility VRD IDR
(LOC-Branch Banking & Trust Co.)
3.78%, 01/01/10(d)(e) -- VMIG-1 695 695,000
- -------------------------------------------------------------------------------------------
3.78%, 01/01/35(d)(e) -- VMIG-1 3,000 3,000,000
===========================================================================================
12,526,049
===========================================================================================
WASHINGTON-3.90%
ABN AMRO Munitops Ctfs. Trust (Pierce & Lewis
(County of), #404 Eatonville); Series
2006-42, Unlimited Non-AMT VRD GO (Acquired
06/22/06; Cost $8,745,000)
3.79%, 12/01/14(e)(h)(i)(l) -- -- 8,745 8,745,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of) Municipal Light & Power); Series
2002-12, Multi-State Non-AMT VRD Ctfs.
(Acquired 05/25/04; Cost $9,755,000)
3.79%, 03/01/09(e)(h)(i) -- VMIG-1 9,755 9,755,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of)); Series 2003-7, Multi-State Non-AMT
VRD GO Ctfs. (Acquired 05/13/03; Cost
$10,685,000)
3.79%, 07/01/10(e)(h)(i)(l)(n) -- -- 10,685 10,685,000
- -------------------------------------------------------------------------------------------
</Table>
F-29
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WASHINGTON-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (Skagit (County
of) Public Hospital District No. 1); Series
2004-37, Multi-State Non-AMT VRD Ctfs.
(Acquired 04/08/05; Cost $8,235,000)
3.79%, 12/01/12(e)(h)(i) -- VMIG-1 $ 8,235 $ 8,235,000
- -------------------------------------------------------------------------------------------
Bremerton (City of) (Kitsap Regional
Conference Center); Series 2003, VRD RB
(LOC-Bank of America, N.A.)
3.79%, 12/01/28(d)(e)(l) -- -- 2,565 2,565,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Washington (State
of)); Series 1998-4701 A, VRD COP (Acquired
07/20/00; Cost $14,400,000)
3.79%, 05/01/18(e)(h)(i) A-1+ -- 14,400 14,400,000
- -------------------------------------------------------------------------------------------
Everett (City of) Public Facilities District;
Series 2006 A, Commercial Paper Notes
(LOC-Bank of America, N.A.)
3.52%, 10/02/06(d) A-1+ -- 11,800 11,800,000
- -------------------------------------------------------------------------------------------
Everett (City of); Series 2001, Limited Tax
VRD GO (LOC-Bank of America, N.A.)
3.79%, 12/01/21(d)(e)(l) -- -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Washington (State of));
Series 2004-593 Unlimited Tax VRD GO
(Acquired 05/24/06; Cost $4,395,000)
3.78%, 01/01/13(e)(h)(i) A-1+ -- 4,395 4,395,000
- -------------------------------------------------------------------------------------------
Series 2006-1346 Unlimited Tax VRD GO
(Acquired 11/18/04; Cost $1,500,000)
3.78%, 07/01/12(e)(h)(i) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
King (County of) Economic Enterprise Corp.
(Puget Sound Blood Center Project); Series
1998, VRD RB (LOC-U.S. Bank, N.A.)
3.80%, 04/01/23(d)(e) -- VMIG-1 3,600 3,600,000
- -------------------------------------------------------------------------------------------
King (County of) Housing Authority
(Summerfield Apartments Project); Series
2005, VRD RB (LOC-U.S. Bank, N.A.)
3.79%, 09/01/35(d)(e) -- VMIG-1 1,925 1,925,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Lake Tapps Parkway Properties; Series 1999 A
Special Revenue VRD RB (LOC-U.S. Bank,
N.A.)
3.79%, 12/01/19(d)(e)(n) -- VMIG-1 $ 6,000 $ 6,000,000
- -------------------------------------------------------------------------------------------
Series 1999 B Special Revenue VRD RB
(LOC-U.S. Bank, N.A.)
3.79%, 12/01/19(d)(e) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Seattle (Port of)); Series 2002-739D, VRD
RB (Acquired 07/21/04; Cost $5,000,000)
3.78%, 09/01/20(e)(h)(i) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Pierce (County of) Economic Development Corp.
(Weyerhaeuser Real Estate); Series 1997,
Special Revenue VRD RB (LOC-Bank of
America, N.A.)
3.75%, 01/01/27(d)(e) A-1+ VMIG-1 12,705 12,705,000
- -------------------------------------------------------------------------------------------
Reset Option Ctfs. Trust II-R (Seattle (Port
of) Passenger Facilities Charge); Series
2006-638, VRD RB (Acquired 09/27/06; Cost
$10,640,000)
3.78%, 12/01/23(e)(h)(i) -- VMIG-1 10,640 10,640,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Bayview
Manor Project); Series 1994 B, Low Income
Housing Assistance VRD RB (LOC-U.S. Bank,
N.A.)
3.80%, 05/01/19(d)(e) A-1+ -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Pioneer
Human Services Project); Series 1995,
Refunding VRD RB (LOC-U.S. Bank, N.A.)
3.77%, 12/01/15(d)(e) A-1+ -- 2,115 2,115,000
- -------------------------------------------------------------------------------------------
Seattle (Port of) Industrial Development
Corp. (Sysco Food Services of Seattle, Inc.
Project); Series 1994, Refunding VRD IDR
3.84%, 11/01/25(e)(n) A-1+ VMIG-1 2,968 2,968,000
- -------------------------------------------------------------------------------------------
Snohomish (County of) Housing Authority (Ebey
Arms Centerhouse Project); Series 2003,
Refunding Housing VRD RB (LOC-Bank of
America, N.A.)
3.79%, 12/01/34(d)(e)(l) -- -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
</Table>
F-30
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WASHINGTON-(CONTINUED)
Washington (State of) Economic Development
Finance Authority (Seadrunar Recycling LLC
Project); Series 2000 E, Economic
Development VRD RB (LOC-U.S. Bank, N.A.)
3.78%, 08/01/25(d)(e) A-1+ -- $ 2,445 $ 2,445,000
- -------------------------------------------------------------------------------------------
Washington (State of) Higher Education
Facilities Authority (Cornish College Arts
Project); Series 2003 A, VRD RB (LOC-Bank
of America, N.A.)
3.80%, 12/01/33(d)(e) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Nikkei Concerns Project);
Series 1994, Non-Profit Housing VRD RB
(LOC-U.S. Bank, N.A.)
3.78%, 10/01/19(d)(e) A-1+ -- 3,915 3,915,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Riverview Retirement Project);
Series 1997, Elderly Housing VRD RB
(LOC-U.S. Bank, N.A.)
3.80%, 07/01/22(d)(e) A-1+ -- 1,665 1,665,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Tacoma Art Museum Project);
Series 2002, Non-Profit Housing VRD RB
(LOC-Northern Trust Co.)
3.90%, 06/01/32(b)(d) -- VMIG-1 4,075 4,075,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (University Preparatory Academy
Project); Series 2000, Non-Profit VRD RB
(LOC-Bank of America, N.A.)
3.79%, 07/01/30(d)(e) -- VMIG-1 1,350 1,350,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Wesley Homes Project); Series
2005 A, Non-Profit Housing VRD RB (LOC-Bank
of America, N.A.)
3.79%, 01/01/36(b)(d) -- VMIG-1 4,250 4,250,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (YMCA of Columbia-Willamette);
Series 1999, VRD RB (LOC-U.S. Bank, N.A.)
3.79%, 08/01/24(d)(e)(n) A-1+ -- 750 750,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Washington (State of) Housing Finance
Commission (YMCA of Tacoma-Pierce Project);
Series 2006, Refunding Non-Profit VRD RB
(LOC-U.S. Bank, N.A.)
3.80%, 12/01/32(d)(e) -- VMIG-1 $ 4,165 $ 4,165,000
===========================================================================================
157,848,000
===========================================================================================
WEST VIRGINIA-0.10%
Harrison (County of) (Fox Grocery Co.
Project); Series 1991, Refunding VRD RB
(LOC-Wachovia Bank, N.A.)
3.78%, 06/01/14(d)(e) -- Aa2 4,140 4,140,000
===========================================================================================
WISCONSIN-5.77%
ABN AMRO Munitops Ctfs. Trust (Central Brown
(County of) Water Authority); Series
2005-25, Non-AMT VRD RB (Acquired 08/01/05;
Cost $17,370,000)
3.79%, 12/01/13(e)(h)(i)(l) -- -- 17,370 17,370,000
- -------------------------------------------------------------------------------------------
Appleton (City of) Redevelopment Authority
(Fox Cities Performing Arts Center
Project); Series 2001 B, Redevelopment VRD
RB (LOC-JPMorgan Chase Bank, N.A.; M&I
Marshall & Ilsley Bank)
3.80%, 06/01/36(d)(e) -- VMIG-1 3,600 3,600,000
- -------------------------------------------------------------------------------------------
Franklin (City of) Community Development
Authority (Indian Community School of
Milwaukee); Series 2002, Redevelopment VRD
RB (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 07/01/22(d)(e) -- VMIG-1 36,000 36,000,000
- -------------------------------------------------------------------------------------------
Green Bay (City of) Housing Authority
(Sisters of St. Francis Project); Series
2004, VRD RB (LOC-Allied Irish Banks PLC)
3.77%, 01/01/35(d)(e)(g) A-1 -- 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Madison (City of) Metropolitan School
District; Series 2006, TRAN GO 4.00%,
09/07/07 -- MIG-1 35,000 35,154,619
- -------------------------------------------------------------------------------------------
Milwaukee (City of) Redevelopment Authority
(Cathedral Place Parking Facility Project);
Series 2002, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.78%, 05/01/25(d)(e) -- VMIG-1 2,845 2,845,000
- -------------------------------------------------------------------------------------------
</Table>
F-31
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WISCONSIN-(CONTINUED)
New Berlin (City of) School District; Series
2006, Promissory TRAN GO 4.50%, 08/30/07 -- MIG-1 $11,500 $ 11,593,164
- -------------------------------------------------------------------------------------------
West Allis (City of) (State Fair Park
Exposition Center Inc.); Series 2001, VRD
RB (LOC-U.S. Bank, N.A.)
3.78%, 08/01/28(d)(e) -- VMIG-1 12,055 12,055,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Grace Lutheran
Foundation Project); Series 1999, VRD RB
(LOC-U.S. Bank, N.A.) (Acquired 09/12/05;
Cost $2,555,000)
3.76%, 07/01/14(d)(e)(h) A-1+ -- 2,555 2,555,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Gundersen Lutheran);
Series 2000 A VRD RB (INS-Financial
Security Assurance Inc.)
3.85%, 12/01/15(b)(c) A-1+ -- 6,465 6,465,000
- -------------------------------------------------------------------------------------------
Series 2000 B VRD RB (INS-Financial
Security Assurance Inc.)
3.85%, 12/01/29(b)(c) A-1+ -- 25,470 25,470,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Lindengrove, Inc.);
Series 2003 B, VRD (LOC-JPMorgan Chase
Bank, N.A.)
3.77%, 11/01/25(d)(e) A-1+ -- 7,080 7,080,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Marshfield Clinic);
Series 2006 B,
VRD RB (LOC-M&I Marshall & Ilsley Bank)
3.78%, 01/15/36(d)(e) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Mequon Jewish
Project); Series 2003, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.78%, 07/01/28(d)(e) -- VMIG-1 6,335 6,335,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WISCONSIN-(CONTINUED)
Wisconsin (State of) Health & Educational
Facilities Authority (Mercy Health System);
Series 2003 C VRD RB (LOC-M&I Marshall &
Ilsley Bank)
3.77%, 08/15/23(d)(e) -- VMIG-1 $ 6,600 $ 6,600,000
- -------------------------------------------------------------------------------------------
Series 2003 I Pooled Loan VRD RB (LOC-M&I
Marshall & Ilsley Bank)
3.78%, 06/01/23(d)(e) -- VMIG-1 8,655 8,655,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Luke's Medical
Center); Series 1987, VRD RB (LOC-KBC Bank
N.V.) (Acquired 05/02/05; Cost $27,000,000)
3.80%, 12/01/17(d)(e)(g)(h) A-1 -- 27,000 27,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Mary's School);
Series 2004, VRD RB (LOC-M&I Marshall &
Ilsley Bank)
3.77%, 08/01/19(d)(e) A-1 -- 1,830 1,830,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Three Pillars Senior
Living); Series 2004 B, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.73%, 08/15/34(d)(e) -- VMIG-1 1,600 1,600,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Valley Packaging
Industries Inc.); Series 2005, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.85%, 07/01/35(d)(e) -- VMIG-1 1,240 1,240,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Wisconsin Lutheran
College Project); Series 2003, VRD RB
(LOC-U.S. Bank, N.A.)
3.90%, 06/01/33(b)(d) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
</Table>
F-32
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WISCONSIN-(CONTINUED)
Wisconsin (State of) Health & Educational
Facilities Authority (Wisconsin Lutheran
College); Series 2001, VRD RB (LOC-U.S.
Bank, N.A.)
3.90%, 09/01/31(b)(d) A-1+ -- $ 5,100 $ 5,100,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Rural Water Construction
Loan Program Commission; Series 2006, BAN
RN 4.75%, 08/15/07 -- MIG-1 4,000 4,035,469
===========================================================================================
233,678,252
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WYOMING-0.48%
Gillette (City of) Pollution Control; Series
1991, Refunding Floating VRD PCR
(LOC-Barclays Bank PLC)
3.78%, 01/01/18(d)(e)(g) A-1+ P-1 $ 5,100 $ 5,100,000
- -------------------------------------------------------------------------------------------
Platte (County of) Pollution Control
(Tri-State Generation and Transmission
Association); Series 1984 A, Refunding VRD
PCR 3.86%, 07/01/14(b) -- P-1 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Wyoming (State of) Educational Funding;
Series 2006 A, TRAN
4.50%, 06/27/07 SP-1+ -- 10,000 10,056,661
===========================================================================================
19,256,661
===========================================================================================
TOTAL INVESTMENTS(q)(r)-98.85%
(Cost $4,006,153,875) 4,006,153,875
===========================================================================================
OTHER ASSETS LESS LIABILITIES-1.15% 46,590,130
===========================================================================================
NET ASSETS-100.00% $4,052,744,005
___________________________________________________________________________________________
===========================================================================================
</Table>
Investment Abbreviations:
<Table>
ACES - Automatically Convertible Extendable Security
AMT - Alternative Minimum Tax
BAN - Bond Anticipation Note
CEP - Credit Enhancement Provider
COP - Certificates of Participation
Ctfs. - Certificates
GO - General Obligation Bonds
IDR - Industrial Development Revenue Bonds
INS - Insurer
LOC - Letter of Credit
MERLOT - Municipal Exempt Receipts Liquidity Option Tender
NRR - Not Re-Rated
PCR - Pollution Control Revenue Bonds
P-Floats - Putable Floating Option Tax-Exempt Receipt
PUTTERs - Putable Tax-Exempt Receipts
RANS - Revenue Anticipation Notes
RB - Revenue Bonds
RN - Revenue Notes
Sr. - Senior
Sub. - Subordinated.
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation Notes
VRD - Variable Rate Demand
Wts. - Warrants
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-33
Tax-Free Cash Reserve Portfolio
Notes to Schedule of Investments:
(a) Ratings assigned by Standard & Poor's Corporation ("S&P") and Moody's
Investors Service, Inc. ("Moody's"), except as indicated in note (l) below.
NRR indicates a security that is not re-rated subsequent to funding of an
escrow fund (consisting of U.S. Treasury obligations held by a bank
custodian or other highly rated collateral); this funding is pursuant to an
advance refunding of this security.
(b) Demand security payable upon demand by the Fund at specified time intervals
no greater than one business day. Interest rate is redetermined daily. Rate
shown is the rate in effect on September 30, 2006.
(c) Principal and/or interest payments are secured by the bond insurance company
listed.
(d) Principal and interest payments are fully enhanced by a letter of credit
from the bank listed or a predecessor bank, branch or subsidiary.
(e) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days. Interest rate is redetermined weekly.
Rate shown is the rate in effect on September 30, 2006.
(f) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days. Interest rate is redetermined monthly.
Rate shown is the rate in effect on September 30, 2006.
(g) The security is credit guaranteed, enhanced or has credit risk by a foreign
entity. The total foreign credit exposure to countries other than the United
States of America (as a percentage of net assets) is 7.9%; each having a
less than 5% concentration.
(h) Security not registered under the Securities Act of 1933, as amended (e.g.,
the security was purchased in a Rule 144A transaction or a Regulation D
transaction). The security may be resold pursuant to an exemption from
registration under the 1933 Act, typically to qualified institutional
buyers. The Fund has no rights to demand registration of these securities.
The aggregate value of these securities at September 30, 2006 was
$996,559,500, which represented 24.59% of the Fund's Net Assets. Unless
otherwise indicated, these securities are not considered to be illiquid.
(i) Synthetic municipal instruments; involves the deposit into a trust of one or
more long-term tax-exempt bonds or notes ("Underlying Bonds."), a sale of
certificates evidencing interests in the trust to investors such as the
Fund. The trustee receives the long-term fixed interest payments on the
Underlying Bonds, and pays certificate holders variable rate interest
payments based upon a short-term reset periodically.
(j) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined at
intermittent intervals. Rate shown is the rate in effect on September 30,
2006.
(k) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined annually.
Rate shown is the rate in effect on September 30, 2006.
(l) Security is not rated by S&P or by Moody's; however it is rated by Fitch
IBCA ("Fitch") of F1+.
(m) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined
semi-annually. Rate shown is the rate in effect on September 30, 2006.
(n) In accordance with the procedures established by the Board of Trustees,
investments are through participation in joint accounts with other mutual
funds, private accounts and certain non-registered investment companies
managed by the investment advisor or its affiliates.
(o) Advance refunded; secured by an escrow fund of U.S. Government obligations.
(p) Security has an irrevocable call by the issuer or mandatory put by the
holder. Maturity date reflects such call or put.
(q) This table provides a listing of those entities that have either issued,
guaranteed, backed or otherwise enhanced the credit quality of more than 5%
of the securities held in the portfolio. In instances where the entity has
guaranteed, backed or otherwise enhanced the credit quality of a security,
it is not primarily responsible for the issuer's obligations but may be
called upon to satisfy the issuer's obligations.
<Table>
<Caption>
ENTITIES PERCENTAGE
------------------------------------------------------------------------
MBIA Insurance Corp. 9.6%
------------------------------------------------------------------------
Financial Guaranty Insurance Co. 8.6
------------------------------------------------------------------------
Financial Security Assurance Inc. 7.9
------------------------------------------------------------------------
Bank of America, N.A. 7.2
------------------------------------------------------------------------
Ambac Assurance Corp. 6.7
------------------------------------------------------------------------
JP Morgan Chase Bank, N.A. 6.7
------------------------------------------------------------------------
Other Entities Less than 5% 52.0
________________________________________________________________________
========================================================================
</Table>
(r) Also represents cost for federal income tax purposes.
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-34
Tax-Free Cash Reserve Portfolio
STATEMENT OF ASSETS AND LIABILITIES
September 30, 2006
(Unaudited)
<Table>
ASSETS:
Investments, at value (cost $4,006,153,875) $4,006,153,875
- ------------------------------------------------------------
Cash 54,198,348
============================================================
Receivables for:
Investments sold 13,663,694
- ------------------------------------------------------------
Interest 22,896,033
- ------------------------------------------------------------
Investment for trustee deferred compensation
and retirement plans 135,972
- ------------------------------------------------------------
Other assets 142,218
============================================================
Total assets 4,097,190,140
____________________________________________________________
============================================================
LIABILITIES:
Payables for:
Investments purchased 32,628,194
- ------------------------------------------------------------
Dividends 11,141,607
- ------------------------------------------------------------
Trustee deferred compensation and
retirement plans 317,602
- ------------------------------------------------------------
Accrued distribution fees 193,076
- ------------------------------------------------------------
Accrued trustees' and officer's fees and
benefits 1,424
- ------------------------------------------------------------
Accrued transfer agent fees 31,612
- ------------------------------------------------------------
Accrued operating expenses 132,620
============================================================
Total liabilities 44,446,135
============================================================
Net assets applicable to shares outstanding $4,052,744,005
____________________________________________________________
============================================================
NET ASSETS CONSIST OF:
Shares of beneficial interest $4,052,710,537
- ------------------------------------------------------------
Undistributed net realized gain from
investment securities 33,468
============================================================
$4,052,744,005
____________________________________________________________
============================================================
NET ASSETS:
Institutional Class $2,184,081,161
____________________________________________________________
============================================================
Private Investment Class $ 178,209,699
____________________________________________________________
============================================================
Personal Investment Class $ 39,813,008
____________________________________________________________
============================================================
Cash Management Class $ 859,786,254
____________________________________________________________
============================================================
Reserve Class $ 19,558,028
____________________________________________________________
============================================================
Resource Class $ 462,635,110
____________________________________________________________
============================================================
Corporate Class $ 308,660,745
____________________________________________________________
============================================================
SHARES OUTSTANDING, $0.001 PAR VALUE PER
SHARE, UNLIMITED NUMBER OF SHARES
AUTHORIZED:
Institutional Class 2,184,002,860
____________________________________________________________
============================================================
Private Investment Class 178,191,314
____________________________________________________________
============================================================
Personal Investment Class 39,808,937
____________________________________________________________
============================================================
Cash Management Class 859,773,377
____________________________________________________________
============================================================
Reserve Class 19,555,349
____________________________________________________________
============================================================
Resource Class 462,630,031
____________________________________________________________
============================================================
Corporate Class 308,665,176
____________________________________________________________
============================================================
Net asset value, offering and redemption
price per share for each class $ 1.00
____________________________________________________________
============================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-35
Tax-Free Cash Reserve Portfolio
STATEMENT OF OPERATIONS
For the six months ended September 30, 2006
(Unaudited)
<Table>
INVESTMENT INCOME:
Interest $64,687,772
=========================================================================
EXPENSES:
Advisory fees 3,774,934
- -------------------------------------------------------------------------
Administrative services fees 310,442
- -------------------------------------------------------------------------
Custodian fees 77,651
- -------------------------------------------------------------------------
Distribution fees:
Private Investment Class 485,704
- -------------------------------------------------------------------------
Personal Investment Class 134,835
- -------------------------------------------------------------------------
Cash Management Class 354,754
- -------------------------------------------------------------------------
Reserve Class 96,993
- -------------------------------------------------------------------------
Resource Class 403,421
- -------------------------------------------------------------------------
Corporate Class 16,953
- -------------------------------------------------------------------------
Transfer agent fees 218,902
- -------------------------------------------------------------------------
Trustees' and officer's fees and benefits 51,602
- -------------------------------------------------------------------------
Other 388,335
=========================================================================
Total expenses 6,314,526
=========================================================================
Less: Fees waived (1,231,708)
=========================================================================
Net expenses 5,082,818
=========================================================================
Net investment income 59,604,954
=========================================================================
Net realized gain (loss) from Investment securities 75,176
=========================================================================
Net increase in net assets resulting from operations $59,680,130
_________________________________________________________________________
=========================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-36
Tax-Free Cash Reserve Portfolio
STATEMENT OF CHANGES IN NET ASSETS
For the six months ended September 30, 2006 and the year ended March 31, 2006
(Unaudited)
<Table>
<Caption>
SEPTEMBER 30, MARCH 31,
2006 2006
- ----------------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 59,604,954 $ 81,006,602
- ----------------------------------------------------------------------------------------------
Net realized gain from investment securities 75,176 20,198
==============================================================================================
Net increase in net assets resulting from operations 59,680,130 81,026,800
==============================================================================================
Distributions to shareholders from net investment income:
Institutional Class (36,124,015) (51,535,231)
- ----------------------------------------------------------------------------------------------
Private Investment Class (2,978,341) (5,114,924)
- ----------------------------------------------------------------------------------------------
Personal Investment Class (504,916) (404,324)
- ----------------------------------------------------------------------------------------------
Cash Management Class (11,499,373) (15,063,769)
- ----------------------------------------------------------------------------------------------
Reserve Class (238,071) (276,474)
- ----------------------------------------------------------------------------------------------
Resource Class (6,401,163) (8,314,990)
- ----------------------------------------------------------------------------------------------
Corporate Class (1,859,075) (296,890)
==============================================================================================
Decrease in net assets resulting from distributions (59,604,954) (81,006,602)
==============================================================================================
Share transactions-net:
Institutional Class 291,927,149 (224,964,600)
- ----------------------------------------------------------------------------------------------
Private Investment Class (42,786,075) 24,371,221
- ----------------------------------------------------------------------------------------------
Personal Investment Class 18,909,835 10,024,848
- ----------------------------------------------------------------------------------------------
Cash Management Class 176,106,119 (41,462,324)
- ----------------------------------------------------------------------------------------------
Reserve Class 504,881 9,744,079
- ----------------------------------------------------------------------------------------------
Resource Class 121,244,070 51,762,427
- ----------------------------------------------------------------------------------------------
Corporate Class 300,648,751 8,016,425
==============================================================================================
Net increase (decrease) in net assets resulting from
share transactions 866,554,730 (162,507,924)
==============================================================================================
Net increase (decrease) in net assets 866,629,906 (162,487,726)
==============================================================================================
NET ASSETS:
Beginning of period 3,186,114,099 3,348,601,825
==============================================================================================
End of period (including undistributed net investment
income of $0 and $0, respectively) $4,052,744,005 $3,186,114,099
______________________________________________________________________________________________
==============================================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-37
Tax-Free Cash Reserve Portfolio
NOTES TO FINANCIAL STATEMENTS
September 30, 2006
(Unaudited)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
Tax-Free Investments Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end
management investment company. The Trust is organized as a Delaware statutory
trust consisting of one portfolio, the Tax-Free Cash Reserve Portfolio (the
"Fund"). The Fund currently offers multiple classes of shares. Matters affecting
each class are voted on exclusively by the shareholders of each class.
The Fund's investment objective is to provide as high a level of tax-exempt
income as is consistent with the preservation of capital and maintenance of
liquidity.
The following is a summary of the significant accounting policies followed
by the Fund in the preparation of its financial statements.
A. SECURITY VALUATIONS -- The Fund's securities are recorded on the basis of
amortized cost which approximates value as permitted by Rule 2a-7 under the
1940 Act. This method values a security at its cost on the date of purchase
and, thereafter, assumes a constant amortization to maturity of any
premiums or accretion of any discounts.
B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME -- Securities transactions
are accounted for on a trade date basis. Realized gains or losses on sales
are computed on the basis of specific identification of the securities
sold. Interest income, adjusted for amortization of premiums and accretion
of discounts on investments, is recorded on the accrual basis from
settlement date.
Brokerage commissions and mark ups are considered transaction costs and
are recorded as an increase to the cost basis of securities purchased
and/or a reduction of proceeds on a sale of securities. Such transaction
costs are included in the determination of realized gain (loss) from
investment securities reported in the Statement of Operations and the
Statement of Changes in Net Assets and the realized net gains (losses) on
securities per share in the Financial Highlights. Transaction costs are
included in the calculation of the Fund's net asset value and, accordingly,
they reduce the Fund's total returns. These transaction costs are not
considered operating expenses and are not reflected in net investment
income reported in the Statement of Operations and Statement of Changes in
Net Assets, or the net investment income per share and ratios of expenses
and net investment income reported in the Financial Highlights, nor are
they limited by any expense limitation arrangements between the Fund and
the advisor.
The Fund allocates realized capital gains and losses to a class based on
the relative net assets of each class. The Fund allocates income to a class
based on the relative value of the settled shares of each class.
C. COUNTRY DETERMINATION -- For the purposes of making investment selection
decisions and presentation in the Schedule of Investments, AIM may
determine the country in which an issuer is located and/or credit risk
exposure based on various factors. These factors include the laws of the
country under which the issuer is organized, where the issuer maintains a
principal office, the country in which the issuer derives 50% or more of
its total revenues and the country that has the primary market for the
issuer's securities, as well as other criteria. Among the other criteria
that may be evaluated for making this determination are the country in
which the issuer maintains 50% or more of its assets, the type of security,
financial guarantees and enhancements, the nature of the collateral and the
sponsor organization. Country of issuer and/or credit risk exposure has
been determined to be the United States of America unless otherwise noted.
D. DISTRIBUTIONS -- Distributions from income are declared daily and paid
monthly. Distributions from net realized capital gain, if any, are
generally paid annually and recorded on ex-dividend date. The Fund may
elect to treat a portion of the proceeds from redemptions as distributions
for federal income tax purposes.
E. FEDERAL INCOME TAXES -- The Fund intends to comply with the requirements of
Subchapter M of the Internal Revenue Code necessary to qualify as a
regulated investment company and to distribute substantially all of the
Fund's taxable earnings to shareholders. As such, the Fund will not be
subject to federal income taxes on otherwise taxable income (including net
realized capital gain) that is distributed to shareholders. Therefore, no
provision for federal income taxes is recorded in the financial statements.
In addition, the Fund intends to invest in such municipal securities to
allow it to qualify to pay shareholders "exempt-interest dividends", as
defined in the Internal Revenue Code.
F. EXPENSES -- Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund and which are directly attributable to that class are
charged to the operations of such class. All other expenses are allocated
among the classes based on relative net assets.
G. ACCOUNTING ESTIMATES -- The preparation of financial statements in
conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period including estimates and assumptions related to
taxation. Actual results could differ from those estimates.
H. INDEMNIFICATIONS -- Under the Trust's organizational documents, each
Trustee, officer, employee or other agent of the Trust (including the
Trust's investment manager) is indemnified against certain liabilities that
may arise out of performance of their duties to the Fund. Additionally, in
the normal course of business, the Fund enters into contracts that contain
a variety of indemnification clauses. The Fund's maximum exposure under
these arrangements is unknown as this would involve future claims that may
be made against the Fund that have not yet occurred. The risk of material
loss as a result of such indemnification claims is considered remote.
F-38
Tax-Free Cash Reserve Portfolio
NOTE 2--ADVISORY FEES AND OTHER FEES PAID TO AFFILIATES
The Trust has entered into a master investment advisory agreement with A I M
Advisors, Inc. ("AIM"). Under the terms of the investment advisory agreement,
the Fund pays an advisory fee to AIM at the annual rate of 0.25% of the first
$500 million of the Fund's average daily net assets plus 0.20% of the Fund's
average daily net assets in excess of $500 million. AIM has contractually agreed
to waive advisory fees and/or reimburse expenses to the extent necessary to
limit total annual operating expenses (excluding certain items discussed below)
to 0.22% of the Fund's average daily net assets through June 30, 2007. In
determining the advisor's obligation to waive advisory fees and/or reimburse
expenses, the following expenses are not taken into account, and could cause the
net annual operating expenses to exceed the number reflected above: (i) Rule
12b-1 plan fees, if any; (ii) trustees' fees; (iii) federal registration fees;
(iv) interest: (v) taxes; (vi) extraordinary items; (vii) expenses related to a
merger or reorganization, as approved by the Fund's Board of Trustees; and
(viii) expenses that the Fund has incurred but did not actually pay because of
an expense offset arrangement. Currently, in addition to the expense
reimbursement arrangement with AMVESCAP PLC ("AMVESCAP") described more fully
below, the expense offset arrangements from which the Fund may benefit are in
the form of credits that the Fund receives from banks where the Fund or its
transfer agent has deposits accounts in which it holds uninvested cash. Those
credits are used to pay certain expenses incurred by the Fund. To the extent
that the annualized expense ratio does not exceed the expense limitation, AIM
will retain its ability to be reimbursed for such fee waivers or reimbursements
prior to the end of the fiscal year.
For the six months ended September 30, 2006, AIM waived advisory fees of
$788,656.
At the request of the Trustees of the Trust, AMVESCAP agreed to reimburse
expenses incurred by the Fund in connection with market timing matters in the
AIM Funds, which may include legal, audit, shareholder reporting, communications
and trustee expenses. These expenses along with the related expense
reimbursement are included in the Statement of Operations. For the six months
ended September 30, 2006, AMVESCAP did not reimburse any expenses.
The Trust, pursuant to a master administrative services agreement with AIM,
has agreed to pay AIM for certain administrative costs incurred in providing
accounting services to the Fund. Pursuant to such agreement, for the six months
ended September 30, 2006, AIM was paid $310,442.
The Trust, pursuant to a transfer agency and service agreement, has agreed
to pay AIM Investment Services, Inc. ("AIS") a fee for providing transfer agency
and shareholder services to the Fund. During the six months ended September 30,
2006, AIS retained $218,902.
Under the terms of a master distribution agreement between Fund Management
Company ("FMC") and the Trust, FMC acts as the exclusive distributor of the
Fund's shares. The Trust has adopted a master distribution plan pursuant to Rule
12b-1 under the 1940 Act with respect to the Fund's Private Investment Class,
Personal Investment Class, Cash Management Class, Reserve Class, Resource Class
and Corporate Class (the "Plan"). The Plan provides that the Private Investment
Class, the Personal Investment Class, the Cash Management Class, the Reserve
Class, the Resource Class and the Corporate Class pay up to the maximum annual
rate of 0.50%, 0.75%, 0.10%, 1.00%, 0.20% and 0.03%, respectively, of the
average daily net assets attributable to such class. Of the Rule 12b-1 payment,
up to 0.25% of the average daily net assets of each class may be paid to furnish
continuing personal shareholder services to customers who purchase and own
shares of such classes. Any amounts not paid as a service fee under such Plan
would constitute an asset-based sales charge. National Association of Securities
Dealers ("NASD") Rules impose a cap on the total amount of sales charges,
including asset-based sales charges, that may be paid by any class of shares of
the Fund. Currently, FMC has contractually agreed to waive a portion of its
compensation payable by the Fund such that compensation paid pursuant to the
Plan with respect to the Private Investment Class, the Personal Investment
Class, the Cash Management Class, the Reserve Class and the Resource Class
equals the maximum annual rate of 0.25%, 0.55%, 0.08%, 0.87% and 0.16%,
respectively, of the average daily net assets attributable to such class through
June 30, 2007. Further, FMC voluntarily waived additional Rule 12b-1 plan fees
for the Reserve Class during the period in order to increase the yield. Waivers
may be modified or discontinued at any time. Pursuant to the Plan, for the six
months ended September 30, 2006, the Private Investment Class, the Personal
Investment Class, the Cash Management Class, the Reserve Class, the Resource
Class and the Corporate Class paid $242,852, $98,879, $283,803, $84,384,
$322,737 and $16,953, respectively, after FMC waived Plan fees of $242,852,
$35,956, $70,951, $12,609, $80,684 and $0, respectively.
Certain officers and trustees of the Trust are officers and directors of
AIM, AIS and/or FMC.
NOTE 3--SECURITY TRANSACTIONS WITH AFFILIATED FUNDS
The Fund is permitted to purchase or sell securities from or to certain other
AIM Funds under specified conditions outlined in procedures adopted by the Board
of Trustees of the Trust. The procedures have been designed to ensure that any
purchase or sale of securities by the Fund from or to another fund or portfolio
that is or could be considered an affiliate by virtue of having a common
investment advisor (or affiliated investment advisors), common Trustees and/or
common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined
under the procedures, each transaction is effected at the current market price.
Pursuant to these procedures, for the six months ended September 30, 2006, the
Fund engaged in securities sales of $15,921,501, which resulted in net realized
gains (losses) of $0 and securities purchases of $12,923,697.
NOTE 4--TRUSTEES' AND OFFICER'S FEES AND BENEFITS
"Trustees' and Officer's Fees and Benefits" include amounts accrued by the Fund
to pay remuneration to each Trustee and Officer of the Fund who is not an
"interested person" of AIM. Trustees have the option to defer compensation
payable by the Fund, and "Trustees' and Officer's Fees and Benefits" also
include amounts accrued by the Fund to fund such deferred compensation amounts.
Those Trustees who defer compensation have the option to select various AIM
Funds in which their deferral accounts shall be deemed to be invested. Finally,
current Trustees are eligible to participate in a retirement plan that provides
for benefits to be paid upon retirement to Trustees over a period of time based
on the number of years of service. The Fund may have certain former Trustees who
also participate in a retirement plan and receive benefits under such plan.
"Trustees' and Officer's Fees and Benefits" include
F-39
Tax-Free Cash Reserve Portfolio
amounts accrued by the Fund to fund such retirement benefits. Obligations under
the deferred compensation and retirement plans represent unsecured claims
against the general assets of the Fund.
During the six months ended September 30, 2006, the Fund paid legal fees of
$5,418 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel
to the Independent Trustees. A member of that firm is a Trustee of the Trust.
NOTE 5--BORROWINGS
Pursuant to an exemptive order from the Securities and Exchange Commission, the
Fund may participate in an interfund lending facility that AIM has established
for temporary borrowings by the AIM Funds. An interfund loan will be made under
this facility only if the loan rate (an average of the rate available on bank
loans and the rate available on investments in overnight repurchase agreements)
is favorable to both the lending fund and the borrowing fund. A loan will be
secured by collateral if the Fund's aggregate borrowings from all sources
exceeds 10% of the Fund's total assets. To the extent that the loan is required
to be secured by collateral, the collateral is marked to market daily to ensure
that the market value is at least 102% of the outstanding principal value of the
loan. The Fund did not borrow or lend under the facility during the six months
ended September 30, 2006.
Additionally, the Fund is permitted to temporarily carry a negative or
overdrawn balance in its account with The Bank of New York, the custodian bank.
To compensate the custodian bank for such overdrafts, the overdrawn Fund may
either (i) leave funds as a compensating balance in the account so the custodian
bank can be compensated by earning the additional interest; or (ii) compensate
by paying the custodian bank at a rate agreed upon by the custodian bank and
AIM, not to exceed the rate contractually agreed upon.
NOTE 6--TAX INFORMATION
The amount and character of income and gains to be distributed are determined in
accordance with income tax regulations, which may differ from generally accepted
accounting principles. Reclassifications are made to the Fund's capital accounts
to reflect income and gains available for distribution (or available capital
loss carryforward) under income tax regulations. The tax character of
distributions paid during the year and the tax components of net assets will be
reported at the Fund's fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date.
Results of transactions and other activity after that date may affect the amount
of capital loss carryforward actually available for the Fund to utilize. The
ability to utilize capital loss carryforward in the future may be limited under
the Internal Revenue Code and related regulations based on the results of future
transactions.
The Fund had a capital loss carryforward as of March 31, 2006 which expires
as follows:
<Table>
<Caption>
CAPITAL LOSS
EXPIRATION CARRYFORWARD*
- -----------------------------------------------------------------------
March 31, 2013 $41,708
_______________________________________________________________________
=======================================================================
</Table>
* Capital loss carryforward as of the date listed above is reduced for
limitations, if any, to the extent required by the Internal Revenue Code.
F-40
Tax-Free Cash Reserve Portfolio
NOTE 7--SHARE INFORMATION
The Fund currently offers seven different classes of shares: Institutional
Class, Private Investment Class, Personal Investment Class, Cash Management
Class, Reserve Class, Resource Class and Corporate Class.
<Table>
<Caption>
CHANGES IN SHARES OUTSTANDING
- ---------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 2006(A) MARCH 31, 2006
------------------------------------ ------------------------------------
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------------------------------------
Sold:
Institutional Class 13,218,005,962 $ 13,218,005,962 24,419,859,762 $ 24,419,859,762
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 288,384,797 288,384,797 590,733,012 590,733,012
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 60,996,835 60,996,835 32,503,439 32,503,439
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 3,691,867,319 3,691,867,319 7,375,896,321 7,375,896,321
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 50,075,617 50,075,617 162,245,979 162,245,979
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 1,535,997,202 1,535,997,202 2,316,222,552 2,316,222,552
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 459,031,908 459,031,908 129,405,787 129,405,787
=================================================================================================================================
Issued as reinvestment of dividends:
Institutional Class 22,051,538 22,051,538 30,895,326 30,895,326
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 2,454,612 2,454,612 3,802,001 3,802,001
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 88,820 88,820 201,846 201,846
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 9,059,815 9,059,815 11,231,407 11,231,407
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 230,235 230,235 247,862 247,862
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 5,672,955 5,672,955 7,599,542 7,599,542
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 55,615 55,615 10,644 10,644
=================================================================================================================================
Reacquired:
Institutional Class (12,948,130,351) (12,948,130,351) (24,675,719,687) (24,675,719,687)
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class (333,625,484) (333,625,484) (570,163,791) (570,163,791)
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class (42,175,820) (42,175,820) (22,680,438) (22,680,438)
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class (3,524,821,015) (3,524,821,015) (7,428,590,053) (7,428,590,053)
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class (49,800,971) (49,800,971) (152,749,762) (152,749,762)
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class (1,420,426,087) (1,420,426,087) (2,272,059,667) (2,272,059,667)
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) (158,438,772) (158,438,772) (121,400,006) (121,400,006)
=================================================================================================================================
866,554,730 $ 866,554,730 (162,507,924) $ (162,507,924)
_________________________________________________________________________________________________________________________________
=================================================================================================================================
</Table>
(a) There are two entities that are each record owners of more than 5% of the
outstanding shares of the Fund and in the aggregate they own 61% of the
outstanding shares of the Fund. FMC has an agreement with these entities to
sell Fund shares. The Fund, AIM, and/or AIM affiliates may make payments to
these entities, which are considered to be related to the Fund, for
providing services to the Fund, AIM, and/or AIM affiliates including but not
limited to services such as, securities brokerage, distribution, third party
record keeping and account servicing. The Trust has no knowledge as to
whether all or any portion of the shares owned of record by these entities
are also owned beneficially.
(b) Corporate Class shares commenced sales on September 8, 2005.
NOTE 8--NEW ACCOUNTING STANDARD
In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 48, Accounting for Uncertainty in Income Taxes ("FIN 48").
FIN 48 prescribes a recognition threshold and measurement attribute for the
financial statement recognition and measurement for a tax position taken or
expected to be taken in a tax return. FIN 48 also provides guidance on
derecognition, classification, interest and penalties, accounting in interim
periods, disclosure and transition. The provisions for FIN 48 are effective for
fiscal years beginning after December 15, 2006. Management is currently
assessing the impact of FIN 48, if any, on the Fund's financial statements and
intends for the Fund to adopt the FIN 48 provisions during 2007.
F-41
Tax-Free Cash Reserve Portfolio
NOTE 9--FINANCIAL HIGHLIGHTS
The following schedule presents financial highlights for a share of the Fund
outstanding throughout the periods indicated.
<Table>
<Caption>
CASH MANAGEMENT CLASS
----------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, --------------------------------------------------------
2006 2006 2005 2004 2003 2002
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ---------------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.02 0.02 0.01 0.01 0.01 0.02
=================================================================================================================================
Less distributions from net investment income (0.02) (0.02) (0.01) (0.01) (0.01) (0.02)
=================================================================================================================================
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Total return(a) 1.64% 2.45% 1.16% 0.76% 1.14% 2.08%
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Ratios/supplemental data:
Net assets, end of period (000s omitted) $859,786 $683,659 $725,124 $768,141 $617,683 $320,502
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Ratio of expenses to average net assets:
With fee waivers and/or expense reimbursements 0.30%(b) 0.30% 0.30% 0.30% 0.30% 0.30%
- ---------------------------------------------------------------------------------------------------------------------------------
Without fee waivers and/or expense reimbursements 0.36%(b) 0.37% 0.37% 0.37% 0.37% 0.38%
=================================================================================================================================
Ratio of net investment income to average net
assets 3.24%(b) 2.41% 1.16% 0.75% 1.12% 1.92%
_________________________________________________________________________________________________________________________________
=================================================================================================================================
</Table>
(a) Includes adjustments in accordance with accounting principles generally
accepted in the United States of America and is not annualized for
periods less than one year.
(b) Ratios are annualized and based on average daily net assets of
$707,568,860.
F-42
Tax-Free Cash Reserve Portfolio
NOTE 10--LEGAL PROCEEDINGS
Terms used in the Legal Proceedings Note are defined terms solely for the
purpose of this note.
SETTLED ENFORCEMENT ACTIONS AND INVESTIGATIONS RELATED TO MARKET TIMING
On October 8, 2004, INVESCO Funds Group, Inc. ("IFG") (the former investment
advisor to certain AIM Funds), AIM and A I M Distributors, Inc. ("ADI") (the
distributor of the retail AIM Funds) reached final settlements with certain
regulators, including the Securities and Exchange Commission ("SEC"), the New
York Attorney General and the Colorado Attorney General, to resolve civil
enforcement actions and/or investigations related to market timing and related
activity in the AIM Funds, including those formerly advised by IFG. As part of
the settlements, a $325 million fair fund ($110 million of which is civil
penalties) has been created to compensate shareholders harmed by market timing
and related activity in funds formerly advised by IFG. Additionally, AIM and ADI
created a $50 million fair fund ($30 million of which is civil penalties) to
compensate shareholders harmed by market timing and related activity in funds
advised by AIM, which was done pursuant to the terms of the settlement. These
two fair funds may increase as a result of contributions from third parties who
reach final settlements with the SEC or other regulators to resolve allegations
of market timing and/or late trading that also may have harmed applicable AIM
Funds. These two fair funds will be distributed in accordance with a methodology
to be determined by AIM's independent distribution consultant, in consultation
with AIM and the independent trustees of the AIM Funds and acceptable to the
staff of the SEC. Management of AIM and the Fund are unable to estimate the
impact, if any, that the distribution of these two fair funds may have on the
Fund or whether such distribution will have an impact on the Fund's financial
statements in the future.
At the request of the trustees of the AIM Funds, AMVESCAP PLC ("AMVESCAP"),
the parent company of IFG and AIM, has agreed to reimburse expenses incurred by
the AIM Funds related to market timing matters.
PENDING LITIGATION AND REGULATORY INQUIRIES
On August 30, 2005, the West Virginia Office of the State Auditor -Securities
Commission ("WVASC") issued a Summary Order to Cease and Desist and Notice of
Right to Hearing to AIM and ADI (Order No. 05-1318). The WVASC makes findings of
fact that AIM and ADI entered into certain arrangements permitting market timing
of the AIM Funds and failed to disclose these arrangements in the prospectuses
for such Funds, and conclusions of law to the effect that AIM and ADI violated
the West Virginia securities laws. The WVASC orders AIM and ADI to cease any
further violations and seeks to impose monetary sanctions, including restitution
to affected investors, disgorgement of fees, reimbursement of investigatory,
administrative and legal costs and an "administrative assessment," to be
determined by the Commissioner. Initial research indicates that these damages
could be limited or capped by statute.
Civil lawsuits, including purported class action and shareholder derivative
suits, have been filed against certain of the AIM Funds, IFG, AIM, ADI and/or
related entities and individuals, depending on the lawsuit, alleging:
- that the defendants permitted improper market timing and related activity in
the AIM Funds;
- that certain AIM Funds inadequately employed fair value pricing;
- that the defendants charged excessive advisory and/or distribution fees and
failed to pass on to shareholders the perceived savings generated by
economies of scale and that the defendants adopted unlawful distribution
plans; and
- that the defendants improperly used the assets of the AIM Funds to pay
brokers to aggressively promote the sale of the AIM Funds over other mutual
funds and that the defendants concealed such payments from investors by
disguising them as brokerage commissions (all the claims in this category of
lawsuits were dismissed with prejudice by the court on September 29, 2006,
except for the Section 36(b) claim which was dismissed with leave to amend
to plead it properly as a derivative claim).
These lawsuits allege as theories of recovery, depending on the lawsuit,
violations of various provisions of the Federal and state securities laws and
ERISA, negligence, breach of fiduciary duty and/or breach of contract. These
lawsuits seek remedies that include, depending on the lawsuit, damages,
restitution, injunctive relief, imposition of a constructive trust, removal of
certain directors and/or employees, various corrective measures under ERISA,
rescission of certain AIM Funds' advisory agreements and/or distribution plans
and recovery of all fees paid, an accounting of all fund-related fees,
commissions and soft dollar payments, restitution of all commissions and fees
paid, and prospective relief in the form of reduced fees.
All lawsuits based on allegations of market timing, late trading and related
issues have been transferred to the United States District Court for the
District of Maryland (the "MDL Court"). Pursuant to an Order of the MDL Court,
plaintiffs in these lawsuits consolidated their claims for pre-trial purposes
into three amended complaints against various AIM- and IFG-related parties: (i)
a Consolidated Amended Class Action Complaint purportedly brought on behalf of
shareholders of the AIM Funds; (ii) a Consolidated Amended Fund Derivative
Complaint purportedly brought on behalf of the AIM Funds and fund registrants;
and (iii) an Amended Class Action Complaint for Violations of the Employee
Retirement Income Securities Act ("ERISA") purportedly brought on behalf of
participants in AMVESCAP's 401(k) plan. Based on orders issued by the MDL Court,
all claims asserted against the AIM Funds that have been transferred to the MDL
Court have been dismissed, although certain Funds remain nominal defendants in
the Consolidated Amended Fund Derivative Complaint. On September 15, 2006, the
MDL Court granted the AMVESCAP defendants' motion to dismiss the Amended Class
Action Complaint for Violations of ERISA and dismissed such Complaint. The
plaintiff has commenced an appeal from that decision.
IFG, AIM, ADI and/or related entities and individuals have received inquiries
from numerous regulators in the form of subpoenas or other oral or written
requests for information and/or documents related to one or more of the
following issues, among others, some of which concern one or more AIM Funds:
market timing activity, late trading, fair value pricing, excessive or improper
advisory and/or distribution fees, mutual fund sales practices, including
revenue sharing and directed-brokerage arrangements, investments in securities
of other registered investment companies, contractual plans, issues related to
Section 529 college savings plans and procedures for locating lost security
holders. IFG, AIM and ADI have advised the Fund that they are providing full
cooperation with respect to these inquiries. Regulatory actions and/or
additional civil lawsuits related to these or other issues may be filed against
the AIM Funds, IFG, AIM and/or related entities and individuals in the future.
At the present time, management of AIM and the Fund are unable to estimate
the impact, if any, that the outcome of the Pending Litigation and Regulatory
Inquiries described above may have on AIM, ADI or the Fund.
F-43
Tax-Free Cash Reserve Portfolio
TRUSTEES AND OFFICERS
<Table>
BOARD OF TRUSTEES OFFICERS OFFICE OF THE FUND
Bob R. Baker Karen Dunn Kelley 11 Greenway Plaza
President and Principal Suite 100
Frank S. Bayley Executive Officer Houston, TX 77046-1173
James T. Bunch Philip A. Taylor INVESTMENT ADVISOR
Executive Vice President A I M Advisors, Inc.
Bruce L. Crockett 11 Greenway Plaza
Chair Todd L. Spillane Suite 100
Chief Compliance Officer Houston, TX 77046-1173
Albert R. Dowden
Russell C. Burk TRANSFER AGENT
Jack M. Fields Senior Vice President and Senior Officer AIM Investment Services, Inc.
P.O. Box 4739
Carl Frischling John M. Zerr Houston, TX 77210-4739
Senior Vice President, Secretary and Chief
Robert H. Graham Legal Officer CUSTODIAN
Vice Chair The Bank of New York
Sidney M. Dilgren 2 Hanson Place
Prema Mathai-Davis Vice President, Treasurer Brooklyn, NY 11217-1431
and Principal Financial Officer
Lewis F. Pennock COUNSEL TO THE FUND
Lisa O. Brinkley Ballard Spahr
Ruth H. Quigley Vice President Andrews & Ingersoll, LLP
1735 Market Street, 51st Floor
Larry Soll Kevin M. Carome Philadelphia, PA 19103-7599
Vice President
Raymond Stickel, Jr. COUNSEL TO THE INDEPENDENT TRUSTEES
J. Philip Ferguson Kramer, Levin, Naftalis & Frankel LLP
Philip A. Taylor Vice President 1177 Avenue of the Americas
New York, NY 10036-2714
DISTRIBUTOR
Fund Management Company
11 Greenway Plaza
Suite 100
Houston, TX 77046-1173
</Table>
F-44
The Fund provides a complete list of its holdings four times in each fiscal
year, at quarter-ends. For the second and fourth quarters, the list appears in
the Fund's semiannual and annual reports to shareholders. For the first and
third quarters, the Fund files the lists with the Securities and Exchange
Commission (SEC) on Form N-Q. Shareholders can look up the Fund's Form N-Q
filings on the SEC Web site, sec.gov. The Fund's Form N-Q also may be reviewed
and copied at the SEC Public Reference Room in Washington, D.C. You can obtain
information on the operation of the Public Reference Room, including information
about duplicating fee charges, by calling 202-942-8090 or 800-732-0330 or by
electronic request at the following e-mail address: publicinfo@sec.gov. The SEC
file numbers for the Fund are 811-02731 and 002-58286.
A description of the policies and procedures that the Fund uses to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, from our Client Services department at 800-959-4246 or on the AIM
Web site, AIMinvestments.com. On the home page, scroll down and click on AIM
Funds Proxy Policy. The information is also available on the SEC Web site,
sec.gov.
Information regarding how the Fund voted proxies related to its portfolio
securities during the 12 months ended June 30, 2006, is available at our Web
site. Go to AIMinvestments.com, access the About Us tab, click on Required
Notices and then click on Proxy Voting Activity. Next, select the Fund from the
drop-down menu. This information is also available on the SEC Web site, sec.gov.
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
AIMinvestments.com TFIT-SAR-3 Fund Management Company
TAX-FREE CASH RESERVE PORTFOLIO
CORPORATE CLASS
TAX-FREE INVESTMENTS TRUST (TFIT)
SEPTEMBER 30, 2006
SEMIANNUAL REPORT
[COVER IMAGE]
SEMIANNUAL
==============================================
Inside This Report
Letter to Shareholders..................... 1
Fund Data.................................. 2
Fund Composition by Maturity............... 2
Letter from Independent
Chairman of Board of Trustees.............. 3
Calculating Your Ongoing Fund Expenses..... 4
Approval of Investment Advisory Agreement.. 5
Financial Pages.......................... F-1
Trustees and Officers................... F-44
==============================================
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
TAX-FREE CASH RESERVE PORTFOLIO
DEAR SHAREHOLDER:
We are pleased to present this report on the performance of
the Corporate Class of Tax-Free Cash Reserve Portfolio of
[KELLEY Tax-Free Investments Trust, part of AIM Cash Management, for
PHOTO] the six months ended September 30, 2006. Thank you for
investing with us.
Tax-Free Cash Reserve Portfolio's objective is to provide
as high a level of tax-exempt income as is consistent with
preservation of capital and maintenance of liquidity. The
KAREN DUNN KELLEY Fund invests in high-quality, short-term municipal
obligations, seeking to provide income exempt from federal
taxation. The Fund structure is driven to some extent by the
supply of municipal securities, and liquidity is managed
with daily and weekly variable-rate demand notes.
Through a combination of short-term cash management
vehicles and selective use of a longer maturity schedule for
higher yields, the Fund continued to provide competitive
returns. The Fund continued to maintain a relatively short
maturity structure to take advantage of rising interest
rates and yields.
The Fund also continued to hold the highest credit-quality ratings given by
three widely known credit rating agencies: AAAm from Standard & Poor's, Aaa from
Moody's and AAA from FitchRatings. Fund ratings are subject to change and are
based on several factors including an analysis of the Fund's overall credit
quality, market price exposure and management.
MARKET CONDITIONS AFFECTING MONEY MARKET FUNDS
The economy expanded throughout the reporting period, but that expansion was
clearly slowing. U.S. gross domestic product, the broadest measure of economic
activity, grew at an annualized rate of 2.6% in the second quarter of 2006, down
from the exceptionally strong 5.6% annualized growth rate recorded in the first
quarter. Initial estimates put the rate at a weaker-than-expected 1.6% in the
third quarter.
In response to economic expansion and increasing inflation pressures, the
U.S. Federal Reserve Board (the Fed) raised its federal funds target rate by 50
basis points (0.50%) during the reporting period, from 4.75% to 5.25%. Increases
in the federal funds target rate are reflected fairly rapidly in the yields of
money market funds and other fixed income funds that invest primarily in
short-term securities.
At their early August meeting, Fed officials--for the first time in more than
two years--left this key interest rate unchanged. They noted that "economic
growth has moderated from its quite strong pace earlier this year, partly
reflecting a gradual cooling of the housing market and the lagged effects of
increases in interest rates and energy prices." However, the Fed held out the
possibility that additional rate hikes could be needed to fight inflation.
Inflation pressures do not appear to be an immediate concern of the Fed and the
need for additional tightening will likely depend on future economic
developments.
At the close of the reporting period, there was considerable uncertainty
about whether the U.S. economy was headed for a so-called "soft landing"--a
period of gradually slowing economic growth--or a more bumpy and potentially
more painful "hard landing."
IN CONCLUSION
At a recent meeting of the AIM Funds board, Robert H. Graham relinquished his
position as president of Tax-Free Investments Trust. Bob, who was one of three
founders of AIM Investments--Registered Trademark-- in 1976 and who has a
well-earned reputation for being one of the most respected and most
knowledgeable leaders in the mutual fund industry, will continue in his role as
trustee and vice chair of the AIM Funds. As I assume Bob's previous
responsibilities as president of Tax-Free Investments Trust, I am grateful that
I will have the opportunity to continue working with him closely, as I have
since I first joined A I M Management Group Inc. in 1989.
All of us at AIM Investments are committed to the goals of safety, liquidity
and yield in money market fund management. We are also dedicated to excellence
in customer service. Should you have questions about this report or your
account, please contact one of our Cash Management and Alliance representatives
at 800-659-1005.
Sincerely,
/S/ KAREN DUNN KELLEY
Karen Dunn Kelley
President, Fund Management Company
November 15, 2006
The views and opinions expressed in this letter are those of A I M Advisors,
Inc. These views and opinions are subject to change at any time based on factors
such as market and economic conditions. These views and opinions may not be
relied upon as investment advice or recommendations, or as an offer for a
particular security. Statements of fact are from sources considered reliable,
but A I M Advisors, Inc. makes no representation or warranty as to their
completeness or accuracy. Although historical performance is no guarantee of
future results, these insights may help you understand our investment management
philosophy.
1
TAX-FREE CASH RESERVE PORTFOLIO
============================================================================================================
FUND DATA
CORPORATE CLASS DATA AS OF 9/30/06
YIELDS WEIGHTED AVERAGE MATURITY NET ASSETS
7-DAY MONTHLY RANGE DURING AT REPORTING
SEC YIELD YIELD REPORTING PERIOD PERIOD END
3.47% 3.32% 22-51 days 46 days $308.65 million
Performance quoted is past performance and cannot guarantee comparable future results; current
performance may be lower or higher. Please visit AIMinvestments.com for the most recent month-end
performance. Investment return will vary. Monthly yield represents annualized results for the period, net
of fees and expenses, and excludes any realized capital gains or losses. Had the advisor not waived fees
and/or reimbursed expenses, performance would have been lower.
============================================================================================================
==========================================
FUND COMPOSITION BY MATURITY
IN DAYS, AS OF 9/30/06
1-7 76.0%
8-30 3.3
31-90 5.8
91-180 4.2
181+ 10.7
==========================================
The number of days to maturity of each holding is determined in accordance with
the provisions of Rule 2a-7 under the Investment Company Act of 1940, as
amended.
================================================================================
AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.
================================================================================
================================================================================
THIS REPORT MUST BE ACCOMPANIED OR PRECEDED BY A CURRENTLY EFFECTIVE FUND
PROSPECTUS, WHICH CONTAINS MORE COMPLETE INFORMATION, INCLUDING FEES AND
EXPENSES. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
================================================================================
2
TAX-FREE CASH RESERVE PORTFOLIO
DEAR FELLOW AIM FUND SHAREHOLDERS:
At our meeting at the end of June, your Board completed its
comprehensive review* of each fund's advisory agreement with
[CROCKETT A I M Advisors, Inc. (AIM) to make certain your interests
PHOTO] are being served in terms of fees, performance and
operations.
Looking ahead, your Board finds many reasons to be
positive about AIM's management and strategic direction.
Most importantly, AIM's investment management discipline is
BRUCE L. CROCKETT paying off in terms of improved overall performance. While
work remains to be done, AIM's complex-wide, asset-weighted
mutual fund performance for the trailing one-, three- and
five-year periods is at its highest since 2000 for the
periods ended September 30, 2006. We are also pleased with
AIM's efforts to seek more cost-effective ways of delivering
superior service.
In addition, AIM is realizing the benefits of belonging
to a leading independent global investment management
organization in its parent company, AMVESCAP PLC, which is
dedicated to helping people worldwide build their financial
security. AMVESCAP managed approximately $441 billion
globally as of September 30, 2006, operating under the AIM,
INVESCO, AIM Trimark, INVESCO PERPETUAL and Atlantic Trust
brands. These companies are home to an abundance of
investment talent that is gradually being integrated and
leveraged into centers of excellence, each focusing on a
given market segment or asset class. Over the next few
years, your Board will be meeting at these various centers
of excellence to learn about their progress and how they may
serve you through our goal of enhancing performance and
reducing costs.
The seven new AIM funds--which include Asian funds,
structured U.S. equity funds and specialized bond funds--are
an early example of the kind of opportunities the AMVESCAP
organization can provide AIM clients. More information on
these funds can be found on AIM's Web site.
Your Board is very pleased with the overall direction and
progress of the AIM Funds. We're working closely and
effectively with AIM's management to continue this momentum.
As always, your Board is eager to hear your views on how we
might better serve you. Please send your comments in a
letter addressed to me at AIM Investments, AIM Investments
Tower, 11 Greenway Plaza, Suite 100, Houston TX 77046.
Sincerely,
/S/ BRUCE L. CROCKETT
Bruce L. Crockett
Independent Chair
AIM Funds Board
November 15, 2006
*To learn more about all the factors we considered before
approving each fund's advisory agreement, go to the
"Products & Performance" tab at the AIM Web site
(AIMinvestments.com) and click on "Investment Advisory
Agreement Renewals." The approval of advisory agreement
information for your Fund is also included in this
semiannual report on pages 5-6.
3
TAX-FREE CASH RESERVE PORTFOLIO
CALCULATING YOUR ONGOING FUND EXPENSES
EXAMPLE together with the amount you invested, to The hypothetical account values and
estimate the expenses that you paid over expenses may not be used to estimate the
As a shareholder of the Fund, you incur the period. Simply divide your account actual ending account balance or expenses
ongoing costs, including management fees; value by $1,000 (for example, an $8,600 you paid for the period. You may use this
distribution and/or service fees (12b-1); account value divided by $1,000 = 8.6), information to compare the ongoing costs
and other Fund expenses. This example is then multiply the result by the number in of investing in the Fund and other funds.
intended to help you understand your the table under the heading entitled To do so, compare this 5% hypothetical
ongoing costs (in dollars) of investing in "Actual Expenses Paid During Period" to example with the 5% hypothetical examples
the Fund and to compare these costs with estimate the expenses you paid on your that appear in the shareholder reports of
ongoing costs of investing in other mutual account during this period. the other funds.
funds. The example is based on an
investment of $1,000 invested at the HYPOTHETICAL EXAMPLE FOR COMPARISON Please note that the expenses shown in
beginning of the period and held for the PURPOSES the table are meant to highlight your
entire period, April 1, 2006, through ongoing costs only. Therefore, the
September 30, 2006. The table below also provides information hypothetical information is useful in
about hypothetical account values and comparing ongoing costs only, and will not
ACTUAL EXPENSES hypothetical expenses based on the Fund's help you determine the relative total
actual expense ratio and an assumed rate costs of owning different funds.
The table below provides information about of return of 5% per year before expenses,
actual account values and actual expenses. which is not the Fund's actual return.
You may use the information in this table,
====================================================================================================================================
HYPOTHETICAL
ACTUAL (5% ANNUAL RETURN BEFORE EXPENSES)
BEGINNING ENDING EXPENSES ENDING EXPENSES ANNUALIZED
ACCOUNT VALUE ACCOUNT VALUE PAID DURING ACCOUNT VALUE PAID DURING EXPENSE
CLASS (4/1/06) (9/30/06)(1) PERIOD(2) (9/30/06) PERIOD(2) RATIO
Corporate $1,000.00 $1,016.60 $1.26 $1,023.82 $1.27 0.25%
(1) The actual ending account value is based on the actual total return of the Fund for the period April 1, 2006, through September
30, 2006, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense
ratio and a hypothetical annual return of 5% before expenses.
(2) Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the
period, multiplied by 183/365 to reflect the most recent fiscal half-year.
====================================================================================================================================
4
TAX-FREE CASH RESERVE PORTFOLIO
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
The Board of Trustees of Tax-Free cluded that the range of services to be uation of the Fund's Senior Officer
Investments Trust (the "Board") oversees provided by AIM under the Advisory (discussed below) only considered Fund
the management of Tax-Free Cash Reserve Agreement was appropriate and that AIM performance through the most recent
Portfolio (the "Fund") and, as required by currently is providing services in calendar year, the Board also reviewed
law, determines annually whether to accordance with the terms of the Advisory more recent Fund performance, which did
approve the continuance of the Fund's Agreement. not change their conclusions.
advisory agreement with A I M Advisors,
Inc. ("AIM"). Based upon the o The quality of services to be provided o Meetings with the Fund's portfolio
recommendation of the Investments by AIM. The Board reviewed the credentials managers and investment personnel. With
Committee of the Board, at a meeting held and experience of the officers and respect to the Fund, the Board is meeting
on June 27, 2006, the Board, including all employees of AIM who will provide periodically with such Fund's portfolio
of the independent trustees, approved the investment advisory services to the Fund. managers and/or investment personnel and
continuance of the advisory agreement (the In reviewing the qualifications of AIM to believes that such individuals are
"Advisory Agreement") between the Fund and provide investment advisory services, the competent and able to continue to carry
AIM for another year, effective July 1, Board considered such issues as AIM's out their responsibilities under the
2006. portfolio and product review process, Advisory Agreement.
AIM's legal and compliance function, AIM's
The Board considered the factors use of technology, AIM's portfolio o Overall performance of AIM. The Board
discussed below in evaluating the fairness administration function and the quality of considered the overall performance of AIM
and reasonableness of the Advisory AIM's investment research. Based on the in providing investment advisory and
Agreement at the meeting on June 27, 2006 review of these and other factors, the portfolio administrative services to the
and as part of the Board's ongoing Board concluded that the quality of Fund and concluded that such performance
oversight of the Fund. In their services to be provided by AIM was was satisfactory.
deliberations, the Board and the appropriate and that AIM currently is
independent trustees did not identify any providing satisfactory services in o Fees relative to those of clients of AIM
particular factor that was controlling, accordance with the terms of the Advisory with comparable investment strategies. The
and each trustee attributed different Agreement. Board noted that AIM does not serve as an
weights to the various factors. advisor to other mutual funds or other
o The performance of the Fund relative to clients with investment strategies
One responsibility of the independent comparable funds. The Board reviewed the comparable to those of the Fund.
Senior Officer of the Fund is to manage performance of the Fund during the past
the process by which the Fund's proposed one, three and five calendar years against o Fees relative to those of comparable
management fees are negotiated to ensure the performance of funds advised by other funds with other advisors. The Board
that they are negotiated in a manner which advisors with investment strategies reviewed the advisory fee rate for the
is at arms' length and reasonable. To that comparable to those of the Fund. The Board Fund under the Advisory Agreement. The
end, the Senior Officer must either noted that the Fund's performance in such Board compared effective contractual
supervise a competitive bidding process or periods was at or above the median advisory fee rates at a common asset level
prepare an independent written evaluation. performance of such comparable funds. at the end of the past calendar year and
The Senior Officer has recommended an Based on this review and after taking noted that the Fund's rate was comparable
independent written evaluation in lieu of account of all of the other factors that to the median rate of the funds advised by
a competitive bidding process and, upon the Board considered in determining other advisors with investment strategies
the direction of the Board, has prepared whether to continue the Advisory Agreement comparable to those of the Fund that the
such an independent written evaluation. for the Fund, the Board concluded that no Board reviewed. The Board noted that AIM
Such written evaluation also considered changes should be made to the Fund and has agreed to waive fees and/or limit
certain of the factors discussed below. that it was not necessary to change the expenses of the Fund, as discussed below.
Fund's portfolio management team at this Based on this review, the Board concluded
The discussion below serves as a time. Although the independent written that the advisory fee rate for the Fund
summary of the Senior Officer's evaluation of the Fund's Senior Officer under the Advisory Agreement was fair and
independent written evaluation, as well as (discussed below) only considered Fund reasonable.
a discussion of the material factors and performance through the most recent
the conclusions with respect thereto that calendar year, the Board also reviewed o Expense limitations and fee waivers. The
formed the basis for the Board's approval more recent Fund performance, which did Board noted that AIM has contractually
of the Advisory Agreement. After not change their conclusions. agreed to waive fees and/or limit expenses
consideration of all of the factors below of the Fund in an amount necessary to
and based on its informed business o The performance of the Fund relative to limit total annual operating expenses to a
judgment, the Board determined that the indices. The Board reviewed the specified percentage of average daily net
Advisory Agreement is in the best performance of the Fund during the past assets for each class of the Fund. The
interests of the Fund and its shareholders one, three and five calendar years against Board considered the contractual nature of
and that the compensation to AIM under the the performance of the Lipper this fee waiver/expense limitation and
Advisory Agreement is fair and reasonable Institutional Tax-Exempt Money Market noted that it remains in effect until June
and would have been obtained through arm's Index. The Board noted that the Fund's 30, 2007. The Board considered the effect
length negotiations. performance in such periods was comparable this fee waiver/expense limitation would
to the performance of such Index. Based on have on the Fund's estimated expenses and
Unless otherwise stated, information this review and after taking account of concluded that the levels of fee
presented below is as of June 27, 2006 and all of the other factors that the Board waivers/expense limitations for the Fund
does not reflect any changes that may have considered in determining whether to were fair and reasonable.
occurred since June 27, 2006, including continue the Advisory Agreement for the
but not limited to changes to the Fund's Fund, the Board concluded that no changes o Breakpoints and economies of scale. The
performance, advisory fees, expense should be made to the Fund and that it was Board reviewed the structure of the Fund's
limitations and/or fee waivers. not necessary to change the Fund's advisory fee under the Advisory Agreement,
portfolio management team at this time. noting that it includes one breakpoint.
o The nature and extent of the advisory Although the independent written eval- The Board reviewed the level of the Fund's
services to be provided by AIM. The Board advisory fees, and noted that such fees,
reviewed the services to be provided by as a percentage of the Fund's net assets,
AIM under the Advisory Agreement. Based on
such review, the Board con-
(continued)
5
TAX-FREE CASH RESERVE PORTFOLIO
have decreased as net assets increased o Historical relationship between the Fund
because the Advisory Agreement includes a and AIM. In determining whether to
breakpoint. The Board concluded that the continue the Advisory Agreement for the
Fund's fee levels under the Advisory Fund, the Board also considered the prior
Agreement therefore reflect economies of relationship between AIM and the Fund, as
scale and that it was not necessary to well as the Board's knowledge of AIM's
change the advisory fee breakpoints in the operations, and concluded that it was
Fund's advisory fee schedule. beneficial to maintain the current
relationship, in part, because of such
o Investments in affiliated money market knowledge. The Board also reviewed the
funds. Not applicable because the Fund general nature of the non-investment
does not invest in affiliated money market advisory services currently performed by
funds. AIM and its affiliates, such as
administrative, transfer agency and
o Independent written evaluation and distribution services, and the fees
recommendations of the Fund's Senior received by AIM and its affiliates for
Officer. The Board noted that, upon their performing such services. In addition to
direction, the Senior Officer of the Fund, reviewing such services, the trustees also
who is independent of AIM and AIM's considered the organizational structure
affiliates, had prepared an independent employed by AIM and its affiliates to
written evaluation in order to assist the provide those services. Based on the
Board in determining the reasonableness of review of these and other factors, the
the proposed management fees of the AIM Board concluded that AIM and its
Funds, including the Fund. The Board noted affiliates were qualified to continue to
that the Senior Officer's written provide non-investment advisory services
evaluation had been relied upon by the to the Fund, including administrative,
Board in this regard in lieu of a transfer agency and distribution services,
competitive bidding process. In and that AIM and its affiliates currently
determining whether to continue the are providing satisfactory non-investment
Advisory Agreement for the Fund, the Board advisory services.
considered the Senior Officer's written
evaluation. o Other factors and current trends. The
Board considered the steps that AIM and
o Profitability of AIM and its affiliates. its affiliates have taken over the last
The Board reviewed information concerning several years, and continue to take, in
the profitability of AIM's (and its order to improve the quality and
affiliates') investment advisory and other efficiency of the services they provide to
activities and its financial condition. the Funds in the areas of investment
The Board considered the overall performance, product line diversification,
profitability of AIM, as well as the distribution, fund operations, shareholder
profitability of AIM in connection with services and compliance. The Board
managing the Fund. The Board noted that concluded that these steps taken by AIM
AIM's operations remain profitable, have improved, and are likely to continue
although increased expenses in recent to improve, the quality and efficiency of
years have reduced AIM's profitability. the services AIM and its affiliates
Based on the review of the profitability provide to the Fund in each of these
of AIM's and its affiliates' investment areas, and support the Board's approval of
advisory and other activities and its the continuance of the Advisory Agreement
financial condition, the Board concluded for the Fund.
that the compensation to be paid by the
Fund to AIM under its Advisory Agreement
was not excessive.
o Benefits of soft dollars to AIM. The
Board considered the benefits realized by
AIM as a result of brokerage transactions
executed through "soft dollar"
arrangements. Under these arrangements,
brokerage commissions paid by other funds
advised by AIM are used to pay for
research and execution services. This
research may be used by AIM in making
investment decisions for the Fund. The
Board concluded that such arrangements
were appropriate.
o AIM's financial soundness in light of
the Fund's needs. The Board considered
whether AIM is financially sound and has
the resources necessary to perform its
obligations under the Advisory Agreement,
and concluded that AIM has the financial
resources necessary to fulfill its
obligations under the Advisory Agreement.
6
Tax-Free Cash Reserve Portfolio
SCHEDULE OF INVESTMENTS
September 30, 2006
(Unaudited)
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MUNICIPAL OBLIGATIONS-98.85%(A)
ALABAMA-0.17%
Homewood (City of) Educational Building
Authority (Samford University Facilities
Project); Series 1999, VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 12/01/21(b)(c) -- VMIG-1 $ 3,685 $ 3,685,000
- -------------------------------------------------------------------------------------------
Tuscaloosa (County of) Board of Education
(Capital Outlay); Series 1997 B, VRD Wts.
(LOC-Regions Bank)
3.76%, 02/01/17(d)(e) -- Aa3 3,175 3,175,000
===========================================================================================
6,860,000
===========================================================================================
ALASKA-0.75%
Alaska (State of) Industrial Development
Authority (Providence Medical Office
Building); Series 1985, VRD IDR (LOC-KBC
Bank N.V.)
3.55%, 06/01/10(d)(f)(g) -- VMIG-1 1,590 1,590,000
- -------------------------------------------------------------------------------------------
North Slope (Borough of); Series 2000 A,
Refunding VRD GO (INS-MBIA Insurance Corp.)
3.77%, 06/30/10(c)(e) A-1+ VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Alaska (State of) Housing
Finance Corp.); Series 1999 D, VRD RB
(Acquired 03/28/06; Cost $25,000,000)
3.78%, 06/01/49(e)(h)(i) -- VMIG-1 25,000 25,000,000
===========================================================================================
30,290,000
===========================================================================================
ARIZONA-0.54%
Arizona State University Board of Regents;
Series 2003 A, Refunding VRD RB (INS-Ambac
Assurance Corp.)
3.73%, 07/01/34(c)(e) A-1+ VMIG-1 1,570 1,570,000
- -------------------------------------------------------------------------------------------
Casa Grande (City of) Industrial Development
Authority (Center Park Apartments Project);
Series 2001 A, Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association)
3.77%, 06/15/31(e) -- VMIG-1 2,010 2,010,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ARIZONA-(CONTINUED)
Casa Grande (City of) Industrial Development
Authority (Quail Gardens Apartments);
Series 2001 A, Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association)
3.77%, 06/15/31(e) -- VMIG-1 $ 1,885 $ 1,885,000
- -------------------------------------------------------------------------------------------
Phoenix (City of) Industrial Development
Authority (Lynwood Apartments Project);
Series 1994, Refunding Multi-Family Housing
VRD IDR (CEP-Federal Home Loan Bank of San
Francisco)
3.81%, 10/01/25(e) A-1+ -- 5,715 5,715,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (El Dorado Hospital); Series
2004, VRD IDR (LOC-Branch Banking & Trust
Co.)
3.78%, 04/01/38(d)(e) -- VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (Tohono Chul Park Project);
Series 2001, VRD IDR (LOC-Northern Trust
Co.)
3.85%, 08/01/36(d)(e) -- VMIG-1 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Scottsdale (City of) Industrial Development
Authority (Notre Dame School); Series 2001
A, VRD Limited Obligation IDR (LOC-JPMorgan
Chase Bank, N.A.)
3.80%, 05/01/21(d)(e) A-1+ -- 3,000 3,000,000
===========================================================================================
21,980,000
===========================================================================================
CALIFORNIA-0.90%
California (State of) Pollution Control
Financing Authority (Southdown, Inc.
Project); Series 1983 Floating Rate PCR
(LOC-Wachovia Bank, N.A.)
3.70%, 02/15/13(d)(f) -- VMIG-1 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Series 1983 B Floating Rate PCR
(LOC-Wachovia Bank, N.A.)
3.70%, 09/15/13(d)(f) A-1+ VMIG-1 9,400 9,400,000
- -------------------------------------------------------------------------------------------
</Table>
F-1
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
CALIFORNIA-(CONTINUED)
JPMorgan PUTTERs (Sacramento (County of)
Sanitation District Financing Authority);
Series 2006-1407, VRD RB (Acquired
07/19/06; Cost $1,455,000)
3.77%, 06/01/14(e)(h)(i) A-1+ -- $ 1,455 $ 1,455,000
- -------------------------------------------------------------------------------------------
San Jose (City of) Financing Authority;
Series 2006, Commercial Paper Notes
(LOC-State Street Bank & Trust Co.;
California State Teachers Retirement
System)
3.68%, 11/07/06(d) A-1+ P-1 17,806 17,806,000
===========================================================================================
36,661,000
===========================================================================================
COLORADO-2.18%
Broomfield (City of) Urban Renewal Authority
(Event Center Project); Series 2005, Tax
Increment Allocation VRD Revenue (LOC-BNP
Paribas)
3.76%, 12/01/30(d)(e)(g) -- VMIG-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
Castle Pines North Metropolitan District;
Series 2006 C, VRD Refunding Limited Tax GO
(LOC-U.S. Bank, N.A.)
3.76%, 12/01/24(d)(e) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Centerra Metropolitan District No. 1; Series
2004, VRD RB (LOC-BNP Paribas)
3.77%, 12/01/29(d)(e)(g) A-1+ -- 12,000 12,000,000
- -------------------------------------------------------------------------------------------
Colorado (State of) E-470 Public Highway
Authority (Vehicle Registration Fee);
Series 2001, VRD RB (INS-MBIA Insurance
Corp.)
3.77%, 09/01/18(c)(e) A-1+ -- 1,175 1,175,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Community Wireless
Park City); Series 2003, VRD RB (LOC-U.S.
Bank, N.A.)
3.78%, 12/01/23(d)(e) A-1+ -- 600 600,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Regis Jesuit High
School Project); Series 2003, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 12/01/33(d)(e) A-1+ -- 5,065 5,065,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
COLORADO-(CONTINUED)
Colorado (State of) Educational & Cultural
Facilities Authority (Southeastern Baptist
Theological Seminary); Series 2005, VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 03/01/25(d)(e) -- VMIG-1 $ 8,945 $ 8,945,000
- -------------------------------------------------------------------------------------------
Colorado (State of) General Fund; Series
2006, RAN 4.75%, 06/27/07 SP-1+ -- 10,000 10,070,764
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Arapahoe House Project); Series
2004 A, VRD RB (LOC-Wells Fargo Bank, N.A.)
3.81%, 04/01/24(d)(e) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Christian Living Project);
Series 1997, Refunding VRD RB (LOC-U.S.
Bank, N.A.)
3.78%, 01/01/11(d)(e) A-1+ -- 1,245 1,245,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Covenant Retirement); Series
2006, Refunding VRD RB (LOC-LaSalle Bank
N.A.)
3.75%, 12/01/25(d)(e) A-1 -- 6,760 6,760,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Craig Hospital Project); Series
2003, Refunding VRD RB (LOC-Wells Fargo
Bank, N.A.)
3.74%, 12/01/20(d)(e) A-1+ -- 5,275 5,275,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Goodwill Industries Denver
Project); Series 2004, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.85%, 12/01/24(d)(e) -- VMIG-1 1,350 1,350,000
- -------------------------------------------------------------------------------------------
Colorado Springs (City of) (Pikes Peak Mental
Health Center); Series 2003, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 03/15/23(d)(e) A-1+ -- 1,805 1,805,000
- -------------------------------------------------------------------------------------------
Colorado Springs (City of) Industrial
Development Authority (Cook Communications
Project); Series 2002, VRD IDR (LOC-Bank of
America, N.A.)
3.79%, 03/01/17(d)(e) A-1+ -- 2,350 2,350,000
- -------------------------------------------------------------------------------------------
</Table>
F-2
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
COLORADO-(CONTINUED)
Concord (Metropolitan District of); Series
2004, Refunding & Improvement Unlimited Tax
GO (LOC-Wells Fargo Bank, N.A.)
3.50%, 12/01/29(d)(j) A-1+ -- $ 1,550 $ 1,550,000
- -------------------------------------------------------------------------------------------
Crystal Valley Metropolitan District of No.
1; Series 2004, VRD RB (LOC-Wells Fargo
Bank, N.A.)
3.74%, 10/01/34(d)(e) A-1+ -- 4,795 4,795,000
- -------------------------------------------------------------------------------------------
Denver (City & County of) Excise Tax Revenue
Authority (Convention Center Project);
Series 2001 B, RB (INS-Financial Security
Assurance Inc.)
3.74%, 09/01/25(c)(e) A-1+ VMIG-1 4,920 4,920,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Section 14 Metropolitan
District; Series 2000 Refunding Unlimited
Tax GO (LOC-U.S. Bank, N.A.)
5.20%, 12/01/19(d)(j) AA -- 1,100 1,102,889
- -------------------------------------------------------------------------------------------
Series 2004 Refunding Unlimited Tax VRD GO
(LOC-U.S. Bank, N.A.)
3.50%, 12/01/13(d)(k) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Mesa (County of) (Goodwill Industries of
Colorado Springs); Series 2006, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 12/01/26(d)(e) A-1+ -- 1,250 1,250,000
===========================================================================================
88,458,653
===========================================================================================
CONNECTICUT-0.26%
Connecticut (State of) Development Authority
(Central Vermont Public Service); Series
1985, Floating Rate PCR (LOC-Citizens Bank
of Massachusetts)
3.66%, 12/01/15(d)(f) A-1+ -- 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Connecticut (State of) Health & Educational
Facilities Authority (Westminster School);
Series 2002 C, VRD RB (LOC-Bank of America,
N.A.)
3.73%, 07/01/32(d)(e) A-1+ -- 1,395 1,395,000
- -------------------------------------------------------------------------------------------
Connecticut (State of) Health & Educational
Facilities Authority (YMCA of Greater
Hartford); Series 2002 A, VRD RB (INS-Ambac
Assurance Corp.)
3.73%, 07/01/32(c)(e) -- VMIG-1 7,910 7,910,000
===========================================================================================
10,705,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
DELAWARE-0.17%
Delaware (State of) Economic Development
Authority (Connections Community Support);
Series 2006, VRD RB (LOC-Mercantile Safe
Deposit & Trust Co.)
3.77%, 08/01/31(d)(e) A-1+ -- $ 7,035 $ 7,035,000
===========================================================================================
DISTRICT OF COLUMBIA-0.39%
District of Columbia (American Library
Association); Series 2005, VRD RB (LOC-Bank
of America, N.A.)
3.76%, 02/01/35(d)(e) -- VMIG-1 3,175 3,175,000
- -------------------------------------------------------------------------------------------
District of Columbia (American Psychology
Association); Series 2003, VRD RB (LOC-Bank
of America, N.A.)
3.79%, 03/01/28(d)(e) A-1+ -- 5,055 5,055,000
- -------------------------------------------------------------------------------------------
District of Columbia (National Academy of
Sciences); Series 1999 B Commercial Paper
(INS-Ambac Assurance Corp.)
3.46%, 11/07/06(c) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
3.63%, 11/07/06(c) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
District of Columbia (Washington Center for
Internships & Academic); Series 2006, VRD
RB (LOC-Branch Banking & Trust Co.)
3.78%, 07/01/36(d)(e) -- VMIG-1 1,700 1,700,000
===========================================================================================
15,930,000
===========================================================================================
FLORIDA-5.57%
ABN AMRO Munitops Ctfs. Trust (Miami-Dade
(County of) Transit Sales Surtax Revenue
Bonds); Series 2006-24, Non-AMT VRD Ctfs.
(Acquired 05/05/06; Cost $14,270,000)
3.78%, 07/01/14(e)(h)(i) -- VMIG-1 14,270 14,270,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Port St. Lucie
(City of) Utilities Systems Revenue Bonds);
Series 2006-50, Non-AMT VRD Ctfs. (Acquired
07/17/06; Cost $10,700,000)
3.78%, 09/01/14(e)(h)(i) -- VMIG-1 10,700 10,700,000
- -------------------------------------------------------------------------------------------
Cape Coral (City of); Series 2006, Commercial
Paper Notes (LOC-Bank of America, N.A.)
3.48%, 10/10/06(d) A-1+ -- 15,000 15,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-3
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-(CONTINUED)
Capital Projects Finance Authority (Capital
Projects Loan Program); Series 1997 A, VRD
RB (INS-Financial Security Assurance Inc.)
3.77%, 08/01/17(c)(e) A-1+ -- $ 7,200 $ 7,200,000
- -------------------------------------------------------------------------------------------
Collier (County of) Industrial Development
Authority (Redlands Christian Migrant
Association Inc.); Series 2001, VRD IDR
(LOC-Bank of America, N.A.)
3.79%, 12/01/26(d)(e)(l) -- -- 2,800 2,800,000
- -------------------------------------------------------------------------------------------
Florida (State of) Division of Bond Finance
Department of General Services
(Environmental Protection Preservation
2000); Series 1998 B, RB (INS-Financial
Security Assurance Inc.)
5.50%, 07/01/07(c) AAA Aaa 5,200 5,273,637
- -------------------------------------------------------------------------------------------
Florida (State of) Local Government Finance
Commission (Pooled Loan Program); Series
1994 A, Commercial Paper Notes
(LOC-Wachovia Bank, N.A.)
3.52%, 10/31/06(d) -- P-1 22,670 22,670,000
- -------------------------------------------------------------------------------------------
Florida Gulf Coast University Financing Corp.
(Florida Capital Improvement); Series 2003,
VRD RB (LOC-Wachovia Bank, N.A.)
3.78%, 12/01/33(d)(e) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Highlands (County of) Health Facilities
Authority (Adventist Health); Series 2006
A, Refunding VRD RB (INS-Financial Security
Assurance Inc.)
3.76%, 11/15/30(c)(e) A-1+ VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Hillsborough (County of) Industrial
Development Authority (Tampa Metropolitan
Area YMCA Project); Series 2000, VRD IDR
(LOC-Bank of America, N.A.)
3.76%, 03/01/25(d)(e)(l) -- -- 5,550 5,550,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (Baptist Medical Center Project);
Series 2004, Commercial Paper (LOC-Bank of
America, N.A.)
3.20%, 10/13/06(d) A-1+ -- 3,000 3,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
FLORIDA-(CONTINUED)
Jacksonville (City of) Health Facilities
Authority (Samuel C. Taylor Foundation
Project); Series 1998, VRD RB (LOC-Bank of
America, N.A.) (Acquired 02/20/01; Cost
$2,600,000)
3.79%, 12/01/23(d)(e)(h)(l) -- -- $ 2,600 $ 2,600,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (University of Florida
Jacksonville Physicians, Inc.); Series
2002, VRD RB (LOC-Bank of America, N.A.)
3.80%, 06/01/22(d)(e) -- VMIG-1 11,245 11,245,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority; Series 2003 C, VRD RB (LOC-Bank
of America, N.A.)
3.80%, 08/15/33(b)(d) A-1+ -- 5,695 5,695,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Florida (State of) Department of
Environmental Protection); Series 2002-722,
Floating Rate Trust Ctfs. VRD RB (Acquired
11/13/02; Cost $9,690,000)
3.78%, 07/01/22(e)(h)(i) A-1 -- 9,690 9,690,000
- -------------------------------------------------------------------------------------------
North Miami (City of) Educational Facilities
(Miami Country Day School Project); Series
1999, VRD RB (LOC-Bank of America, N.A.)
3.76%, 08/01/19(d)(e)(l) -- -- 1,450 1,450,000
- -------------------------------------------------------------------------------------------
Orange (County of) Health Facilities
Authority (Adventist Health System/Sunbelt
Inc.); Series 1992, VRD RB (LOC-SunTrust
Bank)
3.83%, 11/15/14(d)(e) A-1+ VMIG-1 1,535 1,535,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Educational Facilities
Authority (Atlantic College); Series 2001,
Educational Facilities VRD RB (LOC-Bank of
America, N.A.)
3.76%, 12/01/31(d)(e)(l) -- -- 13,400 13,400,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Housing Finance
Authority (Emerald Bay Club Apartments);
Series 2004, Refunding Multi-Family Housing
VRD RB (LOC-Wachovia Bank, N.A.)
3.77%, 06/01/30(d)(e) A-1+ P-1 8,000 8,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-4
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-(CONTINUED)
Palm Beach (County of) School Board; Series
2002 B, VRD COP (INS-Financial Security
Assurance Inc.)
3.73%, 08/01/27(c)(e) -- VMIG-1 $14,680 $ 14,680,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) School District Sales
Tax; Series 2006 Commercial Paper Notes
(LOC-Bank of America, N.A.)
3.50%, 10/11/06(d) A-1+ P-1 18,000 18,000,000
- -------------------------------------------------------------------------------------------
3.55%, 10/16/06(d) A-1+ P-1 9,200 9,200,000
- -------------------------------------------------------------------------------------------
Seminole (County of) School District; Series
2006, Unlimited Tax GO TAN 4.50%, 09/13/07 -- MIG-1 23,000 23,199,825
- -------------------------------------------------------------------------------------------
Tampa (City of) (Agency for Community
Treatment
DACCO Project);
Series 2001, VRD RB (LOC-Bank of America,
N.A.)
3.79%, 07/01/22(d)(e)(l) -- -- 4,730 4,730,000
===========================================================================================
225,888,462
===========================================================================================
GEORGIA-5.34%
ABN AMRO Munitops Ctfs. Trust (Fulton (County
of) Water & Sewer Revenue Bonds); Series
2004-15, Non-AMT VRD Ctfs. (Acquired
10/12/04; Cost $9,995,000)
3.78%, 01/01/12(e)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
Albany-Dougherty (County of) Hospital
Authority (Phoebe Hospital); Series 2002,
RANS (INS-Ambac Assurance Corp.)
3.78%, 09/01/32(b)(c) -- VMIG-1 25,000 25,000,000
- -------------------------------------------------------------------------------------------
Atlanta (City of) Metropolitan Rapid Transit
Authority; Series 1998 A, Refunding Second
Indenture RB (INS-MBIA Insurance Corp.)
6.25%, 07/01/07(c) AAA Aaa 9,000 9,169,959
- -------------------------------------------------------------------------------------------
Burke (County of) Development Authority
(Oglethorpe Power Corp.); Series 1994 A VRD
PCR (INS-Financial Guaranty Insurance Co.)
3.78%, 01/01/19(c)(e) A-1+ VMIG-1 20,911 20,911,000
- -------------------------------------------------------------------------------------------
Series 2006 B Commercial Paper VRD PCR
(INS-Ambac Assurance Corp.)
3.53%, 12/28/06(c) A-1+ VMIG-1 6,500 6,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
GEORGIA-(CONTINUED)
Cobb (County of) Development Authority (YMCA
of Cobb County); Series 2003, VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 12/01/25(d)(e) -- VMIG-1 $ 1,300 $ 1,300,000
- -------------------------------------------------------------------------------------------
Conyers-Rockdale-Big Haynes Impoundment
Authority; Series 1998, VRD RB
(INS-Financial Security Assurance Inc.)
3.74%, 07/01/22(c)(e) -- VMIG-1 3,040 3,040,000
- -------------------------------------------------------------------------------------------
Dahlonega (City of) Downtown Development
Authority (North Georgia Student Housing
Project); Series 2001 A, VRD RB
(LOC-Wachovia Bank, N.A.)
3.73%, 06/01/28(d)(e) -- VMIG-1 3,550 3,550,000
- -------------------------------------------------------------------------------------------
DeKalb (County of) Housing Authority (Wood
Hills Apartment Project); Series 1988,
Refunding Floating Rate Multi-Family
Housing RB (LOC-Bank of America, N.A.)
3.80%, 12/01/07(d)(e) A-1+ -- 9,250 9,250,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Georgia (State of));
Series 2000-1001 C, VRD COP (Acquired
07/26/2000; Cost $20,000,000)
3.79%, 07/01/15(e)(h)(i) A-1+ -- 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Floyd (County of) Development Authority
(Shorter College Project); Series 1998, VRD
RB (LOC-SunTrust Bank)
3.79%, 06/01/17(d)(e) A-1+ -- 1,600 1,600,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Development Authority
(Pinecrest Academy Inc. Project); Series
2000, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 09/01/25(d)(e) -- VMIG-1 8,800 8,800,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Atlanta Park II Project); Series 1997,
Refunding VRD RB (LOC-Wachovia Bank, N.A.)
(Acquired 04/12/06; Cost $1,350,000)
3.80%, 10/01/10(d)(e)(h) -- Aa2 1,350 1,350,000
- -------------------------------------------------------------------------------------------
</Table>
F-5
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
GEORGIA-(CONTINUED)
Fulton (County of) Development Authority
(Bridgeway Foundation for Education
Project); Series 2000, Educational
Facilities VRD RB (LOC-Wachovia Bank, N.A.)
3.80%, 06/01/15(d)(e) A-1+ -- $ 1,725 $ 1,725,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Doris & Alex Weber School Project); Series
2006, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 12/01/30(d)(e) -- VMIG-1 4,500 4,500,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Kings Ridge Christian School); Series
2006, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 05/01/26(d)(e) -- VMIG-1 7,000 7,000,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Mount Vernon Presbyterian School); Series
2005, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 08/01/35(d)(e) -- VMIG-1 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Georgia (State of) Road and Tollway Authority
(Federal Highway Grant); Series 2006,
Revenue BAN 4.50%, 06/01/07 AA- Aa3 18,865 18,967,989
- -------------------------------------------------------------------------------------------
Georgia (State of) Road and Tollway Authority
(Federal Highway Reimbursement); Series
2006, RB 4.50%, 06/01/07 AA- Aa3 4,920 4,946,859
- -------------------------------------------------------------------------------------------
Gwinnett (County of) School District; Series
2006, Limited Tax TAN GO
4.50%, 12/29/06 -- MIG-1 10,000 10,021,569
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Atlanta (City of) Water &
Wastewater); Series 2004-520, VRD RB
(Acquired 04/20/05; Cost $37,495,000)
3.78%, 05/01/12(e)(h)(i) A-1 -- 37,495 37,495,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Rockdale (County of) Water
& Sewer Authority); Series 2006-1342, VRD
RB (Acquired 05/24/06; Cost $2,945,000)
3.78%, 07/01/13(e)(h)(i) -- VMIG-1 2,945 2,945,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
GEORGIA-(CONTINUED)
Savannah (City of) Economic Development
Authority (Westside Urban Health Center);
Series 2002 A, VRD RB (LOC-SunTrust Bank)
3.80%, 03/01/18(d)(e) -- VMIG-1 $ 2,445 $ 2,445,000
- -------------------------------------------------------------------------------------------
Smyrna (City of) Hospital Authority
(Ridgeview Institute Inc. Project); Series
2002, VRD RB (LOC-Wachovia Bank, N.A.)
3.80%, 11/01/27(d)(e) -- VMIG-1 1,960 1,960,000
===========================================================================================
216,572,376
===========================================================================================
HAWAII-0.22%
Eagle Tax Exempt Trust (Hawaii (State of));
Series 2000-1101, VRD COP (Acquired
01/11/01; Cost $6,000,000)
3.79%, 12/01/16(e)(h)(i) A-1+ -- 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Hawaii (State of); Series 1997 CN, Unlimited
Tax GO (INS-Financial Guaranty Insurance
Co.)
6.25%, 03/01/07(c) AAA Aaa 3,000 3,032,471
===========================================================================================
9,032,471
===========================================================================================
IDAHO-0.78%
Custer (County of) Pollution Control (Amoco
Oil Co.-Standard Oil Industry Project);
Series 1983, VRD PCR 3.55%, 10/01/09(g)(m) A-1+ -- 22,200 22,200,000
- -------------------------------------------------------------------------------------------
Idaho (State of) Health Facilities Authority
(Pooled Financing Program); Series 1985,
VRD ACES RB (LOC-U.S. Bank, N.A.)
3.80%, 10/01/10(d)(e) -- VMIG-1 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Idaho (State of); Series 2006, Unlimited Tax
GO TAN 4.50%, 06/29/07 SP-1+ MIG-1 8,000 8,045,667
===========================================================================================
31,645,667
===========================================================================================
ILLINOIS-13.04%
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of) Board of Education); Series 2002-4, VRD
GO Ctfs. (Acquired 11/10/05 Cost
$24,225,000)
3.77%, 12/01/09(e)(h)(i) -- VMIG-1 24,225 24,225,000
- -------------------------------------------------------------------------------------------
</Table>
F-6
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of)); Series 2001-34 Refunding Multi-State
Non-AMT VRD Limited Tax Ctfs. (Acquired
11/15/01; Cost $10,000,000) 3.79%,
07/01/07(e)(h)(i) -- VMIG-1 $10,000 $ 10,000,000
- -------------------------------------------------------------------------------------------
Series 2005-40 Non-AMT VRD Unlimited Tax GO
(Acquired 11/30/05; Cost $15,165,000)
3.79%, 07/01/13(e)(h)(i)(l) -- -- 15,165 15,165,000
- -------------------------------------------------------------------------------------------
Aurora (City of) Economic Development (Aurora
University); Series 2004, VRD RB
(LOC-Harris N.A.)
3.85%, 03/01/35(d)(e) A-1+ VMIG-1 7,250 7,250,000
- -------------------------------------------------------------------------------------------
Bear Stearns Municipal Securities Trust Ctfs.
(State of Illinois); Series 1998-25 A VRD
RB (Acquired 08/26/99; Cost $10,000,000)
3.79%, 03/15/07(e)(h)(i) A-1 -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2002-190 A VRD RB (Acquired
05/06/02; Cost $10,130,000) 3.79%,
06/05/14(e)(h)(i) A-1 -- 10,130 10,130,000
- -------------------------------------------------------------------------------------------
Channahon (City of) (Morris Hospital); Series
2003 A Refunding VRD RB (LOC-U.S. Bank,
N.A.)
3.77%, 12/01/23(d)(e) A-1+ -- 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Series 2003 B VRD RB (LOC-U.S. Bank, N.A.)
3.77%, 12/01/32(d)(e) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Chicago (City of); Series 2002 B, VRD
Unlimited GO (INS-Financial Guaranty
Insurance Co.)
3.74%, 01/01/37(c)(e) A-1+ VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Cook (County of) (Capital Improvement);
Series 2004 E, VRD Unlimited Tax GO 3.78%,
11/01/33(e) A-1+ VMIG-1 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
O'Hare International Airport); Series
2006-0056 A, VRD COP (Acquired 03/22/06;
Cost $6,200,000)
3.79%, 01/01/33(e)(h)(i) A-1+ -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Eagle Tax Exempt Trust (Chicago (City of)
Park District); Series 2002-1306 A,
Unlimited Tax VRD COP (Acquired 05/02/02;
Cost $5,500,000)
3.79%, 01/01/29(e)(h)(i) A-1+ -- $ 5,500 $ 5,500,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
Water & Sewer); Series 2001-1308, VRD COP
(Acquired 12/12/01; Cost $8,655,000)
3.79%, 11/01/26(e)(h)(i) A-1+ -- 8,655 8,655,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of));
Series 2001-1305, VRD COP (Acquired
04/20/01; Cost $4,950,000)
3.89%, 01/01/35(e)(h)(i) A-1+ -- 4,950 4,950,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Illinois (State of));
Series 2000-1304, VRD COP (Acquired
06/27/00; Cost $7,340,000)
3.79%, 06/01/21(e)(h)(i) A-1+ -- 7,340 7,340,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Regional
Transportation Authority); Series
2000-1303, VRD COP (Acquired 03/26/01; Cost
$19,000,000)
3.79%, 07/01/23(e)(h)(i) A-1+ -- 19,000 19,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Chicago Shakespeare Theater
Project); Series 1999, VRD RB (LOC-LaSalle
Bank N.A.) (Acquired 09/24/03; Cost
$4,100,000)
3.75%, 01/01/19(d)(e)(h) A-1 -- 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Christian Heritage Academy);
Series 2001, VRD RB (LOC-Fifth Third Bank)
3.94%, 12/01/21(b)(d) A-1+ -- 4,625 4,625,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Embers Elementary School
Project); Series 2002, Educational
Facilities VRD RB (LOC-LaSalle Bank N.A.)
(Acquired 11/04/03; Cost $2,175,000)
3.76%, 04/01/32(d)(e)(h) A-1 -- 2,175 2,175,000
- -------------------------------------------------------------------------------------------
</Table>
F-7
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Fenwich High School Project);
Series 1997, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 03/01/32(d)(e) A-1+ -- $ 3,000 $ 3,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Glenwood School for Boys);
Series 1998, VRD RB (LOC-Harris N.A.)
3.85%, 02/01/33(d)(e) A-1+ -- 2,250 2,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Institute of Gas Technology
Project); Series 1999, VRD IDR (LOC-Harris
N.A.)
3.83%, 09/01/24(d)(e) A-1+ -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (James Jordan Boys & Girls Club
and Family Center Project); Series 1995,
VRD RB (LOC-JPMorgan Chase Bank, N.A.,
LaSalle Bank N.A.) (Acquired 10/18/05; Cost
$4,700,000)
3.85%, 08/01/30(d)(e)(h) A-1 -- 4,700 4,700,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Lyric Opera Chicago Project);
Series 1994, VRD RB (LOC-Northern Trust
Co., Harris N.A., JPMorgan Chase Bank,
N.A.)
3.80%, 12/01/28(d)(e) A-1+ VMIG-1 15,600 15,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Museum of Contemporary Art
Project); Series 1994, VRD RB (LOC-JPMorgan
Chase Bank, N.A., Northern Trust Co.)
3.80%, 02/01/29(d)(e) A-1+ VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Oak Park Residence Corp.
Project); Series 2001, VRD RB (LOC-LaSalle
Bank N.A.) (Acquired 01/29/03; Cost
$2,975,000)
3.75%, 07/01/41(d)(e)(h) A-1 -- 2,975 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Providence-St. Mel School
Project); Series 2002, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.85%, 06/01/37(d)(e) -- VMIG-1 1,360 1,360,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Radiological Society Project);
Series 1997, VRD RB (LOC-JPMorgan Chase
Bank, N.A.) (Acquired 04/07/06; Cost
$1,600,000)
3.83%, 06/01/17(d)(e)(h) A-1+ -- $ 1,600 $ 1,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Rosecrance Inc. Project); Series
2003, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 10/01/24(d)(e) A-1+ -- 2,825 2,825,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Teachers Academy for Mathamatics
& Science); Series 2001, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.85%, 02/01/21(d)(e) -- VMIG-1 2,975 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Uhlich Childrens Home Project);
Series 2002, VRD IDR (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 10/01/33(d)(e) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (West Central Illinois
Educational Project); Series 2002, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 09/01/32(d)(e) -- VMIG-1 3,600 3,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (YMCA of Metropolitan Chicago
Project); Series 2001, VRD RB (LOC-Harris
N.A.)
3.80%, 06/01/29(d)(e) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Arts Club of Chicago); Series
1996, VRD RB (LOC-Northern Trust Co.)
3.85%, 01/01/26(d)(e) A-1+ -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Aurora University); Series 2002,
RB (LOC-Fifth Third Bank)
3.85%, 03/01/32(d)(e) -- VMIG-1 4,900 4,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-8
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Educational Facilities
Authority (Chicago Childrens Museum);
Series 1994, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 02/01/28(d)(e) A-1 VMIG-1 $ 1,200 $ 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Dominican University); Series
2000 B, VRD RB (LOC-Allied Irish Banks PLC)
3.85%, 10/01/30(d)(e)(g) -- VMIG-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Elmhurst College); Series 2003,
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.85%, 03/01/33(d)(e) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Field Museum of National
History); Series 1998, VRD RB (LOC-Bank of
America, N.A.)
3.80%, 11/01/32(d)(e) A-1+ -- 3,950 3,950,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Lake County Family YMCA); Series
2000, VRD RB (LOC-Harris N.A.)
3.85%, 11/01/30(d)(e) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Lincoln Park Society); Series
1999, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.80%, 01/01/29(d)(e) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Museum of Science & Industry);
Series 1992, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 10/01/26(d)(e) -- VMIG-1 3,250 3,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (National Louis University);
Series 1999 A VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.75%, 06/01/29(d)(e) A-1+ -- 5,600 5,600,000
- -------------------------------------------------------------------------------------------
Series 1999 B VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.83%, 06/01/29(d)(e) A-1+ -- 3,100 3,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Educational Facilities
Authority (Newberry Library); Series 1988,
VRD RB (LOC-Northern Trust Co.)
3.85%, 03/01/28(d)(e) -- VMIG-1 $ 1,205 $ 1,205,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Shedd Aquarium Society); Series
1987 B, Commercial Paper (LOC-Bank of
America, N.A.)
3.70%, 04/16/07(d) -- VMIG-1 18,000 18,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority; Series 1998, Pooled Financing
VRD RB (LOC-Bank of America, N.A.)
3.77%, 03/01/28(d)(e) A-1+ -- 2,720 2,720,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Benedictine University Project); Series
2006, VRD RB (LOC-National City Bank of the
Midwest)
3.76%, 03/01/26(d)(e) A-1 -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Fairview Hospital); Series 2004 C,
Refunding VRD RB (LOC-LaSalle Bank N.A.)
3.75%, 08/15/34(d)(e) A-1 -- 13,250 13,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Franciscan Communities, Inc. - The Village
at Victory Lakes); Series 2006 A, VRD RB
(LOC-LaSalle Bank N.A.)
3.76%, 05/01/36(d)(e) A-1 -- 8,045 8,045,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Jewish
Charities); Series 2006 O6-07 A, VRD RN
(LOC-Harris N.A.)
3.80%, 06/29/07(d)(e) A-1+ -- 8,890 8,890,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Latin
School Project); Series 2005 A, Refunding
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 08/01/28(d)(e) -- VMIG-1 9,100 9,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Mercy
Alliance Project); Series 2005, VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.77%, 02/15/35(d)(e) -- VMIG-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-9
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Finance Authority (North
Park University Project); Series 2005, VRD
RB (LOC-JPMorgan Chase Bank, N.A.)
3.85%, 07/01/35(d)(e) A-1+ -- $ 2,900 $ 2,900,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Search
Development Center Inc. Project); Series
2004, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 06/01/24(d)(e) -- VMIG-1 5,075 5,075,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Sunshine Through Golf Foundation Project);
Series 2004 A, VRD RB (LOC-LaSalle Bank
N.A.)
3.76%, 11/01/24(d)(e) A-1 -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Three
Crowns Park Plaza); Series 2006 C, VRD RB
(LOC-Allied Irish Banks PLC)
3.77%, 02/15/38(d)(e)(g)(l) -- -- 7,500 7,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (YMCA
of Metropolitan Chicago Project); Series
2004, VRD RB (LOC-Harris N.A.)
3.80%, 06/01/34(d)(e) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Blessing Hospital); Series 1999
B, VRD RB (INS-Financial Security Assurance
Inc.)
3.78%, 11/15/29(c)(e) A-1+ VMIG-1 6,675 6,675,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Cradle Society Project); Series
1998, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 04/01/33(d)(e) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Northwestern Memorial Hospital);
Series 1995, VRD RB 3.80%, 08/15/25(e) A-1+ VMIG-1 22,835 22,835,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Park Plaza Center); Series 1996,
Multi-Family VRD RB (LOC-LaSalle Bank N.A.)
3.85%, 09/15/20(d)(e) A-1 -- 7,350 7,350,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Health Facilities
Authority (Peace Memorial Ministry); Series
2003 B, VRD RB (LOC-LaSalle Bank N.A.)
3.76%, 08/15/33(d)(e) A-1 -- $ 7,605 $ 7,605,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority; Series 1985 C Revolving Fund
Pooled VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.80%, 08/01/15(d)(e) A-1+ VMIG-1 5,200 5,200,000
- -------------------------------------------------------------------------------------------
Series 1985 D Revolving Fund Pooled VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.80%, 08/01/15(d)(e) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Chicago (City of) Park
District); Series 2005 974, VRD Limited Tax
GO (Acquired 07/06/05; Cost $1,095,000)
3.78%, 01/01/13(e)(h)(i) A-1 -- 1,095 1,095,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Chicago (City of) Water
Revenue); Series 2006 1419, VRD RB
(Acquired 07/26/06; Cost $5,345,000)
3.78%, 05/01/14(e)(h)(i) A-1+ -- 5,345 5,345,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Illinois (State of) State
Toll Highway Authority); Series 2006 1354,
VRD RB (Acquired 06/07/06; Cost
$13,400,000)
3.78%, 01/01/14(e)(h)(i) A-1+ -- 13,400 13,400,000
- -------------------------------------------------------------------------------------------
Lombard (City of) (Clover Creek Apartments
Project); Series 2000, Multi-Family Housing
VRD RB (CEP-Federal National Mortgage
Association)
3.77%, 12/15/30(e) A-1+ -- 14,855 14,855,000
- -------------------------------------------------------------------------------------------
McCook (City of) (Illinois St. Andrew
Society); Series 1996 A VRD RB
(LOC-Northern Trust Co.)
3.76%, 12/01/21(d)(e) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Series 1996 B VRD RB (LOC-Northern Trust
Co.)
3.76%, 12/01/21(d)(e) A-1+ -- 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Monmouth (City of) Industrial Development
Project (Monmouth College); Series 2005,
VRD IDR (LOC-Allied Irish Banks PLC)
3.77%, 06/01/35(d)(e)(g) -- VMIG-1 6,185 6,185,000
- -------------------------------------------------------------------------------------------
</Table>
F-10
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Peoria (County of) Community Unit School
District No. 323 (Dunlap); Series 2006, VRD
Unlimited GO (INS-Financial Security
Assurance Inc.)
3.80%, 04/01/26(c)(e) -- VMIG-1 $ 2,785 $ 2,785,000
- -------------------------------------------------------------------------------------------
Quincy (City of) (Blessing Hospital Project);
Series 2004, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 11/15/33(d)(e) A-1+ VMIG-1 5,120 5,120,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Central Lake (County of)
Joint Action Water Agency); Series 2003
B18, VRD RB (Acquired 02/19/03; Cost
$9,695,000)
3.78%, 05/01/20(e)(h)(i) -- VMIG-1 9,695 9,695,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of)); Series
2000 A12, VRD Limited Tax GO (Acquired
10/13/00; Cost $12,200,000)
3.78%, 01/01/23(e)(h)(i) -- VMIG-1 12,200 12,200,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Regional Transportation
Authority); Series 2002 A41, VRD Unlimited
Tax GO (Acquired 07/25/02; Cost
$17,610,000)
3.78%, 06/01/17(e)(h)(i) -- VMIG-1 17,610 17,610,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (University of Illinois);
Series 2000 S, VRD GO (Acquired 03/20/00;
Cost $17,900,000)
3.78%, 04/01/30(e)(h)(i) -- VMIG-1 17,900 17,900,000
- -------------------------------------------------------------------------------------------
Will (County of) (University of St. Francis);
Series 2005, VRD RB (LOC-Fifth Third Bank)
3.85%, 12/01/25(d)(e) -- VMIG-1 10,600 10,600,000
===========================================================================================
528,340,000
===========================================================================================
INDIANA-4.49%
ABN AMRO Munitops Ctfs. Trust (Indianapolis
(City of) Public Improvement Bond Bank
Waterworks); Series 2002-7, Non-AMT VRD RB
(Acquired 11/17/05; Cost $5,000,000)
3.78%, 07/01/10(e)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
INDIANA-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (Wayne
(Township of), Marion (County of) School
Building Corp.); Series 2003-27 Multi-
State Non-AMT VRD RB (Acquired 11/12/03
Cost $13,795,000)
3.77%, 07/15/11(e)(h)(i) -- VMIG-1 $13,795 $ 13,795,000
- -------------------------------------------------------------------------------------------
Series 2003-32 Multi-State Non-AMT VRD RB
Ctfs. (Acquired 01/31/06; Cost $17,900,000)
3.77%, 01/15/12(e)(h)(i)(l) -- -- 17,900 17,900,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Economic Development
Authority (Sisters of St. Francis Project);
Series 1998, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 12/01/18(d)(e) A-1+ -- 1,060 1,060,000
- -------------------------------------------------------------------------------------------
Goshen (City of) Economic Development
Authority (Goshen College Project); Series
2004, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 10/01/34(d)(e) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Bond Bank; Series 2006 A,
Midyear Funding Program Notes
4.50%, 02/02/07 SP-1+ -- 19,355 19,411,299
- -------------------------------------------------------------------------------------------
Indiana (State of) Development Finance
Authority (Indiana Historical Society, Inc.
Project); Series 1996 Educational
Facilities VRD RB (LOC-JPMorgan Chase Bank,
N.A.) (Acquired 07/25/05; Cost $4,260,000)
3.78%, 08/01/31(d)(e)(h) A-1+ -- 4,260 4,260,000
- -------------------------------------------------------------------------------------------
Series 1997 Educational Facilities VRD RB
(LOC-JPMorgan Chase Bank, N.A.) (Acquired
07/03/06; Cost $2,000,000)
3.78%, 08/01/31(d)(e)(h) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-11
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
INDIANA-(CONTINUED)
Indiana (State of) Development Finance
Authority (Indianapolis Museum of Art);
Series 2001 Educational Facilities
Historical VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.78%, 02/01/36(d)(e) -- VMIG-1 $ 8,700 $ 8,700,000
- -------------------------------------------------------------------------------------------
Series 2002 Educational Facilities
Historical VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.78%, 02/01/37(d)(e) -- VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Series 2004 VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.78%, 02/01/39(d)(e) -- VMIG-1 41,400 41,400,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Educational Facilities
Authority (Marian College Project); Series
2003, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.83%, 04/01/24(d)(e) -- VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Educational Facilities
Authority (Wabash College Project); Series
2003, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.80%, 12/01/23(d)(e) -- VMIG-1 3,835 3,835,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health & Educational
Facilities Financing Authority (Schneck
Memorial Hospital Project); Series 2006 B,
VRD RB (LOC-Fifth Third Bank)
3.85%, 02/15/36(b)(d) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Clark Memorial
Hospital); Series 2004 A, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 04/01/24(d)(e) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Community Hospitals
Project); Series 1997 A, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 07/01/27(d)(e) A-1+ -- 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Golden Years
Homestead); Series 2002 A, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 06/01/25(d)(e) A-1+ -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
INDIANA-(CONTINUED)
Indiana University (Trustees of); Series
2005, Commercial Paper (LOC-JPMorgan Chase
Bank, N.A.)
3.51%, 11/07/06(d) -- P-1 $12,000 $ 12,000,000
- -------------------------------------------------------------------------------------------
St. Joseph (County of) Economic Development
Authority (Holy Cross Village Project);
Series 2006 D, VRD RB (LOC-Allied Irish
Banks PLC)
3.78%, 05/15/39(d)(e)(g)(l) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Tippecanoe (County of) (Faith Properties Inc.
Project); Series 2005, VRD RB (LOC-Regions
Bank)
3.78%, 11/01/30(d)(e)(l) -- -- 6,475 6,475,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Wayne (Township of), Marion
(County of) School Building Corp.); Series
2006 D-02, RB (Acquired 02/23/06; Cost
$4,710,000)
3.78%, 07/15/24(e)(h)(i) A-1+ -- 4,710 4,710,000
===========================================================================================
181,846,299
===========================================================================================
IOWA-0.41%
Iowa (State of) Finance Authority (Holy
Family Catholic Schools); Series 2006,
Educational Facility VRD RB (LOC-Allied
Irish Banks PLC)
3.90%, 03/01/36(b)(d)(g) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Finance Authority
(Morningside College Project); Series 2002,
Private College Facility VRD RB (LOC-U.S.
Bank, N.A.)
3.80%, 10/01/32(d)(e) A-1+ -- 1,785 1,785,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Higher Education Loan
Authority (Graceland Private College);
Series 2003, VRD RB (LOC-Bank of America,
N.A.)
3.79%, 02/01/33(d)(e) -- VMIG-1 5,820 5,820,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Higher Education Loan
Authority; Series 1985, Educational Loan
Private College Facility VRD ACES (INS-MBIA
Insurance Corp.)
3.85%, 12/01/15(c)(e) A-1+ VMIG-1 5,100 5,100,000
===========================================================================================
16,705,000
===========================================================================================
</Table>
F-12
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
KANSAS-0.97%
Eagle Tax Exempt Trust (Wyandotte (County of)
Unified Government Utility System); Series
2004-0038 A, VRD COP (Acquired 09/08/04;
Cost $5,000,000)
3.79%, 09/01/21(e)(h)(i) A-1+ -- $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
Leawood (City of); Series 2006 1, Temporary
Unlimited GO RN 3.88%, 10/01/07 -- MIG-1 26,550 26,633,582
- -------------------------------------------------------------------------------------------
Olathe (City of) Recreational Facilities
(YMCA of Greater Kansas City Project);
Series 2002 B, VRD RB (LOC-Bank of America,
N.A.)
3.79%, 11/01/18(d)(e) -- VMIG-1 3,215 3,215,000
- -------------------------------------------------------------------------------------------
Shawnee (City of) Industrial Development
Authority (Shawnee Village Associate);
Series 1984, VRD IDR (LOC-JPMorgan Chase
Bank, N.A.)
3.75%, 12/01/09(d)(e) A-1+ -- 1,155 1,155,000
- -------------------------------------------------------------------------------------------
Wichita (City of) Recreational Facilities
(YMCA of Wichita Project); Series 1998 XI,
VRD RB (LOC-Bank of America, N.A.)
(Acquired 03/10/06; Cost $3,300,000)
3.79%, 08/01/09(d)(e)(h) A-1+ -- 3,300 3,300,000
===========================================================================================
39,303,582
===========================================================================================
KENTUCKY-1.64%
Boyle (County of) Hospital (Ephraim McDowell
Health Project); Series 2006, VRD RB
(LOC-Fifth Third Bank)
3.78%, 04/01/36(d)(e) -- VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Louisville &
Jefferson (Counties of) Metropolitan Sewer
District); Series 2006-0053 A, VRD RB
(Acquired 03/22/06; Cost $14,335,000)
3.79%, 05/15/33(e)(h)(i) A-1+ -- 14,335 14,335,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Industrial Building
(Franciscan Eldercare Service); Series
2001, VRD RB (LOC-LaSalle Bank N.A.)
3.77%, 05/15/30(d)(e) A-1 -- 3,780 3,780,000
- -------------------------------------------------------------------------------------------
Kentucky (State of) Asset & Liability
Commission General Fund; Series 2006, TRAN
4.50%, 06/28/07 SP-1+ MIG-1 14,900 14,984,727
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
KENTUCKY-(CONTINUED)
Lexington (City of) Center Corp. Mortgage
Revenue; Series 2001 A, VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 10/01/21(c)(e) A-1+ -- $ 3,000 $ 3,000,000
- -------------------------------------------------------------------------------------------
Lexington (City of) Fayette (County of) Urban
Government; Series 2006 A, Variable Purpose
Notes Unlimited GO 4.00%, 05/01/07 AA+ Aa2 2,145 2,148,551
- -------------------------------------------------------------------------------------------
Newport (City of) League of Cities Funding
Trust; Series 2002, Lease Program VRD RB
(LOC-U.S. Bank, N.A.)
3.76%, 04/01/32(d)(e)(n) -- VMIG-1 18,600 18,600,000
===========================================================================================
66,348,278
===========================================================================================
MAINE-0.05%
JPMorgan PUTTERs (Maine (State of) Turnpike
Authority); Series 2004 546, Turnpike VRD
RB (Acquired 10/28/04; Cost $2,185,000)
3.78%, 07/01/12(e)(h)(i) -- VMIG-1 2,185 2,185,000
===========================================================================================
MARYLAND-2.28%
Baltimore (County of) (Blue Circle Inc.
Project); Series 1992, Economic Development
VRD RB (LOC-BNP Paribas)
3.85%, 12/01/17(d)(e)(g) -- VMIG-1 7,900 7,900,000
- -------------------------------------------------------------------------------------------
Frederick (County of) Retirement Community
(Buckingham's Choice Inc. Project); Series
1997 C, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 01/01/27(d)(e) A-1+ VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Howard (County of) Economic Development
(Norbel School Inc. Project); Series 2001,
VRD RB (LOC-Branch Banking & Trust Co.)
3.78%, 02/01/28(d)(e) -- VMIG-1 4,785 4,785,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Economic Development
Corp. (Prologue Inc. Project); Series 2005,
Economic Development VRD RB (LOC-Bank of
America, N.A.)
3.76%, 06/01/31(d)(e) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
</Table>
F-13
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MARYLAND-(CONTINUED)
Maryland (State of) Economic Development
Corp. (YMCA of Central Maryland Inc.
Project); Series 2003 Economic Development
VRD RB (LOC-Branch Banking & Trust Co.)
3.78%, 04/01/28(d)(e) -- VMIG-1 $ 3,200 $ 3,200,000
- -------------------------------------------------------------------------------------------
Series 2006 Economic Development VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 04/01/31(d)(e) -- VMIG-1 1,950 1,950,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Health & Higher
Educational Facilities Authority (Glen
Meadows Retirement); Series 1999 A, VRD RB
(LOC-Wachovia Bank, N.A.)
3.80%, 07/01/29(d)(e) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Industrial Development
Financing Authority (Baltimore
International College Facility); Series
2005, Economic VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 11/01/30(d)(e) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Montgomery (County of); Series 2002
Commercial Paper (LOC-Fortis Bank
N.V./S.A.)
3.50%, 11/01/06(d)(g) A-1+ P-1 20,000 20,000,000
- -------------------------------------------------------------------------------------------
3.50%, 12/01/06(d)(g) A-1+ P-1 37,000 37,000,000
- -------------------------------------------------------------------------------------------
Queen Anne's (County of) (Safeway Inc.
Project); Series 1994, Refunding Economic
Development VRD RB (LOC-Deutsche Bank A.G.)
3.75%, 12/01/09(d)(g)(m) A-1 -- 1,145 1,145,000
===========================================================================================
92,475,000
===========================================================================================
MASSACHUSETTS-0.18%
Massachusetts (State of) Health & Educational
Facilities Authority (Hallmark Health
System Issue); Series 1998 B, VRD RB
(LOC-Financial Security Assurance Inc.)
3.75%, 07/01/27(d)(e) A-1+ VMIG-1 2,465 2,465,000
- -------------------------------------------------------------------------------------------
Massachusetts (State of) Health & Educational
Facilities Authority (Sherrill House);
Series 2002 A-1, VRD RB (LOC-Comerica Bank)
3.77%, 01/01/32(d)(e) A-1+ -- 5,000 5,000,000
===========================================================================================
7,465,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MICHIGAN-4.37%
ABN AMRO Munitops Ctfs. Trust (Bay City
School District); Series 2006-51, Non-AMT
Unlimited GO (Acquired 07/20/06 Cost
$5,000,000)
3.78%, 05/01/14(e)(h)(i)(l) -- -- $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Michigan
(State of) Building Authority); Series
2003-35, Non-AMT VRD RB (Acquired 09/29/05;
Cost $10,595,0000)
3.78%, 10/15/11(e)(h)(i) -- VMIG-1 10,595 10,595,000
- -------------------------------------------------------------------------------------------
Bruce (Township of) Hospital Finance
Authority (Sisters Charity of St. Joseph);
Series 1988 B, Health Care System VRD RB
(INS-MBIA Insurance Corp.)
3.65%, 05/01/18(c)(m) A-1+ VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Detroit (City of) Economic Development Corp.
(Waterfront Reclamation); Series 1999 C,
VRD RB (LOC-National City Bank of the
Midwest)
3.79%, 05/01/09(d)(e) A-1 P-1 1,005 1,005,000
- -------------------------------------------------------------------------------------------
Detroit (City of); Series 2006, Limited Tax
TAN GO (LOC-Bank of Nova Scotia)
4.50%, 03/01/07(d)(g) SP-1+ -- 4,000 4,012,340
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Detroit (City of)
School District); Series 2002-6014 A, VRD
Unlimited Tax GO (Acquired 11/06/02; Cost
$14,305,000)
3.79%, 05/01/32(e)(h)(i) A-1+ -- 14,305 14,305,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Michigan (State of)
Building Authority); Series 2006-0113 Class
A, VRD RB (Acquired 09/20/06; Cost
$8,090,000)
3.79%, 10/15/36(e)(h)(i) A-1+ VMIG-1 8,090 8,090,000
- -------------------------------------------------------------------------------------------
Eastern Michigan University; Series 2001, VRD
General Refunding RB (INS-Financial
Guaranty Insurance Co.)
3.85%, 06/01/27(b)(c) A-1+ -- 15,715 15,715,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Michigan (State of)
Building Authority); Series 2006 1479, VRD
RB (Acquired 09/27/06; Cost $10,600,000)
3.78%, 04/15/14(e)(h)(i) A-1+ -- 10,600 10,600,000
- -------------------------------------------------------------------------------------------
</Table>
F-14
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MICHIGAN-(CONTINUED)
Kent (County of) Hospital Finance Authority
(Metropolitan Hospital Project); Series
2005 B,
Refunding VRD RB
(LOC-ABN AMRO Bank N.V.)
3.78%, 07/01/40(d)(e)(g) A-1 -- $ 2,700 $ 2,700,000
- -------------------------------------------------------------------------------------------
Kentwood (City of) Economical Development
Corp. (Holland Home); Series 2006 B, VRD
Refunding Limited RB
(LOC-LaSalle Bank N.A.)
3.75%, 11/15/32(d)(e) A-1 -- 6,750 6,750,000
- -------------------------------------------------------------------------------------------
Marquette (City of) Hospital Finance
Authority (Marquette General Hospital
Group); Series 2004 A, VRD RB (LOC-U.S.
Bank, N.A.)
3.83%, 07/01/09(d)(e) A-1+ -- 945 945,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Hospital Finance
Authority (Healthcare Equipment Loan
Program); Series 2006 C, VRD RB (LOC-Fifth
Third Bank)
3.79%, 12/01/32(d)(e) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Housing Development
Authority (JAS Non-Profit Housing Corp.
VI); Series 2000, VRD Limited Obligation RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 06/01/25(d)(e) A-1+ -- 1,050 1,050,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Municipal Bond Authority;
Series 2006 B-2,
RN (LOC-Bank of Nova Scotia)
4.50%, 08/20/07(d)(g) SP-1+ -- 15,000 15,104,628
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (Van Andel
Research Institute Project); Series 1997
Limited Tax VRD RB (LOC-LaSalle Bank N.A.)
3.80%, 11/01/27(d)(e) A-1 -- 4,600 4,600,000
- -------------------------------------------------------------------------------------------
Series 2001 Limited Tax VRD RB (LOC-LaSalle
Bank N.A.)
3.80%, 12/01/21(d)(e) A-1 -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (YMCA of
Metropolitan Detroit Project); Series 2001,
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.79%, 05/01/31(d)(e) A-1+ -- 700 700,000
- -------------------------------------------------------------------------------------------
Northern Michigan University; Series 2006,
VRD General RB (INS-Ambac Assurance Corp.)
3.85%, 12/01/35(b)(c) -- VMIG-1 14,525 14,525,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MICHIGAN-(CONTINUED)
Oakland (County of) Economic Development
Corp. (Rochester College Project); Series
2001, VRD Limited Obligation RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 08/01/21(d)(e)(n) -- VMIG-1 $ 1,364 $ 1,364,000
- -------------------------------------------------------------------------------------------
Reset Option Ctfs. Trust II-R (Michigan
(State of) Building Authority); Series
2006-628, VRD RB (Acquired 09/06/06; Cost
$4,475,000)
3.78%, 10/15/36(e)(h)(i) -- VMIG-1 4,475 4,475,000
- -------------------------------------------------------------------------------------------
University of Michigan (Medical Service
Plan); Series 1998 A-1, VRD Refunding
Floating Rate RB 3.80%, 12/01/21(b) A-1+ VMIG-1 9,100 9,100,000
- -------------------------------------------------------------------------------------------
University of Michigan Hospital; Series 2005
A, VRD RB 3.80%, 12/01/35(b) A-1+ VMIG-1 7,850 7,850,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Detroit (City of) Water
Supply System); Series 2000 D, VRD RB
(Acquired 01/21/00; Cost $10,000,000)
3.78%, 07/01/29(e)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Michigan (State of)
Hospital Finance Authority); Series 1997 X,
VRD RB (Acquired 12/12/03; Cost
$15,000,000)
3.78%, 08/15/24(e)(h)(i) -- VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Michigan (State of) Trunk
Line); Series 2006 B-02, VRD RB (Acquired
06/30/06; Cost $6,500,000)
3.78%, 11/01/21(e)(h)(i) A-1+ -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
Washtenaw (County of) (Saline Area Schools);
Series 2004, Refunding Unlimited GO 4.00%,
05/01/07 AA Aa2 1,025 1,026,585
===========================================================================================
177,212,553
===========================================================================================
MINNESOTA-2.56%
Brooklyn (City of) (Brookdale Corp. II
Project); Series 2001, VRD Refunding RB
(LOC-U.S. Bank, N.A.)
3.90%, 12/01/14(b)(d) A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-15
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MINNESOTA-(CONTINUED)
JPMorgan PUTTERs (Minnesota (State of) Public
Facilities Authority); Series 2002-319, VRD
Drinking Water COP (Acquired 07/31/03; Cost
$13,905,000)
3.78%, 03/01/21(e)(h)(i) A-1 -- $13,905 $ 13,905,000
- -------------------------------------------------------------------------------------------
Minnesota (State of) Higher Education
Facilities Authority (University of St.
Thomas); Series 2004 Five-Z, VRD RB
(LOC-LaSalle Bank N.A.)
3.77%, 10/01/29(d)(e) -- VMIG-1 9,200 9,200,000
- -------------------------------------------------------------------------------------------
Minnesota (State of) Rural Water Finance
Authority (Public Projects Construction);
Series 2006, RN 4.75%, 09/01/07 -- MIG-1 4,000 4,037,212
- -------------------------------------------------------------------------------------------
Rochester (City of) Health Care Facilities
(Mayo Foundation); Series 2000 A Adjustable
Tender Commercial Paper Notes
3.60%, 10/05/06 A-1+ -- 30,000 30,000,000
- -------------------------------------------------------------------------------------------
Series 2001 A Adjustable Tender Commercial
Paper Notes
3.60%, 10/05/06 A-1+ VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Series 2001 B Adjustable Tender Commercial
Paper Notes
3.60%, 10/05/06 A-1+ VMIG-1 10,600 10,600,000
- -------------------------------------------------------------------------------------------
Roseville (City of) Private School Facilities
Authority (Northwestern College Project);
Series 2002, VRD RB (LOC-M&I Marshall &
Ilsley Bank)
3.90%, 11/01/22(b)(d) -- VMIG-1 1,555 1,555,000
- -------------------------------------------------------------------------------------------
St. Paul (City of) Housing & Redevelopment
Authority (Science Museum of Minnesota);
Series 1997 A, VRD RB (LOC-U.S. Bank, N.A.)
3.78%, 05/01/27(d)(e) -- VMIG-1 17,360 17,360,000
===========================================================================================
103,557,212
===========================================================================================
MISSISSIPPI-0.42%
ABN AMRO Munitops Ctfs. Trust (Mississippi
(State of) Development Board-Jackson Water
& Sewer); Series 2002-22, Multi-State
Non-AMT VRD Ctfs. (Acquired 09/10/03; Cost
$9,995,000)
3.78%, 09/01/10(e)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MISSISSIPPI-(CONTINUED)
Eagle Tax Exempt Trust (Mississippi (State
of)); Series 2002-6018 A, VRD Unlimited Tax
COP (Acquired 11/20/02; Cost $3,200,000)
3.79%, 11/01/22(e)(h)(i) A-1+ -- $ 3,200 $ 3,200,000
- -------------------------------------------------------------------------------------------
Mississippi (State of) Business Finance Corp.
(St. Andrew Episcopal Day Project); Series
2003, VRD RB (LOC-Allied Irish Banks PLC)
3.77%, 07/01/25(d)(e)(g) -- VMIG-1 3,675 3,675,000
===========================================================================================
16,870,000
===========================================================================================
MISSOURI-1.66%
Curators University of Missouri (Capital
Projects); Series 2006 FY, RN 4.50%,
06/29/07 SP-1+ MIG-1 10,000 10,057,141
- -------------------------------------------------------------------------------------------
Jackson (County of) Industrial Development
Authority Recreational Facilities (YMCA of
Greater Kansas City Project); Series 2002
A, VRD IDR (LOC-Bank of America, N.A.)
3.79%, 11/01/18(d)(e) -- VMIG-1 3,300 3,300,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Association of Municipal Utilities);
Series 2003, VRD RB (LOC-U.S. Bank, N.A.)
3.90%, 06/01/33(b)(d) -- VMIG-1 12,000 12,000,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Center of Creative Arts Project); Series
2004, Cultural Facilities VRD RB
(LOC-National City Bank of the Midwest)
3.79%, 07/01/24(d)(e) -- VMIG-1 1,750 1,750,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Nelson Gallery Foundation); Series 2001 B,
Cultural Facilities VRD RB (INS-MBIA
Insurance Corp.)
3.89%, 12/01/31(b)(c) A-1+ VMIG-1 7,550 7,550,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Utilities Lease Financing Program); Series
2006, Commercial Paper Notes (LOC-U.S. Bank
N.A.)
3.58%, 10/19/06(d) -- P-1 13,000 13,000,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (Bethesda Health
Group); Series 2006, VRD RB (LOC-U.S. Bank,
N.A.)
3.90%, 08/01/37(b)(d) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
</Table>
F-16
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MISSOURI-(CONTINUED)
Missouri (State of) Health & Educational
Facilities Authority (The Washington
University); Series 1985 B VRD RB 3.85%,
09/01/10(e) A-1+ VMIG-1 $ 900 $ 900,000
- -------------------------------------------------------------------------------------------
Series 1996 C VRD RB 3.85%, 09/01/30(b) A-1+ VMIG-1 1,300 1,300,000
- -------------------------------------------------------------------------------------------
Series 2000 C VRD RB 3.85%, 03/01/40(b) A-1+ VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Platte (County of) Industrial Development
Authority (Southern Platte County Athletic
Assoc. Inc.); Series 2005 A, Recreational
Facilities VRD IDR (LOC-Bank of America,
N.A.)
3.76%, 10/01/25(d)(e) -- VMIG-1 2,140 2,140,000
- -------------------------------------------------------------------------------------------
St. Louis (County of) Industrial Development
Authority (Westport Station Apartments);
Series 2006, Refunding Multi-Family Housing
VRD IDR (CEP-Federal National Mortgage
Association)
3.78%, 04/15/27(e) A-1+ -- 4,970 4,970,000
- -------------------------------------------------------------------------------------------
St. Louis (County of) Industrial Development
Authority (Whitfield School Inc.); Series
2004 B, Educational Facilities Refunding
VRD IDR (LOC-U.S. Bank, N.A.)
3.78%, 06/15/24(d)(e) A-1+ -- 2,185 2,185,000
===========================================================================================
67,147,141
===========================================================================================
MONTANA-0.03%
Montana (State of) Facility Finance Authority
(Mission Ridge Project); Series 2002, VRD
RB (LOC-LaSalle Bank N.A.)
3.77%, 08/01/27(d)(e)(l)(n) -- -- 1,114 1,114,000
===========================================================================================
NEBRASKA-3.19%
American Public Energy Agency Nebraska (State
of) Gas Supply (National Public Gas Agency
Project); Series 2003 A, VRD RB 3.75%,
02/01/14(e)(g) A-1+ VMIG-1 19,329 19,329,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NEBRASKA-(CONTINUED)
Nebhelp Inc.; Series 1985 A Multi-Mode VRD RB
(INS-MBIA Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 $32,475 $ 32,475,000
- -------------------------------------------------------------------------------------------
Series 1985 B Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 3,590 3,590,000
- -------------------------------------------------------------------------------------------
Series 1985 C Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Series 1985 D Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 5,865 5,865,000
- -------------------------------------------------------------------------------------------
Series 1985 E Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 28,635 28,635,000
- -------------------------------------------------------------------------------------------
Nebraska (State of) Educational Finance
Authority (Concordia University Project);
Series 2005, VRD RB (LOC-Fifth Third Bank)
3.94%, 12/15/35(b)(d) A-1+ -- 4,050 4,050,000
- -------------------------------------------------------------------------------------------
Nebraska (State of) Educational Finance
Authority (Creighton University Project);
Series 2003 VRD RB (INS-Ambac Assurance
Corp.)
3.85%, 03/01/33(b)(c) -- VMIG-1 13,625 13,625,000
- -------------------------------------------------------------------------------------------
Series 2005 C VRD RB (INS-Financial
Guaranty Insurance Co.)
3.85%, 07/01/35(b)(c) -- VMIG-1 1,900 1,900,000
===========================================================================================
129,469,000
===========================================================================================
NEVADA-0.32%
ABN AMRO Munitops Ctfs. Trust (Henderson
(City of)) Series 2004-43, Multi-State
Non-AMT VRD GO Ctfs. (Acquired 03/28/06;
Cost $6,500,000)
3.79%, 12/01/12(e)(h)(i) -- VMIG-1 6,500 6,500,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Washoe (County
of)); Series 2001-24, Refunding VRD Limited
Tax Single Asset Trust Ctfs. (Acquired
06/21/01; Cost $6,500,000)
3.79%, 07/01/09(e)(h)(i) -- VMIG-1 6,500 6,500,000
===========================================================================================
13,000,000
===========================================================================================
</Table>
F-17
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NEW HAMPSHIRE-0.52%
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(New Hampshire (State of) Higher
Educational & Health Facilities Authority);
Series 2003-772 Refunding VRD RB (Acquired
01/22/03; Cost $5,186,500)
3.78%, 01/01/17(e)(h)(i) A-1 -- $ 5,187 $ 5,186,500
- -------------------------------------------------------------------------------------------
Series 2003-866 Refunding VRD RB (Acquired
10/23/03; Cost $7,185,000)
3.78%, 08/15/21(e)(h)(i) A-1 -- 7,185 7,185,000
- -------------------------------------------------------------------------------------------
New Hampshire (State of) Health & Education
Facilities Authority (Antioch University
Issue); Series 2004, Refunding Educational
Facilities VRD RB (LOC-National City Bank)
3.77%, 12/01/24(d)(e) A-1 -- 4,175 4,175,000
- -------------------------------------------------------------------------------------------
New Hampshire (State of) Health & Educational
Facilities Authority (Southern New
Hampshire Medical Center); Series 2001-866,
VRD RB (LOC-Bank of America, N.A.)
3.80%, 10/01/30(d)(e) -- VMIG-1 4,600 4,600,000
===========================================================================================
21,146,500
===========================================================================================
NEW JERSEY-0.31%
JPMorgan PUTTERs (New Jersey (State of)
Transportation Trust Fund Authority);
Series 2006-1403, VRD RB (Acquired
07/19/06; Cost $1,500,000)
3.78%, 06/15/15(e)(h)(i) A-1+ -- 1,500 1,500,000
- -------------------------------------------------------------------------------------------
Middlesex (County of); Series 2005, Unlimited
BAN GO 4.50%, 12/26/06 SP-1+ MIG-1 10,835 10,857,014
===========================================================================================
12,357,014
===========================================================================================
NEW MEXICO-1.19%
Bernalillo (County of); Series 2006,
Unlimited Tax TRAN GO 4.50%, 06/29/07 -- MIG-1 34,000 34,186,716
- -------------------------------------------------------------------------------------------
New Mexico (State of) Finance Authority
(University of New Mexico Health Sciences
Center Project); Series 2004 B, VRD
Cigarette Tax RB (INS-MBIA Insurance Corp.)
3.80%, 04/01/19(c)(e) A-1+ VMIG-1 4,485 4,485,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NEW MEXICO-(CONTINUED)
New Mexico (State of) Financing Authority
(Public Project Revolving Fund); Series
2006 D, Sr. Lien RB (INS-Ambac Assurance
Corp.)
4.50%, 06/01/07(c) AAA Aaa $ 3,755 $ 3,773,850
- -------------------------------------------------------------------------------------------
New Mexico (State of) Highway Commission;
Series 2001 A, Sr. Sub. Lien RB 5.00%,
06/15/07 AAA Aa2 3,750 3,782,894
- -------------------------------------------------------------------------------------------
New Mexico (State of) Hospital Equipment Loan
Council (Dialysis Clinic, Inc. Project);
Series 2000, VRD RB (LOC-SunTrust Bank)
3.81%, 07/01/25(d)(e) -- VMIG-1 2,000 2,000,000
===========================================================================================
48,228,460
===========================================================================================
NEW YORK-1.26%
ABN AMRO Munitops Ctfs. Trust (Triborough
Bridge & Tunnel Authority); Series 2002-31,
Non-AMT VRD Ctfs. (Acquired 03/24/04; Cost
16,000,000)
3.77%, 11/15/10(e)(h)(i) -- VMIG-1 16,000 16,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (New York (State of)
Thruway Authority); Series 2006-0111 A, VRD
RB (Acquired 05/03/06; Cost $12,000,000)
3.78%, 01/01/32(e)(h)(i) A-1+ -- 12,000 12,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (New York (City of)); Series
2006-1318, Unlimited Tax VRD GO (Acquired
05/03/06; Cost $1,500,000)
3.78%, 06/01/13(e)(h)(i) A-1+ -- 1,500 1,500,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (New York (State of) Thruway
Authority (Second General Highway & Bridge
Trust Fund); Series 2006-1413, VRD RB
(Acquired 07/26/06; Cost $3,495,000)
3.78%, 04/01/14(e)(h)(i) A-1+ -- 3,495 3,495,000
- -------------------------------------------------------------------------------------------
New York (City of); Series 2005 E-3,
Unlimited Tax GO (LOC-Bank of America,
N.A.)
3.72%, 08/01/34(d)(e) A-1+ VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
New York (State of); Series 2000 B, VRD
Unlimited GO (LOC-Dexia Bank)
3.60%, 03/15/30(d)(g)(j) A-1+ VMIG-1 12,000 12,000,000
===========================================================================================
51,195,000
===========================================================================================
</Table>
F-18
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NORTH CAROLINA-3.88%
Charlotte (City of); Series 2006 Commercial
Paper BAN GO 3.32%, 10/05/06 A-1+ -- $10,200 $ 10,200,000
- -------------------------------------------------------------------------------------------
3.63%, 12/18/06 A-1+ -- 7,600 7,600,000
- -------------------------------------------------------------------------------------------
3.53%, 02/01/07 A-1+ -- 3,900 3,900,000
- -------------------------------------------------------------------------------------------
3.56%, 02/01/07 A-1+ -- 8,300 8,300,000
- -------------------------------------------------------------------------------------------
3.59%, 02/01/07 A-1+ -- 4,800 4,800,000
- -------------------------------------------------------------------------------------------
3.65%, 02/01/07 A-1+ -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
3.68%, 02/01/07 A-1+ -- 4,700 4,700,000
- -------------------------------------------------------------------------------------------
3.70%, 02/01/07 A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Industrial Facilities &
Pollution Control Financing Authority (YWCA
Winston); Series 2005, Recreational VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 12/01/30(d)(e) -- VMIG-1 2,750 2,750,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Barton College); Series
2004, Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 07/01/19(d)(e) -- VMIG-1 5,165 5,165,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Canterbury School Project);
Series 2002, Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 08/01/22(d)(e) -- VMIG-1 1,440 1,440,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Forsyth Country Day
School); Series 2005, Educational
Facilities VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 12/01/31(d)(e) -- VMIG-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Guilford College); Series
2005 B, Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 09/01/35(d)(e) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NORTH CAROLINA-(CONTINUED)
North Carolina (State of) Capital Facilities
Finance Agency (Salem Academy & College
Project); Series 2005, Educational
Facilities VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 08/01/30(d)(e) -- VMIG-1 $ 2,260 $ 2,260,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Carolina Meadows Inc. Project);
Series 2004, Health Care Facilities VRD
(LOC-Allied Irish Banks PLC)
3.77%, 12/01/34(d)(e)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Lexington Memorial Hospital
Project); Series 1997, VRD RB LOC-Wachovia
Bank, N.A.)
3.80%, 04/01/10(b)(d) -- VMIG-1 2,170 2,170,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Moses Cone Health System);
Series 2001 B, VRD RB 3.70%, 10/01/35(e) A-1+ -- 22,200 22,200,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Person Memorial Hospital);
Series 2005, Health Care Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 01/01/35(d)(e) -- VMIG-1 2,500 2,500,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Pooled Equipment Financing
Project); Series 1985, Hospital VRD ACES
(INS-MBIA Insurance Corp.)
3.78%, 12/01/25(c)(e) A-1 VMIG-1 8,500 8,500,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Southeastern Regional Medical
Center); Series 2005, Hospital VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 06/01/37(d)(e) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Westcare Health System); Series
2002 A, Hospital VRD RB (LOC-Branch Banking
& Trust Co.)
3.78%, 09/01/22(d)(e) -- VMIG-1 9,360 9,360,000
- -------------------------------------------------------------------------------------------
</Table>
F-19
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NORTH CAROLINA-(CONTINUED)
North Carolina (State of) Medical Care
Commission Retirement Facilities (First
Mortgage United Methodist); Series 2005 B
VRD RB (LOC-Branch Banking & Trust Co.)
3.78%, 10/01/08(d)(e) -- VMIG-1 $ 1,300 $ 1,300,000
- -------------------------------------------------------------------------------------------
3.78%, 10/01/35(d)(e) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission; Series 2004 C, Health Care
Facilities Refunding 1st Mortgage VRD RB
(LOC-SunTrust Bank)
3.78%, 11/01/27(d)(e) -- VMIG-1 4,765 4,765,000
- -------------------------------------------------------------------------------------------
Union (County of); Series 2006, Commercial
Paper BAN 3.54%, 12/27/06 A-1+ P-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
University of North Carolina at Chapel Hill
(Board of Governers); Series 2006 B,
Commercial Paper Notes
3.55%, 10/19/06 A-1+ P-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Wake (County of); Series 2006 Commercial
Paper BAN 3.58%, 02/05/07 A-1+ P-1 14,220 14,220,000
- -------------------------------------------------------------------------------------------
3.70%, 04/16/07 A-1+ P-1 9,750 9,750,000
- -------------------------------------------------------------------------------------------
Winston-Salem (City of); Series 2006 C, VRD
COP 3.73%, 08/01/11(e) A-1+ VMIG-1 3,500 3,500,000
===========================================================================================
157,380,000
===========================================================================================
OHIO-1.51%
ABN AMRO Munitops Ctfs. Trust (Olentangy
Local School District); Series 2006-04,
Multi-State Non-AMT VRD GO Ctfs. (Acquired
02/16/06; Cost $2,865,000)
3.78%, 06/01/14(e)(h)(i) -- VMIG-1 2,865 2,865,000
- -------------------------------------------------------------------------------------------
Cambridge (City of) Hospital Facilities
(Regional Medical Center Project); Series
2001, Refunding & Improvement VRD RB
(LOC-National City Bank)
3.76%, 12/01/21(d)(e) -- VMIG-1 9,990 9,990,000
- -------------------------------------------------------------------------------------------
Centerville (City of) (Bethany Lutheran
Village Project); Series 1994, Health Care
VRD RB (LOC-National City Bank)
3.78%, 11/01/13(d)(e) -- VMIG-1 2,835 2,835,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OHIO-(CONTINUED)
Cincinnati & Hamilton (County of) Economic
Development Port Authority (Kenwood Office
Association Project); Series 1985, VRD RB
(LOC-Fifth Third Bank)
3.94%, 09/01/25(b)(d) A-1+ -- $ 1,600 $ 1,600,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
Economic Development (Carnegie/96th
Research Building Project); Series 2003,
VRD RB (LOC-Fifth Third Bank)
3.80%, 01/01/33(d)(e) A-1+ VMIG-1 6,800 6,800,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
Economic Development (Euclid/93rd Garage
Office); Series 2003, VRD RB (LOC-Fifth
Third Bank)
3.80%, 01/01/34(d)(e) A-1+ VMIG-1 4,815 4,815,000
- -------------------------------------------------------------------------------------------
Columbus (City of) Sewer System; Series 1994,
Refunding VRD RB 3.74%, 06/01/11(e) A-1+ VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Health Care Facilities
(First Community Village); Series 2005,
Refunding & Improvement VRD RB (LOC-KBC
Bank N.V.)
3.77%, 03/01/36(d)(e)(g) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Mahoning (County of) Hospital Facilities
(Forum Health Obligation Group); Series
2002 B, VRD RB (LOC-Fifth Third Bank)
3.77%, 12/01/27(d)(e) -- VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Marion (County of) (Pooled Lease Program);
Series 1990, Hospital Improvement VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.77%, 08/01/20(d)(e) A-1+ -- 1,080 1,080,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) (St. Vincent DePaul
Society); Series 1996, Limited Obligation
VRD RB (LOC-National City Bank)
3.77%, 12/01/10(d)(e) A-1 -- 1,205 1,205,000
- -------------------------------------------------------------------------------------------
Ohio (State of) Water Development Authority
(Timken Co. (The) Project); Series 1993,
Refunding VRD RB (LOC-Wachovia Bank, N.A.)
3.80%, 05/01/07(d)(e) A-1+ P-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
</Table>
F-20
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
OHIO-(CONTINUED)
University of Toledo; Series 2002, General
Receipts VRD RB (INS-Financial Guaranty
Insurance Co.)
3.85%, 06/01/32(b)(c) A-1+ VMIG-1 $15,000 $ 15,000,000
===========================================================================================
61,090,000
===========================================================================================
OKLAHOMA-1.39%
Oklahoma (County of) Finance Authority
(Oxford Oaks Apartments Projects); Series
2000, Refunding Multi-Family Housing VRD RB
(CEP-Federal National Mortgage Association)
3.77%, 07/15/30(e)(n) A-1+ -- 13,844 13,844,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Development Finance
Authority (Capitol Dome Project); Series
2001, VRD RB (LOC-Bank of America, N.A.)
3.84%, 06/01/11(d)(e) A-1+ -- 2,320 2,320,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Water Resources Board;
Series 1995 State Loan Program VRD RB
3.60%, 09/01/24(m) A-1+ -- 4,295 4,295,000
- -------------------------------------------------------------------------------------------
Series 1997 State Loan Project VRD RB
3.60%, 09/01/26(m) A-1+ -- 5,650 5,650,000
- -------------------------------------------------------------------------------------------
Series 2001 State Loan Program VRD RB
3.50%, 10/01/34(m) A-1+ -- 4,560 4,560,000
- -------------------------------------------------------------------------------------------
Series 2003 A State Loan Program VRD RB
3.50%, 10/01/36(m) A-1+ -- 3,350 3,350,000
- -------------------------------------------------------------------------------------------
Tulsa (City of) Industrial Authority (YMCA of
Greater Tulsa Project); Series 1999, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 05/01/19(d)(e)(l) -- -- 1,040 1,040,000
- -------------------------------------------------------------------------------------------
Tulsa (County of) Industrial Authority
(Capital Improvements); Series 2003 A VRD
RB 3.70%, 05/15/17(m) A-1+ -- 18,000 18,000,000
- -------------------------------------------------------------------------------------------
Series 2006 D RB (INS-Financial Securities
Assurance Inc.)
4.25%, 07/01/07(c) AAA -- 3,050 3,065,402
===========================================================================================
56,124,402
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OREGON-0.23%
JPMorgan PUTTERs (Portland (City of)); Series
2004-614, Sewer System VRD RB (Acquired
12/02/04; Cost $1,595,000)
3.78%, 10/01/12(e)(h)(i) -- VMIG-1 $ 1,595 $ 1,595,000
- -------------------------------------------------------------------------------------------
Portland (City of) (South Park Block
Project); Series 1988, Multi-Family Housing
VRD RB (LOC-Harris N.A.)
3.80%, 12/01/11(d)(e) A-1+ -- 7,850 7,850,000
===========================================================================================
9,445,000
===========================================================================================
PENNSYLVANIA-3.96%
ABN AMRO Munitops Ctfs. Trust (Pennsylvania
(State of) Public School Building
Authority); Series 2001-30 Non-AMT VRD
Ctfs. (Acquired 10/31/02; Cost $5,000,000)
3.78%, 09/01/09(e)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Series 2003-24 Non-AMT VRD Ctfs. (Acquired
03/08/04; Cost $16,500,000) 3.78%,
06/01/11(e)(h)(i) -- VMIG-1 16,500 16,500,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Reading (City
of) School District); Series 2003-20, Non-
AMT VRD Ctfs. (Acquired 03/02/05; Cost
$4,225,000)
3.78%, 07/15/11(e)(h)(i)(l) -- -- 4,225 4,225,000
- -------------------------------------------------------------------------------------------
Allegheny (County of) Hospital Development
Authority (Presbyterian Health Center);
Series 1990 A VRD RB (INS-MBIA Insurance
Corp.)
3.80%, 03/01/20(c)(e) A-1+ VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Series 1990 B VRD RB (INS-MBIA Insurance
Corp.)
3.80%, 03/01/20(c)(e) A-1+ VMIG-1 1,250 1,250,000
- -------------------------------------------------------------------------------------------
Series 1990 D VRD RB (INS-MBIA Insurance
Corp.)
3.80%, 03/01/20(c)(e) A-1+ VMIG-1 1,425 1,425,000
- -------------------------------------------------------------------------------------------
</Table>
F-21
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Allegheny (County of) Hospital Development
Authority (Presbyterian University
Hospital); Series 1988 B-2 Hospital
Development VRD ACES (LOC-JPMorgan Chase
Bank, N.A.)
3.80%, 03/01/18(d)(e) -- VMIG-1 $ 1,115 $ 1,115,000
- -------------------------------------------------------------------------------------------
Series 1988 B-3 Hospital Development VRD
ACES (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 03/01/18(d)(e) -- VMIG-1 3,465 3,465,000
- -------------------------------------------------------------------------------------------
Butler (County of) General Authority (Mars
Area School District Refunding Project);
Series 2006, VRD RB (INS-Financial Security
Assurance Inc.)
3.75%, 09/01/19(c)(e) AAA Aaa 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Cumberland (County of) Municipal Authority
(Wesley Affiliated Services); Series 2005,
Refunding VRD RB (LOC-KBC Bank N.V.)
3.77%, 01/01/38(d)(e)(g) A-1+ -- 16,000 16,000,000
- -------------------------------------------------------------------------------------------
Delaware (County of) Authority (White Horse
Village Project); Series 2006 B VRD RB
(LOC-Citizens Bank of Pennsylvania)
3.86%, 07/01/30(b)(d) -- VMIG-1 1,215 1,215,000
- -------------------------------------------------------------------------------------------
3.86%, 07/01/36(b)(d) -- VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Delaware Valley
Regional Financial Authority Local
Government); Series 2004-0026 Class A, VRD
RB (Acquired 08/01/06; Cost $5,490,000)
3.79%, 08/01/28(e)(h)(i) A-1+ -- 5,490 5,490,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Delaware Valley
Regional Financial Authority); Series
2001-3801 Class A, VRD COP (Acquired
06/04/01; Cost $8,900,000)
3.79%, 08/01/28(e)(h)(i) A-1+ -- 8,900 8,900,000
- -------------------------------------------------------------------------------------------
Emmaus (City of) General Authority; Series
2000 A, Pennsylvania Loan Program VRD RB
(INS-Financial Security Assurance Inc.)
3.76%, 03/01/30(c)(e) A-1+ -- 9,150 9,150,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
PENNSYLVANIA-(CONTINUED)
Franklin (County of) Industrial Development
Authority (Chambersburg Hospital Obligated
Group Projects); Series 2000, Health Care
VRD IDR (INS-Ambac Assurance Corp.)
3.79%, 12/01/24(c)(e) A-1+ -- $ 3,000 $ 3,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Pittsburgh (City of));
Series 2006-1367T, Unlimited Tax VRD GO
(Acquired 06/07/06; Cost $6,195,000)
3.78%, 03/01/14(e)(h)(i) -- VMIG-1 6,195 6,195,000
- -------------------------------------------------------------------------------------------
Lackawanna (County of); Series 2004 B,
Unlimited Tax GO (INS-Financial Security
Assurance Inc.)
3.78%, 10/15/29(c)(e) A-1+ -- 13,135 13,135,000
- -------------------------------------------------------------------------------------------
Luzerne (County of) Industrial Development
Authority (Methodist Homes); Series 2003,
VRD IDR (LOC-Bank of New York)
3.80%, 02/01/29(d)(e) A-1+ -- 3,100 3,100,000
- -------------------------------------------------------------------------------------------
Pennsylvania (State of) Economic Development
Financing Authority (Hospital Enhancement
Loan Program); Series 2006 A3, Treasury
Department Hospital VRD RB (LOC-National
City Bank of Pennsylvania)
3.76%, 06/01/21(d)(e) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Pennsylvania (State of) Higher Educational
Facilities Authority (Washington &
Jefferson Development); Series 2005 A, VRD
RB (LOC-UniCredito Italiano S.p.A.)
3.77%, 11/01/36(d)(e)(g) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Gas Works; Series 2004
A-2, Fifth VRD RB (LOC-Bank of Nova Scotia,
JPMorgan Chase Bank, N.A.)
3.80%, 09/01/34(d)(e)(g) A-1+ VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Hospitals & Higher
Education Facilities Authority (Temple
University); Series 2005 A, Hospital VRD RB
(LOC-Wachovia Bank, N.A.)
3.78%, 07/01/27(d)(e) A-1+ VMIG-1 9,300 9,300,000
- -------------------------------------------------------------------------------------------
</Table>
F-22
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Philadelphia (City of) Industrial Development
Authority (Pennsylvania School for the
Deaf); Series 2002, VRD IDR (LOC-Citizens
Bank of Pennsylvania)
3.79%, 11/01/32(d)(e) -- VMIG-1 $ 2,895 $ 2,895,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) School District;
Series 2006 A, School Unlimited Tax TRAN GO
(LOC-Bank of America, N.A.)
4.50%, 06/29/07(d) SP-1+ MIG-1 9,000 9,046,156
- -------------------------------------------------------------------------------------------
Pottstown (Borough of) Authority (The Hill
School Project); Series 2002, Educational
Facilities VRD RB (LOC-Allied Irish Banks
PLC)
3.78%, 08/01/32(d)(e)(g) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
Washington (County of) Authority (Girard
Estate Project); Series 1999, Refunding RB
(LOC-JPMorgan Chase Bank, N.A.) (Acquired
08/29/06; Cost $1,920,000)
3.78%, 06/01/27(d)(e)(h) A-1+ -- 1,920 1,920,000
===========================================================================================
160,626,156
===========================================================================================
RHODE ISLAND-0.07%
Rhode Island (State of) Health & Educational
Building Corp. (Paul Cuffee School); Series
2002, Educational Institution VRD RB
(LOC-Citizens Bank of Rhode Island)
3.76%, 08/01/32(d)(e) A-1+ -- 2,845 2,845,000
===========================================================================================
SOUTH CAROLINA-2.70%
Charleston (County of) School District
Development Corp.; Series 2006, Unlimited
GO Notes
4.00%, 03/01/07 AA Aa1 20,325 20,366,376
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (South Carolina (State
of) Public Service Authority); Series
2000-4001 A VRD COP (Acquired 09/08/00;
Cost $10,100,000) 3.79%, 01/01/22(e)(h)(i) A-1+ -- 10,100 10,100,000
- -------------------------------------------------------------------------------------------
Series 2004-0017 Class A VRD RB (Acquired
08/01/06; Cost $5,000,000)
3.79%, 01/01/39(e)(h)(i) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
SOUTH CAROLINA-(CONTINUED)
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(South Carolina (State of) Transportation
Infrastructure Bank); Series 2002-728,
Floating Rate Trust Ctfs. VRD RB (Acquired
11/13/02; Cost $7,185,000)
3.78%, 10/01/22(e)(h)(i) -- VMIG-1 $ 7,185 $ 7,185,000
- -------------------------------------------------------------------------------------------
Piedmont Municipal Power Agency; Series 2004
B-1 Refunding VRD RB (INS-MBIA Insurance
Corp.)
3.73%, 01/01/34(c)(e) A-1+ VMIG-1 8,360 8,360,000
- -------------------------------------------------------------------------------------------
Series 2004 B-3
Refunding VRD RB (INS-Ambac Assurance
Corp.)
3.73%, 01/01/34(c)(e) A-1+ VMIG-1 2,210 2,210,000
- -------------------------------------------------------------------------------------------
Series 2004 B-6 Refunding VRD RB (INS-MBIA
Insurance Corp.)
3.73%, 01/01/31(c)(e) A-1+ VMIG-1 25,255 25,255,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Morris College Project);
Series 1997, VRD RB (LOC-Bank of America,
N.A.) (Acquired 07/30/02; Cost $1,900,000)
3.79%, 07/01/17(d)(e)(h) A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Newberry College Project);
Series 2005, VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 09/01/35(d)(e) -- VMIG-1 1,250 1,250,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Carolina Piedmont
Foundation Project); Series 2002, VRD RB
(LOC-Bank of America, N.A.)
3.79%, 09/01/32(d)(e)(l) -- -- 3,800 3,800,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Catholic Diocese of
South Carolina Project); Series 1998, VRD
RB (LOC-Bank of America, N.A.) (Acquired
07/23/02; Cost $2,620,000)
3.79%, 09/01/18(d)(e)(h) A-1+ -- 2,620 2,620,000
- -------------------------------------------------------------------------------------------
</Table>
F-23
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
SOUTH CAROLINA-(CONTINUED)
South Carolina (State of) Jobs-Economic
Development Authority (Goodwill Industrials
Upper South Carolina); Series 2006, VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 09/01/28(d)(e) -- VMIG-1 $ 2,200 $ 2,200,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (MUFC Central Energy
Plant); Series 2004, VRD RB (LOC-Bank of
America, N.A.)
3.74%, 08/15/32(d)(e)(l) -- -- 14,800 14,800,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Presbyterian Home of
South Carolina Project); Series 2003 A, VRD
RB (LOC-Wachovia Bank, N.A.)
3.80%, 04/01/20(d)(e) A-1+ -- 4,360 4,360,000
===========================================================================================
109,406,376
===========================================================================================
SOUTH DAKOTA-0.33%
South Dakota (State of) Health & Educational
Facilities Authority (Rapid City Regional
Hospital); Series 2003, Hospital VRD RB
(INS-MBIA Insurance Corp.)
3.85%, 09/01/27(b)(c) -- VMIG-1 13,200 13,200,000
===========================================================================================
TENNESSEE-2.82%
Blount (County of) Public Building Authority
(Local Government Public Improvement);
Series 2001 A-2-E VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 06/01/35(b)(c) -- VMIG-1 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Series 2005 A-7-B
VRD RB (INS-Ambac Assurance Corp.)
3.76%, 06/01/24(c)(e) -- VMIG-1 3,045 3,045,000
- -------------------------------------------------------------------------------------------
Series 2005 D-5-A VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/36(b)(c) -- VMIG-1 3,175 3,175,000
- -------------------------------------------------------------------------------------------
Series 2005 D-5-F VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/36(b)(c) -- VMIG-1 1,125 1,125,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TENNESSEE-(CONTINUED)
Dayton (City of) Industrial Development Board
(Bryan College Dorm Project); Series 2001,
VRD IDR (LOC-Regions Bank)
3.76%, 07/01/36(d)(e) -- VMIG-1 $ 7,000 $ 7,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Chattanooga (City
of)); Series 2000-4202 A, VRD COP (Acquired
10/10/00; Cost $14,040,000)
3.79%, 10/01/27(e)(h)(i) A-1+ -- 14,040 14,040,000
- -------------------------------------------------------------------------------------------
Greeneville (City of) Industrial Development
Board (Pet Inc. Project); Series 1993, VRD
Refunding IDR (LOC-BNP Paribas)
3.78%, 05/01/13(d)(e)(g) -- Aa2 1,510 1,510,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Memphis (City of)); Series
2006 1350, Electrical System VRD RB
(Acquired 05/24/06; Cost $4,800,000)
3.78%, 12/01/11(e)(h)(i) A-1+ -- 4,800 4,800,000
- -------------------------------------------------------------------------------------------
Metropolitan Government of Nashville &
Davidson (County of) Health & Educational
Facilities Bond (Adventist Health Systems);
Series 1997 A, VRD RB (LOC-SunTrust Bank)
3.75%, 11/15/27(d)(e) A-1+ VMIG-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Public Building
Authority (Tennessee County Loan Pooled
Financing); Series 2002, VRD RB (LOC-Bank
of America, N.A.)
3.85%, 04/01/32(b)(d) -- VMIG-1 7,100 7,100,000
- -------------------------------------------------------------------------------------------
Morristown (City of) Health Educational &
Housing Facilities Board (All Saints
Episcopal School); Series 2001, VRD RB
(LOC-SunTrust Bank)
3.80%, 08/01/16(d)(e) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Oak Ridge (City of) Industrial Development
Board (Oak Ridge Associated Universities,
Inc.); Series 2002, VRD RB (LOC-Allied
Irish Banks PLC)
3.77%, 09/01/32(d)(e)(g) -- VMIG-1 4,200 4,200,000
- -------------------------------------------------------------------------------------------
</Table>
F-24
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TENNESSEE-(CONTINUED)
Sevier (County of) Public Building Authority
(Local Government Public Improvement);
Series 1995 A VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/15(c)(e)(n) -- VMIG-1 $ 500 $ 500,000
- -------------------------------------------------------------------------------------------
Series 1996 F-2 VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/11(c)(e) -- VMIG-1 3,715 3,715,000
- -------------------------------------------------------------------------------------------
Series 1996 G-1 VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/16(c)(e) -- VMIG-1 4,480 4,480,000
- -------------------------------------------------------------------------------------------
Series 1997 A-1 VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/22(c)(e) -- VMIG-1 5,900 5,900,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-3 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/10(c)(e) -- VMIG-1 1,085 1,085,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-5 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/17(c)(e) -- VMIG-1 1,170 1,170,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-1 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/17(c)(e) -- VMIG-1 880 880,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-2 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/17(c)(e) -- VMIG-1 995 995,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-4 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/09(c)(e) -- VMIG-1 315 315,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-5 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/27(c)(e) -- VMIG-1 2,155 2,155,000
- -------------------------------------------------------------------------------------------
Series 1999 II A-1 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/24(c)(e) -- VMIG-1 6,300 6,300,000
- -------------------------------------------------------------------------------------------
Series 2004 IV-C-3 VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 06/01/31(b)(c) -- VMIG-1 4,075 4,075,000
- -------------------------------------------------------------------------------------------
Series 2005 V1-G-1 VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/25(b)(c) -- VMIG-1 6,400 6,400,000
- -------------------------------------------------------------------------------------------
Series 2005 VI-F-4 VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/24(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TENNESSEE-(CONTINUED)
Shelby (County of) Health, Educational &
Housing Facilities Board (Memphis College
Art Project); Series 2003, VRD RB
(LOC-Regions Bank)
3.77%, 08/01/23(d)(e) -- VMIG-1 $ 3,885 $ 3,885,000
- -------------------------------------------------------------------------------------------
Shelby (County of) Health, Educational &
Housing Facilities Board (Memphis
University School Project); Series 2006,
VRD RB (LOC-SunTrust Bank)
3.76%, 07/01/26(d)(e) -- VMIG-1 4,590 4,590,000
- -------------------------------------------------------------------------------------------
Shelby (County of) Health, Educational &
Housing Facilities Board (Southern College
of Optometry Project); Series 2001, VRD RB
(LOC-Allied Irish Banks PLC)
3.77%, 06/01/26(d)(e)(g) -- VMIG-1 4,900 4,900,000
- -------------------------------------------------------------------------------------------
Williamson (County of) Industrial Development
Board (Currey Ingram Academy); Series 2003,
Educational Facilities VRD RB (LOC-SunTrust
Bank)
3.85%, 04/01/23(d)(e) -- VMIG-1 2,300 2,300,000
===========================================================================================
114,140,000
===========================================================================================
TEXAS-14.24%
ABN AMRO Munitops Ctfs. Trust (Duncanville
(City of) Independent School District);
Series 2006-22, Unlimited Asset 14 Non-AMT
VRD GO (Acquired 05/22/06; Cost
$10,000,000)
3.79%, 02/15/14(e)(h)(i)(l) -- -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Edinburg (City
of) Independent School District); Series
2005-47, Unlimited Single Non-AMT VRD GO
(Acquired 04/27/06; Cost $5,470,000)
3.79%, 02/15/13(e)(h)(i)(l) -- -- 5,470 5,470,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Leander (City
of) Independent School District); Series
2002-16, Unlimited Multi-State Non-AMT VRD
Ctfs. (Acquired 08/20/03; Cost $5,395,000)
3.79%, 08/15/10(e)(h)(i) -- VMIG-1 5,395 5,395,000
- -------------------------------------------------------------------------------------------
</Table>
F-25
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (North East
Independent School District); Series
2000-13, Multi-State Non-AMT VRD RB
(Acquired 11/17/05; Cost $8,500,000)
3.77%, 02/06/08(e)(h)(i) -- VMIG-1 $ 8,500 $ 8,500,000
- -------------------------------------------------------------------------------------------
Aldine (City of) Independent School District;
Series 2003, Unlimited Tax School Building
VRD GO (CEP-Texas Permanent School Fund)
3.72%, 06/15/28(k) A-1+ VMIG-1 3,650 3,650,000
- -------------------------------------------------------------------------------------------
Arlington (City of) (Dallas Cowboys); Series
2005 B, Special Obligation VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 08/15/35(c)(e) A-1+ VMIG-1 15,465 15,465,000
- -------------------------------------------------------------------------------------------
Austin (City of) Utility Systems; Series
1998, Refunding Combined RB (INS-Ambac
Assurance Corp.)
6.50%, 11/15/06(c) AAA Aaa 6,000 6,020,952
- -------------------------------------------------------------------------------------------
Bexar (County of) Health Facilities
Development Corp. (Warm Springs
Rehabilitation Foundation Project); Series
1997, Health Care System VRD RB
(LOC-JPMorgan Chase Bank, N.A)
3.83%, 09/01/27(d)(e) -- VMIG-1 735 735,000
- -------------------------------------------------------------------------------------------
Bowie (County of) Industrial Development
Corp. (Texarkana Newspapers Inc.); Series
1985, VRD IDR (LOC-Bank of New York)
3.86%, 11/01/25(b)(d) A-1+ -- 2,800 2,800,000
- -------------------------------------------------------------------------------------------
Brownsville (City of) Utility System; Series
2003 A, Refunding Sub Lien VRD RB (INS-MBIA
Insurance Corp.)
3.73%, 09/01/27(c)(e) A-1+ VMIG-1 12,855 12,855,000
- -------------------------------------------------------------------------------------------
Crawford (City of) Education Facilities Corp.
Package (University Parking System
Project); Series 2004 A, Refunding VRD RB
(LOC-BNP Paribas)
3.83%, 05/01/35(d)(e)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Cypress-Fairbanks (City of) Independent
School District; Series 2006, Unlimited Tax
TAN GO 4.50%, 06/14/07 SP-1+ VMIG-1 17,500 17,580,143
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Denton (County of) Upper Trinity Regulation
Water District; Series 2006 A Commercial
Paper RB (LOC-Bank of America, N.A.)
3.60%, 11/16/06(d) A-1+ P-1 $ 2,500 $ 2,500,000
- -------------------------------------------------------------------------------------------
3.65%, 11/16/06(d) A-1+ P-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
3.68%, 11/16/06(d) A-1+ P-1 2,250 2,250,000
- -------------------------------------------------------------------------------------------
3.68%, 11/16/06(d) A-1+ P-1 3,750 3,750,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Dallas (City of)
Waterworks & Sewer System); Series
2006-0109 A, VRD RB (Acquired 05/10/06;
Cost $22,295,000)
3.79%, 10/01/35(e)(h)(i) A-1+ -- 22,295 22,295,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Harris (County of)
Toll Road); Series 2002-6012 A, VRD COP
(Acquired 11/20/02; Cost $1,580,000)
3.79%, 08/15/30(e)(h)(i) A-1+ -- 1,580 1,580,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Houston (City of)
Airport); Series 2000-4307, VRD COP
(Acquired 11/15/00; Cost $15,750,000)
3.79%, 07/01/28(e)(h)(i) A-1+ -- 15,750 15,750,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Houston (City of)
Water & Sewer); Series 1997-4305 A VRD COP
(Acquired 04/27/99; Cost $14,005,000)
3.79%, 12/01/27(e)(h)(i) A-1+ -- 14,005 14,005,000
- -------------------------------------------------------------------------------------------
Series 2002-6019 A VRD COP (Acquired
11/13/02; Cost $8,910,000)
3.79%, 12/01/30(e)(h)(i) A-1+ -- 8,910 8,910,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (University of Texas
Board of Regents); Series 2006-0108 A, VRD
RB (Acquired 05/10/06; Cost $18,810,000)
3.79%, 08/15/37(e)(h)(i) A-1+ -- 18,810 18,810,000
- -------------------------------------------------------------------------------------------
Garland (City of) Industrial Development
Authority Inc. (Carroll Co. Project);
Series 1984, VRD IDR (LOC-Wells Fargo Bank,
N.A.) (Acquired 07/19/06; Cost $1,300,000)
3.83%, 12/01/14(d)(e)(h) -- Aaa 1,300 1,300,000
- -------------------------------------------------------------------------------------------
</Table>
F-26
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Grand Prairie (City of) Housing Finance Corp.
(Lincoln Property Co.); Series 1993,
Refunding Multi-Family Housing VRD RB
(CEP-General Electric Corp.)
3.80%, 06/01/10(e) A-1+ -- $ 2,700 $ 2,700,000
- -------------------------------------------------------------------------------------------
Harris (County of) Health Facilities
Development Corp. (St. Luke's Episcopal);
Series 2005 A, Refunding Hospital RB
(INS-Financial Guaranty Insurance Co.)
3.80%, 02/15/32(c)(e) A-1+ VMIG-1 12,820 12,820,000
- -------------------------------------------------------------------------------------------
Harris (County of) Health Facilities
Development Corp. (Texas Medical Center
Project); Series 2001, Special Facilities
VRD RB (INS-MBIA Insurance Corp.)
3.89%, 09/01/31(b)(c) A-1+ VMIG-1 10,200 10,200,000
- -------------------------------------------------------------------------------------------
Harris (County of) Hospital District; Series
2006 A, Sub. Lien Commercial Paper
(LOC-Bank of America, N.A.)
3.65%, 01/16/07(d) A-1+ -- 13,651 13,651,000
- -------------------------------------------------------------------------------------------
Hockley (County of) Industrial Development
Corp. (AMOCO Project); Series 1985, VRD PCR
3.68%, 11/01/19(g)(m) A-1+ P-1 10,640 10,640,000
- -------------------------------------------------------------------------------------------
Hockley (County of) Industrial Development
Corp. (AMOCO Project-Standard Oil Co.);
Series 1983, VRD PCR 3.65%, 03/01/14(g)(m) A-1+ -- 15,000 15,007,267
- -------------------------------------------------------------------------------------------
Houston (City of) Higher Education Finance
Corp. (Houston Baptist University); Series
2000, Higher Education Refunding VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 07/01/20(d)(e)(l) -- -- 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Houston (City of) Higher Education Finance
Corp. (Tierwester Oaks); Series 2003 A,
Housing VRD RB (LOC-Bank of New York)
3.65%, 03/01/33(d)(f) -- VMIG-1 11,005 11,005,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Houston (City of); Series 2006 TRAN
4.50%, 06/29/07(l) -- -- $10,000 $ 10,058,601
- -------------------------------------------------------------------------------------------
Series 2006 B Commercial Paper Notes GO
3.53%, 12/28/06 A-1+ P-1 4,500 4,500,000
- -------------------------------------------------------------------------------------------
Series 2006 D Commercial Paper Notes GO
3.53%, 10/10/06 A-1+ P-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Alamo Heights (City of)
Independent School District); Series
2005-980, Unlimited VRD GO (Acquired
08/28/06; Cost $6,430,000)
3.78%, 02/01/12(e)(h)(i) -- VMIG-1 6,430 6,430,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Austin (City of) Water &
Wastewater Systems); Series 2006-1319, VRD
RB (Acquired 05/03/06; Cost $3,025,000)
3.78%, 11/15/13(e)(h)(i) A-1+ -- 3,025 3,025,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Bexar (County of)); Series
2004-530, Limited Tax VRD GO (Acquired
10/28/04; Cost $4,610,000)
3.78%, 06/15/12(e)(h)(i) -- VMIG-1 4,610 4,610,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Brownsville (City Of));
Series 2005-1038, Unlimited VRD GO
(Acquired 07/21/06; Cost $6,700,000)
3.78%, 02/15/13(e)(h)(i) A-1 -- 6,700 6,700,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Nueces River Authority
Water Supply); Series 2006-1412, VRD RB
(Acquired 07/19/06; Cost $1,950,000)
3.78%, 07/15/13(e)(h)(i) A-1+ -- 1,950 1,950,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Texas Tech University
System); Series 2006-1373, VRD RB (Acquired
07/21/06; Cost $5,195,000)
3.78%, 02/15/14(e)(h)(i) A-1+ -- 5,195 5,195,000
- -------------------------------------------------------------------------------------------
Kendleton (City of) Higher Education Finance
Corp. (Dallas Theological Project); Series
2003 A, VRD Limited Tax Obligation RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 07/01/33(d)(e) A-1+ -- 2,400 2,400,000
- -------------------------------------------------------------------------------------------
</Table>
F-27
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Lower Colorado River Authority; Series 1999
B, Refunding RB (INS-Financial Security
Assurance Inc.)
6.00%, 05/15/07(c) AAA Aaa $ 4,000 $ 4,060,493
- -------------------------------------------------------------------------------------------
Lufkin (City of) Health Facilities
Development Corp. (Memorial Health System
of East Texas); Series 2005, Refunding VRD
RB (LOC-Wachovia Bank, N.A.)
3.85%, 02/15/35(b)(d) A-1+ -- 16,875 16,875,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Brazosport (City of)
Independent School District); Series 2003
PT-1690, Refunding VRD Unlimited Tax GO
(Acquired 02/20/03; Cost $4,838,000)
3.78%, 08/15/10(e)(h)(i) -- VMIG-1 4,838 4,838,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Lamar Consolidated
Independent School District); Series 2005
PT-2860, VRD Unlimited Tax GO (Acquired
09/09/05; Cost $9,725,000)
3.78%, 02/15/25(e)(h)(i) A-1 -- 9,725 9,725,000
- -------------------------------------------------------------------------------------------
Mesquite (City of) Health Facilities
Development Corp.; Series 2000 C,
Retirement Facility VRD RB (LOC-LaSalle
Bank N.A.)
3.77%, 02/15/30(d)(e) A-1 -- 7,435 7,435,000
- -------------------------------------------------------------------------------------------
Metropolitan Higher Education Authority
(University of Dallas Project); Series
1999, Higher Education VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.79%, 05/01/19(d)(e)(l) -- -- 5,870 5,870,000
- -------------------------------------------------------------------------------------------
Nueces (County of) Health Facilities
Development Corp. (Driscoll Children's
Foundation); Series 1985, Floating Rate RB
(LOC-JPMorgan Chase Bank, N.A.)
3.78%, 07/01/15(d)(e) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Polly Ryon Hospital Authority (Polly Ryon
Memorial Hospital); Series 2001, Hospital
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 11/01/26(d)(e) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Red River Authority (Southwestern Public
Services); Series 1996, Refunding VRD PCR
(INS-Ambac Assurance Corp.)
3.80%, 07/01/16(c)(e) A-1+ VMIG-1 $ 3,350 $ 3,350,000
- -------------------------------------------------------------------------------------------
San Antonio (City of) Electric & Gas; Series
2006 A, Commercial Paper
3.55%, 10/16/06 A-1+ P-1 7,000 7,000,000
- -------------------------------------------------------------------------------------------
San Antonio (City of) Water Authority; Series
2003 A, Refunding Sub RB (INS-MBIA
Insurance Corp.)
3.74%, 05/15/33(c)(e) A-1+ VMIG-1 3,025 3,025,000
- -------------------------------------------------------------------------------------------
San Gabriel Health Facilities Development
Corp. (YMCA of Greater Williamson County
Project); Series 2005, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.85%, 04/01/26(d)(e) -- VMIG-1 2,200 2,200,000
- -------------------------------------------------------------------------------------------
Sherman (City of) Higher Education Finance
Corp. (Austin College Project); Series
1997, Higher Education VRD RB (LOC-Bank of
America, N.A.)
3.79%, 01/01/18(d)(e)(n) A-1+ -- 7,519 7,519,000
- -------------------------------------------------------------------------------------------
Texas (State of) Public Financing Authority;
Series 1996 B Refunding Unlimited GO 5.75%,
10/01/06(o)(p) AAA NRR 10,440 10,440,000
- -------------------------------------------------------------------------------------------
Series 2002 A Commercial Paper Notes GO
3.50%, 11/16/06 A-1+ P-1 10,500 10,500,000
- -------------------------------------------------------------------------------------------
Texas (State of); Series 2006, TRAN
4.50%, 08/31/07 SP-1+ MIG-1 95,000 95,806,537
- -------------------------------------------------------------------------------------------
Texas A&M University Board of Regents
(Revenue Financing System); Series 2006,
Commercial Paper Notes
3.53%, 10/12/06 A-1+ P-1 7,600 7,600,000
- -------------------------------------------------------------------------------------------
University of Texas Board of Regents (Revenue
Financing System); Series 2006 Commercial
Paper Notes
3.55%, 10/19/06 A-1+ P-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
3.50%, 11/02/06 A-1+ P-1 15,378 15,378,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Harris (County of) Toll
Road); Series 2003-B16, VRD RB (Acquired
02/19/03; Cost $16,005,000)
3.78%, 08/15/25(e)(h)(i) -- VMIG-1 16,005 16,005,000
- -------------------------------------------------------------------------------------------
</Table>
F-28
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Wachovia MERLOTs (University of Texas);
Series 2003-B14, Refunding VRD RB (Acquired
01/29/03; Cost $7,975,000)
3.78%, 08/15/22(e)(h)(i) -- VMIG-1 $ 7,975 $ 7,975,000
===========================================================================================
576,914,993
===========================================================================================
UTAH-0.75%
Davis (County of); Series 2006, Unlimited Tax
TRAN GO 4.50%, 12/28/06 -- MIG-1 5,000 5,009,318
- -------------------------------------------------------------------------------------------
Duchesne (County of) School District (Utah
Municipal Building Authority); Series 2005,
Lease VRD RB (LOC-U.S. Bank, N.A.)
3.79%, 06/01/21(d)(e) A-1+ -- 900 900,000
- -------------------------------------------------------------------------------------------
Intermountain Power Agency; Series 1985 E
Power Supply VRD RB (INS-Ambac Assurance
Corp.)
3.60%, 07/01/18(c)(m) A-1 VMIG-1 4,260 4,260,000
- -------------------------------------------------------------------------------------------
Refunding Sub. VRD RB (INS-Ambac Assurance
Corp.)
3.53%, 07/01/14(c)(m) A-1 VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Salt Lake (County of) Housing Authority
(Crossroads Apartments Project); Series
2003, Refunding Multi-Family VRD RB
(CEP-Federal National Mortgage Association)
3.77%, 02/15/31(e) A-1+ -- 4,435 4,435,000
- -------------------------------------------------------------------------------------------
Sanpete (County of) School Facility (Wasatch
Academy); Series 2003, VRD RB (LOC-U.S.
Bank, N.A.)
3.79%, 08/01/28(d)(e) A-1+ -- 800 800,000
===========================================================================================
30,404,318
===========================================================================================
VERMONT-0.25%
Vermont (State of) Industrial Development
Authority (Central Vermont Public Service
Corp.); Series 1984, Hydroelectric VRD IDR
(LOC-Citizens Bank of Massachusetts)
3.55%, 12/01/13(d)(f) A-1+ -- 2,900 2,900,000
- -------------------------------------------------------------------------------------------
Vermont (State of) Student Assistance Corp.;
Series 1985, Student Loan VRD RB (LOC-State
Street Bank & Trust Co.)
3.66%, 01/01/08(d)(f) -- VMIG-1 7,205 7,205,000
===========================================================================================
10,105,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
VIRGINIA-0.31%
Arlington (County of) (Ballston Public
Parking); Series 1984, VRD RB (LOC-Bank of
America, N.A.)
3.80%, 08/01/17(d)(e) A-1+ -- $ 1,950 $ 1,950,000
- -------------------------------------------------------------------------------------------
Rockingham (County of) Industrial Development
Authority (Sunnyside Presbyterian Home);
Series 2003, Residential Care Facility VRD
RB (LOC-Branch Banking & Trust Co.)
3.78%, 12/01/33(d)(e) A-1+ -- 750 750,000
- -------------------------------------------------------------------------------------------
Virginia College Building Authority
Educational Facilities (21st Century
College & Equipment); Series 2005 A, RB
5.00%, 02/01/07 AAA Aa1 6,105 6,131,049
- -------------------------------------------------------------------------------------------
Winchester (City of) Industrial Development
Authority (Westminster-Cantenbury); Series
2005 B Residential Care Facility VRD IDR
(LOC-Branch Banking & Trust Co.)
3.78%, 01/01/10(d)(e) -- VMIG-1 695 695,000
- -------------------------------------------------------------------------------------------
3.78%, 01/01/35(d)(e) -- VMIG-1 3,000 3,000,000
===========================================================================================
12,526,049
===========================================================================================
WASHINGTON-3.90%
ABN AMRO Munitops Ctfs. Trust (Pierce & Lewis
(County of), #404 Eatonville); Series
2006-42, Unlimited Non-AMT VRD GO (Acquired
06/22/06; Cost $8,745,000)
3.79%, 12/01/14(e)(h)(i)(l) -- -- 8,745 8,745,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of) Municipal Light & Power); Series
2002-12, Multi-State Non-AMT VRD Ctfs.
(Acquired 05/25/04; Cost $9,755,000)
3.79%, 03/01/09(e)(h)(i) -- VMIG-1 9,755 9,755,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of)); Series 2003-7, Multi-State Non-AMT
VRD GO Ctfs. (Acquired 05/13/03; Cost
$10,685,000)
3.79%, 07/01/10(e)(h)(i)(l)(n) -- -- 10,685 10,685,000
- -------------------------------------------------------------------------------------------
</Table>
F-29
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WASHINGTON-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (Skagit (County
of) Public Hospital District No. 1); Series
2004-37, Multi-State Non-AMT VRD Ctfs.
(Acquired 04/08/05; Cost $8,235,000)
3.79%, 12/01/12(e)(h)(i) -- VMIG-1 $ 8,235 $ 8,235,000
- -------------------------------------------------------------------------------------------
Bremerton (City of) (Kitsap Regional
Conference Center); Series 2003, VRD RB
(LOC-Bank of America, N.A.)
3.79%, 12/01/28(d)(e)(l) -- -- 2,565 2,565,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Washington (State
of)); Series 1998-4701 A, VRD COP (Acquired
07/20/00; Cost $14,400,000)
3.79%, 05/01/18(e)(h)(i) A-1+ -- 14,400 14,400,000
- -------------------------------------------------------------------------------------------
Everett (City of) Public Facilities District;
Series 2006 A, Commercial Paper Notes
(LOC-Bank of America, N.A.)
3.52%, 10/02/06(d) A-1+ -- 11,800 11,800,000
- -------------------------------------------------------------------------------------------
Everett (City of); Series 2001, Limited Tax
VRD GO (LOC-Bank of America, N.A.)
3.79%, 12/01/21(d)(e)(l) -- -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Washington (State of));
Series 2004-593 Unlimited Tax VRD GO
(Acquired 05/24/06; Cost $4,395,000)
3.78%, 01/01/13(e)(h)(i) A-1+ -- 4,395 4,395,000
- -------------------------------------------------------------------------------------------
Series 2006-1346 Unlimited Tax VRD GO
(Acquired 11/18/04; Cost $1,500,000)
3.78%, 07/01/12(e)(h)(i) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
King (County of) Economic Enterprise Corp.
(Puget Sound Blood Center Project); Series
1998, VRD RB (LOC-U.S. Bank, N.A.)
3.80%, 04/01/23(d)(e) -- VMIG-1 3,600 3,600,000
- -------------------------------------------------------------------------------------------
King (County of) Housing Authority
(Summerfield Apartments Project); Series
2005, VRD RB (LOC-U.S. Bank, N.A.)
3.79%, 09/01/35(d)(e) -- VMIG-1 1,925 1,925,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Lake Tapps Parkway Properties; Series 1999 A
Special Revenue VRD RB (LOC-U.S. Bank,
N.A.)
3.79%, 12/01/19(d)(e)(n) -- VMIG-1 $ 6,000 $ 6,000,000
- -------------------------------------------------------------------------------------------
Series 1999 B Special Revenue VRD RB
(LOC-U.S. Bank, N.A.)
3.79%, 12/01/19(d)(e) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Seattle (Port of)); Series 2002-739D, VRD
RB (Acquired 07/21/04; Cost $5,000,000)
3.78%, 09/01/20(e)(h)(i) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Pierce (County of) Economic Development Corp.
(Weyerhaeuser Real Estate); Series 1997,
Special Revenue VRD RB (LOC-Bank of
America, N.A.)
3.75%, 01/01/27(d)(e) A-1+ VMIG-1 12,705 12,705,000
- -------------------------------------------------------------------------------------------
Reset Option Ctfs. Trust II-R (Seattle (Port
of) Passenger Facilities Charge); Series
2006-638, VRD RB (Acquired 09/27/06; Cost
$10,640,000)
3.78%, 12/01/23(e)(h)(i) -- VMIG-1 10,640 10,640,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Bayview
Manor Project); Series 1994 B, Low Income
Housing Assistance VRD RB (LOC-U.S. Bank,
N.A.)
3.80%, 05/01/19(d)(e) A-1+ -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Pioneer
Human Services Project); Series 1995,
Refunding VRD RB (LOC-U.S. Bank, N.A.)
3.77%, 12/01/15(d)(e) A-1+ -- 2,115 2,115,000
- -------------------------------------------------------------------------------------------
Seattle (Port of) Industrial Development
Corp. (Sysco Food Services of Seattle, Inc.
Project); Series 1994, Refunding VRD IDR
3.84%, 11/01/25(e)(n) A-1+ VMIG-1 2,968 2,968,000
- -------------------------------------------------------------------------------------------
Snohomish (County of) Housing Authority (Ebey
Arms Centerhouse Project); Series 2003,
Refunding Housing VRD RB (LOC-Bank of
America, N.A.)
3.79%, 12/01/34(d)(e)(l) -- -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
</Table>
F-30
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WASHINGTON-(CONTINUED)
Washington (State of) Economic Development
Finance Authority (Seadrunar Recycling LLC
Project); Series 2000 E, Economic
Development VRD RB (LOC-U.S. Bank, N.A.)
3.78%, 08/01/25(d)(e) A-1+ -- $ 2,445 $ 2,445,000
- -------------------------------------------------------------------------------------------
Washington (State of) Higher Education
Facilities Authority (Cornish College Arts
Project); Series 2003 A, VRD RB (LOC-Bank
of America, N.A.)
3.80%, 12/01/33(d)(e) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Nikkei Concerns Project);
Series 1994, Non-Profit Housing VRD RB
(LOC-U.S. Bank, N.A.)
3.78%, 10/01/19(d)(e) A-1+ -- 3,915 3,915,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Riverview Retirement Project);
Series 1997, Elderly Housing VRD RB
(LOC-U.S. Bank, N.A.)
3.80%, 07/01/22(d)(e) A-1+ -- 1,665 1,665,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Tacoma Art Museum Project);
Series 2002, Non-Profit Housing VRD RB
(LOC-Northern Trust Co.)
3.90%, 06/01/32(b)(d) -- VMIG-1 4,075 4,075,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (University Preparatory Academy
Project); Series 2000, Non-Profit VRD RB
(LOC-Bank of America, N.A.)
3.79%, 07/01/30(d)(e) -- VMIG-1 1,350 1,350,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Wesley Homes Project); Series
2005 A, Non-Profit Housing VRD RB (LOC-Bank
of America, N.A.)
3.79%, 01/01/36(b)(d) -- VMIG-1 4,250 4,250,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (YMCA of Columbia-Willamette);
Series 1999, VRD RB (LOC-U.S. Bank, N.A.)
3.79%, 08/01/24(d)(e)(n) A-1+ -- 750 750,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Washington (State of) Housing Finance
Commission (YMCA of Tacoma-Pierce Project);
Series 2006, Refunding Non-Profit VRD RB
(LOC-U.S. Bank, N.A.)
3.80%, 12/01/32(d)(e) -- VMIG-1 $ 4,165 $ 4,165,000
===========================================================================================
157,848,000
===========================================================================================
WEST VIRGINIA-0.10%
Harrison (County of) (Fox Grocery Co.
Project); Series 1991, Refunding VRD RB
(LOC-Wachovia Bank, N.A.)
3.78%, 06/01/14(d)(e) -- Aa2 4,140 4,140,000
===========================================================================================
WISCONSIN-5.77%
ABN AMRO Munitops Ctfs. Trust (Central Brown
(County of) Water Authority); Series
2005-25, Non-AMT VRD RB (Acquired 08/01/05;
Cost $17,370,000)
3.79%, 12/01/13(e)(h)(i)(l) -- -- 17,370 17,370,000
- -------------------------------------------------------------------------------------------
Appleton (City of) Redevelopment Authority
(Fox Cities Performing Arts Center
Project); Series 2001 B, Redevelopment VRD
RB (LOC-JPMorgan Chase Bank, N.A.; M&I
Marshall & Ilsley Bank)
3.80%, 06/01/36(d)(e) -- VMIG-1 3,600 3,600,000
- -------------------------------------------------------------------------------------------
Franklin (City of) Community Development
Authority (Indian Community School of
Milwaukee); Series 2002, Redevelopment VRD
RB (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 07/01/22(d)(e) -- VMIG-1 36,000 36,000,000
- -------------------------------------------------------------------------------------------
Green Bay (City of) Housing Authority
(Sisters of St. Francis Project); Series
2004, VRD RB (LOC-Allied Irish Banks PLC)
3.77%, 01/01/35(d)(e)(g) A-1 -- 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Madison (City of) Metropolitan School
District; Series 2006, TRAN GO 4.00%,
09/07/07 -- MIG-1 35,000 35,154,619
- -------------------------------------------------------------------------------------------
Milwaukee (City of) Redevelopment Authority
(Cathedral Place Parking Facility Project);
Series 2002, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.78%, 05/01/25(d)(e) -- VMIG-1 2,845 2,845,000
- -------------------------------------------------------------------------------------------
</Table>
F-31
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WISCONSIN-(CONTINUED)
New Berlin (City of) School District; Series
2006, Promissory TRAN GO 4.50%, 08/30/07 -- MIG-1 $11,500 $ 11,593,164
- -------------------------------------------------------------------------------------------
West Allis (City of) (State Fair Park
Exposition Center Inc.); Series 2001, VRD
RB (LOC-U.S. Bank, N.A.)
3.78%, 08/01/28(d)(e) -- VMIG-1 12,055 12,055,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Grace Lutheran
Foundation Project); Series 1999, VRD RB
(LOC-U.S. Bank, N.A.) (Acquired 09/12/05;
Cost $2,555,000)
3.76%, 07/01/14(d)(e)(h) A-1+ -- 2,555 2,555,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Gundersen Lutheran);
Series 2000 A VRD RB (INS-Financial
Security Assurance Inc.)
3.85%, 12/01/15(b)(c) A-1+ -- 6,465 6,465,000
- -------------------------------------------------------------------------------------------
Series 2000 B VRD RB (INS-Financial
Security Assurance Inc.)
3.85%, 12/01/29(b)(c) A-1+ -- 25,470 25,470,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Lindengrove, Inc.);
Series 2003 B, VRD (LOC-JPMorgan Chase
Bank, N.A.)
3.77%, 11/01/25(d)(e) A-1+ -- 7,080 7,080,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Marshfield Clinic);
Series 2006 B,
VRD RB (LOC-M&I Marshall & Ilsley Bank)
3.78%, 01/15/36(d)(e) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Mequon Jewish
Project); Series 2003, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.78%, 07/01/28(d)(e) -- VMIG-1 6,335 6,335,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WISCONSIN-(CONTINUED)
Wisconsin (State of) Health & Educational
Facilities Authority (Mercy Health System);
Series 2003 C VRD RB (LOC-M&I Marshall &
Ilsley Bank)
3.77%, 08/15/23(d)(e) -- VMIG-1 $ 6,600 $ 6,600,000
- -------------------------------------------------------------------------------------------
Series 2003 I Pooled Loan VRD RB (LOC-M&I
Marshall & Ilsley Bank)
3.78%, 06/01/23(d)(e) -- VMIG-1 8,655 8,655,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Luke's Medical
Center); Series 1987, VRD RB (LOC-KBC Bank
N.V.) (Acquired 05/02/05; Cost $27,000,000)
3.80%, 12/01/17(d)(e)(g)(h) A-1 -- 27,000 27,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Mary's School);
Series 2004, VRD RB (LOC-M&I Marshall &
Ilsley Bank)
3.77%, 08/01/19(d)(e) A-1 -- 1,830 1,830,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Three Pillars Senior
Living); Series 2004 B, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.73%, 08/15/34(d)(e) -- VMIG-1 1,600 1,600,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Valley Packaging
Industries Inc.); Series 2005, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.85%, 07/01/35(d)(e) -- VMIG-1 1,240 1,240,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Wisconsin Lutheran
College Project); Series 2003, VRD RB
(LOC-U.S. Bank, N.A.)
3.90%, 06/01/33(b)(d) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
</Table>
F-32
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WISCONSIN-(CONTINUED)
Wisconsin (State of) Health & Educational
Facilities Authority (Wisconsin Lutheran
College); Series 2001, VRD RB (LOC-U.S.
Bank, N.A.)
3.90%, 09/01/31(b)(d) A-1+ -- $ 5,100 $ 5,100,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Rural Water Construction
Loan Program Commission; Series 2006, BAN
RN 4.75%, 08/15/07 -- MIG-1 4,000 4,035,469
===========================================================================================
233,678,252
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WYOMING-0.48%
Gillette (City of) Pollution Control; Series
1991, Refunding Floating VRD PCR
(LOC-Barclays Bank PLC)
3.78%, 01/01/18(d)(e)(g) A-1+ P-1 $ 5,100 $ 5,100,000
- -------------------------------------------------------------------------------------------
Platte (County of) Pollution Control
(Tri-State Generation and Transmission
Association); Series 1984 A, Refunding VRD
PCR 3.86%, 07/01/14(b) -- P-1 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Wyoming (State of) Educational Funding;
Series 2006 A, TRAN
4.50%, 06/27/07 SP-1+ -- 10,000 10,056,661
===========================================================================================
19,256,661
===========================================================================================
TOTAL INVESTMENTS(q)(r)-98.85%
(Cost $4,006,153,875) 4,006,153,875
===========================================================================================
OTHER ASSETS LESS LIABILITIES-1.15% 46,590,130
===========================================================================================
NET ASSETS-100.00% $4,052,744,005
___________________________________________________________________________________________
===========================================================================================
</Table>
Investment Abbreviations:
<Table>
ACES - Automatically Convertible Extendable Security
AMT - Alternative Minimum Tax
BAN - Bond Anticipation Note
CEP - Credit Enhancement Provider
COP - Certificates of Participation
Ctfs. - Certificates
GO - General Obligation Bonds
IDR - Industrial Development Revenue Bonds
INS - Insurer
LOC - Letter of Credit
MERLOT - Municipal Exempt Receipts Liquidity Option Tender
NRR - Not Re-Rated
PCR - Pollution Control Revenue Bonds
P-Floats - Putable Floating Option Tax-Exempt Receipt
PUTTERs - Putable Tax-Exempt Receipts
RANS - Revenue Anticipation Notes
RB - Revenue Bonds
RN - Revenue Notes
Sr. - Senior
Sub. - Subordinated.
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation Notes
VRD - Variable Rate Demand
Wts. - Warrants
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-33
Tax-Free Cash Reserve Portfolio
Notes to Schedule of Investments:
(a) Ratings assigned by Standard & Poor's Corporation ("S&P") and Moody's
Investors Service, Inc. ("Moody's"), except as indicated in note (l) below.
NRR indicates a security that is not re-rated subsequent to funding of an
escrow fund (consisting of U.S. Treasury obligations held by a bank
custodian or other highly rated collateral); this funding is pursuant to an
advance refunding of this security.
(b) Demand security payable upon demand by the Fund at specified time intervals
no greater than one business day. Interest rate is redetermined daily. Rate
shown is the rate in effect on September 30, 2006.
(c) Principal and/or interest payments are secured by the bond insurance company
listed.
(d) Principal and interest payments are fully enhanced by a letter of credit
from the bank listed or a predecessor bank, branch or subsidiary.
(e) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days. Interest rate is redetermined weekly.
Rate shown is the rate in effect on September 30, 2006.
(f) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days. Interest rate is redetermined monthly.
Rate shown is the rate in effect on September 30, 2006.
(g) The security is credit guaranteed, enhanced or has credit risk by a foreign
entity. The total foreign credit exposure to countries other than the United
States of America (as a percentage of net assets) is 7.9%; each having a
less than 5% concentration.
(h) Security not registered under the Securities Act of 1933, as amended (e.g.,
the security was purchased in a Rule 144A transaction or a Regulation D
transaction). The security may be resold pursuant to an exemption from
registration under the 1933 Act, typically to qualified institutional
buyers. The Fund has no rights to demand registration of these securities.
The aggregate value of these securities at September 30, 2006 was
$996,559,500, which represented 24.59% of the Fund's Net Assets. Unless
otherwise indicated, these securities are not considered to be illiquid.
(i) Synthetic municipal instruments; involves the deposit into a trust of one or
more long-term tax-exempt bonds or notes ("Underlying Bonds."), a sale of
certificates evidencing interests in the trust to investors such as the
Fund. The trustee receives the long-term fixed interest payments on the
Underlying Bonds, and pays certificate holders variable rate interest
payments based upon a short-term reset periodically.
(j) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined at
intermittent intervals. Rate shown is the rate in effect on September 30,
2006.
(k) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined annually.
Rate shown is the rate in effect on September 30, 2006.
(l) Security is not rated by S&P or by Moody's; however it is rated by Fitch
IBCA ("Fitch") of F1+.
(m) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined
semi-annually. Rate shown is the rate in effect on September 30, 2006.
(n) In accordance with the procedures established by the Board of Trustees,
investments are through participation in joint accounts with other mutual
funds, private accounts and certain non-registered investment companies
managed by the investment advisor or its affiliates.
(o) Advance refunded; secured by an escrow fund of U.S. Government obligations.
(p) Security has an irrevocable call by the issuer or mandatory put by the
holder. Maturity date reflects such call or put.
(q) This table provides a listing of those entities that have either issued,
guaranteed, backed or otherwise enhanced the credit quality of more than 5%
of the securities held in the portfolio. In instances where the entity has
guaranteed, backed or otherwise enhanced the credit quality of a security,
it is not primarily responsible for the issuer's obligations but may be
called upon to satisfy the issuer's obligations.
<Table>
<Caption>
ENTITIES PERCENTAGE
------------------------------------------------------------------------
MBIA Insurance Corp. 9.6%
------------------------------------------------------------------------
Financial Guaranty Insurance Co. 8.6
------------------------------------------------------------------------
Financial Security Assurance Inc. 7.9
------------------------------------------------------------------------
Bank of America, N.A. 7.2
------------------------------------------------------------------------
Ambac Assurance Corp. 6.7
------------------------------------------------------------------------
JP Morgan Chase Bank, N.A. 6.7
------------------------------------------------------------------------
Other Entities Less than 5% 52.0
________________________________________________________________________
========================================================================
</Table>
(r) Also represents cost for federal income tax purposes.
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-34
Tax-Free Cash Reserve Portfolio
STATEMENT OF ASSETS AND LIABILITIES
September 30, 2006
(Unaudited)
<Table>
ASSETS:
Investments, at value (cost $4,006,153,875) $4,006,153,875
- ------------------------------------------------------------
Cash 54,198,348
============================================================
Receivables for:
Investments sold 13,663,694
- ------------------------------------------------------------
Interest 22,896,033
- ------------------------------------------------------------
Investment for trustee deferred compensation
and retirement plans 135,972
- ------------------------------------------------------------
Other assets 142,218
============================================================
Total assets 4,097,190,140
____________________________________________________________
============================================================
LIABILITIES:
Payables for:
Investments purchased 32,628,194
- ------------------------------------------------------------
Dividends 11,141,607
- ------------------------------------------------------------
Trustee deferred compensation and
retirement plans 317,602
- ------------------------------------------------------------
Accrued distribution fees 193,076
- ------------------------------------------------------------
Accrued trustees' and officer's fees and
benefits 1,424
- ------------------------------------------------------------
Accrued transfer agent fees 31,612
- ------------------------------------------------------------
Accrued operating expenses 132,620
============================================================
Total liabilities 44,446,135
============================================================
Net assets applicable to shares outstanding $4,052,744,005
____________________________________________________________
============================================================
NET ASSETS CONSIST OF:
Shares of beneficial interest $4,052,710,537
- ------------------------------------------------------------
Undistributed net realized gain from
investment securities 33,468
============================================================
$4,052,744,005
____________________________________________________________
============================================================
NET ASSETS:
Institutional Class $2,184,081,161
____________________________________________________________
============================================================
Private Investment Class $ 178,209,699
____________________________________________________________
============================================================
Personal Investment Class $ 39,813,008
____________________________________________________________
============================================================
Cash Management Class $ 859,786,254
____________________________________________________________
============================================================
Reserve Class $ 19,558,028
____________________________________________________________
============================================================
Resource Class $ 462,635,110
____________________________________________________________
============================================================
Corporate Class $ 308,660,745
____________________________________________________________
============================================================
SHARES OUTSTANDING, $0.001 PAR VALUE PER
SHARE, UNLIMITED NUMBER OF SHARES
AUTHORIZED:
Institutional Class 2,184,002,860
____________________________________________________________
============================================================
Private Investment Class 178,191,314
____________________________________________________________
============================================================
Personal Investment Class 39,808,937
____________________________________________________________
============================================================
Cash Management Class 859,773,377
____________________________________________________________
============================================================
Reserve Class 19,555,349
____________________________________________________________
============================================================
Resource Class 462,630,031
____________________________________________________________
============================================================
Corporate Class 308,665,176
____________________________________________________________
============================================================
Net asset value, offering and redemption
price per share for each class $ 1.00
____________________________________________________________
============================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-35
Tax-Free Cash Reserve Portfolio
STATEMENT OF OPERATIONS
For the six months ended September 30, 2006
(Unaudited)
<Table>
INVESTMENT INCOME:
Interest $64,687,772
=========================================================================
EXPENSES:
Advisory fees 3,774,934
- -------------------------------------------------------------------------
Administrative services fees 310,442
- -------------------------------------------------------------------------
Custodian fees 77,651
- -------------------------------------------------------------------------
Distribution fees:
Private Investment Class 485,704
- -------------------------------------------------------------------------
Personal Investment Class 134,835
- -------------------------------------------------------------------------
Cash Management Class 354,754
- -------------------------------------------------------------------------
Reserve Class 96,993
- -------------------------------------------------------------------------
Resource Class 403,421
- -------------------------------------------------------------------------
Corporate Class 16,953
- -------------------------------------------------------------------------
Transfer agent fees 218,902
- -------------------------------------------------------------------------
Trustees' and officer's fees and benefits 51,602
- -------------------------------------------------------------------------
Other 388,335
=========================================================================
Total expenses 6,314,526
=========================================================================
Less: Fees waived (1,231,708)
=========================================================================
Net expenses 5,082,818
=========================================================================
Net investment income 59,604,954
=========================================================================
Net realized gain (loss) from Investment securities 75,176
=========================================================================
Net increase in net assets resulting from operations $59,680,130
_________________________________________________________________________
=========================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-36
Tax-Free Cash Reserve Portfolio
STATEMENT OF CHANGES IN NET ASSETS
For the six months ended September 30, 2006 and the year ended March 31, 2006
(Unaudited)
<Table>
<Caption>
SEPTEMBER 30, MARCH 31,
2006 2006
- ----------------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 59,604,954 $ 81,006,602
- ----------------------------------------------------------------------------------------------
Net realized gain from investment securities 75,176 20,198
==============================================================================================
Net increase in net assets resulting from operations 59,680,130 81,026,800
==============================================================================================
Distributions to shareholders from net investment income:
Institutional Class (36,124,015) (51,535,231)
- ----------------------------------------------------------------------------------------------
Private Investment Class (2,978,341) (5,114,924)
- ----------------------------------------------------------------------------------------------
Personal Investment Class (504,916) (404,324)
- ----------------------------------------------------------------------------------------------
Cash Management Class (11,499,373) (15,063,769)
- ----------------------------------------------------------------------------------------------
Reserve Class (238,071) (276,474)
- ----------------------------------------------------------------------------------------------
Resource Class (6,401,163) (8,314,990)
- ----------------------------------------------------------------------------------------------
Corporate Class (1,859,075) (296,890)
==============================================================================================
Decrease in net assets resulting from distributions (59,604,954) (81,006,602)
==============================================================================================
Share transactions-net:
Institutional Class 291,927,149 (224,964,600)
- ----------------------------------------------------------------------------------------------
Private Investment Class (42,786,075) 24,371,221
- ----------------------------------------------------------------------------------------------
Personal Investment Class 18,909,835 10,024,848
- ----------------------------------------------------------------------------------------------
Cash Management Class 176,106,119 (41,462,324)
- ----------------------------------------------------------------------------------------------
Reserve Class 504,881 9,744,079
- ----------------------------------------------------------------------------------------------
Resource Class 121,244,070 51,762,427
- ----------------------------------------------------------------------------------------------
Corporate Class 300,648,751 8,016,425
==============================================================================================
Net increase (decrease) in net assets resulting from
share transactions 866,554,730 (162,507,924)
==============================================================================================
Net increase (decrease) in net assets 866,629,906 (162,487,726)
==============================================================================================
NET ASSETS:
Beginning of period 3,186,114,099 3,348,601,825
==============================================================================================
End of period (including undistributed net investment
income of $0 and $0, respectively) $4,052,744,005 $3,186,114,099
______________________________________________________________________________________________
==============================================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-37
Tax-Free Cash Reserve Portfolio
NOTES TO FINANCIAL STATEMENTS
September 30, 2006
(Unaudited)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
Tax-Free Investments Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end
management investment company. The Trust is organized as a Delaware statutory
trust consisting of one portfolio, the Tax-Free Cash Reserve Portfolio (the
"Fund"). The Fund currently offers multiple classes of shares. Matters affecting
each class are voted on exclusively by the shareholders of each class.
The Fund's investment objective is to provide as high a level of tax-exempt
income as is consistent with the preservation of capital and maintenance of
liquidity.
The following is a summary of the significant accounting policies followed
by the Fund in the preparation of its financial statements.
A. SECURITY VALUATIONS -- The Fund's securities are recorded on the basis of
amortized cost which approximates value as permitted by Rule 2a-7 under the
1940 Act. This method values a security at its cost on the date of purchase
and, thereafter, assumes a constant amortization to maturity of any
premiums or accretion of any discounts.
B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME -- Securities transactions
are accounted for on a trade date basis. Realized gains or losses on sales
are computed on the basis of specific identification of the securities
sold. Interest income, adjusted for amortization of premiums and accretion
of discounts on investments, is recorded on the accrual basis from
settlement date.
Brokerage commissions and mark ups are considered transaction costs and
are recorded as an increase to the cost basis of securities purchased
and/or a reduction of proceeds on a sale of securities. Such transaction
costs are included in the determination of realized gain (loss) from
investment securities reported in the Statement of Operations and the
Statement of Changes in Net Assets and the realized net gains (losses) on
securities per share in the Financial Highlights. Transaction costs are
included in the calculation of the Fund's net asset value and, accordingly,
they reduce the Fund's total returns. These transaction costs are not
considered operating expenses and are not reflected in net investment
income reported in the Statement of Operations and Statement of Changes in
Net Assets, or the net investment income per share and ratios of expenses
and net investment income reported in the Financial Highlights, nor are
they limited by any expense limitation arrangements between the Fund and
the advisor.
The Fund allocates realized capital gains and losses to a class based on
the relative net assets of each class. The Fund allocates income to a class
based on the relative value of the settled shares of each class.
C. COUNTRY DETERMINATION -- For the purposes of making investment selection
decisions and presentation in the Schedule of Investments, AIM may
determine the country in which an issuer is located and/or credit risk
exposure based on various factors. These factors include the laws of the
country under which the issuer is organized, where the issuer maintains a
principal office, the country in which the issuer derives 50% or more of
its total revenues and the country that has the primary market for the
issuer's securities, as well as other criteria. Among the other criteria
that may be evaluated for making this determination are the country in
which the issuer maintains 50% or more of its assets, the type of security,
financial guarantees and enhancements, the nature of the collateral and the
sponsor organization. Country of issuer and/or credit risk exposure has
been determined to be the United States of America unless otherwise noted.
D. DISTRIBUTIONS -- Distributions from income are declared daily and paid
monthly. Distributions from net realized capital gain, if any, are
generally paid annually and recorded on ex-dividend date. The Fund may
elect to treat a portion of the proceeds from redemptions as distributions
for federal income tax purposes.
E. FEDERAL INCOME TAXES -- The Fund intends to comply with the requirements of
Subchapter M of the Internal Revenue Code necessary to qualify as a
regulated investment company and to distribute substantially all of the
Fund's taxable earnings to shareholders. As such, the Fund will not be
subject to federal income taxes on otherwise taxable income (including net
realized capital gain) that is distributed to shareholders. Therefore, no
provision for federal income taxes is recorded in the financial statements.
In addition, the Fund intends to invest in such municipal securities to
allow it to qualify to pay shareholders "exempt-interest dividends", as
defined in the Internal Revenue Code.
F. EXPENSES -- Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund and which are directly attributable to that class are
charged to the operations of such class. All other expenses are allocated
among the classes based on relative net assets.
G. ACCOUNTING ESTIMATES -- The preparation of financial statements in
conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period including estimates and assumptions related to
taxation. Actual results could differ from those estimates.
H. INDEMNIFICATIONS -- Under the Trust's organizational documents, each
Trustee, officer, employee or other agent of the Trust (including the
Trust's investment manager) is indemnified against certain liabilities that
may arise out of performance of their duties to the Fund. Additionally, in
the normal course of business, the Fund enters into contracts that contain
a variety of indemnification clauses. The Fund's maximum exposure under
these arrangements is unknown as this would involve future claims that may
be made against the Fund that have not yet occurred. The risk of material
loss as a result of such indemnification claims is considered remote.
F-38
Tax-Free Cash Reserve Portfolio
NOTE 2--ADVISORY FEES AND OTHER FEES PAID TO AFFILIATES
The Trust has entered into a master investment advisory agreement with A I M
Advisors, Inc. ("AIM"). Under the terms of the investment advisory agreement,
the Fund pays an advisory fee to AIM at the annual rate of 0.25% of the first
$500 million of the Fund's average daily net assets plus 0.20% of the Fund's
average daily net assets in excess of $500 million. AIM has contractually agreed
to waive advisory fees and/or reimburse expenses to the extent necessary to
limit total annual operating expenses (excluding certain items discussed below)
to 0.22% of the Fund's average daily net assets through June 30, 2007. In
determining the advisor's obligation to waive advisory fees and/or reimburse
expenses, the following expenses are not taken into account, and could cause the
net annual operating expenses to exceed the number reflected above: (i) Rule
12b-1 plan fees, if any; (ii) trustees' fees; (iii) federal registration fees;
(iv) interest: (v) taxes; (vi) extraordinary items; (vii) expenses related to a
merger or reorganization, as approved by the Fund's Board of Trustees; and
(viii) expenses that the Fund has incurred but did not actually pay because of
an expense offset arrangement. Currently, in addition to the expense
reimbursement arrangement with AMVESCAP PLC ("AMVESCAP") described more fully
below, the expense offset arrangements from which the Fund may benefit are in
the form of credits that the Fund receives from banks where the Fund or its
transfer agent has deposits accounts in which it holds uninvested cash. Those
credits are used to pay certain expenses incurred by the Fund. To the extent
that the annualized expense ratio does not exceed the expense limitation, AIM
will retain its ability to be reimbursed for such fee waivers or reimbursements
prior to the end of the fiscal year.
For the six months ended September 30, 2006, AIM waived advisory fees of
$788,656.
At the request of the Trustees of the Trust, AMVESCAP agreed to reimburse
expenses incurred by the Fund in connection with market timing matters in the
AIM Funds, which may include legal, audit, shareholder reporting, communications
and trustee expenses. These expenses along with the related expense
reimbursement are included in the Statement of Operations. For the six months
ended September 30, 2006, AMVESCAP did not reimburse any expenses.
The Trust, pursuant to a master administrative services agreement with AIM,
has agreed to pay AIM for certain administrative costs incurred in providing
accounting services to the Fund. Pursuant to such agreement, for the six months
ended September 30, 2006, AIM was paid $310,442.
The Trust, pursuant to a transfer agency and service agreement, has agreed
to pay AIM Investment Services, Inc. ("AIS") a fee for providing transfer agency
and shareholder services to the Fund. During the six months ended September 30,
2006, AIS retained $218,902.
Under the terms of a master distribution agreement between Fund Management
Company ("FMC") and the Trust, FMC acts as the exclusive distributor of the
Fund's shares. The Trust has adopted a master distribution plan pursuant to Rule
12b-1 under the 1940 Act with respect to the Fund's Private Investment Class,
Personal Investment Class, Cash Management Class, Reserve Class, Resource Class
and Corporate Class (the "Plan"). The Plan provides that the Private Investment
Class, the Personal Investment Class, the Cash Management Class, the Reserve
Class, the Resource Class and the Corporate Class pay up to the maximum annual
rate of 0.50%, 0.75%, 0.10%, 1.00%, 0.20% and 0.03%, respectively, of the
average daily net assets attributable to such class. Of the Rule 12b-1 payment,
up to 0.25% of the average daily net assets of each class may be paid to furnish
continuing personal shareholder services to customers who purchase and own
shares of such classes. Any amounts not paid as a service fee under such Plan
would constitute an asset-based sales charge. National Association of Securities
Dealers ("NASD") Rules impose a cap on the total amount of sales charges,
including asset-based sales charges, that may be paid by any class of shares of
the Fund. Currently, FMC has contractually agreed to waive a portion of its
compensation payable by the Fund such that compensation paid pursuant to the
Plan with respect to the Private Investment Class, the Personal Investment
Class, the Cash Management Class, the Reserve Class and the Resource Class
equals the maximum annual rate of 0.25%, 0.55%, 0.08%, 0.87% and 0.16%,
respectively, of the average daily net assets attributable to such class through
June 30, 2007. Further, FMC voluntarily waived additional Rule 12b-1 plan fees
for the Reserve Class during the period in order to increase the yield. Waivers
may be modified or discontinued at any time. Pursuant to the Plan, for the six
months ended September 30, 2006, the Private Investment Class, the Personal
Investment Class, the Cash Management Class, the Reserve Class, the Resource
Class and the Corporate Class paid $242,852, $98,879, $283,803, $84,384,
$322,737 and $16,953, respectively, after FMC waived Plan fees of $242,852,
$35,956, $70,951, $12,609, $80,684 and $0, respectively.
Certain officers and trustees of the Trust are officers and directors of
AIM, AIS and/or FMC.
NOTE 3--SECURITY TRANSACTIONS WITH AFFILIATED FUNDS
The Fund is permitted to purchase or sell securities from or to certain other
AIM Funds under specified conditions outlined in procedures adopted by the Board
of Trustees of the Trust. The procedures have been designed to ensure that any
purchase or sale of securities by the Fund from or to another fund or portfolio
that is or could be considered an affiliate by virtue of having a common
investment advisor (or affiliated investment advisors), common Trustees and/or
common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined
under the procedures, each transaction is effected at the current market price.
Pursuant to these procedures, for the six months ended September 30, 2006, the
Fund engaged in securities sales of $15,921,501, which resulted in net realized
gains (losses) of $0 and securities purchases of $12,923,697.
NOTE 4--TRUSTEES' AND OFFICER'S FEES AND BENEFITS
"Trustees' and Officer's Fees and Benefits" include amounts accrued by the Fund
to pay remuneration to each Trustee and Officer of the Fund who is not an
"interested person" of AIM. Trustees have the option to defer compensation
payable by the Fund, and "Trustees' and Officer's Fees and Benefits" also
include amounts accrued by the Fund to fund such deferred compensation amounts.
Those Trustees who defer compensation have the option to select various AIM
Funds in which their deferral accounts shall be deemed to be invested. Finally,
current Trustees are eligible to participate in a retirement plan that provides
for benefits to be paid upon retirement to Trustees over a period of time based
on the number of years of service. The Fund may have certain former Trustees who
also participate in a retirement plan and receive benefits under such plan.
"Trustees' and Officer's Fees and Benefits" include
F-39
Tax-Free Cash Reserve Portfolio
amounts accrued by the Fund to fund such retirement benefits. Obligations under
the deferred compensation and retirement plans represent unsecured claims
against the general assets of the Fund.
During the six months ended September 30, 2006, the Fund paid legal fees of
$5,418 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel
to the Independent Trustees. A member of that firm is a Trustee of the Trust.
NOTE 5--BORROWINGS
Pursuant to an exemptive order from the Securities and Exchange Commission, the
Fund may participate in an interfund lending facility that AIM has established
for temporary borrowings by the AIM Funds. An interfund loan will be made under
this facility only if the loan rate (an average of the rate available on bank
loans and the rate available on investments in overnight repurchase agreements)
is favorable to both the lending fund and the borrowing fund. A loan will be
secured by collateral if the Fund's aggregate borrowings from all sources
exceeds 10% of the Fund's total assets. To the extent that the loan is required
to be secured by collateral, the collateral is marked to market daily to ensure
that the market value is at least 102% of the outstanding principal value of the
loan. The Fund did not borrow or lend under the facility during the six months
ended September 30, 2006.
Additionally, the Fund is permitted to temporarily carry a negative or
overdrawn balance in its account with The Bank of New York, the custodian bank.
To compensate the custodian bank for such overdrafts, the overdrawn Fund may
either (i) leave funds as a compensating balance in the account so the custodian
bank can be compensated by earning the additional interest; or (ii) compensate
by paying the custodian bank at a rate agreed upon by the custodian bank and
AIM, not to exceed the rate contractually agreed upon.
NOTE 6--TAX INFORMATION
The amount and character of income and gains to be distributed are determined in
accordance with income tax regulations, which may differ from generally accepted
accounting principles. Reclassifications are made to the Fund's capital accounts
to reflect income and gains available for distribution (or available capital
loss carryforward) under income tax regulations. The tax character of
distributions paid during the year and the tax components of net assets will be
reported at the Fund's fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date.
Results of transactions and other activity after that date may affect the amount
of capital loss carryforward actually available for the Fund to utilize. The
ability to utilize capital loss carryforward in the future may be limited under
the Internal Revenue Code and related regulations based on the results of future
transactions.
The Fund had a capital loss carryforward as of March 31, 2006 which expires
as follows:
<Table>
<Caption>
CAPITAL LOSS
EXPIRATION CARRYFORWARD*
- -----------------------------------------------------------------------
March 31, 2013 $41,708
_______________________________________________________________________
=======================================================================
</Table>
* Capital loss carryforward as of the date listed above is reduced for
limitations, if any, to the extent required by the Internal Revenue Code.
F-40
Tax-Free Cash Reserve Portfolio
NOTE 7--SHARE INFORMATION
The Fund currently offers seven different classes of shares: Institutional
Class, Private Investment Class, Personal Investment Class, Cash Management
Class, Reserve Class, Resource Class and Corporate Class.
<Table>
<Caption>
CHANGES IN SHARES OUTSTANDING
- ---------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 2006(A) MARCH 31, 2006
------------------------------------ ------------------------------------
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------------------------------------
Sold:
Institutional Class 13,218,005,962 $ 13,218,005,962 24,419,859,762 $ 24,419,859,762
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 288,384,797 288,384,797 590,733,012 590,733,012
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 60,996,835 60,996,835 32,503,439 32,503,439
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 3,691,867,319 3,691,867,319 7,375,896,321 7,375,896,321
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 50,075,617 50,075,617 162,245,979 162,245,979
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 1,535,997,202 1,535,997,202 2,316,222,552 2,316,222,552
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 459,031,908 459,031,908 129,405,787 129,405,787
=================================================================================================================================
Issued as reinvestment of dividends:
Institutional Class 22,051,538 22,051,538 30,895,326 30,895,326
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 2,454,612 2,454,612 3,802,001 3,802,001
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 88,820 88,820 201,846 201,846
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 9,059,815 9,059,815 11,231,407 11,231,407
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 230,235 230,235 247,862 247,862
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 5,672,955 5,672,955 7,599,542 7,599,542
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 55,615 55,615 10,644 10,644
=================================================================================================================================
Reacquired:
Institutional Class (12,948,130,351) (12,948,130,351) (24,675,719,687) (24,675,719,687)
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class (333,625,484) (333,625,484) (570,163,791) (570,163,791)
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class (42,175,820) (42,175,820) (22,680,438) (22,680,438)
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class (3,524,821,015) (3,524,821,015) (7,428,590,053) (7,428,590,053)
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class (49,800,971) (49,800,971) (152,749,762) (152,749,762)
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class (1,420,426,087) (1,420,426,087) (2,272,059,667) (2,272,059,667)
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) (158,438,772) (158,438,772) (121,400,006) (121,400,006)
=================================================================================================================================
866,554,730 $ 866,554,730 (162,507,924) $ (162,507,924)
_________________________________________________________________________________________________________________________________
=================================================================================================================================
</Table>
(a) There are two entities that are each record owners of more than 5% of the
outstanding shares of the Fund and in the aggregate they own 61% of the
outstanding shares of the Fund. FMC has an agreement with these entities to
sell Fund shares. The Fund, AIM, and/or AIM affiliates may make payments to
these entities, which are considered to be related to the Fund, for
providing services to the Fund, AIM, and/or AIM affiliates including but not
limited to services such as, securities brokerage, distribution, third party
record keeping and account servicing. The Trust has no knowledge as to
whether all or any portion of the shares owned of record by these entities
are also owned beneficially.
(b) Corporate Class shares commenced sales on September 8, 2005.
NOTE 8--NEW ACCOUNTING STANDARD
In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 48, Accounting for Uncertainty in Income Taxes ("FIN 48").
FIN 48 prescribes a recognition threshold and measurement attribute for the
financial statement recognition and measurement for a tax position taken or
expected to be taken in a tax return. FIN 48 also provides guidance on
derecognition, classification, interest and penalties, accounting in interim
periods, disclosure and transition. The provisions for FIN 48 are effective for
fiscal years beginning after December 15, 2006. Management is currently
assessing the impact of FIN 48, if any, on the Fund's financial statements and
intends for the Fund to adopt the FIN 48 provisions during 2007.
F-41
Tax-Free Cash Reserve Portfolio
NOTE 9--FINANCIAL HIGHLIGHTS
The following schedule presents financial highlights for a share of the Fund
outstanding throughout the periods indicated.
<Table>
<Caption>
CORPORATE CLASS
-------------------------------------
SEPTEMBER 8, 2005
SIX MONTHS (DATE SALES
ENDED COMMENCED) TO
SEPTEMBER 30, MARCH 31,
2006 2006
- ---------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 1.00 $ 1.00
- ---------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.02 0.01
===================================================================================================
Less distributions from net investment income (0.02) (0.01)
===================================================================================================
Net asset value, end of period $ 1.00 $ 1.00
___________________________________________________________________________________________________
===================================================================================================
Total return(a) 1.66% 1.52%
___________________________________________________________________________________________________
===================================================================================================
Ratios/supplemental data:
Net assets, end of period (000s omitted) $308,661 $ 8,017
___________________________________________________________________________________________________
===================================================================================================
Ratio of expenses to average net assets:
With fee waivers and/or expense reimbursements 0.25%(b) 0.25%(c)
- ---------------------------------------------------------------------------------------------------
Without fee waivers and/or expense reimbursements 0.29%(b) 0.30%(c)
___________________________________________________________________________________________________
===================================================================================================
Ratio of net investment income to average net assets 3.29%(b) 2.46%(c)
___________________________________________________________________________________________________
===================================================================================================
</Table>
(a) Includes adjustments in accordance with accounting principles generally
accepted in the United States of America and is not annualized for
periods less than one year.
(b) Ratios are annualized and based on average daily net assets of
$112,710,698.
(c) Annualized.
F-42
Tax-Free Cash Reserve Portfolio
NOTE 10--LEGAL PROCEEDINGS
Terms used in the Legal Proceedings Note are defined terms solely for the
purpose of this note.
SETTLED ENFORCEMENT ACTIONS AND INVESTIGATIONS RELATED TO MARKET TIMING
On October 8, 2004, INVESCO Funds Group, Inc. ("IFG") (the former investment
advisor to certain AIM Funds), AIM and A I M Distributors, Inc. ("ADI") (the
distributor of the retail AIM Funds) reached final settlements with certain
regulators, including the Securities and Exchange Commission ("SEC"), the New
York Attorney General and the Colorado Attorney General, to resolve civil
enforcement actions and/or investigations related to market timing and related
activity in the AIM Funds, including those formerly advised by IFG. As part of
the settlements, a $325 million fair fund ($110 million of which is civil
penalties) has been created to compensate shareholders harmed by market timing
and related activity in funds formerly advised by IFG. Additionally, AIM and ADI
created a $50 million fair fund ($30 million of which is civil penalties) to
compensate shareholders harmed by market timing and related activity in funds
advised by AIM, which was done pursuant to the terms of the settlement. These
two fair funds may increase as a result of contributions from third parties who
reach final settlements with the SEC or other regulators to resolve allegations
of market timing and/or late trading that also may have harmed applicable AIM
Funds. These two fair funds will be distributed in accordance with a methodology
to be determined by AIM's independent distribution consultant, in consultation
with AIM and the independent trustees of the AIM Funds and acceptable to the
staff of the SEC. Management of AIM and the Fund are unable to estimate the
impact, if any, that the distribution of these two fair funds may have on the
Fund or whether such distribution will have an impact on the Fund's financial
statements in the future.
At the request of the trustees of the AIM Funds, AMVESCAP PLC ("AMVESCAP"),
the parent company of IFG and AIM, has agreed to reimburse expenses incurred by
the AIM Funds related to market timing matters.
PENDING LITIGATION AND REGULATORY INQUIRIES
On August 30, 2005, the West Virginia Office of the State Auditor -Securities
Commission ("WVASC") issued a Summary Order to Cease and Desist and Notice of
Right to Hearing to AIM and ADI (Order No. 05-1318). The WVASC makes findings of
fact that AIM and ADI entered into certain arrangements permitting market timing
of the AIM Funds and failed to disclose these arrangements in the prospectuses
for such Funds, and conclusions of law to the effect that AIM and ADI violated
the West Virginia securities laws. The WVASC orders AIM and ADI to cease any
further violations and seeks to impose monetary sanctions, including restitution
to affected investors, disgorgement of fees, reimbursement of investigatory,
administrative and legal costs and an "administrative assessment," to be
determined by the Commissioner. Initial research indicates that these damages
could be limited or capped by statute.
Civil lawsuits, including purported class action and shareholder derivative
suits, have been filed against certain of the AIM Funds, IFG, AIM, ADI and/or
related entities and individuals, depending on the lawsuit, alleging:
- that the defendants permitted improper market timing and related activity in
the AIM Funds;
- that certain AIM Funds inadequately employed fair value pricing;
- that the defendants charged excessive advisory and/or distribution fees and
failed to pass on to shareholders the perceived savings generated by
economies of scale and that the defendants adopted unlawful distribution
plans; and
- that the defendants improperly used the assets of the AIM Funds to pay
brokers to aggressively promote the sale of the AIM Funds over other mutual
funds and that the defendants concealed such payments from investors by
disguising them as brokerage commissions (all the claims in this category of
lawsuits were dismissed with prejudice by the court on September 29, 2006,
except for the Section 36(b) claim which was dismissed with leave to amend
to plead it properly as a derivative claim).
These lawsuits allege as theories of recovery, depending on the lawsuit,
violations of various provisions of the Federal and state securities laws and
ERISA, negligence, breach of fiduciary duty and/or breach of contract. These
lawsuits seek remedies that include, depending on the lawsuit, damages,
restitution, injunctive relief, imposition of a constructive trust, removal of
certain directors and/or employees, various corrective measures under ERISA,
rescission of certain AIM Funds' advisory agreements and/or distribution plans
and recovery of all fees paid, an accounting of all fund-related fees,
commissions and soft dollar payments, restitution of all commissions and fees
paid, and prospective relief in the form of reduced fees.
All lawsuits based on allegations of market timing, late trading and related
issues have been transferred to the United States District Court for the
District of Maryland (the "MDL Court"). Pursuant to an Order of the MDL Court,
plaintiffs in these lawsuits consolidated their claims for pre-trial purposes
into three amended complaints against various AIM- and IFG-related parties: (i)
a Consolidated Amended Class Action Complaint purportedly brought on behalf of
shareholders of the AIM Funds; (ii) a Consolidated Amended Fund Derivative
Complaint purportedly brought on behalf of the AIM Funds and fund registrants;
and (iii) an Amended Class Action Complaint for Violations of the Employee
Retirement Income Securities Act ("ERISA") purportedly brought on behalf of
participants in AMVESCAP's 401(k) plan. Based on orders issued by the MDL Court,
all claims asserted against the AIM Funds that have been transferred to the MDL
Court have been dismissed, although certain Funds remain nominal defendants in
the Consolidated Amended Fund Derivative Complaint. On September 15, 2006, the
MDL Court granted the AMVESCAP defendants' motion to dismiss the Amended Class
Action Complaint for Violations of ERISA and dismissed such Complaint. The
plaintiff has commenced an appeal from that decision.
IFG, AIM, ADI and/or related entities and individuals have received inquiries
from numerous regulators in the form of subpoenas or other oral or written
requests for information and/or documents related to one or more of the
following issues, among others, some of which concern one or more AIM Funds:
market timing activity, late trading, fair value pricing, excessive or improper
advisory and/or distribution fees, mutual fund sales practices, including
revenue sharing and directed-brokerage arrangements, investments in securities
of other registered investment companies, contractual plans, issues related to
Section 529 college savings plans and procedures for locating lost security
holders. IFG, AIM and ADI have advised the Fund that they are providing full
cooperation with respect to these inquiries. Regulatory actions and/or
additional civil lawsuits related to these or other issues may be filed against
the AIM Funds, IFG, AIM and/or related entities and individuals in the future.
At the present time, management of AIM and the Fund are unable to estimate
the impact, if any, that the outcome of the Pending Litigation and Regulatory
Inquiries described above may have on AIM, ADI or the Fund.
F-43
Tax-Free Cash Reserve Portfolio
TRUSTEES AND OFFICERS
<Table>
BOARD OF TRUSTEES OFFICERS OFFICE OF THE FUND
Bob R. Baker Karen Dunn Kelley 11 Greenway Plaza
President and Principal Suite 100
Frank S. Bayley Executive Officer Houston, TX 77046-1173
James T. Bunch Philip A. Taylor INVESTMENT ADVISOR
Executive Vice President A I M Advisors, Inc.
Bruce L. Crockett 11 Greenway Plaza
Chair Todd L. Spillane Suite 100
Chief Compliance Officer Houston, TX 77046-1173
Albert R. Dowden
Russell C. Burk TRANSFER AGENT
Jack M. Fields Senior Vice President and Senior Officer AIM Investment Services, Inc.
P.O. Box 4739
Carl Frischling John M. Zerr Houston, TX 77210-4739
Senior Vice President, Secretary and Chief
Robert H. Graham Legal Officer CUSTODIAN
Vice Chair The Bank of New York
Sidney M. Dilgren 2 Hanson Place
Prema Mathai-Davis Vice President, Treasurer Brooklyn, NY 11217-1431
and Principal Financial Officer
Lewis F. Pennock COUNSEL TO THE FUND
Lisa O. Brinkley Ballard Spahr
Ruth H. Quigley Vice President Andrews & Ingersoll, LLP
1735 Market Street, 51st Floor
Larry Soll Kevin M. Carome Philadelphia, PA 19103-7599
Vice President
Raymond Stickel, Jr. COUNSEL TO THE INDEPENDENT TRUSTEES
J. Philip Ferguson Kramer, Levin, Naftalis & Frankel LLP
Philip A. Taylor Vice President 1177 Avenue of the Americas
New York, NY 10036-2714
DISTRIBUTOR
Fund Management Company
11 Greenway Plaza
Suite 100
Houston, TX 77046-1173
</Table>
F-44
The Fund provides a complete list of its holdings four times in each fiscal
year, at quarter-ends. For the second and fourth quarters, the list appears in
the Fund's semiannual and annual reports to shareholders. For the first and
third quarters, the Fund files the lists with the Securities and Exchange
Commission (SEC) on Form N-Q. Shareholders can look up the Fund's Form N-Q
filings on the SEC Web site, sec.gov. The Fund's Form N-Q also may be reviewed
and copied at the SEC Public Reference Room in Washington, D.C. You can obtain
information on the operation of the Public Reference Room, including information
about duplicating fee charges, by calling 202-942-8090 or 800-732-0330 or by
electronic request at the following e-mail address: publicinfo@sec.gov. The SEC
file numbers for the Fund are 811-02731 and 002-58286.
A description of the policies and procedures that the Fund uses to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, from our Client Services department at 800-959-4246 or on the AIM
Web site, AIMinvestments.com. On the home page, scroll down and click on AIM
Funds Proxy Policy. The information is also available on the SEC Web site,
sec.gov.
Information regarding how the Fund voted proxies related to its portfolio
securities during the 12 months ended June 30, 2006, is available at our Web
site. Go to AIMinvestments.com, access the About Us tab, click on Required
Notices and then click on Proxy Voting Activity. Next, select the Fund from the
drop-down menu. This information is also available on the SEC Web site, sec.gov.
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
AIMinvestments.com TFIT-SAR-2 Fund Management Company
TAX-FREE CASH RESERVE PORTFOLIO
INSTITUTIONAL CLASS
TAX-FREE INVESTMENTS TRUST (TFIT)
SEPTEMBER 30, 2006
SEMIANNUAL REPORT
[COVER IMAGE]
SEMIANNUAL
===============================================
INSIDE THIS REPORT
Letter to Shareholders...................... 1
Fund Data................................... 2
Fund Composition by Maturity................ 2
Letter from Independent
Chairman of Board of Trustees............... 3
Calculating Your Ongoing Fund Expenses...... 4
Approval of Investment Advisory Agreement... 5
Financial Pages........................... F-1
Trustees and Officers.................... F-44
===============================================
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
TAX-FREE CASH RESERVE PORTFOLIO
DEAR SHAREHOLDER:
We are pleased to present this report on the performance of
the Institutional Class of Tax-Free Cash Reserve Portfolio
[KELLEY of Tax-Free Investments Trust, part of AIM Cash Management,
PHOTO] for the six months ended September 30, 2006. Thank you for
investing with us.
Tax-Free Cash Reserve Portfolio's objective is to provide
as high a level of tax-exempt income as is consistent with
preservation of capital and maintenance of liquidity. The
KAREN DUNN KELLEY Fund invests in high-quality, short-term municipal
obligations, seeking to provide income exempt from federal
taxation. The Fund structure is driven to some extent by the
supply of municipal securities, and liquidity is managed with
daily and weekly variable-rate demand notes.
Through a combination of short-term cash management vehicles and selective
use of a longer maturity schedule for higher yields, the Fund continued to
provide competitive returns. The Fund continued to maintain a relatively short
maturity structure to take advantage of rising interest rates and yields.
The Fund also continued to hold the highest credit-quality ratings given by
three widely known credit rating agencies: AAAm from Standard & Poor's, Aaa from
Moody's and AAA from FitchRatings. Fund ratings are subject to change and are
based on several factors including an analysis of the Fund's overall credit
quality, market price exposure and management.
MARKET CONDITIONS AFFECTING MONEY MARKET FUNDS
The economy expanded throughout the reporting period, but that expansion was
clearly slowing. U.S. gross domestic product, the broadest measure of economic
activity, grew at an annualized rate of 2.6% in the second quarter of 2006, down
from the exceptionally strong 5.6% annualized growth rate recorded in the first
quarter. Initial estimates put the rate at a weaker-than-expected 1.6% in the
third quarter.
In response to economic expansion and increasing inflation pressures, the
U.S. Federal Reserve Board (the Fed) raised its federal funds target rate by 50
basis points (0.50%) during the reporting period, from 4.75% to 5.25%. Increases
in the federal funds target rate are reflected fairly rapidly in the yields of
money market funds and other fixed income funds that invest primarily in
short-term securities.
At their early August meeting, Fed officials--for the first time in more than
two years--left this key interest rate unchanged. They noted that "economic
growth has moderated from its quite strong pace earlier this year, partly
reflecting a gradual cooling of the housing market and the lagged effects of
increases in interest rates and energy prices." However, the Fed held out the
possibility that additional rate hikes could be needed to fight inflation.
Inflation pressures do not appear to be an immediate concern of the Fed and the
need for additional tightening will likely depend on future economic
developments.
At the close of the reporting period, there was considerable uncertainty
about whether the U.S. economy was headed for a so-called "soft landing"--a
period of gradually slowing economic growth--or a more bumpy and potentially
more painful "hard landing."
IN CONCLUSION
At a recent meeting of the AIM Funds board, Robert H. Graham relinquished his
position as president of Tax-Free Investments Trust. Bob, who was one of three
founders of AIM Investments--Registered Trademark-- in 1976 and who has a
well-earned reputation for being one of the most respected and most
knowledgeable leaders in the mutual fund industry, will continue in his role as
trustee and vice chair of the AIM Funds. As I assume Bob's previous
responsibilities as president of Tax-Free Investments Trust, I am grateful that
I will have the opportunity to continue working with him closely, as I have
since I first joined A I M Management Group Inc. in 1989.
All of us at AIM Investments are committed to the goals of safety, liquidity
and yield in money market fund management. We are also dedicated to excellence
in customer service. Should you have questions about this report or your
account, please contact one of our Cash Management and Alliance representatives
at 800-659-1005.
Sincerely,
/S/ KAREN DUNN KELLEY
Karen Dunn Kelley
President, Fund Management Company
November 15, 2006
The views and opinions expressed in this letter are those of A I M Advisors,
Inc. These views and opinions are subject to change at any time based on factors
such as market and economic conditions. These views and opinions may not be
relied upon as investment advice or recommendations, or as an offer for a
particular security. Statements of fact are from sources considered reliable,
but A I M Advisors, Inc. makes no representation or warranty as to their
completeness or accuracy. Although historical performance is no guarantee of
future results, these insights may help you understand our investment management
philosophy.
1
TAX-FREE CASH RESERVE PORTFOLIO
================================================================================
FUND DATA
INSTITUTIONAL CLASS DATA AS OF 9/30/06
YIELDS WEIGHTED AVERAGE MATURITY NET ASSETS
7-DAY MONTHLY RANGE DURING AT REPORTING
SEC YIELD YIELD REPORTING PERIOD PERIOD END
3.50% 3.35% 22-51 days 46 days $2.18 billion
Performance quoted is past performance and cannot guarantee comparable future
results; current performance may be lower or higher. Please visit
AIMinvestments.com for the most recent month-end performance. Investment
return will vary. Monthly yield represents annualized results for the period,
net of fees and expenses, and excludes any realized capital gains or losses.
Had the advisor not waived fees and/or reimbursed expenses, performance would
have been lower.
================================================================================
</Table>
=====================================
FUND COMPOSITION BY MATURITY
IN DAYS, AS OF 9/30/06
1-7 76.0%
8-30 3.3
31-90 5.8
91-180 4.2
181+ 10.7
=====================================
The number of days to maturity of each holding is determined in accordance with
the provisions of Rule 2a-7 under the Investment Company Act of 1940, as
amended.
================================================================================
AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.
================================================================================
THIS REPORT MUST BE ACCOMPANIED OR PRECEDED BY A CURRENTLY EFFECTIVE FUND
PROSPECTUS, WHICH CONTAINS MORE COMPLETE INFORMATION, INCLUDING FEES AND
EXPENSES. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
================================================================================
2
TAX-FREE CASH RESERVE PORTFOLIO
DEAR FELLOW AIM FUND SHAREHOLDERS:
At our meeting at the end of June, your Board
completed its comprehensive review* of each fund's
advisory agreement with A I M Advisors, Inc. (AIM) to
make certain your interests are being served in terms
of fees, performance and operations.
Looking ahead, your Board finds many reasons to be
positive about AIM's management and strategic
[CROCKETT direction. Most importantly, AIM's investment
PHOTO] management discipline is paying off in terms of
improved overall performance. While work remains to
be done, AIM's complex-wide, asset-weighted mutual
fund performance for the trailing one-, three- and
five-year periods is at its highest since 2000 for
the periods ended September 30, 2006. We are also
BRUCE L. CROCKETT pleased with AIM's efforts to seek more
cost-effective ways of delivering superior service.
In addition, AIM is realizing the benefits of
belonging to a leading independent global investment
management organization in its parent company,
AMVESCAP PLC, which is dedicated to helping people
worldwide build their financial security. AMVESCAP
managed approximately $441 billion globally as of
September 30, 2006, operating under the AIM, INVESCO,
AIM Trimark, INVESCO PERPETUAL and Atlantic Trust
brands. These companies are home to an abundance of
investment talent that is gradually being integrated
and leveraged into centers of excellence, each
focusing on a given market segment or asset class.
Over the next few years, your Board will be meeting
at these various centers of excellence to learn about
their progress and how they may serve you through our
goal of enhancing performance and reducing costs.
The seven new AIM funds--which include Asian
funds, structured U.S. equity funds and specialized
bond funds--are an early example of the kind of
opportunities the AMVESCAP organization can provide
AIM clients. More information on these funds can be
found on AIM's Web site.
Your Board is very pleased with the overall
direction and progress of the AIM Funds. We're
working closely and effectively with AIM's management
to continue this momentum. As always, your Board is
eager to hear your views on how we might better serve
you. Please send your comments in a letter addressed
to me at AIM Investments, AIM Investments Tower, 11
Greenway Plaza, Suite 100, Houston TX 77046.
Sincerely,
/S/ BRUCE L. CROCKETT
Bruce L. Crockett
Independent Chair
AIM Funds Board
November 15, 2006
*To learn more about all the factors we considered
before approving each fund's advisory agreement, go
to the "Products & Performance" tab at the AIM Web
site (AIMinvestments.com) and click on "Investment
Advisory Agreement Renewals." The approval of
advisory agreement information for your Fund is also
included in this semiannual report on pages 5-6.
3
TAX-FREE CASH RESERVE PORTFOLIO
CALCULATING YOUR ONGOING FUND EXPENSES
EXAMPLE together with the amount you invested, The hypothetical account values and
to estimate the expenses that you paid expenses may not be used to estimate the
As a shareholder of the Fund, you incur over the period. Simply divide your actual ending account balance or
ongoing costs, including management account value by $1,000 (for example, an expenses you paid for the period. You
fees; distribution and/or service fees $8,600 account value divided by $1,000 = may use this information to compare the
(12b-1); and other Fund expenses. This 8.6), then multiply the result by the ongoing costs of investing in the Fund
example is intended to help you number in the table under the heading and other funds. To do so, compare this
understand your ongoing costs (in entitled "Actual Expenses Paid During 5% hypothetical example with the 5%
dollars) of investing in the Fund and to Period" to estimate the expenses you hypothetical examples that appear in the
compare these costs with ongoing costs paid on your account during this period. shareholder reports of the other funds.
of investing in other mutual funds. The
example is based on an investment of HYPOTHETICAL EXAMPLE FOR Please note that the expenses shown
$1,000 invested at the beginning of the COMPARISON PURPOSES in the table are meant to highlight your
period and held for the entire period, ongoing costs only. Therefore, the
April 1, 2006, through September 30, The table below also provides hypothetical information is useful in
2006. information about hypothetical account comparing ongoing costs only, and will
values and hypothetical expenses based not help you determine the relative
ACTUAL EXPENSES on the Fund's actual expense ratio and total costs of owning different funds.
an assumed rate of return of 5% per year
The table below provides information before expenses, which is not the Fund's
about actual account values and actual actual return.
expenses. You may use the information in
this table,
====================================================================================================================================
ACTUAL HYPOTHETICAL
(5% ANNUAL RETURN BEFORE EXPENSES)
BEGINNING ENDING EXPENSES ENDING EXPENSES ANNUALIZED
ACCOUNT VALUE ACCOUNT VALUE PAID DURING ACCOUNT VALUE PAID DURING EXPENSE
CLASS (4/1/06) (9/30/06)(1) PERIOD(2) (9/30/06) PERIOD(2) RATIO
Institutional $1,000.00 $1,016.80 $1.11 $1,023.97 $1.12 0.22%
(1) The actual ending account value is based on the actual total return of the Fund for the period April 1, 2006, through September
30, 2006, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense
ratio and a hypothetical annual return of 5% before expenses.
(2) Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the
period, multiplied by 183/365 to reflect the most recent fiscal half-year.
====================================================================================================================================
4
TAX-FREE CASH RESERVE PORTFOLIO
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
The Board of Trustees of Tax-Free concluded that the range of services to evaluation of the Fund's Senior Officer
Investments Trust (the "Board") oversees be provided by AIM under the Advisory (discussed below) only considered Fund
the management of Tax-Free Cash Reserve Agreement was appropriate and that AIM performance through the most recent
Portfolio (the "Fund") and, as required currently is providing services in calendar year, the Board also reviewed
by law, determines annually whether to accordance with the terms of the more recent Fund performance, which did
approve the continuance of the Fund's Advisory Agreement. not change their conclusions.
advisory agreement with A I M Advisors,
Inc. ("AIM"). Based upon the o The quality of services to be provided o Meetings with the Fund's portfolio
recommendation of the Investments by AIM. The Board reviewed the managers and investment personnel. With
Committee of the Board, at a meeting credentials and experience of the respect to the Fund, the Board is
held on June 27, 2006, the Board, officers and employees of AIM who will meeting periodically with such Fund's
including all of the independent provide investment advisory services to portfolio managers and/or investment
trustees, approved the continuance of the Fund. In reviewing the personnel and believes that such
the advisory agreement (the "Advisory qualifications of AIM to provide individuals are competent and able to
Agreement") between the Fund and AIM for investment advisory services, the Board continue to carry out their
another year, effective July 1, 2006. considered such issues as AIM's responsibilities under the Advisory
portfolio and product review process, Agreement.
The Board considered the factors AIM's legal and compliance function,
discussed below in evaluating the AIM's use of technology, AIM's portfolio o Overall performance of AIM. The Board
fairness and reasonableness of the administration function and the quality considered the overall performance of
Advisory Agreement at the meeting on of AIM's investment research. Based on AIM in providing investment advisory and
June 27, 2006 and as part of the Board's the review of these and other factors, portfolio administrative services to the
ongoing oversight of the Fund. In their the Board concluded that the quality of Fund and concluded that such performance
deliberations, the Board and the services to be provided by AIM was was satisfactory.
independent trustees did not identify appropriate and that AIM currently is
any particular factor that was providing satisfactory services in o Fees relative to those of clients of
controlling, and each trustee attributed accordance with the terms of the AIM with comparable investment
different weights to the various Advisory Agreement. strategies. The Board noted that AIM
factors. does not serve as an advisor to other
o The performance of the Fund relative mutual funds or other clients with
One responsibility of the independent to comparable funds. The Board reviewed investment strategies comparable to
Senior Officer of the Fund is to manage the performance of the Fund during the those of the Fund.
the process by which the Fund's proposed past one, three and five calendar years
management fees are negotiated to ensure against the performance of funds advised o Fees relative to those of comparable
that they are negotiated in a manner by other advisors with investment funds with other advisors. The Board
which is at arms' length and reasonable. strategies comparable to those of the reviewed the advisory fee rate for the
To that end, the Senior Officer must Fund. The Board noted that the Fund's Fund under the Advisory Agreement. The
either supervise a competitive bidding performance in such periods was at or Board compared effective contractual
process or prepare an independent above the median performance of such advisory fee rates at a common asset
written evaluation. The Senior Officer comparable funds. Based on this review level at the end of the past calendar
has recommended an independent written and after taking account of all of the year and noted that the Fund's rate was
evaluation in lieu of a competitive other factors that the Board considered comparable to the median rate of the
bidding process and, upon the direction in determining whether to continue the funds advised by other advisors with
of the Board, has prepared such an Advisory Agreement for the Fund, the investment strategies comparable to
independent written evaluation. Such Board concluded that no changes should those of the Fund that the Board
written evaluation also considered be made to the Fund and that it was not reviewed. The Board noted that AIM has
certain of the factors discussed below. necessary to change the Fund's portfolio agreed to waive fees and/or limit
management team at this time. Although expenses of the Fund, as discussed
The discussion below serves as a the independent written evaluation of below. Based on this review, the Board
summary of the Senior Officer's the Fund's Senior Officer (discussed concluded that the advisory fee rate for
independent written evaluation, as well below) only considered Fund performance the Fund under the Advisory Agreement
as a discussion of the material factors through the most recent calendar year, was fair and reasonable.
and the conclusions with respect thereto the Board also reviewed more recent Fund
that formed the basis for the Board's performance, which did not change their o Expense limitations and fee waivers.
approval of the Advisory Agreement. conclusions. The Board noted that AIM has
After consideration of all of the contractually agreed to waive fees
factors below and based on its informed o The performance of the Fund relative and/or limit expenses of the Fund in an
business judgment, the Board determined to indices. The Board reviewed the amount necessary to limit total annual
that the Advisory Agreement is in the performance of the Fund during the past operating expenses to a specified
best interests of the Fund and its one, three and five calendar years percentage of average daily net assets
shareholders and that the compensation against the performance of the Lipper for each class of the Fund. The Board
to AIM under the Advisory Agreement is Institutional Tax-Exempt Money Market considered the contractual nature of
fair and reasonable and would have been Index. The Board noted that the Fund's this fee waiver/expense limitation and
obtained through arm's length performance in such periods was noted that it remains in effect until
negotiations. comparable to the performance of such June 30, 2007. The Board considered the
Index. Based on this review and after effect this fee waiver/expense
Unless otherwise stated, information taking account of all of the other limitation would have on the Fund's
presented below is as of June 27, 2006 factors that the Board considered in estimated expenses and concluded that
and does not reflect any changes that determining whether to continue the the levels of fee waivers/expense
may have occurred since June 27, 2006, Advisory Agreement for the Fund, the limitations for the Fund were fair and
including but not limited to changes to Board concluded that no changes should reasonable.
the Fund's performance, advisory fees, be made to the Fund and that it was not
expense limitations and/or fee waivers. necessary to change the Fund's portfolio o Breakpoints and economies of scale.
management team at this time. Although The Board reviewed the structure of the
o The nature and extent of the advisory the independent written Fund's advisory fee under the Advisory
services to be provided by AIM. The Agreement, noting that it includes one
Board reviewed the services to be breakpoint. The Board reviewed the level
provided by AIM under the Advisory of the Fund's advisory fees, and noted
Agreement. Based on such review, the that such fees, as a percentage of the
Board Fund's net assets,
(continued)
5
TAX-FREE CASH RESERVE PORTFOLIO
have decreased as net assets increased o Historical relationship between the
because the Advisory Agreement includes Fund and AIM. In determining whether to
a breakpoint. The Board concluded that continue the Advisory Agreement for the
the Fund's fee levels under the Advisory Fund, the Board also considered the
Agreement therefore reflect economies of prior relationship between AIM and the
scale and that it was not necessary to Fund, as well as the Board's knowledge
change the advisory fee breakpoints in of AIM's operations, and concluded that
the Fund's advisory fee schedule. it was beneficial to maintain the
current relationship, in part, because
o Investments in affiliated money market of such knowledge. The Board also
funds. Not applicable because the Fund reviewed the general nature of the
does not invest in affiliated money non-investment advisory services
market funds. currently performed by AIM and its
affiliates, such as administrative,
o Independent written evaluation and transfer agency and distribution
recommendations of the Fund's Senior services, and the fees received by AIM
Officer. The Board noted that, upon and its affiliates for performing such
their direction, the Senior Officer of services. In addition to reviewing such
the Fund, who is independent of AIM and services, the trustees also considered
AIM's affiliates, had prepared an the organizational structure employed by
independent written evaluation in order AIM and its affiliates to provide those
to assist the Board in determining the services. Based on the review of these
reasonableness of the proposed and other factors, the Board concluded
management fees of the AIM Funds, that AIM and its affiliates were
including the Fund. The Board noted that qualified to continue to provide
the Senior Officer's written evaluation non-investment advisory services to the
had been relied upon by the Board in Fund, including administrative, transfer
this regard in lieu of a competitive agency and distribution services, and
bidding process. In determining whether that AIM and its affiliates currently
to continue the Advisory Agreement for are providing satisfactory
the Fund, the Board considered the non-investment advisory services.
Senior Officer's written evaluation.
o Other factors and current trends. The
o Profitability of AIM and its Board considered the steps that AIM and
affiliates. The Board reviewed its affiliates have taken over the last
information concerning the profitability several years, and continue to take, in
of AIM's (and its affiliates') order to improve the quality and
investment advisory and other activities efficiency of the services they provide
and its financial condition. The Board to the Funds in the areas of investment
considered the overall profitability of performance, product line
AIM, as well as the profitability of AIM diversification, distribution, fund
in connection with managing the Fund. operations, shareholder services and
The Board noted that AIM's operations compliance. The Board concluded that
remain profitable, although increased these steps taken by AIM have improved,
expenses in recent years have reduced and are likely to continue to improve,
AIM's profitability. Based on the review the quality and efficiency of the
of the profitability of AIM's and its services AIM and its affiliates provide
affiliates' investment advisory and to the Fund in each of these areas, and
other activities and its financial support the Board's approval of the
condition, the Board concluded that the continuance of the Advisory Agreement
compensation to be paid by the Fund to for the Fund.
AIM under its Advisory Agreement was not
excessive.
o Benefits of soft dollars to AIM. The
Board considered the benefits realized
by AIM as a result of brokerage
transactions executed through "soft
dollar" arrangements. Under these
arrangements, brokerage commissions paid
by other funds advised by AIM are used
to pay for research and execution
services. This research may be used by
AIM in making investment decisions for
the Fund. The Board concluded that such
arrangements were appropriate.
o AIM's financial soundness in light of
the Fund's needs. The Board considered
whether AIM is financially sound and has
the resources necessary to perform its
obligations under the Advisory
Agreement, and concluded that AIM has
the financial resources necessary to
fulfill its obligations under the
Advisory Agreement.
6
Tax-Free Cash Reserve Portfolio
SCHEDULE OF INVESTMENTS
September 30, 2006
(Unaudited)
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MUNICIPAL OBLIGATIONS-98.85%(A)
ALABAMA-0.17%
Homewood (City of) Educational Building
Authority (Samford University Facilities
Project); Series 1999, VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 12/01/21(b)(c) -- VMIG-1 $ 3,685 $ 3,685,000
- -------------------------------------------------------------------------------------------
Tuscaloosa (County of) Board of Education
(Capital Outlay); Series 1997 B, VRD Wts.
(LOC-Regions Bank)
3.76%, 02/01/17(d)(e) -- Aa3 3,175 3,175,000
===========================================================================================
6,860,000
===========================================================================================
ALASKA-0.75%
Alaska (State of) Industrial Development
Authority (Providence Medical Office
Building); Series 1985, VRD IDR (LOC-KBC
Bank N.V.)
3.55%, 06/01/10(d)(f)(g) -- VMIG-1 1,590 1,590,000
- -------------------------------------------------------------------------------------------
North Slope (Borough of); Series 2000 A,
Refunding VRD GO (INS-MBIA Insurance Corp.)
3.77%, 06/30/10(c)(e) A-1+ VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Alaska (State of) Housing
Finance Corp.); Series 1999 D, VRD RB
(Acquired 03/28/06; Cost $25,000,000)
3.78%, 06/01/49(e)(h)(i) -- VMIG-1 25,000 25,000,000
===========================================================================================
30,290,000
===========================================================================================
ARIZONA-0.54%
Arizona State University Board of Regents;
Series 2003 A, Refunding VRD RB (INS-Ambac
Assurance Corp.)
3.73%, 07/01/34(c)(e) A-1+ VMIG-1 1,570 1,570,000
- -------------------------------------------------------------------------------------------
Casa Grande (City of) Industrial Development
Authority (Center Park Apartments Project);
Series 2001 A, Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association)
3.77%, 06/15/31(e) -- VMIG-1 2,010 2,010,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ARIZONA-(CONTINUED)
Casa Grande (City of) Industrial Development
Authority (Quail Gardens Apartments);
Series 2001 A, Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association)
3.77%, 06/15/31(e) -- VMIG-1 $ 1,885 $ 1,885,000
- -------------------------------------------------------------------------------------------
Phoenix (City of) Industrial Development
Authority (Lynwood Apartments Project);
Series 1994, Refunding Multi-Family Housing
VRD IDR (CEP-Federal Home Loan Bank of San
Francisco)
3.81%, 10/01/25(e) A-1+ -- 5,715 5,715,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (El Dorado Hospital); Series
2004, VRD IDR (LOC-Branch Banking & Trust
Co.)
3.78%, 04/01/38(d)(e) -- VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (Tohono Chul Park Project);
Series 2001, VRD IDR (LOC-Northern Trust
Co.)
3.85%, 08/01/36(d)(e) -- VMIG-1 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Scottsdale (City of) Industrial Development
Authority (Notre Dame School); Series 2001
A, VRD Limited Obligation IDR (LOC-JPMorgan
Chase Bank, N.A.)
3.80%, 05/01/21(d)(e) A-1+ -- 3,000 3,000,000
===========================================================================================
21,980,000
===========================================================================================
CALIFORNIA-0.90%
California (State of) Pollution Control
Financing Authority (Southdown, Inc.
Project); Series 1983 Floating Rate PCR
(LOC-Wachovia Bank, N.A.)
3.70%, 02/15/13(d)(f) -- VMIG-1 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Series 1983 B Floating Rate PCR
(LOC-Wachovia Bank, N.A.)
3.70%, 09/15/13(d)(f) A-1+ VMIG-1 9,400 9,400,000
- -------------------------------------------------------------------------------------------
</Table>
F-1
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
CALIFORNIA-(CONTINUED)
JPMorgan PUTTERs (Sacramento (County of)
Sanitation District Financing Authority);
Series 2006-1407, VRD RB (Acquired
07/19/06; Cost $1,455,000)
3.77%, 06/01/14(e)(h)(i) A-1+ -- $ 1,455 $ 1,455,000
- -------------------------------------------------------------------------------------------
San Jose (City of) Financing Authority;
Series 2006, Commercial Paper Notes
(LOC-State Street Bank & Trust Co.;
California State Teachers Retirement
System)
3.68%, 11/07/06(d) A-1+ P-1 17,806 17,806,000
===========================================================================================
36,661,000
===========================================================================================
COLORADO-2.18%
Broomfield (City of) Urban Renewal Authority
(Event Center Project); Series 2005, Tax
Increment Allocation VRD Revenue (LOC-BNP
Paribas)
3.76%, 12/01/30(d)(e)(g) -- VMIG-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
Castle Pines North Metropolitan District;
Series 2006 C, VRD Refunding Limited Tax GO
(LOC-U.S. Bank, N.A.)
3.76%, 12/01/24(d)(e) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Centerra Metropolitan District No. 1; Series
2004, VRD RB (LOC-BNP Paribas)
3.77%, 12/01/29(d)(e)(g) A-1+ -- 12,000 12,000,000
- -------------------------------------------------------------------------------------------
Colorado (State of) E-470 Public Highway
Authority (Vehicle Registration Fee);
Series 2001, VRD RB (INS-MBIA Insurance
Corp.)
3.77%, 09/01/18(c)(e) A-1+ -- 1,175 1,175,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Community Wireless
Park City); Series 2003, VRD RB (LOC-U.S.
Bank, N.A.)
3.78%, 12/01/23(d)(e) A-1+ -- 600 600,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Regis Jesuit High
School Project); Series 2003, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 12/01/33(d)(e) A-1+ -- 5,065 5,065,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
COLORADO-(CONTINUED)
Colorado (State of) Educational & Cultural
Facilities Authority (Southeastern Baptist
Theological Seminary); Series 2005, VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 03/01/25(d)(e) -- VMIG-1 $ 8,945 $ 8,945,000
- -------------------------------------------------------------------------------------------
Colorado (State of) General Fund; Series
2006, RAN 4.75%, 06/27/07 SP-1+ -- 10,000 10,070,764
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Arapahoe House Project); Series
2004 A, VRD RB (LOC-Wells Fargo Bank, N.A.)
3.81%, 04/01/24(d)(e) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Christian Living Project);
Series 1997, Refunding VRD RB (LOC-U.S.
Bank, N.A.)
3.78%, 01/01/11(d)(e) A-1+ -- 1,245 1,245,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Covenant Retirement); Series
2006, Refunding VRD RB (LOC-LaSalle Bank
N.A.)
3.75%, 12/01/25(d)(e) A-1 -- 6,760 6,760,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Craig Hospital Project); Series
2003, Refunding VRD RB (LOC-Wells Fargo
Bank, N.A.)
3.74%, 12/01/20(d)(e) A-1+ -- 5,275 5,275,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Goodwill Industries Denver
Project); Series 2004, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.85%, 12/01/24(d)(e) -- VMIG-1 1,350 1,350,000
- -------------------------------------------------------------------------------------------
Colorado Springs (City of) (Pikes Peak Mental
Health Center); Series 2003, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 03/15/23(d)(e) A-1+ -- 1,805 1,805,000
- -------------------------------------------------------------------------------------------
Colorado Springs (City of) Industrial
Development Authority (Cook Communications
Project); Series 2002, VRD IDR (LOC-Bank of
America, N.A.)
3.79%, 03/01/17(d)(e) A-1+ -- 2,350 2,350,000
- -------------------------------------------------------------------------------------------
</Table>
F-2
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
COLORADO-(CONTINUED)
Concord (Metropolitan District of); Series
2004, Refunding & Improvement Unlimited Tax
GO (LOC-Wells Fargo Bank, N.A.)
3.50%, 12/01/29(d)(j) A-1+ -- $ 1,550 $ 1,550,000
- -------------------------------------------------------------------------------------------
Crystal Valley Metropolitan District of No.
1; Series 2004, VRD RB (LOC-Wells Fargo
Bank, N.A.)
3.74%, 10/01/34(d)(e) A-1+ -- 4,795 4,795,000
- -------------------------------------------------------------------------------------------
Denver (City & County of) Excise Tax Revenue
Authority (Convention Center Project);
Series 2001 B, RB (INS-Financial Security
Assurance Inc.)
3.74%, 09/01/25(c)(e) A-1+ VMIG-1 4,920 4,920,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Section 14 Metropolitan
District; Series 2000 Refunding Unlimited
Tax GO (LOC-U.S. Bank, N.A.)
5.20%, 12/01/19(d)(j) AA -- 1,100 1,102,889
- -------------------------------------------------------------------------------------------
Series 2004 Refunding Unlimited Tax VRD GO
(LOC-U.S. Bank, N.A.)
3.50%, 12/01/13(d)(k) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Mesa (County of) (Goodwill Industries of
Colorado Springs); Series 2006, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 12/01/26(d)(e) A-1+ -- 1,250 1,250,000
===========================================================================================
88,458,653
===========================================================================================
CONNECTICUT-0.26%
Connecticut (State of) Development Authority
(Central Vermont Public Service); Series
1985, Floating Rate PCR (LOC-Citizens Bank
of Massachusetts)
3.66%, 12/01/15(d)(f) A-1+ -- 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Connecticut (State of) Health & Educational
Facilities Authority (Westminster School);
Series 2002 C, VRD RB (LOC-Bank of America,
N.A.)
3.73%, 07/01/32(d)(e) A-1+ -- 1,395 1,395,000
- -------------------------------------------------------------------------------------------
Connecticut (State of) Health & Educational
Facilities Authority (YMCA of Greater
Hartford); Series 2002 A, VRD RB (INS-Ambac
Assurance Corp.)
3.73%, 07/01/32(c)(e) -- VMIG-1 7,910 7,910,000
===========================================================================================
10,705,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
DELAWARE-0.17%
Delaware (State of) Economic Development
Authority (Connections Community Support);
Series 2006, VRD RB (LOC-Mercantile Safe
Deposit & Trust Co.)
3.77%, 08/01/31(d)(e) A-1+ -- $ 7,035 $ 7,035,000
===========================================================================================
DISTRICT OF COLUMBIA-0.39%
District of Columbia (American Library
Association); Series 2005, VRD RB (LOC-Bank
of America, N.A.)
3.76%, 02/01/35(d)(e) -- VMIG-1 3,175 3,175,000
- -------------------------------------------------------------------------------------------
District of Columbia (American Psychology
Association); Series 2003, VRD RB (LOC-Bank
of America, N.A.)
3.79%, 03/01/28(d)(e) A-1+ -- 5,055 5,055,000
- -------------------------------------------------------------------------------------------
District of Columbia (National Academy of
Sciences); Series 1999 B Commercial Paper
(INS-Ambac Assurance Corp.)
3.46%, 11/07/06(c) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
3.63%, 11/07/06(c) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
District of Columbia (Washington Center for
Internships & Academic); Series 2006, VRD
RB (LOC-Branch Banking & Trust Co.)
3.78%, 07/01/36(d)(e) -- VMIG-1 1,700 1,700,000
===========================================================================================
15,930,000
===========================================================================================
FLORIDA-5.57%
ABN AMRO Munitops Ctfs. Trust (Miami-Dade
(County of) Transit Sales Surtax Revenue
Bonds); Series 2006-24, Non-AMT VRD Ctfs.
(Acquired 05/05/06; Cost $14,270,000)
3.78%, 07/01/14(e)(h)(i) -- VMIG-1 14,270 14,270,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Port St. Lucie
(City of) Utilities Systems Revenue Bonds);
Series 2006-50, Non-AMT VRD Ctfs. (Acquired
07/17/06; Cost $10,700,000)
3.78%, 09/01/14(e)(h)(i) -- VMIG-1 10,700 10,700,000
- -------------------------------------------------------------------------------------------
Cape Coral (City of); Series 2006, Commercial
Paper Notes (LOC-Bank of America, N.A.)
3.48%, 10/10/06(d) A-1+ -- 15,000 15,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-3
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-(CONTINUED)
Capital Projects Finance Authority (Capital
Projects Loan Program); Series 1997 A, VRD
RB (INS-Financial Security Assurance Inc.)
3.77%, 08/01/17(c)(e) A-1+ -- $ 7,200 $ 7,200,000
- -------------------------------------------------------------------------------------------
Collier (County of) Industrial Development
Authority (Redlands Christian Migrant
Association Inc.); Series 2001, VRD IDR
(LOC-Bank of America, N.A.)
3.79%, 12/01/26(d)(e)(l) -- -- 2,800 2,800,000
- -------------------------------------------------------------------------------------------
Florida (State of) Division of Bond Finance
Department of General Services
(Environmental Protection Preservation
2000); Series 1998 B, RB (INS-Financial
Security Assurance Inc.)
5.50%, 07/01/07(c) AAA Aaa 5,200 5,273,637
- -------------------------------------------------------------------------------------------
Florida (State of) Local Government Finance
Commission (Pooled Loan Program); Series
1994 A, Commercial Paper Notes
(LOC-Wachovia Bank, N.A.)
3.52%, 10/31/06(d) -- P-1 22,670 22,670,000
- -------------------------------------------------------------------------------------------
Florida Gulf Coast University Financing Corp.
(Florida Capital Improvement); Series 2003,
VRD RB (LOC-Wachovia Bank, N.A.)
3.78%, 12/01/33(d)(e) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Highlands (County of) Health Facilities
Authority (Adventist Health); Series 2006
A, Refunding VRD RB (INS-Financial Security
Assurance Inc.)
3.76%, 11/15/30(c)(e) A-1+ VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Hillsborough (County of) Industrial
Development Authority (Tampa Metropolitan
Area YMCA Project); Series 2000, VRD IDR
(LOC-Bank of America, N.A.)
3.76%, 03/01/25(d)(e)(l) -- -- 5,550 5,550,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (Baptist Medical Center Project);
Series 2004, Commercial Paper (LOC-Bank of
America, N.A.)
3.20%, 10/13/06(d) A-1+ -- 3,000 3,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
FLORIDA-(CONTINUED)
Jacksonville (City of) Health Facilities
Authority (Samuel C. Taylor Foundation
Project); Series 1998, VRD RB (LOC-Bank of
America, N.A.) (Acquired 02/20/01; Cost
$2,600,000)
3.79%, 12/01/23(d)(e)(h)(l) -- -- $ 2,600 $ 2,600,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (University of Florida
Jacksonville Physicians, Inc.); Series
2002, VRD RB (LOC-Bank of America, N.A.)
3.80%, 06/01/22(d)(e) -- VMIG-1 11,245 11,245,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority; Series 2003 C, VRD RB (LOC-Bank
of America, N.A.)
3.80%, 08/15/33(b)(d) A-1+ -- 5,695 5,695,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Florida (State of) Department of
Environmental Protection); Series 2002-722,
Floating Rate Trust Ctfs. VRD RB (Acquired
11/13/02; Cost $9,690,000)
3.78%, 07/01/22(e)(h)(i) A-1 -- 9,690 9,690,000
- -------------------------------------------------------------------------------------------
North Miami (City of) Educational Facilities
(Miami Country Day School Project); Series
1999, VRD RB (LOC-Bank of America, N.A.)
3.76%, 08/01/19(d)(e)(l) -- -- 1,450 1,450,000
- -------------------------------------------------------------------------------------------
Orange (County of) Health Facilities
Authority (Adventist Health System/Sunbelt
Inc.); Series 1992, VRD RB (LOC-SunTrust
Bank)
3.83%, 11/15/14(d)(e) A-1+ VMIG-1 1,535 1,535,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Educational Facilities
Authority (Atlantic College); Series 2001,
Educational Facilities VRD RB (LOC-Bank of
America, N.A.)
3.76%, 12/01/31(d)(e)(l) -- -- 13,400 13,400,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Housing Finance
Authority (Emerald Bay Club Apartments);
Series 2004, Refunding Multi-Family Housing
VRD RB (LOC-Wachovia Bank, N.A.)
3.77%, 06/01/30(d)(e) A-1+ P-1 8,000 8,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-4
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-(CONTINUED)
Palm Beach (County of) School Board; Series
2002 B, VRD COP (INS-Financial Security
Assurance Inc.)
3.73%, 08/01/27(c)(e) -- VMIG-1 $14,680 $ 14,680,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) School District Sales
Tax; Series 2006 Commercial Paper Notes
(LOC-Bank of America, N.A.)
3.50%, 10/11/06(d) A-1+ P-1 18,000 18,000,000
- -------------------------------------------------------------------------------------------
3.55%, 10/16/06(d) A-1+ P-1 9,200 9,200,000
- -------------------------------------------------------------------------------------------
Seminole (County of) School District; Series
2006, Unlimited Tax GO TAN 4.50%, 09/13/07 -- MIG-1 23,000 23,199,825
- -------------------------------------------------------------------------------------------
Tampa (City of) (Agency for Community
Treatment
DACCO Project);
Series 2001, VRD RB (LOC-Bank of America,
N.A.)
3.79%, 07/01/22(d)(e)(l) -- -- 4,730 4,730,000
===========================================================================================
225,888,462
===========================================================================================
GEORGIA-5.34%
ABN AMRO Munitops Ctfs. Trust (Fulton (County
of) Water & Sewer Revenue Bonds); Series
2004-15, Non-AMT VRD Ctfs. (Acquired
10/12/04; Cost $9,995,000)
3.78%, 01/01/12(e)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
Albany-Dougherty (County of) Hospital
Authority (Phoebe Hospital); Series 2002,
RANS (INS-Ambac Assurance Corp.)
3.78%, 09/01/32(b)(c) -- VMIG-1 25,000 25,000,000
- -------------------------------------------------------------------------------------------
Atlanta (City of) Metropolitan Rapid Transit
Authority; Series 1998 A, Refunding Second
Indenture RB (INS-MBIA Insurance Corp.)
6.25%, 07/01/07(c) AAA Aaa 9,000 9,169,959
- -------------------------------------------------------------------------------------------
Burke (County of) Development Authority
(Oglethorpe Power Corp.); Series 1994 A VRD
PCR (INS-Financial Guaranty Insurance Co.)
3.78%, 01/01/19(c)(e) A-1+ VMIG-1 20,911 20,911,000
- -------------------------------------------------------------------------------------------
Series 2006 B Commercial Paper VRD PCR
(INS-Ambac Assurance Corp.)
3.53%, 12/28/06(c) A-1+ VMIG-1 6,500 6,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
GEORGIA-(CONTINUED)
Cobb (County of) Development Authority (YMCA
of Cobb County); Series 2003, VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 12/01/25(d)(e) -- VMIG-1 $ 1,300 $ 1,300,000
- -------------------------------------------------------------------------------------------
Conyers-Rockdale-Big Haynes Impoundment
Authority; Series 1998, VRD RB
(INS-Financial Security Assurance Inc.)
3.74%, 07/01/22(c)(e) -- VMIG-1 3,040 3,040,000
- -------------------------------------------------------------------------------------------
Dahlonega (City of) Downtown Development
Authority (North Georgia Student Housing
Project); Series 2001 A, VRD RB
(LOC-Wachovia Bank, N.A.)
3.73%, 06/01/28(d)(e) -- VMIG-1 3,550 3,550,000
- -------------------------------------------------------------------------------------------
DeKalb (County of) Housing Authority (Wood
Hills Apartment Project); Series 1988,
Refunding Floating Rate Multi-Family
Housing RB (LOC-Bank of America, N.A.)
3.80%, 12/01/07(d)(e) A-1+ -- 9,250 9,250,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Georgia (State of));
Series 2000-1001 C, VRD COP (Acquired
07/26/2000; Cost $20,000,000)
3.79%, 07/01/15(e)(h)(i) A-1+ -- 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Floyd (County of) Development Authority
(Shorter College Project); Series 1998, VRD
RB (LOC-SunTrust Bank)
3.79%, 06/01/17(d)(e) A-1+ -- 1,600 1,600,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Development Authority
(Pinecrest Academy Inc. Project); Series
2000, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 09/01/25(d)(e) -- VMIG-1 8,800 8,800,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Atlanta Park II Project); Series 1997,
Refunding VRD RB (LOC-Wachovia Bank, N.A.)
(Acquired 04/12/06; Cost $1,350,000)
3.80%, 10/01/10(d)(e)(h) -- Aa2 1,350 1,350,000
- -------------------------------------------------------------------------------------------
</Table>
F-5
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
GEORGIA-(CONTINUED)
Fulton (County of) Development Authority
(Bridgeway Foundation for Education
Project); Series 2000, Educational
Facilities VRD RB (LOC-Wachovia Bank, N.A.)
3.80%, 06/01/15(d)(e) A-1+ -- $ 1,725 $ 1,725,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Doris & Alex Weber School Project); Series
2006, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 12/01/30(d)(e) -- VMIG-1 4,500 4,500,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Kings Ridge Christian School); Series
2006, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 05/01/26(d)(e) -- VMIG-1 7,000 7,000,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Mount Vernon Presbyterian School); Series
2005, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 08/01/35(d)(e) -- VMIG-1 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Georgia (State of) Road and Tollway Authority
(Federal Highway Grant); Series 2006,
Revenue BAN 4.50%, 06/01/07 AA- Aa3 18,865 18,967,989
- -------------------------------------------------------------------------------------------
Georgia (State of) Road and Tollway Authority
(Federal Highway Reimbursement); Series
2006, RB 4.50%, 06/01/07 AA- Aa3 4,920 4,946,859
- -------------------------------------------------------------------------------------------
Gwinnett (County of) School District; Series
2006, Limited Tax TAN GO
4.50%, 12/29/06 -- MIG-1 10,000 10,021,569
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Atlanta (City of) Water &
Wastewater); Series 2004-520, VRD RB
(Acquired 04/20/05; Cost $37,495,000)
3.78%, 05/01/12(e)(h)(i) A-1 -- 37,495 37,495,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Rockdale (County of) Water
& Sewer Authority); Series 2006-1342, VRD
RB (Acquired 05/24/06; Cost $2,945,000)
3.78%, 07/01/13(e)(h)(i) -- VMIG-1 2,945 2,945,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
GEORGIA-(CONTINUED)
Savannah (City of) Economic Development
Authority (Westside Urban Health Center);
Series 2002 A, VRD RB (LOC-SunTrust Bank)
3.80%, 03/01/18(d)(e) -- VMIG-1 $ 2,445 $ 2,445,000
- -------------------------------------------------------------------------------------------
Smyrna (City of) Hospital Authority
(Ridgeview Institute Inc. Project); Series
2002, VRD RB (LOC-Wachovia Bank, N.A.)
3.80%, 11/01/27(d)(e) -- VMIG-1 1,960 1,960,000
===========================================================================================
216,572,376
===========================================================================================
HAWAII-0.22%
Eagle Tax Exempt Trust (Hawaii (State of));
Series 2000-1101, VRD COP (Acquired
01/11/01; Cost $6,000,000)
3.79%, 12/01/16(e)(h)(i) A-1+ -- 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Hawaii (State of); Series 1997 CN, Unlimited
Tax GO (INS-Financial Guaranty Insurance
Co.)
6.25%, 03/01/07(c) AAA Aaa 3,000 3,032,471
===========================================================================================
9,032,471
===========================================================================================
IDAHO-0.78%
Custer (County of) Pollution Control (Amoco
Oil Co.-Standard Oil Industry Project);
Series 1983, VRD PCR 3.55%, 10/01/09(g)(m) A-1+ -- 22,200 22,200,000
- -------------------------------------------------------------------------------------------
Idaho (State of) Health Facilities Authority
(Pooled Financing Program); Series 1985,
VRD ACES RB (LOC-U.S. Bank, N.A.)
3.80%, 10/01/10(d)(e) -- VMIG-1 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Idaho (State of); Series 2006, Unlimited Tax
GO TAN 4.50%, 06/29/07 SP-1+ MIG-1 8,000 8,045,667
===========================================================================================
31,645,667
===========================================================================================
ILLINOIS-13.04%
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of) Board of Education); Series 2002-4, VRD
GO Ctfs. (Acquired 11/10/05 Cost
$24,225,000)
3.77%, 12/01/09(e)(h)(i) -- VMIG-1 24,225 24,225,000
- -------------------------------------------------------------------------------------------
</Table>
F-6
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of)); Series 2001-34 Refunding Multi-State
Non-AMT VRD Limited Tax Ctfs. (Acquired
11/15/01; Cost $10,000,000) 3.79%,
07/01/07(e)(h)(i) -- VMIG-1 $10,000 $ 10,000,000
- -------------------------------------------------------------------------------------------
Series 2005-40 Non-AMT VRD Unlimited Tax GO
(Acquired 11/30/05; Cost $15,165,000)
3.79%, 07/01/13(e)(h)(i)(l) -- -- 15,165 15,165,000
- -------------------------------------------------------------------------------------------
Aurora (City of) Economic Development (Aurora
University); Series 2004, VRD RB
(LOC-Harris N.A.)
3.85%, 03/01/35(d)(e) A-1+ VMIG-1 7,250 7,250,000
- -------------------------------------------------------------------------------------------
Bear Stearns Municipal Securities Trust Ctfs.
(State of Illinois); Series 1998-25 A VRD
RB (Acquired 08/26/99; Cost $10,000,000)
3.79%, 03/15/07(e)(h)(i) A-1 -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2002-190 A VRD RB (Acquired
05/06/02; Cost $10,130,000) 3.79%,
06/05/14(e)(h)(i) A-1 -- 10,130 10,130,000
- -------------------------------------------------------------------------------------------
Channahon (City of) (Morris Hospital); Series
2003 A Refunding VRD RB (LOC-U.S. Bank,
N.A.)
3.77%, 12/01/23(d)(e) A-1+ -- 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Series 2003 B VRD RB (LOC-U.S. Bank, N.A.)
3.77%, 12/01/32(d)(e) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Chicago (City of); Series 2002 B, VRD
Unlimited GO (INS-Financial Guaranty
Insurance Co.)
3.74%, 01/01/37(c)(e) A-1+ VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Cook (County of) (Capital Improvement);
Series 2004 E, VRD Unlimited Tax GO 3.78%,
11/01/33(e) A-1+ VMIG-1 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
O'Hare International Airport); Series
2006-0056 A, VRD COP (Acquired 03/22/06;
Cost $6,200,000)
3.79%, 01/01/33(e)(h)(i) A-1+ -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Eagle Tax Exempt Trust (Chicago (City of)
Park District); Series 2002-1306 A,
Unlimited Tax VRD COP (Acquired 05/02/02;
Cost $5,500,000)
3.79%, 01/01/29(e)(h)(i) A-1+ -- $ 5,500 $ 5,500,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
Water & Sewer); Series 2001-1308, VRD COP
(Acquired 12/12/01; Cost $8,655,000)
3.79%, 11/01/26(e)(h)(i) A-1+ -- 8,655 8,655,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of));
Series 2001-1305, VRD COP (Acquired
04/20/01; Cost $4,950,000)
3.89%, 01/01/35(e)(h)(i) A-1+ -- 4,950 4,950,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Illinois (State of));
Series 2000-1304, VRD COP (Acquired
06/27/00; Cost $7,340,000)
3.79%, 06/01/21(e)(h)(i) A-1+ -- 7,340 7,340,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Regional
Transportation Authority); Series
2000-1303, VRD COP (Acquired 03/26/01; Cost
$19,000,000)
3.79%, 07/01/23(e)(h)(i) A-1+ -- 19,000 19,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Chicago Shakespeare Theater
Project); Series 1999, VRD RB (LOC-LaSalle
Bank N.A.) (Acquired 09/24/03; Cost
$4,100,000)
3.75%, 01/01/19(d)(e)(h) A-1 -- 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Christian Heritage Academy);
Series 2001, VRD RB (LOC-Fifth Third Bank)
3.94%, 12/01/21(b)(d) A-1+ -- 4,625 4,625,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Embers Elementary School
Project); Series 2002, Educational
Facilities VRD RB (LOC-LaSalle Bank N.A.)
(Acquired 11/04/03; Cost $2,175,000)
3.76%, 04/01/32(d)(e)(h) A-1 -- 2,175 2,175,000
- -------------------------------------------------------------------------------------------
</Table>
F-7
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Fenwich High School Project);
Series 1997, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 03/01/32(d)(e) A-1+ -- $ 3,000 $ 3,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Glenwood School for Boys);
Series 1998, VRD RB (LOC-Harris N.A.)
3.85%, 02/01/33(d)(e) A-1+ -- 2,250 2,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Institute of Gas Technology
Project); Series 1999, VRD IDR (LOC-Harris
N.A.)
3.83%, 09/01/24(d)(e) A-1+ -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (James Jordan Boys & Girls Club
and Family Center Project); Series 1995,
VRD RB (LOC-JPMorgan Chase Bank, N.A.,
LaSalle Bank N.A.) (Acquired 10/18/05; Cost
$4,700,000)
3.85%, 08/01/30(d)(e)(h) A-1 -- 4,700 4,700,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Lyric Opera Chicago Project);
Series 1994, VRD RB (LOC-Northern Trust
Co., Harris N.A., JPMorgan Chase Bank,
N.A.)
3.80%, 12/01/28(d)(e) A-1+ VMIG-1 15,600 15,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Museum of Contemporary Art
Project); Series 1994, VRD RB (LOC-JPMorgan
Chase Bank, N.A., Northern Trust Co.)
3.80%, 02/01/29(d)(e) A-1+ VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Oak Park Residence Corp.
Project); Series 2001, VRD RB (LOC-LaSalle
Bank N.A.) (Acquired 01/29/03; Cost
$2,975,000)
3.75%, 07/01/41(d)(e)(h) A-1 -- 2,975 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Providence-St. Mel School
Project); Series 2002, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.85%, 06/01/37(d)(e) -- VMIG-1 1,360 1,360,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Radiological Society Project);
Series 1997, VRD RB (LOC-JPMorgan Chase
Bank, N.A.) (Acquired 04/07/06; Cost
$1,600,000)
3.83%, 06/01/17(d)(e)(h) A-1+ -- $ 1,600 $ 1,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Rosecrance Inc. Project); Series
2003, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 10/01/24(d)(e) A-1+ -- 2,825 2,825,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Teachers Academy for Mathamatics
& Science); Series 2001, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.85%, 02/01/21(d)(e) -- VMIG-1 2,975 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Uhlich Childrens Home Project);
Series 2002, VRD IDR (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 10/01/33(d)(e) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (West Central Illinois
Educational Project); Series 2002, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 09/01/32(d)(e) -- VMIG-1 3,600 3,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (YMCA of Metropolitan Chicago
Project); Series 2001, VRD RB (LOC-Harris
N.A.)
3.80%, 06/01/29(d)(e) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Arts Club of Chicago); Series
1996, VRD RB (LOC-Northern Trust Co.)
3.85%, 01/01/26(d)(e) A-1+ -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Aurora University); Series 2002,
RB (LOC-Fifth Third Bank)
3.85%, 03/01/32(d)(e) -- VMIG-1 4,900 4,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-8
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Educational Facilities
Authority (Chicago Childrens Museum);
Series 1994, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 02/01/28(d)(e) A-1 VMIG-1 $ 1,200 $ 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Dominican University); Series
2000 B, VRD RB (LOC-Allied Irish Banks PLC)
3.85%, 10/01/30(d)(e)(g) -- VMIG-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Elmhurst College); Series 2003,
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.85%, 03/01/33(d)(e) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Field Museum of National
History); Series 1998, VRD RB (LOC-Bank of
America, N.A.)
3.80%, 11/01/32(d)(e) A-1+ -- 3,950 3,950,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Lake County Family YMCA); Series
2000, VRD RB (LOC-Harris N.A.)
3.85%, 11/01/30(d)(e) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Lincoln Park Society); Series
1999, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.80%, 01/01/29(d)(e) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Museum of Science & Industry);
Series 1992, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 10/01/26(d)(e) -- VMIG-1 3,250 3,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (National Louis University);
Series 1999 A VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.75%, 06/01/29(d)(e) A-1+ -- 5,600 5,600,000
- -------------------------------------------------------------------------------------------
Series 1999 B VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.83%, 06/01/29(d)(e) A-1+ -- 3,100 3,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Educational Facilities
Authority (Newberry Library); Series 1988,
VRD RB (LOC-Northern Trust Co.)
3.85%, 03/01/28(d)(e) -- VMIG-1 $ 1,205 $ 1,205,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Shedd Aquarium Society); Series
1987 B, Commercial Paper (LOC-Bank of
America, N.A.)
3.70%, 04/16/07(d) -- VMIG-1 18,000 18,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority; Series 1998, Pooled Financing
VRD RB (LOC-Bank of America, N.A.)
3.77%, 03/01/28(d)(e) A-1+ -- 2,720 2,720,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Benedictine University Project); Series
2006, VRD RB (LOC-National City Bank of the
Midwest)
3.76%, 03/01/26(d)(e) A-1 -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Fairview Hospital); Series 2004 C,
Refunding VRD RB (LOC-LaSalle Bank N.A.)
3.75%, 08/15/34(d)(e) A-1 -- 13,250 13,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Franciscan Communities, Inc. - The Village
at Victory Lakes); Series 2006 A, VRD RB
(LOC-LaSalle Bank N.A.)
3.76%, 05/01/36(d)(e) A-1 -- 8,045 8,045,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Jewish
Charities); Series 2006 O6-07 A, VRD RN
(LOC-Harris N.A.)
3.80%, 06/29/07(d)(e) A-1+ -- 8,890 8,890,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Latin
School Project); Series 2005 A, Refunding
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 08/01/28(d)(e) -- VMIG-1 9,100 9,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Mercy
Alliance Project); Series 2005, VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.77%, 02/15/35(d)(e) -- VMIG-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-9
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Finance Authority (North
Park University Project); Series 2005, VRD
RB (LOC-JPMorgan Chase Bank, N.A.)
3.85%, 07/01/35(d)(e) A-1+ -- $ 2,900 $ 2,900,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Search
Development Center Inc. Project); Series
2004, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 06/01/24(d)(e) -- VMIG-1 5,075 5,075,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Sunshine Through Golf Foundation Project);
Series 2004 A, VRD RB (LOC-LaSalle Bank
N.A.)
3.76%, 11/01/24(d)(e) A-1 -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Three
Crowns Park Plaza); Series 2006 C, VRD RB
(LOC-Allied Irish Banks PLC)
3.77%, 02/15/38(d)(e)(g)(l) -- -- 7,500 7,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (YMCA
of Metropolitan Chicago Project); Series
2004, VRD RB (LOC-Harris N.A.)
3.80%, 06/01/34(d)(e) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Blessing Hospital); Series 1999
B, VRD RB (INS-Financial Security Assurance
Inc.)
3.78%, 11/15/29(c)(e) A-1+ VMIG-1 6,675 6,675,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Cradle Society Project); Series
1998, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 04/01/33(d)(e) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Northwestern Memorial Hospital);
Series 1995, VRD RB 3.80%, 08/15/25(e) A-1+ VMIG-1 22,835 22,835,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Park Plaza Center); Series 1996,
Multi-Family VRD RB (LOC-LaSalle Bank N.A.)
3.85%, 09/15/20(d)(e) A-1 -- 7,350 7,350,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Health Facilities
Authority (Peace Memorial Ministry); Series
2003 B, VRD RB (LOC-LaSalle Bank N.A.)
3.76%, 08/15/33(d)(e) A-1 -- $ 7,605 $ 7,605,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority; Series 1985 C Revolving Fund
Pooled VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.80%, 08/01/15(d)(e) A-1+ VMIG-1 5,200 5,200,000
- -------------------------------------------------------------------------------------------
Series 1985 D Revolving Fund Pooled VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.80%, 08/01/15(d)(e) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Chicago (City of) Park
District); Series 2005 974, VRD Limited Tax
GO (Acquired 07/06/05; Cost $1,095,000)
3.78%, 01/01/13(e)(h)(i) A-1 -- 1,095 1,095,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Chicago (City of) Water
Revenue); Series 2006 1419, VRD RB
(Acquired 07/26/06; Cost $5,345,000)
3.78%, 05/01/14(e)(h)(i) A-1+ -- 5,345 5,345,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Illinois (State of) State
Toll Highway Authority); Series 2006 1354,
VRD RB (Acquired 06/07/06; Cost
$13,400,000)
3.78%, 01/01/14(e)(h)(i) A-1+ -- 13,400 13,400,000
- -------------------------------------------------------------------------------------------
Lombard (City of) (Clover Creek Apartments
Project); Series 2000, Multi-Family Housing
VRD RB (CEP-Federal National Mortgage
Association)
3.77%, 12/15/30(e) A-1+ -- 14,855 14,855,000
- -------------------------------------------------------------------------------------------
McCook (City of) (Illinois St. Andrew
Society); Series 1996 A VRD RB
(LOC-Northern Trust Co.)
3.76%, 12/01/21(d)(e) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Series 1996 B VRD RB (LOC-Northern Trust
Co.)
3.76%, 12/01/21(d)(e) A-1+ -- 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Monmouth (City of) Industrial Development
Project (Monmouth College); Series 2005,
VRD IDR (LOC-Allied Irish Banks PLC)
3.77%, 06/01/35(d)(e)(g) -- VMIG-1 6,185 6,185,000
- -------------------------------------------------------------------------------------------
</Table>
F-10
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Peoria (County of) Community Unit School
District No. 323 (Dunlap); Series 2006, VRD
Unlimited GO (INS-Financial Security
Assurance Inc.)
3.80%, 04/01/26(c)(e) -- VMIG-1 $ 2,785 $ 2,785,000
- -------------------------------------------------------------------------------------------
Quincy (City of) (Blessing Hospital Project);
Series 2004, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 11/15/33(d)(e) A-1+ VMIG-1 5,120 5,120,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Central Lake (County of)
Joint Action Water Agency); Series 2003
B18, VRD RB (Acquired 02/19/03; Cost
$9,695,000)
3.78%, 05/01/20(e)(h)(i) -- VMIG-1 9,695 9,695,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of)); Series
2000 A12, VRD Limited Tax GO (Acquired
10/13/00; Cost $12,200,000)
3.78%, 01/01/23(e)(h)(i) -- VMIG-1 12,200 12,200,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Regional Transportation
Authority); Series 2002 A41, VRD Unlimited
Tax GO (Acquired 07/25/02; Cost
$17,610,000)
3.78%, 06/01/17(e)(h)(i) -- VMIG-1 17,610 17,610,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (University of Illinois);
Series 2000 S, VRD GO (Acquired 03/20/00;
Cost $17,900,000)
3.78%, 04/01/30(e)(h)(i) -- VMIG-1 17,900 17,900,000
- -------------------------------------------------------------------------------------------
Will (County of) (University of St. Francis);
Series 2005, VRD RB (LOC-Fifth Third Bank)
3.85%, 12/01/25(d)(e) -- VMIG-1 10,600 10,600,000
===========================================================================================
528,340,000
===========================================================================================
INDIANA-4.49%
ABN AMRO Munitops Ctfs. Trust (Indianapolis
(City of) Public Improvement Bond Bank
Waterworks); Series 2002-7, Non-AMT VRD RB
(Acquired 11/17/05; Cost $5,000,000)
3.78%, 07/01/10(e)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
INDIANA-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (Wayne
(Township of), Marion (County of) School
Building Corp.); Series 2003-27 Multi-
State Non-AMT VRD RB (Acquired 11/12/03
Cost $13,795,000)
3.77%, 07/15/11(e)(h)(i) -- VMIG-1 $13,795 $ 13,795,000
- -------------------------------------------------------------------------------------------
Series 2003-32 Multi-State Non-AMT VRD RB
Ctfs. (Acquired 01/31/06; Cost $17,900,000)
3.77%, 01/15/12(e)(h)(i)(l) -- -- 17,900 17,900,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Economic Development
Authority (Sisters of St. Francis Project);
Series 1998, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 12/01/18(d)(e) A-1+ -- 1,060 1,060,000
- -------------------------------------------------------------------------------------------
Goshen (City of) Economic Development
Authority (Goshen College Project); Series
2004, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 10/01/34(d)(e) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Bond Bank; Series 2006 A,
Midyear Funding Program Notes
4.50%, 02/02/07 SP-1+ -- 19,355 19,411,299
- -------------------------------------------------------------------------------------------
Indiana (State of) Development Finance
Authority (Indiana Historical Society, Inc.
Project); Series 1996 Educational
Facilities VRD RB (LOC-JPMorgan Chase Bank,
N.A.) (Acquired 07/25/05; Cost $4,260,000)
3.78%, 08/01/31(d)(e)(h) A-1+ -- 4,260 4,260,000
- -------------------------------------------------------------------------------------------
Series 1997 Educational Facilities VRD RB
(LOC-JPMorgan Chase Bank, N.A.) (Acquired
07/03/06; Cost $2,000,000)
3.78%, 08/01/31(d)(e)(h) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-11
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
INDIANA-(CONTINUED)
Indiana (State of) Development Finance
Authority (Indianapolis Museum of Art);
Series 2001 Educational Facilities
Historical VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.78%, 02/01/36(d)(e) -- VMIG-1 $ 8,700 $ 8,700,000
- -------------------------------------------------------------------------------------------
Series 2002 Educational Facilities
Historical VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.78%, 02/01/37(d)(e) -- VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Series 2004 VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.78%, 02/01/39(d)(e) -- VMIG-1 41,400 41,400,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Educational Facilities
Authority (Marian College Project); Series
2003, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.83%, 04/01/24(d)(e) -- VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Educational Facilities
Authority (Wabash College Project); Series
2003, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.80%, 12/01/23(d)(e) -- VMIG-1 3,835 3,835,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health & Educational
Facilities Financing Authority (Schneck
Memorial Hospital Project); Series 2006 B,
VRD RB (LOC-Fifth Third Bank)
3.85%, 02/15/36(b)(d) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Clark Memorial
Hospital); Series 2004 A, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 04/01/24(d)(e) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Community Hospitals
Project); Series 1997 A, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 07/01/27(d)(e) A-1+ -- 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Golden Years
Homestead); Series 2002 A, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 06/01/25(d)(e) A-1+ -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
INDIANA-(CONTINUED)
Indiana University (Trustees of); Series
2005, Commercial Paper (LOC-JPMorgan Chase
Bank, N.A.)
3.51%, 11/07/06(d) -- P-1 $12,000 $ 12,000,000
- -------------------------------------------------------------------------------------------
St. Joseph (County of) Economic Development
Authority (Holy Cross Village Project);
Series 2006 D, VRD RB (LOC-Allied Irish
Banks PLC)
3.78%, 05/15/39(d)(e)(g)(l) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Tippecanoe (County of) (Faith Properties Inc.
Project); Series 2005, VRD RB (LOC-Regions
Bank)
3.78%, 11/01/30(d)(e)(l) -- -- 6,475 6,475,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Wayne (Township of), Marion
(County of) School Building Corp.); Series
2006 D-02, RB (Acquired 02/23/06; Cost
$4,710,000)
3.78%, 07/15/24(e)(h)(i) A-1+ -- 4,710 4,710,000
===========================================================================================
181,846,299
===========================================================================================
IOWA-0.41%
Iowa (State of) Finance Authority (Holy
Family Catholic Schools); Series 2006,
Educational Facility VRD RB (LOC-Allied
Irish Banks PLC)
3.90%, 03/01/36(b)(d)(g) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Finance Authority
(Morningside College Project); Series 2002,
Private College Facility VRD RB (LOC-U.S.
Bank, N.A.)
3.80%, 10/01/32(d)(e) A-1+ -- 1,785 1,785,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Higher Education Loan
Authority (Graceland Private College);
Series 2003, VRD RB (LOC-Bank of America,
N.A.)
3.79%, 02/01/33(d)(e) -- VMIG-1 5,820 5,820,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Higher Education Loan
Authority; Series 1985, Educational Loan
Private College Facility VRD ACES (INS-MBIA
Insurance Corp.)
3.85%, 12/01/15(c)(e) A-1+ VMIG-1 5,100 5,100,000
===========================================================================================
16,705,000
===========================================================================================
</Table>
F-12
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
KANSAS-0.97%
Eagle Tax Exempt Trust (Wyandotte (County of)
Unified Government Utility System); Series
2004-0038 A, VRD COP (Acquired 09/08/04;
Cost $5,000,000)
3.79%, 09/01/21(e)(h)(i) A-1+ -- $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
Leawood (City of); Series 2006 1, Temporary
Unlimited GO RN 3.88%, 10/01/07 -- MIG-1 26,550 26,633,582
- -------------------------------------------------------------------------------------------
Olathe (City of) Recreational Facilities
(YMCA of Greater Kansas City Project);
Series 2002 B, VRD RB (LOC-Bank of America,
N.A.)
3.79%, 11/01/18(d)(e) -- VMIG-1 3,215 3,215,000
- -------------------------------------------------------------------------------------------
Shawnee (City of) Industrial Development
Authority (Shawnee Village Associate);
Series 1984, VRD IDR (LOC-JPMorgan Chase
Bank, N.A.)
3.75%, 12/01/09(d)(e) A-1+ -- 1,155 1,155,000
- -------------------------------------------------------------------------------------------
Wichita (City of) Recreational Facilities
(YMCA of Wichita Project); Series 1998 XI,
VRD RB (LOC-Bank of America, N.A.)
(Acquired 03/10/06; Cost $3,300,000)
3.79%, 08/01/09(d)(e)(h) A-1+ -- 3,300 3,300,000
===========================================================================================
39,303,582
===========================================================================================
KENTUCKY-1.64%
Boyle (County of) Hospital (Ephraim McDowell
Health Project); Series 2006, VRD RB
(LOC-Fifth Third Bank)
3.78%, 04/01/36(d)(e) -- VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Louisville &
Jefferson (Counties of) Metropolitan Sewer
District); Series 2006-0053 A, VRD RB
(Acquired 03/22/06; Cost $14,335,000)
3.79%, 05/15/33(e)(h)(i) A-1+ -- 14,335 14,335,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Industrial Building
(Franciscan Eldercare Service); Series
2001, VRD RB (LOC-LaSalle Bank N.A.)
3.77%, 05/15/30(d)(e) A-1 -- 3,780 3,780,000
- -------------------------------------------------------------------------------------------
Kentucky (State of) Asset & Liability
Commission General Fund; Series 2006, TRAN
4.50%, 06/28/07 SP-1+ MIG-1 14,900 14,984,727
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
KENTUCKY-(CONTINUED)
Lexington (City of) Center Corp. Mortgage
Revenue; Series 2001 A, VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 10/01/21(c)(e) A-1+ -- $ 3,000 $ 3,000,000
- -------------------------------------------------------------------------------------------
Lexington (City of) Fayette (County of) Urban
Government; Series 2006 A, Variable Purpose
Notes Unlimited GO 4.00%, 05/01/07 AA+ Aa2 2,145 2,148,551
- -------------------------------------------------------------------------------------------
Newport (City of) League of Cities Funding
Trust; Series 2002, Lease Program VRD RB
(LOC-U.S. Bank, N.A.)
3.76%, 04/01/32(d)(e)(n) -- VMIG-1 18,600 18,600,000
===========================================================================================
66,348,278
===========================================================================================
MAINE-0.05%
JPMorgan PUTTERs (Maine (State of) Turnpike
Authority); Series 2004 546, Turnpike VRD
RB (Acquired 10/28/04; Cost $2,185,000)
3.78%, 07/01/12(e)(h)(i) -- VMIG-1 2,185 2,185,000
===========================================================================================
MARYLAND-2.28%
Baltimore (County of) (Blue Circle Inc.
Project); Series 1992, Economic Development
VRD RB (LOC-BNP Paribas)
3.85%, 12/01/17(d)(e)(g) -- VMIG-1 7,900 7,900,000
- -------------------------------------------------------------------------------------------
Frederick (County of) Retirement Community
(Buckingham's Choice Inc. Project); Series
1997 C, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 01/01/27(d)(e) A-1+ VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Howard (County of) Economic Development
(Norbel School Inc. Project); Series 2001,
VRD RB (LOC-Branch Banking & Trust Co.)
3.78%, 02/01/28(d)(e) -- VMIG-1 4,785 4,785,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Economic Development
Corp. (Prologue Inc. Project); Series 2005,
Economic Development VRD RB (LOC-Bank of
America, N.A.)
3.76%, 06/01/31(d)(e) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
</Table>
F-13
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MARYLAND-(CONTINUED)
Maryland (State of) Economic Development
Corp. (YMCA of Central Maryland Inc.
Project); Series 2003 Economic Development
VRD RB (LOC-Branch Banking & Trust Co.)
3.78%, 04/01/28(d)(e) -- VMIG-1 $ 3,200 $ 3,200,000
- -------------------------------------------------------------------------------------------
Series 2006 Economic Development VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 04/01/31(d)(e) -- VMIG-1 1,950 1,950,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Health & Higher
Educational Facilities Authority (Glen
Meadows Retirement); Series 1999 A, VRD RB
(LOC-Wachovia Bank, N.A.)
3.80%, 07/01/29(d)(e) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Industrial Development
Financing Authority (Baltimore
International College Facility); Series
2005, Economic VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 11/01/30(d)(e) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Montgomery (County of); Series 2002
Commercial Paper (LOC-Fortis Bank
N.V./S.A.)
3.50%, 11/01/06(d)(g) A-1+ P-1 20,000 20,000,000
- -------------------------------------------------------------------------------------------
3.50%, 12/01/06(d)(g) A-1+ P-1 37,000 37,000,000
- -------------------------------------------------------------------------------------------
Queen Anne's (County of) (Safeway Inc.
Project); Series 1994, Refunding Economic
Development VRD RB (LOC-Deutsche Bank A.G.)
3.75%, 12/01/09(d)(g)(m) A-1 -- 1,145 1,145,000
===========================================================================================
92,475,000
===========================================================================================
MASSACHUSETTS-0.18%
Massachusetts (State of) Health & Educational
Facilities Authority (Hallmark Health
System Issue); Series 1998 B, VRD RB
(LOC-Financial Security Assurance Inc.)
3.75%, 07/01/27(d)(e) A-1+ VMIG-1 2,465 2,465,000
- -------------------------------------------------------------------------------------------
Massachusetts (State of) Health & Educational
Facilities Authority (Sherrill House);
Series 2002 A-1, VRD RB (LOC-Comerica Bank)
3.77%, 01/01/32(d)(e) A-1+ -- 5,000 5,000,000
===========================================================================================
7,465,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MICHIGAN-4.37%
ABN AMRO Munitops Ctfs. Trust (Bay City
School District); Series 2006-51, Non-AMT
Unlimited GO (Acquired 07/20/06 Cost
$5,000,000)
3.78%, 05/01/14(e)(h)(i)(l) -- -- $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Michigan
(State of) Building Authority); Series
2003-35, Non-AMT VRD RB (Acquired 09/29/05;
Cost $10,595,0000)
3.78%, 10/15/11(e)(h)(i) -- VMIG-1 10,595 10,595,000
- -------------------------------------------------------------------------------------------
Bruce (Township of) Hospital Finance
Authority (Sisters Charity of St. Joseph);
Series 1988 B, Health Care System VRD RB
(INS-MBIA Insurance Corp.)
3.65%, 05/01/18(c)(m) A-1+ VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Detroit (City of) Economic Development Corp.
(Waterfront Reclamation); Series 1999 C,
VRD RB (LOC-National City Bank of the
Midwest)
3.79%, 05/01/09(d)(e) A-1 P-1 1,005 1,005,000
- -------------------------------------------------------------------------------------------
Detroit (City of); Series 2006, Limited Tax
TAN GO (LOC-Bank of Nova Scotia)
4.50%, 03/01/07(d)(g) SP-1+ -- 4,000 4,012,340
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Detroit (City of)
School District); Series 2002-6014 A, VRD
Unlimited Tax GO (Acquired 11/06/02; Cost
$14,305,000)
3.79%, 05/01/32(e)(h)(i) A-1+ -- 14,305 14,305,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Michigan (State of)
Building Authority); Series 2006-0113 Class
A, VRD RB (Acquired 09/20/06; Cost
$8,090,000)
3.79%, 10/15/36(e)(h)(i) A-1+ VMIG-1 8,090 8,090,000
- -------------------------------------------------------------------------------------------
Eastern Michigan University; Series 2001, VRD
General Refunding RB (INS-Financial
Guaranty Insurance Co.)
3.85%, 06/01/27(b)(c) A-1+ -- 15,715 15,715,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Michigan (State of)
Building Authority); Series 2006 1479, VRD
RB (Acquired 09/27/06; Cost $10,600,000)
3.78%, 04/15/14(e)(h)(i) A-1+ -- 10,600 10,600,000
- -------------------------------------------------------------------------------------------
</Table>
F-14
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MICHIGAN-(CONTINUED)
Kent (County of) Hospital Finance Authority
(Metropolitan Hospital Project); Series
2005 B,
Refunding VRD RB
(LOC-ABN AMRO Bank N.V.)
3.78%, 07/01/40(d)(e)(g) A-1 -- $ 2,700 $ 2,700,000
- -------------------------------------------------------------------------------------------
Kentwood (City of) Economical Development
Corp. (Holland Home); Series 2006 B, VRD
Refunding Limited RB
(LOC-LaSalle Bank N.A.)
3.75%, 11/15/32(d)(e) A-1 -- 6,750 6,750,000
- -------------------------------------------------------------------------------------------
Marquette (City of) Hospital Finance
Authority (Marquette General Hospital
Group); Series 2004 A, VRD RB (LOC-U.S.
Bank, N.A.)
3.83%, 07/01/09(d)(e) A-1+ -- 945 945,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Hospital Finance
Authority (Healthcare Equipment Loan
Program); Series 2006 C, VRD RB (LOC-Fifth
Third Bank)
3.79%, 12/01/32(d)(e) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Housing Development
Authority (JAS Non-Profit Housing Corp.
VI); Series 2000, VRD Limited Obligation RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 06/01/25(d)(e) A-1+ -- 1,050 1,050,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Municipal Bond Authority;
Series 2006 B-2,
RN (LOC-Bank of Nova Scotia)
4.50%, 08/20/07(d)(g) SP-1+ -- 15,000 15,104,628
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (Van Andel
Research Institute Project); Series 1997
Limited Tax VRD RB (LOC-LaSalle Bank N.A.)
3.80%, 11/01/27(d)(e) A-1 -- 4,600 4,600,000
- -------------------------------------------------------------------------------------------
Series 2001 Limited Tax VRD RB (LOC-LaSalle
Bank N.A.)
3.80%, 12/01/21(d)(e) A-1 -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (YMCA of
Metropolitan Detroit Project); Series 2001,
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.79%, 05/01/31(d)(e) A-1+ -- 700 700,000
- -------------------------------------------------------------------------------------------
Northern Michigan University; Series 2006,
VRD General RB (INS-Ambac Assurance Corp.)
3.85%, 12/01/35(b)(c) -- VMIG-1 14,525 14,525,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MICHIGAN-(CONTINUED)
Oakland (County of) Economic Development
Corp. (Rochester College Project); Series
2001, VRD Limited Obligation RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 08/01/21(d)(e)(n) -- VMIG-1 $ 1,364 $ 1,364,000
- -------------------------------------------------------------------------------------------
Reset Option Ctfs. Trust II-R (Michigan
(State of) Building Authority); Series
2006-628, VRD RB (Acquired 09/06/06; Cost
$4,475,000)
3.78%, 10/15/36(e)(h)(i) -- VMIG-1 4,475 4,475,000
- -------------------------------------------------------------------------------------------
University of Michigan (Medical Service
Plan); Series 1998 A-1, VRD Refunding
Floating Rate RB 3.80%, 12/01/21(b) A-1+ VMIG-1 9,100 9,100,000
- -------------------------------------------------------------------------------------------
University of Michigan Hospital; Series 2005
A, VRD RB 3.80%, 12/01/35(b) A-1+ VMIG-1 7,850 7,850,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Detroit (City of) Water
Supply System); Series 2000 D, VRD RB
(Acquired 01/21/00; Cost $10,000,000)
3.78%, 07/01/29(e)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Michigan (State of)
Hospital Finance Authority); Series 1997 X,
VRD RB (Acquired 12/12/03; Cost
$15,000,000)
3.78%, 08/15/24(e)(h)(i) -- VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Michigan (State of) Trunk
Line); Series 2006 B-02, VRD RB (Acquired
06/30/06; Cost $6,500,000)
3.78%, 11/01/21(e)(h)(i) A-1+ -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
Washtenaw (County of) (Saline Area Schools);
Series 2004, Refunding Unlimited GO 4.00%,
05/01/07 AA Aa2 1,025 1,026,585
===========================================================================================
177,212,553
===========================================================================================
MINNESOTA-2.56%
Brooklyn (City of) (Brookdale Corp. II
Project); Series 2001, VRD Refunding RB
(LOC-U.S. Bank, N.A.)
3.90%, 12/01/14(b)(d) A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-15
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MINNESOTA-(CONTINUED)
JPMorgan PUTTERs (Minnesota (State of) Public
Facilities Authority); Series 2002-319, VRD
Drinking Water COP (Acquired 07/31/03; Cost
$13,905,000)
3.78%, 03/01/21(e)(h)(i) A-1 -- $13,905 $ 13,905,000
- -------------------------------------------------------------------------------------------
Minnesota (State of) Higher Education
Facilities Authority (University of St.
Thomas); Series 2004 Five-Z, VRD RB
(LOC-LaSalle Bank N.A.)
3.77%, 10/01/29(d)(e) -- VMIG-1 9,200 9,200,000
- -------------------------------------------------------------------------------------------
Minnesota (State of) Rural Water Finance
Authority (Public Projects Construction);
Series 2006, RN 4.75%, 09/01/07 -- MIG-1 4,000 4,037,212
- -------------------------------------------------------------------------------------------
Rochester (City of) Health Care Facilities
(Mayo Foundation); Series 2000 A Adjustable
Tender Commercial Paper Notes
3.60%, 10/05/06 A-1+ -- 30,000 30,000,000
- -------------------------------------------------------------------------------------------
Series 2001 A Adjustable Tender Commercial
Paper Notes
3.60%, 10/05/06 A-1+ VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Series 2001 B Adjustable Tender Commercial
Paper Notes
3.60%, 10/05/06 A-1+ VMIG-1 10,600 10,600,000
- -------------------------------------------------------------------------------------------
Roseville (City of) Private School Facilities
Authority (Northwestern College Project);
Series 2002, VRD RB (LOC-M&I Marshall &
Ilsley Bank)
3.90%, 11/01/22(b)(d) -- VMIG-1 1,555 1,555,000
- -------------------------------------------------------------------------------------------
St. Paul (City of) Housing & Redevelopment
Authority (Science Museum of Minnesota);
Series 1997 A, VRD RB (LOC-U.S. Bank, N.A.)
3.78%, 05/01/27(d)(e) -- VMIG-1 17,360 17,360,000
===========================================================================================
103,557,212
===========================================================================================
MISSISSIPPI-0.42%
ABN AMRO Munitops Ctfs. Trust (Mississippi
(State of) Development Board-Jackson Water
& Sewer); Series 2002-22, Multi-State
Non-AMT VRD Ctfs. (Acquired 09/10/03; Cost
$9,995,000)
3.78%, 09/01/10(e)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MISSISSIPPI-(CONTINUED)
Eagle Tax Exempt Trust (Mississippi (State
of)); Series 2002-6018 A, VRD Unlimited Tax
COP (Acquired 11/20/02; Cost $3,200,000)
3.79%, 11/01/22(e)(h)(i) A-1+ -- $ 3,200 $ 3,200,000
- -------------------------------------------------------------------------------------------
Mississippi (State of) Business Finance Corp.
(St. Andrew Episcopal Day Project); Series
2003, VRD RB (LOC-Allied Irish Banks PLC)
3.77%, 07/01/25(d)(e)(g) -- VMIG-1 3,675 3,675,000
===========================================================================================
16,870,000
===========================================================================================
MISSOURI-1.66%
Curators University of Missouri (Capital
Projects); Series 2006 FY, RN 4.50%,
06/29/07 SP-1+ MIG-1 10,000 10,057,141
- -------------------------------------------------------------------------------------------
Jackson (County of) Industrial Development
Authority Recreational Facilities (YMCA of
Greater Kansas City Project); Series 2002
A, VRD IDR (LOC-Bank of America, N.A.)
3.79%, 11/01/18(d)(e) -- VMIG-1 3,300 3,300,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Association of Municipal Utilities);
Series 2003, VRD RB (LOC-U.S. Bank, N.A.)
3.90%, 06/01/33(b)(d) -- VMIG-1 12,000 12,000,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Center of Creative Arts Project); Series
2004, Cultural Facilities VRD RB
(LOC-National City Bank of the Midwest)
3.79%, 07/01/24(d)(e) -- VMIG-1 1,750 1,750,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Nelson Gallery Foundation); Series 2001 B,
Cultural Facilities VRD RB (INS-MBIA
Insurance Corp.)
3.89%, 12/01/31(b)(c) A-1+ VMIG-1 7,550 7,550,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Utilities Lease Financing Program); Series
2006, Commercial Paper Notes (LOC-U.S. Bank
N.A.)
3.58%, 10/19/06(d) -- P-1 13,000 13,000,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (Bethesda Health
Group); Series 2006, VRD RB (LOC-U.S. Bank,
N.A.)
3.90%, 08/01/37(b)(d) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
</Table>
F-16
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MISSOURI-(CONTINUED)
Missouri (State of) Health & Educational
Facilities Authority (The Washington
University); Series 1985 B VRD RB 3.85%,
09/01/10(e) A-1+ VMIG-1 $ 900 $ 900,000
- -------------------------------------------------------------------------------------------
Series 1996 C VRD RB 3.85%, 09/01/30(b) A-1+ VMIG-1 1,300 1,300,000
- -------------------------------------------------------------------------------------------
Series 2000 C VRD RB 3.85%, 03/01/40(b) A-1+ VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Platte (County of) Industrial Development
Authority (Southern Platte County Athletic
Assoc. Inc.); Series 2005 A, Recreational
Facilities VRD IDR (LOC-Bank of America,
N.A.)
3.76%, 10/01/25(d)(e) -- VMIG-1 2,140 2,140,000
- -------------------------------------------------------------------------------------------
St. Louis (County of) Industrial Development
Authority (Westport Station Apartments);
Series 2006, Refunding Multi-Family Housing
VRD IDR (CEP-Federal National Mortgage
Association)
3.78%, 04/15/27(e) A-1+ -- 4,970 4,970,000
- -------------------------------------------------------------------------------------------
St. Louis (County of) Industrial Development
Authority (Whitfield School Inc.); Series
2004 B, Educational Facilities Refunding
VRD IDR (LOC-U.S. Bank, N.A.)
3.78%, 06/15/24(d)(e) A-1+ -- 2,185 2,185,000
===========================================================================================
67,147,141
===========================================================================================
MONTANA-0.03%
Montana (State of) Facility Finance Authority
(Mission Ridge Project); Series 2002, VRD
RB (LOC-LaSalle Bank N.A.)
3.77%, 08/01/27(d)(e)(l)(n) -- -- 1,114 1,114,000
===========================================================================================
NEBRASKA-3.19%
American Public Energy Agency Nebraska (State
of) Gas Supply (National Public Gas Agency
Project); Series 2003 A, VRD RB 3.75%,
02/01/14(e)(g) A-1+ VMIG-1 19,329 19,329,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NEBRASKA-(CONTINUED)
Nebhelp Inc.; Series 1985 A Multi-Mode VRD RB
(INS-MBIA Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 $32,475 $ 32,475,000
- -------------------------------------------------------------------------------------------
Series 1985 B Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 3,590 3,590,000
- -------------------------------------------------------------------------------------------
Series 1985 C Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Series 1985 D Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 5,865 5,865,000
- -------------------------------------------------------------------------------------------
Series 1985 E Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 28,635 28,635,000
- -------------------------------------------------------------------------------------------
Nebraska (State of) Educational Finance
Authority (Concordia University Project);
Series 2005, VRD RB (LOC-Fifth Third Bank)
3.94%, 12/15/35(b)(d) A-1+ -- 4,050 4,050,000
- -------------------------------------------------------------------------------------------
Nebraska (State of) Educational Finance
Authority (Creighton University Project);
Series 2003 VRD RB (INS-Ambac Assurance
Corp.)
3.85%, 03/01/33(b)(c) -- VMIG-1 13,625 13,625,000
- -------------------------------------------------------------------------------------------
Series 2005 C VRD RB (INS-Financial
Guaranty Insurance Co.)
3.85%, 07/01/35(b)(c) -- VMIG-1 1,900 1,900,000
===========================================================================================
129,469,000
===========================================================================================
NEVADA-0.32%
ABN AMRO Munitops Ctfs. Trust (Henderson
(City of)) Series 2004-43, Multi-State
Non-AMT VRD GO Ctfs. (Acquired 03/28/06;
Cost $6,500,000)
3.79%, 12/01/12(e)(h)(i) -- VMIG-1 6,500 6,500,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Washoe (County
of)); Series 2001-24, Refunding VRD Limited
Tax Single Asset Trust Ctfs. (Acquired
06/21/01; Cost $6,500,000)
3.79%, 07/01/09(e)(h)(i) -- VMIG-1 6,500 6,500,000
===========================================================================================
13,000,000
===========================================================================================
</Table>
F-17
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NEW HAMPSHIRE-0.52%
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(New Hampshire (State of) Higher
Educational & Health Facilities Authority);
Series 2003-772 Refunding VRD RB (Acquired
01/22/03; Cost $5,186,500)
3.78%, 01/01/17(e)(h)(i) A-1 -- $ 5,187 $ 5,186,500
- -------------------------------------------------------------------------------------------
Series 2003-866 Refunding VRD RB (Acquired
10/23/03; Cost $7,185,000)
3.78%, 08/15/21(e)(h)(i) A-1 -- 7,185 7,185,000
- -------------------------------------------------------------------------------------------
New Hampshire (State of) Health & Education
Facilities Authority (Antioch University
Issue); Series 2004, Refunding Educational
Facilities VRD RB (LOC-National City Bank)
3.77%, 12/01/24(d)(e) A-1 -- 4,175 4,175,000
- -------------------------------------------------------------------------------------------
New Hampshire (State of) Health & Educational
Facilities Authority (Southern New
Hampshire Medical Center); Series 2001-866,
VRD RB (LOC-Bank of America, N.A.)
3.80%, 10/01/30(d)(e) -- VMIG-1 4,600 4,600,000
===========================================================================================
21,146,500
===========================================================================================
NEW JERSEY-0.31%
JPMorgan PUTTERs (New Jersey (State of)
Transportation Trust Fund Authority);
Series 2006-1403, VRD RB (Acquired
07/19/06; Cost $1,500,000)
3.78%, 06/15/15(e)(h)(i) A-1+ -- 1,500 1,500,000
- -------------------------------------------------------------------------------------------
Middlesex (County of); Series 2005, Unlimited
BAN GO 4.50%, 12/26/06 SP-1+ MIG-1 10,835 10,857,014
===========================================================================================
12,357,014
===========================================================================================
NEW MEXICO-1.19%
Bernalillo (County of); Series 2006,
Unlimited Tax TRAN GO 4.50%, 06/29/07 -- MIG-1 34,000 34,186,716
- -------------------------------------------------------------------------------------------
New Mexico (State of) Finance Authority
(University of New Mexico Health Sciences
Center Project); Series 2004 B, VRD
Cigarette Tax RB (INS-MBIA Insurance Corp.)
3.80%, 04/01/19(c)(e) A-1+ VMIG-1 4,485 4,485,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NEW MEXICO-(CONTINUED)
New Mexico (State of) Financing Authority
(Public Project Revolving Fund); Series
2006 D, Sr. Lien RB (INS-Ambac Assurance
Corp.)
4.50%, 06/01/07(c) AAA Aaa $ 3,755 $ 3,773,850
- -------------------------------------------------------------------------------------------
New Mexico (State of) Highway Commission;
Series 2001 A, Sr. Sub. Lien RB 5.00%,
06/15/07 AAA Aa2 3,750 3,782,894
- -------------------------------------------------------------------------------------------
New Mexico (State of) Hospital Equipment Loan
Council (Dialysis Clinic, Inc. Project);
Series 2000, VRD RB (LOC-SunTrust Bank)
3.81%, 07/01/25(d)(e) -- VMIG-1 2,000 2,000,000
===========================================================================================
48,228,460
===========================================================================================
NEW YORK-1.26%
ABN AMRO Munitops Ctfs. Trust (Triborough
Bridge & Tunnel Authority); Series 2002-31,
Non-AMT VRD Ctfs. (Acquired 03/24/04; Cost
16,000,000)
3.77%, 11/15/10(e)(h)(i) -- VMIG-1 16,000 16,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (New York (State of)
Thruway Authority); Series 2006-0111 A, VRD
RB (Acquired 05/03/06; Cost $12,000,000)
3.78%, 01/01/32(e)(h)(i) A-1+ -- 12,000 12,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (New York (City of)); Series
2006-1318, Unlimited Tax VRD GO (Acquired
05/03/06; Cost $1,500,000)
3.78%, 06/01/13(e)(h)(i) A-1+ -- 1,500 1,500,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (New York (State of) Thruway
Authority (Second General Highway & Bridge
Trust Fund); Series 2006-1413, VRD RB
(Acquired 07/26/06; Cost $3,495,000)
3.78%, 04/01/14(e)(h)(i) A-1+ -- 3,495 3,495,000
- -------------------------------------------------------------------------------------------
New York (City of); Series 2005 E-3,
Unlimited Tax GO (LOC-Bank of America,
N.A.)
3.72%, 08/01/34(d)(e) A-1+ VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
New York (State of); Series 2000 B, VRD
Unlimited GO (LOC-Dexia Bank)
3.60%, 03/15/30(d)(g)(j) A-1+ VMIG-1 12,000 12,000,000
===========================================================================================
51,195,000
===========================================================================================
</Table>
F-18
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NORTH CAROLINA-3.88%
Charlotte (City of); Series 2006 Commercial
Paper BAN GO 3.32%, 10/05/06 A-1+ -- $10,200 $ 10,200,000
- -------------------------------------------------------------------------------------------
3.63%, 12/18/06 A-1+ -- 7,600 7,600,000
- -------------------------------------------------------------------------------------------
3.53%, 02/01/07 A-1+ -- 3,900 3,900,000
- -------------------------------------------------------------------------------------------
3.56%, 02/01/07 A-1+ -- 8,300 8,300,000
- -------------------------------------------------------------------------------------------
3.59%, 02/01/07 A-1+ -- 4,800 4,800,000
- -------------------------------------------------------------------------------------------
3.65%, 02/01/07 A-1+ -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
3.68%, 02/01/07 A-1+ -- 4,700 4,700,000
- -------------------------------------------------------------------------------------------
3.70%, 02/01/07 A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Industrial Facilities &
Pollution Control Financing Authority (YWCA
Winston); Series 2005, Recreational VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 12/01/30(d)(e) -- VMIG-1 2,750 2,750,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Barton College); Series
2004, Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 07/01/19(d)(e) -- VMIG-1 5,165 5,165,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Canterbury School Project);
Series 2002, Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 08/01/22(d)(e) -- VMIG-1 1,440 1,440,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Forsyth Country Day
School); Series 2005, Educational
Facilities VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 12/01/31(d)(e) -- VMIG-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Guilford College); Series
2005 B, Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 09/01/35(d)(e) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NORTH CAROLINA-(CONTINUED)
North Carolina (State of) Capital Facilities
Finance Agency (Salem Academy & College
Project); Series 2005, Educational
Facilities VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 08/01/30(d)(e) -- VMIG-1 $ 2,260 $ 2,260,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Carolina Meadows Inc. Project);
Series 2004, Health Care Facilities VRD
(LOC-Allied Irish Banks PLC)
3.77%, 12/01/34(d)(e)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Lexington Memorial Hospital
Project); Series 1997, VRD RB LOC-Wachovia
Bank, N.A.)
3.80%, 04/01/10(b)(d) -- VMIG-1 2,170 2,170,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Moses Cone Health System);
Series 2001 B, VRD RB 3.70%, 10/01/35(e) A-1+ -- 22,200 22,200,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Person Memorial Hospital);
Series 2005, Health Care Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 01/01/35(d)(e) -- VMIG-1 2,500 2,500,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Pooled Equipment Financing
Project); Series 1985, Hospital VRD ACES
(INS-MBIA Insurance Corp.)
3.78%, 12/01/25(c)(e) A-1 VMIG-1 8,500 8,500,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Southeastern Regional Medical
Center); Series 2005, Hospital VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 06/01/37(d)(e) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Westcare Health System); Series
2002 A, Hospital VRD RB (LOC-Branch Banking
& Trust Co.)
3.78%, 09/01/22(d)(e) -- VMIG-1 9,360 9,360,000
- -------------------------------------------------------------------------------------------
</Table>
F-19
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NORTH CAROLINA-(CONTINUED)
North Carolina (State of) Medical Care
Commission Retirement Facilities (First
Mortgage United Methodist); Series 2005 B
VRD RB (LOC-Branch Banking & Trust Co.)
3.78%, 10/01/08(d)(e) -- VMIG-1 $ 1,300 $ 1,300,000
- -------------------------------------------------------------------------------------------
3.78%, 10/01/35(d)(e) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission; Series 2004 C, Health Care
Facilities Refunding 1st Mortgage VRD RB
(LOC-SunTrust Bank)
3.78%, 11/01/27(d)(e) -- VMIG-1 4,765 4,765,000
- -------------------------------------------------------------------------------------------
Union (County of); Series 2006, Commercial
Paper BAN 3.54%, 12/27/06 A-1+ P-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
University of North Carolina at Chapel Hill
(Board of Governers); Series 2006 B,
Commercial Paper Notes
3.55%, 10/19/06 A-1+ P-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Wake (County of); Series 2006 Commercial
Paper BAN 3.58%, 02/05/07 A-1+ P-1 14,220 14,220,000
- -------------------------------------------------------------------------------------------
3.70%, 04/16/07 A-1+ P-1 9,750 9,750,000
- -------------------------------------------------------------------------------------------
Winston-Salem (City of); Series 2006 C, VRD
COP 3.73%, 08/01/11(e) A-1+ VMIG-1 3,500 3,500,000
===========================================================================================
157,380,000
===========================================================================================
OHIO-1.51%
ABN AMRO Munitops Ctfs. Trust (Olentangy
Local School District); Series 2006-04,
Multi-State Non-AMT VRD GO Ctfs. (Acquired
02/16/06; Cost $2,865,000)
3.78%, 06/01/14(e)(h)(i) -- VMIG-1 2,865 2,865,000
- -------------------------------------------------------------------------------------------
Cambridge (City of) Hospital Facilities
(Regional Medical Center Project); Series
2001, Refunding & Improvement VRD RB
(LOC-National City Bank)
3.76%, 12/01/21(d)(e) -- VMIG-1 9,990 9,990,000
- -------------------------------------------------------------------------------------------
Centerville (City of) (Bethany Lutheran
Village Project); Series 1994, Health Care
VRD RB (LOC-National City Bank)
3.78%, 11/01/13(d)(e) -- VMIG-1 2,835 2,835,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OHIO-(CONTINUED)
Cincinnati & Hamilton (County of) Economic
Development Port Authority (Kenwood Office
Association Project); Series 1985, VRD RB
(LOC-Fifth Third Bank)
3.94%, 09/01/25(b)(d) A-1+ -- $ 1,600 $ 1,600,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
Economic Development (Carnegie/96th
Research Building Project); Series 2003,
VRD RB (LOC-Fifth Third Bank)
3.80%, 01/01/33(d)(e) A-1+ VMIG-1 6,800 6,800,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
Economic Development (Euclid/93rd Garage
Office); Series 2003, VRD RB (LOC-Fifth
Third Bank)
3.80%, 01/01/34(d)(e) A-1+ VMIG-1 4,815 4,815,000
- -------------------------------------------------------------------------------------------
Columbus (City of) Sewer System; Series 1994,
Refunding VRD RB 3.74%, 06/01/11(e) A-1+ VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Health Care Facilities
(First Community Village); Series 2005,
Refunding & Improvement VRD RB (LOC-KBC
Bank N.V.)
3.77%, 03/01/36(d)(e)(g) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Mahoning (County of) Hospital Facilities
(Forum Health Obligation Group); Series
2002 B, VRD RB (LOC-Fifth Third Bank)
3.77%, 12/01/27(d)(e) -- VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Marion (County of) (Pooled Lease Program);
Series 1990, Hospital Improvement VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.77%, 08/01/20(d)(e) A-1+ -- 1,080 1,080,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) (St. Vincent DePaul
Society); Series 1996, Limited Obligation
VRD RB (LOC-National City Bank)
3.77%, 12/01/10(d)(e) A-1 -- 1,205 1,205,000
- -------------------------------------------------------------------------------------------
Ohio (State of) Water Development Authority
(Timken Co. (The) Project); Series 1993,
Refunding VRD RB (LOC-Wachovia Bank, N.A.)
3.80%, 05/01/07(d)(e) A-1+ P-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
</Table>
F-20
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
OHIO-(CONTINUED)
University of Toledo; Series 2002, General
Receipts VRD RB (INS-Financial Guaranty
Insurance Co.)
3.85%, 06/01/32(b)(c) A-1+ VMIG-1 $15,000 $ 15,000,000
===========================================================================================
61,090,000
===========================================================================================
OKLAHOMA-1.39%
Oklahoma (County of) Finance Authority
(Oxford Oaks Apartments Projects); Series
2000, Refunding Multi-Family Housing VRD RB
(CEP-Federal National Mortgage Association)
3.77%, 07/15/30(e)(n) A-1+ -- 13,844 13,844,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Development Finance
Authority (Capitol Dome Project); Series
2001, VRD RB (LOC-Bank of America, N.A.)
3.84%, 06/01/11(d)(e) A-1+ -- 2,320 2,320,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Water Resources Board;
Series 1995 State Loan Program VRD RB
3.60%, 09/01/24(m) A-1+ -- 4,295 4,295,000
- -------------------------------------------------------------------------------------------
Series 1997 State Loan Project VRD RB
3.60%, 09/01/26(m) A-1+ -- 5,650 5,650,000
- -------------------------------------------------------------------------------------------
Series 2001 State Loan Program VRD RB
3.50%, 10/01/34(m) A-1+ -- 4,560 4,560,000
- -------------------------------------------------------------------------------------------
Series 2003 A State Loan Program VRD RB
3.50%, 10/01/36(m) A-1+ -- 3,350 3,350,000
- -------------------------------------------------------------------------------------------
Tulsa (City of) Industrial Authority (YMCA of
Greater Tulsa Project); Series 1999, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 05/01/19(d)(e)(l) -- -- 1,040 1,040,000
- -------------------------------------------------------------------------------------------
Tulsa (County of) Industrial Authority
(Capital Improvements); Series 2003 A VRD
RB 3.70%, 05/15/17(m) A-1+ -- 18,000 18,000,000
- -------------------------------------------------------------------------------------------
Series 2006 D RB (INS-Financial Securities
Assurance Inc.)
4.25%, 07/01/07(c) AAA -- 3,050 3,065,402
===========================================================================================
56,124,402
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OREGON-0.23%
JPMorgan PUTTERs (Portland (City of)); Series
2004-614, Sewer System VRD RB (Acquired
12/02/04; Cost $1,595,000)
3.78%, 10/01/12(e)(h)(i) -- VMIG-1 $ 1,595 $ 1,595,000
- -------------------------------------------------------------------------------------------
Portland (City of) (South Park Block
Project); Series 1988, Multi-Family Housing
VRD RB (LOC-Harris N.A.)
3.80%, 12/01/11(d)(e) A-1+ -- 7,850 7,850,000
===========================================================================================
9,445,000
===========================================================================================
PENNSYLVANIA-3.96%
ABN AMRO Munitops Ctfs. Trust (Pennsylvania
(State of) Public School Building
Authority); Series 2001-30 Non-AMT VRD
Ctfs. (Acquired 10/31/02; Cost $5,000,000)
3.78%, 09/01/09(e)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Series 2003-24 Non-AMT VRD Ctfs. (Acquired
03/08/04; Cost $16,500,000) 3.78%,
06/01/11(e)(h)(i) -- VMIG-1 16,500 16,500,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Reading (City
of) School District); Series 2003-20, Non-
AMT VRD Ctfs. (Acquired 03/02/05; Cost
$4,225,000)
3.78%, 07/15/11(e)(h)(i)(l) -- -- 4,225 4,225,000
- -------------------------------------------------------------------------------------------
Allegheny (County of) Hospital Development
Authority (Presbyterian Health Center);
Series 1990 A VRD RB (INS-MBIA Insurance
Corp.)
3.80%, 03/01/20(c)(e) A-1+ VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Series 1990 B VRD RB (INS-MBIA Insurance
Corp.)
3.80%, 03/01/20(c)(e) A-1+ VMIG-1 1,250 1,250,000
- -------------------------------------------------------------------------------------------
Series 1990 D VRD RB (INS-MBIA Insurance
Corp.)
3.80%, 03/01/20(c)(e) A-1+ VMIG-1 1,425 1,425,000
- -------------------------------------------------------------------------------------------
</Table>
F-21
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Allegheny (County of) Hospital Development
Authority (Presbyterian University
Hospital); Series 1988 B-2 Hospital
Development VRD ACES (LOC-JPMorgan Chase
Bank, N.A.)
3.80%, 03/01/18(d)(e) -- VMIG-1 $ 1,115 $ 1,115,000
- -------------------------------------------------------------------------------------------
Series 1988 B-3 Hospital Development VRD
ACES (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 03/01/18(d)(e) -- VMIG-1 3,465 3,465,000
- -------------------------------------------------------------------------------------------
Butler (County of) General Authority (Mars
Area School District Refunding Project);
Series 2006, VRD RB (INS-Financial Security
Assurance Inc.)
3.75%, 09/01/19(c)(e) AAA Aaa 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Cumberland (County of) Municipal Authority
(Wesley Affiliated Services); Series 2005,
Refunding VRD RB (LOC-KBC Bank N.V.)
3.77%, 01/01/38(d)(e)(g) A-1+ -- 16,000 16,000,000
- -------------------------------------------------------------------------------------------
Delaware (County of) Authority (White Horse
Village Project); Series 2006 B VRD RB
(LOC-Citizens Bank of Pennsylvania)
3.86%, 07/01/30(b)(d) -- VMIG-1 1,215 1,215,000
- -------------------------------------------------------------------------------------------
3.86%, 07/01/36(b)(d) -- VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Delaware Valley
Regional Financial Authority Local
Government); Series 2004-0026 Class A, VRD
RB (Acquired 08/01/06; Cost $5,490,000)
3.79%, 08/01/28(e)(h)(i) A-1+ -- 5,490 5,490,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Delaware Valley
Regional Financial Authority); Series
2001-3801 Class A, VRD COP (Acquired
06/04/01; Cost $8,900,000)
3.79%, 08/01/28(e)(h)(i) A-1+ -- 8,900 8,900,000
- -------------------------------------------------------------------------------------------
Emmaus (City of) General Authority; Series
2000 A, Pennsylvania Loan Program VRD RB
(INS-Financial Security Assurance Inc.)
3.76%, 03/01/30(c)(e) A-1+ -- 9,150 9,150,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
PENNSYLVANIA-(CONTINUED)
Franklin (County of) Industrial Development
Authority (Chambersburg Hospital Obligated
Group Projects); Series 2000, Health Care
VRD IDR (INS-Ambac Assurance Corp.)
3.79%, 12/01/24(c)(e) A-1+ -- $ 3,000 $ 3,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Pittsburgh (City of));
Series 2006-1367T, Unlimited Tax VRD GO
(Acquired 06/07/06; Cost $6,195,000)
3.78%, 03/01/14(e)(h)(i) -- VMIG-1 6,195 6,195,000
- -------------------------------------------------------------------------------------------
Lackawanna (County of); Series 2004 B,
Unlimited Tax GO (INS-Financial Security
Assurance Inc.)
3.78%, 10/15/29(c)(e) A-1+ -- 13,135 13,135,000
- -------------------------------------------------------------------------------------------
Luzerne (County of) Industrial Development
Authority (Methodist Homes); Series 2003,
VRD IDR (LOC-Bank of New York)
3.80%, 02/01/29(d)(e) A-1+ -- 3,100 3,100,000
- -------------------------------------------------------------------------------------------
Pennsylvania (State of) Economic Development
Financing Authority (Hospital Enhancement
Loan Program); Series 2006 A3, Treasury
Department Hospital VRD RB (LOC-National
City Bank of Pennsylvania)
3.76%, 06/01/21(d)(e) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Pennsylvania (State of) Higher Educational
Facilities Authority (Washington &
Jefferson Development); Series 2005 A, VRD
RB (LOC-UniCredito Italiano S.p.A.)
3.77%, 11/01/36(d)(e)(g) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Gas Works; Series 2004
A-2, Fifth VRD RB (LOC-Bank of Nova Scotia,
JPMorgan Chase Bank, N.A.)
3.80%, 09/01/34(d)(e)(g) A-1+ VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Hospitals & Higher
Education Facilities Authority (Temple
University); Series 2005 A, Hospital VRD RB
(LOC-Wachovia Bank, N.A.)
3.78%, 07/01/27(d)(e) A-1+ VMIG-1 9,300 9,300,000
- -------------------------------------------------------------------------------------------
</Table>
F-22
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Philadelphia (City of) Industrial Development
Authority (Pennsylvania School for the
Deaf); Series 2002, VRD IDR (LOC-Citizens
Bank of Pennsylvania)
3.79%, 11/01/32(d)(e) -- VMIG-1 $ 2,895 $ 2,895,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) School District;
Series 2006 A, School Unlimited Tax TRAN GO
(LOC-Bank of America, N.A.)
4.50%, 06/29/07(d) SP-1+ MIG-1 9,000 9,046,156
- -------------------------------------------------------------------------------------------
Pottstown (Borough of) Authority (The Hill
School Project); Series 2002, Educational
Facilities VRD RB (LOC-Allied Irish Banks
PLC)
3.78%, 08/01/32(d)(e)(g) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
Washington (County of) Authority (Girard
Estate Project); Series 1999, Refunding RB
(LOC-JPMorgan Chase Bank, N.A.) (Acquired
08/29/06; Cost $1,920,000)
3.78%, 06/01/27(d)(e)(h) A-1+ -- 1,920 1,920,000
===========================================================================================
160,626,156
===========================================================================================
RHODE ISLAND-0.07%
Rhode Island (State of) Health & Educational
Building Corp. (Paul Cuffee School); Series
2002, Educational Institution VRD RB
(LOC-Citizens Bank of Rhode Island)
3.76%, 08/01/32(d)(e) A-1+ -- 2,845 2,845,000
===========================================================================================
SOUTH CAROLINA-2.70%
Charleston (County of) School District
Development Corp.; Series 2006, Unlimited
GO Notes
4.00%, 03/01/07 AA Aa1 20,325 20,366,376
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (South Carolina (State
of) Public Service Authority); Series
2000-4001 A VRD COP (Acquired 09/08/00;
Cost $10,100,000) 3.79%, 01/01/22(e)(h)(i) A-1+ -- 10,100 10,100,000
- -------------------------------------------------------------------------------------------
Series 2004-0017 Class A VRD RB (Acquired
08/01/06; Cost $5,000,000)
3.79%, 01/01/39(e)(h)(i) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
SOUTH CAROLINA-(CONTINUED)
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(South Carolina (State of) Transportation
Infrastructure Bank); Series 2002-728,
Floating Rate Trust Ctfs. VRD RB (Acquired
11/13/02; Cost $7,185,000)
3.78%, 10/01/22(e)(h)(i) -- VMIG-1 $ 7,185 $ 7,185,000
- -------------------------------------------------------------------------------------------
Piedmont Municipal Power Agency; Series 2004
B-1 Refunding VRD RB (INS-MBIA Insurance
Corp.)
3.73%, 01/01/34(c)(e) A-1+ VMIG-1 8,360 8,360,000
- -------------------------------------------------------------------------------------------
Series 2004 B-3
Refunding VRD RB (INS-Ambac Assurance
Corp.)
3.73%, 01/01/34(c)(e) A-1+ VMIG-1 2,210 2,210,000
- -------------------------------------------------------------------------------------------
Series 2004 B-6 Refunding VRD RB (INS-MBIA
Insurance Corp.)
3.73%, 01/01/31(c)(e) A-1+ VMIG-1 25,255 25,255,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Morris College Project);
Series 1997, VRD RB (LOC-Bank of America,
N.A.) (Acquired 07/30/02; Cost $1,900,000)
3.79%, 07/01/17(d)(e)(h) A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Newberry College Project);
Series 2005, VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 09/01/35(d)(e) -- VMIG-1 1,250 1,250,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Carolina Piedmont
Foundation Project); Series 2002, VRD RB
(LOC-Bank of America, N.A.)
3.79%, 09/01/32(d)(e)(l) -- -- 3,800 3,800,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Catholic Diocese of
South Carolina Project); Series 1998, VRD
RB (LOC-Bank of America, N.A.) (Acquired
07/23/02; Cost $2,620,000)
3.79%, 09/01/18(d)(e)(h) A-1+ -- 2,620 2,620,000
- -------------------------------------------------------------------------------------------
</Table>
F-23
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
SOUTH CAROLINA-(CONTINUED)
South Carolina (State of) Jobs-Economic
Development Authority (Goodwill Industrials
Upper South Carolina); Series 2006, VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 09/01/28(d)(e) -- VMIG-1 $ 2,200 $ 2,200,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (MUFC Central Energy
Plant); Series 2004, VRD RB (LOC-Bank of
America, N.A.)
3.74%, 08/15/32(d)(e)(l) -- -- 14,800 14,800,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Presbyterian Home of
South Carolina Project); Series 2003 A, VRD
RB (LOC-Wachovia Bank, N.A.)
3.80%, 04/01/20(d)(e) A-1+ -- 4,360 4,360,000
===========================================================================================
109,406,376
===========================================================================================
SOUTH DAKOTA-0.33%
South Dakota (State of) Health & Educational
Facilities Authority (Rapid City Regional
Hospital); Series 2003, Hospital VRD RB
(INS-MBIA Insurance Corp.)
3.85%, 09/01/27(b)(c) -- VMIG-1 13,200 13,200,000
===========================================================================================
TENNESSEE-2.82%
Blount (County of) Public Building Authority
(Local Government Public Improvement);
Series 2001 A-2-E VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 06/01/35(b)(c) -- VMIG-1 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Series 2005 A-7-B
VRD RB (INS-Ambac Assurance Corp.)
3.76%, 06/01/24(c)(e) -- VMIG-1 3,045 3,045,000
- -------------------------------------------------------------------------------------------
Series 2005 D-5-A VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/36(b)(c) -- VMIG-1 3,175 3,175,000
- -------------------------------------------------------------------------------------------
Series 2005 D-5-F VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/36(b)(c) -- VMIG-1 1,125 1,125,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TENNESSEE-(CONTINUED)
Dayton (City of) Industrial Development Board
(Bryan College Dorm Project); Series 2001,
VRD IDR (LOC-Regions Bank)
3.76%, 07/01/36(d)(e) -- VMIG-1 $ 7,000 $ 7,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Chattanooga (City
of)); Series 2000-4202 A, VRD COP (Acquired
10/10/00; Cost $14,040,000)
3.79%, 10/01/27(e)(h)(i) A-1+ -- 14,040 14,040,000
- -------------------------------------------------------------------------------------------
Greeneville (City of) Industrial Development
Board (Pet Inc. Project); Series 1993, VRD
Refunding IDR (LOC-BNP Paribas)
3.78%, 05/01/13(d)(e)(g) -- Aa2 1,510 1,510,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Memphis (City of)); Series
2006 1350, Electrical System VRD RB
(Acquired 05/24/06; Cost $4,800,000)
3.78%, 12/01/11(e)(h)(i) A-1+ -- 4,800 4,800,000
- -------------------------------------------------------------------------------------------
Metropolitan Government of Nashville &
Davidson (County of) Health & Educational
Facilities Bond (Adventist Health Systems);
Series 1997 A, VRD RB (LOC-SunTrust Bank)
3.75%, 11/15/27(d)(e) A-1+ VMIG-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Public Building
Authority (Tennessee County Loan Pooled
Financing); Series 2002, VRD RB (LOC-Bank
of America, N.A.)
3.85%, 04/01/32(b)(d) -- VMIG-1 7,100 7,100,000
- -------------------------------------------------------------------------------------------
Morristown (City of) Health Educational &
Housing Facilities Board (All Saints
Episcopal School); Series 2001, VRD RB
(LOC-SunTrust Bank)
3.80%, 08/01/16(d)(e) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Oak Ridge (City of) Industrial Development
Board (Oak Ridge Associated Universities,
Inc.); Series 2002, VRD RB (LOC-Allied
Irish Banks PLC)
3.77%, 09/01/32(d)(e)(g) -- VMIG-1 4,200 4,200,000
- -------------------------------------------------------------------------------------------
</Table>
F-24
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TENNESSEE-(CONTINUED)
Sevier (County of) Public Building Authority
(Local Government Public Improvement);
Series 1995 A VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/15(c)(e)(n) -- VMIG-1 $ 500 $ 500,000
- -------------------------------------------------------------------------------------------
Series 1996 F-2 VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/11(c)(e) -- VMIG-1 3,715 3,715,000
- -------------------------------------------------------------------------------------------
Series 1996 G-1 VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/16(c)(e) -- VMIG-1 4,480 4,480,000
- -------------------------------------------------------------------------------------------
Series 1997 A-1 VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/22(c)(e) -- VMIG-1 5,900 5,900,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-3 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/10(c)(e) -- VMIG-1 1,085 1,085,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-5 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/17(c)(e) -- VMIG-1 1,170 1,170,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-1 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/17(c)(e) -- VMIG-1 880 880,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-2 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/17(c)(e) -- VMIG-1 995 995,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-4 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/09(c)(e) -- VMIG-1 315 315,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-5 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/27(c)(e) -- VMIG-1 2,155 2,155,000
- -------------------------------------------------------------------------------------------
Series 1999 II A-1 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/24(c)(e) -- VMIG-1 6,300 6,300,000
- -------------------------------------------------------------------------------------------
Series 2004 IV-C-3 VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 06/01/31(b)(c) -- VMIG-1 4,075 4,075,000
- -------------------------------------------------------------------------------------------
Series 2005 V1-G-1 VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/25(b)(c) -- VMIG-1 6,400 6,400,000
- -------------------------------------------------------------------------------------------
Series 2005 VI-F-4 VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/24(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TENNESSEE-(CONTINUED)
Shelby (County of) Health, Educational &
Housing Facilities Board (Memphis College
Art Project); Series 2003, VRD RB
(LOC-Regions Bank)
3.77%, 08/01/23(d)(e) -- VMIG-1 $ 3,885 $ 3,885,000
- -------------------------------------------------------------------------------------------
Shelby (County of) Health, Educational &
Housing Facilities Board (Memphis
University School Project); Series 2006,
VRD RB (LOC-SunTrust Bank)
3.76%, 07/01/26(d)(e) -- VMIG-1 4,590 4,590,000
- -------------------------------------------------------------------------------------------
Shelby (County of) Health, Educational &
Housing Facilities Board (Southern College
of Optometry Project); Series 2001, VRD RB
(LOC-Allied Irish Banks PLC)
3.77%, 06/01/26(d)(e)(g) -- VMIG-1 4,900 4,900,000
- -------------------------------------------------------------------------------------------
Williamson (County of) Industrial Development
Board (Currey Ingram Academy); Series 2003,
Educational Facilities VRD RB (LOC-SunTrust
Bank)
3.85%, 04/01/23(d)(e) -- VMIG-1 2,300 2,300,000
===========================================================================================
114,140,000
===========================================================================================
TEXAS-14.24%
ABN AMRO Munitops Ctfs. Trust (Duncanville
(City of) Independent School District);
Series 2006-22, Unlimited Asset 14 Non-AMT
VRD GO (Acquired 05/22/06; Cost
$10,000,000)
3.79%, 02/15/14(e)(h)(i)(l) -- -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Edinburg (City
of) Independent School District); Series
2005-47, Unlimited Single Non-AMT VRD GO
(Acquired 04/27/06; Cost $5,470,000)
3.79%, 02/15/13(e)(h)(i)(l) -- -- 5,470 5,470,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Leander (City
of) Independent School District); Series
2002-16, Unlimited Multi-State Non-AMT VRD
Ctfs. (Acquired 08/20/03; Cost $5,395,000)
3.79%, 08/15/10(e)(h)(i) -- VMIG-1 5,395 5,395,000
- -------------------------------------------------------------------------------------------
</Table>
F-25
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (North East
Independent School District); Series
2000-13, Multi-State Non-AMT VRD RB
(Acquired 11/17/05; Cost $8,500,000)
3.77%, 02/06/08(e)(h)(i) -- VMIG-1 $ 8,500 $ 8,500,000
- -------------------------------------------------------------------------------------------
Aldine (City of) Independent School District;
Series 2003, Unlimited Tax School Building
VRD GO (CEP-Texas Permanent School Fund)
3.72%, 06/15/28(k) A-1+ VMIG-1 3,650 3,650,000
- -------------------------------------------------------------------------------------------
Arlington (City of) (Dallas Cowboys); Series
2005 B, Special Obligation VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 08/15/35(c)(e) A-1+ VMIG-1 15,465 15,465,000
- -------------------------------------------------------------------------------------------
Austin (City of) Utility Systems; Series
1998, Refunding Combined RB (INS-Ambac
Assurance Corp.)
6.50%, 11/15/06(c) AAA Aaa 6,000 6,020,952
- -------------------------------------------------------------------------------------------
Bexar (County of) Health Facilities
Development Corp. (Warm Springs
Rehabilitation Foundation Project); Series
1997, Health Care System VRD RB
(LOC-JPMorgan Chase Bank, N.A)
3.83%, 09/01/27(d)(e) -- VMIG-1 735 735,000
- -------------------------------------------------------------------------------------------
Bowie (County of) Industrial Development
Corp. (Texarkana Newspapers Inc.); Series
1985, VRD IDR (LOC-Bank of New York)
3.86%, 11/01/25(b)(d) A-1+ -- 2,800 2,800,000
- -------------------------------------------------------------------------------------------
Brownsville (City of) Utility System; Series
2003 A, Refunding Sub Lien VRD RB (INS-MBIA
Insurance Corp.)
3.73%, 09/01/27(c)(e) A-1+ VMIG-1 12,855 12,855,000
- -------------------------------------------------------------------------------------------
Crawford (City of) Education Facilities Corp.
Package (University Parking System
Project); Series 2004 A, Refunding VRD RB
(LOC-BNP Paribas)
3.83%, 05/01/35(d)(e)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Cypress-Fairbanks (City of) Independent
School District; Series 2006, Unlimited Tax
TAN GO 4.50%, 06/14/07 SP-1+ VMIG-1 17,500 17,580,143
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Denton (County of) Upper Trinity Regulation
Water District; Series 2006 A Commercial
Paper RB (LOC-Bank of America, N.A.)
3.60%, 11/16/06(d) A-1+ P-1 $ 2,500 $ 2,500,000
- -------------------------------------------------------------------------------------------
3.65%, 11/16/06(d) A-1+ P-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
3.68%, 11/16/06(d) A-1+ P-1 2,250 2,250,000
- -------------------------------------------------------------------------------------------
3.68%, 11/16/06(d) A-1+ P-1 3,750 3,750,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Dallas (City of)
Waterworks & Sewer System); Series
2006-0109 A, VRD RB (Acquired 05/10/06;
Cost $22,295,000)
3.79%, 10/01/35(e)(h)(i) A-1+ -- 22,295 22,295,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Harris (County of)
Toll Road); Series 2002-6012 A, VRD COP
(Acquired 11/20/02; Cost $1,580,000)
3.79%, 08/15/30(e)(h)(i) A-1+ -- 1,580 1,580,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Houston (City of)
Airport); Series 2000-4307, VRD COP
(Acquired 11/15/00; Cost $15,750,000)
3.79%, 07/01/28(e)(h)(i) A-1+ -- 15,750 15,750,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Houston (City of)
Water & Sewer); Series 1997-4305 A VRD COP
(Acquired 04/27/99; Cost $14,005,000)
3.79%, 12/01/27(e)(h)(i) A-1+ -- 14,005 14,005,000
- -------------------------------------------------------------------------------------------
Series 2002-6019 A VRD COP (Acquired
11/13/02; Cost $8,910,000)
3.79%, 12/01/30(e)(h)(i) A-1+ -- 8,910 8,910,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (University of Texas
Board of Regents); Series 2006-0108 A, VRD
RB (Acquired 05/10/06; Cost $18,810,000)
3.79%, 08/15/37(e)(h)(i) A-1+ -- 18,810 18,810,000
- -------------------------------------------------------------------------------------------
Garland (City of) Industrial Development
Authority Inc. (Carroll Co. Project);
Series 1984, VRD IDR (LOC-Wells Fargo Bank,
N.A.) (Acquired 07/19/06; Cost $1,300,000)
3.83%, 12/01/14(d)(e)(h) -- Aaa 1,300 1,300,000
- -------------------------------------------------------------------------------------------
</Table>
F-26
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Grand Prairie (City of) Housing Finance Corp.
(Lincoln Property Co.); Series 1993,
Refunding Multi-Family Housing VRD RB
(CEP-General Electric Corp.)
3.80%, 06/01/10(e) A-1+ -- $ 2,700 $ 2,700,000
- -------------------------------------------------------------------------------------------
Harris (County of) Health Facilities
Development Corp. (St. Luke's Episcopal);
Series 2005 A, Refunding Hospital RB
(INS-Financial Guaranty Insurance Co.)
3.80%, 02/15/32(c)(e) A-1+ VMIG-1 12,820 12,820,000
- -------------------------------------------------------------------------------------------
Harris (County of) Health Facilities
Development Corp. (Texas Medical Center
Project); Series 2001, Special Facilities
VRD RB (INS-MBIA Insurance Corp.)
3.89%, 09/01/31(b)(c) A-1+ VMIG-1 10,200 10,200,000
- -------------------------------------------------------------------------------------------
Harris (County of) Hospital District; Series
2006 A, Sub. Lien Commercial Paper
(LOC-Bank of America, N.A.)
3.65%, 01/16/07(d) A-1+ -- 13,651 13,651,000
- -------------------------------------------------------------------------------------------
Hockley (County of) Industrial Development
Corp. (AMOCO Project); Series 1985, VRD PCR
3.68%, 11/01/19(g)(m) A-1+ P-1 10,640 10,640,000
- -------------------------------------------------------------------------------------------
Hockley (County of) Industrial Development
Corp. (AMOCO Project-Standard Oil Co.);
Series 1983, VRD PCR 3.65%, 03/01/14(g)(m) A-1+ -- 15,000 15,007,267
- -------------------------------------------------------------------------------------------
Houston (City of) Higher Education Finance
Corp. (Houston Baptist University); Series
2000, Higher Education Refunding VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 07/01/20(d)(e)(l) -- -- 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Houston (City of) Higher Education Finance
Corp. (Tierwester Oaks); Series 2003 A,
Housing VRD RB (LOC-Bank of New York)
3.65%, 03/01/33(d)(f) -- VMIG-1 11,005 11,005,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Houston (City of); Series 2006 TRAN
4.50%, 06/29/07(l) -- -- $10,000 $ 10,058,601
- -------------------------------------------------------------------------------------------
Series 2006 B Commercial Paper Notes GO
3.53%, 12/28/06 A-1+ P-1 4,500 4,500,000
- -------------------------------------------------------------------------------------------
Series 2006 D Commercial Paper Notes GO
3.53%, 10/10/06 A-1+ P-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Alamo Heights (City of)
Independent School District); Series
2005-980, Unlimited VRD GO (Acquired
08/28/06; Cost $6,430,000)
3.78%, 02/01/12(e)(h)(i) -- VMIG-1 6,430 6,430,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Austin (City of) Water &
Wastewater Systems); Series 2006-1319, VRD
RB (Acquired 05/03/06; Cost $3,025,000)
3.78%, 11/15/13(e)(h)(i) A-1+ -- 3,025 3,025,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Bexar (County of)); Series
2004-530, Limited Tax VRD GO (Acquired
10/28/04; Cost $4,610,000)
3.78%, 06/15/12(e)(h)(i) -- VMIG-1 4,610 4,610,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Brownsville (City Of));
Series 2005-1038, Unlimited VRD GO
(Acquired 07/21/06; Cost $6,700,000)
3.78%, 02/15/13(e)(h)(i) A-1 -- 6,700 6,700,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Nueces River Authority
Water Supply); Series 2006-1412, VRD RB
(Acquired 07/19/06; Cost $1,950,000)
3.78%, 07/15/13(e)(h)(i) A-1+ -- 1,950 1,950,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Texas Tech University
System); Series 2006-1373, VRD RB (Acquired
07/21/06; Cost $5,195,000)
3.78%, 02/15/14(e)(h)(i) A-1+ -- 5,195 5,195,000
- -------------------------------------------------------------------------------------------
Kendleton (City of) Higher Education Finance
Corp. (Dallas Theological Project); Series
2003 A, VRD Limited Tax Obligation RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 07/01/33(d)(e) A-1+ -- 2,400 2,400,000
- -------------------------------------------------------------------------------------------
</Table>
F-27
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Lower Colorado River Authority; Series 1999
B, Refunding RB (INS-Financial Security
Assurance Inc.)
6.00%, 05/15/07(c) AAA Aaa $ 4,000 $ 4,060,493
- -------------------------------------------------------------------------------------------
Lufkin (City of) Health Facilities
Development Corp. (Memorial Health System
of East Texas); Series 2005, Refunding VRD
RB (LOC-Wachovia Bank, N.A.)
3.85%, 02/15/35(b)(d) A-1+ -- 16,875 16,875,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Brazosport (City of)
Independent School District); Series 2003
PT-1690, Refunding VRD Unlimited Tax GO
(Acquired 02/20/03; Cost $4,838,000)
3.78%, 08/15/10(e)(h)(i) -- VMIG-1 4,838 4,838,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Lamar Consolidated
Independent School District); Series 2005
PT-2860, VRD Unlimited Tax GO (Acquired
09/09/05; Cost $9,725,000)
3.78%, 02/15/25(e)(h)(i) A-1 -- 9,725 9,725,000
- -------------------------------------------------------------------------------------------
Mesquite (City of) Health Facilities
Development Corp.; Series 2000 C,
Retirement Facility VRD RB (LOC-LaSalle
Bank N.A.)
3.77%, 02/15/30(d)(e) A-1 -- 7,435 7,435,000
- -------------------------------------------------------------------------------------------
Metropolitan Higher Education Authority
(University of Dallas Project); Series
1999, Higher Education VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.79%, 05/01/19(d)(e)(l) -- -- 5,870 5,870,000
- -------------------------------------------------------------------------------------------
Nueces (County of) Health Facilities
Development Corp. (Driscoll Children's
Foundation); Series 1985, Floating Rate RB
(LOC-JPMorgan Chase Bank, N.A.)
3.78%, 07/01/15(d)(e) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Polly Ryon Hospital Authority (Polly Ryon
Memorial Hospital); Series 2001, Hospital
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 11/01/26(d)(e) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Red River Authority (Southwestern Public
Services); Series 1996, Refunding VRD PCR
(INS-Ambac Assurance Corp.)
3.80%, 07/01/16(c)(e) A-1+ VMIG-1 $ 3,350 $ 3,350,000
- -------------------------------------------------------------------------------------------
San Antonio (City of) Electric & Gas; Series
2006 A, Commercial Paper
3.55%, 10/16/06 A-1+ P-1 7,000 7,000,000
- -------------------------------------------------------------------------------------------
San Antonio (City of) Water Authority; Series
2003 A, Refunding Sub RB (INS-MBIA
Insurance Corp.)
3.74%, 05/15/33(c)(e) A-1+ VMIG-1 3,025 3,025,000
- -------------------------------------------------------------------------------------------
San Gabriel Health Facilities Development
Corp. (YMCA of Greater Williamson County
Project); Series 2005, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.85%, 04/01/26(d)(e) -- VMIG-1 2,200 2,200,000
- -------------------------------------------------------------------------------------------
Sherman (City of) Higher Education Finance
Corp. (Austin College Project); Series
1997, Higher Education VRD RB (LOC-Bank of
America, N.A.)
3.79%, 01/01/18(d)(e)(n) A-1+ -- 7,519 7,519,000
- -------------------------------------------------------------------------------------------
Texas (State of) Public Financing Authority;
Series 1996 B Refunding Unlimited GO 5.75%,
10/01/06(o)(p) AAA NRR 10,440 10,440,000
- -------------------------------------------------------------------------------------------
Series 2002 A Commercial Paper Notes GO
3.50%, 11/16/06 A-1+ P-1 10,500 10,500,000
- -------------------------------------------------------------------------------------------
Texas (State of); Series 2006, TRAN
4.50%, 08/31/07 SP-1+ MIG-1 95,000 95,806,537
- -------------------------------------------------------------------------------------------
Texas A&M University Board of Regents
(Revenue Financing System); Series 2006,
Commercial Paper Notes
3.53%, 10/12/06 A-1+ P-1 7,600 7,600,000
- -------------------------------------------------------------------------------------------
University of Texas Board of Regents (Revenue
Financing System); Series 2006 Commercial
Paper Notes
3.55%, 10/19/06 A-1+ P-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
3.50%, 11/02/06 A-1+ P-1 15,378 15,378,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Harris (County of) Toll
Road); Series 2003-B16, VRD RB (Acquired
02/19/03; Cost $16,005,000)
3.78%, 08/15/25(e)(h)(i) -- VMIG-1 16,005 16,005,000
- -------------------------------------------------------------------------------------------
</Table>
F-28
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Wachovia MERLOTs (University of Texas);
Series 2003-B14, Refunding VRD RB (Acquired
01/29/03; Cost $7,975,000)
3.78%, 08/15/22(e)(h)(i) -- VMIG-1 $ 7,975 $ 7,975,000
===========================================================================================
576,914,993
===========================================================================================
UTAH-0.75%
Davis (County of); Series 2006, Unlimited Tax
TRAN GO 4.50%, 12/28/06 -- MIG-1 5,000 5,009,318
- -------------------------------------------------------------------------------------------
Duchesne (County of) School District (Utah
Municipal Building Authority); Series 2005,
Lease VRD RB (LOC-U.S. Bank, N.A.)
3.79%, 06/01/21(d)(e) A-1+ -- 900 900,000
- -------------------------------------------------------------------------------------------
Intermountain Power Agency; Series 1985 E
Power Supply VRD RB (INS-Ambac Assurance
Corp.)
3.60%, 07/01/18(c)(m) A-1 VMIG-1 4,260 4,260,000
- -------------------------------------------------------------------------------------------
Refunding Sub. VRD RB (INS-Ambac Assurance
Corp.)
3.53%, 07/01/14(c)(m) A-1 VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Salt Lake (County of) Housing Authority
(Crossroads Apartments Project); Series
2003, Refunding Multi-Family VRD RB
(CEP-Federal National Mortgage Association)
3.77%, 02/15/31(e) A-1+ -- 4,435 4,435,000
- -------------------------------------------------------------------------------------------
Sanpete (County of) School Facility (Wasatch
Academy); Series 2003, VRD RB (LOC-U.S.
Bank, N.A.)
3.79%, 08/01/28(d)(e) A-1+ -- 800 800,000
===========================================================================================
30,404,318
===========================================================================================
VERMONT-0.25%
Vermont (State of) Industrial Development
Authority (Central Vermont Public Service
Corp.); Series 1984, Hydroelectric VRD IDR
(LOC-Citizens Bank of Massachusetts)
3.55%, 12/01/13(d)(f) A-1+ -- 2,900 2,900,000
- -------------------------------------------------------------------------------------------
Vermont (State of) Student Assistance Corp.;
Series 1985, Student Loan VRD RB (LOC-State
Street Bank & Trust Co.)
3.66%, 01/01/08(d)(f) -- VMIG-1 7,205 7,205,000
===========================================================================================
10,105,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
VIRGINIA-0.31%
Arlington (County of) (Ballston Public
Parking); Series 1984, VRD RB (LOC-Bank of
America, N.A.)
3.80%, 08/01/17(d)(e) A-1+ -- $ 1,950 $ 1,950,000
- -------------------------------------------------------------------------------------------
Rockingham (County of) Industrial Development
Authority (Sunnyside Presbyterian Home);
Series 2003, Residential Care Facility VRD
RB (LOC-Branch Banking & Trust Co.)
3.78%, 12/01/33(d)(e) A-1+ -- 750 750,000
- -------------------------------------------------------------------------------------------
Virginia College Building Authority
Educational Facilities (21st Century
College & Equipment); Series 2005 A, RB
5.00%, 02/01/07 AAA Aa1 6,105 6,131,049
- -------------------------------------------------------------------------------------------
Winchester (City of) Industrial Development
Authority (Westminster-Cantenbury); Series
2005 B Residential Care Facility VRD IDR
(LOC-Branch Banking & Trust Co.)
3.78%, 01/01/10(d)(e) -- VMIG-1 695 695,000
- -------------------------------------------------------------------------------------------
3.78%, 01/01/35(d)(e) -- VMIG-1 3,000 3,000,000
===========================================================================================
12,526,049
===========================================================================================
WASHINGTON-3.90%
ABN AMRO Munitops Ctfs. Trust (Pierce & Lewis
(County of), #404 Eatonville); Series
2006-42, Unlimited Non-AMT VRD GO (Acquired
06/22/06; Cost $8,745,000)
3.79%, 12/01/14(e)(h)(i)(l) -- -- 8,745 8,745,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of) Municipal Light & Power); Series
2002-12, Multi-State Non-AMT VRD Ctfs.
(Acquired 05/25/04; Cost $9,755,000)
3.79%, 03/01/09(e)(h)(i) -- VMIG-1 9,755 9,755,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of)); Series 2003-7, Multi-State Non-AMT
VRD GO Ctfs. (Acquired 05/13/03; Cost
$10,685,000)
3.79%, 07/01/10(e)(h)(i)(l)(n) -- -- 10,685 10,685,000
- -------------------------------------------------------------------------------------------
</Table>
F-29
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WASHINGTON-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (Skagit (County
of) Public Hospital District No. 1); Series
2004-37, Multi-State Non-AMT VRD Ctfs.
(Acquired 04/08/05; Cost $8,235,000)
3.79%, 12/01/12(e)(h)(i) -- VMIG-1 $ 8,235 $ 8,235,000
- -------------------------------------------------------------------------------------------
Bremerton (City of) (Kitsap Regional
Conference Center); Series 2003, VRD RB
(LOC-Bank of America, N.A.)
3.79%, 12/01/28(d)(e)(l) -- -- 2,565 2,565,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Washington (State
of)); Series 1998-4701 A, VRD COP (Acquired
07/20/00; Cost $14,400,000)
3.79%, 05/01/18(e)(h)(i) A-1+ -- 14,400 14,400,000
- -------------------------------------------------------------------------------------------
Everett (City of) Public Facilities District;
Series 2006 A, Commercial Paper Notes
(LOC-Bank of America, N.A.)
3.52%, 10/02/06(d) A-1+ -- 11,800 11,800,000
- -------------------------------------------------------------------------------------------
Everett (City of); Series 2001, Limited Tax
VRD GO (LOC-Bank of America, N.A.)
3.79%, 12/01/21(d)(e)(l) -- -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Washington (State of));
Series 2004-593 Unlimited Tax VRD GO
(Acquired 05/24/06; Cost $4,395,000)
3.78%, 01/01/13(e)(h)(i) A-1+ -- 4,395 4,395,000
- -------------------------------------------------------------------------------------------
Series 2006-1346 Unlimited Tax VRD GO
(Acquired 11/18/04; Cost $1,500,000)
3.78%, 07/01/12(e)(h)(i) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
King (County of) Economic Enterprise Corp.
(Puget Sound Blood Center Project); Series
1998, VRD RB (LOC-U.S. Bank, N.A.)
3.80%, 04/01/23(d)(e) -- VMIG-1 3,600 3,600,000
- -------------------------------------------------------------------------------------------
King (County of) Housing Authority
(Summerfield Apartments Project); Series
2005, VRD RB (LOC-U.S. Bank, N.A.)
3.79%, 09/01/35(d)(e) -- VMIG-1 1,925 1,925,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Lake Tapps Parkway Properties; Series 1999 A
Special Revenue VRD RB (LOC-U.S. Bank,
N.A.)
3.79%, 12/01/19(d)(e)(n) -- VMIG-1 $ 6,000 $ 6,000,000
- -------------------------------------------------------------------------------------------
Series 1999 B Special Revenue VRD RB
(LOC-U.S. Bank, N.A.)
3.79%, 12/01/19(d)(e) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Seattle (Port of)); Series 2002-739D, VRD
RB (Acquired 07/21/04; Cost $5,000,000)
3.78%, 09/01/20(e)(h)(i) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Pierce (County of) Economic Development Corp.
(Weyerhaeuser Real Estate); Series 1997,
Special Revenue VRD RB (LOC-Bank of
America, N.A.)
3.75%, 01/01/27(d)(e) A-1+ VMIG-1 12,705 12,705,000
- -------------------------------------------------------------------------------------------
Reset Option Ctfs. Trust II-R (Seattle (Port
of) Passenger Facilities Charge); Series
2006-638, VRD RB (Acquired 09/27/06; Cost
$10,640,000)
3.78%, 12/01/23(e)(h)(i) -- VMIG-1 10,640 10,640,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Bayview
Manor Project); Series 1994 B, Low Income
Housing Assistance VRD RB (LOC-U.S. Bank,
N.A.)
3.80%, 05/01/19(d)(e) A-1+ -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Pioneer
Human Services Project); Series 1995,
Refunding VRD RB (LOC-U.S. Bank, N.A.)
3.77%, 12/01/15(d)(e) A-1+ -- 2,115 2,115,000
- -------------------------------------------------------------------------------------------
Seattle (Port of) Industrial Development
Corp. (Sysco Food Services of Seattle, Inc.
Project); Series 1994, Refunding VRD IDR
3.84%, 11/01/25(e)(n) A-1+ VMIG-1 2,968 2,968,000
- -------------------------------------------------------------------------------------------
Snohomish (County of) Housing Authority (Ebey
Arms Centerhouse Project); Series 2003,
Refunding Housing VRD RB (LOC-Bank of
America, N.A.)
3.79%, 12/01/34(d)(e)(l) -- -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
</Table>
F-30
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WASHINGTON-(CONTINUED)
Washington (State of) Economic Development
Finance Authority (Seadrunar Recycling LLC
Project); Series 2000 E, Economic
Development VRD RB (LOC-U.S. Bank, N.A.)
3.78%, 08/01/25(d)(e) A-1+ -- $ 2,445 $ 2,445,000
- -------------------------------------------------------------------------------------------
Washington (State of) Higher Education
Facilities Authority (Cornish College Arts
Project); Series 2003 A, VRD RB (LOC-Bank
of America, N.A.)
3.80%, 12/01/33(d)(e) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Nikkei Concerns Project);
Series 1994, Non-Profit Housing VRD RB
(LOC-U.S. Bank, N.A.)
3.78%, 10/01/19(d)(e) A-1+ -- 3,915 3,915,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Riverview Retirement Project);
Series 1997, Elderly Housing VRD RB
(LOC-U.S. Bank, N.A.)
3.80%, 07/01/22(d)(e) A-1+ -- 1,665 1,665,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Tacoma Art Museum Project);
Series 2002, Non-Profit Housing VRD RB
(LOC-Northern Trust Co.)
3.90%, 06/01/32(b)(d) -- VMIG-1 4,075 4,075,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (University Preparatory Academy
Project); Series 2000, Non-Profit VRD RB
(LOC-Bank of America, N.A.)
3.79%, 07/01/30(d)(e) -- VMIG-1 1,350 1,350,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Wesley Homes Project); Series
2005 A, Non-Profit Housing VRD RB (LOC-Bank
of America, N.A.)
3.79%, 01/01/36(b)(d) -- VMIG-1 4,250 4,250,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (YMCA of Columbia-Willamette);
Series 1999, VRD RB (LOC-U.S. Bank, N.A.)
3.79%, 08/01/24(d)(e)(n) A-1+ -- 750 750,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Washington (State of) Housing Finance
Commission (YMCA of Tacoma-Pierce Project);
Series 2006, Refunding Non-Profit VRD RB
(LOC-U.S. Bank, N.A.)
3.80%, 12/01/32(d)(e) -- VMIG-1 $ 4,165 $ 4,165,000
===========================================================================================
157,848,000
===========================================================================================
WEST VIRGINIA-0.10%
Harrison (County of) (Fox Grocery Co.
Project); Series 1991, Refunding VRD RB
(LOC-Wachovia Bank, N.A.)
3.78%, 06/01/14(d)(e) -- Aa2 4,140 4,140,000
===========================================================================================
WISCONSIN-5.77%
ABN AMRO Munitops Ctfs. Trust (Central Brown
(County of) Water Authority); Series
2005-25, Non-AMT VRD RB (Acquired 08/01/05;
Cost $17,370,000)
3.79%, 12/01/13(e)(h)(i)(l) -- -- 17,370 17,370,000
- -------------------------------------------------------------------------------------------
Appleton (City of) Redevelopment Authority
(Fox Cities Performing Arts Center
Project); Series 2001 B, Redevelopment VRD
RB (LOC-JPMorgan Chase Bank, N.A.; M&I
Marshall & Ilsley Bank)
3.80%, 06/01/36(d)(e) -- VMIG-1 3,600 3,600,000
- -------------------------------------------------------------------------------------------
Franklin (City of) Community Development
Authority (Indian Community School of
Milwaukee); Series 2002, Redevelopment VRD
RB (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 07/01/22(d)(e) -- VMIG-1 36,000 36,000,000
- -------------------------------------------------------------------------------------------
Green Bay (City of) Housing Authority
(Sisters of St. Francis Project); Series
2004, VRD RB (LOC-Allied Irish Banks PLC)
3.77%, 01/01/35(d)(e)(g) A-1 -- 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Madison (City of) Metropolitan School
District; Series 2006, TRAN GO 4.00%,
09/07/07 -- MIG-1 35,000 35,154,619
- -------------------------------------------------------------------------------------------
Milwaukee (City of) Redevelopment Authority
(Cathedral Place Parking Facility Project);
Series 2002, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.78%, 05/01/25(d)(e) -- VMIG-1 2,845 2,845,000
- -------------------------------------------------------------------------------------------
</Table>
F-31
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WISCONSIN-(CONTINUED)
New Berlin (City of) School District; Series
2006, Promissory TRAN GO 4.50%, 08/30/07 -- MIG-1 $11,500 $ 11,593,164
- -------------------------------------------------------------------------------------------
West Allis (City of) (State Fair Park
Exposition Center Inc.); Series 2001, VRD
RB (LOC-U.S. Bank, N.A.)
3.78%, 08/01/28(d)(e) -- VMIG-1 12,055 12,055,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Grace Lutheran
Foundation Project); Series 1999, VRD RB
(LOC-U.S. Bank, N.A.) (Acquired 09/12/05;
Cost $2,555,000)
3.76%, 07/01/14(d)(e)(h) A-1+ -- 2,555 2,555,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Gundersen Lutheran);
Series 2000 A VRD RB (INS-Financial
Security Assurance Inc.)
3.85%, 12/01/15(b)(c) A-1+ -- 6,465 6,465,000
- -------------------------------------------------------------------------------------------
Series 2000 B VRD RB (INS-Financial
Security Assurance Inc.)
3.85%, 12/01/29(b)(c) A-1+ -- 25,470 25,470,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Lindengrove, Inc.);
Series 2003 B, VRD (LOC-JPMorgan Chase
Bank, N.A.)
3.77%, 11/01/25(d)(e) A-1+ -- 7,080 7,080,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Marshfield Clinic);
Series 2006 B,
VRD RB (LOC-M&I Marshall & Ilsley Bank)
3.78%, 01/15/36(d)(e) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Mequon Jewish
Project); Series 2003, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.78%, 07/01/28(d)(e) -- VMIG-1 6,335 6,335,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WISCONSIN-(CONTINUED)
Wisconsin (State of) Health & Educational
Facilities Authority (Mercy Health System);
Series 2003 C VRD RB (LOC-M&I Marshall &
Ilsley Bank)
3.77%, 08/15/23(d)(e) -- VMIG-1 $ 6,600 $ 6,600,000
- -------------------------------------------------------------------------------------------
Series 2003 I Pooled Loan VRD RB (LOC-M&I
Marshall & Ilsley Bank)
3.78%, 06/01/23(d)(e) -- VMIG-1 8,655 8,655,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Luke's Medical
Center); Series 1987, VRD RB (LOC-KBC Bank
N.V.) (Acquired 05/02/05; Cost $27,000,000)
3.80%, 12/01/17(d)(e)(g)(h) A-1 -- 27,000 27,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Mary's School);
Series 2004, VRD RB (LOC-M&I Marshall &
Ilsley Bank)
3.77%, 08/01/19(d)(e) A-1 -- 1,830 1,830,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Three Pillars Senior
Living); Series 2004 B, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.73%, 08/15/34(d)(e) -- VMIG-1 1,600 1,600,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Valley Packaging
Industries Inc.); Series 2005, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.85%, 07/01/35(d)(e) -- VMIG-1 1,240 1,240,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Wisconsin Lutheran
College Project); Series 2003, VRD RB
(LOC-U.S. Bank, N.A.)
3.90%, 06/01/33(b)(d) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
</Table>
F-32
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WISCONSIN-(CONTINUED)
Wisconsin (State of) Health & Educational
Facilities Authority (Wisconsin Lutheran
College); Series 2001, VRD RB (LOC-U.S.
Bank, N.A.)
3.90%, 09/01/31(b)(d) A-1+ -- $ 5,100 $ 5,100,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Rural Water Construction
Loan Program Commission; Series 2006, BAN
RN 4.75%, 08/15/07 -- MIG-1 4,000 4,035,469
===========================================================================================
233,678,252
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WYOMING-0.48%
Gillette (City of) Pollution Control; Series
1991, Refunding Floating VRD PCR
(LOC-Barclays Bank PLC)
3.78%, 01/01/18(d)(e)(g) A-1+ P-1 $ 5,100 $ 5,100,000
- -------------------------------------------------------------------------------------------
Platte (County of) Pollution Control
(Tri-State Generation and Transmission
Association); Series 1984 A, Refunding VRD
PCR 3.86%, 07/01/14(b) -- P-1 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Wyoming (State of) Educational Funding;
Series 2006 A, TRAN
4.50%, 06/27/07 SP-1+ -- 10,000 10,056,661
===========================================================================================
19,256,661
===========================================================================================
TOTAL INVESTMENTS(q)(r)-98.85%
(Cost $4,006,153,875) 4,006,153,875
===========================================================================================
OTHER ASSETS LESS LIABILITIES-1.15% 46,590,130
===========================================================================================
NET ASSETS-100.00% $4,052,744,005
___________________________________________________________________________________________
===========================================================================================
</Table>
Investment Abbreviations:
<Table>
ACES - Automatically Convertible Extendable Security
AMT - Alternative Minimum Tax
BAN - Bond Anticipation Note
CEP - Credit Enhancement Provider
COP - Certificates of Participation
Ctfs. - Certificates
GO - General Obligation Bonds
IDR - Industrial Development Revenue Bonds
INS - Insurer
LOC - Letter of Credit
MERLOT - Municipal Exempt Receipts Liquidity Option Tender
NRR - Not Re-Rated
PCR - Pollution Control Revenue Bonds
P-Floats - Putable Floating Option Tax-Exempt Receipt
PUTTERs - Putable Tax-Exempt Receipts
RANS - Revenue Anticipation Notes
RB - Revenue Bonds
RN - Revenue Notes
Sr. - Senior
Sub. - Subordinated.
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation Notes
VRD - Variable Rate Demand
Wts. - Warrants
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-33
Tax-Free Cash Reserve Portfolio
Notes to Schedule of Investments:
(a) Ratings assigned by Standard & Poor's Corporation ("S&P") and Moody's
Investors Service, Inc. ("Moody's"), except as indicated in note (l) below.
NRR indicates a security that is not re-rated subsequent to funding of an
escrow fund (consisting of U.S. Treasury obligations held by a bank
custodian or other highly rated collateral); this funding is pursuant to an
advance refunding of this security.
(b) Demand security payable upon demand by the Fund at specified time intervals
no greater than one business day. Interest rate is redetermined daily. Rate
shown is the rate in effect on September 30, 2006.
(c) Principal and/or interest payments are secured by the bond insurance company
listed.
(d) Principal and interest payments are fully enhanced by a letter of credit
from the bank listed or a predecessor bank, branch or subsidiary.
(e) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days. Interest rate is redetermined weekly.
Rate shown is the rate in effect on September 30, 2006.
(f) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days. Interest rate is redetermined monthly.
Rate shown is the rate in effect on September 30, 2006.
(g) The security is credit guaranteed, enhanced or has credit risk by a foreign
entity. The total foreign credit exposure to countries other than the United
States of America (as a percentage of net assets) is 7.9%; each having a
less than 5% concentration.
(h) Security not registered under the Securities Act of 1933, as amended (e.g.,
the security was purchased in a Rule 144A transaction or a Regulation D
transaction). The security may be resold pursuant to an exemption from
registration under the 1933 Act, typically to qualified institutional
buyers. The Fund has no rights to demand registration of these securities.
The aggregate value of these securities at September 30, 2006 was
$996,559,500, which represented 24.59% of the Fund's Net Assets. Unless
otherwise indicated, these securities are not considered to be illiquid.
(i) Synthetic municipal instruments; involves the deposit into a trust of one or
more long-term tax-exempt bonds or notes ("Underlying Bonds."), a sale of
certificates evidencing interests in the trust to investors such as the
Fund. The trustee receives the long-term fixed interest payments on the
Underlying Bonds, and pays certificate holders variable rate interest
payments based upon a short-term reset periodically.
(j) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined at
intermittent intervals. Rate shown is the rate in effect on September 30,
2006.
(k) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined annually.
Rate shown is the rate in effect on September 30, 2006.
(l) Security is not rated by S&P or by Moody's; however it is rated by Fitch
IBCA ("Fitch") of F1+.
(m) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined
semi-annually. Rate shown is the rate in effect on September 30, 2006.
(n) In accordance with the procedures established by the Board of Trustees,
investments are through participation in joint accounts with other mutual
funds, private accounts and certain non-registered investment companies
managed by the investment advisor or its affiliates.
(o) Advance refunded; secured by an escrow fund of U.S. Government obligations.
(p) Security has an irrevocable call by the issuer or mandatory put by the
holder. Maturity date reflects such call or put.
(q) This table provides a listing of those entities that have either issued,
guaranteed, backed or otherwise enhanced the credit quality of more than 5%
of the securities held in the portfolio. In instances where the entity has
guaranteed, backed or otherwise enhanced the credit quality of a security,
it is not primarily responsible for the issuer's obligations but may be
called upon to satisfy the issuer's obligations.
<Table>
<Caption>
ENTITIES PERCENTAGE
------------------------------------------------------------------------
MBIA Insurance Corp. 9.6%
------------------------------------------------------------------------
Financial Guaranty Insurance Co. 8.6
------------------------------------------------------------------------
Financial Security Assurance Inc. 7.9
------------------------------------------------------------------------
Bank of America, N.A. 7.2
------------------------------------------------------------------------
Ambac Assurance Corp. 6.7
------------------------------------------------------------------------
JP Morgan Chase Bank, N.A. 6.7
------------------------------------------------------------------------
Other Entities Less than 5% 52.0
________________________________________________________________________
========================================================================
</Table>
(r) Also represents cost for federal income tax purposes.
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-34
Tax-Free Cash Reserve Portfolio
STATEMENT OF ASSETS AND LIABILITIES
September 30, 2006
(Unaudited)
<Table>
ASSETS:
Investments, at value (cost $4,006,153,875) $4,006,153,875
- ------------------------------------------------------------
Cash 54,198,348
============================================================
Receivables for:
Investments sold 13,663,694
- ------------------------------------------------------------
Interest 22,896,033
- ------------------------------------------------------------
Investment for trustee deferred compensation
and retirement plans 135,972
- ------------------------------------------------------------
Other assets 142,218
============================================================
Total assets 4,097,190,140
____________________________________________________________
============================================================
LIABILITIES:
Payables for:
Investments purchased 32,628,194
- ------------------------------------------------------------
Dividends 11,141,607
- ------------------------------------------------------------
Trustee deferred compensation and
retirement plans 317,602
- ------------------------------------------------------------
Accrued distribution fees 193,076
- ------------------------------------------------------------
Accrued trustees' and officer's fees and
benefits 1,424
- ------------------------------------------------------------
Accrued transfer agent fees 31,612
- ------------------------------------------------------------
Accrued operating expenses 132,620
============================================================
Total liabilities 44,446,135
============================================================
Net assets applicable to shares outstanding $4,052,744,005
____________________________________________________________
============================================================
NET ASSETS CONSIST OF:
Shares of beneficial interest $4,052,710,537
- ------------------------------------------------------------
Undistributed net realized gain from
investment securities 33,468
============================================================
$4,052,744,005
____________________________________________________________
============================================================
NET ASSETS:
Institutional Class $2,184,081,161
____________________________________________________________
============================================================
Private Investment Class $ 178,209,699
____________________________________________________________
============================================================
Personal Investment Class $ 39,813,008
____________________________________________________________
============================================================
Cash Management Class $ 859,786,254
____________________________________________________________
============================================================
Reserve Class $ 19,558,028
____________________________________________________________
============================================================
Resource Class $ 462,635,110
____________________________________________________________
============================================================
Corporate Class $ 308,660,745
____________________________________________________________
============================================================
SHARES OUTSTANDING, $0.001 PAR VALUE PER
SHARE, UNLIMITED NUMBER OF SHARES
AUTHORIZED:
Institutional Class 2,184,002,860
____________________________________________________________
============================================================
Private Investment Class 178,191,314
____________________________________________________________
============================================================
Personal Investment Class 39,808,937
____________________________________________________________
============================================================
Cash Management Class 859,773,377
____________________________________________________________
============================================================
Reserve Class 19,555,349
____________________________________________________________
============================================================
Resource Class 462,630,031
____________________________________________________________
============================================================
Corporate Class 308,665,176
____________________________________________________________
============================================================
Net asset value, offering and redemption
price per share for each class $ 1.00
____________________________________________________________
============================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-35
Tax-Free Cash Reserve Portfolio
STATEMENT OF OPERATIONS
For the six months ended September 30, 2006
(Unaudited)
<Table>
INVESTMENT INCOME:
Interest $64,687,772
=========================================================================
EXPENSES:
Advisory fees 3,774,934
- -------------------------------------------------------------------------
Administrative services fees 310,442
- -------------------------------------------------------------------------
Custodian fees 77,651
- -------------------------------------------------------------------------
Distribution fees:
Private Investment Class 485,704
- -------------------------------------------------------------------------
Personal Investment Class 134,835
- -------------------------------------------------------------------------
Cash Management Class 354,754
- -------------------------------------------------------------------------
Reserve Class 96,993
- -------------------------------------------------------------------------
Resource Class 403,421
- -------------------------------------------------------------------------
Corporate Class 16,953
- -------------------------------------------------------------------------
Transfer agent fees 218,902
- -------------------------------------------------------------------------
Trustees' and officer's fees and benefits 51,602
- -------------------------------------------------------------------------
Other 388,335
=========================================================================
Total expenses 6,314,526
=========================================================================
Less: Fees waived (1,231,708)
=========================================================================
Net expenses 5,082,818
=========================================================================
Net investment income 59,604,954
=========================================================================
Net realized gain (loss) from Investment securities 75,176
=========================================================================
Net increase in net assets resulting from operations $59,680,130
_________________________________________________________________________
=========================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-36
Tax-Free Cash Reserve Portfolio
STATEMENT OF CHANGES IN NET ASSETS
For the six months ended September 30, 2006 and the year ended March 31, 2006
(Unaudited)
<Table>
<Caption>
SEPTEMBER 30, MARCH 31,
2006 2006
- ----------------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 59,604,954 $ 81,006,602
- ----------------------------------------------------------------------------------------------
Net realized gain from investment securities 75,176 20,198
==============================================================================================
Net increase in net assets resulting from operations 59,680,130 81,026,800
==============================================================================================
Distributions to shareholders from net investment income:
Institutional Class (36,124,015) (51,535,231)
- ----------------------------------------------------------------------------------------------
Private Investment Class (2,978,341) (5,114,924)
- ----------------------------------------------------------------------------------------------
Personal Investment Class (504,916) (404,324)
- ----------------------------------------------------------------------------------------------
Cash Management Class (11,499,373) (15,063,769)
- ----------------------------------------------------------------------------------------------
Reserve Class (238,071) (276,474)
- ----------------------------------------------------------------------------------------------
Resource Class (6,401,163) (8,314,990)
- ----------------------------------------------------------------------------------------------
Corporate Class (1,859,075) (296,890)
==============================================================================================
Decrease in net assets resulting from distributions (59,604,954) (81,006,602)
==============================================================================================
Share transactions-net:
Institutional Class 291,927,149 (224,964,600)
- ----------------------------------------------------------------------------------------------
Private Investment Class (42,786,075) 24,371,221
- ----------------------------------------------------------------------------------------------
Personal Investment Class 18,909,835 10,024,848
- ----------------------------------------------------------------------------------------------
Cash Management Class 176,106,119 (41,462,324)
- ----------------------------------------------------------------------------------------------
Reserve Class 504,881 9,744,079
- ----------------------------------------------------------------------------------------------
Resource Class 121,244,070 51,762,427
- ----------------------------------------------------------------------------------------------
Corporate Class 300,648,751 8,016,425
==============================================================================================
Net increase (decrease) in net assets resulting from
share transactions 866,554,730 (162,507,924)
==============================================================================================
Net increase (decrease) in net assets 866,629,906 (162,487,726)
==============================================================================================
NET ASSETS:
Beginning of period 3,186,114,099 3,348,601,825
==============================================================================================
End of period (including undistributed net investment
income of $0 and $0, respectively) $4,052,744,005 $3,186,114,099
______________________________________________________________________________________________
==============================================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-37
Tax-Free Cash Reserve Portfolio
NOTES TO FINANCIAL STATEMENTS
September 30, 2006
(Unaudited)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
Tax-Free Investments Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end
management investment company. The Trust is organized as a Delaware statutory
trust consisting of one portfolio, the Tax-Free Cash Reserve Portfolio (the
"Fund"). The Fund currently offers multiple classes of shares. Matters affecting
each class are voted on exclusively by the shareholders of each class.
The Fund's investment objective is to provide as high a level of tax-exempt
income as is consistent with the preservation of capital and maintenance of
liquidity.
The following is a summary of the significant accounting policies followed
by the Fund in the preparation of its financial statements.
A. SECURITY VALUATIONS -- The Fund's securities are recorded on the basis of
amortized cost which approximates value as permitted by Rule 2a-7 under the
1940 Act. This method values a security at its cost on the date of purchase
and, thereafter, assumes a constant amortization to maturity of any
premiums or accretion of any discounts.
B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME -- Securities transactions
are accounted for on a trade date basis. Realized gains or losses on sales
are computed on the basis of specific identification of the securities
sold. Interest income, adjusted for amortization of premiums and accretion
of discounts on investments, is recorded on the accrual basis from
settlement date.
Brokerage commissions and mark ups are considered transaction costs and
are recorded as an increase to the cost basis of securities purchased
and/or a reduction of proceeds on a sale of securities. Such transaction
costs are included in the determination of realized gain (loss) from
investment securities reported in the Statement of Operations and the
Statement of Changes in Net Assets and the realized net gains (losses) on
securities per share in the Financial Highlights. Transaction costs are
included in the calculation of the Fund's net asset value and, accordingly,
they reduce the Fund's total returns. These transaction costs are not
considered operating expenses and are not reflected in net investment
income reported in the Statement of Operations and Statement of Changes in
Net Assets, or the net investment income per share and ratios of expenses
and net investment income reported in the Financial Highlights, nor are
they limited by any expense limitation arrangements between the Fund and
the advisor.
The Fund allocates realized capital gains and losses to a class based on
the relative net assets of each class. The Fund allocates income to a class
based on the relative value of the settled shares of each class.
C. COUNTRY DETERMINATION -- For the purposes of making investment selection
decisions and presentation in the Schedule of Investments, AIM may
determine the country in which an issuer is located and/or credit risk
exposure based on various factors. These factors include the laws of the
country under which the issuer is organized, where the issuer maintains a
principal office, the country in which the issuer derives 50% or more of
its total revenues and the country that has the primary market for the
issuer's securities, as well as other criteria. Among the other criteria
that may be evaluated for making this determination are the country in
which the issuer maintains 50% or more of its assets, the type of security,
financial guarantees and enhancements, the nature of the collateral and the
sponsor organization. Country of issuer and/or credit risk exposure has
been determined to be the United States of America unless otherwise noted.
D. DISTRIBUTIONS -- Distributions from income are declared daily and paid
monthly. Distributions from net realized capital gain, if any, are
generally paid annually and recorded on ex-dividend date. The Fund may
elect to treat a portion of the proceeds from redemptions as distributions
for federal income tax purposes.
E. FEDERAL INCOME TAXES -- The Fund intends to comply with the requirements of
Subchapter M of the Internal Revenue Code necessary to qualify as a
regulated investment company and to distribute substantially all of the
Fund's taxable earnings to shareholders. As such, the Fund will not be
subject to federal income taxes on otherwise taxable income (including net
realized capital gain) that is distributed to shareholders. Therefore, no
provision for federal income taxes is recorded in the financial statements.
In addition, the Fund intends to invest in such municipal securities to
allow it to qualify to pay shareholders "exempt-interest dividends", as
defined in the Internal Revenue Code.
F. EXPENSES -- Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund and which are directly attributable to that class are
charged to the operations of such class. All other expenses are allocated
among the classes based on relative net assets.
G. ACCOUNTING ESTIMATES -- The preparation of financial statements in
conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period including estimates and assumptions related to
taxation. Actual results could differ from those estimates.
H. INDEMNIFICATIONS -- Under the Trust's organizational documents, each
Trustee, officer, employee or other agent of the Trust (including the
Trust's investment manager) is indemnified against certain liabilities that
may arise out of performance of their duties to the Fund. Additionally, in
the normal course of business, the Fund enters into contracts that contain
a variety of indemnification clauses. The Fund's maximum exposure under
these arrangements is unknown as this would involve future claims that may
be made against the Fund that have not yet occurred. The risk of material
loss as a result of such indemnification claims is considered remote.
F-38
Tax-Free Cash Reserve Portfolio
NOTE 2--ADVISORY FEES AND OTHER FEES PAID TO AFFILIATES
The Trust has entered into a master investment advisory agreement with A I M
Advisors, Inc. ("AIM"). Under the terms of the investment advisory agreement,
the Fund pays an advisory fee to AIM at the annual rate of 0.25% of the first
$500 million of the Fund's average daily net assets plus 0.20% of the Fund's
average daily net assets in excess of $500 million. AIM has contractually agreed
to waive advisory fees and/or reimburse expenses to the extent necessary to
limit total annual operating expenses (excluding certain items discussed below)
to 0.22% of the Fund's average daily net assets through June 30, 2007. In
determining the advisor's obligation to waive advisory fees and/or reimburse
expenses, the following expenses are not taken into account, and could cause the
net annual operating expenses to exceed the number reflected above: (i) Rule
12b-1 plan fees, if any; (ii) trustees' fees; (iii) federal registration fees;
(iv) interest: (v) taxes; (vi) extraordinary items; (vii) expenses related to a
merger or reorganization, as approved by the Fund's Board of Trustees; and
(viii) expenses that the Fund has incurred but did not actually pay because of
an expense offset arrangement. Currently, in addition to the expense
reimbursement arrangement with AMVESCAP PLC ("AMVESCAP") described more fully
below, the expense offset arrangements from which the Fund may benefit are in
the form of credits that the Fund receives from banks where the Fund or its
transfer agent has deposits accounts in which it holds uninvested cash. Those
credits are used to pay certain expenses incurred by the Fund. To the extent
that the annualized expense ratio does not exceed the expense limitation, AIM
will retain its ability to be reimbursed for such fee waivers or reimbursements
prior to the end of the fiscal year.
For the six months ended September 30, 2006, AIM waived advisory fees of
$788,656.
At the request of the Trustees of the Trust, AMVESCAP agreed to reimburse
expenses incurred by the Fund in connection with market timing matters in the
AIM Funds, which may include legal, audit, shareholder reporting, communications
and trustee expenses. These expenses along with the related expense
reimbursement are included in the Statement of Operations. For the six months
ended September 30, 2006, AMVESCAP did not reimburse any expenses.
The Trust, pursuant to a master administrative services agreement with AIM,
has agreed to pay AIM for certain administrative costs incurred in providing
accounting services to the Fund. Pursuant to such agreement, for the six months
ended September 30, 2006, AIM was paid $310,442.
The Trust, pursuant to a transfer agency and service agreement, has agreed
to pay AIM Investment Services, Inc. ("AIS") a fee for providing transfer agency
and shareholder services to the Fund. During the six months ended September 30,
2006, AIS retained $218,902.
Under the terms of a master distribution agreement between Fund Management
Company ("FMC") and the Trust, FMC acts as the exclusive distributor of the
Fund's shares. The Trust has adopted a master distribution plan pursuant to Rule
12b-1 under the 1940 Act with respect to the Fund's Private Investment Class,
Personal Investment Class, Cash Management Class, Reserve Class, Resource Class
and Corporate Class (the "Plan"). The Plan provides that the Private Investment
Class, the Personal Investment Class, the Cash Management Class, the Reserve
Class, the Resource Class and the Corporate Class pay up to the maximum annual
rate of 0.50%, 0.75%, 0.10%, 1.00%, 0.20% and 0.03%, respectively, of the
average daily net assets attributable to such class. Of the Rule 12b-1 payment,
up to 0.25% of the average daily net assets of each class may be paid to furnish
continuing personal shareholder services to customers who purchase and own
shares of such classes. Any amounts not paid as a service fee under such Plan
would constitute an asset-based sales charge. National Association of Securities
Dealers ("NASD") Rules impose a cap on the total amount of sales charges,
including asset-based sales charges, that may be paid by any class of shares of
the Fund. Currently, FMC has contractually agreed to waive a portion of its
compensation payable by the Fund such that compensation paid pursuant to the
Plan with respect to the Private Investment Class, the Personal Investment
Class, the Cash Management Class, the Reserve Class and the Resource Class
equals the maximum annual rate of 0.25%, 0.55%, 0.08%, 0.87% and 0.16%,
respectively, of the average daily net assets attributable to such class through
June 30, 2007. Further, FMC voluntarily waived additional Rule 12b-1 plan fees
for the Reserve Class during the period in order to increase the yield. Waivers
may be modified or discontinued at any time. Pursuant to the Plan, for the six
months ended September 30, 2006, the Private Investment Class, the Personal
Investment Class, the Cash Management Class, the Reserve Class, the Resource
Class and the Corporate Class paid $242,852, $98,879, $283,803, $84,384,
$322,737 and $16,953, respectively, after FMC waived Plan fees of $242,852,
$35,956, $70,951, $12,609, $80,684 and $0, respectively.
Certain officers and trustees of the Trust are officers and directors of
AIM, AIS and/or FMC.
NOTE 3--SECURITY TRANSACTIONS WITH AFFILIATED FUNDS
The Fund is permitted to purchase or sell securities from or to certain other
AIM Funds under specified conditions outlined in procedures adopted by the Board
of Trustees of the Trust. The procedures have been designed to ensure that any
purchase or sale of securities by the Fund from or to another fund or portfolio
that is or could be considered an affiliate by virtue of having a common
investment advisor (or affiliated investment advisors), common Trustees and/or
common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined
under the procedures, each transaction is effected at the current market price.
Pursuant to these procedures, for the six months ended September 30, 2006, the
Fund engaged in securities sales of $15,921,501, which resulted in net realized
gains (losses) of $0 and securities purchases of $12,923,697.
NOTE 4--TRUSTEES' AND OFFICER'S FEES AND BENEFITS
"Trustees' and Officer's Fees and Benefits" include amounts accrued by the Fund
to pay remuneration to each Trustee and Officer of the Fund who is not an
"interested person" of AIM. Trustees have the option to defer compensation
payable by the Fund, and "Trustees' and Officer's Fees and Benefits" also
include amounts accrued by the Fund to fund such deferred compensation amounts.
Those Trustees who defer compensation have the option to select various AIM
Funds in which their deferral accounts shall be deemed to be invested. Finally,
current Trustees are eligible to participate in a retirement plan that provides
for benefits to be paid upon retirement to Trustees over a period of time based
on the number of years of service. The Fund may have certain former Trustees who
also participate in a retirement plan and receive benefits under such plan.
"Trustees' and Officer's Fees and Benefits" include
F-39
Tax-Free Cash Reserve Portfolio
amounts accrued by the Fund to fund such retirement benefits. Obligations under
the deferred compensation and retirement plans represent unsecured claims
against the general assets of the Fund.
During the six months ended September 30, 2006, the Fund paid legal fees of
$5,418 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel
to the Independent Trustees. A member of that firm is a Trustee of the Trust.
NOTE 5--BORROWINGS
Pursuant to an exemptive order from the Securities and Exchange Commission, the
Fund may participate in an interfund lending facility that AIM has established
for temporary borrowings by the AIM Funds. An interfund loan will be made under
this facility only if the loan rate (an average of the rate available on bank
loans and the rate available on investments in overnight repurchase agreements)
is favorable to both the lending fund and the borrowing fund. A loan will be
secured by collateral if the Fund's aggregate borrowings from all sources
exceeds 10% of the Fund's total assets. To the extent that the loan is required
to be secured by collateral, the collateral is marked to market daily to ensure
that the market value is at least 102% of the outstanding principal value of the
loan. The Fund did not borrow or lend under the facility during the six months
ended September 30, 2006.
Additionally, the Fund is permitted to temporarily carry a negative or
overdrawn balance in its account with The Bank of New York, the custodian bank.
To compensate the custodian bank for such overdrafts, the overdrawn Fund may
either (i) leave funds as a compensating balance in the account so the custodian
bank can be compensated by earning the additional interest; or (ii) compensate
by paying the custodian bank at a rate agreed upon by the custodian bank and
AIM, not to exceed the rate contractually agreed upon.
NOTE 6--TAX INFORMATION
The amount and character of income and gains to be distributed are determined in
accordance with income tax regulations, which may differ from generally accepted
accounting principles. Reclassifications are made to the Fund's capital accounts
to reflect income and gains available for distribution (or available capital
loss carryforward) under income tax regulations. The tax character of
distributions paid during the year and the tax components of net assets will be
reported at the Fund's fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date.
Results of transactions and other activity after that date may affect the amount
of capital loss carryforward actually available for the Fund to utilize. The
ability to utilize capital loss carryforward in the future may be limited under
the Internal Revenue Code and related regulations based on the results of future
transactions.
The Fund had a capital loss carryforward as of March 31, 2006 which expires
as follows:
<Table>
<Caption>
CAPITAL LOSS
EXPIRATION CARRYFORWARD*
- -----------------------------------------------------------------------
March 31, 2013 $41,708
_______________________________________________________________________
=======================================================================
</Table>
* Capital loss carryforward as of the date listed above is reduced for
limitations, if any, to the extent required by the Internal Revenue Code.
F-40
Tax-Free Cash Reserve Portfolio
NOTE 7--SHARE INFORMATION
The Fund currently offers seven different classes of shares: Institutional
Class, Private Investment Class, Personal Investment Class, Cash Management
Class, Reserve Class, Resource Class and Corporate Class.
<Table>
<Caption>
CHANGES IN SHARES OUTSTANDING
- ---------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 2006(A) MARCH 31, 2006
------------------------------------ ------------------------------------
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------------------------------------
Sold:
Institutional Class 13,218,005,962 $ 13,218,005,962 24,419,859,762 $ 24,419,859,762
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 288,384,797 288,384,797 590,733,012 590,733,012
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 60,996,835 60,996,835 32,503,439 32,503,439
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 3,691,867,319 3,691,867,319 7,375,896,321 7,375,896,321
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 50,075,617 50,075,617 162,245,979 162,245,979
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 1,535,997,202 1,535,997,202 2,316,222,552 2,316,222,552
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 459,031,908 459,031,908 129,405,787 129,405,787
=================================================================================================================================
Issued as reinvestment of dividends:
Institutional Class 22,051,538 22,051,538 30,895,326 30,895,326
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 2,454,612 2,454,612 3,802,001 3,802,001
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 88,820 88,820 201,846 201,846
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 9,059,815 9,059,815 11,231,407 11,231,407
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 230,235 230,235 247,862 247,862
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 5,672,955 5,672,955 7,599,542 7,599,542
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 55,615 55,615 10,644 10,644
=================================================================================================================================
Reacquired:
Institutional Class (12,948,130,351) (12,948,130,351) (24,675,719,687) (24,675,719,687)
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class (333,625,484) (333,625,484) (570,163,791) (570,163,791)
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class (42,175,820) (42,175,820) (22,680,438) (22,680,438)
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class (3,524,821,015) (3,524,821,015) (7,428,590,053) (7,428,590,053)
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class (49,800,971) (49,800,971) (152,749,762) (152,749,762)
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class (1,420,426,087) (1,420,426,087) (2,272,059,667) (2,272,059,667)
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) (158,438,772) (158,438,772) (121,400,006) (121,400,006)
=================================================================================================================================
866,554,730 $ 866,554,730 (162,507,924) $ (162,507,924)
_________________________________________________________________________________________________________________________________
=================================================================================================================================
</Table>
(a) There are two entities that are each record owners of more than 5% of the
outstanding shares of the Fund and in the aggregate they own 61% of the
outstanding shares of the Fund. FMC has an agreement with these entities to
sell Fund shares. The Fund, AIM, and/or AIM affiliates may make payments to
these entities, which are considered to be related to the Fund, for
providing services to the Fund, AIM, and/or AIM affiliates including but not
limited to services such as, securities brokerage, distribution, third party
record keeping and account servicing. The Trust has no knowledge as to
whether all or any portion of the shares owned of record by these entities
are also owned beneficially.
(b) Corporate Class shares commenced sales on September 8, 2005.
NOTE 8--NEW ACCOUNTING STANDARD
In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 48, Accounting for Uncertainty in Income Taxes ("FIN 48").
FIN 48 prescribes a recognition threshold and measurement attribute for the
financial statement recognition and measurement for a tax position taken or
expected to be taken in a tax return. FIN 48 also provides guidance on
derecognition, classification, interest and penalties, accounting in interim
periods, disclosure and transition. The provisions for FIN 48 are effective for
fiscal years beginning after December 15, 2006. Management is currently
assessing the impact of FIN 48, if any, on the Fund's financial statements and
intends for the Fund to adopt the FIN 48 provisions during 2007.
F-41
Tax-Free Cash Reserve Portfolio
NOTE 9--FINANCIAL HIGHLIGHTS
The following schedule presents financial highlights for a share of the Fund
outstanding throughout the periods indicated.
<Table>
<Caption>
INSTITUTIONAL CLASS
--------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, ------------------------------------------------------------------
2006 2006 2005 2004 2003 2002
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ---------------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.02 0.03 0.01 0.01 0.01 0.02
=================================================================================================================================
Less distributions from net investment
income (0.02) (0.03) (0.01) (0.01) (0.01) (0.02)
=================================================================================================================================
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Total return(a) 1.68% 2.53% 1.24% 0.84% 1.22% 2.17%
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Ratios/supplemental data:
Net assets, end of period (000s omitted) $2,184,081 $1,892,111 $2,117,055 $1,953,769 $1,321,224 $1,239,058
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Ratio of expenses to average net assets:
With fee waivers and/or expense
reimbursements 0.22%(b) 0.22% 0.22% 0.22% 0.22% 0.22%
- ---------------------------------------------------------------------------------------------------------------------------------
Without fee waivers and/or expense
reimbursements 0.26%(b) 0.27% 0.27% 0.27% 0.27% 0.28%
=================================================================================================================================
Ratio of net investment income to average
net assets 3.32%(b) 2.49% 1.24% 0.83% 1.20% 2.01%
_________________________________________________________________________________________________________________________________
=================================================================================================================================
</Table>
(a) Includes adjustments in accordance with accounting principles generally
accepted in the United States of America and is not annualized for
periods less than one year.
(b) Ratios are annualized and based on average daily net assets of
$2,168,066,697.
F-42
Tax-Free Cash Reserve Portfolio
NOTE 10--LEGAL PROCEEDINGS
Terms used in the Legal Proceedings Note are defined terms solely for the
purpose of this note.
SETTLED ENFORCEMENT ACTIONS AND INVESTIGATIONS RELATED TO MARKET TIMING
On October 8, 2004, INVESCO Funds Group, Inc. ("IFG") (the former investment
advisor to certain AIM Funds), AIM and A I M Distributors, Inc. ("ADI") (the
distributor of the retail AIM Funds) reached final settlements with certain
regulators, including the Securities and Exchange Commission ("SEC"), the New
York Attorney General and the Colorado Attorney General, to resolve civil
enforcement actions and/or investigations related to market timing and related
activity in the AIM Funds, including those formerly advised by IFG. As part of
the settlements, a $325 million fair fund ($110 million of which is civil
penalties) has been created to compensate shareholders harmed by market timing
and related activity in funds formerly advised by IFG. Additionally, AIM and ADI
created a $50 million fair fund ($30 million of which is civil penalties) to
compensate shareholders harmed by market timing and related activity in funds
advised by AIM, which was done pursuant to the terms of the settlement. These
two fair funds may increase as a result of contributions from third parties who
reach final settlements with the SEC or other regulators to resolve allegations
of market timing and/or late trading that also may have harmed applicable AIM
Funds. These two fair funds will be distributed in accordance with a methodology
to be determined by AIM's independent distribution consultant, in consultation
with AIM and the independent trustees of the AIM Funds and acceptable to the
staff of the SEC. Management of AIM and the Fund are unable to estimate the
impact, if any, that the distribution of these two fair funds may have on the
Fund or whether such distribution will have an impact on the Fund's financial
statements in the future.
At the request of the trustees of the AIM Funds, AMVESCAP PLC ("AMVESCAP"),
the parent company of IFG and AIM, has agreed to reimburse expenses incurred by
the AIM Funds related to market timing matters.
PENDING LITIGATION AND REGULATORY INQUIRIES
On August 30, 2005, the West Virginia Office of the State Auditor -Securities
Commission ("WVASC") issued a Summary Order to Cease and Desist and Notice of
Right to Hearing to AIM and ADI (Order No. 05-1318). The WVASC makes findings of
fact that AIM and ADI entered into certain arrangements permitting market timing
of the AIM Funds and failed to disclose these arrangements in the prospectuses
for such Funds, and conclusions of law to the effect that AIM and ADI violated
the West Virginia securities laws. The WVASC orders AIM and ADI to cease any
further violations and seeks to impose monetary sanctions, including restitution
to affected investors, disgorgement of fees, reimbursement of investigatory,
administrative and legal costs and an "administrative assessment," to be
determined by the Commissioner. Initial research indicates that these damages
could be limited or capped by statute.
Civil lawsuits, including purported class action and shareholder derivative
suits, have been filed against certain of the AIM Funds, IFG, AIM, ADI and/or
related entities and individuals, depending on the lawsuit, alleging:
- that the defendants permitted improper market timing and related activity in
the AIM Funds;
- that certain AIM Funds inadequately employed fair value pricing;
- that the defendants charged excessive advisory and/or distribution fees and
failed to pass on to shareholders the perceived savings generated by
economies of scale and that the defendants adopted unlawful distribution
plans; and
- that the defendants improperly used the assets of the AIM Funds to pay
brokers to aggressively promote the sale of the AIM Funds over other mutual
funds and that the defendants concealed such payments from investors by
disguising them as brokerage commissions (all the claims in this category of
lawsuits were dismissed with prejudice by the court on September 29, 2006,
except for the Section 36(b) claim which was dismissed with leave to amend
to plead it properly as a derivative claim).
These lawsuits allege as theories of recovery, depending on the lawsuit,
violations of various provisions of the Federal and state securities laws and
ERISA, negligence, breach of fiduciary duty and/or breach of contract. These
lawsuits seek remedies that include, depending on the lawsuit, damages,
restitution, injunctive relief, imposition of a constructive trust, removal of
certain directors and/or employees, various corrective measures under ERISA,
rescission of certain AIM Funds' advisory agreements and/or distribution plans
and recovery of all fees paid, an accounting of all fund-related fees,
commissions and soft dollar payments, restitution of all commissions and fees
paid, and prospective relief in the form of reduced fees.
All lawsuits based on allegations of market timing, late trading and related
issues have been transferred to the United States District Court for the
District of Maryland (the "MDL Court"). Pursuant to an Order of the MDL Court,
plaintiffs in these lawsuits consolidated their claims for pre-trial purposes
into three amended complaints against various AIM- and IFG-related parties: (i)
a Consolidated Amended Class Action Complaint purportedly brought on behalf of
shareholders of the AIM Funds; (ii) a Consolidated Amended Fund Derivative
Complaint purportedly brought on behalf of the AIM Funds and fund registrants;
and (iii) an Amended Class Action Complaint for Violations of the Employee
Retirement Income Securities Act ("ERISA") purportedly brought on behalf of
participants in AMVESCAP's 401(k) plan. Based on orders issued by the MDL Court,
all claims asserted against the AIM Funds that have been transferred to the MDL
Court have been dismissed, although certain Funds remain nominal defendants in
the Consolidated Amended Fund Derivative Complaint. On September 15, 2006, the
MDL Court granted the AMVESCAP defendants' motion to dismiss the Amended Class
Action Complaint for Violations of ERISA and dismissed such Complaint. The
plaintiff has commenced an appeal from that decision.
IFG, AIM, ADI and/or related entities and individuals have received inquiries
from numerous regulators in the form of subpoenas or other oral or written
requests for information and/or documents related to one or more of the
following issues, among others, some of which concern one or more AIM Funds:
market timing activity, late trading, fair value pricing, excessive or improper
advisory and/or distribution fees, mutual fund sales practices, including
revenue sharing and directed-brokerage arrangements, investments in securities
of other registered investment companies, contractual plans, issues related to
Section 529 college savings plans and procedures for locating lost security
holders. IFG, AIM and ADI have advised the Fund that they are providing full
cooperation with respect to these inquiries. Regulatory actions and/or
additional civil lawsuits related to these or other issues may be filed against
the AIM Funds, IFG, AIM and/or related entities and individuals in the future.
At the present time, management of AIM and the Fund are unable to estimate
the impact, if any, that the outcome of the Pending Litigation and Regulatory
Inquiries described above may have on AIM, ADI or the Fund.
F-43
Tax-Free Cash Reserve Portfolio
TRUSTEES AND OFFICERS
<Table>
BOARD OF TRUSTEES OFFICERS OFFICE OF THE FUND
Bob R. Baker Karen Dunn Kelley 11 Greenway Plaza
President and Principal Suite 100
Frank S. Bayley Executive Officer Houston, TX 77046-1173
James T. Bunch Philip A. Taylor INVESTMENT ADVISOR
Executive Vice President A I M Advisors, Inc.
Bruce L. Crockett 11 Greenway Plaza
Chair Todd L. Spillane Suite 100
Chief Compliance Officer Houston, TX 77046-1173
Albert R. Dowden
Russell C. Burk TRANSFER AGENT
Jack M. Fields Senior Vice President and Senior Officer AIM Investment Services, Inc.
P.O. Box 4739
Carl Frischling John M. Zerr Houston, TX 77210-4739
Senior Vice President, Secretary and Chief
Robert H. Graham Legal Officer CUSTODIAN
Vice Chair The Bank of New York
Sidney M. Dilgren 2 Hanson Place
Prema Mathai-Davis Vice President, Treasurer Brooklyn, NY 11217-1431
and Principal Financial Officer
Lewis F. Pennock COUNSEL TO THE FUND
Lisa O. Brinkley Ballard Spahr
Ruth H. Quigley Vice President Andrews & Ingersoll, LLP
1735 Market Street, 51st Floor
Larry Soll Kevin M. Carome Philadelphia, PA 19103-7599
Vice President
Raymond Stickel, Jr. COUNSEL TO THE INDEPENDENT TRUSTEES
J. Philip Ferguson Kramer, Levin, Naftalis & Frankel LLP
Philip A. Taylor Vice President 1177 Avenue of the Americas
New York, NY 10036-2714
DISTRIBUTOR
Fund Management Company
11 Greenway Plaza
Suite 100
Houston, TX 77046-1173
</Table>
F-44
The Fund provides a complete list of its holdings four times in each fiscal
year, at quarter-ends. For the second and fourth quarters, the list appears in
the Fund's semiannual and annual reports to shareholders. For the first and
third quarters, the Fund files the lists with the Securities and Exchange
Commission (SEC) on Form N-Q. Shareholders can look up the Fund's Form N-Q
filings on the SEC Web site, sec.gov. The Fund's Form N-Q also may be reviewed
and copied at the SEC Public Reference Room in Washington, D.C. You can obtain
information on the operation of the Public Reference Room, including information
about duplicating fee charges, by calling 202-942-8090 or 800-732-0330 or by
electronic request at the following e-mail address: publicinfo@sec.gov. The SEC
file numbers for the Fund are 811-02731 and 002-58286.
A description of the policies and procedures that the Fund uses to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, from our Client Services department at 800-959-4246 or on the AIM
Web site, AIMinvestments.com. On the home page, scroll down and click on AIM
Funds Proxy Policy. The information is also available on the SEC Web site,
sec.gov.
Information regarding how the Fund voted proxies related to its portfolio
securities during the 12 months ended June 30, 2006, is available at our Web
site. Go to AIMinvestments.com, access the About Us tab, click on Required
Notices and then click on Proxy Voting Activity. Next, select the Fund from the
drop-down menu. This information is also available on the SEC Web site, sec.gov.
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
AIMinvestments.com TFIT-SAR-1 Fund Management Company
TAX-FREE CASH RESERVE PORTFOLIO
PERSONAL INVESTMENT CLASS
TAX-FREE INVESTMENTS TRUST (TFIT)
SEPTEMBER 30, 2006
SEMIANNUAL REPORT
[COVER IMAGE]
SEMIANNUAL
==============================================
INSIDE THIS REPORT
Letter to Shareholders..................... 1
Fund Data.................................. 2
Fund Composition by Maturity............... 2
Letter from Independent
Chairman of Board of Trustees.............. 3
Calculating Your Ongoing Fund Expenses..... 4
Approval of Investment Advisory Agreement.. 5
Financial Pages.......................... F-1
Trustees and Officers................... F-44
==============================================
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
TAX-FREE CASH RESERVE PORTFOLIO
DEAR SHAREHOLDER:
We are pleased to present this report on the performance of
the Personal Investment Class of Tax-Free Cash Reserve
[KELLEY Portfolio of Tax-Free Investments Trust, part of AIM Cash
PHOTO] Management, for the six months ended September 30, 2006.
Thank you for investing with us.
Tax-Free Cash Reserve Portfolio's objective is to provide
KAREN DUNN KELLEY as high a level of tax-exempt income as is consistent with
preservation of capital and maintenance of liquidity. The
Fund invests in high-quality, short-term municipal
obligations, seeking to provide income exempt from federal
taxation. The Fund structure is driven to some extent by the
supply of municipal securities, and liquidity is managed with
daily and weekly variable-rate demand notes.
Through a combination of short-term cash management vehicles and selective
use of a longer maturity schedule for higher yields, the Fund continued to
provide competitive returns. The Fund continued to maintain a relatively short
maturity structure to take advantage of rising interest rates and yields.
The Fund also continued to hold the highest credit-quality ratings given by
three widely known credit rating agencies: AAAm from Standard & Poor's, Aaa from
Moody's and AAA from FitchRatings. Fund ratings are subject to change and are
based on several factors including an analysis of the Fund's overall credit
quality, market price exposure and management.
MARKET CONDITIONS AFFECTING MONEY MARKET FUNDS
The economy expanded throughout the reporting period, but that expansion was
clearly slowing. U.S. gross domestic product, the broadest measure of economic
activity, grew at an annualized rate of 2.6% in the second quarter of 2006, down
from the exceptionally strong 5.6% annualized growth rate recorded in the first
quarter. Initial estimates put the rate at a weaker-than-expected 1.6% in the
third quarter.
In response to economic expansion and increasing inflation pressures, the
U.S. Federal Reserve Board (the Fed) raised its federal funds target rate by 50
basis points (0.50%) during the reporting period, from 4.75% to 5.25%. Increases
in the federal funds target rate are reflected fairly rapidly in the yields of
money market funds and other fixed income funds that invest primarily in
short-term securities.
At their early August meeting, Fed officials--for the first time in more than
two years--left this key interest rate unchanged. They noted that "economic
growth has moderated from its quite strong pace earlier this year, partly
reflecting a gradual cooling of the housing market and the lagged effects of
increases in interest rates and energy prices." However, the Fed held out the
possibility that additional rate hikes could be needed to fight inflation.
Inflation pressures do not appear to be an immediate concern of the Fed and the
need for additional tightening will likely depend on future economic
developments.
At the close of the reporting period, there was considerable uncertainty
about whether the U.S. economy was headed for a so-called "soft landing"--a
period of gradually slowing economic growth--or a more bumpy and potentially
more painful "hard landing."
IN CONCLUSION
At a recent meeting of the AIM Funds board, Robert H. Graham relinquished his
position as president of Tax-Free Investments Trust. Bob, who was one of three
founders of AIM Investments--Registered Trademark-- in 1976 and who has a
well-earned reputation for being one of the most respected and most
knowledgeable leaders in the mutual fund industry, will continue in his role as
trustee and vice chair of the AIM Funds. As I assume Bob's previous
responsibilities as president of Tax-Free Investments Trust, I am grateful that
I will have the opportunity to continue working with him closely, as I have
since I first joined A I M Management Group Inc. in 1989.
All of us at AIM Investments are committed to the goals of safety, liquidity
and yield in money market fund management. We are also dedicated to excellence
in customer service. Should you have questions about this report or your
account, please contact one of our Cash Management and Alliance representatives
at 800-659-1005.
Sincerely,
/S/ KAREN DUNN KELLEY
Karen Dunn Kelley
President, Fund Management Company
November 15, 2006
The views and opinions expressed in this letter are those of A I M Advisors,
Inc. These views and opinions are subject to change at any time based on factors
such as market and economic conditions. These views and opinions may not be
relied upon as investment advice or recommendations, or as an offer for a
particular security. Statements of fact are from sources considered reliable,
but A I M Advisors, Inc. makes no representation or warranty as to their
completeness or accuracy. Although historical performance is no guarantee of
future results, these insights may help you understand our investment management
philosophy.
1
TAX-FREE CASH RESERVE PORTFOLIO
========================================================================================================
FUND DATA
PERSONAL INVESTMENT CLASS DATA AS OF 9/30/06
YIELDS WEIGHTED AVERAGE MATURITY NET ASSETS
7-DAY MONTHLY RANGE DURING AT REPORTING
SEC YIELD YIELD REPORTING PERIOD PERIOD END
2.95% 2.80% 22-51 days 46 days $39.81 million
Performance quoted is past performance and cannot guarantee comparable future results; current
performance may be lower or higher. Please visit AIMinvestments.com for the most recent month-end
performance. Investment return will vary. Monthly yield represents annualized results for the
period, net of fees and expenses, and excludes any realized capital gains or losses. Had the advisor
and distributor not waived fees and/or reimbursed expenses, performance would have been lower.
========================================================================================================
====================================
FUND COMPOSITION BY MATURITY
IN DAYS, AS OF 9/30/06
1-7 76.0%
8-30 3.3
31-90 5.8
91-180 4.2
181+ 10.7
====================================
The number of days to maturity of each holding is determined in accordance with
the provisions of Rule 2a-7 under the Investment Company Act of 1940, as
amended.
================================================================================
AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.
================================================================================
THIS REPORT MUST BE ACCOMPANIED OR PRECEDED BY A CURRENTLY EFFECTIVE FUND
PROSPECTUS, WHICH CONTAINS MORE COMPLETE INFORMATION, INCLUDING FEES AND
EXPENSES. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
================================================================================
2
TAX-FREE CASH RESERVE PORTFOLIO
DEAR FELLOW AIM FUND SHAREHOLDERS:
At our meeting at the end of June, your Board completed its
comprehensive review* of each fund's advisory agreement with
[CROCKETT A I M Advisors, Inc. (AIM) to make certain your interests are
PHOTO] being served in terms of fees, performance and operations.
Looking ahead, your Board finds many reasons to be
positive about AIM's management and strategic direction. Most
importantly, AIM's investment management discipline is paying
BRUCE L. CROCKETT off in terms of improved overall performance. While work
remains to be done, AIM's complex-wide, asset-weighted mutual
fund performance for the trailing one-, three- and five-year
periods is at its highest since 2000 for the periods ended
September 30, 2006. We are also pleased with AIM's efforts to
seek more cost-effective ways of delivering superior service.
In addition, AIM is realizing the benefits of belonging to
a leading independent global investment management
organization in its parent company, AMVESCAP PLC, which is
dedicated to helping people worldwide build their financial
security. AMVESCAP managed approximately $441 billion
globally as of September 30, 2006, operating under the AIM,
INVESCO, AIM Trimark, INVESCO PERPETUAL and Atlantic Trust
brands. These companies are home to an abundance of
investment talent that is gradually being integrated and
leveraged into centers of excellence, each focusing on a
given market segment or asset class. Over the next few years,
your Board will be meeting at these various centers of
excellence to learn about their progress and how they may
serve you through our goal of enhancing performance and
reducing costs.
The seven new AIM funds--which include Asian funds,
structured U.S. equity funds and specialized bond funds--are
an early example of the kind of opportunities the AMVESCAP
organization can provide AIM clients. More information on
these funds can be found on AIM's Web site.
Your Board is very pleased with the overall direction and
progress of the AIM Funds. We're working closely and
effectively with AIM's management to continue this momentum.
As always, your Board is eager to hear your views on how we
might better serve you. Please send your comments in a letter
addressed to me at AIM Investments, AIM Investments Tower, 11
Greenway Plaza, Suite 100, Houston TX 77046.
Sincerely,
/S/ BRUCE L. CROCKETT
Bruce L. Crockett
Independent Chair
AIM Funds Board
November 15, 2006
* To learn more about all the factors we considered before
approving each fund's advisory agreement, go to the
"Products & Performance" tab at the AIM Web site
(AIMinvestments.com) and click on "Investment Advisory
Agreement Renewals." The approval of advisory agreement
information for your Fund is also included in this
semiannual report on pages 5-6.
3
TAX-FREE CASH RESERVE PORTFOLIO
CALCULATING YOUR ONGOING FUND EXPENSES
EXAMPLE together with the amount you invested, to The hypothetical account values and
estimate the expenses that you paid over expenses may not be used to estimate the
As a shareholder of the Fund, you incur the period. Simply divide your account actual ending account balance or expenses
ongoing costs, including management fees; value by $1,000 (for example, an $8,600 you paid for the period. You may use this
distribution and/or service fees (12b-1); account value divided by $1,000 = 8.6), information to compare the ongoing costs
and other Fund expenses. This example is then multiply the result by the number in of investing in the Fund and other funds.
intended to help you understand your the table under the heading entitled To do so, compare this 5% hypothetical
ongoing costs (in dollars) of investing "Actual Expenses Paid During Period" to example with the 5% hypothetical examples
in the Fund and to compare these costs estimate the expenses you paid on your that appear in the shareholder reports of
with ongoing costs of investing in other account during this period. the other funds.
mutual funds. The example is based on an
investment of $1,000 invested at the HYPOTHETICAL EXAMPLE FOR COMPARISON Please note that the expenses shown in
beginning of the period and held for the PURPOSES the table are meant to highlight your
entire period, April 1, 2006, through ongoing costs only. Therefore, the
September 30, 2006. The table below also provides information hypothetical information is useful in
about hypothetical account values and comparing ongoing costs only, and will
ACTUAL EXPENSES hypothetical expenses based on the Fund's not help you determine the relative total
actual expense ratio and an assumed rate costs of owning different funds.
The table below provides information of return of 5% per year before expenses,
about actual account values and actual which is not the Fund's actual return.
expenses. You may use the information in
this table,
===================================================================================================================================
HYPOTHETICAL
ACTUAL (5% ANNUAL RETURN BEFORE EXPENSES)
BEGINNING ENDING EXPENSES ENDING EXPENSES ANNUALIZED
ACCOUNT VALUE ACCOUNT VALUE PAID DURING ACCOUNT VALUE PAID DURING EXPENSE
CLASS (4/1/06) (9/30/06)(1) PERIOD(2) (9/30/06) PERIOD(2) RATIO
Personal
Investment $1,000.00 $1,014.00 $3.89 $1,021.21 $3.90 0.77%
(1) The actual ending account value is based on the actual total return of the Fund for the period April 1, 2006, through September
30, 2006, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense
ratio and a hypothetical annual return of 5% before expenses.
(2) Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the
period, multiplied by 183/365 to reflect the most recent fiscal half-year.
===================================================================================================================================
4
TAX-FREE CASH RESERVE PORTFOLIO
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
The Board of Trustees of Tax-Free cluded that the range of services to be uation of the Fund's Senior Officer
Investments Trust (the "Board") oversees provided by AIM under the Advisory (discussed below) only considered Fund
the management of Tax-Free Cash Reserve Agreement was appropriate and that AIM performance through the most recent
Portfolio (the "Fund") and, as required currently is providing services in calendar year, the Board also reviewed
by law, determines annually whether to accordance with the terms of the Advisory more recent Fund performance, which did
approve the continuance of the Fund's Agreement. not change their conclusions.
advisory agreement with A I M Advisors,
Inc. ("AIM"). Based upon the o The quality of services to be provided o Meetings with the Fund's portfolio
recommendation of the Investments by AIM. The Board reviewed the managers and investment personnel. With
Committee of the Board, at a meeting held credentials and experience of the respect to the Fund, the Board is meeting
on June 27, 2006, the Board, including officers and employees of AIM who will periodically with such Fund's portfolio
all of the independent trustees, approved provide investment advisory services to managers and/or investment personnel and
the continuance of the advisory agreement the Fund. In reviewing the qualifications believes that such individuals are
(the "Advisory Agreement") between the of AIM to provide investment advisory competent and able to continue to carry
Fund and AIM for another year, effective services, the Board considered such out their responsibilities under the
July 1, 2006. issues as AIM's portfolio and product Advisory Agreement.
review process, AIM's legal and
The Board considered the factors compliance function, AIM's use of o Overall performance of AIM. The Board
discussed below in evaluating the technology, AIM's portfolio considered the overall performance of AIM
fairness and reasonableness of the administration function and the quality in providing investment advisory and
Advisory Agreement at the meeting on June of AIM's investment research. Based on portfolio administrative services to the
27, 2006 and as part of the Board's the review of these and other factors, Fund and concluded that such performance
ongoing oversight of the Fund. In their the Board concluded that the quality of was satisfactory.
deliberations, the Board and the services to be provided by AIM was
independent trustees did not identify any appropriate and that AIM currently is o Fees relative to those of clients of
particular factor that was controlling, providing satisfactory services in AIM with comparable investment
and each trustee attributed different accordance with the terms of the Advisory strategies. The Board noted that AIM does
weights to the various factors. Agreement. not serve as an advisor to other mutual
funds or other clients with investment
One responsibility of the independent o The performance of the Fund relative to strategies comparable to those of the
Senior Officer of the Fund is to manage comparable funds. The Board reviewed the Fund.
the process by which the Fund's proposed performance of the Fund during the past
management fees are negotiated to ensure one, three and five calendar years o Fees relative to those of comparable
that they are negotiated in a manner against the performance of funds advised funds with other advisors. The Board
which is at arms' length and reasonable. by other advisors with investment reviewed the advisory fee rate for the
To that end, the Senior Officer must strategies comparable to those of the Fund under the Advisory Agreement. The
either supervise a competitive bidding Fund. The Board noted that the Fund's Board compared effective contractual
process or prepare an independent written performance in such periods was at or advisory fee rates at a common asset
evaluation. The Senior Officer has above the median performance of such level at the end of the past calendar
recommended an independent written comparable funds. Based on this review year and noted that the Fund's rate was
evaluation in lieu of a competitive and after taking account of all of the comparable to the median rate of the
bidding process and, upon the direction other factors that the Board considered funds advised by other advisors with
of the Board, has prepared such an in determining whether to continue the investment strategies comparable to those
independent written evaluation. Such Advisory Agreement for the Fund, the of the Fund that the Board reviewed. The
written evaluation also considered Board concluded that no changes should be Board noted that AIM has agreed to waive
certain of the factors discussed below. made to the Fund and that it was not fees and/or limit expenses of the Fund,
necessary to change the Fund's portfolio as discussed below. Based on this review,
The discussion below serves as a management team at this time. Although the Board concluded that the advisory fee
summary of the Senior Officer's the independent written evaluation of the rate for the Fund under the Advisory
independent written evaluation, as well Fund's Senior Officer (discussed below) Agreement was fair and reasonable.
as a discussion of the material factors only considered Fund performance through
and the conclusions with respect thereto the most recent calendar year, the Board o Expense limitations and fee waivers.
that formed the basis for the Board's also reviewed more recent Fund The Board noted that AIM has
approval of the Advisory Agreement. After performance, which did not change their contractually agreed to waive fees and/or
consideration of all of the factors below conclusions. limit expenses of the Fund in an amount
and based on its informed business necessary to limit total annual operating
judgment, the Board determined that the o The performance of the Fund relative to expenses to a specified percentage of
Advisory Agreement is in the best indices. The Board reviewed the average daily net assets for each class
interests of the Fund and its performance of the Fund during the past of the Fund. The Board considered the
shareholders and that the compensation to one, three and five calendar years contractual nature of this fee
AIM under the Advisory Agreement is fair against the performance of the Lipper waiver/expense limitation and noted that
and reasonable and would have been Institutional Tax-Exempt Money Market it remains in effect until June 30, 2007.
obtained through arm's length Index. The Board noted that the Fund's The Board considered the effect this fee
negotiations. performance in such periods was waiver/expense limitation would have on
comparable to the performance of such the Fund's estimated expenses and
Unless otherwise stated, information Index. Based on this review and after concluded that the levels of fee
presented below is as of June 27, 2006 taking account of all of the other waivers/expense limitations for the Fund
and does not reflect any changes that may factors that the Board considered in were fair and reasonable.
have occurred since June 27, 2006, determining whether to continue the
including but not limited to changes to Advisory Agreement for the Fund, the o Breakpoints and economies of scale. The
the Fund's performance, advisory fees, Board concluded that no changes should be Board reviewed the structure of the
expense limitations and/or fee waivers. made to the Fund and that it was not Fund's advisory fee under the Advisory
necessary to change the Fund's portfolio Agreement, noting that it includes one
o The nature and extent of the advisory management team at this time. Although breakpoint. The Board reviewed the level
services to be provided by AIM. The Board the independent written eval- of the Fund's advisory fees, and noted
reviewed the services to be provided by that such fees, as a percentage of the
AIM under the Advisory Agreement. Based Fund's net assets,
on such review, the Board con-
(continued)
5
TAX-FREE CASH RESERVE PORTFOLIO
have decreased as net assets increased o Historical relationship between the
because the Advisory Agreement includes a Fund and AIM. In determining whether to
breakpoint. The Board concluded that the continue the Advisory Agreement for the
Fund's fee levels under the Advisory Fund, the Board also considered the prior
Agreement therefore reflect economies of relationship between AIM and the Fund, as
scale and that it was not necessary to well as the Board's knowledge of AIM's
change the advisory fee breakpoints in operations, and concluded that it was
the Fund's advisory fee schedule. beneficial to maintain the current
relationship, in part, because of such
o Investments in affiliated money market knowledge. The Board also reviewed the
funds. Not applicable because the Fund general nature of the non-investment
does not invest in affiliated money advisory services currently performed by
market funds. AIM and its affiliates, such as
administrative, transfer agency and
o Independent written evaluation and distribution services, and the fees
recommendations of the Fund's Senior received by AIM and its affiliates for
Officer. The Board noted that, upon their performing such services. In addition to
direction, the Senior Officer of the reviewing such services, the trustees
Fund, who is independent of AIM and AIM's also considered the organizational
affiliates, had prepared an independent structure employed by AIM and its
written evaluation in order to assist the affiliates to provide those services.
Board in determining the reasonableness Based on the review of these and other
of the proposed management fees of the factors, the Board concluded that AIM and
AIM Funds, including the Fund. The Board its affiliates were qualified to continue
noted that the Senior Officer's written to provide non-investment advisory
evaluation had been relied upon by the services to the Fund, including
Board in this regard in lieu of a administrative, transfer agency and
competitive bidding process. In distribution services, and that AIM and
determining whether to continue the its affiliates currently are providing
Advisory Agreement for the Fund, the satisfactory non-investment advisory
Board considered the Senior Officer's services.
written evaluation.
o Other factors and current trends. The
o Profitability of AIM and its Board considered the steps that AIM and
affiliates. The Board reviewed its affiliates have taken over the last
information concerning the profitability several years, and continue to take, in
of AIM's (and its affiliates') investment order to improve the quality and
advisory and other activities and its efficiency of the services they provide
financial condition. The Board considered to the Funds in the areas of investment
the overall profitability of AIM, as well performance, product line
as the profitability of AIM in connection diversification, distribution, fund
with managing the Fund. The Board noted operations, shareholder services and
that AIM's operations remain profitable, compliance. The Board concluded that
although increased expenses in recent these steps taken by AIM have improved,
years have reduced AIM's profitability. and are likely to continue to improve,
Based on the review of the profitability the quality and efficiency of the
of AIM's and its affiliates' investment services AIM and its affiliates provide
advisory and other activities and its to the Fund in each of these areas, and
financial condition, the Board concluded support the Board's approval of the
that the compensation to be paid by the continuance of the Advisory Agreement for
Fund to AIM under its Advisory Agreement the Fund.
was not excessive.
o Benefits of soft dollars to AIM. The
Board considered the benefits realized by
AIM as a result of brokerage transactions
executed through "soft dollar"
arrangements. Under these arrangements,
brokerage commissions paid by other funds
advised by AIM are used to pay for
research and execution services. This
research may be used by AIM in making
investment decisions for the Fund. The
Board concluded that such arrangements
were appropriate.
o AIM's financial soundness in light of
the Fund's needs. The Board considered
whether AIM is financially sound and has
the resources necessary to perform its
obligations under the Advisory Agreement,
and concluded that AIM has the financial
resources necessary to fulfill its
obligations under the Advisory Agreement.
6
Tax-Free Cash Reserve Portfolio
SCHEDULE OF INVESTMENTS
September 30, 2006
(Unaudited)
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MUNICIPAL OBLIGATIONS-98.85%(A)
ALABAMA-0.17%
Homewood (City of) Educational Building
Authority (Samford University Facilities
Project); Series 1999, VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 12/01/21(b)(c) -- VMIG-1 $ 3,685 $ 3,685,000
- -------------------------------------------------------------------------------------------
Tuscaloosa (County of) Board of Education
(Capital Outlay); Series 1997 B, VRD Wts.
(LOC-Regions Bank)
3.76%, 02/01/17(d)(e) -- Aa3 3,175 3,175,000
===========================================================================================
6,860,000
===========================================================================================
ALASKA-0.75%
Alaska (State of) Industrial Development
Authority (Providence Medical Office
Building); Series 1985, VRD IDR (LOC-KBC
Bank N.V.)
3.55%, 06/01/10(d)(f)(g) -- VMIG-1 1,590 1,590,000
- -------------------------------------------------------------------------------------------
North Slope (Borough of); Series 2000 A,
Refunding VRD GO (INS-MBIA Insurance Corp.)
3.77%, 06/30/10(c)(e) A-1+ VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Alaska (State of) Housing
Finance Corp.); Series 1999 D, VRD RB
(Acquired 03/28/06; Cost $25,000,000)
3.78%, 06/01/49(e)(h)(i) -- VMIG-1 25,000 25,000,000
===========================================================================================
30,290,000
===========================================================================================
ARIZONA-0.54%
Arizona State University Board of Regents;
Series 2003 A, Refunding VRD RB (INS-Ambac
Assurance Corp.)
3.73%, 07/01/34(c)(e) A-1+ VMIG-1 1,570 1,570,000
- -------------------------------------------------------------------------------------------
Casa Grande (City of) Industrial Development
Authority (Center Park Apartments Project);
Series 2001 A, Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association)
3.77%, 06/15/31(e) -- VMIG-1 2,010 2,010,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ARIZONA-(CONTINUED)
Casa Grande (City of) Industrial Development
Authority (Quail Gardens Apartments);
Series 2001 A, Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association)
3.77%, 06/15/31(e) -- VMIG-1 $ 1,885 $ 1,885,000
- -------------------------------------------------------------------------------------------
Phoenix (City of) Industrial Development
Authority (Lynwood Apartments Project);
Series 1994, Refunding Multi-Family Housing
VRD IDR (CEP-Federal Home Loan Bank of San
Francisco)
3.81%, 10/01/25(e) A-1+ -- 5,715 5,715,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (El Dorado Hospital); Series
2004, VRD IDR (LOC-Branch Banking & Trust
Co.)
3.78%, 04/01/38(d)(e) -- VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (Tohono Chul Park Project);
Series 2001, VRD IDR (LOC-Northern Trust
Co.)
3.85%, 08/01/36(d)(e) -- VMIG-1 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Scottsdale (City of) Industrial Development
Authority (Notre Dame School); Series 2001
A, VRD Limited Obligation IDR (LOC-JPMorgan
Chase Bank, N.A.)
3.80%, 05/01/21(d)(e) A-1+ -- 3,000 3,000,000
===========================================================================================
21,980,000
===========================================================================================
CALIFORNIA-0.90%
California (State of) Pollution Control
Financing Authority (Southdown, Inc.
Project); Series 1983 Floating Rate PCR
(LOC-Wachovia Bank, N.A.)
3.70%, 02/15/13(d)(f) -- VMIG-1 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Series 1983 B Floating Rate PCR
(LOC-Wachovia Bank, N.A.)
3.70%, 09/15/13(d)(f) A-1+ VMIG-1 9,400 9,400,000
- -------------------------------------------------------------------------------------------
</Table>
F-1
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
CALIFORNIA-(CONTINUED)
JPMorgan PUTTERs (Sacramento (County of)
Sanitation District Financing Authority);
Series 2006-1407, VRD RB (Acquired
07/19/06; Cost $1,455,000)
3.77%, 06/01/14(e)(h)(i) A-1+ -- $ 1,455 $ 1,455,000
- -------------------------------------------------------------------------------------------
San Jose (City of) Financing Authority;
Series 2006, Commercial Paper Notes
(LOC-State Street Bank & Trust Co.;
California State Teachers Retirement
System)
3.68%, 11/07/06(d) A-1+ P-1 17,806 17,806,000
===========================================================================================
36,661,000
===========================================================================================
COLORADO-2.18%
Broomfield (City of) Urban Renewal Authority
(Event Center Project); Series 2005, Tax
Increment Allocation VRD Revenue (LOC-BNP
Paribas)
3.76%, 12/01/30(d)(e)(g) -- VMIG-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
Castle Pines North Metropolitan District;
Series 2006 C, VRD Refunding Limited Tax GO
(LOC-U.S. Bank, N.A.)
3.76%, 12/01/24(d)(e) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Centerra Metropolitan District No. 1; Series
2004, VRD RB (LOC-BNP Paribas)
3.77%, 12/01/29(d)(e)(g) A-1+ -- 12,000 12,000,000
- -------------------------------------------------------------------------------------------
Colorado (State of) E-470 Public Highway
Authority (Vehicle Registration Fee);
Series 2001, VRD RB (INS-MBIA Insurance
Corp.)
3.77%, 09/01/18(c)(e) A-1+ -- 1,175 1,175,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Community Wireless
Park City); Series 2003, VRD RB (LOC-U.S.
Bank, N.A.)
3.78%, 12/01/23(d)(e) A-1+ -- 600 600,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Regis Jesuit High
School Project); Series 2003, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 12/01/33(d)(e) A-1+ -- 5,065 5,065,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
COLORADO-(CONTINUED)
Colorado (State of) Educational & Cultural
Facilities Authority (Southeastern Baptist
Theological Seminary); Series 2005, VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 03/01/25(d)(e) -- VMIG-1 $ 8,945 $ 8,945,000
- -------------------------------------------------------------------------------------------
Colorado (State of) General Fund; Series
2006, RAN 4.75%, 06/27/07 SP-1+ -- 10,000 10,070,764
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Arapahoe House Project); Series
2004 A, VRD RB (LOC-Wells Fargo Bank, N.A.)
3.81%, 04/01/24(d)(e) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Christian Living Project);
Series 1997, Refunding VRD RB (LOC-U.S.
Bank, N.A.)
3.78%, 01/01/11(d)(e) A-1+ -- 1,245 1,245,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Covenant Retirement); Series
2006, Refunding VRD RB (LOC-LaSalle Bank
N.A.)
3.75%, 12/01/25(d)(e) A-1 -- 6,760 6,760,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Craig Hospital Project); Series
2003, Refunding VRD RB (LOC-Wells Fargo
Bank, N.A.)
3.74%, 12/01/20(d)(e) A-1+ -- 5,275 5,275,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Goodwill Industries Denver
Project); Series 2004, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.85%, 12/01/24(d)(e) -- VMIG-1 1,350 1,350,000
- -------------------------------------------------------------------------------------------
Colorado Springs (City of) (Pikes Peak Mental
Health Center); Series 2003, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 03/15/23(d)(e) A-1+ -- 1,805 1,805,000
- -------------------------------------------------------------------------------------------
Colorado Springs (City of) Industrial
Development Authority (Cook Communications
Project); Series 2002, VRD IDR (LOC-Bank of
America, N.A.)
3.79%, 03/01/17(d)(e) A-1+ -- 2,350 2,350,000
- -------------------------------------------------------------------------------------------
</Table>
F-2
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
COLORADO-(CONTINUED)
Concord (Metropolitan District of); Series
2004, Refunding & Improvement Unlimited Tax
GO (LOC-Wells Fargo Bank, N.A.)
3.50%, 12/01/29(d)(j) A-1+ -- $ 1,550 $ 1,550,000
- -------------------------------------------------------------------------------------------
Crystal Valley Metropolitan District of No.
1; Series 2004, VRD RB (LOC-Wells Fargo
Bank, N.A.)
3.74%, 10/01/34(d)(e) A-1+ -- 4,795 4,795,000
- -------------------------------------------------------------------------------------------
Denver (City & County of) Excise Tax Revenue
Authority (Convention Center Project);
Series 2001 B, RB (INS-Financial Security
Assurance Inc.)
3.74%, 09/01/25(c)(e) A-1+ VMIG-1 4,920 4,920,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Section 14 Metropolitan
District; Series 2000 Refunding Unlimited
Tax GO (LOC-U.S. Bank, N.A.)
5.20%, 12/01/19(d)(j) AA -- 1,100 1,102,889
- -------------------------------------------------------------------------------------------
Series 2004 Refunding Unlimited Tax VRD GO
(LOC-U.S. Bank, N.A.)
3.50%, 12/01/13(d)(k) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Mesa (County of) (Goodwill Industries of
Colorado Springs); Series 2006, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 12/01/26(d)(e) A-1+ -- 1,250 1,250,000
===========================================================================================
88,458,653
===========================================================================================
CONNECTICUT-0.26%
Connecticut (State of) Development Authority
(Central Vermont Public Service); Series
1985, Floating Rate PCR (LOC-Citizens Bank
of Massachusetts)
3.66%, 12/01/15(d)(f) A-1+ -- 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Connecticut (State of) Health & Educational
Facilities Authority (Westminster School);
Series 2002 C, VRD RB (LOC-Bank of America,
N.A.)
3.73%, 07/01/32(d)(e) A-1+ -- 1,395 1,395,000
- -------------------------------------------------------------------------------------------
Connecticut (State of) Health & Educational
Facilities Authority (YMCA of Greater
Hartford); Series 2002 A, VRD RB (INS-Ambac
Assurance Corp.)
3.73%, 07/01/32(c)(e) -- VMIG-1 7,910 7,910,000
===========================================================================================
10,705,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
DELAWARE-0.17%
Delaware (State of) Economic Development
Authority (Connections Community Support);
Series 2006, VRD RB (LOC-Mercantile Safe
Deposit & Trust Co.)
3.77%, 08/01/31(d)(e) A-1+ -- $ 7,035 $ 7,035,000
===========================================================================================
DISTRICT OF COLUMBIA-0.39%
District of Columbia (American Library
Association); Series 2005, VRD RB (LOC-Bank
of America, N.A.)
3.76%, 02/01/35(d)(e) -- VMIG-1 3,175 3,175,000
- -------------------------------------------------------------------------------------------
District of Columbia (American Psychology
Association); Series 2003, VRD RB (LOC-Bank
of America, N.A.)
3.79%, 03/01/28(d)(e) A-1+ -- 5,055 5,055,000
- -------------------------------------------------------------------------------------------
District of Columbia (National Academy of
Sciences); Series 1999 B Commercial Paper
(INS-Ambac Assurance Corp.)
3.46%, 11/07/06(c) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
3.63%, 11/07/06(c) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
District of Columbia (Washington Center for
Internships & Academic); Series 2006, VRD
RB (LOC-Branch Banking & Trust Co.)
3.78%, 07/01/36(d)(e) -- VMIG-1 1,700 1,700,000
===========================================================================================
15,930,000
===========================================================================================
FLORIDA-5.57%
ABN AMRO Munitops Ctfs. Trust (Miami-Dade
(County of) Transit Sales Surtax Revenue
Bonds); Series 2006-24, Non-AMT VRD Ctfs.
(Acquired 05/05/06; Cost $14,270,000)
3.78%, 07/01/14(e)(h)(i) -- VMIG-1 14,270 14,270,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Port St. Lucie
(City of) Utilities Systems Revenue Bonds);
Series 2006-50, Non-AMT VRD Ctfs. (Acquired
07/17/06; Cost $10,700,000)
3.78%, 09/01/14(e)(h)(i) -- VMIG-1 10,700 10,700,000
- -------------------------------------------------------------------------------------------
Cape Coral (City of); Series 2006, Commercial
Paper Notes (LOC-Bank of America, N.A.)
3.48%, 10/10/06(d) A-1+ -- 15,000 15,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-3
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-(CONTINUED)
Capital Projects Finance Authority (Capital
Projects Loan Program); Series 1997 A, VRD
RB (INS-Financial Security Assurance Inc.)
3.77%, 08/01/17(c)(e) A-1+ -- $ 7,200 $ 7,200,000
- -------------------------------------------------------------------------------------------
Collier (County of) Industrial Development
Authority (Redlands Christian Migrant
Association Inc.); Series 2001, VRD IDR
(LOC-Bank of America, N.A.)
3.79%, 12/01/26(d)(e)(l) -- -- 2,800 2,800,000
- -------------------------------------------------------------------------------------------
Florida (State of) Division of Bond Finance
Department of General Services
(Environmental Protection Preservation
2000); Series 1998 B, RB (INS-Financial
Security Assurance Inc.)
5.50%, 07/01/07(c) AAA Aaa 5,200 5,273,637
- -------------------------------------------------------------------------------------------
Florida (State of) Local Government Finance
Commission (Pooled Loan Program); Series
1994 A, Commercial Paper Notes
(LOC-Wachovia Bank, N.A.)
3.52%, 10/31/06(d) -- P-1 22,670 22,670,000
- -------------------------------------------------------------------------------------------
Florida Gulf Coast University Financing Corp.
(Florida Capital Improvement); Series 2003,
VRD RB (LOC-Wachovia Bank, N.A.)
3.78%, 12/01/33(d)(e) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Highlands (County of) Health Facilities
Authority (Adventist Health); Series 2006
A, Refunding VRD RB (INS-Financial Security
Assurance Inc.)
3.76%, 11/15/30(c)(e) A-1+ VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Hillsborough (County of) Industrial
Development Authority (Tampa Metropolitan
Area YMCA Project); Series 2000, VRD IDR
(LOC-Bank of America, N.A.)
3.76%, 03/01/25(d)(e)(l) -- -- 5,550 5,550,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (Baptist Medical Center Project);
Series 2004, Commercial Paper (LOC-Bank of
America, N.A.)
3.20%, 10/13/06(d) A-1+ -- 3,000 3,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
FLORIDA-(CONTINUED)
Jacksonville (City of) Health Facilities
Authority (Samuel C. Taylor Foundation
Project); Series 1998, VRD RB (LOC-Bank of
America, N.A.) (Acquired 02/20/01; Cost
$2,600,000)
3.79%, 12/01/23(d)(e)(h)(l) -- -- $ 2,600 $ 2,600,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (University of Florida
Jacksonville Physicians, Inc.); Series
2002, VRD RB (LOC-Bank of America, N.A.)
3.80%, 06/01/22(d)(e) -- VMIG-1 11,245 11,245,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority; Series 2003 C, VRD RB (LOC-Bank
of America, N.A.)
3.80%, 08/15/33(b)(d) A-1+ -- 5,695 5,695,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Florida (State of) Department of
Environmental Protection); Series 2002-722,
Floating Rate Trust Ctfs. VRD RB (Acquired
11/13/02; Cost $9,690,000)
3.78%, 07/01/22(e)(h)(i) A-1 -- 9,690 9,690,000
- -------------------------------------------------------------------------------------------
North Miami (City of) Educational Facilities
(Miami Country Day School Project); Series
1999, VRD RB (LOC-Bank of America, N.A.)
3.76%, 08/01/19(d)(e)(l) -- -- 1,450 1,450,000
- -------------------------------------------------------------------------------------------
Orange (County of) Health Facilities
Authority (Adventist Health System/Sunbelt
Inc.); Series 1992, VRD RB (LOC-SunTrust
Bank)
3.83%, 11/15/14(d)(e) A-1+ VMIG-1 1,535 1,535,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Educational Facilities
Authority (Atlantic College); Series 2001,
Educational Facilities VRD RB (LOC-Bank of
America, N.A.)
3.76%, 12/01/31(d)(e)(l) -- -- 13,400 13,400,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Housing Finance
Authority (Emerald Bay Club Apartments);
Series 2004, Refunding Multi-Family Housing
VRD RB (LOC-Wachovia Bank, N.A.)
3.77%, 06/01/30(d)(e) A-1+ P-1 8,000 8,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-4
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-(CONTINUED)
Palm Beach (County of) School Board; Series
2002 B, VRD COP (INS-Financial Security
Assurance Inc.)
3.73%, 08/01/27(c)(e) -- VMIG-1 $14,680 $ 14,680,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) School District Sales
Tax; Series 2006 Commercial Paper Notes
(LOC-Bank of America, N.A.)
3.50%, 10/11/06(d) A-1+ P-1 18,000 18,000,000
- -------------------------------------------------------------------------------------------
3.55%, 10/16/06(d) A-1+ P-1 9,200 9,200,000
- -------------------------------------------------------------------------------------------
Seminole (County of) School District; Series
2006, Unlimited Tax GO TAN 4.50%, 09/13/07 -- MIG-1 23,000 23,199,825
- -------------------------------------------------------------------------------------------
Tampa (City of) (Agency for Community
Treatment
DACCO Project);
Series 2001, VRD RB (LOC-Bank of America,
N.A.)
3.79%, 07/01/22(d)(e)(l) -- -- 4,730 4,730,000
===========================================================================================
225,888,462
===========================================================================================
GEORGIA-5.34%
ABN AMRO Munitops Ctfs. Trust (Fulton (County
of) Water & Sewer Revenue Bonds); Series
2004-15, Non-AMT VRD Ctfs. (Acquired
10/12/04; Cost $9,995,000)
3.78%, 01/01/12(e)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
Albany-Dougherty (County of) Hospital
Authority (Phoebe Hospital); Series 2002,
RANS (INS-Ambac Assurance Corp.)
3.78%, 09/01/32(b)(c) -- VMIG-1 25,000 25,000,000
- -------------------------------------------------------------------------------------------
Atlanta (City of) Metropolitan Rapid Transit
Authority; Series 1998 A, Refunding Second
Indenture RB (INS-MBIA Insurance Corp.)
6.25%, 07/01/07(c) AAA Aaa 9,000 9,169,959
- -------------------------------------------------------------------------------------------
Burke (County of) Development Authority
(Oglethorpe Power Corp.); Series 1994 A VRD
PCR (INS-Financial Guaranty Insurance Co.)
3.78%, 01/01/19(c)(e) A-1+ VMIG-1 20,911 20,911,000
- -------------------------------------------------------------------------------------------
Series 2006 B Commercial Paper VRD PCR
(INS-Ambac Assurance Corp.)
3.53%, 12/28/06(c) A-1+ VMIG-1 6,500 6,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
GEORGIA-(CONTINUED)
Cobb (County of) Development Authority (YMCA
of Cobb County); Series 2003, VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 12/01/25(d)(e) -- VMIG-1 $ 1,300 $ 1,300,000
- -------------------------------------------------------------------------------------------
Conyers-Rockdale-Big Haynes Impoundment
Authority; Series 1998, VRD RB
(INS-Financial Security Assurance Inc.)
3.74%, 07/01/22(c)(e) -- VMIG-1 3,040 3,040,000
- -------------------------------------------------------------------------------------------
Dahlonega (City of) Downtown Development
Authority (North Georgia Student Housing
Project); Series 2001 A, VRD RB
(LOC-Wachovia Bank, N.A.)
3.73%, 06/01/28(d)(e) -- VMIG-1 3,550 3,550,000
- -------------------------------------------------------------------------------------------
DeKalb (County of) Housing Authority (Wood
Hills Apartment Project); Series 1988,
Refunding Floating Rate Multi-Family
Housing RB (LOC-Bank of America, N.A.)
3.80%, 12/01/07(d)(e) A-1+ -- 9,250 9,250,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Georgia (State of));
Series 2000-1001 C, VRD COP (Acquired
07/26/2000; Cost $20,000,000)
3.79%, 07/01/15(e)(h)(i) A-1+ -- 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Floyd (County of) Development Authority
(Shorter College Project); Series 1998, VRD
RB (LOC-SunTrust Bank)
3.79%, 06/01/17(d)(e) A-1+ -- 1,600 1,600,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Development Authority
(Pinecrest Academy Inc. Project); Series
2000, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 09/01/25(d)(e) -- VMIG-1 8,800 8,800,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Atlanta Park II Project); Series 1997,
Refunding VRD RB (LOC-Wachovia Bank, N.A.)
(Acquired 04/12/06; Cost $1,350,000)
3.80%, 10/01/10(d)(e)(h) -- Aa2 1,350 1,350,000
- -------------------------------------------------------------------------------------------
</Table>
F-5
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
GEORGIA-(CONTINUED)
Fulton (County of) Development Authority
(Bridgeway Foundation for Education
Project); Series 2000, Educational
Facilities VRD RB (LOC-Wachovia Bank, N.A.)
3.80%, 06/01/15(d)(e) A-1+ -- $ 1,725 $ 1,725,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Doris & Alex Weber School Project); Series
2006, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 12/01/30(d)(e) -- VMIG-1 4,500 4,500,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Kings Ridge Christian School); Series
2006, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 05/01/26(d)(e) -- VMIG-1 7,000 7,000,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Mount Vernon Presbyterian School); Series
2005, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 08/01/35(d)(e) -- VMIG-1 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Georgia (State of) Road and Tollway Authority
(Federal Highway Grant); Series 2006,
Revenue BAN 4.50%, 06/01/07 AA- Aa3 18,865 18,967,989
- -------------------------------------------------------------------------------------------
Georgia (State of) Road and Tollway Authority
(Federal Highway Reimbursement); Series
2006, RB 4.50%, 06/01/07 AA- Aa3 4,920 4,946,859
- -------------------------------------------------------------------------------------------
Gwinnett (County of) School District; Series
2006, Limited Tax TAN GO
4.50%, 12/29/06 -- MIG-1 10,000 10,021,569
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Atlanta (City of) Water &
Wastewater); Series 2004-520, VRD RB
(Acquired 04/20/05; Cost $37,495,000)
3.78%, 05/01/12(e)(h)(i) A-1 -- 37,495 37,495,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Rockdale (County of) Water
& Sewer Authority); Series 2006-1342, VRD
RB (Acquired 05/24/06; Cost $2,945,000)
3.78%, 07/01/13(e)(h)(i) -- VMIG-1 2,945 2,945,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
GEORGIA-(CONTINUED)
Savannah (City of) Economic Development
Authority (Westside Urban Health Center);
Series 2002 A, VRD RB (LOC-SunTrust Bank)
3.80%, 03/01/18(d)(e) -- VMIG-1 $ 2,445 $ 2,445,000
- -------------------------------------------------------------------------------------------
Smyrna (City of) Hospital Authority
(Ridgeview Institute Inc. Project); Series
2002, VRD RB (LOC-Wachovia Bank, N.A.)
3.80%, 11/01/27(d)(e) -- VMIG-1 1,960 1,960,000
===========================================================================================
216,572,376
===========================================================================================
HAWAII-0.22%
Eagle Tax Exempt Trust (Hawaii (State of));
Series 2000-1101, VRD COP (Acquired
01/11/01; Cost $6,000,000)
3.79%, 12/01/16(e)(h)(i) A-1+ -- 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Hawaii (State of); Series 1997 CN, Unlimited
Tax GO (INS-Financial Guaranty Insurance
Co.)
6.25%, 03/01/07(c) AAA Aaa 3,000 3,032,471
===========================================================================================
9,032,471
===========================================================================================
IDAHO-0.78%
Custer (County of) Pollution Control (Amoco
Oil Co.-Standard Oil Industry Project);
Series 1983, VRD PCR 3.55%, 10/01/09(g)(m) A-1+ -- 22,200 22,200,000
- -------------------------------------------------------------------------------------------
Idaho (State of) Health Facilities Authority
(Pooled Financing Program); Series 1985,
VRD ACES RB (LOC-U.S. Bank, N.A.)
3.80%, 10/01/10(d)(e) -- VMIG-1 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Idaho (State of); Series 2006, Unlimited Tax
GO TAN 4.50%, 06/29/07 SP-1+ MIG-1 8,000 8,045,667
===========================================================================================
31,645,667
===========================================================================================
ILLINOIS-13.04%
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of) Board of Education); Series 2002-4, VRD
GO Ctfs. (Acquired 11/10/05 Cost
$24,225,000)
3.77%, 12/01/09(e)(h)(i) -- VMIG-1 24,225 24,225,000
- -------------------------------------------------------------------------------------------
</Table>
F-6
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of)); Series 2001-34 Refunding Multi-State
Non-AMT VRD Limited Tax Ctfs. (Acquired
11/15/01; Cost $10,000,000) 3.79%,
07/01/07(e)(h)(i) -- VMIG-1 $10,000 $ 10,000,000
- -------------------------------------------------------------------------------------------
Series 2005-40 Non-AMT VRD Unlimited Tax GO
(Acquired 11/30/05; Cost $15,165,000)
3.79%, 07/01/13(e)(h)(i)(l) -- -- 15,165 15,165,000
- -------------------------------------------------------------------------------------------
Aurora (City of) Economic Development (Aurora
University); Series 2004, VRD RB
(LOC-Harris N.A.)
3.85%, 03/01/35(d)(e) A-1+ VMIG-1 7,250 7,250,000
- -------------------------------------------------------------------------------------------
Bear Stearns Municipal Securities Trust Ctfs.
(State of Illinois); Series 1998-25 A VRD
RB (Acquired 08/26/99; Cost $10,000,000)
3.79%, 03/15/07(e)(h)(i) A-1 -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2002-190 A VRD RB (Acquired
05/06/02; Cost $10,130,000) 3.79%,
06/05/14(e)(h)(i) A-1 -- 10,130 10,130,000
- -------------------------------------------------------------------------------------------
Channahon (City of) (Morris Hospital); Series
2003 A Refunding VRD RB (LOC-U.S. Bank,
N.A.)
3.77%, 12/01/23(d)(e) A-1+ -- 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Series 2003 B VRD RB (LOC-U.S. Bank, N.A.)
3.77%, 12/01/32(d)(e) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Chicago (City of); Series 2002 B, VRD
Unlimited GO (INS-Financial Guaranty
Insurance Co.)
3.74%, 01/01/37(c)(e) A-1+ VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Cook (County of) (Capital Improvement);
Series 2004 E, VRD Unlimited Tax GO 3.78%,
11/01/33(e) A-1+ VMIG-1 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
O'Hare International Airport); Series
2006-0056 A, VRD COP (Acquired 03/22/06;
Cost $6,200,000)
3.79%, 01/01/33(e)(h)(i) A-1+ -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Eagle Tax Exempt Trust (Chicago (City of)
Park District); Series 2002-1306 A,
Unlimited Tax VRD COP (Acquired 05/02/02;
Cost $5,500,000)
3.79%, 01/01/29(e)(h)(i) A-1+ -- $ 5,500 $ 5,500,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
Water & Sewer); Series 2001-1308, VRD COP
(Acquired 12/12/01; Cost $8,655,000)
3.79%, 11/01/26(e)(h)(i) A-1+ -- 8,655 8,655,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of));
Series 2001-1305, VRD COP (Acquired
04/20/01; Cost $4,950,000)
3.89%, 01/01/35(e)(h)(i) A-1+ -- 4,950 4,950,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Illinois (State of));
Series 2000-1304, VRD COP (Acquired
06/27/00; Cost $7,340,000)
3.79%, 06/01/21(e)(h)(i) A-1+ -- 7,340 7,340,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Regional
Transportation Authority); Series
2000-1303, VRD COP (Acquired 03/26/01; Cost
$19,000,000)
3.79%, 07/01/23(e)(h)(i) A-1+ -- 19,000 19,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Chicago Shakespeare Theater
Project); Series 1999, VRD RB (LOC-LaSalle
Bank N.A.) (Acquired 09/24/03; Cost
$4,100,000)
3.75%, 01/01/19(d)(e)(h) A-1 -- 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Christian Heritage Academy);
Series 2001, VRD RB (LOC-Fifth Third Bank)
3.94%, 12/01/21(b)(d) A-1+ -- 4,625 4,625,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Embers Elementary School
Project); Series 2002, Educational
Facilities VRD RB (LOC-LaSalle Bank N.A.)
(Acquired 11/04/03; Cost $2,175,000)
3.76%, 04/01/32(d)(e)(h) A-1 -- 2,175 2,175,000
- -------------------------------------------------------------------------------------------
</Table>
F-7
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Fenwich High School Project);
Series 1997, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 03/01/32(d)(e) A-1+ -- $ 3,000 $ 3,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Glenwood School for Boys);
Series 1998, VRD RB (LOC-Harris N.A.)
3.85%, 02/01/33(d)(e) A-1+ -- 2,250 2,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Institute of Gas Technology
Project); Series 1999, VRD IDR (LOC-Harris
N.A.)
3.83%, 09/01/24(d)(e) A-1+ -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (James Jordan Boys & Girls Club
and Family Center Project); Series 1995,
VRD RB (LOC-JPMorgan Chase Bank, N.A.,
LaSalle Bank N.A.) (Acquired 10/18/05; Cost
$4,700,000)
3.85%, 08/01/30(d)(e)(h) A-1 -- 4,700 4,700,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Lyric Opera Chicago Project);
Series 1994, VRD RB (LOC-Northern Trust
Co., Harris N.A., JPMorgan Chase Bank,
N.A.)
3.80%, 12/01/28(d)(e) A-1+ VMIG-1 15,600 15,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Museum of Contemporary Art
Project); Series 1994, VRD RB (LOC-JPMorgan
Chase Bank, N.A., Northern Trust Co.)
3.80%, 02/01/29(d)(e) A-1+ VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Oak Park Residence Corp.
Project); Series 2001, VRD RB (LOC-LaSalle
Bank N.A.) (Acquired 01/29/03; Cost
$2,975,000)
3.75%, 07/01/41(d)(e)(h) A-1 -- 2,975 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Providence-St. Mel School
Project); Series 2002, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.85%, 06/01/37(d)(e) -- VMIG-1 1,360 1,360,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Radiological Society Project);
Series 1997, VRD RB (LOC-JPMorgan Chase
Bank, N.A.) (Acquired 04/07/06; Cost
$1,600,000)
3.83%, 06/01/17(d)(e)(h) A-1+ -- $ 1,600 $ 1,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Rosecrance Inc. Project); Series
2003, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 10/01/24(d)(e) A-1+ -- 2,825 2,825,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Teachers Academy for Mathamatics
& Science); Series 2001, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.85%, 02/01/21(d)(e) -- VMIG-1 2,975 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Uhlich Childrens Home Project);
Series 2002, VRD IDR (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 10/01/33(d)(e) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (West Central Illinois
Educational Project); Series 2002, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 09/01/32(d)(e) -- VMIG-1 3,600 3,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (YMCA of Metropolitan Chicago
Project); Series 2001, VRD RB (LOC-Harris
N.A.)
3.80%, 06/01/29(d)(e) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Arts Club of Chicago); Series
1996, VRD RB (LOC-Northern Trust Co.)
3.85%, 01/01/26(d)(e) A-1+ -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Aurora University); Series 2002,
RB (LOC-Fifth Third Bank)
3.85%, 03/01/32(d)(e) -- VMIG-1 4,900 4,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-8
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Educational Facilities
Authority (Chicago Childrens Museum);
Series 1994, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 02/01/28(d)(e) A-1 VMIG-1 $ 1,200 $ 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Dominican University); Series
2000 B, VRD RB (LOC-Allied Irish Banks PLC)
3.85%, 10/01/30(d)(e)(g) -- VMIG-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Elmhurst College); Series 2003,
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.85%, 03/01/33(d)(e) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Field Museum of National
History); Series 1998, VRD RB (LOC-Bank of
America, N.A.)
3.80%, 11/01/32(d)(e) A-1+ -- 3,950 3,950,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Lake County Family YMCA); Series
2000, VRD RB (LOC-Harris N.A.)
3.85%, 11/01/30(d)(e) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Lincoln Park Society); Series
1999, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.80%, 01/01/29(d)(e) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Museum of Science & Industry);
Series 1992, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 10/01/26(d)(e) -- VMIG-1 3,250 3,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (National Louis University);
Series 1999 A VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.75%, 06/01/29(d)(e) A-1+ -- 5,600 5,600,000
- -------------------------------------------------------------------------------------------
Series 1999 B VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.83%, 06/01/29(d)(e) A-1+ -- 3,100 3,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Educational Facilities
Authority (Newberry Library); Series 1988,
VRD RB (LOC-Northern Trust Co.)
3.85%, 03/01/28(d)(e) -- VMIG-1 $ 1,205 $ 1,205,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Shedd Aquarium Society); Series
1987 B, Commercial Paper (LOC-Bank of
America, N.A.)
3.70%, 04/16/07(d) -- VMIG-1 18,000 18,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority; Series 1998, Pooled Financing
VRD RB (LOC-Bank of America, N.A.)
3.77%, 03/01/28(d)(e) A-1+ -- 2,720 2,720,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Benedictine University Project); Series
2006, VRD RB (LOC-National City Bank of the
Midwest)
3.76%, 03/01/26(d)(e) A-1 -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Fairview Hospital); Series 2004 C,
Refunding VRD RB (LOC-LaSalle Bank N.A.)
3.75%, 08/15/34(d)(e) A-1 -- 13,250 13,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Franciscan Communities, Inc. - The Village
at Victory Lakes); Series 2006 A, VRD RB
(LOC-LaSalle Bank N.A.)
3.76%, 05/01/36(d)(e) A-1 -- 8,045 8,045,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Jewish
Charities); Series 2006 O6-07 A, VRD RN
(LOC-Harris N.A.)
3.80%, 06/29/07(d)(e) A-1+ -- 8,890 8,890,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Latin
School Project); Series 2005 A, Refunding
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 08/01/28(d)(e) -- VMIG-1 9,100 9,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Mercy
Alliance Project); Series 2005, VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.77%, 02/15/35(d)(e) -- VMIG-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-9
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Finance Authority (North
Park University Project); Series 2005, VRD
RB (LOC-JPMorgan Chase Bank, N.A.)
3.85%, 07/01/35(d)(e) A-1+ -- $ 2,900 $ 2,900,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Search
Development Center Inc. Project); Series
2004, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 06/01/24(d)(e) -- VMIG-1 5,075 5,075,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Sunshine Through Golf Foundation Project);
Series 2004 A, VRD RB (LOC-LaSalle Bank
N.A.)
3.76%, 11/01/24(d)(e) A-1 -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Three
Crowns Park Plaza); Series 2006 C, VRD RB
(LOC-Allied Irish Banks PLC)
3.77%, 02/15/38(d)(e)(g)(l) -- -- 7,500 7,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (YMCA
of Metropolitan Chicago Project); Series
2004, VRD RB (LOC-Harris N.A.)
3.80%, 06/01/34(d)(e) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Blessing Hospital); Series 1999
B, VRD RB (INS-Financial Security Assurance
Inc.)
3.78%, 11/15/29(c)(e) A-1+ VMIG-1 6,675 6,675,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Cradle Society Project); Series
1998, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 04/01/33(d)(e) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Northwestern Memorial Hospital);
Series 1995, VRD RB 3.80%, 08/15/25(e) A-1+ VMIG-1 22,835 22,835,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Park Plaza Center); Series 1996,
Multi-Family VRD RB (LOC-LaSalle Bank N.A.)
3.85%, 09/15/20(d)(e) A-1 -- 7,350 7,350,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Health Facilities
Authority (Peace Memorial Ministry); Series
2003 B, VRD RB (LOC-LaSalle Bank N.A.)
3.76%, 08/15/33(d)(e) A-1 -- $ 7,605 $ 7,605,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority; Series 1985 C Revolving Fund
Pooled VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.80%, 08/01/15(d)(e) A-1+ VMIG-1 5,200 5,200,000
- -------------------------------------------------------------------------------------------
Series 1985 D Revolving Fund Pooled VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.80%, 08/01/15(d)(e) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Chicago (City of) Park
District); Series 2005 974, VRD Limited Tax
GO (Acquired 07/06/05; Cost $1,095,000)
3.78%, 01/01/13(e)(h)(i) A-1 -- 1,095 1,095,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Chicago (City of) Water
Revenue); Series 2006 1419, VRD RB
(Acquired 07/26/06; Cost $5,345,000)
3.78%, 05/01/14(e)(h)(i) A-1+ -- 5,345 5,345,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Illinois (State of) State
Toll Highway Authority); Series 2006 1354,
VRD RB (Acquired 06/07/06; Cost
$13,400,000)
3.78%, 01/01/14(e)(h)(i) A-1+ -- 13,400 13,400,000
- -------------------------------------------------------------------------------------------
Lombard (City of) (Clover Creek Apartments
Project); Series 2000, Multi-Family Housing
VRD RB (CEP-Federal National Mortgage
Association)
3.77%, 12/15/30(e) A-1+ -- 14,855 14,855,000
- -------------------------------------------------------------------------------------------
McCook (City of) (Illinois St. Andrew
Society); Series 1996 A VRD RB
(LOC-Northern Trust Co.)
3.76%, 12/01/21(d)(e) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Series 1996 B VRD RB (LOC-Northern Trust
Co.)
3.76%, 12/01/21(d)(e) A-1+ -- 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Monmouth (City of) Industrial Development
Project (Monmouth College); Series 2005,
VRD IDR (LOC-Allied Irish Banks PLC)
3.77%, 06/01/35(d)(e)(g) -- VMIG-1 6,185 6,185,000
- -------------------------------------------------------------------------------------------
</Table>
F-10
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Peoria (County of) Community Unit School
District No. 323 (Dunlap); Series 2006, VRD
Unlimited GO (INS-Financial Security
Assurance Inc.)
3.80%, 04/01/26(c)(e) -- VMIG-1 $ 2,785 $ 2,785,000
- -------------------------------------------------------------------------------------------
Quincy (City of) (Blessing Hospital Project);
Series 2004, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 11/15/33(d)(e) A-1+ VMIG-1 5,120 5,120,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Central Lake (County of)
Joint Action Water Agency); Series 2003
B18, VRD RB (Acquired 02/19/03; Cost
$9,695,000)
3.78%, 05/01/20(e)(h)(i) -- VMIG-1 9,695 9,695,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of)); Series
2000 A12, VRD Limited Tax GO (Acquired
10/13/00; Cost $12,200,000)
3.78%, 01/01/23(e)(h)(i) -- VMIG-1 12,200 12,200,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Regional Transportation
Authority); Series 2002 A41, VRD Unlimited
Tax GO (Acquired 07/25/02; Cost
$17,610,000)
3.78%, 06/01/17(e)(h)(i) -- VMIG-1 17,610 17,610,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (University of Illinois);
Series 2000 S, VRD GO (Acquired 03/20/00;
Cost $17,900,000)
3.78%, 04/01/30(e)(h)(i) -- VMIG-1 17,900 17,900,000
- -------------------------------------------------------------------------------------------
Will (County of) (University of St. Francis);
Series 2005, VRD RB (LOC-Fifth Third Bank)
3.85%, 12/01/25(d)(e) -- VMIG-1 10,600 10,600,000
===========================================================================================
528,340,000
===========================================================================================
INDIANA-4.49%
ABN AMRO Munitops Ctfs. Trust (Indianapolis
(City of) Public Improvement Bond Bank
Waterworks); Series 2002-7, Non-AMT VRD RB
(Acquired 11/17/05; Cost $5,000,000)
3.78%, 07/01/10(e)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
INDIANA-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (Wayne
(Township of), Marion (County of) School
Building Corp.); Series 2003-27 Multi-
State Non-AMT VRD RB (Acquired 11/12/03
Cost $13,795,000)
3.77%, 07/15/11(e)(h)(i) -- VMIG-1 $13,795 $ 13,795,000
- -------------------------------------------------------------------------------------------
Series 2003-32 Multi-State Non-AMT VRD RB
Ctfs. (Acquired 01/31/06; Cost $17,900,000)
3.77%, 01/15/12(e)(h)(i)(l) -- -- 17,900 17,900,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Economic Development
Authority (Sisters of St. Francis Project);
Series 1998, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 12/01/18(d)(e) A-1+ -- 1,060 1,060,000
- -------------------------------------------------------------------------------------------
Goshen (City of) Economic Development
Authority (Goshen College Project); Series
2004, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 10/01/34(d)(e) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Bond Bank; Series 2006 A,
Midyear Funding Program Notes
4.50%, 02/02/07 SP-1+ -- 19,355 19,411,299
- -------------------------------------------------------------------------------------------
Indiana (State of) Development Finance
Authority (Indiana Historical Society, Inc.
Project); Series 1996 Educational
Facilities VRD RB (LOC-JPMorgan Chase Bank,
N.A.) (Acquired 07/25/05; Cost $4,260,000)
3.78%, 08/01/31(d)(e)(h) A-1+ -- 4,260 4,260,000
- -------------------------------------------------------------------------------------------
Series 1997 Educational Facilities VRD RB
(LOC-JPMorgan Chase Bank, N.A.) (Acquired
07/03/06; Cost $2,000,000)
3.78%, 08/01/31(d)(e)(h) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-11
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
INDIANA-(CONTINUED)
Indiana (State of) Development Finance
Authority (Indianapolis Museum of Art);
Series 2001 Educational Facilities
Historical VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.78%, 02/01/36(d)(e) -- VMIG-1 $ 8,700 $ 8,700,000
- -------------------------------------------------------------------------------------------
Series 2002 Educational Facilities
Historical VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.78%, 02/01/37(d)(e) -- VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Series 2004 VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.78%, 02/01/39(d)(e) -- VMIG-1 41,400 41,400,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Educational Facilities
Authority (Marian College Project); Series
2003, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.83%, 04/01/24(d)(e) -- VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Educational Facilities
Authority (Wabash College Project); Series
2003, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.80%, 12/01/23(d)(e) -- VMIG-1 3,835 3,835,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health & Educational
Facilities Financing Authority (Schneck
Memorial Hospital Project); Series 2006 B,
VRD RB (LOC-Fifth Third Bank)
3.85%, 02/15/36(b)(d) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Clark Memorial
Hospital); Series 2004 A, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 04/01/24(d)(e) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Community Hospitals
Project); Series 1997 A, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 07/01/27(d)(e) A-1+ -- 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Golden Years
Homestead); Series 2002 A, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 06/01/25(d)(e) A-1+ -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
INDIANA-(CONTINUED)
Indiana University (Trustees of); Series
2005, Commercial Paper (LOC-JPMorgan Chase
Bank, N.A.)
3.51%, 11/07/06(d) -- P-1 $12,000 $ 12,000,000
- -------------------------------------------------------------------------------------------
St. Joseph (County of) Economic Development
Authority (Holy Cross Village Project);
Series 2006 D, VRD RB (LOC-Allied Irish
Banks PLC)
3.78%, 05/15/39(d)(e)(g)(l) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Tippecanoe (County of) (Faith Properties Inc.
Project); Series 2005, VRD RB (LOC-Regions
Bank)
3.78%, 11/01/30(d)(e)(l) -- -- 6,475 6,475,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Wayne (Township of), Marion
(County of) School Building Corp.); Series
2006 D-02, RB (Acquired 02/23/06; Cost
$4,710,000)
3.78%, 07/15/24(e)(h)(i) A-1+ -- 4,710 4,710,000
===========================================================================================
181,846,299
===========================================================================================
IOWA-0.41%
Iowa (State of) Finance Authority (Holy
Family Catholic Schools); Series 2006,
Educational Facility VRD RB (LOC-Allied
Irish Banks PLC)
3.90%, 03/01/36(b)(d)(g) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Finance Authority
(Morningside College Project); Series 2002,
Private College Facility VRD RB (LOC-U.S.
Bank, N.A.)
3.80%, 10/01/32(d)(e) A-1+ -- 1,785 1,785,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Higher Education Loan
Authority (Graceland Private College);
Series 2003, VRD RB (LOC-Bank of America,
N.A.)
3.79%, 02/01/33(d)(e) -- VMIG-1 5,820 5,820,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Higher Education Loan
Authority; Series 1985, Educational Loan
Private College Facility VRD ACES (INS-MBIA
Insurance Corp.)
3.85%, 12/01/15(c)(e) A-1+ VMIG-1 5,100 5,100,000
===========================================================================================
16,705,000
===========================================================================================
</Table>
F-12
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
KANSAS-0.97%
Eagle Tax Exempt Trust (Wyandotte (County of)
Unified Government Utility System); Series
2004-0038 A, VRD COP (Acquired 09/08/04;
Cost $5,000,000)
3.79%, 09/01/21(e)(h)(i) A-1+ -- $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
Leawood (City of); Series 2006 1, Temporary
Unlimited GO RN 3.88%, 10/01/07 -- MIG-1 26,550 26,633,582
- -------------------------------------------------------------------------------------------
Olathe (City of) Recreational Facilities
(YMCA of Greater Kansas City Project);
Series 2002 B, VRD RB (LOC-Bank of America,
N.A.)
3.79%, 11/01/18(d)(e) -- VMIG-1 3,215 3,215,000
- -------------------------------------------------------------------------------------------
Shawnee (City of) Industrial Development
Authority (Shawnee Village Associate);
Series 1984, VRD IDR (LOC-JPMorgan Chase
Bank, N.A.)
3.75%, 12/01/09(d)(e) A-1+ -- 1,155 1,155,000
- -------------------------------------------------------------------------------------------
Wichita (City of) Recreational Facilities
(YMCA of Wichita Project); Series 1998 XI,
VRD RB (LOC-Bank of America, N.A.)
(Acquired 03/10/06; Cost $3,300,000)
3.79%, 08/01/09(d)(e)(h) A-1+ -- 3,300 3,300,000
===========================================================================================
39,303,582
===========================================================================================
KENTUCKY-1.64%
Boyle (County of) Hospital (Ephraim McDowell
Health Project); Series 2006, VRD RB
(LOC-Fifth Third Bank)
3.78%, 04/01/36(d)(e) -- VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Louisville &
Jefferson (Counties of) Metropolitan Sewer
District); Series 2006-0053 A, VRD RB
(Acquired 03/22/06; Cost $14,335,000)
3.79%, 05/15/33(e)(h)(i) A-1+ -- 14,335 14,335,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Industrial Building
(Franciscan Eldercare Service); Series
2001, VRD RB (LOC-LaSalle Bank N.A.)
3.77%, 05/15/30(d)(e) A-1 -- 3,780 3,780,000
- -------------------------------------------------------------------------------------------
Kentucky (State of) Asset & Liability
Commission General Fund; Series 2006, TRAN
4.50%, 06/28/07 SP-1+ MIG-1 14,900 14,984,727
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
KENTUCKY-(CONTINUED)
Lexington (City of) Center Corp. Mortgage
Revenue; Series 2001 A, VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 10/01/21(c)(e) A-1+ -- $ 3,000 $ 3,000,000
- -------------------------------------------------------------------------------------------
Lexington (City of) Fayette (County of) Urban
Government; Series 2006 A, Variable Purpose
Notes Unlimited GO 4.00%, 05/01/07 AA+ Aa2 2,145 2,148,551
- -------------------------------------------------------------------------------------------
Newport (City of) League of Cities Funding
Trust; Series 2002, Lease Program VRD RB
(LOC-U.S. Bank, N.A.)
3.76%, 04/01/32(d)(e)(n) -- VMIG-1 18,600 18,600,000
===========================================================================================
66,348,278
===========================================================================================
MAINE-0.05%
JPMorgan PUTTERs (Maine (State of) Turnpike
Authority); Series 2004 546, Turnpike VRD
RB (Acquired 10/28/04; Cost $2,185,000)
3.78%, 07/01/12(e)(h)(i) -- VMIG-1 2,185 2,185,000
===========================================================================================
MARYLAND-2.28%
Baltimore (County of) (Blue Circle Inc.
Project); Series 1992, Economic Development
VRD RB (LOC-BNP Paribas)
3.85%, 12/01/17(d)(e)(g) -- VMIG-1 7,900 7,900,000
- -------------------------------------------------------------------------------------------
Frederick (County of) Retirement Community
(Buckingham's Choice Inc. Project); Series
1997 C, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 01/01/27(d)(e) A-1+ VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Howard (County of) Economic Development
(Norbel School Inc. Project); Series 2001,
VRD RB (LOC-Branch Banking & Trust Co.)
3.78%, 02/01/28(d)(e) -- VMIG-1 4,785 4,785,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Economic Development
Corp. (Prologue Inc. Project); Series 2005,
Economic Development VRD RB (LOC-Bank of
America, N.A.)
3.76%, 06/01/31(d)(e) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
</Table>
F-13
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MARYLAND-(CONTINUED)
Maryland (State of) Economic Development
Corp. (YMCA of Central Maryland Inc.
Project); Series 2003 Economic Development
VRD RB (LOC-Branch Banking & Trust Co.)
3.78%, 04/01/28(d)(e) -- VMIG-1 $ 3,200 $ 3,200,000
- -------------------------------------------------------------------------------------------
Series 2006 Economic Development VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 04/01/31(d)(e) -- VMIG-1 1,950 1,950,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Health & Higher
Educational Facilities Authority (Glen
Meadows Retirement); Series 1999 A, VRD RB
(LOC-Wachovia Bank, N.A.)
3.80%, 07/01/29(d)(e) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Industrial Development
Financing Authority (Baltimore
International College Facility); Series
2005, Economic VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 11/01/30(d)(e) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Montgomery (County of); Series 2002
Commercial Paper (LOC-Fortis Bank
N.V./S.A.)
3.50%, 11/01/06(d)(g) A-1+ P-1 20,000 20,000,000
- -------------------------------------------------------------------------------------------
3.50%, 12/01/06(d)(g) A-1+ P-1 37,000 37,000,000
- -------------------------------------------------------------------------------------------
Queen Anne's (County of) (Safeway Inc.
Project); Series 1994, Refunding Economic
Development VRD RB (LOC-Deutsche Bank A.G.)
3.75%, 12/01/09(d)(g)(m) A-1 -- 1,145 1,145,000
===========================================================================================
92,475,000
===========================================================================================
MASSACHUSETTS-0.18%
Massachusetts (State of) Health & Educational
Facilities Authority (Hallmark Health
System Issue); Series 1998 B, VRD RB
(LOC-Financial Security Assurance Inc.)
3.75%, 07/01/27(d)(e) A-1+ VMIG-1 2,465 2,465,000
- -------------------------------------------------------------------------------------------
Massachusetts (State of) Health & Educational
Facilities Authority (Sherrill House);
Series 2002 A-1, VRD RB (LOC-Comerica Bank)
3.77%, 01/01/32(d)(e) A-1+ -- 5,000 5,000,000
===========================================================================================
7,465,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MICHIGAN-4.37%
ABN AMRO Munitops Ctfs. Trust (Bay City
School District); Series 2006-51, Non-AMT
Unlimited GO (Acquired 07/20/06 Cost
$5,000,000)
3.78%, 05/01/14(e)(h)(i)(l) -- -- $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Michigan
(State of) Building Authority); Series
2003-35, Non-AMT VRD RB (Acquired 09/29/05;
Cost $10,595,0000)
3.78%, 10/15/11(e)(h)(i) -- VMIG-1 10,595 10,595,000
- -------------------------------------------------------------------------------------------
Bruce (Township of) Hospital Finance
Authority (Sisters Charity of St. Joseph);
Series 1988 B, Health Care System VRD RB
(INS-MBIA Insurance Corp.)
3.65%, 05/01/18(c)(m) A-1+ VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Detroit (City of) Economic Development Corp.
(Waterfront Reclamation); Series 1999 C,
VRD RB (LOC-National City Bank of the
Midwest)
3.79%, 05/01/09(d)(e) A-1 P-1 1,005 1,005,000
- -------------------------------------------------------------------------------------------
Detroit (City of); Series 2006, Limited Tax
TAN GO (LOC-Bank of Nova Scotia)
4.50%, 03/01/07(d)(g) SP-1+ -- 4,000 4,012,340
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Detroit (City of)
School District); Series 2002-6014 A, VRD
Unlimited Tax GO (Acquired 11/06/02; Cost
$14,305,000)
3.79%, 05/01/32(e)(h)(i) A-1+ -- 14,305 14,305,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Michigan (State of)
Building Authority); Series 2006-0113 Class
A, VRD RB (Acquired 09/20/06; Cost
$8,090,000)
3.79%, 10/15/36(e)(h)(i) A-1+ VMIG-1 8,090 8,090,000
- -------------------------------------------------------------------------------------------
Eastern Michigan University; Series 2001, VRD
General Refunding RB (INS-Financial
Guaranty Insurance Co.)
3.85%, 06/01/27(b)(c) A-1+ -- 15,715 15,715,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Michigan (State of)
Building Authority); Series 2006 1479, VRD
RB (Acquired 09/27/06; Cost $10,600,000)
3.78%, 04/15/14(e)(h)(i) A-1+ -- 10,600 10,600,000
- -------------------------------------------------------------------------------------------
</Table>
F-14
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MICHIGAN-(CONTINUED)
Kent (County of) Hospital Finance Authority
(Metropolitan Hospital Project); Series
2005 B,
Refunding VRD RB
(LOC-ABN AMRO Bank N.V.)
3.78%, 07/01/40(d)(e)(g) A-1 -- $ 2,700 $ 2,700,000
- -------------------------------------------------------------------------------------------
Kentwood (City of) Economical Development
Corp. (Holland Home); Series 2006 B, VRD
Refunding Limited RB
(LOC-LaSalle Bank N.A.)
3.75%, 11/15/32(d)(e) A-1 -- 6,750 6,750,000
- -------------------------------------------------------------------------------------------
Marquette (City of) Hospital Finance
Authority (Marquette General Hospital
Group); Series 2004 A, VRD RB (LOC-U.S.
Bank, N.A.)
3.83%, 07/01/09(d)(e) A-1+ -- 945 945,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Hospital Finance
Authority (Healthcare Equipment Loan
Program); Series 2006 C, VRD RB (LOC-Fifth
Third Bank)
3.79%, 12/01/32(d)(e) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Housing Development
Authority (JAS Non-Profit Housing Corp.
VI); Series 2000, VRD Limited Obligation RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 06/01/25(d)(e) A-1+ -- 1,050 1,050,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Municipal Bond Authority;
Series 2006 B-2,
RN (LOC-Bank of Nova Scotia)
4.50%, 08/20/07(d)(g) SP-1+ -- 15,000 15,104,628
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (Van Andel
Research Institute Project); Series 1997
Limited Tax VRD RB (LOC-LaSalle Bank N.A.)
3.80%, 11/01/27(d)(e) A-1 -- 4,600 4,600,000
- -------------------------------------------------------------------------------------------
Series 2001 Limited Tax VRD RB (LOC-LaSalle
Bank N.A.)
3.80%, 12/01/21(d)(e) A-1 -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (YMCA of
Metropolitan Detroit Project); Series 2001,
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.79%, 05/01/31(d)(e) A-1+ -- 700 700,000
- -------------------------------------------------------------------------------------------
Northern Michigan University; Series 2006,
VRD General RB (INS-Ambac Assurance Corp.)
3.85%, 12/01/35(b)(c) -- VMIG-1 14,525 14,525,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MICHIGAN-(CONTINUED)
Oakland (County of) Economic Development
Corp. (Rochester College Project); Series
2001, VRD Limited Obligation RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 08/01/21(d)(e)(n) -- VMIG-1 $ 1,364 $ 1,364,000
- -------------------------------------------------------------------------------------------
Reset Option Ctfs. Trust II-R (Michigan
(State of) Building Authority); Series
2006-628, VRD RB (Acquired 09/06/06; Cost
$4,475,000)
3.78%, 10/15/36(e)(h)(i) -- VMIG-1 4,475 4,475,000
- -------------------------------------------------------------------------------------------
University of Michigan (Medical Service
Plan); Series 1998 A-1, VRD Refunding
Floating Rate RB 3.80%, 12/01/21(b) A-1+ VMIG-1 9,100 9,100,000
- -------------------------------------------------------------------------------------------
University of Michigan Hospital; Series 2005
A, VRD RB 3.80%, 12/01/35(b) A-1+ VMIG-1 7,850 7,850,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Detroit (City of) Water
Supply System); Series 2000 D, VRD RB
(Acquired 01/21/00; Cost $10,000,000)
3.78%, 07/01/29(e)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Michigan (State of)
Hospital Finance Authority); Series 1997 X,
VRD RB (Acquired 12/12/03; Cost
$15,000,000)
3.78%, 08/15/24(e)(h)(i) -- VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Michigan (State of) Trunk
Line); Series 2006 B-02, VRD RB (Acquired
06/30/06; Cost $6,500,000)
3.78%, 11/01/21(e)(h)(i) A-1+ -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
Washtenaw (County of) (Saline Area Schools);
Series 2004, Refunding Unlimited GO 4.00%,
05/01/07 AA Aa2 1,025 1,026,585
===========================================================================================
177,212,553
===========================================================================================
MINNESOTA-2.56%
Brooklyn (City of) (Brookdale Corp. II
Project); Series 2001, VRD Refunding RB
(LOC-U.S. Bank, N.A.)
3.90%, 12/01/14(b)(d) A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-15
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MINNESOTA-(CONTINUED)
JPMorgan PUTTERs (Minnesota (State of) Public
Facilities Authority); Series 2002-319, VRD
Drinking Water COP (Acquired 07/31/03; Cost
$13,905,000)
3.78%, 03/01/21(e)(h)(i) A-1 -- $13,905 $ 13,905,000
- -------------------------------------------------------------------------------------------
Minnesota (State of) Higher Education
Facilities Authority (University of St.
Thomas); Series 2004 Five-Z, VRD RB
(LOC-LaSalle Bank N.A.)
3.77%, 10/01/29(d)(e) -- VMIG-1 9,200 9,200,000
- -------------------------------------------------------------------------------------------
Minnesota (State of) Rural Water Finance
Authority (Public Projects Construction);
Series 2006, RN 4.75%, 09/01/07 -- MIG-1 4,000 4,037,212
- -------------------------------------------------------------------------------------------
Rochester (City of) Health Care Facilities
(Mayo Foundation); Series 2000 A Adjustable
Tender Commercial Paper Notes
3.60%, 10/05/06 A-1+ -- 30,000 30,000,000
- -------------------------------------------------------------------------------------------
Series 2001 A Adjustable Tender Commercial
Paper Notes
3.60%, 10/05/06 A-1+ VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Series 2001 B Adjustable Tender Commercial
Paper Notes
3.60%, 10/05/06 A-1+ VMIG-1 10,600 10,600,000
- -------------------------------------------------------------------------------------------
Roseville (City of) Private School Facilities
Authority (Northwestern College Project);
Series 2002, VRD RB (LOC-M&I Marshall &
Ilsley Bank)
3.90%, 11/01/22(b)(d) -- VMIG-1 1,555 1,555,000
- -------------------------------------------------------------------------------------------
St. Paul (City of) Housing & Redevelopment
Authority (Science Museum of Minnesota);
Series 1997 A, VRD RB (LOC-U.S. Bank, N.A.)
3.78%, 05/01/27(d)(e) -- VMIG-1 17,360 17,360,000
===========================================================================================
103,557,212
===========================================================================================
MISSISSIPPI-0.42%
ABN AMRO Munitops Ctfs. Trust (Mississippi
(State of) Development Board-Jackson Water
& Sewer); Series 2002-22, Multi-State
Non-AMT VRD Ctfs. (Acquired 09/10/03; Cost
$9,995,000)
3.78%, 09/01/10(e)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MISSISSIPPI-(CONTINUED)
Eagle Tax Exempt Trust (Mississippi (State
of)); Series 2002-6018 A, VRD Unlimited Tax
COP (Acquired 11/20/02; Cost $3,200,000)
3.79%, 11/01/22(e)(h)(i) A-1+ -- $ 3,200 $ 3,200,000
- -------------------------------------------------------------------------------------------
Mississippi (State of) Business Finance Corp.
(St. Andrew Episcopal Day Project); Series
2003, VRD RB (LOC-Allied Irish Banks PLC)
3.77%, 07/01/25(d)(e)(g) -- VMIG-1 3,675 3,675,000
===========================================================================================
16,870,000
===========================================================================================
MISSOURI-1.66%
Curators University of Missouri (Capital
Projects); Series 2006 FY, RN 4.50%,
06/29/07 SP-1+ MIG-1 10,000 10,057,141
- -------------------------------------------------------------------------------------------
Jackson (County of) Industrial Development
Authority Recreational Facilities (YMCA of
Greater Kansas City Project); Series 2002
A, VRD IDR (LOC-Bank of America, N.A.)
3.79%, 11/01/18(d)(e) -- VMIG-1 3,300 3,300,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Association of Municipal Utilities);
Series 2003, VRD RB (LOC-U.S. Bank, N.A.)
3.90%, 06/01/33(b)(d) -- VMIG-1 12,000 12,000,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Center of Creative Arts Project); Series
2004, Cultural Facilities VRD RB
(LOC-National City Bank of the Midwest)
3.79%, 07/01/24(d)(e) -- VMIG-1 1,750 1,750,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Nelson Gallery Foundation); Series 2001 B,
Cultural Facilities VRD RB (INS-MBIA
Insurance Corp.)
3.89%, 12/01/31(b)(c) A-1+ VMIG-1 7,550 7,550,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Utilities Lease Financing Program); Series
2006, Commercial Paper Notes (LOC-U.S. Bank
N.A.)
3.58%, 10/19/06(d) -- P-1 13,000 13,000,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (Bethesda Health
Group); Series 2006, VRD RB (LOC-U.S. Bank,
N.A.)
3.90%, 08/01/37(b)(d) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
</Table>
F-16
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MISSOURI-(CONTINUED)
Missouri (State of) Health & Educational
Facilities Authority (The Washington
University); Series 1985 B VRD RB 3.85%,
09/01/10(e) A-1+ VMIG-1 $ 900 $ 900,000
- -------------------------------------------------------------------------------------------
Series 1996 C VRD RB 3.85%, 09/01/30(b) A-1+ VMIG-1 1,300 1,300,000
- -------------------------------------------------------------------------------------------
Series 2000 C VRD RB 3.85%, 03/01/40(b) A-1+ VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Platte (County of) Industrial Development
Authority (Southern Platte County Athletic
Assoc. Inc.); Series 2005 A, Recreational
Facilities VRD IDR (LOC-Bank of America,
N.A.)
3.76%, 10/01/25(d)(e) -- VMIG-1 2,140 2,140,000
- -------------------------------------------------------------------------------------------
St. Louis (County of) Industrial Development
Authority (Westport Station Apartments);
Series 2006, Refunding Multi-Family Housing
VRD IDR (CEP-Federal National Mortgage
Association)
3.78%, 04/15/27(e) A-1+ -- 4,970 4,970,000
- -------------------------------------------------------------------------------------------
St. Louis (County of) Industrial Development
Authority (Whitfield School Inc.); Series
2004 B, Educational Facilities Refunding
VRD IDR (LOC-U.S. Bank, N.A.)
3.78%, 06/15/24(d)(e) A-1+ -- 2,185 2,185,000
===========================================================================================
67,147,141
===========================================================================================
MONTANA-0.03%
Montana (State of) Facility Finance Authority
(Mission Ridge Project); Series 2002, VRD
RB (LOC-LaSalle Bank N.A.)
3.77%, 08/01/27(d)(e)(l)(n) -- -- 1,114 1,114,000
===========================================================================================
NEBRASKA-3.19%
American Public Energy Agency Nebraska (State
of) Gas Supply (National Public Gas Agency
Project); Series 2003 A, VRD RB 3.75%,
02/01/14(e)(g) A-1+ VMIG-1 19,329 19,329,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NEBRASKA-(CONTINUED)
Nebhelp Inc.; Series 1985 A Multi-Mode VRD RB
(INS-MBIA Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 $32,475 $ 32,475,000
- -------------------------------------------------------------------------------------------
Series 1985 B Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 3,590 3,590,000
- -------------------------------------------------------------------------------------------
Series 1985 C Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Series 1985 D Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 5,865 5,865,000
- -------------------------------------------------------------------------------------------
Series 1985 E Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 28,635 28,635,000
- -------------------------------------------------------------------------------------------
Nebraska (State of) Educational Finance
Authority (Concordia University Project);
Series 2005, VRD RB (LOC-Fifth Third Bank)
3.94%, 12/15/35(b)(d) A-1+ -- 4,050 4,050,000
- -------------------------------------------------------------------------------------------
Nebraska (State of) Educational Finance
Authority (Creighton University Project);
Series 2003 VRD RB (INS-Ambac Assurance
Corp.)
3.85%, 03/01/33(b)(c) -- VMIG-1 13,625 13,625,000
- -------------------------------------------------------------------------------------------
Series 2005 C VRD RB (INS-Financial
Guaranty Insurance Co.)
3.85%, 07/01/35(b)(c) -- VMIG-1 1,900 1,900,000
===========================================================================================
129,469,000
===========================================================================================
NEVADA-0.32%
ABN AMRO Munitops Ctfs. Trust (Henderson
(City of)) Series 2004-43, Multi-State
Non-AMT VRD GO Ctfs. (Acquired 03/28/06;
Cost $6,500,000)
3.79%, 12/01/12(e)(h)(i) -- VMIG-1 6,500 6,500,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Washoe (County
of)); Series 2001-24, Refunding VRD Limited
Tax Single Asset Trust Ctfs. (Acquired
06/21/01; Cost $6,500,000)
3.79%, 07/01/09(e)(h)(i) -- VMIG-1 6,500 6,500,000
===========================================================================================
13,000,000
===========================================================================================
</Table>
F-17
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NEW HAMPSHIRE-0.52%
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(New Hampshire (State of) Higher
Educational & Health Facilities Authority);
Series 2003-772 Refunding VRD RB (Acquired
01/22/03; Cost $5,186,500)
3.78%, 01/01/17(e)(h)(i) A-1 -- $ 5,187 $ 5,186,500
- -------------------------------------------------------------------------------------------
Series 2003-866 Refunding VRD RB (Acquired
10/23/03; Cost $7,185,000)
3.78%, 08/15/21(e)(h)(i) A-1 -- 7,185 7,185,000
- -------------------------------------------------------------------------------------------
New Hampshire (State of) Health & Education
Facilities Authority (Antioch University
Issue); Series 2004, Refunding Educational
Facilities VRD RB (LOC-National City Bank)
3.77%, 12/01/24(d)(e) A-1 -- 4,175 4,175,000
- -------------------------------------------------------------------------------------------
New Hampshire (State of) Health & Educational
Facilities Authority (Southern New
Hampshire Medical Center); Series 2001-866,
VRD RB (LOC-Bank of America, N.A.)
3.80%, 10/01/30(d)(e) -- VMIG-1 4,600 4,600,000
===========================================================================================
21,146,500
===========================================================================================
NEW JERSEY-0.31%
JPMorgan PUTTERs (New Jersey (State of)
Transportation Trust Fund Authority);
Series 2006-1403, VRD RB (Acquired
07/19/06; Cost $1,500,000)
3.78%, 06/15/15(e)(h)(i) A-1+ -- 1,500 1,500,000
- -------------------------------------------------------------------------------------------
Middlesex (County of); Series 2005, Unlimited
BAN GO 4.50%, 12/26/06 SP-1+ MIG-1 10,835 10,857,014
===========================================================================================
12,357,014
===========================================================================================
NEW MEXICO-1.19%
Bernalillo (County of); Series 2006,
Unlimited Tax TRAN GO 4.50%, 06/29/07 -- MIG-1 34,000 34,186,716
- -------------------------------------------------------------------------------------------
New Mexico (State of) Finance Authority
(University of New Mexico Health Sciences
Center Project); Series 2004 B, VRD
Cigarette Tax RB (INS-MBIA Insurance Corp.)
3.80%, 04/01/19(c)(e) A-1+ VMIG-1 4,485 4,485,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NEW MEXICO-(CONTINUED)
New Mexico (State of) Financing Authority
(Public Project Revolving Fund); Series
2006 D, Sr. Lien RB (INS-Ambac Assurance
Corp.)
4.50%, 06/01/07(c) AAA Aaa $ 3,755 $ 3,773,850
- -------------------------------------------------------------------------------------------
New Mexico (State of) Highway Commission;
Series 2001 A, Sr. Sub. Lien RB 5.00%,
06/15/07 AAA Aa2 3,750 3,782,894
- -------------------------------------------------------------------------------------------
New Mexico (State of) Hospital Equipment Loan
Council (Dialysis Clinic, Inc. Project);
Series 2000, VRD RB (LOC-SunTrust Bank)
3.81%, 07/01/25(d)(e) -- VMIG-1 2,000 2,000,000
===========================================================================================
48,228,460
===========================================================================================
NEW YORK-1.26%
ABN AMRO Munitops Ctfs. Trust (Triborough
Bridge & Tunnel Authority); Series 2002-31,
Non-AMT VRD Ctfs. (Acquired 03/24/04; Cost
16,000,000)
3.77%, 11/15/10(e)(h)(i) -- VMIG-1 16,000 16,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (New York (State of)
Thruway Authority); Series 2006-0111 A, VRD
RB (Acquired 05/03/06; Cost $12,000,000)
3.78%, 01/01/32(e)(h)(i) A-1+ -- 12,000 12,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (New York (City of)); Series
2006-1318, Unlimited Tax VRD GO (Acquired
05/03/06; Cost $1,500,000)
3.78%, 06/01/13(e)(h)(i) A-1+ -- 1,500 1,500,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (New York (State of) Thruway
Authority (Second General Highway & Bridge
Trust Fund); Series 2006-1413, VRD RB
(Acquired 07/26/06; Cost $3,495,000)
3.78%, 04/01/14(e)(h)(i) A-1+ -- 3,495 3,495,000
- -------------------------------------------------------------------------------------------
New York (City of); Series 2005 E-3,
Unlimited Tax GO (LOC-Bank of America,
N.A.)
3.72%, 08/01/34(d)(e) A-1+ VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
New York (State of); Series 2000 B, VRD
Unlimited GO (LOC-Dexia Bank)
3.60%, 03/15/30(d)(g)(j) A-1+ VMIG-1 12,000 12,000,000
===========================================================================================
51,195,000
===========================================================================================
</Table>
F-18
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NORTH CAROLINA-3.88%
Charlotte (City of); Series 2006 Commercial
Paper BAN GO 3.32%, 10/05/06 A-1+ -- $10,200 $ 10,200,000
- -------------------------------------------------------------------------------------------
3.63%, 12/18/06 A-1+ -- 7,600 7,600,000
- -------------------------------------------------------------------------------------------
3.53%, 02/01/07 A-1+ -- 3,900 3,900,000
- -------------------------------------------------------------------------------------------
3.56%, 02/01/07 A-1+ -- 8,300 8,300,000
- -------------------------------------------------------------------------------------------
3.59%, 02/01/07 A-1+ -- 4,800 4,800,000
- -------------------------------------------------------------------------------------------
3.65%, 02/01/07 A-1+ -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
3.68%, 02/01/07 A-1+ -- 4,700 4,700,000
- -------------------------------------------------------------------------------------------
3.70%, 02/01/07 A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Industrial Facilities &
Pollution Control Financing Authority (YWCA
Winston); Series 2005, Recreational VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 12/01/30(d)(e) -- VMIG-1 2,750 2,750,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Barton College); Series
2004, Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 07/01/19(d)(e) -- VMIG-1 5,165 5,165,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Canterbury School Project);
Series 2002, Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 08/01/22(d)(e) -- VMIG-1 1,440 1,440,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Forsyth Country Day
School); Series 2005, Educational
Facilities VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 12/01/31(d)(e) -- VMIG-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Guilford College); Series
2005 B, Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 09/01/35(d)(e) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NORTH CAROLINA-(CONTINUED)
North Carolina (State of) Capital Facilities
Finance Agency (Salem Academy & College
Project); Series 2005, Educational
Facilities VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 08/01/30(d)(e) -- VMIG-1 $ 2,260 $ 2,260,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Carolina Meadows Inc. Project);
Series 2004, Health Care Facilities VRD
(LOC-Allied Irish Banks PLC)
3.77%, 12/01/34(d)(e)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Lexington Memorial Hospital
Project); Series 1997, VRD RB LOC-Wachovia
Bank, N.A.)
3.80%, 04/01/10(b)(d) -- VMIG-1 2,170 2,170,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Moses Cone Health System);
Series 2001 B, VRD RB 3.70%, 10/01/35(e) A-1+ -- 22,200 22,200,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Person Memorial Hospital);
Series 2005, Health Care Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 01/01/35(d)(e) -- VMIG-1 2,500 2,500,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Pooled Equipment Financing
Project); Series 1985, Hospital VRD ACES
(INS-MBIA Insurance Corp.)
3.78%, 12/01/25(c)(e) A-1 VMIG-1 8,500 8,500,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Southeastern Regional Medical
Center); Series 2005, Hospital VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 06/01/37(d)(e) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Westcare Health System); Series
2002 A, Hospital VRD RB (LOC-Branch Banking
& Trust Co.)
3.78%, 09/01/22(d)(e) -- VMIG-1 9,360 9,360,000
- -------------------------------------------------------------------------------------------
</Table>
F-19
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NORTH CAROLINA-(CONTINUED)
North Carolina (State of) Medical Care
Commission Retirement Facilities (First
Mortgage United Methodist); Series 2005 B
VRD RB (LOC-Branch Banking & Trust Co.)
3.78%, 10/01/08(d)(e) -- VMIG-1 $ 1,300 $ 1,300,000
- -------------------------------------------------------------------------------------------
3.78%, 10/01/35(d)(e) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission; Series 2004 C, Health Care
Facilities Refunding 1st Mortgage VRD RB
(LOC-SunTrust Bank)
3.78%, 11/01/27(d)(e) -- VMIG-1 4,765 4,765,000
- -------------------------------------------------------------------------------------------
Union (County of); Series 2006, Commercial
Paper BAN 3.54%, 12/27/06 A-1+ P-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
University of North Carolina at Chapel Hill
(Board of Governers); Series 2006 B,
Commercial Paper Notes
3.55%, 10/19/06 A-1+ P-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Wake (County of); Series 2006 Commercial
Paper BAN 3.58%, 02/05/07 A-1+ P-1 14,220 14,220,000
- -------------------------------------------------------------------------------------------
3.70%, 04/16/07 A-1+ P-1 9,750 9,750,000
- -------------------------------------------------------------------------------------------
Winston-Salem (City of); Series 2006 C, VRD
COP 3.73%, 08/01/11(e) A-1+ VMIG-1 3,500 3,500,000
===========================================================================================
157,380,000
===========================================================================================
OHIO-1.51%
ABN AMRO Munitops Ctfs. Trust (Olentangy
Local School District); Series 2006-04,
Multi-State Non-AMT VRD GO Ctfs. (Acquired
02/16/06; Cost $2,865,000)
3.78%, 06/01/14(e)(h)(i) -- VMIG-1 2,865 2,865,000
- -------------------------------------------------------------------------------------------
Cambridge (City of) Hospital Facilities
(Regional Medical Center Project); Series
2001, Refunding & Improvement VRD RB
(LOC-National City Bank)
3.76%, 12/01/21(d)(e) -- VMIG-1 9,990 9,990,000
- -------------------------------------------------------------------------------------------
Centerville (City of) (Bethany Lutheran
Village Project); Series 1994, Health Care
VRD RB (LOC-National City Bank)
3.78%, 11/01/13(d)(e) -- VMIG-1 2,835 2,835,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OHIO-(CONTINUED)
Cincinnati & Hamilton (County of) Economic
Development Port Authority (Kenwood Office
Association Project); Series 1985, VRD RB
(LOC-Fifth Third Bank)
3.94%, 09/01/25(b)(d) A-1+ -- $ 1,600 $ 1,600,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
Economic Development (Carnegie/96th
Research Building Project); Series 2003,
VRD RB (LOC-Fifth Third Bank)
3.80%, 01/01/33(d)(e) A-1+ VMIG-1 6,800 6,800,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
Economic Development (Euclid/93rd Garage
Office); Series 2003, VRD RB (LOC-Fifth
Third Bank)
3.80%, 01/01/34(d)(e) A-1+ VMIG-1 4,815 4,815,000
- -------------------------------------------------------------------------------------------
Columbus (City of) Sewer System; Series 1994,
Refunding VRD RB 3.74%, 06/01/11(e) A-1+ VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Health Care Facilities
(First Community Village); Series 2005,
Refunding & Improvement VRD RB (LOC-KBC
Bank N.V.)
3.77%, 03/01/36(d)(e)(g) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Mahoning (County of) Hospital Facilities
(Forum Health Obligation Group); Series
2002 B, VRD RB (LOC-Fifth Third Bank)
3.77%, 12/01/27(d)(e) -- VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Marion (County of) (Pooled Lease Program);
Series 1990, Hospital Improvement VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.77%, 08/01/20(d)(e) A-1+ -- 1,080 1,080,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) (St. Vincent DePaul
Society); Series 1996, Limited Obligation
VRD RB (LOC-National City Bank)
3.77%, 12/01/10(d)(e) A-1 -- 1,205 1,205,000
- -------------------------------------------------------------------------------------------
Ohio (State of) Water Development Authority
(Timken Co. (The) Project); Series 1993,
Refunding VRD RB (LOC-Wachovia Bank, N.A.)
3.80%, 05/01/07(d)(e) A-1+ P-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
</Table>
F-20
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
OHIO-(CONTINUED)
University of Toledo; Series 2002, General
Receipts VRD RB (INS-Financial Guaranty
Insurance Co.)
3.85%, 06/01/32(b)(c) A-1+ VMIG-1 $15,000 $ 15,000,000
===========================================================================================
61,090,000
===========================================================================================
OKLAHOMA-1.39%
Oklahoma (County of) Finance Authority
(Oxford Oaks Apartments Projects); Series
2000, Refunding Multi-Family Housing VRD RB
(CEP-Federal National Mortgage Association)
3.77%, 07/15/30(e)(n) A-1+ -- 13,844 13,844,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Development Finance
Authority (Capitol Dome Project); Series
2001, VRD RB (LOC-Bank of America, N.A.)
3.84%, 06/01/11(d)(e) A-1+ -- 2,320 2,320,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Water Resources Board;
Series 1995 State Loan Program VRD RB
3.60%, 09/01/24(m) A-1+ -- 4,295 4,295,000
- -------------------------------------------------------------------------------------------
Series 1997 State Loan Project VRD RB
3.60%, 09/01/26(m) A-1+ -- 5,650 5,650,000
- -------------------------------------------------------------------------------------------
Series 2001 State Loan Program VRD RB
3.50%, 10/01/34(m) A-1+ -- 4,560 4,560,000
- -------------------------------------------------------------------------------------------
Series 2003 A State Loan Program VRD RB
3.50%, 10/01/36(m) A-1+ -- 3,350 3,350,000
- -------------------------------------------------------------------------------------------
Tulsa (City of) Industrial Authority (YMCA of
Greater Tulsa Project); Series 1999, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 05/01/19(d)(e)(l) -- -- 1,040 1,040,000
- -------------------------------------------------------------------------------------------
Tulsa (County of) Industrial Authority
(Capital Improvements); Series 2003 A VRD
RB 3.70%, 05/15/17(m) A-1+ -- 18,000 18,000,000
- -------------------------------------------------------------------------------------------
Series 2006 D RB (INS-Financial Securities
Assurance Inc.)
4.25%, 07/01/07(c) AAA -- 3,050 3,065,402
===========================================================================================
56,124,402
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OREGON-0.23%
JPMorgan PUTTERs (Portland (City of)); Series
2004-614, Sewer System VRD RB (Acquired
12/02/04; Cost $1,595,000)
3.78%, 10/01/12(e)(h)(i) -- VMIG-1 $ 1,595 $ 1,595,000
- -------------------------------------------------------------------------------------------
Portland (City of) (South Park Block
Project); Series 1988, Multi-Family Housing
VRD RB (LOC-Harris N.A.)
3.80%, 12/01/11(d)(e) A-1+ -- 7,850 7,850,000
===========================================================================================
9,445,000
===========================================================================================
PENNSYLVANIA-3.96%
ABN AMRO Munitops Ctfs. Trust (Pennsylvania
(State of) Public School Building
Authority); Series 2001-30 Non-AMT VRD
Ctfs. (Acquired 10/31/02; Cost $5,000,000)
3.78%, 09/01/09(e)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Series 2003-24 Non-AMT VRD Ctfs. (Acquired
03/08/04; Cost $16,500,000) 3.78%,
06/01/11(e)(h)(i) -- VMIG-1 16,500 16,500,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Reading (City
of) School District); Series 2003-20, Non-
AMT VRD Ctfs. (Acquired 03/02/05; Cost
$4,225,000)
3.78%, 07/15/11(e)(h)(i)(l) -- -- 4,225 4,225,000
- -------------------------------------------------------------------------------------------
Allegheny (County of) Hospital Development
Authority (Presbyterian Health Center);
Series 1990 A VRD RB (INS-MBIA Insurance
Corp.)
3.80%, 03/01/20(c)(e) A-1+ VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Series 1990 B VRD RB (INS-MBIA Insurance
Corp.)
3.80%, 03/01/20(c)(e) A-1+ VMIG-1 1,250 1,250,000
- -------------------------------------------------------------------------------------------
Series 1990 D VRD RB (INS-MBIA Insurance
Corp.)
3.80%, 03/01/20(c)(e) A-1+ VMIG-1 1,425 1,425,000
- -------------------------------------------------------------------------------------------
</Table>
F-21
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Allegheny (County of) Hospital Development
Authority (Presbyterian University
Hospital); Series 1988 B-2 Hospital
Development VRD ACES (LOC-JPMorgan Chase
Bank, N.A.)
3.80%, 03/01/18(d)(e) -- VMIG-1 $ 1,115 $ 1,115,000
- -------------------------------------------------------------------------------------------
Series 1988 B-3 Hospital Development VRD
ACES (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 03/01/18(d)(e) -- VMIG-1 3,465 3,465,000
- -------------------------------------------------------------------------------------------
Butler (County of) General Authority (Mars
Area School District Refunding Project);
Series 2006, VRD RB (INS-Financial Security
Assurance Inc.)
3.75%, 09/01/19(c)(e) AAA Aaa 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Cumberland (County of) Municipal Authority
(Wesley Affiliated Services); Series 2005,
Refunding VRD RB (LOC-KBC Bank N.V.)
3.77%, 01/01/38(d)(e)(g) A-1+ -- 16,000 16,000,000
- -------------------------------------------------------------------------------------------
Delaware (County of) Authority (White Horse
Village Project); Series 2006 B VRD RB
(LOC-Citizens Bank of Pennsylvania)
3.86%, 07/01/30(b)(d) -- VMIG-1 1,215 1,215,000
- -------------------------------------------------------------------------------------------
3.86%, 07/01/36(b)(d) -- VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Delaware Valley
Regional Financial Authority Local
Government); Series 2004-0026 Class A, VRD
RB (Acquired 08/01/06; Cost $5,490,000)
3.79%, 08/01/28(e)(h)(i) A-1+ -- 5,490 5,490,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Delaware Valley
Regional Financial Authority); Series
2001-3801 Class A, VRD COP (Acquired
06/04/01; Cost $8,900,000)
3.79%, 08/01/28(e)(h)(i) A-1+ -- 8,900 8,900,000
- -------------------------------------------------------------------------------------------
Emmaus (City of) General Authority; Series
2000 A, Pennsylvania Loan Program VRD RB
(INS-Financial Security Assurance Inc.)
3.76%, 03/01/30(c)(e) A-1+ -- 9,150 9,150,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
PENNSYLVANIA-(CONTINUED)
Franklin (County of) Industrial Development
Authority (Chambersburg Hospital Obligated
Group Projects); Series 2000, Health Care
VRD IDR (INS-Ambac Assurance Corp.)
3.79%, 12/01/24(c)(e) A-1+ -- $ 3,000 $ 3,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Pittsburgh (City of));
Series 2006-1367T, Unlimited Tax VRD GO
(Acquired 06/07/06; Cost $6,195,000)
3.78%, 03/01/14(e)(h)(i) -- VMIG-1 6,195 6,195,000
- -------------------------------------------------------------------------------------------
Lackawanna (County of); Series 2004 B,
Unlimited Tax GO (INS-Financial Security
Assurance Inc.)
3.78%, 10/15/29(c)(e) A-1+ -- 13,135 13,135,000
- -------------------------------------------------------------------------------------------
Luzerne (County of) Industrial Development
Authority (Methodist Homes); Series 2003,
VRD IDR (LOC-Bank of New York)
3.80%, 02/01/29(d)(e) A-1+ -- 3,100 3,100,000
- -------------------------------------------------------------------------------------------
Pennsylvania (State of) Economic Development
Financing Authority (Hospital Enhancement
Loan Program); Series 2006 A3, Treasury
Department Hospital VRD RB (LOC-National
City Bank of Pennsylvania)
3.76%, 06/01/21(d)(e) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Pennsylvania (State of) Higher Educational
Facilities Authority (Washington &
Jefferson Development); Series 2005 A, VRD
RB (LOC-UniCredito Italiano S.p.A.)
3.77%, 11/01/36(d)(e)(g) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Gas Works; Series 2004
A-2, Fifth VRD RB (LOC-Bank of Nova Scotia,
JPMorgan Chase Bank, N.A.)
3.80%, 09/01/34(d)(e)(g) A-1+ VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Hospitals & Higher
Education Facilities Authority (Temple
University); Series 2005 A, Hospital VRD RB
(LOC-Wachovia Bank, N.A.)
3.78%, 07/01/27(d)(e) A-1+ VMIG-1 9,300 9,300,000
- -------------------------------------------------------------------------------------------
</Table>
F-22
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Philadelphia (City of) Industrial Development
Authority (Pennsylvania School for the
Deaf); Series 2002, VRD IDR (LOC-Citizens
Bank of Pennsylvania)
3.79%, 11/01/32(d)(e) -- VMIG-1 $ 2,895 $ 2,895,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) School District;
Series 2006 A, School Unlimited Tax TRAN GO
(LOC-Bank of America, N.A.)
4.50%, 06/29/07(d) SP-1+ MIG-1 9,000 9,046,156
- -------------------------------------------------------------------------------------------
Pottstown (Borough of) Authority (The Hill
School Project); Series 2002, Educational
Facilities VRD RB (LOC-Allied Irish Banks
PLC)
3.78%, 08/01/32(d)(e)(g) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
Washington (County of) Authority (Girard
Estate Project); Series 1999, Refunding RB
(LOC-JPMorgan Chase Bank, N.A.) (Acquired
08/29/06; Cost $1,920,000)
3.78%, 06/01/27(d)(e)(h) A-1+ -- 1,920 1,920,000
===========================================================================================
160,626,156
===========================================================================================
RHODE ISLAND-0.07%
Rhode Island (State of) Health & Educational
Building Corp. (Paul Cuffee School); Series
2002, Educational Institution VRD RB
(LOC-Citizens Bank of Rhode Island)
3.76%, 08/01/32(d)(e) A-1+ -- 2,845 2,845,000
===========================================================================================
SOUTH CAROLINA-2.70%
Charleston (County of) School District
Development Corp.; Series 2006, Unlimited
GO Notes
4.00%, 03/01/07 AA Aa1 20,325 20,366,376
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (South Carolina (State
of) Public Service Authority); Series
2000-4001 A VRD COP (Acquired 09/08/00;
Cost $10,100,000) 3.79%, 01/01/22(e)(h)(i) A-1+ -- 10,100 10,100,000
- -------------------------------------------------------------------------------------------
Series 2004-0017 Class A VRD RB (Acquired
08/01/06; Cost $5,000,000)
3.79%, 01/01/39(e)(h)(i) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
SOUTH CAROLINA-(CONTINUED)
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(South Carolina (State of) Transportation
Infrastructure Bank); Series 2002-728,
Floating Rate Trust Ctfs. VRD RB (Acquired
11/13/02; Cost $7,185,000)
3.78%, 10/01/22(e)(h)(i) -- VMIG-1 $ 7,185 $ 7,185,000
- -------------------------------------------------------------------------------------------
Piedmont Municipal Power Agency; Series 2004
B-1 Refunding VRD RB (INS-MBIA Insurance
Corp.)
3.73%, 01/01/34(c)(e) A-1+ VMIG-1 8,360 8,360,000
- -------------------------------------------------------------------------------------------
Series 2004 B-3
Refunding VRD RB (INS-Ambac Assurance
Corp.)
3.73%, 01/01/34(c)(e) A-1+ VMIG-1 2,210 2,210,000
- -------------------------------------------------------------------------------------------
Series 2004 B-6 Refunding VRD RB (INS-MBIA
Insurance Corp.)
3.73%, 01/01/31(c)(e) A-1+ VMIG-1 25,255 25,255,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Morris College Project);
Series 1997, VRD RB (LOC-Bank of America,
N.A.) (Acquired 07/30/02; Cost $1,900,000)
3.79%, 07/01/17(d)(e)(h) A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Newberry College Project);
Series 2005, VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 09/01/35(d)(e) -- VMIG-1 1,250 1,250,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Carolina Piedmont
Foundation Project); Series 2002, VRD RB
(LOC-Bank of America, N.A.)
3.79%, 09/01/32(d)(e)(l) -- -- 3,800 3,800,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Catholic Diocese of
South Carolina Project); Series 1998, VRD
RB (LOC-Bank of America, N.A.) (Acquired
07/23/02; Cost $2,620,000)
3.79%, 09/01/18(d)(e)(h) A-1+ -- 2,620 2,620,000
- -------------------------------------------------------------------------------------------
</Table>
F-23
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
SOUTH CAROLINA-(CONTINUED)
South Carolina (State of) Jobs-Economic
Development Authority (Goodwill Industrials
Upper South Carolina); Series 2006, VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 09/01/28(d)(e) -- VMIG-1 $ 2,200 $ 2,200,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (MUFC Central Energy
Plant); Series 2004, VRD RB (LOC-Bank of
America, N.A.)
3.74%, 08/15/32(d)(e)(l) -- -- 14,800 14,800,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Presbyterian Home of
South Carolina Project); Series 2003 A, VRD
RB (LOC-Wachovia Bank, N.A.)
3.80%, 04/01/20(d)(e) A-1+ -- 4,360 4,360,000
===========================================================================================
109,406,376
===========================================================================================
SOUTH DAKOTA-0.33%
South Dakota (State of) Health & Educational
Facilities Authority (Rapid City Regional
Hospital); Series 2003, Hospital VRD RB
(INS-MBIA Insurance Corp.)
3.85%, 09/01/27(b)(c) -- VMIG-1 13,200 13,200,000
===========================================================================================
TENNESSEE-2.82%
Blount (County of) Public Building Authority
(Local Government Public Improvement);
Series 2001 A-2-E VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 06/01/35(b)(c) -- VMIG-1 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Series 2005 A-7-B
VRD RB (INS-Ambac Assurance Corp.)
3.76%, 06/01/24(c)(e) -- VMIG-1 3,045 3,045,000
- -------------------------------------------------------------------------------------------
Series 2005 D-5-A VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/36(b)(c) -- VMIG-1 3,175 3,175,000
- -------------------------------------------------------------------------------------------
Series 2005 D-5-F VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/36(b)(c) -- VMIG-1 1,125 1,125,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TENNESSEE-(CONTINUED)
Dayton (City of) Industrial Development Board
(Bryan College Dorm Project); Series 2001,
VRD IDR (LOC-Regions Bank)
3.76%, 07/01/36(d)(e) -- VMIG-1 $ 7,000 $ 7,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Chattanooga (City
of)); Series 2000-4202 A, VRD COP (Acquired
10/10/00; Cost $14,040,000)
3.79%, 10/01/27(e)(h)(i) A-1+ -- 14,040 14,040,000
- -------------------------------------------------------------------------------------------
Greeneville (City of) Industrial Development
Board (Pet Inc. Project); Series 1993, VRD
Refunding IDR (LOC-BNP Paribas)
3.78%, 05/01/13(d)(e)(g) -- Aa2 1,510 1,510,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Memphis (City of)); Series
2006 1350, Electrical System VRD RB
(Acquired 05/24/06; Cost $4,800,000)
3.78%, 12/01/11(e)(h)(i) A-1+ -- 4,800 4,800,000
- -------------------------------------------------------------------------------------------
Metropolitan Government of Nashville &
Davidson (County of) Health & Educational
Facilities Bond (Adventist Health Systems);
Series 1997 A, VRD RB (LOC-SunTrust Bank)
3.75%, 11/15/27(d)(e) A-1+ VMIG-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Public Building
Authority (Tennessee County Loan Pooled
Financing); Series 2002, VRD RB (LOC-Bank
of America, N.A.)
3.85%, 04/01/32(b)(d) -- VMIG-1 7,100 7,100,000
- -------------------------------------------------------------------------------------------
Morristown (City of) Health Educational &
Housing Facilities Board (All Saints
Episcopal School); Series 2001, VRD RB
(LOC-SunTrust Bank)
3.80%, 08/01/16(d)(e) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Oak Ridge (City of) Industrial Development
Board (Oak Ridge Associated Universities,
Inc.); Series 2002, VRD RB (LOC-Allied
Irish Banks PLC)
3.77%, 09/01/32(d)(e)(g) -- VMIG-1 4,200 4,200,000
- -------------------------------------------------------------------------------------------
</Table>
F-24
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TENNESSEE-(CONTINUED)
Sevier (County of) Public Building Authority
(Local Government Public Improvement);
Series 1995 A VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/15(c)(e)(n) -- VMIG-1 $ 500 $ 500,000
- -------------------------------------------------------------------------------------------
Series 1996 F-2 VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/11(c)(e) -- VMIG-1 3,715 3,715,000
- -------------------------------------------------------------------------------------------
Series 1996 G-1 VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/16(c)(e) -- VMIG-1 4,480 4,480,000
- -------------------------------------------------------------------------------------------
Series 1997 A-1 VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/22(c)(e) -- VMIG-1 5,900 5,900,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-3 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/10(c)(e) -- VMIG-1 1,085 1,085,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-5 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/17(c)(e) -- VMIG-1 1,170 1,170,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-1 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/17(c)(e) -- VMIG-1 880 880,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-2 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/17(c)(e) -- VMIG-1 995 995,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-4 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/09(c)(e) -- VMIG-1 315 315,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-5 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/27(c)(e) -- VMIG-1 2,155 2,155,000
- -------------------------------------------------------------------------------------------
Series 1999 II A-1 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/24(c)(e) -- VMIG-1 6,300 6,300,000
- -------------------------------------------------------------------------------------------
Series 2004 IV-C-3 VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 06/01/31(b)(c) -- VMIG-1 4,075 4,075,000
- -------------------------------------------------------------------------------------------
Series 2005 V1-G-1 VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/25(b)(c) -- VMIG-1 6,400 6,400,000
- -------------------------------------------------------------------------------------------
Series 2005 VI-F-4 VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/24(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TENNESSEE-(CONTINUED)
Shelby (County of) Health, Educational &
Housing Facilities Board (Memphis College
Art Project); Series 2003, VRD RB
(LOC-Regions Bank)
3.77%, 08/01/23(d)(e) -- VMIG-1 $ 3,885 $ 3,885,000
- -------------------------------------------------------------------------------------------
Shelby (County of) Health, Educational &
Housing Facilities Board (Memphis
University School Project); Series 2006,
VRD RB (LOC-SunTrust Bank)
3.76%, 07/01/26(d)(e) -- VMIG-1 4,590 4,590,000
- -------------------------------------------------------------------------------------------
Shelby (County of) Health, Educational &
Housing Facilities Board (Southern College
of Optometry Project); Series 2001, VRD RB
(LOC-Allied Irish Banks PLC)
3.77%, 06/01/26(d)(e)(g) -- VMIG-1 4,900 4,900,000
- -------------------------------------------------------------------------------------------
Williamson (County of) Industrial Development
Board (Currey Ingram Academy); Series 2003,
Educational Facilities VRD RB (LOC-SunTrust
Bank)
3.85%, 04/01/23(d)(e) -- VMIG-1 2,300 2,300,000
===========================================================================================
114,140,000
===========================================================================================
TEXAS-14.24%
ABN AMRO Munitops Ctfs. Trust (Duncanville
(City of) Independent School District);
Series 2006-22, Unlimited Asset 14 Non-AMT
VRD GO (Acquired 05/22/06; Cost
$10,000,000)
3.79%, 02/15/14(e)(h)(i)(l) -- -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Edinburg (City
of) Independent School District); Series
2005-47, Unlimited Single Non-AMT VRD GO
(Acquired 04/27/06; Cost $5,470,000)
3.79%, 02/15/13(e)(h)(i)(l) -- -- 5,470 5,470,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Leander (City
of) Independent School District); Series
2002-16, Unlimited Multi-State Non-AMT VRD
Ctfs. (Acquired 08/20/03; Cost $5,395,000)
3.79%, 08/15/10(e)(h)(i) -- VMIG-1 5,395 5,395,000
- -------------------------------------------------------------------------------------------
</Table>
F-25
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (North East
Independent School District); Series
2000-13, Multi-State Non-AMT VRD RB
(Acquired 11/17/05; Cost $8,500,000)
3.77%, 02/06/08(e)(h)(i) -- VMIG-1 $ 8,500 $ 8,500,000
- -------------------------------------------------------------------------------------------
Aldine (City of) Independent School District;
Series 2003, Unlimited Tax School Building
VRD GO (CEP-Texas Permanent School Fund)
3.72%, 06/15/28(k) A-1+ VMIG-1 3,650 3,650,000
- -------------------------------------------------------------------------------------------
Arlington (City of) (Dallas Cowboys); Series
2005 B, Special Obligation VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 08/15/35(c)(e) A-1+ VMIG-1 15,465 15,465,000
- -------------------------------------------------------------------------------------------
Austin (City of) Utility Systems; Series
1998, Refunding Combined RB (INS-Ambac
Assurance Corp.)
6.50%, 11/15/06(c) AAA Aaa 6,000 6,020,952
- -------------------------------------------------------------------------------------------
Bexar (County of) Health Facilities
Development Corp. (Warm Springs
Rehabilitation Foundation Project); Series
1997, Health Care System VRD RB
(LOC-JPMorgan Chase Bank, N.A)
3.83%, 09/01/27(d)(e) -- VMIG-1 735 735,000
- -------------------------------------------------------------------------------------------
Bowie (County of) Industrial Development
Corp. (Texarkana Newspapers Inc.); Series
1985, VRD IDR (LOC-Bank of New York)
3.86%, 11/01/25(b)(d) A-1+ -- 2,800 2,800,000
- -------------------------------------------------------------------------------------------
Brownsville (City of) Utility System; Series
2003 A, Refunding Sub Lien VRD RB (INS-MBIA
Insurance Corp.)
3.73%, 09/01/27(c)(e) A-1+ VMIG-1 12,855 12,855,000
- -------------------------------------------------------------------------------------------
Crawford (City of) Education Facilities Corp.
Package (University Parking System
Project); Series 2004 A, Refunding VRD RB
(LOC-BNP Paribas)
3.83%, 05/01/35(d)(e)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Cypress-Fairbanks (City of) Independent
School District; Series 2006, Unlimited Tax
TAN GO 4.50%, 06/14/07 SP-1+ VMIG-1 17,500 17,580,143
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Denton (County of) Upper Trinity Regulation
Water District; Series 2006 A Commercial
Paper RB (LOC-Bank of America, N.A.)
3.60%, 11/16/06(d) A-1+ P-1 $ 2,500 $ 2,500,000
- -------------------------------------------------------------------------------------------
3.65%, 11/16/06(d) A-1+ P-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
3.68%, 11/16/06(d) A-1+ P-1 2,250 2,250,000
- -------------------------------------------------------------------------------------------
3.68%, 11/16/06(d) A-1+ P-1 3,750 3,750,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Dallas (City of)
Waterworks & Sewer System); Series
2006-0109 A, VRD RB (Acquired 05/10/06;
Cost $22,295,000)
3.79%, 10/01/35(e)(h)(i) A-1+ -- 22,295 22,295,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Harris (County of)
Toll Road); Series 2002-6012 A, VRD COP
(Acquired 11/20/02; Cost $1,580,000)
3.79%, 08/15/30(e)(h)(i) A-1+ -- 1,580 1,580,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Houston (City of)
Airport); Series 2000-4307, VRD COP
(Acquired 11/15/00; Cost $15,750,000)
3.79%, 07/01/28(e)(h)(i) A-1+ -- 15,750 15,750,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Houston (City of)
Water & Sewer); Series 1997-4305 A VRD COP
(Acquired 04/27/99; Cost $14,005,000)
3.79%, 12/01/27(e)(h)(i) A-1+ -- 14,005 14,005,000
- -------------------------------------------------------------------------------------------
Series 2002-6019 A VRD COP (Acquired
11/13/02; Cost $8,910,000)
3.79%, 12/01/30(e)(h)(i) A-1+ -- 8,910 8,910,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (University of Texas
Board of Regents); Series 2006-0108 A, VRD
RB (Acquired 05/10/06; Cost $18,810,000)
3.79%, 08/15/37(e)(h)(i) A-1+ -- 18,810 18,810,000
- -------------------------------------------------------------------------------------------
Garland (City of) Industrial Development
Authority Inc. (Carroll Co. Project);
Series 1984, VRD IDR (LOC-Wells Fargo Bank,
N.A.) (Acquired 07/19/06; Cost $1,300,000)
3.83%, 12/01/14(d)(e)(h) -- Aaa 1,300 1,300,000
- -------------------------------------------------------------------------------------------
</Table>
F-26
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Grand Prairie (City of) Housing Finance Corp.
(Lincoln Property Co.); Series 1993,
Refunding Multi-Family Housing VRD RB
(CEP-General Electric Corp.)
3.80%, 06/01/10(e) A-1+ -- $ 2,700 $ 2,700,000
- -------------------------------------------------------------------------------------------
Harris (County of) Health Facilities
Development Corp. (St. Luke's Episcopal);
Series 2005 A, Refunding Hospital RB
(INS-Financial Guaranty Insurance Co.)
3.80%, 02/15/32(c)(e) A-1+ VMIG-1 12,820 12,820,000
- -------------------------------------------------------------------------------------------
Harris (County of) Health Facilities
Development Corp. (Texas Medical Center
Project); Series 2001, Special Facilities
VRD RB (INS-MBIA Insurance Corp.)
3.89%, 09/01/31(b)(c) A-1+ VMIG-1 10,200 10,200,000
- -------------------------------------------------------------------------------------------
Harris (County of) Hospital District; Series
2006 A, Sub. Lien Commercial Paper
(LOC-Bank of America, N.A.)
3.65%, 01/16/07(d) A-1+ -- 13,651 13,651,000
- -------------------------------------------------------------------------------------------
Hockley (County of) Industrial Development
Corp. (AMOCO Project); Series 1985, VRD PCR
3.68%, 11/01/19(g)(m) A-1+ P-1 10,640 10,640,000
- -------------------------------------------------------------------------------------------
Hockley (County of) Industrial Development
Corp. (AMOCO Project-Standard Oil Co.);
Series 1983, VRD PCR 3.65%, 03/01/14(g)(m) A-1+ -- 15,000 15,007,267
- -------------------------------------------------------------------------------------------
Houston (City of) Higher Education Finance
Corp. (Houston Baptist University); Series
2000, Higher Education Refunding VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 07/01/20(d)(e)(l) -- -- 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Houston (City of) Higher Education Finance
Corp. (Tierwester Oaks); Series 2003 A,
Housing VRD RB (LOC-Bank of New York)
3.65%, 03/01/33(d)(f) -- VMIG-1 11,005 11,005,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Houston (City of); Series 2006 TRAN
4.50%, 06/29/07(l) -- -- $10,000 $ 10,058,601
- -------------------------------------------------------------------------------------------
Series 2006 B Commercial Paper Notes GO
3.53%, 12/28/06 A-1+ P-1 4,500 4,500,000
- -------------------------------------------------------------------------------------------
Series 2006 D Commercial Paper Notes GO
3.53%, 10/10/06 A-1+ P-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Alamo Heights (City of)
Independent School District); Series
2005-980, Unlimited VRD GO (Acquired
08/28/06; Cost $6,430,000)
3.78%, 02/01/12(e)(h)(i) -- VMIG-1 6,430 6,430,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Austin (City of) Water &
Wastewater Systems); Series 2006-1319, VRD
RB (Acquired 05/03/06; Cost $3,025,000)
3.78%, 11/15/13(e)(h)(i) A-1+ -- 3,025 3,025,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Bexar (County of)); Series
2004-530, Limited Tax VRD GO (Acquired
10/28/04; Cost $4,610,000)
3.78%, 06/15/12(e)(h)(i) -- VMIG-1 4,610 4,610,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Brownsville (City Of));
Series 2005-1038, Unlimited VRD GO
(Acquired 07/21/06; Cost $6,700,000)
3.78%, 02/15/13(e)(h)(i) A-1 -- 6,700 6,700,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Nueces River Authority
Water Supply); Series 2006-1412, VRD RB
(Acquired 07/19/06; Cost $1,950,000)
3.78%, 07/15/13(e)(h)(i) A-1+ -- 1,950 1,950,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Texas Tech University
System); Series 2006-1373, VRD RB (Acquired
07/21/06; Cost $5,195,000)
3.78%, 02/15/14(e)(h)(i) A-1+ -- 5,195 5,195,000
- -------------------------------------------------------------------------------------------
Kendleton (City of) Higher Education Finance
Corp. (Dallas Theological Project); Series
2003 A, VRD Limited Tax Obligation RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 07/01/33(d)(e) A-1+ -- 2,400 2,400,000
- -------------------------------------------------------------------------------------------
</Table>
F-27
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Lower Colorado River Authority; Series 1999
B, Refunding RB (INS-Financial Security
Assurance Inc.)
6.00%, 05/15/07(c) AAA Aaa $ 4,000 $ 4,060,493
- -------------------------------------------------------------------------------------------
Lufkin (City of) Health Facilities
Development Corp. (Memorial Health System
of East Texas); Series 2005, Refunding VRD
RB (LOC-Wachovia Bank, N.A.)
3.85%, 02/15/35(b)(d) A-1+ -- 16,875 16,875,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Brazosport (City of)
Independent School District); Series 2003
PT-1690, Refunding VRD Unlimited Tax GO
(Acquired 02/20/03; Cost $4,838,000)
3.78%, 08/15/10(e)(h)(i) -- VMIG-1 4,838 4,838,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Lamar Consolidated
Independent School District); Series 2005
PT-2860, VRD Unlimited Tax GO (Acquired
09/09/05; Cost $9,725,000)
3.78%, 02/15/25(e)(h)(i) A-1 -- 9,725 9,725,000
- -------------------------------------------------------------------------------------------
Mesquite (City of) Health Facilities
Development Corp.; Series 2000 C,
Retirement Facility VRD RB (LOC-LaSalle
Bank N.A.)
3.77%, 02/15/30(d)(e) A-1 -- 7,435 7,435,000
- -------------------------------------------------------------------------------------------
Metropolitan Higher Education Authority
(University of Dallas Project); Series
1999, Higher Education VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.79%, 05/01/19(d)(e)(l) -- -- 5,870 5,870,000
- -------------------------------------------------------------------------------------------
Nueces (County of) Health Facilities
Development Corp. (Driscoll Children's
Foundation); Series 1985, Floating Rate RB
(LOC-JPMorgan Chase Bank, N.A.)
3.78%, 07/01/15(d)(e) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Polly Ryon Hospital Authority (Polly Ryon
Memorial Hospital); Series 2001, Hospital
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 11/01/26(d)(e) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Red River Authority (Southwestern Public
Services); Series 1996, Refunding VRD PCR
(INS-Ambac Assurance Corp.)
3.80%, 07/01/16(c)(e) A-1+ VMIG-1 $ 3,350 $ 3,350,000
- -------------------------------------------------------------------------------------------
San Antonio (City of) Electric & Gas; Series
2006 A, Commercial Paper
3.55%, 10/16/06 A-1+ P-1 7,000 7,000,000
- -------------------------------------------------------------------------------------------
San Antonio (City of) Water Authority; Series
2003 A, Refunding Sub RB (INS-MBIA
Insurance Corp.)
3.74%, 05/15/33(c)(e) A-1+ VMIG-1 3,025 3,025,000
- -------------------------------------------------------------------------------------------
San Gabriel Health Facilities Development
Corp. (YMCA of Greater Williamson County
Project); Series 2005, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.85%, 04/01/26(d)(e) -- VMIG-1 2,200 2,200,000
- -------------------------------------------------------------------------------------------
Sherman (City of) Higher Education Finance
Corp. (Austin College Project); Series
1997, Higher Education VRD RB (LOC-Bank of
America, N.A.)
3.79%, 01/01/18(d)(e)(n) A-1+ -- 7,519 7,519,000
- -------------------------------------------------------------------------------------------
Texas (State of) Public Financing Authority;
Series 1996 B Refunding Unlimited GO 5.75%,
10/01/06(o)(p) AAA NRR 10,440 10,440,000
- -------------------------------------------------------------------------------------------
Series 2002 A Commercial Paper Notes GO
3.50%, 11/16/06 A-1+ P-1 10,500 10,500,000
- -------------------------------------------------------------------------------------------
Texas (State of); Series 2006, TRAN
4.50%, 08/31/07 SP-1+ MIG-1 95,000 95,806,537
- -------------------------------------------------------------------------------------------
Texas A&M University Board of Regents
(Revenue Financing System); Series 2006,
Commercial Paper Notes
3.53%, 10/12/06 A-1+ P-1 7,600 7,600,000
- -------------------------------------------------------------------------------------------
University of Texas Board of Regents (Revenue
Financing System); Series 2006 Commercial
Paper Notes
3.55%, 10/19/06 A-1+ P-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
3.50%, 11/02/06 A-1+ P-1 15,378 15,378,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Harris (County of) Toll
Road); Series 2003-B16, VRD RB (Acquired
02/19/03; Cost $16,005,000)
3.78%, 08/15/25(e)(h)(i) -- VMIG-1 16,005 16,005,000
- -------------------------------------------------------------------------------------------
</Table>
F-28
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Wachovia MERLOTs (University of Texas);
Series 2003-B14, Refunding VRD RB (Acquired
01/29/03; Cost $7,975,000)
3.78%, 08/15/22(e)(h)(i) -- VMIG-1 $ 7,975 $ 7,975,000
===========================================================================================
576,914,993
===========================================================================================
UTAH-0.75%
Davis (County of); Series 2006, Unlimited Tax
TRAN GO 4.50%, 12/28/06 -- MIG-1 5,000 5,009,318
- -------------------------------------------------------------------------------------------
Duchesne (County of) School District (Utah
Municipal Building Authority); Series 2005,
Lease VRD RB (LOC-U.S. Bank, N.A.)
3.79%, 06/01/21(d)(e) A-1+ -- 900 900,000
- -------------------------------------------------------------------------------------------
Intermountain Power Agency; Series 1985 E
Power Supply VRD RB (INS-Ambac Assurance
Corp.)
3.60%, 07/01/18(c)(m) A-1 VMIG-1 4,260 4,260,000
- -------------------------------------------------------------------------------------------
Refunding Sub. VRD RB (INS-Ambac Assurance
Corp.)
3.53%, 07/01/14(c)(m) A-1 VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Salt Lake (County of) Housing Authority
(Crossroads Apartments Project); Series
2003, Refunding Multi-Family VRD RB
(CEP-Federal National Mortgage Association)
3.77%, 02/15/31(e) A-1+ -- 4,435 4,435,000
- -------------------------------------------------------------------------------------------
Sanpete (County of) School Facility (Wasatch
Academy); Series 2003, VRD RB (LOC-U.S.
Bank, N.A.)
3.79%, 08/01/28(d)(e) A-1+ -- 800 800,000
===========================================================================================
30,404,318
===========================================================================================
VERMONT-0.25%
Vermont (State of) Industrial Development
Authority (Central Vermont Public Service
Corp.); Series 1984, Hydroelectric VRD IDR
(LOC-Citizens Bank of Massachusetts)
3.55%, 12/01/13(d)(f) A-1+ -- 2,900 2,900,000
- -------------------------------------------------------------------------------------------
Vermont (State of) Student Assistance Corp.;
Series 1985, Student Loan VRD RB (LOC-State
Street Bank & Trust Co.)
3.66%, 01/01/08(d)(f) -- VMIG-1 7,205 7,205,000
===========================================================================================
10,105,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
VIRGINIA-0.31%
Arlington (County of) (Ballston Public
Parking); Series 1984, VRD RB (LOC-Bank of
America, N.A.)
3.80%, 08/01/17(d)(e) A-1+ -- $ 1,950 $ 1,950,000
- -------------------------------------------------------------------------------------------
Rockingham (County of) Industrial Development
Authority (Sunnyside Presbyterian Home);
Series 2003, Residential Care Facility VRD
RB (LOC-Branch Banking & Trust Co.)
3.78%, 12/01/33(d)(e) A-1+ -- 750 750,000
- -------------------------------------------------------------------------------------------
Virginia College Building Authority
Educational Facilities (21st Century
College & Equipment); Series 2005 A, RB
5.00%, 02/01/07 AAA Aa1 6,105 6,131,049
- -------------------------------------------------------------------------------------------
Winchester (City of) Industrial Development
Authority (Westminster-Cantenbury); Series
2005 B Residential Care Facility VRD IDR
(LOC-Branch Banking & Trust Co.)
3.78%, 01/01/10(d)(e) -- VMIG-1 695 695,000
- -------------------------------------------------------------------------------------------
3.78%, 01/01/35(d)(e) -- VMIG-1 3,000 3,000,000
===========================================================================================
12,526,049
===========================================================================================
WASHINGTON-3.90%
ABN AMRO Munitops Ctfs. Trust (Pierce & Lewis
(County of), #404 Eatonville); Series
2006-42, Unlimited Non-AMT VRD GO (Acquired
06/22/06; Cost $8,745,000)
3.79%, 12/01/14(e)(h)(i)(l) -- -- 8,745 8,745,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of) Municipal Light & Power); Series
2002-12, Multi-State Non-AMT VRD Ctfs.
(Acquired 05/25/04; Cost $9,755,000)
3.79%, 03/01/09(e)(h)(i) -- VMIG-1 9,755 9,755,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of)); Series 2003-7, Multi-State Non-AMT
VRD GO Ctfs. (Acquired 05/13/03; Cost
$10,685,000)
3.79%, 07/01/10(e)(h)(i)(l)(n) -- -- 10,685 10,685,000
- -------------------------------------------------------------------------------------------
</Table>
F-29
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WASHINGTON-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (Skagit (County
of) Public Hospital District No. 1); Series
2004-37, Multi-State Non-AMT VRD Ctfs.
(Acquired 04/08/05; Cost $8,235,000)
3.79%, 12/01/12(e)(h)(i) -- VMIG-1 $ 8,235 $ 8,235,000
- -------------------------------------------------------------------------------------------
Bremerton (City of) (Kitsap Regional
Conference Center); Series 2003, VRD RB
(LOC-Bank of America, N.A.)
3.79%, 12/01/28(d)(e)(l) -- -- 2,565 2,565,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Washington (State
of)); Series 1998-4701 A, VRD COP (Acquired
07/20/00; Cost $14,400,000)
3.79%, 05/01/18(e)(h)(i) A-1+ -- 14,400 14,400,000
- -------------------------------------------------------------------------------------------
Everett (City of) Public Facilities District;
Series 2006 A, Commercial Paper Notes
(LOC-Bank of America, N.A.)
3.52%, 10/02/06(d) A-1+ -- 11,800 11,800,000
- -------------------------------------------------------------------------------------------
Everett (City of); Series 2001, Limited Tax
VRD GO (LOC-Bank of America, N.A.)
3.79%, 12/01/21(d)(e)(l) -- -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Washington (State of));
Series 2004-593 Unlimited Tax VRD GO
(Acquired 05/24/06; Cost $4,395,000)
3.78%, 01/01/13(e)(h)(i) A-1+ -- 4,395 4,395,000
- -------------------------------------------------------------------------------------------
Series 2006-1346 Unlimited Tax VRD GO
(Acquired 11/18/04; Cost $1,500,000)
3.78%, 07/01/12(e)(h)(i) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
King (County of) Economic Enterprise Corp.
(Puget Sound Blood Center Project); Series
1998, VRD RB (LOC-U.S. Bank, N.A.)
3.80%, 04/01/23(d)(e) -- VMIG-1 3,600 3,600,000
- -------------------------------------------------------------------------------------------
King (County of) Housing Authority
(Summerfield Apartments Project); Series
2005, VRD RB (LOC-U.S. Bank, N.A.)
3.79%, 09/01/35(d)(e) -- VMIG-1 1,925 1,925,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Lake Tapps Parkway Properties; Series 1999 A
Special Revenue VRD RB (LOC-U.S. Bank,
N.A.)
3.79%, 12/01/19(d)(e)(n) -- VMIG-1 $ 6,000 $ 6,000,000
- -------------------------------------------------------------------------------------------
Series 1999 B Special Revenue VRD RB
(LOC-U.S. Bank, N.A.)
3.79%, 12/01/19(d)(e) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Seattle (Port of)); Series 2002-739D, VRD
RB (Acquired 07/21/04; Cost $5,000,000)
3.78%, 09/01/20(e)(h)(i) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Pierce (County of) Economic Development Corp.
(Weyerhaeuser Real Estate); Series 1997,
Special Revenue VRD RB (LOC-Bank of
America, N.A.)
3.75%, 01/01/27(d)(e) A-1+ VMIG-1 12,705 12,705,000
- -------------------------------------------------------------------------------------------
Reset Option Ctfs. Trust II-R (Seattle (Port
of) Passenger Facilities Charge); Series
2006-638, VRD RB (Acquired 09/27/06; Cost
$10,640,000)
3.78%, 12/01/23(e)(h)(i) -- VMIG-1 10,640 10,640,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Bayview
Manor Project); Series 1994 B, Low Income
Housing Assistance VRD RB (LOC-U.S. Bank,
N.A.)
3.80%, 05/01/19(d)(e) A-1+ -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Pioneer
Human Services Project); Series 1995,
Refunding VRD RB (LOC-U.S. Bank, N.A.)
3.77%, 12/01/15(d)(e) A-1+ -- 2,115 2,115,000
- -------------------------------------------------------------------------------------------
Seattle (Port of) Industrial Development
Corp. (Sysco Food Services of Seattle, Inc.
Project); Series 1994, Refunding VRD IDR
3.84%, 11/01/25(e)(n) A-1+ VMIG-1 2,968 2,968,000
- -------------------------------------------------------------------------------------------
Snohomish (County of) Housing Authority (Ebey
Arms Centerhouse Project); Series 2003,
Refunding Housing VRD RB (LOC-Bank of
America, N.A.)
3.79%, 12/01/34(d)(e)(l) -- -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
</Table>
F-30
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WASHINGTON-(CONTINUED)
Washington (State of) Economic Development
Finance Authority (Seadrunar Recycling LLC
Project); Series 2000 E, Economic
Development VRD RB (LOC-U.S. Bank, N.A.)
3.78%, 08/01/25(d)(e) A-1+ -- $ 2,445 $ 2,445,000
- -------------------------------------------------------------------------------------------
Washington (State of) Higher Education
Facilities Authority (Cornish College Arts
Project); Series 2003 A, VRD RB (LOC-Bank
of America, N.A.)
3.80%, 12/01/33(d)(e) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Nikkei Concerns Project);
Series 1994, Non-Profit Housing VRD RB
(LOC-U.S. Bank, N.A.)
3.78%, 10/01/19(d)(e) A-1+ -- 3,915 3,915,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Riverview Retirement Project);
Series 1997, Elderly Housing VRD RB
(LOC-U.S. Bank, N.A.)
3.80%, 07/01/22(d)(e) A-1+ -- 1,665 1,665,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Tacoma Art Museum Project);
Series 2002, Non-Profit Housing VRD RB
(LOC-Northern Trust Co.)
3.90%, 06/01/32(b)(d) -- VMIG-1 4,075 4,075,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (University Preparatory Academy
Project); Series 2000, Non-Profit VRD RB
(LOC-Bank of America, N.A.)
3.79%, 07/01/30(d)(e) -- VMIG-1 1,350 1,350,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Wesley Homes Project); Series
2005 A, Non-Profit Housing VRD RB (LOC-Bank
of America, N.A.)
3.79%, 01/01/36(b)(d) -- VMIG-1 4,250 4,250,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (YMCA of Columbia-Willamette);
Series 1999, VRD RB (LOC-U.S. Bank, N.A.)
3.79%, 08/01/24(d)(e)(n) A-1+ -- 750 750,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Washington (State of) Housing Finance
Commission (YMCA of Tacoma-Pierce Project);
Series 2006, Refunding Non-Profit VRD RB
(LOC-U.S. Bank, N.A.)
3.80%, 12/01/32(d)(e) -- VMIG-1 $ 4,165 $ 4,165,000
===========================================================================================
157,848,000
===========================================================================================
WEST VIRGINIA-0.10%
Harrison (County of) (Fox Grocery Co.
Project); Series 1991, Refunding VRD RB
(LOC-Wachovia Bank, N.A.)
3.78%, 06/01/14(d)(e) -- Aa2 4,140 4,140,000
===========================================================================================
WISCONSIN-5.77%
ABN AMRO Munitops Ctfs. Trust (Central Brown
(County of) Water Authority); Series
2005-25, Non-AMT VRD RB (Acquired 08/01/05;
Cost $17,370,000)
3.79%, 12/01/13(e)(h)(i)(l) -- -- 17,370 17,370,000
- -------------------------------------------------------------------------------------------
Appleton (City of) Redevelopment Authority
(Fox Cities Performing Arts Center
Project); Series 2001 B, Redevelopment VRD
RB (LOC-JPMorgan Chase Bank, N.A.; M&I
Marshall & Ilsley Bank)
3.80%, 06/01/36(d)(e) -- VMIG-1 3,600 3,600,000
- -------------------------------------------------------------------------------------------
Franklin (City of) Community Development
Authority (Indian Community School of
Milwaukee); Series 2002, Redevelopment VRD
RB (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 07/01/22(d)(e) -- VMIG-1 36,000 36,000,000
- -------------------------------------------------------------------------------------------
Green Bay (City of) Housing Authority
(Sisters of St. Francis Project); Series
2004, VRD RB (LOC-Allied Irish Banks PLC)
3.77%, 01/01/35(d)(e)(g) A-1 -- 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Madison (City of) Metropolitan School
District; Series 2006, TRAN GO 4.00%,
09/07/07 -- MIG-1 35,000 35,154,619
- -------------------------------------------------------------------------------------------
Milwaukee (City of) Redevelopment Authority
(Cathedral Place Parking Facility Project);
Series 2002, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.78%, 05/01/25(d)(e) -- VMIG-1 2,845 2,845,000
- -------------------------------------------------------------------------------------------
</Table>
F-31
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WISCONSIN-(CONTINUED)
New Berlin (City of) School District; Series
2006, Promissory TRAN GO 4.50%, 08/30/07 -- MIG-1 $11,500 $ 11,593,164
- -------------------------------------------------------------------------------------------
West Allis (City of) (State Fair Park
Exposition Center Inc.); Series 2001, VRD
RB (LOC-U.S. Bank, N.A.)
3.78%, 08/01/28(d)(e) -- VMIG-1 12,055 12,055,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Grace Lutheran
Foundation Project); Series 1999, VRD RB
(LOC-U.S. Bank, N.A.) (Acquired 09/12/05;
Cost $2,555,000)
3.76%, 07/01/14(d)(e)(h) A-1+ -- 2,555 2,555,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Gundersen Lutheran);
Series 2000 A VRD RB (INS-Financial
Security Assurance Inc.)
3.85%, 12/01/15(b)(c) A-1+ -- 6,465 6,465,000
- -------------------------------------------------------------------------------------------
Series 2000 B VRD RB (INS-Financial
Security Assurance Inc.)
3.85%, 12/01/29(b)(c) A-1+ -- 25,470 25,470,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Lindengrove, Inc.);
Series 2003 B, VRD (LOC-JPMorgan Chase
Bank, N.A.)
3.77%, 11/01/25(d)(e) A-1+ -- 7,080 7,080,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Marshfield Clinic);
Series 2006 B,
VRD RB (LOC-M&I Marshall & Ilsley Bank)
3.78%, 01/15/36(d)(e) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Mequon Jewish
Project); Series 2003, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.78%, 07/01/28(d)(e) -- VMIG-1 6,335 6,335,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WISCONSIN-(CONTINUED)
Wisconsin (State of) Health & Educational
Facilities Authority (Mercy Health System);
Series 2003 C VRD RB (LOC-M&I Marshall &
Ilsley Bank)
3.77%, 08/15/23(d)(e) -- VMIG-1 $ 6,600 $ 6,600,000
- -------------------------------------------------------------------------------------------
Series 2003 I Pooled Loan VRD RB (LOC-M&I
Marshall & Ilsley Bank)
3.78%, 06/01/23(d)(e) -- VMIG-1 8,655 8,655,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Luke's Medical
Center); Series 1987, VRD RB (LOC-KBC Bank
N.V.) (Acquired 05/02/05; Cost $27,000,000)
3.80%, 12/01/17(d)(e)(g)(h) A-1 -- 27,000 27,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Mary's School);
Series 2004, VRD RB (LOC-M&I Marshall &
Ilsley Bank)
3.77%, 08/01/19(d)(e) A-1 -- 1,830 1,830,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Three Pillars Senior
Living); Series 2004 B, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.73%, 08/15/34(d)(e) -- VMIG-1 1,600 1,600,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Valley Packaging
Industries Inc.); Series 2005, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.85%, 07/01/35(d)(e) -- VMIG-1 1,240 1,240,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Wisconsin Lutheran
College Project); Series 2003, VRD RB
(LOC-U.S. Bank, N.A.)
3.90%, 06/01/33(b)(d) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
</Table>
F-32
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WISCONSIN-(CONTINUED)
Wisconsin (State of) Health & Educational
Facilities Authority (Wisconsin Lutheran
College); Series 2001, VRD RB (LOC-U.S.
Bank, N.A.)
3.90%, 09/01/31(b)(d) A-1+ -- $ 5,100 $ 5,100,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Rural Water Construction
Loan Program Commission; Series 2006, BAN
RN 4.75%, 08/15/07 -- MIG-1 4,000 4,035,469
===========================================================================================
233,678,252
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WYOMING-0.48%
Gillette (City of) Pollution Control; Series
1991, Refunding Floating VRD PCR
(LOC-Barclays Bank PLC)
3.78%, 01/01/18(d)(e)(g) A-1+ P-1 $ 5,100 $ 5,100,000
- -------------------------------------------------------------------------------------------
Platte (County of) Pollution Control
(Tri-State Generation and Transmission
Association); Series 1984 A, Refunding VRD
PCR 3.86%, 07/01/14(b) -- P-1 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Wyoming (State of) Educational Funding;
Series 2006 A, TRAN
4.50%, 06/27/07 SP-1+ -- 10,000 10,056,661
===========================================================================================
19,256,661
===========================================================================================
TOTAL INVESTMENTS(q)(r)-98.85%
(Cost $4,006,153,875) 4,006,153,875
===========================================================================================
OTHER ASSETS LESS LIABILITIES-1.15% 46,590,130
===========================================================================================
NET ASSETS-100.00% $4,052,744,005
___________________________________________________________________________________________
===========================================================================================
</Table>
Investment Abbreviations:
<Table>
ACES - Automatically Convertible Extendable Security
AMT - Alternative Minimum Tax
BAN - Bond Anticipation Note
CEP - Credit Enhancement Provider
COP - Certificates of Participation
Ctfs. - Certificates
GO - General Obligation Bonds
IDR - Industrial Development Revenue Bonds
INS - Insurer
LOC - Letter of Credit
MERLOT - Municipal Exempt Receipts Liquidity Option Tender
NRR - Not Re-Rated
PCR - Pollution Control Revenue Bonds
P-Floats - Putable Floating Option Tax-Exempt Receipt
PUTTERs - Putable Tax-Exempt Receipts
RANS - Revenue Anticipation Notes
RB - Revenue Bonds
RN - Revenue Notes
Sr. - Senior
Sub. - Subordinated.
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation Notes
VRD - Variable Rate Demand
Wts. - Warrants
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-33
Tax-Free Cash Reserve Portfolio
Notes to Schedule of Investments:
(a) Ratings assigned by Standard & Poor's Corporation ("S&P") and Moody's
Investors Service, Inc. ("Moody's"), except as indicated in note (l) below.
NRR indicates a security that is not re-rated subsequent to funding of an
escrow fund (consisting of U.S. Treasury obligations held by a bank
custodian or other highly rated collateral); this funding is pursuant to an
advance refunding of this security.
(b) Demand security payable upon demand by the Fund at specified time intervals
no greater than one business day. Interest rate is redetermined daily. Rate
shown is the rate in effect on September 30, 2006.
(c) Principal and/or interest payments are secured by the bond insurance company
listed.
(d) Principal and interest payments are fully enhanced by a letter of credit
from the bank listed or a predecessor bank, branch or subsidiary.
(e) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days. Interest rate is redetermined weekly.
Rate shown is the rate in effect on September 30, 2006.
(f) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days. Interest rate is redetermined monthly.
Rate shown is the rate in effect on September 30, 2006.
(g) The security is credit guaranteed, enhanced or has credit risk by a foreign
entity. The total foreign credit exposure to countries other than the United
States of America (as a percentage of net assets) is 7.9%; each having a
less than 5% concentration.
(h) Security not registered under the Securities Act of 1933, as amended (e.g.,
the security was purchased in a Rule 144A transaction or a Regulation D
transaction). The security may be resold pursuant to an exemption from
registration under the 1933 Act, typically to qualified institutional
buyers. The Fund has no rights to demand registration of these securities.
The aggregate value of these securities at September 30, 2006 was
$996,559,500, which represented 24.59% of the Fund's Net Assets. Unless
otherwise indicated, these securities are not considered to be illiquid.
(i) Synthetic municipal instruments; involves the deposit into a trust of one or
more long-term tax-exempt bonds or notes ("Underlying Bonds."), a sale of
certificates evidencing interests in the trust to investors such as the
Fund. The trustee receives the long-term fixed interest payments on the
Underlying Bonds, and pays certificate holders variable rate interest
payments based upon a short-term reset periodically.
(j) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined at
intermittent intervals. Rate shown is the rate in effect on September 30,
2006.
(k) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined annually.
Rate shown is the rate in effect on September 30, 2006.
(l) Security is not rated by S&P or by Moody's; however it is rated by Fitch
IBCA ("Fitch") of F1+.
(m) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined
semi-annually. Rate shown is the rate in effect on September 30, 2006.
(n) In accordance with the procedures established by the Board of Trustees,
investments are through participation in joint accounts with other mutual
funds, private accounts and certain non-registered investment companies
managed by the investment advisor or its affiliates.
(o) Advance refunded; secured by an escrow fund of U.S. Government obligations.
(p) Security has an irrevocable call by the issuer or mandatory put by the
holder. Maturity date reflects such call or put.
(q) This table provides a listing of those entities that have either issued,
guaranteed, backed or otherwise enhanced the credit quality of more than 5%
of the securities held in the portfolio. In instances where the entity has
guaranteed, backed or otherwise enhanced the credit quality of a security,
it is not primarily responsible for the issuer's obligations but may be
called upon to satisfy the issuer's obligations.
<Table>
<Caption>
ENTITIES PERCENTAGE
------------------------------------------------------------------------
MBIA Insurance Corp. 9.6%
------------------------------------------------------------------------
Financial Guaranty Insurance Co. 8.6
------------------------------------------------------------------------
Financial Security Assurance Inc. 7.9
------------------------------------------------------------------------
Bank of America, N.A. 7.2
------------------------------------------------------------------------
Ambac Assurance Corp. 6.7
------------------------------------------------------------------------
JP Morgan Chase Bank, N.A. 6.7
------------------------------------------------------------------------
Other Entities Less than 5% 52.0
________________________________________________________________________
========================================================================
</Table>
(r) Also represents cost for federal income tax purposes.
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-34
Tax-Free Cash Reserve Portfolio
STATEMENT OF ASSETS AND LIABILITIES
September 30, 2006
(Unaudited)
<Table>
ASSETS:
Investments, at value (cost $4,006,153,875) $4,006,153,875
- ------------------------------------------------------------
Cash 54,198,348
============================================================
Receivables for:
Investments sold 13,663,694
- ------------------------------------------------------------
Interest 22,896,033
- ------------------------------------------------------------
Investment for trustee deferred compensation
and retirement plans 135,972
- ------------------------------------------------------------
Other assets 142,218
============================================================
Total assets 4,097,190,140
____________________________________________________________
============================================================
LIABILITIES:
Payables for:
Investments purchased 32,628,194
- ------------------------------------------------------------
Dividends 11,141,607
- ------------------------------------------------------------
Trustee deferred compensation and
retirement plans 317,602
- ------------------------------------------------------------
Accrued distribution fees 193,076
- ------------------------------------------------------------
Accrued trustees' and officer's fees and
benefits 1,424
- ------------------------------------------------------------
Accrued transfer agent fees 31,612
- ------------------------------------------------------------
Accrued operating expenses 132,620
============================================================
Total liabilities 44,446,135
============================================================
Net assets applicable to shares outstanding $4,052,744,005
____________________________________________________________
============================================================
NET ASSETS CONSIST OF:
Shares of beneficial interest $4,052,710,537
- ------------------------------------------------------------
Undistributed net realized gain from
investment securities 33,468
============================================================
$4,052,744,005
____________________________________________________________
============================================================
NET ASSETS:
Institutional Class $2,184,081,161
____________________________________________________________
============================================================
Private Investment Class $ 178,209,699
____________________________________________________________
============================================================
Personal Investment Class $ 39,813,008
____________________________________________________________
============================================================
Cash Management Class $ 859,786,254
____________________________________________________________
============================================================
Reserve Class $ 19,558,028
____________________________________________________________
============================================================
Resource Class $ 462,635,110
____________________________________________________________
============================================================
Corporate Class $ 308,660,745
____________________________________________________________
============================================================
SHARES OUTSTANDING, $0.001 PAR VALUE PER
SHARE, UNLIMITED NUMBER OF SHARES
AUTHORIZED:
Institutional Class 2,184,002,860
____________________________________________________________
============================================================
Private Investment Class 178,191,314
____________________________________________________________
============================================================
Personal Investment Class 39,808,937
____________________________________________________________
============================================================
Cash Management Class 859,773,377
____________________________________________________________
============================================================
Reserve Class 19,555,349
____________________________________________________________
============================================================
Resource Class 462,630,031
____________________________________________________________
============================================================
Corporate Class 308,665,176
____________________________________________________________
============================================================
Net asset value, offering and redemption
price per share for each class $ 1.00
____________________________________________________________
============================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-35
Tax-Free Cash Reserve Portfolio
STATEMENT OF OPERATIONS
For the six months ended September 30, 2006
(Unaudited)
<Table>
INVESTMENT INCOME:
Interest $64,687,772
=========================================================================
EXPENSES:
Advisory fees 3,774,934
- -------------------------------------------------------------------------
Administrative services fees 310,442
- -------------------------------------------------------------------------
Custodian fees 77,651
- -------------------------------------------------------------------------
Distribution fees:
Private Investment Class 485,704
- -------------------------------------------------------------------------
Personal Investment Class 134,835
- -------------------------------------------------------------------------
Cash Management Class 354,754
- -------------------------------------------------------------------------
Reserve Class 96,993
- -------------------------------------------------------------------------
Resource Class 403,421
- -------------------------------------------------------------------------
Corporate Class 16,953
- -------------------------------------------------------------------------
Transfer agent fees 218,902
- -------------------------------------------------------------------------
Trustees' and officer's fees and benefits 51,602
- -------------------------------------------------------------------------
Other 388,335
=========================================================================
Total expenses 6,314,526
=========================================================================
Less: Fees waived (1,231,708)
=========================================================================
Net expenses 5,082,818
=========================================================================
Net investment income 59,604,954
=========================================================================
Net realized gain (loss) from Investment securities 75,176
=========================================================================
Net increase in net assets resulting from operations $59,680,130
_________________________________________________________________________
=========================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-36
Tax-Free Cash Reserve Portfolio
STATEMENT OF CHANGES IN NET ASSETS
For the six months ended September 30, 2006 and the year ended March 31, 2006
(Unaudited)
<Table>
<Caption>
SEPTEMBER 30, MARCH 31,
2006 2006
- ----------------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 59,604,954 $ 81,006,602
- ----------------------------------------------------------------------------------------------
Net realized gain from investment securities 75,176 20,198
==============================================================================================
Net increase in net assets resulting from operations 59,680,130 81,026,800
==============================================================================================
Distributions to shareholders from net investment income:
Institutional Class (36,124,015) (51,535,231)
- ----------------------------------------------------------------------------------------------
Private Investment Class (2,978,341) (5,114,924)
- ----------------------------------------------------------------------------------------------
Personal Investment Class (504,916) (404,324)
- ----------------------------------------------------------------------------------------------
Cash Management Class (11,499,373) (15,063,769)
- ----------------------------------------------------------------------------------------------
Reserve Class (238,071) (276,474)
- ----------------------------------------------------------------------------------------------
Resource Class (6,401,163) (8,314,990)
- ----------------------------------------------------------------------------------------------
Corporate Class (1,859,075) (296,890)
==============================================================================================
Decrease in net assets resulting from distributions (59,604,954) (81,006,602)
==============================================================================================
Share transactions-net:
Institutional Class 291,927,149 (224,964,600)
- ----------------------------------------------------------------------------------------------
Private Investment Class (42,786,075) 24,371,221
- ----------------------------------------------------------------------------------------------
Personal Investment Class 18,909,835 10,024,848
- ----------------------------------------------------------------------------------------------
Cash Management Class 176,106,119 (41,462,324)
- ----------------------------------------------------------------------------------------------
Reserve Class 504,881 9,744,079
- ----------------------------------------------------------------------------------------------
Resource Class 121,244,070 51,762,427
- ----------------------------------------------------------------------------------------------
Corporate Class 300,648,751 8,016,425
==============================================================================================
Net increase (decrease) in net assets resulting from
share transactions 866,554,730 (162,507,924)
==============================================================================================
Net increase (decrease) in net assets 866,629,906 (162,487,726)
==============================================================================================
NET ASSETS:
Beginning of period 3,186,114,099 3,348,601,825
==============================================================================================
End of period (including undistributed net investment
income of $0 and $0, respectively) $4,052,744,005 $3,186,114,099
______________________________________________________________________________________________
==============================================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-37
Tax-Free Cash Reserve Portfolio
NOTES TO FINANCIAL STATEMENTS
September 30, 2006
(Unaudited)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
Tax-Free Investments Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end
management investment company. The Trust is organized as a Delaware statutory
trust consisting of one portfolio, the Tax-Free Cash Reserve Portfolio (the
"Fund"). The Fund currently offers multiple classes of shares. Matters affecting
each class are voted on exclusively by the shareholders of each class.
The Fund's investment objective is to provide as high a level of tax-exempt
income as is consistent with the preservation of capital and maintenance of
liquidity.
The following is a summary of the significant accounting policies followed
by the Fund in the preparation of its financial statements.
A. SECURITY VALUATIONS -- The Fund's securities are recorded on the basis of
amortized cost which approximates value as permitted by Rule 2a-7 under the
1940 Act. This method values a security at its cost on the date of purchase
and, thereafter, assumes a constant amortization to maturity of any
premiums or accretion of any discounts.
B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME -- Securities transactions
are accounted for on a trade date basis. Realized gains or losses on sales
are computed on the basis of specific identification of the securities
sold. Interest income, adjusted for amortization of premiums and accretion
of discounts on investments, is recorded on the accrual basis from
settlement date.
Brokerage commissions and mark ups are considered transaction costs and
are recorded as an increase to the cost basis of securities purchased
and/or a reduction of proceeds on a sale of securities. Such transaction
costs are included in the determination of realized gain (loss) from
investment securities reported in the Statement of Operations and the
Statement of Changes in Net Assets and the realized net gains (losses) on
securities per share in the Financial Highlights. Transaction costs are
included in the calculation of the Fund's net asset value and, accordingly,
they reduce the Fund's total returns. These transaction costs are not
considered operating expenses and are not reflected in net investment
income reported in the Statement of Operations and Statement of Changes in
Net Assets, or the net investment income per share and ratios of expenses
and net investment income reported in the Financial Highlights, nor are
they limited by any expense limitation arrangements between the Fund and
the advisor.
The Fund allocates realized capital gains and losses to a class based on
the relative net assets of each class. The Fund allocates income to a class
based on the relative value of the settled shares of each class.
C. COUNTRY DETERMINATION -- For the purposes of making investment selection
decisions and presentation in the Schedule of Investments, AIM may
determine the country in which an issuer is located and/or credit risk
exposure based on various factors. These factors include the laws of the
country under which the issuer is organized, where the issuer maintains a
principal office, the country in which the issuer derives 50% or more of
its total revenues and the country that has the primary market for the
issuer's securities, as well as other criteria. Among the other criteria
that may be evaluated for making this determination are the country in
which the issuer maintains 50% or more of its assets, the type of security,
financial guarantees and enhancements, the nature of the collateral and the
sponsor organization. Country of issuer and/or credit risk exposure has
been determined to be the United States of America unless otherwise noted.
D. DISTRIBUTIONS -- Distributions from income are declared daily and paid
monthly. Distributions from net realized capital gain, if any, are
generally paid annually and recorded on ex-dividend date. The Fund may
elect to treat a portion of the proceeds from redemptions as distributions
for federal income tax purposes.
E. FEDERAL INCOME TAXES -- The Fund intends to comply with the requirements of
Subchapter M of the Internal Revenue Code necessary to qualify as a
regulated investment company and to distribute substantially all of the
Fund's taxable earnings to shareholders. As such, the Fund will not be
subject to federal income taxes on otherwise taxable income (including net
realized capital gain) that is distributed to shareholders. Therefore, no
provision for federal income taxes is recorded in the financial statements.
In addition, the Fund intends to invest in such municipal securities to
allow it to qualify to pay shareholders "exempt-interest dividends", as
defined in the Internal Revenue Code.
F. EXPENSES -- Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund and which are directly attributable to that class are
charged to the operations of such class. All other expenses are allocated
among the classes based on relative net assets.
G. ACCOUNTING ESTIMATES -- The preparation of financial statements in
conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period including estimates and assumptions related to
taxation. Actual results could differ from those estimates.
H. INDEMNIFICATIONS -- Under the Trust's organizational documents, each
Trustee, officer, employee or other agent of the Trust (including the
Trust's investment manager) is indemnified against certain liabilities that
may arise out of performance of their duties to the Fund. Additionally, in
the normal course of business, the Fund enters into contracts that contain
a variety of indemnification clauses. The Fund's maximum exposure under
these arrangements is unknown as this would involve future claims that may
be made against the Fund that have not yet occurred. The risk of material
loss as a result of such indemnification claims is considered remote.
F-38
Tax-Free Cash Reserve Portfolio
NOTE 2--ADVISORY FEES AND OTHER FEES PAID TO AFFILIATES
The Trust has entered into a master investment advisory agreement with A I M
Advisors, Inc. ("AIM"). Under the terms of the investment advisory agreement,
the Fund pays an advisory fee to AIM at the annual rate of 0.25% of the first
$500 million of the Fund's average daily net assets plus 0.20% of the Fund's
average daily net assets in excess of $500 million. AIM has contractually agreed
to waive advisory fees and/or reimburse expenses to the extent necessary to
limit total annual operating expenses (excluding certain items discussed below)
to 0.22% of the Fund's average daily net assets through June 30, 2007. In
determining the advisor's obligation to waive advisory fees and/or reimburse
expenses, the following expenses are not taken into account, and could cause the
net annual operating expenses to exceed the number reflected above: (i) Rule
12b-1 plan fees, if any; (ii) trustees' fees; (iii) federal registration fees;
(iv) interest: (v) taxes; (vi) extraordinary items; (vii) expenses related to a
merger or reorganization, as approved by the Fund's Board of Trustees; and
(viii) expenses that the Fund has incurred but did not actually pay because of
an expense offset arrangement. Currently, in addition to the expense
reimbursement arrangement with AMVESCAP PLC ("AMVESCAP") described more fully
below, the expense offset arrangements from which the Fund may benefit are in
the form of credits that the Fund receives from banks where the Fund or its
transfer agent has deposits accounts in which it holds uninvested cash. Those
credits are used to pay certain expenses incurred by the Fund. To the extent
that the annualized expense ratio does not exceed the expense limitation, AIM
will retain its ability to be reimbursed for such fee waivers or reimbursements
prior to the end of the fiscal year.
For the six months ended September 30, 2006, AIM waived advisory fees of
$788,656.
At the request of the Trustees of the Trust, AMVESCAP agreed to reimburse
expenses incurred by the Fund in connection with market timing matters in the
AIM Funds, which may include legal, audit, shareholder reporting, communications
and trustee expenses. These expenses along with the related expense
reimbursement are included in the Statement of Operations. For the six months
ended September 30, 2006, AMVESCAP did not reimburse any expenses.
The Trust, pursuant to a master administrative services agreement with AIM,
has agreed to pay AIM for certain administrative costs incurred in providing
accounting services to the Fund. Pursuant to such agreement, for the six months
ended September 30, 2006, AIM was paid $310,442.
The Trust, pursuant to a transfer agency and service agreement, has agreed
to pay AIM Investment Services, Inc. ("AIS") a fee for providing transfer agency
and shareholder services to the Fund. During the six months ended September 30,
2006, AIS retained $218,902.
Under the terms of a master distribution agreement between Fund Management
Company ("FMC") and the Trust, FMC acts as the exclusive distributor of the
Fund's shares. The Trust has adopted a master distribution plan pursuant to Rule
12b-1 under the 1940 Act with respect to the Fund's Private Investment Class,
Personal Investment Class, Cash Management Class, Reserve Class, Resource Class
and Corporate Class (the "Plan"). The Plan provides that the Private Investment
Class, the Personal Investment Class, the Cash Management Class, the Reserve
Class, the Resource Class and the Corporate Class pay up to the maximum annual
rate of 0.50%, 0.75%, 0.10%, 1.00%, 0.20% and 0.03%, respectively, of the
average daily net assets attributable to such class. Of the Rule 12b-1 payment,
up to 0.25% of the average daily net assets of each class may be paid to furnish
continuing personal shareholder services to customers who purchase and own
shares of such classes. Any amounts not paid as a service fee under such Plan
would constitute an asset-based sales charge. National Association of Securities
Dealers ("NASD") Rules impose a cap on the total amount of sales charges,
including asset-based sales charges, that may be paid by any class of shares of
the Fund. Currently, FMC has contractually agreed to waive a portion of its
compensation payable by the Fund such that compensation paid pursuant to the
Plan with respect to the Private Investment Class, the Personal Investment
Class, the Cash Management Class, the Reserve Class and the Resource Class
equals the maximum annual rate of 0.25%, 0.55%, 0.08%, 0.87% and 0.16%,
respectively, of the average daily net assets attributable to such class through
June 30, 2007. Further, FMC voluntarily waived additional Rule 12b-1 plan fees
for the Reserve Class during the period in order to increase the yield. Waivers
may be modified or discontinued at any time. Pursuant to the Plan, for the six
months ended September 30, 2006, the Private Investment Class, the Personal
Investment Class, the Cash Management Class, the Reserve Class, the Resource
Class and the Corporate Class paid $242,852, $98,879, $283,803, $84,384,
$322,737 and $16,953, respectively, after FMC waived Plan fees of $242,852,
$35,956, $70,951, $12,609, $80,684 and $0, respectively.
Certain officers and trustees of the Trust are officers and directors of
AIM, AIS and/or FMC.
NOTE 3--SECURITY TRANSACTIONS WITH AFFILIATED FUNDS
The Fund is permitted to purchase or sell securities from or to certain other
AIM Funds under specified conditions outlined in procedures adopted by the Board
of Trustees of the Trust. The procedures have been designed to ensure that any
purchase or sale of securities by the Fund from or to another fund or portfolio
that is or could be considered an affiliate by virtue of having a common
investment advisor (or affiliated investment advisors), common Trustees and/or
common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined
under the procedures, each transaction is effected at the current market price.
Pursuant to these procedures, for the six months ended September 30, 2006, the
Fund engaged in securities sales of $15,921,501, which resulted in net realized
gains (losses) of $0 and securities purchases of $12,923,697.
NOTE 4--TRUSTEES' AND OFFICER'S FEES AND BENEFITS
"Trustees' and Officer's Fees and Benefits" include amounts accrued by the Fund
to pay remuneration to each Trustee and Officer of the Fund who is not an
"interested person" of AIM. Trustees have the option to defer compensation
payable by the Fund, and "Trustees' and Officer's Fees and Benefits" also
include amounts accrued by the Fund to fund such deferred compensation amounts.
Those Trustees who defer compensation have the option to select various AIM
Funds in which their deferral accounts shall be deemed to be invested. Finally,
current Trustees are eligible to participate in a retirement plan that provides
for benefits to be paid upon retirement to Trustees over a period of time based
on the number of years of service. The Fund may have certain former Trustees who
also participate in a retirement plan and receive benefits under such plan.
"Trustees' and Officer's Fees and Benefits" include
F-39
Tax-Free Cash Reserve Portfolio
amounts accrued by the Fund to fund such retirement benefits. Obligations under
the deferred compensation and retirement plans represent unsecured claims
against the general assets of the Fund.
During the six months ended September 30, 2006, the Fund paid legal fees of
$5,418 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel
to the Independent Trustees. A member of that firm is a Trustee of the Trust.
NOTE 5--BORROWINGS
Pursuant to an exemptive order from the Securities and Exchange Commission, the
Fund may participate in an interfund lending facility that AIM has established
for temporary borrowings by the AIM Funds. An interfund loan will be made under
this facility only if the loan rate (an average of the rate available on bank
loans and the rate available on investments in overnight repurchase agreements)
is favorable to both the lending fund and the borrowing fund. A loan will be
secured by collateral if the Fund's aggregate borrowings from all sources
exceeds 10% of the Fund's total assets. To the extent that the loan is required
to be secured by collateral, the collateral is marked to market daily to ensure
that the market value is at least 102% of the outstanding principal value of the
loan. The Fund did not borrow or lend under the facility during the six months
ended September 30, 2006.
Additionally, the Fund is permitted to temporarily carry a negative or
overdrawn balance in its account with The Bank of New York, the custodian bank.
To compensate the custodian bank for such overdrafts, the overdrawn Fund may
either (i) leave funds as a compensating balance in the account so the custodian
bank can be compensated by earning the additional interest; or (ii) compensate
by paying the custodian bank at a rate agreed upon by the custodian bank and
AIM, not to exceed the rate contractually agreed upon.
NOTE 6--TAX INFORMATION
The amount and character of income and gains to be distributed are determined in
accordance with income tax regulations, which may differ from generally accepted
accounting principles. Reclassifications are made to the Fund's capital accounts
to reflect income and gains available for distribution (or available capital
loss carryforward) under income tax regulations. The tax character of
distributions paid during the year and the tax components of net assets will be
reported at the Fund's fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date.
Results of transactions and other activity after that date may affect the amount
of capital loss carryforward actually available for the Fund to utilize. The
ability to utilize capital loss carryforward in the future may be limited under
the Internal Revenue Code and related regulations based on the results of future
transactions.
The Fund had a capital loss carryforward as of March 31, 2006 which expires
as follows:
<Table>
<Caption>
CAPITAL LOSS
EXPIRATION CARRYFORWARD*
- -----------------------------------------------------------------------
March 31, 2013 $41,708
_______________________________________________________________________
=======================================================================
</Table>
* Capital loss carryforward as of the date listed above is reduced for
limitations, if any, to the extent required by the Internal Revenue Code.
F-40
Tax-Free Cash Reserve Portfolio
NOTE 7--SHARE INFORMATION
The Fund currently offers seven different classes of shares: Institutional
Class, Private Investment Class, Personal Investment Class, Cash Management
Class, Reserve Class, Resource Class and Corporate Class.
<Table>
<Caption>
CHANGES IN SHARES OUTSTANDING
- ---------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 2006(A) MARCH 31, 2006
------------------------------------ ------------------------------------
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------------------------------------
Sold:
Institutional Class 13,218,005,962 $ 13,218,005,962 24,419,859,762 $ 24,419,859,762
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 288,384,797 288,384,797 590,733,012 590,733,012
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 60,996,835 60,996,835 32,503,439 32,503,439
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 3,691,867,319 3,691,867,319 7,375,896,321 7,375,896,321
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 50,075,617 50,075,617 162,245,979 162,245,979
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 1,535,997,202 1,535,997,202 2,316,222,552 2,316,222,552
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 459,031,908 459,031,908 129,405,787 129,405,787
=================================================================================================================================
Issued as reinvestment of dividends:
Institutional Class 22,051,538 22,051,538 30,895,326 30,895,326
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 2,454,612 2,454,612 3,802,001 3,802,001
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 88,820 88,820 201,846 201,846
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 9,059,815 9,059,815 11,231,407 11,231,407
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 230,235 230,235 247,862 247,862
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 5,672,955 5,672,955 7,599,542 7,599,542
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 55,615 55,615 10,644 10,644
=================================================================================================================================
Reacquired:
Institutional Class (12,948,130,351) (12,948,130,351) (24,675,719,687) (24,675,719,687)
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class (333,625,484) (333,625,484) (570,163,791) (570,163,791)
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class (42,175,820) (42,175,820) (22,680,438) (22,680,438)
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class (3,524,821,015) (3,524,821,015) (7,428,590,053) (7,428,590,053)
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class (49,800,971) (49,800,971) (152,749,762) (152,749,762)
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class (1,420,426,087) (1,420,426,087) (2,272,059,667) (2,272,059,667)
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) (158,438,772) (158,438,772) (121,400,006) (121,400,006)
=================================================================================================================================
866,554,730 $ 866,554,730 (162,507,924) $ (162,507,924)
_________________________________________________________________________________________________________________________________
=================================================================================================================================
</Table>
(a) There are two entities that are each record owners of more than 5% of the
outstanding shares of the Fund and in the aggregate they own 61% of the
outstanding shares of the Fund. FMC has an agreement with these entities to
sell Fund shares. The Fund, AIM, and/or AIM affiliates may make payments to
these entities, which are considered to be related to the Fund, for
providing services to the Fund, AIM, and/or AIM affiliates including but not
limited to services such as, securities brokerage, distribution, third party
record keeping and account servicing. The Trust has no knowledge as to
whether all or any portion of the shares owned of record by these entities
are also owned beneficially.
(b) Corporate Class shares commenced sales on September 8, 2005.
NOTE 8--NEW ACCOUNTING STANDARD
In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 48, Accounting for Uncertainty in Income Taxes ("FIN 48").
FIN 48 prescribes a recognition threshold and measurement attribute for the
financial statement recognition and measurement for a tax position taken or
expected to be taken in a tax return. FIN 48 also provides guidance on
derecognition, classification, interest and penalties, accounting in interim
periods, disclosure and transition. The provisions for FIN 48 are effective for
fiscal years beginning after December 15, 2006. Management is currently
assessing the impact of FIN 48, if any, on the Fund's financial statements and
intends for the Fund to adopt the FIN 48 provisions during 2007.
F-41
Tax-Free Cash Reserve Portfolio
NOTE 9--FINANCIAL HIGHLIGHTS
The following schedule presents financial highlights for a share of the Fund
outstanding throughout the periods indicated.
<Table>
<Caption>
PERSONAL INVESTMENT CLASS
----------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, --------------------------------------------------
2006 2006 2005 2004 2003 2002
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.01 0.02 0.01 0.003 0.01 0.02(a)
================================================================================================================================
Less distributions from net investment income (0.01) (0.02) (0.01) (0.003) (0.01) (0.02)
================================================================================================================================
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
________________________________________________________________________________________________________________________________
================================================================================================================================
Total return(b) 1.40% 1.97% 0.68% 0.28% 0.69% 1.66%
________________________________________________________________________________________________________________________________
================================================================================================================================
Ratios/supplemental data:
Net assets, end of period (000s omitted) $39,813 $20,902 $10,877 $10,394 $16,991 $5,102
________________________________________________________________________________________________________________________________
================================================================================================================================
Ratio of expenses to average net assets:
With fee waivers and/or expense reimbursements 0.77%(c) 0.77% 0.77% 0.77% 0.76% 0.72%
- --------------------------------------------------------------------------------------------------------------------------------
Without fee waivers and/or expense reimbursements 1.01%(c) 1.02% 1.02% 1.02% 1.02% 1.03%
================================================================================================================================
Ratio of net investment income to average net assets 2.77%(c) 1.94% 0.69% 0.28% 0.66% 1.51%
________________________________________________________________________________________________________________________________
================================================================================================================================
</Table>
(a) Calculated using average shares outstanding.
(b) Includes adjustments in accordance with accounting principles generally
accepted in the United States of America and is not annualized for
periods less than one year.
(c) Ratios are annualized and based on average daily net assets of
$35,857,756.
F-42
Tax-Free Cash Reserve Portfolio
NOTE 10--LEGAL PROCEEDINGS
Terms used in the Legal Proceedings Note are defined terms solely for the
purpose of this note.
SETTLED ENFORCEMENT ACTIONS AND INVESTIGATIONS RELATED TO MARKET TIMING
On October 8, 2004, INVESCO Funds Group, Inc. ("IFG") (the former investment
advisor to certain AIM Funds), AIM and A I M Distributors, Inc. ("ADI") (the
distributor of the retail AIM Funds) reached final settlements with certain
regulators, including the Securities and Exchange Commission ("SEC"), the New
York Attorney General and the Colorado Attorney General, to resolve civil
enforcement actions and/or investigations related to market timing and related
activity in the AIM Funds, including those formerly advised by IFG. As part of
the settlements, a $325 million fair fund ($110 million of which is civil
penalties) has been created to compensate shareholders harmed by market timing
and related activity in funds formerly advised by IFG. Additionally, AIM and ADI
created a $50 million fair fund ($30 million of which is civil penalties) to
compensate shareholders harmed by market timing and related activity in funds
advised by AIM, which was done pursuant to the terms of the settlement. These
two fair funds may increase as a result of contributions from third parties who
reach final settlements with the SEC or other regulators to resolve allegations
of market timing and/or late trading that also may have harmed applicable AIM
Funds. These two fair funds will be distributed in accordance with a methodology
to be determined by AIM's independent distribution consultant, in consultation
with AIM and the independent trustees of the AIM Funds and acceptable to the
staff of the SEC. Management of AIM and the Fund are unable to estimate the
impact, if any, that the distribution of these two fair funds may have on the
Fund or whether such distribution will have an impact on the Fund's financial
statements in the future.
At the request of the trustees of the AIM Funds, AMVESCAP PLC ("AMVESCAP"),
the parent company of IFG and AIM, has agreed to reimburse expenses incurred by
the AIM Funds related to market timing matters.
PENDING LITIGATION AND REGULATORY INQUIRIES
On August 30, 2005, the West Virginia Office of the State Auditor -Securities
Commission ("WVASC") issued a Summary Order to Cease and Desist and Notice of
Right to Hearing to AIM and ADI (Order No. 05-1318). The WVASC makes findings of
fact that AIM and ADI entered into certain arrangements permitting market timing
of the AIM Funds and failed to disclose these arrangements in the prospectuses
for such Funds, and conclusions of law to the effect that AIM and ADI violated
the West Virginia securities laws. The WVASC orders AIM and ADI to cease any
further violations and seeks to impose monetary sanctions, including restitution
to affected investors, disgorgement of fees, reimbursement of investigatory,
administrative and legal costs and an "administrative assessment," to be
determined by the Commissioner. Initial research indicates that these damages
could be limited or capped by statute.
Civil lawsuits, including purported class action and shareholder derivative
suits, have been filed against certain of the AIM Funds, IFG, AIM, ADI and/or
related entities and individuals, depending on the lawsuit, alleging:
- that the defendants permitted improper market timing and related activity in
the AIM Funds;
- that certain AIM Funds inadequately employed fair value pricing;
- that the defendants charged excessive advisory and/or distribution fees and
failed to pass on to shareholders the perceived savings generated by
economies of scale and that the defendants adopted unlawful distribution
plans; and
- that the defendants improperly used the assets of the AIM Funds to pay
brokers to aggressively promote the sale of the AIM Funds over other mutual
funds and that the defendants concealed such payments from investors by
disguising them as brokerage commissions (all the claims in this category of
lawsuits were dismissed with prejudice by the court on September 29, 2006,
except for the Section 36(b) claim which was dismissed with leave to amend
to plead it properly as a derivative claim).
These lawsuits allege as theories of recovery, depending on the lawsuit,
violations of various provisions of the Federal and state securities laws and
ERISA, negligence, breach of fiduciary duty and/or breach of contract. These
lawsuits seek remedies that include, depending on the lawsuit, damages,
restitution, injunctive relief, imposition of a constructive trust, removal of
certain directors and/or employees, various corrective measures under ERISA,
rescission of certain AIM Funds' advisory agreements and/or distribution plans
and recovery of all fees paid, an accounting of all fund-related fees,
commissions and soft dollar payments, restitution of all commissions and fees
paid, and prospective relief in the form of reduced fees.
All lawsuits based on allegations of market timing, late trading and related
issues have been transferred to the United States District Court for the
District of Maryland (the "MDL Court"). Pursuant to an Order of the MDL Court,
plaintiffs in these lawsuits consolidated their claims for pre-trial purposes
into three amended complaints against various AIM- and IFG-related parties: (i)
a Consolidated Amended Class Action Complaint purportedly brought on behalf of
shareholders of the AIM Funds; (ii) a Consolidated Amended Fund Derivative
Complaint purportedly brought on behalf of the AIM Funds and fund registrants;
and (iii) an Amended Class Action Complaint for Violations of the Employee
Retirement Income Securities Act ("ERISA") purportedly brought on behalf of
participants in AMVESCAP's 401(k) plan. Based on orders issued by the MDL Court,
all claims asserted against the AIM Funds that have been transferred to the MDL
Court have been dismissed, although certain Funds remain nominal defendants in
the Consolidated Amended Fund Derivative Complaint. On September 15, 2006, the
MDL Court granted the AMVESCAP defendants' motion to dismiss the Amended Class
Action Complaint for Violations of ERISA and dismissed such Complaint. The
plaintiff has commenced an appeal from that decision.
IFG, AIM, ADI and/or related entities and individuals have received inquiries
from numerous regulators in the form of subpoenas or other oral or written
requests for information and/or documents related to one or more of the
following issues, among others, some of which concern one or more AIM Funds:
market timing activity, late trading, fair value pricing, excessive or improper
advisory and/or distribution fees, mutual fund sales practices, including
revenue sharing and directed-brokerage arrangements, investments in securities
of other registered investment companies, contractual plans, issues related to
Section 529 college savings plans and procedures for locating lost security
holders. IFG, AIM and ADI have advised the Fund that they are providing full
cooperation with respect to these inquiries. Regulatory actions and/or
additional civil lawsuits related to these or other issues may be filed against
the AIM Funds, IFG, AIM and/or related entities and individuals in the future.
At the present time, management of AIM and the Fund are unable to estimate
the impact, if any, that the outcome of the Pending Litigation and Regulatory
Inquiries described above may have on AIM, ADI or the Fund.
F-43
Tax-Free Cash Reserve Portfolio
TRUSTEES AND OFFICERS
<Table>
BOARD OF TRUSTEES OFFICERS OFFICE OF THE FUND
Bob R. Baker Karen Dunn Kelley 11 Greenway Plaza
President and Principal Suite 100
Frank S. Bayley Executive Officer Houston, TX 77046-1173
James T. Bunch Philip A. Taylor INVESTMENT ADVISOR
Executive Vice President A I M Advisors, Inc.
Bruce L. Crockett 11 Greenway Plaza
Chair Todd L. Spillane Suite 100
Chief Compliance Officer Houston, TX 77046-1173
Albert R. Dowden
Russell C. Burk TRANSFER AGENT
Jack M. Fields Senior Vice President and Senior Officer AIM Investment Services, Inc.
P.O. Box 4739
Carl Frischling John M. Zerr Houston, TX 77210-4739
Senior Vice President, Secretary and Chief
Robert H. Graham Legal Officer CUSTODIAN
Vice Chair The Bank of New York
Sidney M. Dilgren 2 Hanson Place
Prema Mathai-Davis Vice President, Treasurer Brooklyn, NY 11217-1431
and Principal Financial Officer
Lewis F. Pennock COUNSEL TO THE FUND
Lisa O. Brinkley Ballard Spahr
Ruth H. Quigley Vice President Andrews & Ingersoll, LLP
1735 Market Street, 51st Floor
Larry Soll Kevin M. Carome Philadelphia, PA 19103-7599
Vice President
Raymond Stickel, Jr. COUNSEL TO THE INDEPENDENT TRUSTEES
J. Philip Ferguson Kramer, Levin, Naftalis & Frankel LLP
Philip A. Taylor Vice President 1177 Avenue of the Americas
New York, NY 10036-2714
DISTRIBUTOR
Fund Management Company
11 Greenway Plaza
Suite 100
Houston, TX 77046-1173
</Table>
F-44
The Fund provides a complete list of its holdings four times in each fiscal
year, at quarter-ends. For the second and fourth quarters, the list appears in
the Fund's semiannual and annual reports to shareholders. For the first and
third quarters, the Fund files the lists with the Securities and Exchange
Commission (SEC) on Form N-Q. Shareholders can look up the Fund's Form N-Q
filings on the SEC Web site, sec.gov. The Fund's Form N-Q also may be reviewed
and copied at the SEC Public Reference Room in Washington, D.C. You can obtain
information on the operation of the Public Reference Room, including information
about duplicating fee charges, by calling 202-942-8090 or 800-732-0330 or by
electronic request at the following e-mail address: publicinfo@sec.gov. The SEC
file numbers for the Fund are 811-02731 and 002-58286.
A description of the policies and procedures that the Fund uses to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, from our Client Services department at 800-959-4246 or on the AIM
Web site, AIMinvestments.com. On the home page, scroll down and click on AIM
Funds Proxy Policy. The information is also available on the SEC Web site,
sec.gov.
Information regarding how the Fund voted proxies related to its portfolio
securities during the 12 months ended June 30, 2006, is available at our Web
site. Go to AIMinvestments.com, access the About Us tab, click on Required
Notices and then click on Proxy Voting Activity. Next, select the Fund from the
drop-down menu. This information is also available on the SEC Web site, sec.gov.
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
AIMinvestments.com TFIT-SAR-6 Fund Management Company
TAX-FREE CASH RESERVE PORTFOLIO
PRIVATE INVESTMENT CLASS
TAX-FREE INVESTMENTS TRUST (TFIT)
SEPTEMBER 30, 2006
SEMIANNUAL REPORT
[COVER IMAGE]
SEMIANNUAL
==============================================
INSIDE THIS REPORT
Letter to Shareholders..................... 1
Fund Data.................................. 2
Fund Composition by Maturity............... 2
Letter from Independent
Chairman of Board of Trustees.............. 3
Calculating Your Ongoing Fund Expenses..... 4
Approval of Investment Advisory Agreement.. 5
Financial Pages.......................... F-1
Trustees and Officers................... F-44
==============================================
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
TAX-FREE CASH RESERVE PORTFOLIO
DEAR SHAREHOLDER:
We are pleased to present this report on the performance of
the Private Investment Class of Tax-Free Cash Reserve
[KELLEY Portfolio of Tax-Free Investments Trust, part of AIM Cash
PHOTO] Management, for the six months ended September 30, 2006.
Thank you for investing with us.
Tax-Free Cash Reserve Portfolio's objective is to provide
as high a level of tax-exempt income as is consistent with
KAREN DUNN KELLEY preservation of capital and maintenance of liquidity. The
Fund invests in high-quality, short-term municipal
obligations, seeking to provide income exempt from federal
taxation. The Fund structure is driven to some extent by the
supply of municipal securities, and liquidity is managed
with daily and weekly variable-rate demand notes.
Through a combination of short-term cash management vehicles and selective
use of a longer maturity schedule for higher yields, the Fund continued to
provide competitive returns. The Fund continued to maintain a relatively short
maturity structure to take advantage of rising interest rates and yields.
The Fund also continued to hold the highest credit-quality ratings given by
three widely known credit rating agencies: AAAm from Standard & Poor's, Aaa from
Moody's and AAA from FitchRatings. Fund ratings are subject to change and are
based on several factors including an analysis of the Fund's overall credit
quality, market price exposure and management.
MARKET CONDITIONS AFFECTING MONEY MARKET FUNDS
The economy expanded throughout the reporting period, but that expansion was
clearly slowing. U.S. gross domestic product, the broadest measure of economic
activity, grew at an annualized rate of 2.6% in the second quarter of 2006, down
from the exceptionally strong 5.6% annualized growth rate recorded in the first
quarter. Initial estimates put the rate at a weaker-than-expected 1.6% in the
third quarter.
In response to economic expansion and increasing inflation pressures, the
U.S. Federal Reserve Board (the Fed) raised its federal funds target rate by 50
basis points (0.50%) during the reporting period, from 4.75% to 5.25%. Increases
in the federal funds target rate are reflected fairly rapidly in the yields of
money market funds and other fixed income funds that invest primarily in
short-term securities.
At their early August meeting, Fed officials--for the first time in more than
two years--left this key interest rate unchanged. They noted that "economic
growth has moderated from its quite strong pace earlier this year, partly
reflecting a gradual cooling of the housing market and the lagged effects of
increases in interest rates and energy prices." However, the Fed held out the
possibility that additional rate hikes could be needed to fight inflation.
Inflation pressures do not appear to be an immediate concern of the Fed and the
need for additional tightening will likely depend on future economic
developments.
At the close of the reporting period, there was considerable uncertainty
about whether the U.S. economy was headed for a so-called "soft landing"--a
period of gradually slowing economic growth--or a more bumpy and potentially
more painful "hard landing."
IN CONCLUSION
At a recent meeting of the AIM Funds board, Robert H. Graham relinquished his
position as president of Tax-Free Investments Trust. Bob, who was one of three
founders of AIM Investments--Registered Trademark-- in 1976 and who has a
well-earned reputation for being one of the most respected and most
knowledgeable leaders in the mutual fund industry, will continue in his role as
trustee and vice chair of the AIM Funds. As I assume Bob's previous
responsibilities as president of Tax-Free Investments Trust, I am grateful that
I will have the opportunity to continue working with him closely, as I have
since I first joined A I M Management Group Inc. in 1989.
All of us at AIM Investments are committed to the goals of safety, liquidity
and yield in money market fund management. We are also dedicated to excellence
in customer service. Should you have questions about this report or your
account, please contact one of our Cash Management and Alliance representatives
at 800-659-1005.
Sincerely,
/S/KAREN DUNN KELLEY
Karen Dunn Kelley
President, Fund Management Company
November 15, 2006
The views and opinions expressed in this letter are those of A I M Advisors,
Inc. These views and opinions are subject to change at any time based on factors
such as market and economic conditions. These views and opinions may not be
relied upon as investment advice or recommendations, or as an offer for a
particular security. Statements of fact are from sources considered reliable,
but A I M Advisors, Inc. makes no representation or warranty as to their
completeness or accuracy. Although historical performance is no guarantee of
future results, these insights may help you understand our investment management
philosophy.
1
TAX-FREE CASH RESERVE PORTFOLIO
====================================================================================================================================
FUND DATA
PRIVATE INVESTMENT CLASS DATA AS OF 9/30/06
YIELDS WEIGHTED AVERAGE MATURITY NET ASSETS
7-DAY MONTHLY RANGE DURING AT REPORTING
SEC YIELD YIELD REPORTING PERIOD PERIOD END
3.25% 3.10% 22-51 days 46 days $178.20 million
Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or
higher. Please visit AIMinvestments.com for the most recent month-end performance. Investment return will vary. Monthly yield
represents annualized results for the period, net of fees and expenses, and excludes any realized capital gains or losses. Had
the advisor and distributor not waived fees and/or reimbursed expenses, performance would have been lower.
====================================================================================================================================
==========================================
FUND COMPOSITION BY MATURITY
IN DAYS, AS OF 9/30/06
1-7 76.0%
8-30 3.3
31-90 5.8
91-180 4.2
181+ 10.7
==========================================
The number of days to maturity of each holding is determined in accordance with
the provisions of Rule 2a-7 under the Investment Company Act of 1940, as
amended.
================================================================================
AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.
================================================================================
THIS REPORT MUST BE ACCOMPANIED OR PRECEDED BY A CURRENTLY EFFECTIVE FUND
PROSPECTUS, WHICH CONTAINS MORE COMPLETE INFORMATION, INCLUDING FEES AND
EXPENSES. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
================================================================================
2
TAX-FREE CASH RESERVE PORTFOLIO
DEAR FELLOW AIM FUND SHAREHOLDERS:
At our meeting at the end of June, your Board completed its
comprehensive review* of each fund's advisory agreement with
[CROCKETT A I M Advisors, Inc. (AIM) to make certain your interests
PHOTO] are being served in terms of fees, performance and
operations.
Looking ahead, your Board finds many reasons to be
positive about AIM's management and strategic direction.
Most importantly, AIM's investment management discipline is
BRUCE L. CROCKETT paying off in terms of improved overall performance. While
work remains to be done, AIM's complex-wide, asset-weighted
mutual fund performance for the trailing one-, three- and
five-year periods is at its highest since 2000 for the
periods ended September 30, 2006. We are also pleased with
AIM's efforts to seek more cost-effective ways of delivering
superior service.
In addition, AIM is realizing the benefits of belonging
to a leading independent global investment management
organization in its parent company, AMVESCAP PLC, which is
dedicated to helping people worldwide build their financial
security. AMVESCAP managed approximately $441 billion
globally as of September 30, 2006, operating under the AIM,
INVESCO, AIM Trimark, INVESCO PERPETUAL and Atlantic Trust
brands. These companies are home to an abundance of
investment talent that is gradually being integrated and
leveraged into centers of excellence, each focusing on a
given market segment or asset class. Over the next few
years, your Board will be meeting at these various centers
of excellence to learn about their progress and how they may
serve you through our goal of enhancing performance and
reducing costs.
The seven new AIM funds--which include Asian funds,
structured U.S. equity funds and specialized bond funds--are
an early example of the kind of opportunities the AMVESCAP
organization can provide AIM clients. More information on
these funds can be found on AIM's Web site.
Your Board is very pleased with the overall direction and
progress of the AIM Funds. We're working closely and
effectively with AIM's management to continue this momentum.
As always, your Board is eager to hear your views on how we
might better serve you. Please send your comments in a
letter addressed to me at AIM Investments, AIM Investments
Tower, 11 Greenway Plaza, Suite 100, Houston TX 77046.
Sincerely,
/S/ BRUCE L. CROCKETT
Bruce L. Crockett
Independent Chair
AIM Funds Board
November 15, 2006
*To learn more about all the factors we considered before
approving each fund's advisory agreement, go to the
"Products & Performance" tab at the AIM Web site
(AIMinvestments.com) and click on "Investment Advisory
Agreement Renewals." The approval of advisory agreement
information for your Fund is also included in this
semiannual report on pages 5-6.
3
TAX-FREE CASH RESERVE PORTFOLIO
CALCULATING YOUR ONGOING FUND EXPENSES
EXAMPLE together with the amount you invested, to The hypothetical account values and
estimate the expenses that you paid over expenses may not be used to estimate the
As a shareholder of the Fund, you incur the period. Simply divide your account actual ending account balance or expenses
ongoing costs, including management fees; value by $1,000 (for example, an $8,600 you paid for the period. You may use this
distribution and/or service fees (12b-1); account value divided by $1,000 = 8.6), information to compare the ongoing costs
and other Fund expenses. This example is then multiply the result by the number in of investing in the Fund and other funds.
intended to help you understand your the table under the heading entitled To do so, compare this 5% hypothetical
ongoing costs (in dollars) of investing in "Actual Expenses Paid During Period" to example with the 5% hypothetical examples
the Fund and to compare these costs with estimate the expenses you paid on your that appear in the shareholder reports of
ongoing costs of investing in other mutual account during this period. the other funds.
funds. The example is based on an
investment of $1,000 invested at the HYPOTHETICAL EXAMPLE FOR COMPARISON Please note that the expenses shown in
beginning of the period and held for the PURPOSES the table are meant to highlight your
entire period, April 1, 2006, through ongoing costs only. Therefore, the
September 30, 2006. The table below also provides information hypothetical information is useful in
about hypothetical account values and comparing ongoing costs only, and will not
ACTUAL EXPENSES hypothetical expenses based on the Fund's help you determine the relative total
actual expense ratio and an assumed rate costs of owning different funds.
The table below provides information about of return of 5% per year before expenses,
actual account values and actual expenses. which is not the Fund's actual return.
You may use the information in this table,
====================================================================================================================================
HYPOTHETICAL
ACTUAL (5% ANNUAL RETURN BEFORE EXPENSES)
BEGINNING ENDING EXPENSES ENDING EXPENSES ANNUALIZED
ACCOUNT VALUE ACCOUNT VALUE PAID DURING ACCOUNT VALUE PAID DURING EXPENSE
CLASS (4/1/06) (9/30/06)(1) PERIOD(2) (9/30/06) PERIOD(2) RATIO
Private
Investment $1,000.00 $1,015.50 $2.37 $1,022.71 $2.38 0.47%
(1) The actual ending account value is based on the actual total return of the Fund for the period April 1, 2006, through September
30, 2006, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense
ratio and a hypothetical annual return of 5% before expenses.
(2) Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the
period, multiplied by 183/365 to reflect the most recent fiscal half-year.
====================================================================================================================================
4
TAX-FREE CASH RESERVE PORTFOLIO
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
The Board of Trustees of Tax-Free cluded that the range of services to be uation of the Fund's Senior Officer
Investments Trust (the "Board") oversees provided by AIM under the Advisory (discussed below) only considered Fund
the management of Tax-Free Cash Reserve Agreement was appropriate and that AIM performance through the most recent
Portfolio (the "Fund") and, as required by currently is providing services in calendar year, the Board also reviewed
law, determines annually whether to accordance with the terms of the Advisory more recent Fund performance, which did
approve the continuance of the Fund's Agreement. not change their conclusions.
advisory agreement with A I M Advisors,
Inc. ("AIM"). Based upon the o The quality of services to be provided o Meetings with the Fund's portfolio
recommendation of the Investments by AIM. The Board reviewed the credentials managers and investment personnel. With
Committee of the Board, at a meeting held and experience of the officers and respect to the Fund, the Board is meeting
on June 27, 2006, the Board, including all employees of AIM who will provide periodically with such Fund's portfolio
of the independent trustees, approved the investment advisory services to the Fund. managers and/or investment personnel and
continuance of the advisory agreement (the In reviewing the qualifications of AIM to believes that such individuals are
"Advisory Agreement") between the Fund and provide investment advisory services, the competent and able to continue to carry
AIM for another year, effective July 1, Board considered such issues as AIM's out their responsibilities under the
2006. portfolio and product review process, Advisory Agreement.
AIM's legal and compliance function, AIM's
The Board considered the factors use of technology, AIM's portfolio o Overall performance of AIM. The Board
discussed below in evaluating the fairness administration function and the quality of considered the overall performance of AIM
and reasonableness of the Advisory AIM's investment research. Based on the in providing investment advisory and
Agreement at the meeting on June 27, 2006 review of these and other factors, the portfolio administrative services to the
and as part of the Board's ongoing Board concluded that the quality of Fund and concluded that such performance
oversight of the Fund. In their services to be provided by AIM was was satisfactory.
deliberations, the Board and the appropriate and that AIM currently is
independent trustees did not identify any providing satisfactory services in o Fees relative to those of clients of AIM
particular factor that was controlling, accordance with the terms of the Advisory with comparable investment strategies. The
and each trustee attributed different Agreement. Board noted that AIM does not serve as an
weights to the various factors. advisor to other mutual funds or other
o The performance of the Fund relative to clients with investment strategies
One responsibility of the independent comparable funds. The Board reviewed the comparable to those of the Fund.
Senior Officer of the Fund is to manage performance of the Fund during the past
the process by which the Fund's proposed one, three and five calendar years against o Fees relative to those of comparable
management fees are negotiated to ensure the performance of funds advised by other funds with other advisors. The Board
that they are negotiated in a manner which advisors with investment strategies reviewed the advisory fee rate for the
is at arms' length and reasonable. To that comparable to those of the Fund. The Board Fund under the Advisory Agreement. The
end, the Senior Officer must either noted that the Fund's performance in such Board compared effective contractual
supervise a competitive bidding process or periods was at or above the median advisory fee rates at a common asset level
prepare an independent written evaluation. performance of such comparable funds. at the end of the past calendar year and
The Senior Officer has recommended an Based on this review and after taking noted that the Fund's rate was comparable
independent written evaluation in lieu of account of all of the other factors that to the median rate of the funds advised by
a competitive bidding process and, upon the Board considered in determining other advisors with investment strategies
the direction of the Board, has prepared whether to continue the Advisory Agreement comparable to those of the Fund that the
such an independent written evaluation. for the Fund, the Board concluded that no Board reviewed. The Board noted that AIM
Such written evaluation also considered changes should be made to the Fund and has agreed to waive fees and/or limit
certain of the factors discussed below. that it was not necessary to change the expenses of the Fund, as discussed below.
Fund's portfolio management team at this Based on this review, the Board concluded
The discussion below serves as a time. Although the independent written that the advisory fee rate for the Fund
summary of the Senior Officer's evaluation of the Fund's Senior Officer under the Advisory Agreement was fair and
independent written evaluation, as well as (discussed below) only considered Fund reasonable.
a discussion of the material factors and performance through the most recent
the conclusions with respect thereto that calendar year, the Board also reviewed o Expense limitations and fee waivers. The
formed the basis for the Board's approval more recent Fund performance, which did Board noted that AIM has contractually
of the Advisory Agreement. After not change their conclusions. agreed to waive fees and/or limit expenses
consideration of all of the factors below of the Fund in an amount necessary to
and based on its informed business o The performance of the Fund relative to limit total annual operating expenses to a
judgment, the Board determined that the indices. The Board reviewed the specified percentage of average daily net
Advisory Agreement is in the best performance of the Fund during the past assets for each class of the Fund. The
interests of the Fund and its shareholders one, three and five calendar years against Board considered the contractual nature of
and that the compensation to AIM under the the performance of the Lipper this fee waiver/expense limitation and
Advisory Agreement is fair and reasonable Institutional Tax-Exempt Money Market noted that it remains in effect until June
and would have been obtained through arm's Index. The Board noted that the Fund's 30, 2007. The Board considered the effect
length negotiations. performance in such periods was comparable this fee waiver/expense limitation would
to the performance of such Index. Based on have on the Fund's estimated expenses and
Unless otherwise stated, information this review and after taking account of concluded that the levels of fee
presented below is as of June 27, 2006 and all of the other factors that the Board waivers/expense limitations for the Fund
does not reflect any changes that may have considered in determining whether to were fair and reasonable.
occurred since June 27, 2006, including continue the Advisory Agreement for the
but not limited to changes to the Fund's Fund, the Board concluded that no changes o Breakpoints and economies of scale. The
performance, advisory fees, expense should be made to the Fund and that it was Board reviewed the structure of the Fund's
limitations and/or fee waivers. not necessary to change the Fund's advisory fee under the Advisory Agreement,
portfolio management team at this time. noting that it includes one breakpoint.
o The nature and extent of the advisory Although the independent written eval- The Board reviewed the level of the Fund's
services to be provided by AIM. The Board advisory fees, and noted that such fees,
reviewed the services to be provided by as a percentage of the Fund's net assets,
AIM under the Advisory Agreement. Based on
such review, the Board con-
(continued)
5
TAX-FREE CASH RESERVE PORTFOLIO
have decreased as net assets increased o Historical relationship between the Fund
because the Advisory Agreement includes a and AIM. In determining whether to
breakpoint. The Board concluded that the continue the Advisory Agreement for the
Fund's fee levels under the Advisory Fund, the Board also considered the prior
Agreement therefore reflect economies of relationship between AIM and the Fund, as
scale and that it was not necessary to well as the Board's knowledge of AIM's
change the advisory fee breakpoints in the operations, and concluded that it was
Fund's advisory fee schedule. beneficial to maintain the current
relationship, in part, because of such
o Investments in affiliated money market knowledge. The Board also reviewed the
funds. Not applicable because the Fund general nature of the non-investment
does not invest in affiliated money market advisory services currently performed by
funds. AIM and its affiliates, such as
administrative, transfer agency and
o Independent written evaluation and distribution services, and the fees
recommendations of the Fund's Senior received by AIM and its affiliates for
Officer. The Board noted that, upon their performing such services. In addition to
direction, the Senior Officer of the Fund, reviewing such services, the trustees also
who is independent of AIM and AIM's considered the organizational structure
affiliates, had prepared an independent employed by AIM and its affiliates to
written evaluation in order to assist the provide those services. Based on the
Board in determining the reasonableness of review of these and other factors, the
the proposed management fees of the AIM Board concluded that AIM and its
Funds, including the Fund. The Board noted affiliates were qualified to continue to
that the Senior Officer's written provide non-investment advisory services
evaluation had been relied upon by the to the Fund, including administrative,
Board in this regard in lieu of a transfer agency and distribution services,
competitive bidding process. In and that AIM and its affiliates currently
determining whether to continue the are providing satisfactory non-investment
Advisory Agreement for the Fund, the Board advisory services.
considered the Senior Officer's written
evaluation. o Other factors and current trends. The
Board considered the steps that AIM and
o Profitability of AIM and its affiliates. its affiliates have taken over the last
The Board reviewed information concerning several years, and continue to take, in
the profitability of AIM's (and its order to improve the quality and
affiliates') investment advisory and other efficiency of the services they provide to
activities and its financial condition. the Funds in the areas of investment
The Board considered the overall performance, product line diversification,
profitability of AIM, as well as the distribution, fund operations, shareholder
profitability of AIM in connection with services and compliance. The Board
managing the Fund. The Board noted that concluded that these steps taken by AIM
AIM's operations remain profitable, have improved, and are likely to continue
although increased expenses in recent to improve, the quality and efficiency of
years have reduced AIM's profitability. the services AIM and its affiliates
Based on the review of the profitability provide to the Fund in each of these
of AIM's and its affiliates' investment areas, and support the Board's approval of
advisory and other activities and its the continuance of the Advisory Agreement
financial condition, the Board concluded for the Fund.
that the compensation to be paid by the
Fund to AIM under its Advisory Agreement
was not excessive.
o Benefits of soft dollars to AIM. The
Board considered the benefits realized by
AIM as a result of brokerage transactions
executed through "soft dollar"
arrangements. Under these arrangements,
brokerage commissions paid by other funds
advised by AIM are used to pay for
research and execution services. This
research may be used by AIM in making
investment decisions for the Fund. The
Board concluded that such arrangements
were appropriate.
o AIM's financial soundness in light of
the Fund's needs. The Board considered
whether AIM is financially sound and has
the resources necessary to perform its
obligations under the Advisory Agreement,
and concluded that AIM has the financial
resources necessary to fulfill its
obligations under the Advisory Agreement.
6
Tax-Free Cash Reserve Portfolio
SCHEDULE OF INVESTMENTS
September 30, 2006
(Unaudited)
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MUNICIPAL OBLIGATIONS-98.85%(A)
ALABAMA-0.17%
Homewood (City of) Educational Building
Authority (Samford University Facilities
Project); Series 1999, VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 12/01/21(b)(c) -- VMIG-1 $ 3,685 $ 3,685,000
- -------------------------------------------------------------------------------------------
Tuscaloosa (County of) Board of Education
(Capital Outlay); Series 1997 B, VRD Wts.
(LOC-Regions Bank)
3.76%, 02/01/17(d)(e) -- Aa3 3,175 3,175,000
===========================================================================================
6,860,000
===========================================================================================
ALASKA-0.75%
Alaska (State of) Industrial Development
Authority (Providence Medical Office
Building); Series 1985, VRD IDR (LOC-KBC
Bank N.V.)
3.55%, 06/01/10(d)(f)(g) -- VMIG-1 1,590 1,590,000
- -------------------------------------------------------------------------------------------
North Slope (Borough of); Series 2000 A,
Refunding VRD GO (INS-MBIA Insurance Corp.)
3.77%, 06/30/10(c)(e) A-1+ VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Alaska (State of) Housing
Finance Corp.); Series 1999 D, VRD RB
(Acquired 03/28/06; Cost $25,000,000)
3.78%, 06/01/49(e)(h)(i) -- VMIG-1 25,000 25,000,000
===========================================================================================
30,290,000
===========================================================================================
ARIZONA-0.54%
Arizona State University Board of Regents;
Series 2003 A, Refunding VRD RB (INS-Ambac
Assurance Corp.)
3.73%, 07/01/34(c)(e) A-1+ VMIG-1 1,570 1,570,000
- -------------------------------------------------------------------------------------------
Casa Grande (City of) Industrial Development
Authority (Center Park Apartments Project);
Series 2001 A, Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association)
3.77%, 06/15/31(e) -- VMIG-1 2,010 2,010,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ARIZONA-(CONTINUED)
Casa Grande (City of) Industrial Development
Authority (Quail Gardens Apartments);
Series 2001 A, Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association)
3.77%, 06/15/31(e) -- VMIG-1 $ 1,885 $ 1,885,000
- -------------------------------------------------------------------------------------------
Phoenix (City of) Industrial Development
Authority (Lynwood Apartments Project);
Series 1994, Refunding Multi-Family Housing
VRD IDR (CEP-Federal Home Loan Bank of San
Francisco)
3.81%, 10/01/25(e) A-1+ -- 5,715 5,715,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (El Dorado Hospital); Series
2004, VRD IDR (LOC-Branch Banking & Trust
Co.)
3.78%, 04/01/38(d)(e) -- VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (Tohono Chul Park Project);
Series 2001, VRD IDR (LOC-Northern Trust
Co.)
3.85%, 08/01/36(d)(e) -- VMIG-1 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Scottsdale (City of) Industrial Development
Authority (Notre Dame School); Series 2001
A, VRD Limited Obligation IDR (LOC-JPMorgan
Chase Bank, N.A.)
3.80%, 05/01/21(d)(e) A-1+ -- 3,000 3,000,000
===========================================================================================
21,980,000
===========================================================================================
CALIFORNIA-0.90%
California (State of) Pollution Control
Financing Authority (Southdown, Inc.
Project); Series 1983 Floating Rate PCR
(LOC-Wachovia Bank, N.A.)
3.70%, 02/15/13(d)(f) -- VMIG-1 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Series 1983 B Floating Rate PCR
(LOC-Wachovia Bank, N.A.)
3.70%, 09/15/13(d)(f) A-1+ VMIG-1 9,400 9,400,000
- -------------------------------------------------------------------------------------------
</Table>
F-1
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
CALIFORNIA-(CONTINUED)
JPMorgan PUTTERs (Sacramento (County of)
Sanitation District Financing Authority);
Series 2006-1407, VRD RB (Acquired
07/19/06; Cost $1,455,000)
3.77%, 06/01/14(e)(h)(i) A-1+ -- $ 1,455 $ 1,455,000
- -------------------------------------------------------------------------------------------
San Jose (City of) Financing Authority;
Series 2006, Commercial Paper Notes
(LOC-State Street Bank & Trust Co.;
California State Teachers Retirement
System)
3.68%, 11/07/06(d) A-1+ P-1 17,806 17,806,000
===========================================================================================
36,661,000
===========================================================================================
COLORADO-2.18%
Broomfield (City of) Urban Renewal Authority
(Event Center Project); Series 2005, Tax
Increment Allocation VRD Revenue (LOC-BNP
Paribas)
3.76%, 12/01/30(d)(e)(g) -- VMIG-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
Castle Pines North Metropolitan District;
Series 2006 C, VRD Refunding Limited Tax GO
(LOC-U.S. Bank, N.A.)
3.76%, 12/01/24(d)(e) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Centerra Metropolitan District No. 1; Series
2004, VRD RB (LOC-BNP Paribas)
3.77%, 12/01/29(d)(e)(g) A-1+ -- 12,000 12,000,000
- -------------------------------------------------------------------------------------------
Colorado (State of) E-470 Public Highway
Authority (Vehicle Registration Fee);
Series 2001, VRD RB (INS-MBIA Insurance
Corp.)
3.77%, 09/01/18(c)(e) A-1+ -- 1,175 1,175,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Community Wireless
Park City); Series 2003, VRD RB (LOC-U.S.
Bank, N.A.)
3.78%, 12/01/23(d)(e) A-1+ -- 600 600,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Regis Jesuit High
School Project); Series 2003, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 12/01/33(d)(e) A-1+ -- 5,065 5,065,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
COLORADO-(CONTINUED)
Colorado (State of) Educational & Cultural
Facilities Authority (Southeastern Baptist
Theological Seminary); Series 2005, VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 03/01/25(d)(e) -- VMIG-1 $ 8,945 $ 8,945,000
- -------------------------------------------------------------------------------------------
Colorado (State of) General Fund; Series
2006, RAN 4.75%, 06/27/07 SP-1+ -- 10,000 10,070,764
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Arapahoe House Project); Series
2004 A, VRD RB (LOC-Wells Fargo Bank, N.A.)
3.81%, 04/01/24(d)(e) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Christian Living Project);
Series 1997, Refunding VRD RB (LOC-U.S.
Bank, N.A.)
3.78%, 01/01/11(d)(e) A-1+ -- 1,245 1,245,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Covenant Retirement); Series
2006, Refunding VRD RB (LOC-LaSalle Bank
N.A.)
3.75%, 12/01/25(d)(e) A-1 -- 6,760 6,760,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Craig Hospital Project); Series
2003, Refunding VRD RB (LOC-Wells Fargo
Bank, N.A.)
3.74%, 12/01/20(d)(e) A-1+ -- 5,275 5,275,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Goodwill Industries Denver
Project); Series 2004, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.85%, 12/01/24(d)(e) -- VMIG-1 1,350 1,350,000
- -------------------------------------------------------------------------------------------
Colorado Springs (City of) (Pikes Peak Mental
Health Center); Series 2003, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 03/15/23(d)(e) A-1+ -- 1,805 1,805,000
- -------------------------------------------------------------------------------------------
Colorado Springs (City of) Industrial
Development Authority (Cook Communications
Project); Series 2002, VRD IDR (LOC-Bank of
America, N.A.)
3.79%, 03/01/17(d)(e) A-1+ -- 2,350 2,350,000
- -------------------------------------------------------------------------------------------
</Table>
F-2
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
COLORADO-(CONTINUED)
Concord (Metropolitan District of); Series
2004, Refunding & Improvement Unlimited Tax
GO (LOC-Wells Fargo Bank, N.A.)
3.50%, 12/01/29(d)(j) A-1+ -- $ 1,550 $ 1,550,000
- -------------------------------------------------------------------------------------------
Crystal Valley Metropolitan District of No.
1; Series 2004, VRD RB (LOC-Wells Fargo
Bank, N.A.)
3.74%, 10/01/34(d)(e) A-1+ -- 4,795 4,795,000
- -------------------------------------------------------------------------------------------
Denver (City & County of) Excise Tax Revenue
Authority (Convention Center Project);
Series 2001 B, RB (INS-Financial Security
Assurance Inc.)
3.74%, 09/01/25(c)(e) A-1+ VMIG-1 4,920 4,920,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Section 14 Metropolitan
District; Series 2000 Refunding Unlimited
Tax GO (LOC-U.S. Bank, N.A.)
5.20%, 12/01/19(d)(j) AA -- 1,100 1,102,889
- -------------------------------------------------------------------------------------------
Series 2004 Refunding Unlimited Tax VRD GO
(LOC-U.S. Bank, N.A.)
3.50%, 12/01/13(d)(k) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Mesa (County of) (Goodwill Industries of
Colorado Springs); Series 2006, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 12/01/26(d)(e) A-1+ -- 1,250 1,250,000
===========================================================================================
88,458,653
===========================================================================================
CONNECTICUT-0.26%
Connecticut (State of) Development Authority
(Central Vermont Public Service); Series
1985, Floating Rate PCR (LOC-Citizens Bank
of Massachusetts)
3.66%, 12/01/15(d)(f) A-1+ -- 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Connecticut (State of) Health & Educational
Facilities Authority (Westminster School);
Series 2002 C, VRD RB (LOC-Bank of America,
N.A.)
3.73%, 07/01/32(d)(e) A-1+ -- 1,395 1,395,000
- -------------------------------------------------------------------------------------------
Connecticut (State of) Health & Educational
Facilities Authority (YMCA of Greater
Hartford); Series 2002 A, VRD RB (INS-Ambac
Assurance Corp.)
3.73%, 07/01/32(c)(e) -- VMIG-1 7,910 7,910,000
===========================================================================================
10,705,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
DELAWARE-0.17%
Delaware (State of) Economic Development
Authority (Connections Community Support);
Series 2006, VRD RB (LOC-Mercantile Safe
Deposit & Trust Co.)
3.77%, 08/01/31(d)(e) A-1+ -- $ 7,035 $ 7,035,000
===========================================================================================
DISTRICT OF COLUMBIA-0.39%
District of Columbia (American Library
Association); Series 2005, VRD RB (LOC-Bank
of America, N.A.)
3.76%, 02/01/35(d)(e) -- VMIG-1 3,175 3,175,000
- -------------------------------------------------------------------------------------------
District of Columbia (American Psychology
Association); Series 2003, VRD RB (LOC-Bank
of America, N.A.)
3.79%, 03/01/28(d)(e) A-1+ -- 5,055 5,055,000
- -------------------------------------------------------------------------------------------
District of Columbia (National Academy of
Sciences); Series 1999 B Commercial Paper
(INS-Ambac Assurance Corp.)
3.46%, 11/07/06(c) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
3.63%, 11/07/06(c) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
District of Columbia (Washington Center for
Internships & Academic); Series 2006, VRD
RB (LOC-Branch Banking & Trust Co.)
3.78%, 07/01/36(d)(e) -- VMIG-1 1,700 1,700,000
===========================================================================================
15,930,000
===========================================================================================
FLORIDA-5.57%
ABN AMRO Munitops Ctfs. Trust (Miami-Dade
(County of) Transit Sales Surtax Revenue
Bonds); Series 2006-24, Non-AMT VRD Ctfs.
(Acquired 05/05/06; Cost $14,270,000)
3.78%, 07/01/14(e)(h)(i) -- VMIG-1 14,270 14,270,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Port St. Lucie
(City of) Utilities Systems Revenue Bonds);
Series 2006-50, Non-AMT VRD Ctfs. (Acquired
07/17/06; Cost $10,700,000)
3.78%, 09/01/14(e)(h)(i) -- VMIG-1 10,700 10,700,000
- -------------------------------------------------------------------------------------------
Cape Coral (City of); Series 2006, Commercial
Paper Notes (LOC-Bank of America, N.A.)
3.48%, 10/10/06(d) A-1+ -- 15,000 15,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-3
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-(CONTINUED)
Capital Projects Finance Authority (Capital
Projects Loan Program); Series 1997 A, VRD
RB (INS-Financial Security Assurance Inc.)
3.77%, 08/01/17(c)(e) A-1+ -- $ 7,200 $ 7,200,000
- -------------------------------------------------------------------------------------------
Collier (County of) Industrial Development
Authority (Redlands Christian Migrant
Association Inc.); Series 2001, VRD IDR
(LOC-Bank of America, N.A.)
3.79%, 12/01/26(d)(e)(l) -- -- 2,800 2,800,000
- -------------------------------------------------------------------------------------------
Florida (State of) Division of Bond Finance
Department of General Services
(Environmental Protection Preservation
2000); Series 1998 B, RB (INS-Financial
Security Assurance Inc.)
5.50%, 07/01/07(c) AAA Aaa 5,200 5,273,637
- -------------------------------------------------------------------------------------------
Florida (State of) Local Government Finance
Commission (Pooled Loan Program); Series
1994 A, Commercial Paper Notes
(LOC-Wachovia Bank, N.A.)
3.52%, 10/31/06(d) -- P-1 22,670 22,670,000
- -------------------------------------------------------------------------------------------
Florida Gulf Coast University Financing Corp.
(Florida Capital Improvement); Series 2003,
VRD RB (LOC-Wachovia Bank, N.A.)
3.78%, 12/01/33(d)(e) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Highlands (County of) Health Facilities
Authority (Adventist Health); Series 2006
A, Refunding VRD RB (INS-Financial Security
Assurance Inc.)
3.76%, 11/15/30(c)(e) A-1+ VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Hillsborough (County of) Industrial
Development Authority (Tampa Metropolitan
Area YMCA Project); Series 2000, VRD IDR
(LOC-Bank of America, N.A.)
3.76%, 03/01/25(d)(e)(l) -- -- 5,550 5,550,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (Baptist Medical Center Project);
Series 2004, Commercial Paper (LOC-Bank of
America, N.A.)
3.20%, 10/13/06(d) A-1+ -- 3,000 3,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
FLORIDA-(CONTINUED)
Jacksonville (City of) Health Facilities
Authority (Samuel C. Taylor Foundation
Project); Series 1998, VRD RB (LOC-Bank of
America, N.A.) (Acquired 02/20/01; Cost
$2,600,000)
3.79%, 12/01/23(d)(e)(h)(l) -- -- $ 2,600 $ 2,600,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (University of Florida
Jacksonville Physicians, Inc.); Series
2002, VRD RB (LOC-Bank of America, N.A.)
3.80%, 06/01/22(d)(e) -- VMIG-1 11,245 11,245,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority; Series 2003 C, VRD RB (LOC-Bank
of America, N.A.)
3.80%, 08/15/33(b)(d) A-1+ -- 5,695 5,695,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Florida (State of) Department of
Environmental Protection); Series 2002-722,
Floating Rate Trust Ctfs. VRD RB (Acquired
11/13/02; Cost $9,690,000)
3.78%, 07/01/22(e)(h)(i) A-1 -- 9,690 9,690,000
- -------------------------------------------------------------------------------------------
North Miami (City of) Educational Facilities
(Miami Country Day School Project); Series
1999, VRD RB (LOC-Bank of America, N.A.)
3.76%, 08/01/19(d)(e)(l) -- -- 1,450 1,450,000
- -------------------------------------------------------------------------------------------
Orange (County of) Health Facilities
Authority (Adventist Health System/Sunbelt
Inc.); Series 1992, VRD RB (LOC-SunTrust
Bank)
3.83%, 11/15/14(d)(e) A-1+ VMIG-1 1,535 1,535,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Educational Facilities
Authority (Atlantic College); Series 2001,
Educational Facilities VRD RB (LOC-Bank of
America, N.A.)
3.76%, 12/01/31(d)(e)(l) -- -- 13,400 13,400,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Housing Finance
Authority (Emerald Bay Club Apartments);
Series 2004, Refunding Multi-Family Housing
VRD RB (LOC-Wachovia Bank, N.A.)
3.77%, 06/01/30(d)(e) A-1+ P-1 8,000 8,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-4
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-(CONTINUED)
Palm Beach (County of) School Board; Series
2002 B, VRD COP (INS-Financial Security
Assurance Inc.)
3.73%, 08/01/27(c)(e) -- VMIG-1 $14,680 $ 14,680,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) School District Sales
Tax; Series 2006 Commercial Paper Notes
(LOC-Bank of America, N.A.)
3.50%, 10/11/06(d) A-1+ P-1 18,000 18,000,000
- -------------------------------------------------------------------------------------------
3.55%, 10/16/06(d) A-1+ P-1 9,200 9,200,000
- -------------------------------------------------------------------------------------------
Seminole (County of) School District; Series
2006, Unlimited Tax GO TAN 4.50%, 09/13/07 -- MIG-1 23,000 23,199,825
- -------------------------------------------------------------------------------------------
Tampa (City of) (Agency for Community
Treatment
DACCO Project);
Series 2001, VRD RB (LOC-Bank of America,
N.A.)
3.79%, 07/01/22(d)(e)(l) -- -- 4,730 4,730,000
===========================================================================================
225,888,462
===========================================================================================
GEORGIA-5.34%
ABN AMRO Munitops Ctfs. Trust (Fulton (County
of) Water & Sewer Revenue Bonds); Series
2004-15, Non-AMT VRD Ctfs. (Acquired
10/12/04; Cost $9,995,000)
3.78%, 01/01/12(e)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
Albany-Dougherty (County of) Hospital
Authority (Phoebe Hospital); Series 2002,
RANS (INS-Ambac Assurance Corp.)
3.78%, 09/01/32(b)(c) -- VMIG-1 25,000 25,000,000
- -------------------------------------------------------------------------------------------
Atlanta (City of) Metropolitan Rapid Transit
Authority; Series 1998 A, Refunding Second
Indenture RB (INS-MBIA Insurance Corp.)
6.25%, 07/01/07(c) AAA Aaa 9,000 9,169,959
- -------------------------------------------------------------------------------------------
Burke (County of) Development Authority
(Oglethorpe Power Corp.); Series 1994 A VRD
PCR (INS-Financial Guaranty Insurance Co.)
3.78%, 01/01/19(c)(e) A-1+ VMIG-1 20,911 20,911,000
- -------------------------------------------------------------------------------------------
Series 2006 B Commercial Paper VRD PCR
(INS-Ambac Assurance Corp.)
3.53%, 12/28/06(c) A-1+ VMIG-1 6,500 6,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
GEORGIA-(CONTINUED)
Cobb (County of) Development Authority (YMCA
of Cobb County); Series 2003, VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 12/01/25(d)(e) -- VMIG-1 $ 1,300 $ 1,300,000
- -------------------------------------------------------------------------------------------
Conyers-Rockdale-Big Haynes Impoundment
Authority; Series 1998, VRD RB
(INS-Financial Security Assurance Inc.)
3.74%, 07/01/22(c)(e) -- VMIG-1 3,040 3,040,000
- -------------------------------------------------------------------------------------------
Dahlonega (City of) Downtown Development
Authority (North Georgia Student Housing
Project); Series 2001 A, VRD RB
(LOC-Wachovia Bank, N.A.)
3.73%, 06/01/28(d)(e) -- VMIG-1 3,550 3,550,000
- -------------------------------------------------------------------------------------------
DeKalb (County of) Housing Authority (Wood
Hills Apartment Project); Series 1988,
Refunding Floating Rate Multi-Family
Housing RB (LOC-Bank of America, N.A.)
3.80%, 12/01/07(d)(e) A-1+ -- 9,250 9,250,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Georgia (State of));
Series 2000-1001 C, VRD COP (Acquired
07/26/2000; Cost $20,000,000)
3.79%, 07/01/15(e)(h)(i) A-1+ -- 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Floyd (County of) Development Authority
(Shorter College Project); Series 1998, VRD
RB (LOC-SunTrust Bank)
3.79%, 06/01/17(d)(e) A-1+ -- 1,600 1,600,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Development Authority
(Pinecrest Academy Inc. Project); Series
2000, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 09/01/25(d)(e) -- VMIG-1 8,800 8,800,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Atlanta Park II Project); Series 1997,
Refunding VRD RB (LOC-Wachovia Bank, N.A.)
(Acquired 04/12/06; Cost $1,350,000)
3.80%, 10/01/10(d)(e)(h) -- Aa2 1,350 1,350,000
- -------------------------------------------------------------------------------------------
</Table>
F-5
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
GEORGIA-(CONTINUED)
Fulton (County of) Development Authority
(Bridgeway Foundation for Education
Project); Series 2000, Educational
Facilities VRD RB (LOC-Wachovia Bank, N.A.)
3.80%, 06/01/15(d)(e) A-1+ -- $ 1,725 $ 1,725,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Doris & Alex Weber School Project); Series
2006, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 12/01/30(d)(e) -- VMIG-1 4,500 4,500,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Kings Ridge Christian School); Series
2006, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 05/01/26(d)(e) -- VMIG-1 7,000 7,000,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Mount Vernon Presbyterian School); Series
2005, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 08/01/35(d)(e) -- VMIG-1 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Georgia (State of) Road and Tollway Authority
(Federal Highway Grant); Series 2006,
Revenue BAN 4.50%, 06/01/07 AA- Aa3 18,865 18,967,989
- -------------------------------------------------------------------------------------------
Georgia (State of) Road and Tollway Authority
(Federal Highway Reimbursement); Series
2006, RB 4.50%, 06/01/07 AA- Aa3 4,920 4,946,859
- -------------------------------------------------------------------------------------------
Gwinnett (County of) School District; Series
2006, Limited Tax TAN GO
4.50%, 12/29/06 -- MIG-1 10,000 10,021,569
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Atlanta (City of) Water &
Wastewater); Series 2004-520, VRD RB
(Acquired 04/20/05; Cost $37,495,000)
3.78%, 05/01/12(e)(h)(i) A-1 -- 37,495 37,495,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Rockdale (County of) Water
& Sewer Authority); Series 2006-1342, VRD
RB (Acquired 05/24/06; Cost $2,945,000)
3.78%, 07/01/13(e)(h)(i) -- VMIG-1 2,945 2,945,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
GEORGIA-(CONTINUED)
Savannah (City of) Economic Development
Authority (Westside Urban Health Center);
Series 2002 A, VRD RB (LOC-SunTrust Bank)
3.80%, 03/01/18(d)(e) -- VMIG-1 $ 2,445 $ 2,445,000
- -------------------------------------------------------------------------------------------
Smyrna (City of) Hospital Authority
(Ridgeview Institute Inc. Project); Series
2002, VRD RB (LOC-Wachovia Bank, N.A.)
3.80%, 11/01/27(d)(e) -- VMIG-1 1,960 1,960,000
===========================================================================================
216,572,376
===========================================================================================
HAWAII-0.22%
Eagle Tax Exempt Trust (Hawaii (State of));
Series 2000-1101, VRD COP (Acquired
01/11/01; Cost $6,000,000)
3.79%, 12/01/16(e)(h)(i) A-1+ -- 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Hawaii (State of); Series 1997 CN, Unlimited
Tax GO (INS-Financial Guaranty Insurance
Co.)
6.25%, 03/01/07(c) AAA Aaa 3,000 3,032,471
===========================================================================================
9,032,471
===========================================================================================
IDAHO-0.78%
Custer (County of) Pollution Control (Amoco
Oil Co.-Standard Oil Industry Project);
Series 1983, VRD PCR 3.55%, 10/01/09(g)(m) A-1+ -- 22,200 22,200,000
- -------------------------------------------------------------------------------------------
Idaho (State of) Health Facilities Authority
(Pooled Financing Program); Series 1985,
VRD ACES RB (LOC-U.S. Bank, N.A.)
3.80%, 10/01/10(d)(e) -- VMIG-1 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Idaho (State of); Series 2006, Unlimited Tax
GO TAN 4.50%, 06/29/07 SP-1+ MIG-1 8,000 8,045,667
===========================================================================================
31,645,667
===========================================================================================
ILLINOIS-13.04%
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of) Board of Education); Series 2002-4, VRD
GO Ctfs. (Acquired 11/10/05 Cost
$24,225,000)
3.77%, 12/01/09(e)(h)(i) -- VMIG-1 24,225 24,225,000
- -------------------------------------------------------------------------------------------
</Table>
F-6
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of)); Series 2001-34 Refunding Multi-State
Non-AMT VRD Limited Tax Ctfs. (Acquired
11/15/01; Cost $10,000,000) 3.79%,
07/01/07(e)(h)(i) -- VMIG-1 $10,000 $ 10,000,000
- -------------------------------------------------------------------------------------------
Series 2005-40 Non-AMT VRD Unlimited Tax GO
(Acquired 11/30/05; Cost $15,165,000)
3.79%, 07/01/13(e)(h)(i)(l) -- -- 15,165 15,165,000
- -------------------------------------------------------------------------------------------
Aurora (City of) Economic Development (Aurora
University); Series 2004, VRD RB
(LOC-Harris N.A.)
3.85%, 03/01/35(d)(e) A-1+ VMIG-1 7,250 7,250,000
- -------------------------------------------------------------------------------------------
Bear Stearns Municipal Securities Trust Ctfs.
(State of Illinois); Series 1998-25 A VRD
RB (Acquired 08/26/99; Cost $10,000,000)
3.79%, 03/15/07(e)(h)(i) A-1 -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2002-190 A VRD RB (Acquired
05/06/02; Cost $10,130,000) 3.79%,
06/05/14(e)(h)(i) A-1 -- 10,130 10,130,000
- -------------------------------------------------------------------------------------------
Channahon (City of) (Morris Hospital); Series
2003 A Refunding VRD RB (LOC-U.S. Bank,
N.A.)
3.77%, 12/01/23(d)(e) A-1+ -- 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Series 2003 B VRD RB (LOC-U.S. Bank, N.A.)
3.77%, 12/01/32(d)(e) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Chicago (City of); Series 2002 B, VRD
Unlimited GO (INS-Financial Guaranty
Insurance Co.)
3.74%, 01/01/37(c)(e) A-1+ VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Cook (County of) (Capital Improvement);
Series 2004 E, VRD Unlimited Tax GO 3.78%,
11/01/33(e) A-1+ VMIG-1 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
O'Hare International Airport); Series
2006-0056 A, VRD COP (Acquired 03/22/06;
Cost $6,200,000)
3.79%, 01/01/33(e)(h)(i) A-1+ -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Eagle Tax Exempt Trust (Chicago (City of)
Park District); Series 2002-1306 A,
Unlimited Tax VRD COP (Acquired 05/02/02;
Cost $5,500,000)
3.79%, 01/01/29(e)(h)(i) A-1+ -- $ 5,500 $ 5,500,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
Water & Sewer); Series 2001-1308, VRD COP
(Acquired 12/12/01; Cost $8,655,000)
3.79%, 11/01/26(e)(h)(i) A-1+ -- 8,655 8,655,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of));
Series 2001-1305, VRD COP (Acquired
04/20/01; Cost $4,950,000)
3.89%, 01/01/35(e)(h)(i) A-1+ -- 4,950 4,950,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Illinois (State of));
Series 2000-1304, VRD COP (Acquired
06/27/00; Cost $7,340,000)
3.79%, 06/01/21(e)(h)(i) A-1+ -- 7,340 7,340,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Regional
Transportation Authority); Series
2000-1303, VRD COP (Acquired 03/26/01; Cost
$19,000,000)
3.79%, 07/01/23(e)(h)(i) A-1+ -- 19,000 19,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Chicago Shakespeare Theater
Project); Series 1999, VRD RB (LOC-LaSalle
Bank N.A.) (Acquired 09/24/03; Cost
$4,100,000)
3.75%, 01/01/19(d)(e)(h) A-1 -- 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Christian Heritage Academy);
Series 2001, VRD RB (LOC-Fifth Third Bank)
3.94%, 12/01/21(b)(d) A-1+ -- 4,625 4,625,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Embers Elementary School
Project); Series 2002, Educational
Facilities VRD RB (LOC-LaSalle Bank N.A.)
(Acquired 11/04/03; Cost $2,175,000)
3.76%, 04/01/32(d)(e)(h) A-1 -- 2,175 2,175,000
- -------------------------------------------------------------------------------------------
</Table>
F-7
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Fenwich High School Project);
Series 1997, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 03/01/32(d)(e) A-1+ -- $ 3,000 $ 3,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Glenwood School for Boys);
Series 1998, VRD RB (LOC-Harris N.A.)
3.85%, 02/01/33(d)(e) A-1+ -- 2,250 2,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Institute of Gas Technology
Project); Series 1999, VRD IDR (LOC-Harris
N.A.)
3.83%, 09/01/24(d)(e) A-1+ -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (James Jordan Boys & Girls Club
and Family Center Project); Series 1995,
VRD RB (LOC-JPMorgan Chase Bank, N.A.,
LaSalle Bank N.A.) (Acquired 10/18/05; Cost
$4,700,000)
3.85%, 08/01/30(d)(e)(h) A-1 -- 4,700 4,700,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Lyric Opera Chicago Project);
Series 1994, VRD RB (LOC-Northern Trust
Co., Harris N.A., JPMorgan Chase Bank,
N.A.)
3.80%, 12/01/28(d)(e) A-1+ VMIG-1 15,600 15,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Museum of Contemporary Art
Project); Series 1994, VRD RB (LOC-JPMorgan
Chase Bank, N.A., Northern Trust Co.)
3.80%, 02/01/29(d)(e) A-1+ VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Oak Park Residence Corp.
Project); Series 2001, VRD RB (LOC-LaSalle
Bank N.A.) (Acquired 01/29/03; Cost
$2,975,000)
3.75%, 07/01/41(d)(e)(h) A-1 -- 2,975 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Providence-St. Mel School
Project); Series 2002, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.85%, 06/01/37(d)(e) -- VMIG-1 1,360 1,360,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Radiological Society Project);
Series 1997, VRD RB (LOC-JPMorgan Chase
Bank, N.A.) (Acquired 04/07/06; Cost
$1,600,000)
3.83%, 06/01/17(d)(e)(h) A-1+ -- $ 1,600 $ 1,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Rosecrance Inc. Project); Series
2003, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 10/01/24(d)(e) A-1+ -- 2,825 2,825,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Teachers Academy for Mathamatics
& Science); Series 2001, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.85%, 02/01/21(d)(e) -- VMIG-1 2,975 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Uhlich Childrens Home Project);
Series 2002, VRD IDR (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 10/01/33(d)(e) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (West Central Illinois
Educational Project); Series 2002, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 09/01/32(d)(e) -- VMIG-1 3,600 3,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (YMCA of Metropolitan Chicago
Project); Series 2001, VRD RB (LOC-Harris
N.A.)
3.80%, 06/01/29(d)(e) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Arts Club of Chicago); Series
1996, VRD RB (LOC-Northern Trust Co.)
3.85%, 01/01/26(d)(e) A-1+ -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Aurora University); Series 2002,
RB (LOC-Fifth Third Bank)
3.85%, 03/01/32(d)(e) -- VMIG-1 4,900 4,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-8
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Educational Facilities
Authority (Chicago Childrens Museum);
Series 1994, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 02/01/28(d)(e) A-1 VMIG-1 $ 1,200 $ 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Dominican University); Series
2000 B, VRD RB (LOC-Allied Irish Banks PLC)
3.85%, 10/01/30(d)(e)(g) -- VMIG-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Elmhurst College); Series 2003,
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.85%, 03/01/33(d)(e) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Field Museum of National
History); Series 1998, VRD RB (LOC-Bank of
America, N.A.)
3.80%, 11/01/32(d)(e) A-1+ -- 3,950 3,950,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Lake County Family YMCA); Series
2000, VRD RB (LOC-Harris N.A.)
3.85%, 11/01/30(d)(e) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Lincoln Park Society); Series
1999, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.80%, 01/01/29(d)(e) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Museum of Science & Industry);
Series 1992, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 10/01/26(d)(e) -- VMIG-1 3,250 3,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (National Louis University);
Series 1999 A VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.75%, 06/01/29(d)(e) A-1+ -- 5,600 5,600,000
- -------------------------------------------------------------------------------------------
Series 1999 B VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.83%, 06/01/29(d)(e) A-1+ -- 3,100 3,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Educational Facilities
Authority (Newberry Library); Series 1988,
VRD RB (LOC-Northern Trust Co.)
3.85%, 03/01/28(d)(e) -- VMIG-1 $ 1,205 $ 1,205,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Shedd Aquarium Society); Series
1987 B, Commercial Paper (LOC-Bank of
America, N.A.)
3.70%, 04/16/07(d) -- VMIG-1 18,000 18,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority; Series 1998, Pooled Financing
VRD RB (LOC-Bank of America, N.A.)
3.77%, 03/01/28(d)(e) A-1+ -- 2,720 2,720,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Benedictine University Project); Series
2006, VRD RB (LOC-National City Bank of the
Midwest)
3.76%, 03/01/26(d)(e) A-1 -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Fairview Hospital); Series 2004 C,
Refunding VRD RB (LOC-LaSalle Bank N.A.)
3.75%, 08/15/34(d)(e) A-1 -- 13,250 13,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Franciscan Communities, Inc. - The Village
at Victory Lakes); Series 2006 A, VRD RB
(LOC-LaSalle Bank N.A.)
3.76%, 05/01/36(d)(e) A-1 -- 8,045 8,045,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Jewish
Charities); Series 2006 O6-07 A, VRD RN
(LOC-Harris N.A.)
3.80%, 06/29/07(d)(e) A-1+ -- 8,890 8,890,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Latin
School Project); Series 2005 A, Refunding
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 08/01/28(d)(e) -- VMIG-1 9,100 9,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Mercy
Alliance Project); Series 2005, VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.77%, 02/15/35(d)(e) -- VMIG-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-9
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Finance Authority (North
Park University Project); Series 2005, VRD
RB (LOC-JPMorgan Chase Bank, N.A.)
3.85%, 07/01/35(d)(e) A-1+ -- $ 2,900 $ 2,900,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Search
Development Center Inc. Project); Series
2004, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 06/01/24(d)(e) -- VMIG-1 5,075 5,075,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Sunshine Through Golf Foundation Project);
Series 2004 A, VRD RB (LOC-LaSalle Bank
N.A.)
3.76%, 11/01/24(d)(e) A-1 -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Three
Crowns Park Plaza); Series 2006 C, VRD RB
(LOC-Allied Irish Banks PLC)
3.77%, 02/15/38(d)(e)(g)(l) -- -- 7,500 7,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (YMCA
of Metropolitan Chicago Project); Series
2004, VRD RB (LOC-Harris N.A.)
3.80%, 06/01/34(d)(e) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Blessing Hospital); Series 1999
B, VRD RB (INS-Financial Security Assurance
Inc.)
3.78%, 11/15/29(c)(e) A-1+ VMIG-1 6,675 6,675,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Cradle Society Project); Series
1998, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 04/01/33(d)(e) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Northwestern Memorial Hospital);
Series 1995, VRD RB 3.80%, 08/15/25(e) A-1+ VMIG-1 22,835 22,835,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Park Plaza Center); Series 1996,
Multi-Family VRD RB (LOC-LaSalle Bank N.A.)
3.85%, 09/15/20(d)(e) A-1 -- 7,350 7,350,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Health Facilities
Authority (Peace Memorial Ministry); Series
2003 B, VRD RB (LOC-LaSalle Bank N.A.)
3.76%, 08/15/33(d)(e) A-1 -- $ 7,605 $ 7,605,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority; Series 1985 C Revolving Fund
Pooled VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.80%, 08/01/15(d)(e) A-1+ VMIG-1 5,200 5,200,000
- -------------------------------------------------------------------------------------------
Series 1985 D Revolving Fund Pooled VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.80%, 08/01/15(d)(e) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Chicago (City of) Park
District); Series 2005 974, VRD Limited Tax
GO (Acquired 07/06/05; Cost $1,095,000)
3.78%, 01/01/13(e)(h)(i) A-1 -- 1,095 1,095,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Chicago (City of) Water
Revenue); Series 2006 1419, VRD RB
(Acquired 07/26/06; Cost $5,345,000)
3.78%, 05/01/14(e)(h)(i) A-1+ -- 5,345 5,345,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Illinois (State of) State
Toll Highway Authority); Series 2006 1354,
VRD RB (Acquired 06/07/06; Cost
$13,400,000)
3.78%, 01/01/14(e)(h)(i) A-1+ -- 13,400 13,400,000
- -------------------------------------------------------------------------------------------
Lombard (City of) (Clover Creek Apartments
Project); Series 2000, Multi-Family Housing
VRD RB (CEP-Federal National Mortgage
Association)
3.77%, 12/15/30(e) A-1+ -- 14,855 14,855,000
- -------------------------------------------------------------------------------------------
McCook (City of) (Illinois St. Andrew
Society); Series 1996 A VRD RB
(LOC-Northern Trust Co.)
3.76%, 12/01/21(d)(e) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Series 1996 B VRD RB (LOC-Northern Trust
Co.)
3.76%, 12/01/21(d)(e) A-1+ -- 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Monmouth (City of) Industrial Development
Project (Monmouth College); Series 2005,
VRD IDR (LOC-Allied Irish Banks PLC)
3.77%, 06/01/35(d)(e)(g) -- VMIG-1 6,185 6,185,000
- -------------------------------------------------------------------------------------------
</Table>
F-10
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Peoria (County of) Community Unit School
District No. 323 (Dunlap); Series 2006, VRD
Unlimited GO (INS-Financial Security
Assurance Inc.)
3.80%, 04/01/26(c)(e) -- VMIG-1 $ 2,785 $ 2,785,000
- -------------------------------------------------------------------------------------------
Quincy (City of) (Blessing Hospital Project);
Series 2004, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 11/15/33(d)(e) A-1+ VMIG-1 5,120 5,120,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Central Lake (County of)
Joint Action Water Agency); Series 2003
B18, VRD RB (Acquired 02/19/03; Cost
$9,695,000)
3.78%, 05/01/20(e)(h)(i) -- VMIG-1 9,695 9,695,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of)); Series
2000 A12, VRD Limited Tax GO (Acquired
10/13/00; Cost $12,200,000)
3.78%, 01/01/23(e)(h)(i) -- VMIG-1 12,200 12,200,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Regional Transportation
Authority); Series 2002 A41, VRD Unlimited
Tax GO (Acquired 07/25/02; Cost
$17,610,000)
3.78%, 06/01/17(e)(h)(i) -- VMIG-1 17,610 17,610,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (University of Illinois);
Series 2000 S, VRD GO (Acquired 03/20/00;
Cost $17,900,000)
3.78%, 04/01/30(e)(h)(i) -- VMIG-1 17,900 17,900,000
- -------------------------------------------------------------------------------------------
Will (County of) (University of St. Francis);
Series 2005, VRD RB (LOC-Fifth Third Bank)
3.85%, 12/01/25(d)(e) -- VMIG-1 10,600 10,600,000
===========================================================================================
528,340,000
===========================================================================================
INDIANA-4.49%
ABN AMRO Munitops Ctfs. Trust (Indianapolis
(City of) Public Improvement Bond Bank
Waterworks); Series 2002-7, Non-AMT VRD RB
(Acquired 11/17/05; Cost $5,000,000)
3.78%, 07/01/10(e)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
INDIANA-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (Wayne
(Township of), Marion (County of) School
Building Corp.); Series 2003-27 Multi-
State Non-AMT VRD RB (Acquired 11/12/03
Cost $13,795,000)
3.77%, 07/15/11(e)(h)(i) -- VMIG-1 $13,795 $ 13,795,000
- -------------------------------------------------------------------------------------------
Series 2003-32 Multi-State Non-AMT VRD RB
Ctfs. (Acquired 01/31/06; Cost $17,900,000)
3.77%, 01/15/12(e)(h)(i)(l) -- -- 17,900 17,900,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Economic Development
Authority (Sisters of St. Francis Project);
Series 1998, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 12/01/18(d)(e) A-1+ -- 1,060 1,060,000
- -------------------------------------------------------------------------------------------
Goshen (City of) Economic Development
Authority (Goshen College Project); Series
2004, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 10/01/34(d)(e) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Bond Bank; Series 2006 A,
Midyear Funding Program Notes
4.50%, 02/02/07 SP-1+ -- 19,355 19,411,299
- -------------------------------------------------------------------------------------------
Indiana (State of) Development Finance
Authority (Indiana Historical Society, Inc.
Project); Series 1996 Educational
Facilities VRD RB (LOC-JPMorgan Chase Bank,
N.A.) (Acquired 07/25/05; Cost $4,260,000)
3.78%, 08/01/31(d)(e)(h) A-1+ -- 4,260 4,260,000
- -------------------------------------------------------------------------------------------
Series 1997 Educational Facilities VRD RB
(LOC-JPMorgan Chase Bank, N.A.) (Acquired
07/03/06; Cost $2,000,000)
3.78%, 08/01/31(d)(e)(h) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-11
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
INDIANA-(CONTINUED)
Indiana (State of) Development Finance
Authority (Indianapolis Museum of Art);
Series 2001 Educational Facilities
Historical VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.78%, 02/01/36(d)(e) -- VMIG-1 $ 8,700 $ 8,700,000
- -------------------------------------------------------------------------------------------
Series 2002 Educational Facilities
Historical VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.78%, 02/01/37(d)(e) -- VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Series 2004 VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.78%, 02/01/39(d)(e) -- VMIG-1 41,400 41,400,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Educational Facilities
Authority (Marian College Project); Series
2003, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.83%, 04/01/24(d)(e) -- VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Educational Facilities
Authority (Wabash College Project); Series
2003, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.80%, 12/01/23(d)(e) -- VMIG-1 3,835 3,835,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health & Educational
Facilities Financing Authority (Schneck
Memorial Hospital Project); Series 2006 B,
VRD RB (LOC-Fifth Third Bank)
3.85%, 02/15/36(b)(d) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Clark Memorial
Hospital); Series 2004 A, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 04/01/24(d)(e) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Community Hospitals
Project); Series 1997 A, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 07/01/27(d)(e) A-1+ -- 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Golden Years
Homestead); Series 2002 A, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 06/01/25(d)(e) A-1+ -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
INDIANA-(CONTINUED)
Indiana University (Trustees of); Series
2005, Commercial Paper (LOC-JPMorgan Chase
Bank, N.A.)
3.51%, 11/07/06(d) -- P-1 $12,000 $ 12,000,000
- -------------------------------------------------------------------------------------------
St. Joseph (County of) Economic Development
Authority (Holy Cross Village Project);
Series 2006 D, VRD RB (LOC-Allied Irish
Banks PLC)
3.78%, 05/15/39(d)(e)(g)(l) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Tippecanoe (County of) (Faith Properties Inc.
Project); Series 2005, VRD RB (LOC-Regions
Bank)
3.78%, 11/01/30(d)(e)(l) -- -- 6,475 6,475,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Wayne (Township of), Marion
(County of) School Building Corp.); Series
2006 D-02, RB (Acquired 02/23/06; Cost
$4,710,000)
3.78%, 07/15/24(e)(h)(i) A-1+ -- 4,710 4,710,000
===========================================================================================
181,846,299
===========================================================================================
IOWA-0.41%
Iowa (State of) Finance Authority (Holy
Family Catholic Schools); Series 2006,
Educational Facility VRD RB (LOC-Allied
Irish Banks PLC)
3.90%, 03/01/36(b)(d)(g) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Finance Authority
(Morningside College Project); Series 2002,
Private College Facility VRD RB (LOC-U.S.
Bank, N.A.)
3.80%, 10/01/32(d)(e) A-1+ -- 1,785 1,785,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Higher Education Loan
Authority (Graceland Private College);
Series 2003, VRD RB (LOC-Bank of America,
N.A.)
3.79%, 02/01/33(d)(e) -- VMIG-1 5,820 5,820,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Higher Education Loan
Authority; Series 1985, Educational Loan
Private College Facility VRD ACES (INS-MBIA
Insurance Corp.)
3.85%, 12/01/15(c)(e) A-1+ VMIG-1 5,100 5,100,000
===========================================================================================
16,705,000
===========================================================================================
</Table>
F-12
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
KANSAS-0.97%
Eagle Tax Exempt Trust (Wyandotte (County of)
Unified Government Utility System); Series
2004-0038 A, VRD COP (Acquired 09/08/04;
Cost $5,000,000)
3.79%, 09/01/21(e)(h)(i) A-1+ -- $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
Leawood (City of); Series 2006 1, Temporary
Unlimited GO RN 3.88%, 10/01/07 -- MIG-1 26,550 26,633,582
- -------------------------------------------------------------------------------------------
Olathe (City of) Recreational Facilities
(YMCA of Greater Kansas City Project);
Series 2002 B, VRD RB (LOC-Bank of America,
N.A.)
3.79%, 11/01/18(d)(e) -- VMIG-1 3,215 3,215,000
- -------------------------------------------------------------------------------------------
Shawnee (City of) Industrial Development
Authority (Shawnee Village Associate);
Series 1984, VRD IDR (LOC-JPMorgan Chase
Bank, N.A.)
3.75%, 12/01/09(d)(e) A-1+ -- 1,155 1,155,000
- -------------------------------------------------------------------------------------------
Wichita (City of) Recreational Facilities
(YMCA of Wichita Project); Series 1998 XI,
VRD RB (LOC-Bank of America, N.A.)
(Acquired 03/10/06; Cost $3,300,000)
3.79%, 08/01/09(d)(e)(h) A-1+ -- 3,300 3,300,000
===========================================================================================
39,303,582
===========================================================================================
KENTUCKY-1.64%
Boyle (County of) Hospital (Ephraim McDowell
Health Project); Series 2006, VRD RB
(LOC-Fifth Third Bank)
3.78%, 04/01/36(d)(e) -- VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Louisville &
Jefferson (Counties of) Metropolitan Sewer
District); Series 2006-0053 A, VRD RB
(Acquired 03/22/06; Cost $14,335,000)
3.79%, 05/15/33(e)(h)(i) A-1+ -- 14,335 14,335,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Industrial Building
(Franciscan Eldercare Service); Series
2001, VRD RB (LOC-LaSalle Bank N.A.)
3.77%, 05/15/30(d)(e) A-1 -- 3,780 3,780,000
- -------------------------------------------------------------------------------------------
Kentucky (State of) Asset & Liability
Commission General Fund; Series 2006, TRAN
4.50%, 06/28/07 SP-1+ MIG-1 14,900 14,984,727
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
KENTUCKY-(CONTINUED)
Lexington (City of) Center Corp. Mortgage
Revenue; Series 2001 A, VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 10/01/21(c)(e) A-1+ -- $ 3,000 $ 3,000,000
- -------------------------------------------------------------------------------------------
Lexington (City of) Fayette (County of) Urban
Government; Series 2006 A, Variable Purpose
Notes Unlimited GO 4.00%, 05/01/07 AA+ Aa2 2,145 2,148,551
- -------------------------------------------------------------------------------------------
Newport (City of) League of Cities Funding
Trust; Series 2002, Lease Program VRD RB
(LOC-U.S. Bank, N.A.)
3.76%, 04/01/32(d)(e)(n) -- VMIG-1 18,600 18,600,000
===========================================================================================
66,348,278
===========================================================================================
MAINE-0.05%
JPMorgan PUTTERs (Maine (State of) Turnpike
Authority); Series 2004 546, Turnpike VRD
RB (Acquired 10/28/04; Cost $2,185,000)
3.78%, 07/01/12(e)(h)(i) -- VMIG-1 2,185 2,185,000
===========================================================================================
MARYLAND-2.28%
Baltimore (County of) (Blue Circle Inc.
Project); Series 1992, Economic Development
VRD RB (LOC-BNP Paribas)
3.85%, 12/01/17(d)(e)(g) -- VMIG-1 7,900 7,900,000
- -------------------------------------------------------------------------------------------
Frederick (County of) Retirement Community
(Buckingham's Choice Inc. Project); Series
1997 C, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 01/01/27(d)(e) A-1+ VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Howard (County of) Economic Development
(Norbel School Inc. Project); Series 2001,
VRD RB (LOC-Branch Banking & Trust Co.)
3.78%, 02/01/28(d)(e) -- VMIG-1 4,785 4,785,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Economic Development
Corp. (Prologue Inc. Project); Series 2005,
Economic Development VRD RB (LOC-Bank of
America, N.A.)
3.76%, 06/01/31(d)(e) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
</Table>
F-13
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MARYLAND-(CONTINUED)
Maryland (State of) Economic Development
Corp. (YMCA of Central Maryland Inc.
Project); Series 2003 Economic Development
VRD RB (LOC-Branch Banking & Trust Co.)
3.78%, 04/01/28(d)(e) -- VMIG-1 $ 3,200 $ 3,200,000
- -------------------------------------------------------------------------------------------
Series 2006 Economic Development VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 04/01/31(d)(e) -- VMIG-1 1,950 1,950,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Health & Higher
Educational Facilities Authority (Glen
Meadows Retirement); Series 1999 A, VRD RB
(LOC-Wachovia Bank, N.A.)
3.80%, 07/01/29(d)(e) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Industrial Development
Financing Authority (Baltimore
International College Facility); Series
2005, Economic VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 11/01/30(d)(e) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Montgomery (County of); Series 2002
Commercial Paper (LOC-Fortis Bank
N.V./S.A.)
3.50%, 11/01/06(d)(g) A-1+ P-1 20,000 20,000,000
- -------------------------------------------------------------------------------------------
3.50%, 12/01/06(d)(g) A-1+ P-1 37,000 37,000,000
- -------------------------------------------------------------------------------------------
Queen Anne's (County of) (Safeway Inc.
Project); Series 1994, Refunding Economic
Development VRD RB (LOC-Deutsche Bank A.G.)
3.75%, 12/01/09(d)(g)(m) A-1 -- 1,145 1,145,000
===========================================================================================
92,475,000
===========================================================================================
MASSACHUSETTS-0.18%
Massachusetts (State of) Health & Educational
Facilities Authority (Hallmark Health
System Issue); Series 1998 B, VRD RB
(LOC-Financial Security Assurance Inc.)
3.75%, 07/01/27(d)(e) A-1+ VMIG-1 2,465 2,465,000
- -------------------------------------------------------------------------------------------
Massachusetts (State of) Health & Educational
Facilities Authority (Sherrill House);
Series 2002 A-1, VRD RB (LOC-Comerica Bank)
3.77%, 01/01/32(d)(e) A-1+ -- 5,000 5,000,000
===========================================================================================
7,465,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MICHIGAN-4.37%
ABN AMRO Munitops Ctfs. Trust (Bay City
School District); Series 2006-51, Non-AMT
Unlimited GO (Acquired 07/20/06 Cost
$5,000,000)
3.78%, 05/01/14(e)(h)(i)(l) -- -- $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Michigan
(State of) Building Authority); Series
2003-35, Non-AMT VRD RB (Acquired 09/29/05;
Cost $10,595,0000)
3.78%, 10/15/11(e)(h)(i) -- VMIG-1 10,595 10,595,000
- -------------------------------------------------------------------------------------------
Bruce (Township of) Hospital Finance
Authority (Sisters Charity of St. Joseph);
Series 1988 B, Health Care System VRD RB
(INS-MBIA Insurance Corp.)
3.65%, 05/01/18(c)(m) A-1+ VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Detroit (City of) Economic Development Corp.
(Waterfront Reclamation); Series 1999 C,
VRD RB (LOC-National City Bank of the
Midwest)
3.79%, 05/01/09(d)(e) A-1 P-1 1,005 1,005,000
- -------------------------------------------------------------------------------------------
Detroit (City of); Series 2006, Limited Tax
TAN GO (LOC-Bank of Nova Scotia)
4.50%, 03/01/07(d)(g) SP-1+ -- 4,000 4,012,340
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Detroit (City of)
School District); Series 2002-6014 A, VRD
Unlimited Tax GO (Acquired 11/06/02; Cost
$14,305,000)
3.79%, 05/01/32(e)(h)(i) A-1+ -- 14,305 14,305,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Michigan (State of)
Building Authority); Series 2006-0113 Class
A, VRD RB (Acquired 09/20/06; Cost
$8,090,000)
3.79%, 10/15/36(e)(h)(i) A-1+ VMIG-1 8,090 8,090,000
- -------------------------------------------------------------------------------------------
Eastern Michigan University; Series 2001, VRD
General Refunding RB (INS-Financial
Guaranty Insurance Co.)
3.85%, 06/01/27(b)(c) A-1+ -- 15,715 15,715,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Michigan (State of)
Building Authority); Series 2006 1479, VRD
RB (Acquired 09/27/06; Cost $10,600,000)
3.78%, 04/15/14(e)(h)(i) A-1+ -- 10,600 10,600,000
- -------------------------------------------------------------------------------------------
</Table>
F-14
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MICHIGAN-(CONTINUED)
Kent (County of) Hospital Finance Authority
(Metropolitan Hospital Project); Series
2005 B,
Refunding VRD RB
(LOC-ABN AMRO Bank N.V.)
3.78%, 07/01/40(d)(e)(g) A-1 -- $ 2,700 $ 2,700,000
- -------------------------------------------------------------------------------------------
Kentwood (City of) Economical Development
Corp. (Holland Home); Series 2006 B, VRD
Refunding Limited RB
(LOC-LaSalle Bank N.A.)
3.75%, 11/15/32(d)(e) A-1 -- 6,750 6,750,000
- -------------------------------------------------------------------------------------------
Marquette (City of) Hospital Finance
Authority (Marquette General Hospital
Group); Series 2004 A, VRD RB (LOC-U.S.
Bank, N.A.)
3.83%, 07/01/09(d)(e) A-1+ -- 945 945,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Hospital Finance
Authority (Healthcare Equipment Loan
Program); Series 2006 C, VRD RB (LOC-Fifth
Third Bank)
3.79%, 12/01/32(d)(e) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Housing Development
Authority (JAS Non-Profit Housing Corp.
VI); Series 2000, VRD Limited Obligation RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 06/01/25(d)(e) A-1+ -- 1,050 1,050,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Municipal Bond Authority;
Series 2006 B-2,
RN (LOC-Bank of Nova Scotia)
4.50%, 08/20/07(d)(g) SP-1+ -- 15,000 15,104,628
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (Van Andel
Research Institute Project); Series 1997
Limited Tax VRD RB (LOC-LaSalle Bank N.A.)
3.80%, 11/01/27(d)(e) A-1 -- 4,600 4,600,000
- -------------------------------------------------------------------------------------------
Series 2001 Limited Tax VRD RB (LOC-LaSalle
Bank N.A.)
3.80%, 12/01/21(d)(e) A-1 -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (YMCA of
Metropolitan Detroit Project); Series 2001,
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.79%, 05/01/31(d)(e) A-1+ -- 700 700,000
- -------------------------------------------------------------------------------------------
Northern Michigan University; Series 2006,
VRD General RB (INS-Ambac Assurance Corp.)
3.85%, 12/01/35(b)(c) -- VMIG-1 14,525 14,525,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MICHIGAN-(CONTINUED)
Oakland (County of) Economic Development
Corp. (Rochester College Project); Series
2001, VRD Limited Obligation RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 08/01/21(d)(e)(n) -- VMIG-1 $ 1,364 $ 1,364,000
- -------------------------------------------------------------------------------------------
Reset Option Ctfs. Trust II-R (Michigan
(State of) Building Authority); Series
2006-628, VRD RB (Acquired 09/06/06; Cost
$4,475,000)
3.78%, 10/15/36(e)(h)(i) -- VMIG-1 4,475 4,475,000
- -------------------------------------------------------------------------------------------
University of Michigan (Medical Service
Plan); Series 1998 A-1, VRD Refunding
Floating Rate RB 3.80%, 12/01/21(b) A-1+ VMIG-1 9,100 9,100,000
- -------------------------------------------------------------------------------------------
University of Michigan Hospital; Series 2005
A, VRD RB 3.80%, 12/01/35(b) A-1+ VMIG-1 7,850 7,850,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Detroit (City of) Water
Supply System); Series 2000 D, VRD RB
(Acquired 01/21/00; Cost $10,000,000)
3.78%, 07/01/29(e)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Michigan (State of)
Hospital Finance Authority); Series 1997 X,
VRD RB (Acquired 12/12/03; Cost
$15,000,000)
3.78%, 08/15/24(e)(h)(i) -- VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Michigan (State of) Trunk
Line); Series 2006 B-02, VRD RB (Acquired
06/30/06; Cost $6,500,000)
3.78%, 11/01/21(e)(h)(i) A-1+ -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
Washtenaw (County of) (Saline Area Schools);
Series 2004, Refunding Unlimited GO 4.00%,
05/01/07 AA Aa2 1,025 1,026,585
===========================================================================================
177,212,553
===========================================================================================
MINNESOTA-2.56%
Brooklyn (City of) (Brookdale Corp. II
Project); Series 2001, VRD Refunding RB
(LOC-U.S. Bank, N.A.)
3.90%, 12/01/14(b)(d) A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-15
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MINNESOTA-(CONTINUED)
JPMorgan PUTTERs (Minnesota (State of) Public
Facilities Authority); Series 2002-319, VRD
Drinking Water COP (Acquired 07/31/03; Cost
$13,905,000)
3.78%, 03/01/21(e)(h)(i) A-1 -- $13,905 $ 13,905,000
- -------------------------------------------------------------------------------------------
Minnesota (State of) Higher Education
Facilities Authority (University of St.
Thomas); Series 2004 Five-Z, VRD RB
(LOC-LaSalle Bank N.A.)
3.77%, 10/01/29(d)(e) -- VMIG-1 9,200 9,200,000
- -------------------------------------------------------------------------------------------
Minnesota (State of) Rural Water Finance
Authority (Public Projects Construction);
Series 2006, RN 4.75%, 09/01/07 -- MIG-1 4,000 4,037,212
- -------------------------------------------------------------------------------------------
Rochester (City of) Health Care Facilities
(Mayo Foundation); Series 2000 A Adjustable
Tender Commercial Paper Notes
3.60%, 10/05/06 A-1+ -- 30,000 30,000,000
- -------------------------------------------------------------------------------------------
Series 2001 A Adjustable Tender Commercial
Paper Notes
3.60%, 10/05/06 A-1+ VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Series 2001 B Adjustable Tender Commercial
Paper Notes
3.60%, 10/05/06 A-1+ VMIG-1 10,600 10,600,000
- -------------------------------------------------------------------------------------------
Roseville (City of) Private School Facilities
Authority (Northwestern College Project);
Series 2002, VRD RB (LOC-M&I Marshall &
Ilsley Bank)
3.90%, 11/01/22(b)(d) -- VMIG-1 1,555 1,555,000
- -------------------------------------------------------------------------------------------
St. Paul (City of) Housing & Redevelopment
Authority (Science Museum of Minnesota);
Series 1997 A, VRD RB (LOC-U.S. Bank, N.A.)
3.78%, 05/01/27(d)(e) -- VMIG-1 17,360 17,360,000
===========================================================================================
103,557,212
===========================================================================================
MISSISSIPPI-0.42%
ABN AMRO Munitops Ctfs. Trust (Mississippi
(State of) Development Board-Jackson Water
& Sewer); Series 2002-22, Multi-State
Non-AMT VRD Ctfs. (Acquired 09/10/03; Cost
$9,995,000)
3.78%, 09/01/10(e)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MISSISSIPPI-(CONTINUED)
Eagle Tax Exempt Trust (Mississippi (State
of)); Series 2002-6018 A, VRD Unlimited Tax
COP (Acquired 11/20/02; Cost $3,200,000)
3.79%, 11/01/22(e)(h)(i) A-1+ -- $ 3,200 $ 3,200,000
- -------------------------------------------------------------------------------------------
Mississippi (State of) Business Finance Corp.
(St. Andrew Episcopal Day Project); Series
2003, VRD RB (LOC-Allied Irish Banks PLC)
3.77%, 07/01/25(d)(e)(g) -- VMIG-1 3,675 3,675,000
===========================================================================================
16,870,000
===========================================================================================
MISSOURI-1.66%
Curators University of Missouri (Capital
Projects); Series 2006 FY, RN 4.50%,
06/29/07 SP-1+ MIG-1 10,000 10,057,141
- -------------------------------------------------------------------------------------------
Jackson (County of) Industrial Development
Authority Recreational Facilities (YMCA of
Greater Kansas City Project); Series 2002
A, VRD IDR (LOC-Bank of America, N.A.)
3.79%, 11/01/18(d)(e) -- VMIG-1 3,300 3,300,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Association of Municipal Utilities);
Series 2003, VRD RB (LOC-U.S. Bank, N.A.)
3.90%, 06/01/33(b)(d) -- VMIG-1 12,000 12,000,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Center of Creative Arts Project); Series
2004, Cultural Facilities VRD RB
(LOC-National City Bank of the Midwest)
3.79%, 07/01/24(d)(e) -- VMIG-1 1,750 1,750,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Nelson Gallery Foundation); Series 2001 B,
Cultural Facilities VRD RB (INS-MBIA
Insurance Corp.)
3.89%, 12/01/31(b)(c) A-1+ VMIG-1 7,550 7,550,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Utilities Lease Financing Program); Series
2006, Commercial Paper Notes (LOC-U.S. Bank
N.A.)
3.58%, 10/19/06(d) -- P-1 13,000 13,000,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (Bethesda Health
Group); Series 2006, VRD RB (LOC-U.S. Bank,
N.A.)
3.90%, 08/01/37(b)(d) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
</Table>
F-16
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MISSOURI-(CONTINUED)
Missouri (State of) Health & Educational
Facilities Authority (The Washington
University); Series 1985 B VRD RB 3.85%,
09/01/10(e) A-1+ VMIG-1 $ 900 $ 900,000
- -------------------------------------------------------------------------------------------
Series 1996 C VRD RB 3.85%, 09/01/30(b) A-1+ VMIG-1 1,300 1,300,000
- -------------------------------------------------------------------------------------------
Series 2000 C VRD RB 3.85%, 03/01/40(b) A-1+ VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Platte (County of) Industrial Development
Authority (Southern Platte County Athletic
Assoc. Inc.); Series 2005 A, Recreational
Facilities VRD IDR (LOC-Bank of America,
N.A.)
3.76%, 10/01/25(d)(e) -- VMIG-1 2,140 2,140,000
- -------------------------------------------------------------------------------------------
St. Louis (County of) Industrial Development
Authority (Westport Station Apartments);
Series 2006, Refunding Multi-Family Housing
VRD IDR (CEP-Federal National Mortgage
Association)
3.78%, 04/15/27(e) A-1+ -- 4,970 4,970,000
- -------------------------------------------------------------------------------------------
St. Louis (County of) Industrial Development
Authority (Whitfield School Inc.); Series
2004 B, Educational Facilities Refunding
VRD IDR (LOC-U.S. Bank, N.A.)
3.78%, 06/15/24(d)(e) A-1+ -- 2,185 2,185,000
===========================================================================================
67,147,141
===========================================================================================
MONTANA-0.03%
Montana (State of) Facility Finance Authority
(Mission Ridge Project); Series 2002, VRD
RB (LOC-LaSalle Bank N.A.)
3.77%, 08/01/27(d)(e)(l)(n) -- -- 1,114 1,114,000
===========================================================================================
NEBRASKA-3.19%
American Public Energy Agency Nebraska (State
of) Gas Supply (National Public Gas Agency
Project); Series 2003 A, VRD RB 3.75%,
02/01/14(e)(g) A-1+ VMIG-1 19,329 19,329,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NEBRASKA-(CONTINUED)
Nebhelp Inc.; Series 1985 A Multi-Mode VRD RB
(INS-MBIA Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 $32,475 $ 32,475,000
- -------------------------------------------------------------------------------------------
Series 1985 B Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 3,590 3,590,000
- -------------------------------------------------------------------------------------------
Series 1985 C Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Series 1985 D Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 5,865 5,865,000
- -------------------------------------------------------------------------------------------
Series 1985 E Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 28,635 28,635,000
- -------------------------------------------------------------------------------------------
Nebraska (State of) Educational Finance
Authority (Concordia University Project);
Series 2005, VRD RB (LOC-Fifth Third Bank)
3.94%, 12/15/35(b)(d) A-1+ -- 4,050 4,050,000
- -------------------------------------------------------------------------------------------
Nebraska (State of) Educational Finance
Authority (Creighton University Project);
Series 2003 VRD RB (INS-Ambac Assurance
Corp.)
3.85%, 03/01/33(b)(c) -- VMIG-1 13,625 13,625,000
- -------------------------------------------------------------------------------------------
Series 2005 C VRD RB (INS-Financial
Guaranty Insurance Co.)
3.85%, 07/01/35(b)(c) -- VMIG-1 1,900 1,900,000
===========================================================================================
129,469,000
===========================================================================================
NEVADA-0.32%
ABN AMRO Munitops Ctfs. Trust (Henderson
(City of)) Series 2004-43, Multi-State
Non-AMT VRD GO Ctfs. (Acquired 03/28/06;
Cost $6,500,000)
3.79%, 12/01/12(e)(h)(i) -- VMIG-1 6,500 6,500,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Washoe (County
of)); Series 2001-24, Refunding VRD Limited
Tax Single Asset Trust Ctfs. (Acquired
06/21/01; Cost $6,500,000)
3.79%, 07/01/09(e)(h)(i) -- VMIG-1 6,500 6,500,000
===========================================================================================
13,000,000
===========================================================================================
</Table>
F-17
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NEW HAMPSHIRE-0.52%
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(New Hampshire (State of) Higher
Educational & Health Facilities Authority);
Series 2003-772 Refunding VRD RB (Acquired
01/22/03; Cost $5,186,500)
3.78%, 01/01/17(e)(h)(i) A-1 -- $ 5,187 $ 5,186,500
- -------------------------------------------------------------------------------------------
Series 2003-866 Refunding VRD RB (Acquired
10/23/03; Cost $7,185,000)
3.78%, 08/15/21(e)(h)(i) A-1 -- 7,185 7,185,000
- -------------------------------------------------------------------------------------------
New Hampshire (State of) Health & Education
Facilities Authority (Antioch University
Issue); Series 2004, Refunding Educational
Facilities VRD RB (LOC-National City Bank)
3.77%, 12/01/24(d)(e) A-1 -- 4,175 4,175,000
- -------------------------------------------------------------------------------------------
New Hampshire (State of) Health & Educational
Facilities Authority (Southern New
Hampshire Medical Center); Series 2001-866,
VRD RB (LOC-Bank of America, N.A.)
3.80%, 10/01/30(d)(e) -- VMIG-1 4,600 4,600,000
===========================================================================================
21,146,500
===========================================================================================
NEW JERSEY-0.31%
JPMorgan PUTTERs (New Jersey (State of)
Transportation Trust Fund Authority);
Series 2006-1403, VRD RB (Acquired
07/19/06; Cost $1,500,000)
3.78%, 06/15/15(e)(h)(i) A-1+ -- 1,500 1,500,000
- -------------------------------------------------------------------------------------------
Middlesex (County of); Series 2005, Unlimited
BAN GO 4.50%, 12/26/06 SP-1+ MIG-1 10,835 10,857,014
===========================================================================================
12,357,014
===========================================================================================
NEW MEXICO-1.19%
Bernalillo (County of); Series 2006,
Unlimited Tax TRAN GO 4.50%, 06/29/07 -- MIG-1 34,000 34,186,716
- -------------------------------------------------------------------------------------------
New Mexico (State of) Finance Authority
(University of New Mexico Health Sciences
Center Project); Series 2004 B, VRD
Cigarette Tax RB (INS-MBIA Insurance Corp.)
3.80%, 04/01/19(c)(e) A-1+ VMIG-1 4,485 4,485,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NEW MEXICO-(CONTINUED)
New Mexico (State of) Financing Authority
(Public Project Revolving Fund); Series
2006 D, Sr. Lien RB (INS-Ambac Assurance
Corp.)
4.50%, 06/01/07(c) AAA Aaa $ 3,755 $ 3,773,850
- -------------------------------------------------------------------------------------------
New Mexico (State of) Highway Commission;
Series 2001 A, Sr. Sub. Lien RB 5.00%,
06/15/07 AAA Aa2 3,750 3,782,894
- -------------------------------------------------------------------------------------------
New Mexico (State of) Hospital Equipment Loan
Council (Dialysis Clinic, Inc. Project);
Series 2000, VRD RB (LOC-SunTrust Bank)
3.81%, 07/01/25(d)(e) -- VMIG-1 2,000 2,000,000
===========================================================================================
48,228,460
===========================================================================================
NEW YORK-1.26%
ABN AMRO Munitops Ctfs. Trust (Triborough
Bridge & Tunnel Authority); Series 2002-31,
Non-AMT VRD Ctfs. (Acquired 03/24/04; Cost
16,000,000)
3.77%, 11/15/10(e)(h)(i) -- VMIG-1 16,000 16,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (New York (State of)
Thruway Authority); Series 2006-0111 A, VRD
RB (Acquired 05/03/06; Cost $12,000,000)
3.78%, 01/01/32(e)(h)(i) A-1+ -- 12,000 12,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (New York (City of)); Series
2006-1318, Unlimited Tax VRD GO (Acquired
05/03/06; Cost $1,500,000)
3.78%, 06/01/13(e)(h)(i) A-1+ -- 1,500 1,500,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (New York (State of) Thruway
Authority (Second General Highway & Bridge
Trust Fund); Series 2006-1413, VRD RB
(Acquired 07/26/06; Cost $3,495,000)
3.78%, 04/01/14(e)(h)(i) A-1+ -- 3,495 3,495,000
- -------------------------------------------------------------------------------------------
New York (City of); Series 2005 E-3,
Unlimited Tax GO (LOC-Bank of America,
N.A.)
3.72%, 08/01/34(d)(e) A-1+ VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
New York (State of); Series 2000 B, VRD
Unlimited GO (LOC-Dexia Bank)
3.60%, 03/15/30(d)(g)(j) A-1+ VMIG-1 12,000 12,000,000
===========================================================================================
51,195,000
===========================================================================================
</Table>
F-18
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NORTH CAROLINA-3.88%
Charlotte (City of); Series 2006 Commercial
Paper BAN GO 3.32%, 10/05/06 A-1+ -- $10,200 $ 10,200,000
- -------------------------------------------------------------------------------------------
3.63%, 12/18/06 A-1+ -- 7,600 7,600,000
- -------------------------------------------------------------------------------------------
3.53%, 02/01/07 A-1+ -- 3,900 3,900,000
- -------------------------------------------------------------------------------------------
3.56%, 02/01/07 A-1+ -- 8,300 8,300,000
- -------------------------------------------------------------------------------------------
3.59%, 02/01/07 A-1+ -- 4,800 4,800,000
- -------------------------------------------------------------------------------------------
3.65%, 02/01/07 A-1+ -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
3.68%, 02/01/07 A-1+ -- 4,700 4,700,000
- -------------------------------------------------------------------------------------------
3.70%, 02/01/07 A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Industrial Facilities &
Pollution Control Financing Authority (YWCA
Winston); Series 2005, Recreational VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 12/01/30(d)(e) -- VMIG-1 2,750 2,750,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Barton College); Series
2004, Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 07/01/19(d)(e) -- VMIG-1 5,165 5,165,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Canterbury School Project);
Series 2002, Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 08/01/22(d)(e) -- VMIG-1 1,440 1,440,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Forsyth Country Day
School); Series 2005, Educational
Facilities VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 12/01/31(d)(e) -- VMIG-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Guilford College); Series
2005 B, Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 09/01/35(d)(e) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NORTH CAROLINA-(CONTINUED)
North Carolina (State of) Capital Facilities
Finance Agency (Salem Academy & College
Project); Series 2005, Educational
Facilities VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 08/01/30(d)(e) -- VMIG-1 $ 2,260 $ 2,260,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Carolina Meadows Inc. Project);
Series 2004, Health Care Facilities VRD
(LOC-Allied Irish Banks PLC)
3.77%, 12/01/34(d)(e)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Lexington Memorial Hospital
Project); Series 1997, VRD RB LOC-Wachovia
Bank, N.A.)
3.80%, 04/01/10(b)(d) -- VMIG-1 2,170 2,170,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Moses Cone Health System);
Series 2001 B, VRD RB 3.70%, 10/01/35(e) A-1+ -- 22,200 22,200,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Person Memorial Hospital);
Series 2005, Health Care Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 01/01/35(d)(e) -- VMIG-1 2,500 2,500,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Pooled Equipment Financing
Project); Series 1985, Hospital VRD ACES
(INS-MBIA Insurance Corp.)
3.78%, 12/01/25(c)(e) A-1 VMIG-1 8,500 8,500,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Southeastern Regional Medical
Center); Series 2005, Hospital VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 06/01/37(d)(e) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Westcare Health System); Series
2002 A, Hospital VRD RB (LOC-Branch Banking
& Trust Co.)
3.78%, 09/01/22(d)(e) -- VMIG-1 9,360 9,360,000
- -------------------------------------------------------------------------------------------
</Table>
F-19
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NORTH CAROLINA-(CONTINUED)
North Carolina (State of) Medical Care
Commission Retirement Facilities (First
Mortgage United Methodist); Series 2005 B
VRD RB (LOC-Branch Banking & Trust Co.)
3.78%, 10/01/08(d)(e) -- VMIG-1 $ 1,300 $ 1,300,000
- -------------------------------------------------------------------------------------------
3.78%, 10/01/35(d)(e) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission; Series 2004 C, Health Care
Facilities Refunding 1st Mortgage VRD RB
(LOC-SunTrust Bank)
3.78%, 11/01/27(d)(e) -- VMIG-1 4,765 4,765,000
- -------------------------------------------------------------------------------------------
Union (County of); Series 2006, Commercial
Paper BAN 3.54%, 12/27/06 A-1+ P-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
University of North Carolina at Chapel Hill
(Board of Governers); Series 2006 B,
Commercial Paper Notes
3.55%, 10/19/06 A-1+ P-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Wake (County of); Series 2006 Commercial
Paper BAN 3.58%, 02/05/07 A-1+ P-1 14,220 14,220,000
- -------------------------------------------------------------------------------------------
3.70%, 04/16/07 A-1+ P-1 9,750 9,750,000
- -------------------------------------------------------------------------------------------
Winston-Salem (City of); Series 2006 C, VRD
COP 3.73%, 08/01/11(e) A-1+ VMIG-1 3,500 3,500,000
===========================================================================================
157,380,000
===========================================================================================
OHIO-1.51%
ABN AMRO Munitops Ctfs. Trust (Olentangy
Local School District); Series 2006-04,
Multi-State Non-AMT VRD GO Ctfs. (Acquired
02/16/06; Cost $2,865,000)
3.78%, 06/01/14(e)(h)(i) -- VMIG-1 2,865 2,865,000
- -------------------------------------------------------------------------------------------
Cambridge (City of) Hospital Facilities
(Regional Medical Center Project); Series
2001, Refunding & Improvement VRD RB
(LOC-National City Bank)
3.76%, 12/01/21(d)(e) -- VMIG-1 9,990 9,990,000
- -------------------------------------------------------------------------------------------
Centerville (City of) (Bethany Lutheran
Village Project); Series 1994, Health Care
VRD RB (LOC-National City Bank)
3.78%, 11/01/13(d)(e) -- VMIG-1 2,835 2,835,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OHIO-(CONTINUED)
Cincinnati & Hamilton (County of) Economic
Development Port Authority (Kenwood Office
Association Project); Series 1985, VRD RB
(LOC-Fifth Third Bank)
3.94%, 09/01/25(b)(d) A-1+ -- $ 1,600 $ 1,600,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
Economic Development (Carnegie/96th
Research Building Project); Series 2003,
VRD RB (LOC-Fifth Third Bank)
3.80%, 01/01/33(d)(e) A-1+ VMIG-1 6,800 6,800,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
Economic Development (Euclid/93rd Garage
Office); Series 2003, VRD RB (LOC-Fifth
Third Bank)
3.80%, 01/01/34(d)(e) A-1+ VMIG-1 4,815 4,815,000
- -------------------------------------------------------------------------------------------
Columbus (City of) Sewer System; Series 1994,
Refunding VRD RB 3.74%, 06/01/11(e) A-1+ VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Health Care Facilities
(First Community Village); Series 2005,
Refunding & Improvement VRD RB (LOC-KBC
Bank N.V.)
3.77%, 03/01/36(d)(e)(g) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Mahoning (County of) Hospital Facilities
(Forum Health Obligation Group); Series
2002 B, VRD RB (LOC-Fifth Third Bank)
3.77%, 12/01/27(d)(e) -- VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Marion (County of) (Pooled Lease Program);
Series 1990, Hospital Improvement VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.77%, 08/01/20(d)(e) A-1+ -- 1,080 1,080,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) (St. Vincent DePaul
Society); Series 1996, Limited Obligation
VRD RB (LOC-National City Bank)
3.77%, 12/01/10(d)(e) A-1 -- 1,205 1,205,000
- -------------------------------------------------------------------------------------------
Ohio (State of) Water Development Authority
(Timken Co. (The) Project); Series 1993,
Refunding VRD RB (LOC-Wachovia Bank, N.A.)
3.80%, 05/01/07(d)(e) A-1+ P-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
</Table>
F-20
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
OHIO-(CONTINUED)
University of Toledo; Series 2002, General
Receipts VRD RB (INS-Financial Guaranty
Insurance Co.)
3.85%, 06/01/32(b)(c) A-1+ VMIG-1 $15,000 $ 15,000,000
===========================================================================================
61,090,000
===========================================================================================
OKLAHOMA-1.39%
Oklahoma (County of) Finance Authority
(Oxford Oaks Apartments Projects); Series
2000, Refunding Multi-Family Housing VRD RB
(CEP-Federal National Mortgage Association)
3.77%, 07/15/30(e)(n) A-1+ -- 13,844 13,844,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Development Finance
Authority (Capitol Dome Project); Series
2001, VRD RB (LOC-Bank of America, N.A.)
3.84%, 06/01/11(d)(e) A-1+ -- 2,320 2,320,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Water Resources Board;
Series 1995 State Loan Program VRD RB
3.60%, 09/01/24(m) A-1+ -- 4,295 4,295,000
- -------------------------------------------------------------------------------------------
Series 1997 State Loan Project VRD RB
3.60%, 09/01/26(m) A-1+ -- 5,650 5,650,000
- -------------------------------------------------------------------------------------------
Series 2001 State Loan Program VRD RB
3.50%, 10/01/34(m) A-1+ -- 4,560 4,560,000
- -------------------------------------------------------------------------------------------
Series 2003 A State Loan Program VRD RB
3.50%, 10/01/36(m) A-1+ -- 3,350 3,350,000
- -------------------------------------------------------------------------------------------
Tulsa (City of) Industrial Authority (YMCA of
Greater Tulsa Project); Series 1999, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 05/01/19(d)(e)(l) -- -- 1,040 1,040,000
- -------------------------------------------------------------------------------------------
Tulsa (County of) Industrial Authority
(Capital Improvements); Series 2003 A VRD
RB 3.70%, 05/15/17(m) A-1+ -- 18,000 18,000,000
- -------------------------------------------------------------------------------------------
Series 2006 D RB (INS-Financial Securities
Assurance Inc.)
4.25%, 07/01/07(c) AAA -- 3,050 3,065,402
===========================================================================================
56,124,402
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OREGON-0.23%
JPMorgan PUTTERs (Portland (City of)); Series
2004-614, Sewer System VRD RB (Acquired
12/02/04; Cost $1,595,000)
3.78%, 10/01/12(e)(h)(i) -- VMIG-1 $ 1,595 $ 1,595,000
- -------------------------------------------------------------------------------------------
Portland (City of) (South Park Block
Project); Series 1988, Multi-Family Housing
VRD RB (LOC-Harris N.A.)
3.80%, 12/01/11(d)(e) A-1+ -- 7,850 7,850,000
===========================================================================================
9,445,000
===========================================================================================
PENNSYLVANIA-3.96%
ABN AMRO Munitops Ctfs. Trust (Pennsylvania
(State of) Public School Building
Authority); Series 2001-30 Non-AMT VRD
Ctfs. (Acquired 10/31/02; Cost $5,000,000)
3.78%, 09/01/09(e)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Series 2003-24 Non-AMT VRD Ctfs. (Acquired
03/08/04; Cost $16,500,000) 3.78%,
06/01/11(e)(h)(i) -- VMIG-1 16,500 16,500,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Reading (City
of) School District); Series 2003-20, Non-
AMT VRD Ctfs. (Acquired 03/02/05; Cost
$4,225,000)
3.78%, 07/15/11(e)(h)(i)(l) -- -- 4,225 4,225,000
- -------------------------------------------------------------------------------------------
Allegheny (County of) Hospital Development
Authority (Presbyterian Health Center);
Series 1990 A VRD RB (INS-MBIA Insurance
Corp.)
3.80%, 03/01/20(c)(e) A-1+ VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Series 1990 B VRD RB (INS-MBIA Insurance
Corp.)
3.80%, 03/01/20(c)(e) A-1+ VMIG-1 1,250 1,250,000
- -------------------------------------------------------------------------------------------
Series 1990 D VRD RB (INS-MBIA Insurance
Corp.)
3.80%, 03/01/20(c)(e) A-1+ VMIG-1 1,425 1,425,000
- -------------------------------------------------------------------------------------------
</Table>
F-21
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Allegheny (County of) Hospital Development
Authority (Presbyterian University
Hospital); Series 1988 B-2 Hospital
Development VRD ACES (LOC-JPMorgan Chase
Bank, N.A.)
3.80%, 03/01/18(d)(e) -- VMIG-1 $ 1,115 $ 1,115,000
- -------------------------------------------------------------------------------------------
Series 1988 B-3 Hospital Development VRD
ACES (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 03/01/18(d)(e) -- VMIG-1 3,465 3,465,000
- -------------------------------------------------------------------------------------------
Butler (County of) General Authority (Mars
Area School District Refunding Project);
Series 2006, VRD RB (INS-Financial Security
Assurance Inc.)
3.75%, 09/01/19(c)(e) AAA Aaa 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Cumberland (County of) Municipal Authority
(Wesley Affiliated Services); Series 2005,
Refunding VRD RB (LOC-KBC Bank N.V.)
3.77%, 01/01/38(d)(e)(g) A-1+ -- 16,000 16,000,000
- -------------------------------------------------------------------------------------------
Delaware (County of) Authority (White Horse
Village Project); Series 2006 B VRD RB
(LOC-Citizens Bank of Pennsylvania)
3.86%, 07/01/30(b)(d) -- VMIG-1 1,215 1,215,000
- -------------------------------------------------------------------------------------------
3.86%, 07/01/36(b)(d) -- VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Delaware Valley
Regional Financial Authority Local
Government); Series 2004-0026 Class A, VRD
RB (Acquired 08/01/06; Cost $5,490,000)
3.79%, 08/01/28(e)(h)(i) A-1+ -- 5,490 5,490,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Delaware Valley
Regional Financial Authority); Series
2001-3801 Class A, VRD COP (Acquired
06/04/01; Cost $8,900,000)
3.79%, 08/01/28(e)(h)(i) A-1+ -- 8,900 8,900,000
- -------------------------------------------------------------------------------------------
Emmaus (City of) General Authority; Series
2000 A, Pennsylvania Loan Program VRD RB
(INS-Financial Security Assurance Inc.)
3.76%, 03/01/30(c)(e) A-1+ -- 9,150 9,150,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
PENNSYLVANIA-(CONTINUED)
Franklin (County of) Industrial Development
Authority (Chambersburg Hospital Obligated
Group Projects); Series 2000, Health Care
VRD IDR (INS-Ambac Assurance Corp.)
3.79%, 12/01/24(c)(e) A-1+ -- $ 3,000 $ 3,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Pittsburgh (City of));
Series 2006-1367T, Unlimited Tax VRD GO
(Acquired 06/07/06; Cost $6,195,000)
3.78%, 03/01/14(e)(h)(i) -- VMIG-1 6,195 6,195,000
- -------------------------------------------------------------------------------------------
Lackawanna (County of); Series 2004 B,
Unlimited Tax GO (INS-Financial Security
Assurance Inc.)
3.78%, 10/15/29(c)(e) A-1+ -- 13,135 13,135,000
- -------------------------------------------------------------------------------------------
Luzerne (County of) Industrial Development
Authority (Methodist Homes); Series 2003,
VRD IDR (LOC-Bank of New York)
3.80%, 02/01/29(d)(e) A-1+ -- 3,100 3,100,000
- -------------------------------------------------------------------------------------------
Pennsylvania (State of) Economic Development
Financing Authority (Hospital Enhancement
Loan Program); Series 2006 A3, Treasury
Department Hospital VRD RB (LOC-National
City Bank of Pennsylvania)
3.76%, 06/01/21(d)(e) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Pennsylvania (State of) Higher Educational
Facilities Authority (Washington &
Jefferson Development); Series 2005 A, VRD
RB (LOC-UniCredito Italiano S.p.A.)
3.77%, 11/01/36(d)(e)(g) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Gas Works; Series 2004
A-2, Fifth VRD RB (LOC-Bank of Nova Scotia,
JPMorgan Chase Bank, N.A.)
3.80%, 09/01/34(d)(e)(g) A-1+ VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Hospitals & Higher
Education Facilities Authority (Temple
University); Series 2005 A, Hospital VRD RB
(LOC-Wachovia Bank, N.A.)
3.78%, 07/01/27(d)(e) A-1+ VMIG-1 9,300 9,300,000
- -------------------------------------------------------------------------------------------
</Table>
F-22
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Philadelphia (City of) Industrial Development
Authority (Pennsylvania School for the
Deaf); Series 2002, VRD IDR (LOC-Citizens
Bank of Pennsylvania)
3.79%, 11/01/32(d)(e) -- VMIG-1 $ 2,895 $ 2,895,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) School District;
Series 2006 A, School Unlimited Tax TRAN GO
(LOC-Bank of America, N.A.)
4.50%, 06/29/07(d) SP-1+ MIG-1 9,000 9,046,156
- -------------------------------------------------------------------------------------------
Pottstown (Borough of) Authority (The Hill
School Project); Series 2002, Educational
Facilities VRD RB (LOC-Allied Irish Banks
PLC)
3.78%, 08/01/32(d)(e)(g) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
Washington (County of) Authority (Girard
Estate Project); Series 1999, Refunding RB
(LOC-JPMorgan Chase Bank, N.A.) (Acquired
08/29/06; Cost $1,920,000)
3.78%, 06/01/27(d)(e)(h) A-1+ -- 1,920 1,920,000
===========================================================================================
160,626,156
===========================================================================================
RHODE ISLAND-0.07%
Rhode Island (State of) Health & Educational
Building Corp. (Paul Cuffee School); Series
2002, Educational Institution VRD RB
(LOC-Citizens Bank of Rhode Island)
3.76%, 08/01/32(d)(e) A-1+ -- 2,845 2,845,000
===========================================================================================
SOUTH CAROLINA-2.70%
Charleston (County of) School District
Development Corp.; Series 2006, Unlimited
GO Notes
4.00%, 03/01/07 AA Aa1 20,325 20,366,376
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (South Carolina (State
of) Public Service Authority); Series
2000-4001 A VRD COP (Acquired 09/08/00;
Cost $10,100,000) 3.79%, 01/01/22(e)(h)(i) A-1+ -- 10,100 10,100,000
- -------------------------------------------------------------------------------------------
Series 2004-0017 Class A VRD RB (Acquired
08/01/06; Cost $5,000,000)
3.79%, 01/01/39(e)(h)(i) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
SOUTH CAROLINA-(CONTINUED)
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(South Carolina (State of) Transportation
Infrastructure Bank); Series 2002-728,
Floating Rate Trust Ctfs. VRD RB (Acquired
11/13/02; Cost $7,185,000)
3.78%, 10/01/22(e)(h)(i) -- VMIG-1 $ 7,185 $ 7,185,000
- -------------------------------------------------------------------------------------------
Piedmont Municipal Power Agency; Series 2004
B-1 Refunding VRD RB (INS-MBIA Insurance
Corp.)
3.73%, 01/01/34(c)(e) A-1+ VMIG-1 8,360 8,360,000
- -------------------------------------------------------------------------------------------
Series 2004 B-3
Refunding VRD RB (INS-Ambac Assurance
Corp.)
3.73%, 01/01/34(c)(e) A-1+ VMIG-1 2,210 2,210,000
- -------------------------------------------------------------------------------------------
Series 2004 B-6 Refunding VRD RB (INS-MBIA
Insurance Corp.)
3.73%, 01/01/31(c)(e) A-1+ VMIG-1 25,255 25,255,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Morris College Project);
Series 1997, VRD RB (LOC-Bank of America,
N.A.) (Acquired 07/30/02; Cost $1,900,000)
3.79%, 07/01/17(d)(e)(h) A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Newberry College Project);
Series 2005, VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 09/01/35(d)(e) -- VMIG-1 1,250 1,250,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Carolina Piedmont
Foundation Project); Series 2002, VRD RB
(LOC-Bank of America, N.A.)
3.79%, 09/01/32(d)(e)(l) -- -- 3,800 3,800,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Catholic Diocese of
South Carolina Project); Series 1998, VRD
RB (LOC-Bank of America, N.A.) (Acquired
07/23/02; Cost $2,620,000)
3.79%, 09/01/18(d)(e)(h) A-1+ -- 2,620 2,620,000
- -------------------------------------------------------------------------------------------
</Table>
F-23
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
SOUTH CAROLINA-(CONTINUED)
South Carolina (State of) Jobs-Economic
Development Authority (Goodwill Industrials
Upper South Carolina); Series 2006, VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 09/01/28(d)(e) -- VMIG-1 $ 2,200 $ 2,200,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (MUFC Central Energy
Plant); Series 2004, VRD RB (LOC-Bank of
America, N.A.)
3.74%, 08/15/32(d)(e)(l) -- -- 14,800 14,800,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Presbyterian Home of
South Carolina Project); Series 2003 A, VRD
RB (LOC-Wachovia Bank, N.A.)
3.80%, 04/01/20(d)(e) A-1+ -- 4,360 4,360,000
===========================================================================================
109,406,376
===========================================================================================
SOUTH DAKOTA-0.33%
South Dakota (State of) Health & Educational
Facilities Authority (Rapid City Regional
Hospital); Series 2003, Hospital VRD RB
(INS-MBIA Insurance Corp.)
3.85%, 09/01/27(b)(c) -- VMIG-1 13,200 13,200,000
===========================================================================================
TENNESSEE-2.82%
Blount (County of) Public Building Authority
(Local Government Public Improvement);
Series 2001 A-2-E VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 06/01/35(b)(c) -- VMIG-1 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Series 2005 A-7-B
VRD RB (INS-Ambac Assurance Corp.)
3.76%, 06/01/24(c)(e) -- VMIG-1 3,045 3,045,000
- -------------------------------------------------------------------------------------------
Series 2005 D-5-A VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/36(b)(c) -- VMIG-1 3,175 3,175,000
- -------------------------------------------------------------------------------------------
Series 2005 D-5-F VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/36(b)(c) -- VMIG-1 1,125 1,125,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TENNESSEE-(CONTINUED)
Dayton (City of) Industrial Development Board
(Bryan College Dorm Project); Series 2001,
VRD IDR (LOC-Regions Bank)
3.76%, 07/01/36(d)(e) -- VMIG-1 $ 7,000 $ 7,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Chattanooga (City
of)); Series 2000-4202 A, VRD COP (Acquired
10/10/00; Cost $14,040,000)
3.79%, 10/01/27(e)(h)(i) A-1+ -- 14,040 14,040,000
- -------------------------------------------------------------------------------------------
Greeneville (City of) Industrial Development
Board (Pet Inc. Project); Series 1993, VRD
Refunding IDR (LOC-BNP Paribas)
3.78%, 05/01/13(d)(e)(g) -- Aa2 1,510 1,510,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Memphis (City of)); Series
2006 1350, Electrical System VRD RB
(Acquired 05/24/06; Cost $4,800,000)
3.78%, 12/01/11(e)(h)(i) A-1+ -- 4,800 4,800,000
- -------------------------------------------------------------------------------------------
Metropolitan Government of Nashville &
Davidson (County of) Health & Educational
Facilities Bond (Adventist Health Systems);
Series 1997 A, VRD RB (LOC-SunTrust Bank)
3.75%, 11/15/27(d)(e) A-1+ VMIG-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Public Building
Authority (Tennessee County Loan Pooled
Financing); Series 2002, VRD RB (LOC-Bank
of America, N.A.)
3.85%, 04/01/32(b)(d) -- VMIG-1 7,100 7,100,000
- -------------------------------------------------------------------------------------------
Morristown (City of) Health Educational &
Housing Facilities Board (All Saints
Episcopal School); Series 2001, VRD RB
(LOC-SunTrust Bank)
3.80%, 08/01/16(d)(e) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Oak Ridge (City of) Industrial Development
Board (Oak Ridge Associated Universities,
Inc.); Series 2002, VRD RB (LOC-Allied
Irish Banks PLC)
3.77%, 09/01/32(d)(e)(g) -- VMIG-1 4,200 4,200,000
- -------------------------------------------------------------------------------------------
</Table>
F-24
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TENNESSEE-(CONTINUED)
Sevier (County of) Public Building Authority
(Local Government Public Improvement);
Series 1995 A VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/15(c)(e)(n) -- VMIG-1 $ 500 $ 500,000
- -------------------------------------------------------------------------------------------
Series 1996 F-2 VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/11(c)(e) -- VMIG-1 3,715 3,715,000
- -------------------------------------------------------------------------------------------
Series 1996 G-1 VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/16(c)(e) -- VMIG-1 4,480 4,480,000
- -------------------------------------------------------------------------------------------
Series 1997 A-1 VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/22(c)(e) -- VMIG-1 5,900 5,900,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-3 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/10(c)(e) -- VMIG-1 1,085 1,085,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-5 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/17(c)(e) -- VMIG-1 1,170 1,170,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-1 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/17(c)(e) -- VMIG-1 880 880,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-2 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/17(c)(e) -- VMIG-1 995 995,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-4 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/09(c)(e) -- VMIG-1 315 315,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-5 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/27(c)(e) -- VMIG-1 2,155 2,155,000
- -------------------------------------------------------------------------------------------
Series 1999 II A-1 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/24(c)(e) -- VMIG-1 6,300 6,300,000
- -------------------------------------------------------------------------------------------
Series 2004 IV-C-3 VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 06/01/31(b)(c) -- VMIG-1 4,075 4,075,000
- -------------------------------------------------------------------------------------------
Series 2005 V1-G-1 VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/25(b)(c) -- VMIG-1 6,400 6,400,000
- -------------------------------------------------------------------------------------------
Series 2005 VI-F-4 VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/24(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TENNESSEE-(CONTINUED)
Shelby (County of) Health, Educational &
Housing Facilities Board (Memphis College
Art Project); Series 2003, VRD RB
(LOC-Regions Bank)
3.77%, 08/01/23(d)(e) -- VMIG-1 $ 3,885 $ 3,885,000
- -------------------------------------------------------------------------------------------
Shelby (County of) Health, Educational &
Housing Facilities Board (Memphis
University School Project); Series 2006,
VRD RB (LOC-SunTrust Bank)
3.76%, 07/01/26(d)(e) -- VMIG-1 4,590 4,590,000
- -------------------------------------------------------------------------------------------
Shelby (County of) Health, Educational &
Housing Facilities Board (Southern College
of Optometry Project); Series 2001, VRD RB
(LOC-Allied Irish Banks PLC)
3.77%, 06/01/26(d)(e)(g) -- VMIG-1 4,900 4,900,000
- -------------------------------------------------------------------------------------------
Williamson (County of) Industrial Development
Board (Currey Ingram Academy); Series 2003,
Educational Facilities VRD RB (LOC-SunTrust
Bank)
3.85%, 04/01/23(d)(e) -- VMIG-1 2,300 2,300,000
===========================================================================================
114,140,000
===========================================================================================
TEXAS-14.24%
ABN AMRO Munitops Ctfs. Trust (Duncanville
(City of) Independent School District);
Series 2006-22, Unlimited Asset 14 Non-AMT
VRD GO (Acquired 05/22/06; Cost
$10,000,000)
3.79%, 02/15/14(e)(h)(i)(l) -- -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Edinburg (City
of) Independent School District); Series
2005-47, Unlimited Single Non-AMT VRD GO
(Acquired 04/27/06; Cost $5,470,000)
3.79%, 02/15/13(e)(h)(i)(l) -- -- 5,470 5,470,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Leander (City
of) Independent School District); Series
2002-16, Unlimited Multi-State Non-AMT VRD
Ctfs. (Acquired 08/20/03; Cost $5,395,000)
3.79%, 08/15/10(e)(h)(i) -- VMIG-1 5,395 5,395,000
- -------------------------------------------------------------------------------------------
</Table>
F-25
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (North East
Independent School District); Series
2000-13, Multi-State Non-AMT VRD RB
(Acquired 11/17/05; Cost $8,500,000)
3.77%, 02/06/08(e)(h)(i) -- VMIG-1 $ 8,500 $ 8,500,000
- -------------------------------------------------------------------------------------------
Aldine (City of) Independent School District;
Series 2003, Unlimited Tax School Building
VRD GO (CEP-Texas Permanent School Fund)
3.72%, 06/15/28(k) A-1+ VMIG-1 3,650 3,650,000
- -------------------------------------------------------------------------------------------
Arlington (City of) (Dallas Cowboys); Series
2005 B, Special Obligation VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 08/15/35(c)(e) A-1+ VMIG-1 15,465 15,465,000
- -------------------------------------------------------------------------------------------
Austin (City of) Utility Systems; Series
1998, Refunding Combined RB (INS-Ambac
Assurance Corp.)
6.50%, 11/15/06(c) AAA Aaa 6,000 6,020,952
- -------------------------------------------------------------------------------------------
Bexar (County of) Health Facilities
Development Corp. (Warm Springs
Rehabilitation Foundation Project); Series
1997, Health Care System VRD RB
(LOC-JPMorgan Chase Bank, N.A)
3.83%, 09/01/27(d)(e) -- VMIG-1 735 735,000
- -------------------------------------------------------------------------------------------
Bowie (County of) Industrial Development
Corp. (Texarkana Newspapers Inc.); Series
1985, VRD IDR (LOC-Bank of New York)
3.86%, 11/01/25(b)(d) A-1+ -- 2,800 2,800,000
- -------------------------------------------------------------------------------------------
Brownsville (City of) Utility System; Series
2003 A, Refunding Sub Lien VRD RB (INS-MBIA
Insurance Corp.)
3.73%, 09/01/27(c)(e) A-1+ VMIG-1 12,855 12,855,000
- -------------------------------------------------------------------------------------------
Crawford (City of) Education Facilities Corp.
Package (University Parking System
Project); Series 2004 A, Refunding VRD RB
(LOC-BNP Paribas)
3.83%, 05/01/35(d)(e)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Cypress-Fairbanks (City of) Independent
School District; Series 2006, Unlimited Tax
TAN GO 4.50%, 06/14/07 SP-1+ VMIG-1 17,500 17,580,143
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Denton (County of) Upper Trinity Regulation
Water District; Series 2006 A Commercial
Paper RB (LOC-Bank of America, N.A.)
3.60%, 11/16/06(d) A-1+ P-1 $ 2,500 $ 2,500,000
- -------------------------------------------------------------------------------------------
3.65%, 11/16/06(d) A-1+ P-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
3.68%, 11/16/06(d) A-1+ P-1 2,250 2,250,000
- -------------------------------------------------------------------------------------------
3.68%, 11/16/06(d) A-1+ P-1 3,750 3,750,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Dallas (City of)
Waterworks & Sewer System); Series
2006-0109 A, VRD RB (Acquired 05/10/06;
Cost $22,295,000)
3.79%, 10/01/35(e)(h)(i) A-1+ -- 22,295 22,295,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Harris (County of)
Toll Road); Series 2002-6012 A, VRD COP
(Acquired 11/20/02; Cost $1,580,000)
3.79%, 08/15/30(e)(h)(i) A-1+ -- 1,580 1,580,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Houston (City of)
Airport); Series 2000-4307, VRD COP
(Acquired 11/15/00; Cost $15,750,000)
3.79%, 07/01/28(e)(h)(i) A-1+ -- 15,750 15,750,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Houston (City of)
Water & Sewer); Series 1997-4305 A VRD COP
(Acquired 04/27/99; Cost $14,005,000)
3.79%, 12/01/27(e)(h)(i) A-1+ -- 14,005 14,005,000
- -------------------------------------------------------------------------------------------
Series 2002-6019 A VRD COP (Acquired
11/13/02; Cost $8,910,000)
3.79%, 12/01/30(e)(h)(i) A-1+ -- 8,910 8,910,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (University of Texas
Board of Regents); Series 2006-0108 A, VRD
RB (Acquired 05/10/06; Cost $18,810,000)
3.79%, 08/15/37(e)(h)(i) A-1+ -- 18,810 18,810,000
- -------------------------------------------------------------------------------------------
Garland (City of) Industrial Development
Authority Inc. (Carroll Co. Project);
Series 1984, VRD IDR (LOC-Wells Fargo Bank,
N.A.) (Acquired 07/19/06; Cost $1,300,000)
3.83%, 12/01/14(d)(e)(h) -- Aaa 1,300 1,300,000
- -------------------------------------------------------------------------------------------
</Table>
F-26
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Grand Prairie (City of) Housing Finance Corp.
(Lincoln Property Co.); Series 1993,
Refunding Multi-Family Housing VRD RB
(CEP-General Electric Corp.)
3.80%, 06/01/10(e) A-1+ -- $ 2,700 $ 2,700,000
- -------------------------------------------------------------------------------------------
Harris (County of) Health Facilities
Development Corp. (St. Luke's Episcopal);
Series 2005 A, Refunding Hospital RB
(INS-Financial Guaranty Insurance Co.)
3.80%, 02/15/32(c)(e) A-1+ VMIG-1 12,820 12,820,000
- -------------------------------------------------------------------------------------------
Harris (County of) Health Facilities
Development Corp. (Texas Medical Center
Project); Series 2001, Special Facilities
VRD RB (INS-MBIA Insurance Corp.)
3.89%, 09/01/31(b)(c) A-1+ VMIG-1 10,200 10,200,000
- -------------------------------------------------------------------------------------------
Harris (County of) Hospital District; Series
2006 A, Sub. Lien Commercial Paper
(LOC-Bank of America, N.A.)
3.65%, 01/16/07(d) A-1+ -- 13,651 13,651,000
- -------------------------------------------------------------------------------------------
Hockley (County of) Industrial Development
Corp. (AMOCO Project); Series 1985, VRD PCR
3.68%, 11/01/19(g)(m) A-1+ P-1 10,640 10,640,000
- -------------------------------------------------------------------------------------------
Hockley (County of) Industrial Development
Corp. (AMOCO Project-Standard Oil Co.);
Series 1983, VRD PCR 3.65%, 03/01/14(g)(m) A-1+ -- 15,000 15,007,267
- -------------------------------------------------------------------------------------------
Houston (City of) Higher Education Finance
Corp. (Houston Baptist University); Series
2000, Higher Education Refunding VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 07/01/20(d)(e)(l) -- -- 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Houston (City of) Higher Education Finance
Corp. (Tierwester Oaks); Series 2003 A,
Housing VRD RB (LOC-Bank of New York)
3.65%, 03/01/33(d)(f) -- VMIG-1 11,005 11,005,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Houston (City of); Series 2006 TRAN
4.50%, 06/29/07(l) -- -- $10,000 $ 10,058,601
- -------------------------------------------------------------------------------------------
Series 2006 B Commercial Paper Notes GO
3.53%, 12/28/06 A-1+ P-1 4,500 4,500,000
- -------------------------------------------------------------------------------------------
Series 2006 D Commercial Paper Notes GO
3.53%, 10/10/06 A-1+ P-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Alamo Heights (City of)
Independent School District); Series
2005-980, Unlimited VRD GO (Acquired
08/28/06; Cost $6,430,000)
3.78%, 02/01/12(e)(h)(i) -- VMIG-1 6,430 6,430,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Austin (City of) Water &
Wastewater Systems); Series 2006-1319, VRD
RB (Acquired 05/03/06; Cost $3,025,000)
3.78%, 11/15/13(e)(h)(i) A-1+ -- 3,025 3,025,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Bexar (County of)); Series
2004-530, Limited Tax VRD GO (Acquired
10/28/04; Cost $4,610,000)
3.78%, 06/15/12(e)(h)(i) -- VMIG-1 4,610 4,610,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Brownsville (City Of));
Series 2005-1038, Unlimited VRD GO
(Acquired 07/21/06; Cost $6,700,000)
3.78%, 02/15/13(e)(h)(i) A-1 -- 6,700 6,700,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Nueces River Authority
Water Supply); Series 2006-1412, VRD RB
(Acquired 07/19/06; Cost $1,950,000)
3.78%, 07/15/13(e)(h)(i) A-1+ -- 1,950 1,950,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Texas Tech University
System); Series 2006-1373, VRD RB (Acquired
07/21/06; Cost $5,195,000)
3.78%, 02/15/14(e)(h)(i) A-1+ -- 5,195 5,195,000
- -------------------------------------------------------------------------------------------
Kendleton (City of) Higher Education Finance
Corp. (Dallas Theological Project); Series
2003 A, VRD Limited Tax Obligation RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 07/01/33(d)(e) A-1+ -- 2,400 2,400,000
- -------------------------------------------------------------------------------------------
</Table>
F-27
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Lower Colorado River Authority; Series 1999
B, Refunding RB (INS-Financial Security
Assurance Inc.)
6.00%, 05/15/07(c) AAA Aaa $ 4,000 $ 4,060,493
- -------------------------------------------------------------------------------------------
Lufkin (City of) Health Facilities
Development Corp. (Memorial Health System
of East Texas); Series 2005, Refunding VRD
RB (LOC-Wachovia Bank, N.A.)
3.85%, 02/15/35(b)(d) A-1+ -- 16,875 16,875,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Brazosport (City of)
Independent School District); Series 2003
PT-1690, Refunding VRD Unlimited Tax GO
(Acquired 02/20/03; Cost $4,838,000)
3.78%, 08/15/10(e)(h)(i) -- VMIG-1 4,838 4,838,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Lamar Consolidated
Independent School District); Series 2005
PT-2860, VRD Unlimited Tax GO (Acquired
09/09/05; Cost $9,725,000)
3.78%, 02/15/25(e)(h)(i) A-1 -- 9,725 9,725,000
- -------------------------------------------------------------------------------------------
Mesquite (City of) Health Facilities
Development Corp.; Series 2000 C,
Retirement Facility VRD RB (LOC-LaSalle
Bank N.A.)
3.77%, 02/15/30(d)(e) A-1 -- 7,435 7,435,000
- -------------------------------------------------------------------------------------------
Metropolitan Higher Education Authority
(University of Dallas Project); Series
1999, Higher Education VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.79%, 05/01/19(d)(e)(l) -- -- 5,870 5,870,000
- -------------------------------------------------------------------------------------------
Nueces (County of) Health Facilities
Development Corp. (Driscoll Children's
Foundation); Series 1985, Floating Rate RB
(LOC-JPMorgan Chase Bank, N.A.)
3.78%, 07/01/15(d)(e) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Polly Ryon Hospital Authority (Polly Ryon
Memorial Hospital); Series 2001, Hospital
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 11/01/26(d)(e) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Red River Authority (Southwestern Public
Services); Series 1996, Refunding VRD PCR
(INS-Ambac Assurance Corp.)
3.80%, 07/01/16(c)(e) A-1+ VMIG-1 $ 3,350 $ 3,350,000
- -------------------------------------------------------------------------------------------
San Antonio (City of) Electric & Gas; Series
2006 A, Commercial Paper
3.55%, 10/16/06 A-1+ P-1 7,000 7,000,000
- -------------------------------------------------------------------------------------------
San Antonio (City of) Water Authority; Series
2003 A, Refunding Sub RB (INS-MBIA
Insurance Corp.)
3.74%, 05/15/33(c)(e) A-1+ VMIG-1 3,025 3,025,000
- -------------------------------------------------------------------------------------------
San Gabriel Health Facilities Development
Corp. (YMCA of Greater Williamson County
Project); Series 2005, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.85%, 04/01/26(d)(e) -- VMIG-1 2,200 2,200,000
- -------------------------------------------------------------------------------------------
Sherman (City of) Higher Education Finance
Corp. (Austin College Project); Series
1997, Higher Education VRD RB (LOC-Bank of
America, N.A.)
3.79%, 01/01/18(d)(e)(n) A-1+ -- 7,519 7,519,000
- -------------------------------------------------------------------------------------------
Texas (State of) Public Financing Authority;
Series 1996 B Refunding Unlimited GO 5.75%,
10/01/06(o)(p) AAA NRR 10,440 10,440,000
- -------------------------------------------------------------------------------------------
Series 2002 A Commercial Paper Notes GO
3.50%, 11/16/06 A-1+ P-1 10,500 10,500,000
- -------------------------------------------------------------------------------------------
Texas (State of); Series 2006, TRAN
4.50%, 08/31/07 SP-1+ MIG-1 95,000 95,806,537
- -------------------------------------------------------------------------------------------
Texas A&M University Board of Regents
(Revenue Financing System); Series 2006,
Commercial Paper Notes
3.53%, 10/12/06 A-1+ P-1 7,600 7,600,000
- -------------------------------------------------------------------------------------------
University of Texas Board of Regents (Revenue
Financing System); Series 2006 Commercial
Paper Notes
3.55%, 10/19/06 A-1+ P-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
3.50%, 11/02/06 A-1+ P-1 15,378 15,378,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Harris (County of) Toll
Road); Series 2003-B16, VRD RB (Acquired
02/19/03; Cost $16,005,000)
3.78%, 08/15/25(e)(h)(i) -- VMIG-1 16,005 16,005,000
- -------------------------------------------------------------------------------------------
</Table>
F-28
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Wachovia MERLOTs (University of Texas);
Series 2003-B14, Refunding VRD RB (Acquired
01/29/03; Cost $7,975,000)
3.78%, 08/15/22(e)(h)(i) -- VMIG-1 $ 7,975 $ 7,975,000
===========================================================================================
576,914,993
===========================================================================================
UTAH-0.75%
Davis (County of); Series 2006, Unlimited Tax
TRAN GO 4.50%, 12/28/06 -- MIG-1 5,000 5,009,318
- -------------------------------------------------------------------------------------------
Duchesne (County of) School District (Utah
Municipal Building Authority); Series 2005,
Lease VRD RB (LOC-U.S. Bank, N.A.)
3.79%, 06/01/21(d)(e) A-1+ -- 900 900,000
- -------------------------------------------------------------------------------------------
Intermountain Power Agency; Series 1985 E
Power Supply VRD RB (INS-Ambac Assurance
Corp.)
3.60%, 07/01/18(c)(m) A-1 VMIG-1 4,260 4,260,000
- -------------------------------------------------------------------------------------------
Refunding Sub. VRD RB (INS-Ambac Assurance
Corp.)
3.53%, 07/01/14(c)(m) A-1 VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Salt Lake (County of) Housing Authority
(Crossroads Apartments Project); Series
2003, Refunding Multi-Family VRD RB
(CEP-Federal National Mortgage Association)
3.77%, 02/15/31(e) A-1+ -- 4,435 4,435,000
- -------------------------------------------------------------------------------------------
Sanpete (County of) School Facility (Wasatch
Academy); Series 2003, VRD RB (LOC-U.S.
Bank, N.A.)
3.79%, 08/01/28(d)(e) A-1+ -- 800 800,000
===========================================================================================
30,404,318
===========================================================================================
VERMONT-0.25%
Vermont (State of) Industrial Development
Authority (Central Vermont Public Service
Corp.); Series 1984, Hydroelectric VRD IDR
(LOC-Citizens Bank of Massachusetts)
3.55%, 12/01/13(d)(f) A-1+ -- 2,900 2,900,000
- -------------------------------------------------------------------------------------------
Vermont (State of) Student Assistance Corp.;
Series 1985, Student Loan VRD RB (LOC-State
Street Bank & Trust Co.)
3.66%, 01/01/08(d)(f) -- VMIG-1 7,205 7,205,000
===========================================================================================
10,105,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
VIRGINIA-0.31%
Arlington (County of) (Ballston Public
Parking); Series 1984, VRD RB (LOC-Bank of
America, N.A.)
3.80%, 08/01/17(d)(e) A-1+ -- $ 1,950 $ 1,950,000
- -------------------------------------------------------------------------------------------
Rockingham (County of) Industrial Development
Authority (Sunnyside Presbyterian Home);
Series 2003, Residential Care Facility VRD
RB (LOC-Branch Banking & Trust Co.)
3.78%, 12/01/33(d)(e) A-1+ -- 750 750,000
- -------------------------------------------------------------------------------------------
Virginia College Building Authority
Educational Facilities (21st Century
College & Equipment); Series 2005 A, RB
5.00%, 02/01/07 AAA Aa1 6,105 6,131,049
- -------------------------------------------------------------------------------------------
Winchester (City of) Industrial Development
Authority (Westminster-Cantenbury); Series
2005 B Residential Care Facility VRD IDR
(LOC-Branch Banking & Trust Co.)
3.78%, 01/01/10(d)(e) -- VMIG-1 695 695,000
- -------------------------------------------------------------------------------------------
3.78%, 01/01/35(d)(e) -- VMIG-1 3,000 3,000,000
===========================================================================================
12,526,049
===========================================================================================
WASHINGTON-3.90%
ABN AMRO Munitops Ctfs. Trust (Pierce & Lewis
(County of), #404 Eatonville); Series
2006-42, Unlimited Non-AMT VRD GO (Acquired
06/22/06; Cost $8,745,000)
3.79%, 12/01/14(e)(h)(i)(l) -- -- 8,745 8,745,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of) Municipal Light & Power); Series
2002-12, Multi-State Non-AMT VRD Ctfs.
(Acquired 05/25/04; Cost $9,755,000)
3.79%, 03/01/09(e)(h)(i) -- VMIG-1 9,755 9,755,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of)); Series 2003-7, Multi-State Non-AMT
VRD GO Ctfs. (Acquired 05/13/03; Cost
$10,685,000)
3.79%, 07/01/10(e)(h)(i)(l)(n) -- -- 10,685 10,685,000
- -------------------------------------------------------------------------------------------
</Table>
F-29
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WASHINGTON-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (Skagit (County
of) Public Hospital District No. 1); Series
2004-37, Multi-State Non-AMT VRD Ctfs.
(Acquired 04/08/05; Cost $8,235,000)
3.79%, 12/01/12(e)(h)(i) -- VMIG-1 $ 8,235 $ 8,235,000
- -------------------------------------------------------------------------------------------
Bremerton (City of) (Kitsap Regional
Conference Center); Series 2003, VRD RB
(LOC-Bank of America, N.A.)
3.79%, 12/01/28(d)(e)(l) -- -- 2,565 2,565,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Washington (State
of)); Series 1998-4701 A, VRD COP (Acquired
07/20/00; Cost $14,400,000)
3.79%, 05/01/18(e)(h)(i) A-1+ -- 14,400 14,400,000
- -------------------------------------------------------------------------------------------
Everett (City of) Public Facilities District;
Series 2006 A, Commercial Paper Notes
(LOC-Bank of America, N.A.)
3.52%, 10/02/06(d) A-1+ -- 11,800 11,800,000
- -------------------------------------------------------------------------------------------
Everett (City of); Series 2001, Limited Tax
VRD GO (LOC-Bank of America, N.A.)
3.79%, 12/01/21(d)(e)(l) -- -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Washington (State of));
Series 2004-593 Unlimited Tax VRD GO
(Acquired 05/24/06; Cost $4,395,000)
3.78%, 01/01/13(e)(h)(i) A-1+ -- 4,395 4,395,000
- -------------------------------------------------------------------------------------------
Series 2006-1346 Unlimited Tax VRD GO
(Acquired 11/18/04; Cost $1,500,000)
3.78%, 07/01/12(e)(h)(i) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
King (County of) Economic Enterprise Corp.
(Puget Sound Blood Center Project); Series
1998, VRD RB (LOC-U.S. Bank, N.A.)
3.80%, 04/01/23(d)(e) -- VMIG-1 3,600 3,600,000
- -------------------------------------------------------------------------------------------
King (County of) Housing Authority
(Summerfield Apartments Project); Series
2005, VRD RB (LOC-U.S. Bank, N.A.)
3.79%, 09/01/35(d)(e) -- VMIG-1 1,925 1,925,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Lake Tapps Parkway Properties; Series 1999 A
Special Revenue VRD RB (LOC-U.S. Bank,
N.A.)
3.79%, 12/01/19(d)(e)(n) -- VMIG-1 $ 6,000 $ 6,000,000
- -------------------------------------------------------------------------------------------
Series 1999 B Special Revenue VRD RB
(LOC-U.S. Bank, N.A.)
3.79%, 12/01/19(d)(e) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Seattle (Port of)); Series 2002-739D, VRD
RB (Acquired 07/21/04; Cost $5,000,000)
3.78%, 09/01/20(e)(h)(i) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Pierce (County of) Economic Development Corp.
(Weyerhaeuser Real Estate); Series 1997,
Special Revenue VRD RB (LOC-Bank of
America, N.A.)
3.75%, 01/01/27(d)(e) A-1+ VMIG-1 12,705 12,705,000
- -------------------------------------------------------------------------------------------
Reset Option Ctfs. Trust II-R (Seattle (Port
of) Passenger Facilities Charge); Series
2006-638, VRD RB (Acquired 09/27/06; Cost
$10,640,000)
3.78%, 12/01/23(e)(h)(i) -- VMIG-1 10,640 10,640,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Bayview
Manor Project); Series 1994 B, Low Income
Housing Assistance VRD RB (LOC-U.S. Bank,
N.A.)
3.80%, 05/01/19(d)(e) A-1+ -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Pioneer
Human Services Project); Series 1995,
Refunding VRD RB (LOC-U.S. Bank, N.A.)
3.77%, 12/01/15(d)(e) A-1+ -- 2,115 2,115,000
- -------------------------------------------------------------------------------------------
Seattle (Port of) Industrial Development
Corp. (Sysco Food Services of Seattle, Inc.
Project); Series 1994, Refunding VRD IDR
3.84%, 11/01/25(e)(n) A-1+ VMIG-1 2,968 2,968,000
- -------------------------------------------------------------------------------------------
Snohomish (County of) Housing Authority (Ebey
Arms Centerhouse Project); Series 2003,
Refunding Housing VRD RB (LOC-Bank of
America, N.A.)
3.79%, 12/01/34(d)(e)(l) -- -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
</Table>
F-30
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WASHINGTON-(CONTINUED)
Washington (State of) Economic Development
Finance Authority (Seadrunar Recycling LLC
Project); Series 2000 E, Economic
Development VRD RB (LOC-U.S. Bank, N.A.)
3.78%, 08/01/25(d)(e) A-1+ -- $ 2,445 $ 2,445,000
- -------------------------------------------------------------------------------------------
Washington (State of) Higher Education
Facilities Authority (Cornish College Arts
Project); Series 2003 A, VRD RB (LOC-Bank
of America, N.A.)
3.80%, 12/01/33(d)(e) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Nikkei Concerns Project);
Series 1994, Non-Profit Housing VRD RB
(LOC-U.S. Bank, N.A.)
3.78%, 10/01/19(d)(e) A-1+ -- 3,915 3,915,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Riverview Retirement Project);
Series 1997, Elderly Housing VRD RB
(LOC-U.S. Bank, N.A.)
3.80%, 07/01/22(d)(e) A-1+ -- 1,665 1,665,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Tacoma Art Museum Project);
Series 2002, Non-Profit Housing VRD RB
(LOC-Northern Trust Co.)
3.90%, 06/01/32(b)(d) -- VMIG-1 4,075 4,075,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (University Preparatory Academy
Project); Series 2000, Non-Profit VRD RB
(LOC-Bank of America, N.A.)
3.79%, 07/01/30(d)(e) -- VMIG-1 1,350 1,350,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Wesley Homes Project); Series
2005 A, Non-Profit Housing VRD RB (LOC-Bank
of America, N.A.)
3.79%, 01/01/36(b)(d) -- VMIG-1 4,250 4,250,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (YMCA of Columbia-Willamette);
Series 1999, VRD RB (LOC-U.S. Bank, N.A.)
3.79%, 08/01/24(d)(e)(n) A-1+ -- 750 750,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Washington (State of) Housing Finance
Commission (YMCA of Tacoma-Pierce Project);
Series 2006, Refunding Non-Profit VRD RB
(LOC-U.S. Bank, N.A.)
3.80%, 12/01/32(d)(e) -- VMIG-1 $ 4,165 $ 4,165,000
===========================================================================================
157,848,000
===========================================================================================
WEST VIRGINIA-0.10%
Harrison (County of) (Fox Grocery Co.
Project); Series 1991, Refunding VRD RB
(LOC-Wachovia Bank, N.A.)
3.78%, 06/01/14(d)(e) -- Aa2 4,140 4,140,000
===========================================================================================
WISCONSIN-5.77%
ABN AMRO Munitops Ctfs. Trust (Central Brown
(County of) Water Authority); Series
2005-25, Non-AMT VRD RB (Acquired 08/01/05;
Cost $17,370,000)
3.79%, 12/01/13(e)(h)(i)(l) -- -- 17,370 17,370,000
- -------------------------------------------------------------------------------------------
Appleton (City of) Redevelopment Authority
(Fox Cities Performing Arts Center
Project); Series 2001 B, Redevelopment VRD
RB (LOC-JPMorgan Chase Bank, N.A.; M&I
Marshall & Ilsley Bank)
3.80%, 06/01/36(d)(e) -- VMIG-1 3,600 3,600,000
- -------------------------------------------------------------------------------------------
Franklin (City of) Community Development
Authority (Indian Community School of
Milwaukee); Series 2002, Redevelopment VRD
RB (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 07/01/22(d)(e) -- VMIG-1 36,000 36,000,000
- -------------------------------------------------------------------------------------------
Green Bay (City of) Housing Authority
(Sisters of St. Francis Project); Series
2004, VRD RB (LOC-Allied Irish Banks PLC)
3.77%, 01/01/35(d)(e)(g) A-1 -- 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Madison (City of) Metropolitan School
District; Series 2006, TRAN GO 4.00%,
09/07/07 -- MIG-1 35,000 35,154,619
- -------------------------------------------------------------------------------------------
Milwaukee (City of) Redevelopment Authority
(Cathedral Place Parking Facility Project);
Series 2002, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.78%, 05/01/25(d)(e) -- VMIG-1 2,845 2,845,000
- -------------------------------------------------------------------------------------------
</Table>
F-31
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WISCONSIN-(CONTINUED)
New Berlin (City of) School District; Series
2006, Promissory TRAN GO 4.50%, 08/30/07 -- MIG-1 $11,500 $ 11,593,164
- -------------------------------------------------------------------------------------------
West Allis (City of) (State Fair Park
Exposition Center Inc.); Series 2001, VRD
RB (LOC-U.S. Bank, N.A.)
3.78%, 08/01/28(d)(e) -- VMIG-1 12,055 12,055,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Grace Lutheran
Foundation Project); Series 1999, VRD RB
(LOC-U.S. Bank, N.A.) (Acquired 09/12/05;
Cost $2,555,000)
3.76%, 07/01/14(d)(e)(h) A-1+ -- 2,555 2,555,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Gundersen Lutheran);
Series 2000 A VRD RB (INS-Financial
Security Assurance Inc.)
3.85%, 12/01/15(b)(c) A-1+ -- 6,465 6,465,000
- -------------------------------------------------------------------------------------------
Series 2000 B VRD RB (INS-Financial
Security Assurance Inc.)
3.85%, 12/01/29(b)(c) A-1+ -- 25,470 25,470,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Lindengrove, Inc.);
Series 2003 B, VRD (LOC-JPMorgan Chase
Bank, N.A.)
3.77%, 11/01/25(d)(e) A-1+ -- 7,080 7,080,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Marshfield Clinic);
Series 2006 B,
VRD RB (LOC-M&I Marshall & Ilsley Bank)
3.78%, 01/15/36(d)(e) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Mequon Jewish
Project); Series 2003, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.78%, 07/01/28(d)(e) -- VMIG-1 6,335 6,335,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WISCONSIN-(CONTINUED)
Wisconsin (State of) Health & Educational
Facilities Authority (Mercy Health System);
Series 2003 C VRD RB (LOC-M&I Marshall &
Ilsley Bank)
3.77%, 08/15/23(d)(e) -- VMIG-1 $ 6,600 $ 6,600,000
- -------------------------------------------------------------------------------------------
Series 2003 I Pooled Loan VRD RB (LOC-M&I
Marshall & Ilsley Bank)
3.78%, 06/01/23(d)(e) -- VMIG-1 8,655 8,655,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Luke's Medical
Center); Series 1987, VRD RB (LOC-KBC Bank
N.V.) (Acquired 05/02/05; Cost $27,000,000)
3.80%, 12/01/17(d)(e)(g)(h) A-1 -- 27,000 27,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Mary's School);
Series 2004, VRD RB (LOC-M&I Marshall &
Ilsley Bank)
3.77%, 08/01/19(d)(e) A-1 -- 1,830 1,830,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Three Pillars Senior
Living); Series 2004 B, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.73%, 08/15/34(d)(e) -- VMIG-1 1,600 1,600,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Valley Packaging
Industries Inc.); Series 2005, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.85%, 07/01/35(d)(e) -- VMIG-1 1,240 1,240,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Wisconsin Lutheran
College Project); Series 2003, VRD RB
(LOC-U.S. Bank, N.A.)
3.90%, 06/01/33(b)(d) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
</Table>
F-32
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WISCONSIN-(CONTINUED)
Wisconsin (State of) Health & Educational
Facilities Authority (Wisconsin Lutheran
College); Series 2001, VRD RB (LOC-U.S.
Bank, N.A.)
3.90%, 09/01/31(b)(d) A-1+ -- $ 5,100 $ 5,100,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Rural Water Construction
Loan Program Commission; Series 2006, BAN
RN 4.75%, 08/15/07 -- MIG-1 4,000 4,035,469
===========================================================================================
233,678,252
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WYOMING-0.48%
Gillette (City of) Pollution Control; Series
1991, Refunding Floating VRD PCR
(LOC-Barclays Bank PLC)
3.78%, 01/01/18(d)(e)(g) A-1+ P-1 $ 5,100 $ 5,100,000
- -------------------------------------------------------------------------------------------
Platte (County of) Pollution Control
(Tri-State Generation and Transmission
Association); Series 1984 A, Refunding VRD
PCR 3.86%, 07/01/14(b) -- P-1 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Wyoming (State of) Educational Funding;
Series 2006 A, TRAN
4.50%, 06/27/07 SP-1+ -- 10,000 10,056,661
===========================================================================================
19,256,661
===========================================================================================
TOTAL INVESTMENTS(q)(r)-98.85%
(Cost $4,006,153,875) 4,006,153,875
===========================================================================================
OTHER ASSETS LESS LIABILITIES-1.15% 46,590,130
===========================================================================================
NET ASSETS-100.00% $4,052,744,005
___________________________________________________________________________________________
===========================================================================================
</Table>
Investment Abbreviations:
<Table>
ACES - Automatically Convertible Extendable Security
AMT - Alternative Minimum Tax
BAN - Bond Anticipation Note
CEP - Credit Enhancement Provider
COP - Certificates of Participation
Ctfs. - Certificates
GO - General Obligation Bonds
IDR - Industrial Development Revenue Bonds
INS - Insurer
LOC - Letter of Credit
MERLOT - Municipal Exempt Receipts Liquidity Option Tender
NRR - Not Re-Rated
PCR - Pollution Control Revenue Bonds
P-Floats - Putable Floating Option Tax-Exempt Receipt
PUTTERs - Putable Tax-Exempt Receipts
RANS - Revenue Anticipation Notes
RB - Revenue Bonds
RN - Revenue Notes
Sr. - Senior
Sub. - Subordinated.
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation Notes
VRD - Variable Rate Demand
Wts. - Warrants
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-33
Tax-Free Cash Reserve Portfolio
Notes to Schedule of Investments:
(a) Ratings assigned by Standard & Poor's Corporation ("S&P") and Moody's
Investors Service, Inc. ("Moody's"), except as indicated in note (l) below.
NRR indicates a security that is not re-rated subsequent to funding of an
escrow fund (consisting of U.S. Treasury obligations held by a bank
custodian or other highly rated collateral); this funding is pursuant to an
advance refunding of this security.
(b) Demand security payable upon demand by the Fund at specified time intervals
no greater than one business day. Interest rate is redetermined daily. Rate
shown is the rate in effect on September 30, 2006.
(c) Principal and/or interest payments are secured by the bond insurance company
listed.
(d) Principal and interest payments are fully enhanced by a letter of credit
from the bank listed or a predecessor bank, branch or subsidiary.
(e) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days. Interest rate is redetermined weekly.
Rate shown is the rate in effect on September 30, 2006.
(f) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days. Interest rate is redetermined monthly.
Rate shown is the rate in effect on September 30, 2006.
(g) The security is credit guaranteed, enhanced or has credit risk by a foreign
entity. The total foreign credit exposure to countries other than the United
States of America (as a percentage of net assets) is 7.9%; each having a
less than 5% concentration.
(h) Security not registered under the Securities Act of 1933, as amended (e.g.,
the security was purchased in a Rule 144A transaction or a Regulation D
transaction). The security may be resold pursuant to an exemption from
registration under the 1933 Act, typically to qualified institutional
buyers. The Fund has no rights to demand registration of these securities.
The aggregate value of these securities at September 30, 2006 was
$996,559,500, which represented 24.59% of the Fund's Net Assets. Unless
otherwise indicated, these securities are not considered to be illiquid.
(i) Synthetic municipal instruments; involves the deposit into a trust of one or
more long-term tax-exempt bonds or notes ("Underlying Bonds."), a sale of
certificates evidencing interests in the trust to investors such as the
Fund. The trustee receives the long-term fixed interest payments on the
Underlying Bonds, and pays certificate holders variable rate interest
payments based upon a short-term reset periodically.
(j) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined at
intermittent intervals. Rate shown is the rate in effect on September 30,
2006.
(k) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined annually.
Rate shown is the rate in effect on September 30, 2006.
(l) Security is not rated by S&P or by Moody's; however it is rated by Fitch
IBCA ("Fitch") of F1+.
(m) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined
semi-annually. Rate shown is the rate in effect on September 30, 2006.
(n) In accordance with the procedures established by the Board of Trustees,
investments are through participation in joint accounts with other mutual
funds, private accounts and certain non-registered investment companies
managed by the investment advisor or its affiliates.
(o) Advance refunded; secured by an escrow fund of U.S. Government obligations.
(p) Security has an irrevocable call by the issuer or mandatory put by the
holder. Maturity date reflects such call or put.
(q) This table provides a listing of those entities that have either issued,
guaranteed, backed or otherwise enhanced the credit quality of more than 5%
of the securities held in the portfolio. In instances where the entity has
guaranteed, backed or otherwise enhanced the credit quality of a security,
it is not primarily responsible for the issuer's obligations but may be
called upon to satisfy the issuer's obligations.
<Table>
<Caption>
ENTITIES PERCENTAGE
------------------------------------------------------------------------
MBIA Insurance Corp. 9.6%
------------------------------------------------------------------------
Financial Guaranty Insurance Co. 8.6
------------------------------------------------------------------------
Financial Security Assurance Inc. 7.9
------------------------------------------------------------------------
Bank of America, N.A. 7.2
------------------------------------------------------------------------
Ambac Assurance Corp. 6.7
------------------------------------------------------------------------
JP Morgan Chase Bank, N.A. 6.7
------------------------------------------------------------------------
Other Entities Less than 5% 52.0
________________________________________________________________________
========================================================================
</Table>
(r) Also represents cost for federal income tax purposes.
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-34
Tax-Free Cash Reserve Portfolio
STATEMENT OF ASSETS AND LIABILITIES
September 30, 2006
(Unaudited)
<Table>
ASSETS:
Investments, at value (cost $4,006,153,875) $4,006,153,875
- ------------------------------------------------------------
Cash 54,198,348
============================================================
Receivables for:
Investments sold 13,663,694
- ------------------------------------------------------------
Interest 22,896,033
- ------------------------------------------------------------
Investment for trustee deferred compensation
and retirement plans 135,972
- ------------------------------------------------------------
Other assets 142,218
============================================================
Total assets 4,097,190,140
____________________________________________________________
============================================================
LIABILITIES:
Payables for:
Investments purchased 32,628,194
- ------------------------------------------------------------
Dividends 11,141,607
- ------------------------------------------------------------
Trustee deferred compensation and
retirement plans 317,602
- ------------------------------------------------------------
Accrued distribution fees 193,076
- ------------------------------------------------------------
Accrued trustees' and officer's fees and
benefits 1,424
- ------------------------------------------------------------
Accrued transfer agent fees 31,612
- ------------------------------------------------------------
Accrued operating expenses 132,620
============================================================
Total liabilities 44,446,135
============================================================
Net assets applicable to shares outstanding $4,052,744,005
____________________________________________________________
============================================================
NET ASSETS CONSIST OF:
Shares of beneficial interest $4,052,710,537
- ------------------------------------------------------------
Undistributed net realized gain from
investment securities 33,468
============================================================
$4,052,744,005
____________________________________________________________
============================================================
NET ASSETS:
Institutional Class $2,184,081,161
____________________________________________________________
============================================================
Private Investment Class $ 178,209,699
____________________________________________________________
============================================================
Personal Investment Class $ 39,813,008
____________________________________________________________
============================================================
Cash Management Class $ 859,786,254
____________________________________________________________
============================================================
Reserve Class $ 19,558,028
____________________________________________________________
============================================================
Resource Class $ 462,635,110
____________________________________________________________
============================================================
Corporate Class $ 308,660,745
____________________________________________________________
============================================================
SHARES OUTSTANDING, $0.001 PAR VALUE PER
SHARE, UNLIMITED NUMBER OF SHARES
AUTHORIZED:
Institutional Class 2,184,002,860
____________________________________________________________
============================================================
Private Investment Class 178,191,314
____________________________________________________________
============================================================
Personal Investment Class 39,808,937
____________________________________________________________
============================================================
Cash Management Class 859,773,377
____________________________________________________________
============================================================
Reserve Class 19,555,349
____________________________________________________________
============================================================
Resource Class 462,630,031
____________________________________________________________
============================================================
Corporate Class 308,665,176
____________________________________________________________
============================================================
Net asset value, offering and redemption
price per share for each class $ 1.00
____________________________________________________________
============================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-35
Tax-Free Cash Reserve Portfolio
STATEMENT OF OPERATIONS
For the six months ended September 30, 2006
(Unaudited)
<Table>
INVESTMENT INCOME:
Interest $64,687,772
=========================================================================
EXPENSES:
Advisory fees 3,774,934
- -------------------------------------------------------------------------
Administrative services fees 310,442
- -------------------------------------------------------------------------
Custodian fees 77,651
- -------------------------------------------------------------------------
Distribution fees:
Private Investment Class 485,704
- -------------------------------------------------------------------------
Personal Investment Class 134,835
- -------------------------------------------------------------------------
Cash Management Class 354,754
- -------------------------------------------------------------------------
Reserve Class 96,993
- -------------------------------------------------------------------------
Resource Class 403,421
- -------------------------------------------------------------------------
Corporate Class 16,953
- -------------------------------------------------------------------------
Transfer agent fees 218,902
- -------------------------------------------------------------------------
Trustees' and officer's fees and benefits 51,602
- -------------------------------------------------------------------------
Other 388,335
=========================================================================
Total expenses 6,314,526
=========================================================================
Less: Fees waived (1,231,708)
=========================================================================
Net expenses 5,082,818
=========================================================================
Net investment income 59,604,954
=========================================================================
Net realized gain (loss) from Investment securities 75,176
=========================================================================
Net increase in net assets resulting from operations $59,680,130
_________________________________________________________________________
=========================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-36
Tax-Free Cash Reserve Portfolio
STATEMENT OF CHANGES IN NET ASSETS
For the six months ended September 30, 2006 and the year ended March 31, 2006
(Unaudited)
<Table>
<Caption>
SEPTEMBER 30, MARCH 31,
2006 2006
- ----------------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 59,604,954 $ 81,006,602
- ----------------------------------------------------------------------------------------------
Net realized gain from investment securities 75,176 20,198
==============================================================================================
Net increase in net assets resulting from operations 59,680,130 81,026,800
==============================================================================================
Distributions to shareholders from net investment income:
Institutional Class (36,124,015) (51,535,231)
- ----------------------------------------------------------------------------------------------
Private Investment Class (2,978,341) (5,114,924)
- ----------------------------------------------------------------------------------------------
Personal Investment Class (504,916) (404,324)
- ----------------------------------------------------------------------------------------------
Cash Management Class (11,499,373) (15,063,769)
- ----------------------------------------------------------------------------------------------
Reserve Class (238,071) (276,474)
- ----------------------------------------------------------------------------------------------
Resource Class (6,401,163) (8,314,990)
- ----------------------------------------------------------------------------------------------
Corporate Class (1,859,075) (296,890)
==============================================================================================
Decrease in net assets resulting from distributions (59,604,954) (81,006,602)
==============================================================================================
Share transactions-net:
Institutional Class 291,927,149 (224,964,600)
- ----------------------------------------------------------------------------------------------
Private Investment Class (42,786,075) 24,371,221
- ----------------------------------------------------------------------------------------------
Personal Investment Class 18,909,835 10,024,848
- ----------------------------------------------------------------------------------------------
Cash Management Class 176,106,119 (41,462,324)
- ----------------------------------------------------------------------------------------------
Reserve Class 504,881 9,744,079
- ----------------------------------------------------------------------------------------------
Resource Class 121,244,070 51,762,427
- ----------------------------------------------------------------------------------------------
Corporate Class 300,648,751 8,016,425
==============================================================================================
Net increase (decrease) in net assets resulting from
share transactions 866,554,730 (162,507,924)
==============================================================================================
Net increase (decrease) in net assets 866,629,906 (162,487,726)
==============================================================================================
NET ASSETS:
Beginning of period 3,186,114,099 3,348,601,825
==============================================================================================
End of period (including undistributed net investment
income of $0 and $0, respectively) $4,052,744,005 $3,186,114,099
______________________________________________________________________________________________
==============================================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-37
Tax-Free Cash Reserve Portfolio
NOTES TO FINANCIAL STATEMENTS
September 30, 2006
(Unaudited)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
Tax-Free Investments Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end
management investment company. The Trust is organized as a Delaware statutory
trust consisting of one portfolio, the Tax-Free Cash Reserve Portfolio (the
"Fund"). The Fund currently offers multiple classes of shares. Matters affecting
each class are voted on exclusively by the shareholders of each class.
The Fund's investment objective is to provide as high a level of tax-exempt
income as is consistent with the preservation of capital and maintenance of
liquidity.
The following is a summary of the significant accounting policies followed
by the Fund in the preparation of its financial statements.
A. SECURITY VALUATIONS -- The Fund's securities are recorded on the basis of
amortized cost which approximates value as permitted by Rule 2a-7 under the
1940 Act. This method values a security at its cost on the date of purchase
and, thereafter, assumes a constant amortization to maturity of any
premiums or accretion of any discounts.
B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME -- Securities transactions
are accounted for on a trade date basis. Realized gains or losses on sales
are computed on the basis of specific identification of the securities
sold. Interest income, adjusted for amortization of premiums and accretion
of discounts on investments, is recorded on the accrual basis from
settlement date.
Brokerage commissions and mark ups are considered transaction costs and
are recorded as an increase to the cost basis of securities purchased
and/or a reduction of proceeds on a sale of securities. Such transaction
costs are included in the determination of realized gain (loss) from
investment securities reported in the Statement of Operations and the
Statement of Changes in Net Assets and the realized net gains (losses) on
securities per share in the Financial Highlights. Transaction costs are
included in the calculation of the Fund's net asset value and, accordingly,
they reduce the Fund's total returns. These transaction costs are not
considered operating expenses and are not reflected in net investment
income reported in the Statement of Operations and Statement of Changes in
Net Assets, or the net investment income per share and ratios of expenses
and net investment income reported in the Financial Highlights, nor are
they limited by any expense limitation arrangements between the Fund and
the advisor.
The Fund allocates realized capital gains and losses to a class based on
the relative net assets of each class. The Fund allocates income to a class
based on the relative value of the settled shares of each class.
C. COUNTRY DETERMINATION -- For the purposes of making investment selection
decisions and presentation in the Schedule of Investments, AIM may
determine the country in which an issuer is located and/or credit risk
exposure based on various factors. These factors include the laws of the
country under which the issuer is organized, where the issuer maintains a
principal office, the country in which the issuer derives 50% or more of
its total revenues and the country that has the primary market for the
issuer's securities, as well as other criteria. Among the other criteria
that may be evaluated for making this determination are the country in
which the issuer maintains 50% or more of its assets, the type of security,
financial guarantees and enhancements, the nature of the collateral and the
sponsor organization. Country of issuer and/or credit risk exposure has
been determined to be the United States of America unless otherwise noted.
D. DISTRIBUTIONS -- Distributions from income are declared daily and paid
monthly. Distributions from net realized capital gain, if any, are
generally paid annually and recorded on ex-dividend date. The Fund may
elect to treat a portion of the proceeds from redemptions as distributions
for federal income tax purposes.
E. FEDERAL INCOME TAXES -- The Fund intends to comply with the requirements of
Subchapter M of the Internal Revenue Code necessary to qualify as a
regulated investment company and to distribute substantially all of the
Fund's taxable earnings to shareholders. As such, the Fund will not be
subject to federal income taxes on otherwise taxable income (including net
realized capital gain) that is distributed to shareholders. Therefore, no
provision for federal income taxes is recorded in the financial statements.
In addition, the Fund intends to invest in such municipal securities to
allow it to qualify to pay shareholders "exempt-interest dividends", as
defined in the Internal Revenue Code.
F. EXPENSES -- Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund and which are directly attributable to that class are
charged to the operations of such class. All other expenses are allocated
among the classes based on relative net assets.
G. ACCOUNTING ESTIMATES -- The preparation of financial statements in
conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period including estimates and assumptions related to
taxation. Actual results could differ from those estimates.
H. INDEMNIFICATIONS -- Under the Trust's organizational documents, each
Trustee, officer, employee or other agent of the Trust (including the
Trust's investment manager) is indemnified against certain liabilities that
may arise out of performance of their duties to the Fund. Additionally, in
the normal course of business, the Fund enters into contracts that contain
a variety of indemnification clauses. The Fund's maximum exposure under
these arrangements is unknown as this would involve future claims that may
be made against the Fund that have not yet occurred. The risk of material
loss as a result of such indemnification claims is considered remote.
F-38
Tax-Free Cash Reserve Portfolio
NOTE 2--ADVISORY FEES AND OTHER FEES PAID TO AFFILIATES
The Trust has entered into a master investment advisory agreement with A I M
Advisors, Inc. ("AIM"). Under the terms of the investment advisory agreement,
the Fund pays an advisory fee to AIM at the annual rate of 0.25% of the first
$500 million of the Fund's average daily net assets plus 0.20% of the Fund's
average daily net assets in excess of $500 million. AIM has contractually agreed
to waive advisory fees and/or reimburse expenses to the extent necessary to
limit total annual operating expenses (excluding certain items discussed below)
to 0.22% of the Fund's average daily net assets through June 30, 2007. In
determining the advisor's obligation to waive advisory fees and/or reimburse
expenses, the following expenses are not taken into account, and could cause the
net annual operating expenses to exceed the number reflected above: (i) Rule
12b-1 plan fees, if any; (ii) trustees' fees; (iii) federal registration fees;
(iv) interest: (v) taxes; (vi) extraordinary items; (vii) expenses related to a
merger or reorganization, as approved by the Fund's Board of Trustees; and
(viii) expenses that the Fund has incurred but did not actually pay because of
an expense offset arrangement. Currently, in addition to the expense
reimbursement arrangement with AMVESCAP PLC ("AMVESCAP") described more fully
below, the expense offset arrangements from which the Fund may benefit are in
the form of credits that the Fund receives from banks where the Fund or its
transfer agent has deposits accounts in which it holds uninvested cash. Those
credits are used to pay certain expenses incurred by the Fund. To the extent
that the annualized expense ratio does not exceed the expense limitation, AIM
will retain its ability to be reimbursed for such fee waivers or reimbursements
prior to the end of the fiscal year.
For the six months ended September 30, 2006, AIM waived advisory fees of
$788,656.
At the request of the Trustees of the Trust, AMVESCAP agreed to reimburse
expenses incurred by the Fund in connection with market timing matters in the
AIM Funds, which may include legal, audit, shareholder reporting, communications
and trustee expenses. These expenses along with the related expense
reimbursement are included in the Statement of Operations. For the six months
ended September 30, 2006, AMVESCAP did not reimburse any expenses.
The Trust, pursuant to a master administrative services agreement with AIM,
has agreed to pay AIM for certain administrative costs incurred in providing
accounting services to the Fund. Pursuant to such agreement, for the six months
ended September 30, 2006, AIM was paid $310,442.
The Trust, pursuant to a transfer agency and service agreement, has agreed
to pay AIM Investment Services, Inc. ("AIS") a fee for providing transfer agency
and shareholder services to the Fund. During the six months ended September 30,
2006, AIS retained $218,902.
Under the terms of a master distribution agreement between Fund Management
Company ("FMC") and the Trust, FMC acts as the exclusive distributor of the
Fund's shares. The Trust has adopted a master distribution plan pursuant to Rule
12b-1 under the 1940 Act with respect to the Fund's Private Investment Class,
Personal Investment Class, Cash Management Class, Reserve Class, Resource Class
and Corporate Class (the "Plan"). The Plan provides that the Private Investment
Class, the Personal Investment Class, the Cash Management Class, the Reserve
Class, the Resource Class and the Corporate Class pay up to the maximum annual
rate of 0.50%, 0.75%, 0.10%, 1.00%, 0.20% and 0.03%, respectively, of the
average daily net assets attributable to such class. Of the Rule 12b-1 payment,
up to 0.25% of the average daily net assets of each class may be paid to furnish
continuing personal shareholder services to customers who purchase and own
shares of such classes. Any amounts not paid as a service fee under such Plan
would constitute an asset-based sales charge. National Association of Securities
Dealers ("NASD") Rules impose a cap on the total amount of sales charges,
including asset-based sales charges, that may be paid by any class of shares of
the Fund. Currently, FMC has contractually agreed to waive a portion of its
compensation payable by the Fund such that compensation paid pursuant to the
Plan with respect to the Private Investment Class, the Personal Investment
Class, the Cash Management Class, the Reserve Class and the Resource Class
equals the maximum annual rate of 0.25%, 0.55%, 0.08%, 0.87% and 0.16%,
respectively, of the average daily net assets attributable to such class through
June 30, 2007. Further, FMC voluntarily waived additional Rule 12b-1 plan fees
for the Reserve Class during the period in order to increase the yield. Waivers
may be modified or discontinued at any time. Pursuant to the Plan, for the six
months ended September 30, 2006, the Private Investment Class, the Personal
Investment Class, the Cash Management Class, the Reserve Class, the Resource
Class and the Corporate Class paid $242,852, $98,879, $283,803, $84,384,
$322,737 and $16,953, respectively, after FMC waived Plan fees of $242,852,
$35,956, $70,951, $12,609, $80,684 and $0, respectively.
Certain officers and trustees of the Trust are officers and directors of
AIM, AIS and/or FMC.
NOTE 3--SECURITY TRANSACTIONS WITH AFFILIATED FUNDS
The Fund is permitted to purchase or sell securities from or to certain other
AIM Funds under specified conditions outlined in procedures adopted by the Board
of Trustees of the Trust. The procedures have been designed to ensure that any
purchase or sale of securities by the Fund from or to another fund or portfolio
that is or could be considered an affiliate by virtue of having a common
investment advisor (or affiliated investment advisors), common Trustees and/or
common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined
under the procedures, each transaction is effected at the current market price.
Pursuant to these procedures, for the six months ended September 30, 2006, the
Fund engaged in securities sales of $15,921,501, which resulted in net realized
gains (losses) of $0 and securities purchases of $12,923,697.
NOTE 4--TRUSTEES' AND OFFICER'S FEES AND BENEFITS
"Trustees' and Officer's Fees and Benefits" include amounts accrued by the Fund
to pay remuneration to each Trustee and Officer of the Fund who is not an
"interested person" of AIM. Trustees have the option to defer compensation
payable by the Fund, and "Trustees' and Officer's Fees and Benefits" also
include amounts accrued by the Fund to fund such deferred compensation amounts.
Those Trustees who defer compensation have the option to select various AIM
Funds in which their deferral accounts shall be deemed to be invested. Finally,
current Trustees are eligible to participate in a retirement plan that provides
for benefits to be paid upon retirement to Trustees over a period of time based
on the number of years of service. The Fund may have certain former Trustees who
also participate in a retirement plan and receive benefits under such plan.
"Trustees' and Officer's Fees and Benefits" include
F-39
Tax-Free Cash Reserve Portfolio
amounts accrued by the Fund to fund such retirement benefits. Obligations under
the deferred compensation and retirement plans represent unsecured claims
against the general assets of the Fund.
During the six months ended September 30, 2006, the Fund paid legal fees of
$5,418 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel
to the Independent Trustees. A member of that firm is a Trustee of the Trust.
NOTE 5--BORROWINGS
Pursuant to an exemptive order from the Securities and Exchange Commission, the
Fund may participate in an interfund lending facility that AIM has established
for temporary borrowings by the AIM Funds. An interfund loan will be made under
this facility only if the loan rate (an average of the rate available on bank
loans and the rate available on investments in overnight repurchase agreements)
is favorable to both the lending fund and the borrowing fund. A loan will be
secured by collateral if the Fund's aggregate borrowings from all sources
exceeds 10% of the Fund's total assets. To the extent that the loan is required
to be secured by collateral, the collateral is marked to market daily to ensure
that the market value is at least 102% of the outstanding principal value of the
loan. The Fund did not borrow or lend under the facility during the six months
ended September 30, 2006.
Additionally, the Fund is permitted to temporarily carry a negative or
overdrawn balance in its account with The Bank of New York, the custodian bank.
To compensate the custodian bank for such overdrafts, the overdrawn Fund may
either (i) leave funds as a compensating balance in the account so the custodian
bank can be compensated by earning the additional interest; or (ii) compensate
by paying the custodian bank at a rate agreed upon by the custodian bank and
AIM, not to exceed the rate contractually agreed upon.
NOTE 6--TAX INFORMATION
The amount and character of income and gains to be distributed are determined in
accordance with income tax regulations, which may differ from generally accepted
accounting principles. Reclassifications are made to the Fund's capital accounts
to reflect income and gains available for distribution (or available capital
loss carryforward) under income tax regulations. The tax character of
distributions paid during the year and the tax components of net assets will be
reported at the Fund's fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date.
Results of transactions and other activity after that date may affect the amount
of capital loss carryforward actually available for the Fund to utilize. The
ability to utilize capital loss carryforward in the future may be limited under
the Internal Revenue Code and related regulations based on the results of future
transactions.
The Fund had a capital loss carryforward as of March 31, 2006 which expires
as follows:
<Table>
<Caption>
CAPITAL LOSS
EXPIRATION CARRYFORWARD*
- -----------------------------------------------------------------------
March 31, 2013 $41,708
_______________________________________________________________________
=======================================================================
</Table>
* Capital loss carryforward as of the date listed above is reduced for
limitations, if any, to the extent required by the Internal Revenue Code.
F-40
Tax-Free Cash Reserve Portfolio
NOTE 7--SHARE INFORMATION
The Fund currently offers seven different classes of shares: Institutional
Class, Private Investment Class, Personal Investment Class, Cash Management
Class, Reserve Class, Resource Class and Corporate Class.
<Table>
<Caption>
CHANGES IN SHARES OUTSTANDING
- ---------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 2006(A) MARCH 31, 2006
------------------------------------ ------------------------------------
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------------------------------------
Sold:
Institutional Class 13,218,005,962 $ 13,218,005,962 24,419,859,762 $ 24,419,859,762
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 288,384,797 288,384,797 590,733,012 590,733,012
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 60,996,835 60,996,835 32,503,439 32,503,439
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 3,691,867,319 3,691,867,319 7,375,896,321 7,375,896,321
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 50,075,617 50,075,617 162,245,979 162,245,979
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 1,535,997,202 1,535,997,202 2,316,222,552 2,316,222,552
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 459,031,908 459,031,908 129,405,787 129,405,787
=================================================================================================================================
Issued as reinvestment of dividends:
Institutional Class 22,051,538 22,051,538 30,895,326 30,895,326
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 2,454,612 2,454,612 3,802,001 3,802,001
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 88,820 88,820 201,846 201,846
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 9,059,815 9,059,815 11,231,407 11,231,407
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 230,235 230,235 247,862 247,862
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 5,672,955 5,672,955 7,599,542 7,599,542
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 55,615 55,615 10,644 10,644
=================================================================================================================================
Reacquired:
Institutional Class (12,948,130,351) (12,948,130,351) (24,675,719,687) (24,675,719,687)
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class (333,625,484) (333,625,484) (570,163,791) (570,163,791)
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class (42,175,820) (42,175,820) (22,680,438) (22,680,438)
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class (3,524,821,015) (3,524,821,015) (7,428,590,053) (7,428,590,053)
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class (49,800,971) (49,800,971) (152,749,762) (152,749,762)
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class (1,420,426,087) (1,420,426,087) (2,272,059,667) (2,272,059,667)
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) (158,438,772) (158,438,772) (121,400,006) (121,400,006)
=================================================================================================================================
866,554,730 $ 866,554,730 (162,507,924) $ (162,507,924)
_________________________________________________________________________________________________________________________________
=================================================================================================================================
</Table>
(a) There are two entities that are each record owners of more than 5% of the
outstanding shares of the Fund and in the aggregate they own 61% of the
outstanding shares of the Fund. FMC has an agreement with these entities to
sell Fund shares. The Fund, AIM, and/or AIM affiliates may make payments to
these entities, which are considered to be related to the Fund, for
providing services to the Fund, AIM, and/or AIM affiliates including but not
limited to services such as, securities brokerage, distribution, third party
record keeping and account servicing. The Trust has no knowledge as to
whether all or any portion of the shares owned of record by these entities
are also owned beneficially.
(b) Corporate Class shares commenced sales on September 8, 2005.
NOTE 8--NEW ACCOUNTING STANDARD
In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 48, Accounting for Uncertainty in Income Taxes ("FIN 48").
FIN 48 prescribes a recognition threshold and measurement attribute for the
financial statement recognition and measurement for a tax position taken or
expected to be taken in a tax return. FIN 48 also provides guidance on
derecognition, classification, interest and penalties, accounting in interim
periods, disclosure and transition. The provisions for FIN 48 are effective for
fiscal years beginning after December 15, 2006. Management is currently
assessing the impact of FIN 48, if any, on the Fund's financial statements and
intends for the Fund to adopt the FIN 48 provisions during 2007.
F-41
Tax-Free Cash Reserve Portfolio
NOTE 9--FINANCIAL HIGHLIGHTS
The following schedule presents financial highlights for a share of the Fund
outstanding throughout the periods indicated.
<Table>
<Caption>
PRIVATE INVESTMENT CLASS
----------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, --------------------------------------------------------
2006 2006 2005 2004 2003 2002
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ---------------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.02 0.02 0.01 0.01 0.01 0.02
=================================================================================================================================
Less distributions from net investment income (0.02) (0.02) (0.01) (0.01) (0.01) (0.02)
=================================================================================================================================
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Total return(a) 1.55% 2.27% 0.99% 0.59% 0.97% 1.91%
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Ratios/supplemental data:
Net assets, end of period (000s omitted) $178,210 $220,988 $196,617 $150,399 $227,832 $179,095
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Ratio of expenses to average net assets:
With fee waivers and/or expense reimbursements 0.47%(b) 0.47% 0.47% 0.47% 0.47% 0.47%
- ---------------------------------------------------------------------------------------------------------------------------------
Without fee waivers and/or expense reimbursements 0.76%(b) 0.77% 0.77% 0.77% 0.77% 0.78%
=================================================================================================================================
Ratio of net investment income to average net
assets 3.07%(b) 2.24% 0.99% 0.58% 0.95% 1.76%
_________________________________________________________________________________________________________________________________
=================================================================================================================================
</Table>
(a) Includes adjustments in accordance with accounting principles generally
accepted in the United States of America and is not annualized for
periods less than one year.
(b) Ratios are annualized and based on average daily net assets of
$193,750,697.
F-42
Tax-Free Cash Reserve Portfolio
NOTE 10--LEGAL PROCEEDINGS
Terms used in the Legal Proceedings Note are defined terms solely for the
purpose of this note.
SETTLED ENFORCEMENT ACTIONS AND INVESTIGATIONS RELATED TO MARKET TIMING
On October 8, 2004, INVESCO Funds Group, Inc. ("IFG") (the former investment
advisor to certain AIM Funds), AIM and A I M Distributors, Inc. ("ADI") (the
distributor of the retail AIM Funds) reached final settlements with certain
regulators, including the Securities and Exchange Commission ("SEC"), the New
York Attorney General and the Colorado Attorney General, to resolve civil
enforcement actions and/or investigations related to market timing and related
activity in the AIM Funds, including those formerly advised by IFG. As part of
the settlements, a $325 million fair fund ($110 million of which is civil
penalties) has been created to compensate shareholders harmed by market timing
and related activity in funds formerly advised by IFG. Additionally, AIM and ADI
created a $50 million fair fund ($30 million of which is civil penalties) to
compensate shareholders harmed by market timing and related activity in funds
advised by AIM, which was done pursuant to the terms of the settlement. These
two fair funds may increase as a result of contributions from third parties who
reach final settlements with the SEC or other regulators to resolve allegations
of market timing and/or late trading that also may have harmed applicable AIM
Funds. These two fair funds will be distributed in accordance with a methodology
to be determined by AIM's independent distribution consultant, in consultation
with AIM and the independent trustees of the AIM Funds and acceptable to the
staff of the SEC. Management of AIM and the Fund are unable to estimate the
impact, if any, that the distribution of these two fair funds may have on the
Fund or whether such distribution will have an impact on the Fund's financial
statements in the future.
At the request of the trustees of the AIM Funds, AMVESCAP PLC ("AMVESCAP"),
the parent company of IFG and AIM, has agreed to reimburse expenses incurred by
the AIM Funds related to market timing matters.
PENDING LITIGATION AND REGULATORY INQUIRIES
On August 30, 2005, the West Virginia Office of the State Auditor -Securities
Commission ("WVASC") issued a Summary Order to Cease and Desist and Notice of
Right to Hearing to AIM and ADI (Order No. 05-1318). The WVASC makes findings of
fact that AIM and ADI entered into certain arrangements permitting market timing
of the AIM Funds and failed to disclose these arrangements in the prospectuses
for such Funds, and conclusions of law to the effect that AIM and ADI violated
the West Virginia securities laws. The WVASC orders AIM and ADI to cease any
further violations and seeks to impose monetary sanctions, including restitution
to affected investors, disgorgement of fees, reimbursement of investigatory,
administrative and legal costs and an "administrative assessment," to be
determined by the Commissioner. Initial research indicates that these damages
could be limited or capped by statute.
Civil lawsuits, including purported class action and shareholder derivative
suits, have been filed against certain of the AIM Funds, IFG, AIM, ADI and/or
related entities and individuals, depending on the lawsuit, alleging:
- that the defendants permitted improper market timing and related activity in
the AIM Funds;
- that certain AIM Funds inadequately employed fair value pricing;
- that the defendants charged excessive advisory and/or distribution fees and
failed to pass on to shareholders the perceived savings generated by
economies of scale and that the defendants adopted unlawful distribution
plans; and
- that the defendants improperly used the assets of the AIM Funds to pay
brokers to aggressively promote the sale of the AIM Funds over other mutual
funds and that the defendants concealed such payments from investors by
disguising them as brokerage commissions (all the claims in this category of
lawsuits were dismissed with prejudice by the court on September 29, 2006,
except for the Section 36(b) claim which was dismissed with leave to amend
to plead it properly as a derivative claim).
These lawsuits allege as theories of recovery, depending on the lawsuit,
violations of various provisions of the Federal and state securities laws and
ERISA, negligence, breach of fiduciary duty and/or breach of contract. These
lawsuits seek remedies that include, depending on the lawsuit, damages,
restitution, injunctive relief, imposition of a constructive trust, removal of
certain directors and/or employees, various corrective measures under ERISA,
rescission of certain AIM Funds' advisory agreements and/or distribution plans
and recovery of all fees paid, an accounting of all fund-related fees,
commissions and soft dollar payments, restitution of all commissions and fees
paid, and prospective relief in the form of reduced fees.
All lawsuits based on allegations of market timing, late trading and related
issues have been transferred to the United States District Court for the
District of Maryland (the "MDL Court"). Pursuant to an Order of the MDL Court,
plaintiffs in these lawsuits consolidated their claims for pre-trial purposes
into three amended complaints against various AIM- and IFG-related parties: (i)
a Consolidated Amended Class Action Complaint purportedly brought on behalf of
shareholders of the AIM Funds; (ii) a Consolidated Amended Fund Derivative
Complaint purportedly brought on behalf of the AIM Funds and fund registrants;
and (iii) an Amended Class Action Complaint for Violations of the Employee
Retirement Income Securities Act ("ERISA") purportedly brought on behalf of
participants in AMVESCAP's 401(k) plan. Based on orders issued by the MDL Court,
all claims asserted against the AIM Funds that have been transferred to the MDL
Court have been dismissed, although certain Funds remain nominal defendants in
the Consolidated Amended Fund Derivative Complaint. On September 15, 2006, the
MDL Court granted the AMVESCAP defendants' motion to dismiss the Amended Class
Action Complaint for Violations of ERISA and dismissed such Complaint. The
plaintiff has commenced an appeal from that decision.
IFG, AIM, ADI and/or related entities and individuals have received inquiries
from numerous regulators in the form of subpoenas or other oral or written
requests for information and/or documents related to one or more of the
following issues, among others, some of which concern one or more AIM Funds:
market timing activity, late trading, fair value pricing, excessive or improper
advisory and/or distribution fees, mutual fund sales practices, including
revenue sharing and directed-brokerage arrangements, investments in securities
of other registered investment companies, contractual plans, issues related to
Section 529 college savings plans and procedures for locating lost security
holders. IFG, AIM and ADI have advised the Fund that they are providing full
cooperation with respect to these inquiries. Regulatory actions and/or
additional civil lawsuits related to these or other issues may be filed against
the AIM Funds, IFG, AIM and/or related entities and individuals in the future.
At the present time, management of AIM and the Fund are unable to estimate
the impact, if any, that the outcome of the Pending Litigation and Regulatory
Inquiries described above may have on AIM, ADI or the Fund.
F-43
Tax-Free Cash Reserve Portfolio
TRUSTEES AND OFFICERS
<Table>
BOARD OF TRUSTEES OFFICERS OFFICE OF THE FUND
Bob R. Baker Karen Dunn Kelley 11 Greenway Plaza
President and Principal Suite 100
Frank S. Bayley Executive Officer Houston, TX 77046-1173
James T. Bunch Philip A. Taylor INVESTMENT ADVISOR
Executive Vice President A I M Advisors, Inc.
Bruce L. Crockett 11 Greenway Plaza
Chair Todd L. Spillane Suite 100
Chief Compliance Officer Houston, TX 77046-1173
Albert R. Dowden
Russell C. Burk TRANSFER AGENT
Jack M. Fields Senior Vice President and Senior Officer AIM Investment Services, Inc.
P.O. Box 4739
Carl Frischling John M. Zerr Houston, TX 77210-4739
Senior Vice President, Secretary and Chief
Robert H. Graham Legal Officer CUSTODIAN
Vice Chair The Bank of New York
Sidney M. Dilgren 2 Hanson Place
Prema Mathai-Davis Vice President, Treasurer Brooklyn, NY 11217-1431
and Principal Financial Officer
Lewis F. Pennock COUNSEL TO THE FUND
Lisa O. Brinkley Ballard Spahr
Ruth H. Quigley Vice President Andrews & Ingersoll, LLP
1735 Market Street, 51st Floor
Larry Soll Kevin M. Carome Philadelphia, PA 19103-7599
Vice President
Raymond Stickel, Jr. COUNSEL TO THE INDEPENDENT TRUSTEES
J. Philip Ferguson Kramer, Levin, Naftalis & Frankel LLP
Philip A. Taylor Vice President 1177 Avenue of the Americas
New York, NY 10036-2714
DISTRIBUTOR
Fund Management Company
11 Greenway Plaza
Suite 100
Houston, TX 77046-1173
</Table>
F-44
The Fund provides a complete list of its holdings four times in each fiscal
year, at quarter-ends. For the second and fourth quarters, the list appears in
the Fund's semiannual and annual reports to shareholders. For the first and
third quarters, the Fund files the lists with the Securities and Exchange
Commission (SEC) on Form N-Q. Shareholders can look up the Fund's Form N-Q
filings on the SEC Web site, sec.gov. The Fund's Form N-Q also may be reviewed
and copied at the SEC Public Reference Room in Washington, D.C. You can obtain
information on the operation of the Public Reference Room, including information
about duplicating fee charges, by calling 202-942-8090 or 800-732-0330 or by
electronic request at the following e-mail address: publicinfo@sec.gov. The SEC
file numbers for the Fund are 811-02731 and 002-58286.
A description of the policies and procedures that the Fund uses to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, from our Client Services department at 800-959-4246 or on the AIM
Web site, AIMinvestments.com. On the home page, scroll down and click on AIM
Funds Proxy Policy. The information is also available on the SEC Web site,
sec.gov.
Information regarding how the Fund voted proxies related to its portfolio
securities during the 12 months ended June 30, 2006, is available at our Web
site. Go to AIMinvestments.com, access the About Us tab, click on Required
Notices and then click on Proxy Voting Activity. Next, select the Fund from the
drop-down menu. This information is also available on the SEC Web site, sec.gov.
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
AIMinvestments.com TFIT-SAR-5 Fund Management Company
TAX-FREE CASH RESERVE PORTFOLIO
RESERVE CLASS
TAX-FREE INVESTMENTS TRUST (TFIT)
SEPTEMBER 30, 2006
SEMIANNUAL REPORT
[COVER IMAGE]
SEMIANNUAL
==============================================
INSIDE THIS REPORT
Letter to Shareholders..................... 1
Fund Data.................................. 2
Fund Composition by Maturity............... 2
Letter from Independent
Chairman of Board of Trustees.............. 3
Calculating Your Ongoing Fund Expenses..... 4
Approval of Investment Advisory
Agreement.................................. 5
Financial Pages.......................... F-1
Trustees and Officers................... F-44
==============================================
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
TAX-FREE CASH RESERVE PORTFOLIO
DEAR SHAREHOLDER:
We are pleased to present this report on the performance of
the Reserve Class of Tax-Free Cash Reserve Portfolio of
[KELLY Tax-Free Investments Trust, part of AIM Cash Management, for
PHOTO] the six months ended September 30, 2006. Thank you for
investing with us.
Tax-Free Cash Reserve Portfolio's objective is to provide
KAREN DUNN KELLEY as high a level of tax-exempt income as is consistent with
preservation of capital and maintenance of liquidity. The
Fund invests in high-quality, short-term municipal
obligations, seeking to provide income exempt from federal
taxation. The Fund structure is driven to some extent by the
supply of municipal securities, and liquidity is managed
with daily and weekly variable-rate demand notes.
Through a combination of short-term cash management vehicles and selective
use of a longer maturity schedule for higher yields, the Fund continued to
provide competitive returns. The Fund continued to maintain a relatively short
maturity structure to take advantage of rising interest rates and yields.
The Fund also continued to hold the highest credit-quality ratings given by
three widely known credit rating agencies: AAAm from Standard & Poor's, Aaa from
Moody's and AAA from FitchRatings. Fund ratings are subject to change and are
based on several factors including an analysis of the Fund's overall credit
quality, market price exposure and management.
MARKET CONDITIONS AFFECTING MONEY MARKET FUNDS
The economy expanded throughout the reporting period, but that expansion was
clearly slowing. U.S. gross domestic product, the broadest measure of economic
activity, grew at an annualized rate of 2.6% in the second quarter of 2006, down
from the exceptionally strong 5.6% annualized growth rate recorded in the first
quarter. Initial estimates put the rate at a weaker-than-expected 1.6% in the
third quarter.
In response to economic expansion and increasing inflation pressures, the
U.S. Federal Reserve Board (the Fed) raised its federal funds target rate by 50
basis points (0.50%) during the reporting period, from 4.75% to 5.25%. Increases
in the federal funds target rate are reflected fairly rapidly in the yields of
money market funds and other fixed income funds that invest primarily in
short-term securities.
At their early August meeting, Fed officials--for the first time in more
than two years--left this key interest rate unchanged. They noted that "economic
growth has moderated from its quite strong pace earlier this year, partly
reflecting a gradual cooling of the housing market and the lagged effects of
increases in interest rates and energy prices." However, the Fed held out the
possibility that additional rate hikes could be needed to fight inflation.
Inflation pressures do not appear to be an immediate concern of the Fed and the
need for additional tightening will likely depend on future economic
developments.
At the close of the reporting period, there was considerable uncertainty
about whether the U.S. economy was headed for a so-called "soft landing"--a
period of gradually slowing economic growth--or a more bumpy and potentially
more painful "hard landing."
IN CONCLUSION
At a recent meeting of the AIM Funds board, Robert H. Graham relinquished his
position as president of Tax-Free Investments Trust. Bob, who was one of three
founders of AIM Investments--Registered Trademark-- in 1976 and who has a
well-earned reputation for being one of the most respected and most
knowledgeable leaders in the mutual fund industry, will continue in his role as
trustee and vice chair of the AIM Funds. As I assume Bob's previous
responsibilities as president of Tax-Free Investments Trust, I am grateful that
I will have the opportunity to continue working with him closely, as I have
since I first joined A I M Management Group Inc. in 1989.
All of us at AIM Investments are committed to the goals of safety, liquidity
and yield in money market fund management. We are also dedicated to excellence
in customer service. Should you have questions about this report or your
account, please contact one of our Cash Management and Alliance representatives
at 800-659-1005.
Sincerely,
/S/ KAREN DUNN KELLEY
Karen Dunn Kelley
President, Fund Management Company
November 15, 2006
The views and opinions expressed in this letter are those of A I M Advisors,
Inc. These views and opinions are subject to change at any time based on factors
such as market and economic conditions. These views and opinions may not be
relied upon as investment advice or recommendations, or as an offer for a
particular security. Statements of fact are from sources considered reliable,
but A I M Advisors, Inc. makes no representation or warranty as to their
completeness or accuracy. Although historical performance is no guarantee of
future results, these insights may help you understand our investment management
philosophy.
1
TAX-FREE CASH RESERVE PORTFOLIO
====================================================================================================================================
FUND DATA
RESERVE CLASS DATA AS OF 9/30/06
YIELDS WEIGHTED AVERAGE MATURITY NET ASSETS
7-DAY MONTHLY RANGE DURING AT REPORTING
SEC YIELD YIELD REPORTING PERIOD PERIOD END
2.63% 2.48% 22-51 days 46 days $19.55 million
Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or
higher. Please visit AIMinvestments.com for the most recent month-end performance. Investment return will vary. Monthly yield
represents annualized results for the period, net of fees and expenses, and excludes any realized capital gains or losses. Had
the advisor and distributor not waived fees and/or reimbursed expenses, performance would have been lower.
====================================================================================================================================
==========================================
FUND COMPOSITION BY MATURITY
IN DAYS, AS OF 9/30/06
1-7 76.0%
8-30 3.3
31-90 5.8
91-180 4.2
181+ 10.7
==========================================
The number of days to maturity of each holding is determined in accordance with
the provisions of Rule 2a-7 under the Investment Company Act of 1940, as
amended.
================================================================================
AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.
================================================================================
================================================================================
THIS REPORT MUST BE ACCOMPANIED OR PRECEDED BY A CURRENTLY EFFECTIVE FUND
PROSPECTUS, WHICH CONTAINS MORE COMPLETE INFORMATION, INCLUDING FEES AND
EXPENSES. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
================================================================================
2
TAX-FREE CASH RESERVE PORTFOLIO
DEAR FELLOW AIM FUND SHAREHOLDERS:
At our meeting at the end of June, your Board completed its
comprehensive review* of each fund's advisory agreement with
[CROCKETT A I M Advisors, Inc. (AIM) to make certain your interests
PHOTO] are being served in terms of fees, performance and
operations.
Looking ahead, your Board finds many reasons to be
positive about AIM's management and strategic direction.
Most importantly, AIM's investment management discipline is
paying off in terms of improved overall performance. While
work remains to be done, AIM's complex-wide, asset-weighted
BRUCE L. CROCKETT mutual fund performance for the trailing one-, three- and
five-year periods is at its highest since 2000 for the
periods ended September 30, 2006. We are also pleased with
AIM's efforts to seek more cost-effective ways of delivering
superior service.
In addition, AIM is realizing the benefits of belonging
to a leading independent global investment management
organization in its parent company, AMVESCAP PLC, which is
dedicated to helping people worldwide build their financial
security. AMVESCAP managed approximately $441 billion
globally as of September 30, 2006, operating under the AIM,
INVESCO, AIM Trimark, INVESCO PERPETUAL and Atlantic Trust
brands. These companies are home to an abundance of
investment talent that is gradually being integrated and
leveraged into centers of excellence, each focusing on a
given market segment or asset class. Over the next few
years, your Board will be meeting at these various centers
of excellence to learn about their progress and how they may
serve you through our goal of enhancing performance and
reducing costs.
The seven new AIM funds--which include Asian funds,
structured U.S. equity funds and specialized bond funds--are
an early example of the kind of opportunities the AMVESCAP
organization can provide AIM clients. More information on
these funds can be found on AIM's Web site.
Your Board is very pleased with the overall direction and
progress of the AIM Funds. We're working closely and
effectively with AIM's management to continue this momentum.
As always, your Board is eager to hear your views on how we
might better serve you. Please send your comments in a
letter addressed to me at AIM Investments, AIM Investments
Tower, 11 Greenway Plaza, Suite 100, Houston TX 77046.
Sincerely,
/S/ BRUCE L. CROCKETT
Bruce L. Crockett
Independent Chair
AIM Funds Board
November 15, 2006
*To learn more about all the factors we considered before
approving each fund's advisory agreement, go to the
"Products & Performance" tab at the AIM Web site
(AIMinvestments.com) and click on "Investment Advisory
Agreement Renewals." The approval of advisory agreement
information for your Fund is also included in this
semiannual report on pages 5-6.
3
TAX-FREE CASH RESERVE PORTFOLIO
CALCULATING YOUR ONGOING FUND EXPENSES
EXAMPLE together with the amount you invested, to The hypothetical account values and
estimate the expenses that you paid over expenses may not be used to estimate the
As a shareholder of the Fund, you incur the period. Simply divide your account actual ending account balance or expenses
ongoing costs, including management fees; value by $1,000 (for example, an $8,600 you paid for the period. You may use this
distribution and/or service fees (12b-1); account value divided by $1,000 = 8.6), information to compare the ongoing costs
and other Fund expenses. This example is then multiply the result by the number in of investing in the Fund and other funds.
intended to help you understand your the table under the heading entitled To do so, compare this 5% hypothetical
ongoing costs (in dollars) of investing in "Actual Expenses Paid During Period" to example with the 5% hypothetical examples
the Fund and to compare these costs with estimate the expenses you paid on your that appear in the shareholder reports of
ongoing costs of investing in other mutual account during this period. the other funds.
funds. The example is based on an
investment of $1,000 invested at the HYPOTHETICAL EXAMPLE FOR COMPARISON Please note that the expenses shown in
beginning of the period and held for the PURPOSES the table are meant to highlight your
entire period, April 1, 2006, through ongoing costs only. Therefore, the
September 30, 2006. The table below also provides information hypothetical information is useful in
about hypothetical account values and comparing ongoing costs only, and will not
ACTUAL EXPENSES hypothetical expenses based on the Fund's help you determine the relative total
actual expense ratio and an assumed rate costs of owning different funds.
The table below provides information about of return of 5% per year before expenses,
actual account values and actual expenses. which is not the Fund's actual return.
You may use the information in this table,
====================================================================================================================================
ACTUAL HYPOTHETICAL
(5% ANNUAL RETURN BEFORE EXPENSES)
BEGINNING ENDING EXPENSES ENDING EXPENSES ANNUALIZED
ACCOUNT VALUE ACCOUNT VALUE PAID DURING ACCOUNT VALUE PAID DURING EXPENSE
CLASS (4/1/06) (9/30/06)(1) PERIOD(2) (9/30/06) PERIOD(2) RATIO
Reserve $1,000.00 $1,012.40 $5.50 $1,019.60 $5.52 1.09%
(1) The actual ending account value is based on the actual total return of the Fund for the period April 1, 2006, through September
30, 2006, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense
ratio and a hypothetical annual return of 5% before expenses.
(2) Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the
period, multiplied by 183/365 to reflect the most recent fiscal half-year.
====================================================================================================================================
4
TAX-FREE CASH RESERVE PORTFOLIO
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
The Board of Trustees of Tax-Free concluded that the range of services to be evaluation of the Fund's Senior Officer
Investments Trust (the "Board") oversees provided by AIM under the Advisory (discussed below) only considered Fund
the management of Tax-Free Cash Reserve Agreement was appropriate and that AIM performance through the most recent
Portfolio (the "Fund") and, as required by currently is providing services in calendar year, the Board also reviewed
law, determines annually whether to accordance with the terms of the Advisory more recent Fund performance, which did
approve the continuance of the Fund's Agreement. not change their conclusions.
advisory agreement with A I M Advisors,
Inc. ("AIM"). Based upon the o The quality of services to be provided o Meetings with the Fund's portfolio
recommendation of the Investments by AIM. The Board reviewed the credentials managers and investment personnel. With
Committee of the Board, at a meeting held and experience of the officers and respect to the Fund, the Board is meeting
on June 27, 2006, the Board, including all employees of AIM who will provide periodically with such Fund's portfolio
of the independent trustees, approved the investment advisory services to the Fund. managers and/or investment personnel and
continuance of the advisory agreement (the In reviewing the qualifications of AIM to believes that such individuals are
"Advisory Agreement") between the Fund and provide investment advisory services, the competent and able to continue to carry
AIM for another year, effective July 1, Board considered such issues as AIM's out their responsibilities under the
2006. portfolio and product review process, Advisory Agreement.
AIM's legal and compliance function, AIM's
The Board considered the factors use of technology, AIM's portfolio o Overall performance of AIM. The Board
discussed below in evaluating the fairness administration function and the quality of considered the overall performance of AIM
and reasonableness of the Advisory AIM's investment research. Based on the in providing investment advisory and
Agreement at the meeting on June 27, 2006 review of these and other factors, the portfolio administrative services to the
and as part of the Board's ongoing Board concluded that the quality of Fund and concluded that such performance
oversight of the Fund. In their services to be provided by AIM was was satisfactory.
deliberations, the Board and the appropriate and that AIM currently is
independent trustees did not identify any providing satisfactory services in o Fees relative to those of clients of AIM
particular factor that was controlling, accordance with the terms of the Advisory with comparable investment strategies. The
and each trustee attributed different Agreement. Board noted that AIM does not serve as an
weights to the various factors. advisor to other mutual funds or other
o The performance of the Fund relative to clients with investment strategies
One responsibility of the independent comparable funds. The Board reviewed the comparable to those of the Fund.
Senior Officer of the Fund is to manage performance of the Fund during the past
the process by which the Fund's proposed one, three and five calendar years against o Fees relative to those of comparable
management fees are negotiated to ensure the performance of funds advised by other funds with other advisors. The Board
that they are negotiated in a manner which advisors with investment strategies reviewed the advisory fee rate for the
is at arms' length and reasonable. To that comparable to those of the Fund. The Board Fund under the Advisory Agreement. The
end, the Senior Officer must either noted that the Fund's performance in such Board compared effective contractual
supervise a competitive bidding process or periods was at or above the median advisory fee rates at a common asset level
prepare an independent written evaluation. performance of such comparable funds. at the end of the past calendar year and
The Senior Officer has recommended an Based on this review and after taking noted that the Fund's rate was comparable
independent written evaluation in lieu of account of all of the other factors that to the median rate of the funds advised by
a competitive bidding process and, upon the Board considered in determining other advisors with investment strategies
the direction of the Board, has prepared whether to continue the Advisory Agreement comparable to those of the Fund that the
such an independent written evaluation. for the Fund, the Board concluded that no Board reviewed. The Board noted that AIM
Such written evaluation also considered changes should be made to the Fund and has agreed to waive fees and/or limit
certain of the factors discussed below. that it was not necessary to change the expenses of the Fund, as discussed below.
Fund's portfolio management team at this Based on this review, the Board concluded
The discussion below serves as a time. Although the independent written that the advisory fee rate for the Fund
summary of the Senior Officer's evaluation of the Fund's Senior Officer under the Advisory Agreement was fair and
independent written evaluation, as well as (discussed below) only considered Fund reasonable.
a discussion of the material factors and performance through the most recent
the conclusions with respect thereto that calendar year, the Board also reviewed o Expense limitations and fee waivers. The
formed the basis for the Board's approval more recent Fund performance, which did Board noted that AIM has contractually
of the Advisory Agreement. After not change their conclusions. agreed to waive fees and/or limit expenses
consideration of all of the factors below of the Fund in an amount necessary to
and based on its informed business o The performance of the Fund relative to limit total annual operating expenses to a
judgment, the Board determined that the indices. The Board reviewed the specified percentage of average daily net
Advisory Agreement is in the best performance of the Fund during the past assets for each class of the Fund. The
interests of the Fund and its shareholders one, three and five calendar years against Board considered the contractual nature of
and that the compensation to AIM under the the performance of the Lipper this fee waiver/expense limitation and
Advisory Agreement is fair and reasonable Institutional Tax-Exempt Money Market noted that it remains in effect until June
and would have been obtained through arm's Index. The Board noted that the Fund's 30, 2007. The Board considered the effect
length negotiations. performance in such periods was comparable this fee waiver/expense limitation would
to the performance of such Index. Based on have on the Fund's estimated expenses and
Unless otherwise stated, information this review and after taking account of concluded that the levels of fee
presented below is as of June 27, 2006 and all of the other factors that the Board waivers/expense limitations for the Fund
does not reflect any changes that may have considered in determining whether to were fair and reasonable.
occurred since June 27, 2006, including continue the Advisory Agreement for the
but not limited to changes to the Fund's Fund, the Board concluded that no changes o Breakpoints and economies of scale. The
performance, advisory fees, expense should be made to the Fund and that it was Board reviewed the structure of the Fund's
limitations and/or fee waivers. not necessary to change the Fund's advisory fee under the Advisory Agreement,
portfolio management team at this time. noting that it includes one breakpoint.
o The nature and extent of the advisory Although the independent written The Board reviewed the level of the Fund's
services to be provided by AIM. The Board advisory fees, and noted that such fees,
reviewed the services to be provided by as a percentage of the Fund's net assets,
AIM under the Advisory Agreement. Based on
such review, the Board
(continued)
5
TAX-FREE CASH RESERVE PORTFOLIO
have decreased as net assets increased o Historical relationship between the Fund
because the Advisory Agreement includes a and AIM. In determining whether to
breakpoint. The Board concluded that the continue the Advisory Agreement for the
Fund's fee levels under the Advisory Fund, the Board also considered the prior
Agreement therefore reflect economies of relationship between AIM and the Fund, as
scale and that it was not necessary to well as the Board's knowledge of AIM's
change the advisory fee breakpoints in the operations, and concluded that it was
Fund's advisory fee schedule. beneficial to maintain the current
relationship, in part, because of such
o Investments in affiliated money market knowledge. The Board also reviewed the
funds. Not applicable because the Fund general nature of the non-investment
does not invest in affiliated money market advisory services currently performed by
funds. AIM and its affiliates, such as
administrative, transfer agency and
o Independent written evaluation and distribution services, and the fees
recommendations of the Fund's Senior received by AIM and its affiliates for
Officer. The Board noted that, upon their performing such services. In addition to
direction, the Senior Officer of the Fund, reviewing such services, the trustees also
who is independent of AIM and AIM's considered the organizational structure
affiliates, had prepared an independent employed by AIM and its affiliates to
written evaluation in order to assist the provide those services. Based on the
Board in determining the reasonableness of review of these and other factors, the
the proposed management fees of the AIM Board concluded that AIM and its
Funds, including the Fund. The Board noted affiliates were qualified to continue to
that the Senior Officer's written provide non-investment advisory services
evaluation had been relied upon by the to the Fund, including administrative,
Board in this regard in lieu of a transfer agency and distribution services,
competitive bidding process. In and that AIM and its affiliates currently
determining whether to continue the are providing satisfactory non-investment
Advisory Agreement for the Fund, the Board advisory services.
considered the Senior Officer's written
evaluation. o Other factors and current trends. The
Board considered the steps that AIM and
o Profitability of AIM and its affiliates. its affiliates have taken over the last
The Board reviewed information concerning several years, and continue to take, in
the profitability of AIM's (and its order to improve the quality and
affiliates') investment advisory and other efficiency of the services they provide to
activities and its financial condition. the Funds in the areas of investment
The Board considered the overall performance, product line diversification,
profitability of AIM, as well as the distribution, fund operations, shareholder
profitability of AIM in connection with services and compliance. The Board
managing the Fund. The Board noted that concluded that these steps taken by AIM
AIM's operations remain profitable, have improved, and are likely to continue
although increased expenses in recent to improve, the quality and efficiency of
years have reduced AIM's profitability. the services AIM and its affiliates
Based on the review of the profitability provide to the Fund in each of these
of AIM's and its affiliates' investment areas, and support the Board's approval of
advisory and other activities and its the continuance of the Advisory Agreement
financial condition, the Board concluded for the Fund.
that the compensation to be paid by the
Fund to AIM under its Advisory Agreement
was not excessive.
o Benefits of soft dollars to AIM. The
Board considered the benefits realized by
AIM as a result of brokerage transactions
executed through "soft dollar"
arrangements. Under these arrangements,
brokerage commissions paid by other funds
advised by AIM are used to pay for
research and execution services. This
research may be used by AIM in making
investment decisions for the Fund. The
Board concluded that such arrangements
were appropriate.
o AIM's financial soundness in light of
the Fund's needs. The Board considered
whether AIM is financially sound and has
the resources necessary to perform its
obligations under the Advisory Agreement,
and concluded that AIM has the financial
resources necessary to fulfill its
obligations under the Advisory Agreement.
6
Tax-Free Cash Reserve Portfolio
SCHEDULE OF INVESTMENTS
September 30, 2006
(Unaudited)
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MUNICIPAL OBLIGATIONS-98.85%(A)
ALABAMA-0.17%
Homewood (City of) Educational Building
Authority (Samford University Facilities
Project); Series 1999, VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 12/01/21(b)(c) -- VMIG-1 $ 3,685 $ 3,685,000
- -------------------------------------------------------------------------------------------
Tuscaloosa (County of) Board of Education
(Capital Outlay); Series 1997 B, VRD Wts.
(LOC-Regions Bank)
3.76%, 02/01/17(d)(e) -- Aa3 3,175 3,175,000
===========================================================================================
6,860,000
===========================================================================================
ALASKA-0.75%
Alaska (State of) Industrial Development
Authority (Providence Medical Office
Building); Series 1985, VRD IDR (LOC-KBC
Bank N.V.)
3.55%, 06/01/10(d)(f)(g) -- VMIG-1 1,590 1,590,000
- -------------------------------------------------------------------------------------------
North Slope (Borough of); Series 2000 A,
Refunding VRD GO (INS-MBIA Insurance Corp.)
3.77%, 06/30/10(c)(e) A-1+ VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Alaska (State of) Housing
Finance Corp.); Series 1999 D, VRD RB
(Acquired 03/28/06; Cost $25,000,000)
3.78%, 06/01/49(e)(h)(i) -- VMIG-1 25,000 25,000,000
===========================================================================================
30,290,000
===========================================================================================
ARIZONA-0.54%
Arizona State University Board of Regents;
Series 2003 A, Refunding VRD RB (INS-Ambac
Assurance Corp.)
3.73%, 07/01/34(c)(e) A-1+ VMIG-1 1,570 1,570,000
- -------------------------------------------------------------------------------------------
Casa Grande (City of) Industrial Development
Authority (Center Park Apartments Project);
Series 2001 A, Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association)
3.77%, 06/15/31(e) -- VMIG-1 2,010 2,010,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ARIZONA-(CONTINUED)
Casa Grande (City of) Industrial Development
Authority (Quail Gardens Apartments);
Series 2001 A, Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association)
3.77%, 06/15/31(e) -- VMIG-1 $ 1,885 $ 1,885,000
- -------------------------------------------------------------------------------------------
Phoenix (City of) Industrial Development
Authority (Lynwood Apartments Project);
Series 1994, Refunding Multi-Family Housing
VRD IDR (CEP-Federal Home Loan Bank of San
Francisco)
3.81%, 10/01/25(e) A-1+ -- 5,715 5,715,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (El Dorado Hospital); Series
2004, VRD IDR (LOC-Branch Banking & Trust
Co.)
3.78%, 04/01/38(d)(e) -- VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (Tohono Chul Park Project);
Series 2001, VRD IDR (LOC-Northern Trust
Co.)
3.85%, 08/01/36(d)(e) -- VMIG-1 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Scottsdale (City of) Industrial Development
Authority (Notre Dame School); Series 2001
A, VRD Limited Obligation IDR (LOC-JPMorgan
Chase Bank, N.A.)
3.80%, 05/01/21(d)(e) A-1+ -- 3,000 3,000,000
===========================================================================================
21,980,000
===========================================================================================
CALIFORNIA-0.90%
California (State of) Pollution Control
Financing Authority (Southdown, Inc.
Project); Series 1983 Floating Rate PCR
(LOC-Wachovia Bank, N.A.)
3.70%, 02/15/13(d)(f) -- VMIG-1 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Series 1983 B Floating Rate PCR
(LOC-Wachovia Bank, N.A.)
3.70%, 09/15/13(d)(f) A-1+ VMIG-1 9,400 9,400,000
- -------------------------------------------------------------------------------------------
</Table>
F-1
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
CALIFORNIA-(CONTINUED)
JPMorgan PUTTERs (Sacramento (County of)
Sanitation District Financing Authority);
Series 2006-1407, VRD RB (Acquired
07/19/06; Cost $1,455,000)
3.77%, 06/01/14(e)(h)(i) A-1+ -- $ 1,455 $ 1,455,000
- -------------------------------------------------------------------------------------------
San Jose (City of) Financing Authority;
Series 2006, Commercial Paper Notes
(LOC-State Street Bank & Trust Co.;
California State Teachers Retirement
System)
3.68%, 11/07/06(d) A-1+ P-1 17,806 17,806,000
===========================================================================================
36,661,000
===========================================================================================
COLORADO-2.18%
Broomfield (City of) Urban Renewal Authority
(Event Center Project); Series 2005, Tax
Increment Allocation VRD Revenue (LOC-BNP
Paribas)
3.76%, 12/01/30(d)(e)(g) -- VMIG-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
Castle Pines North Metropolitan District;
Series 2006 C, VRD Refunding Limited Tax GO
(LOC-U.S. Bank, N.A.)
3.76%, 12/01/24(d)(e) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Centerra Metropolitan District No. 1; Series
2004, VRD RB (LOC-BNP Paribas)
3.77%, 12/01/29(d)(e)(g) A-1+ -- 12,000 12,000,000
- -------------------------------------------------------------------------------------------
Colorado (State of) E-470 Public Highway
Authority (Vehicle Registration Fee);
Series 2001, VRD RB (INS-MBIA Insurance
Corp.)
3.77%, 09/01/18(c)(e) A-1+ -- 1,175 1,175,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Community Wireless
Park City); Series 2003, VRD RB (LOC-U.S.
Bank, N.A.)
3.78%, 12/01/23(d)(e) A-1+ -- 600 600,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Regis Jesuit High
School Project); Series 2003, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 12/01/33(d)(e) A-1+ -- 5,065 5,065,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
COLORADO-(CONTINUED)
Colorado (State of) Educational & Cultural
Facilities Authority (Southeastern Baptist
Theological Seminary); Series 2005, VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 03/01/25(d)(e) -- VMIG-1 $ 8,945 $ 8,945,000
- -------------------------------------------------------------------------------------------
Colorado (State of) General Fund; Series
2006, RAN 4.75%, 06/27/07 SP-1+ -- 10,000 10,070,764
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Arapahoe House Project); Series
2004 A, VRD RB (LOC-Wells Fargo Bank, N.A.)
3.81%, 04/01/24(d)(e) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Christian Living Project);
Series 1997, Refunding VRD RB (LOC-U.S.
Bank, N.A.)
3.78%, 01/01/11(d)(e) A-1+ -- 1,245 1,245,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Covenant Retirement); Series
2006, Refunding VRD RB (LOC-LaSalle Bank
N.A.)
3.75%, 12/01/25(d)(e) A-1 -- 6,760 6,760,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Craig Hospital Project); Series
2003, Refunding VRD RB (LOC-Wells Fargo
Bank, N.A.)
3.74%, 12/01/20(d)(e) A-1+ -- 5,275 5,275,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Goodwill Industries Denver
Project); Series 2004, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.85%, 12/01/24(d)(e) -- VMIG-1 1,350 1,350,000
- -------------------------------------------------------------------------------------------
Colorado Springs (City of) (Pikes Peak Mental
Health Center); Series 2003, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 03/15/23(d)(e) A-1+ -- 1,805 1,805,000
- -------------------------------------------------------------------------------------------
Colorado Springs (City of) Industrial
Development Authority (Cook Communications
Project); Series 2002, VRD IDR (LOC-Bank of
America, N.A.)
3.79%, 03/01/17(d)(e) A-1+ -- 2,350 2,350,000
- -------------------------------------------------------------------------------------------
</Table>
F-2
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
COLORADO-(CONTINUED)
Concord (Metropolitan District of); Series
2004, Refunding & Improvement Unlimited Tax
GO (LOC-Wells Fargo Bank, N.A.)
3.50%, 12/01/29(d)(j) A-1+ -- $ 1,550 $ 1,550,000
- -------------------------------------------------------------------------------------------
Crystal Valley Metropolitan District of No.
1; Series 2004, VRD RB (LOC-Wells Fargo
Bank, N.A.)
3.74%, 10/01/34(d)(e) A-1+ -- 4,795 4,795,000
- -------------------------------------------------------------------------------------------
Denver (City & County of) Excise Tax Revenue
Authority (Convention Center Project);
Series 2001 B, RB (INS-Financial Security
Assurance Inc.)
3.74%, 09/01/25(c)(e) A-1+ VMIG-1 4,920 4,920,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Section 14 Metropolitan
District; Series 2000 Refunding Unlimited
Tax GO (LOC-U.S. Bank, N.A.)
5.20%, 12/01/19(d)(j) AA -- 1,100 1,102,889
- -------------------------------------------------------------------------------------------
Series 2004 Refunding Unlimited Tax VRD GO
(LOC-U.S. Bank, N.A.)
3.50%, 12/01/13(d)(k) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Mesa (County of) (Goodwill Industries of
Colorado Springs); Series 2006, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 12/01/26(d)(e) A-1+ -- 1,250 1,250,000
===========================================================================================
88,458,653
===========================================================================================
CONNECTICUT-0.26%
Connecticut (State of) Development Authority
(Central Vermont Public Service); Series
1985, Floating Rate PCR (LOC-Citizens Bank
of Massachusetts)
3.66%, 12/01/15(d)(f) A-1+ -- 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Connecticut (State of) Health & Educational
Facilities Authority (Westminster School);
Series 2002 C, VRD RB (LOC-Bank of America,
N.A.)
3.73%, 07/01/32(d)(e) A-1+ -- 1,395 1,395,000
- -------------------------------------------------------------------------------------------
Connecticut (State of) Health & Educational
Facilities Authority (YMCA of Greater
Hartford); Series 2002 A, VRD RB (INS-Ambac
Assurance Corp.)
3.73%, 07/01/32(c)(e) -- VMIG-1 7,910 7,910,000
===========================================================================================
10,705,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
DELAWARE-0.17%
Delaware (State of) Economic Development
Authority (Connections Community Support);
Series 2006, VRD RB (LOC-Mercantile Safe
Deposit & Trust Co.)
3.77%, 08/01/31(d)(e) A-1+ -- $ 7,035 $ 7,035,000
===========================================================================================
DISTRICT OF COLUMBIA-0.39%
District of Columbia (American Library
Association); Series 2005, VRD RB (LOC-Bank
of America, N.A.)
3.76%, 02/01/35(d)(e) -- VMIG-1 3,175 3,175,000
- -------------------------------------------------------------------------------------------
District of Columbia (American Psychology
Association); Series 2003, VRD RB (LOC-Bank
of America, N.A.)
3.79%, 03/01/28(d)(e) A-1+ -- 5,055 5,055,000
- -------------------------------------------------------------------------------------------
District of Columbia (National Academy of
Sciences); Series 1999 B Commercial Paper
(INS-Ambac Assurance Corp.)
3.46%, 11/07/06(c) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
3.63%, 11/07/06(c) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
District of Columbia (Washington Center for
Internships & Academic); Series 2006, VRD
RB (LOC-Branch Banking & Trust Co.)
3.78%, 07/01/36(d)(e) -- VMIG-1 1,700 1,700,000
===========================================================================================
15,930,000
===========================================================================================
FLORIDA-5.57%
ABN AMRO Munitops Ctfs. Trust (Miami-Dade
(County of) Transit Sales Surtax Revenue
Bonds); Series 2006-24, Non-AMT VRD Ctfs.
(Acquired 05/05/06; Cost $14,270,000)
3.78%, 07/01/14(e)(h)(i) -- VMIG-1 14,270 14,270,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Port St. Lucie
(City of) Utilities Systems Revenue Bonds);
Series 2006-50, Non-AMT VRD Ctfs. (Acquired
07/17/06; Cost $10,700,000)
3.78%, 09/01/14(e)(h)(i) -- VMIG-1 10,700 10,700,000
- -------------------------------------------------------------------------------------------
Cape Coral (City of); Series 2006, Commercial
Paper Notes (LOC-Bank of America, N.A.)
3.48%, 10/10/06(d) A-1+ -- 15,000 15,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-3
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-(CONTINUED)
Capital Projects Finance Authority (Capital
Projects Loan Program); Series 1997 A, VRD
RB (INS-Financial Security Assurance Inc.)
3.77%, 08/01/17(c)(e) A-1+ -- $ 7,200 $ 7,200,000
- -------------------------------------------------------------------------------------------
Collier (County of) Industrial Development
Authority (Redlands Christian Migrant
Association Inc.); Series 2001, VRD IDR
(LOC-Bank of America, N.A.)
3.79%, 12/01/26(d)(e)(l) -- -- 2,800 2,800,000
- -------------------------------------------------------------------------------------------
Florida (State of) Division of Bond Finance
Department of General Services
(Environmental Protection Preservation
2000); Series 1998 B, RB (INS-Financial
Security Assurance Inc.)
5.50%, 07/01/07(c) AAA Aaa 5,200 5,273,637
- -------------------------------------------------------------------------------------------
Florida (State of) Local Government Finance
Commission (Pooled Loan Program); Series
1994 A, Commercial Paper Notes
(LOC-Wachovia Bank, N.A.)
3.52%, 10/31/06(d) -- P-1 22,670 22,670,000
- -------------------------------------------------------------------------------------------
Florida Gulf Coast University Financing Corp.
(Florida Capital Improvement); Series 2003,
VRD RB (LOC-Wachovia Bank, N.A.)
3.78%, 12/01/33(d)(e) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Highlands (County of) Health Facilities
Authority (Adventist Health); Series 2006
A, Refunding VRD RB (INS-Financial Security
Assurance Inc.)
3.76%, 11/15/30(c)(e) A-1+ VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Hillsborough (County of) Industrial
Development Authority (Tampa Metropolitan
Area YMCA Project); Series 2000, VRD IDR
(LOC-Bank of America, N.A.)
3.76%, 03/01/25(d)(e)(l) -- -- 5,550 5,550,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (Baptist Medical Center Project);
Series 2004, Commercial Paper (LOC-Bank of
America, N.A.)
3.20%, 10/13/06(d) A-1+ -- 3,000 3,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
FLORIDA-(CONTINUED)
Jacksonville (City of) Health Facilities
Authority (Samuel C. Taylor Foundation
Project); Series 1998, VRD RB (LOC-Bank of
America, N.A.) (Acquired 02/20/01; Cost
$2,600,000)
3.79%, 12/01/23(d)(e)(h)(l) -- -- $ 2,600 $ 2,600,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (University of Florida
Jacksonville Physicians, Inc.); Series
2002, VRD RB (LOC-Bank of America, N.A.)
3.80%, 06/01/22(d)(e) -- VMIG-1 11,245 11,245,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority; Series 2003 C, VRD RB (LOC-Bank
of America, N.A.)
3.80%, 08/15/33(b)(d) A-1+ -- 5,695 5,695,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Florida (State of) Department of
Environmental Protection); Series 2002-722,
Floating Rate Trust Ctfs. VRD RB (Acquired
11/13/02; Cost $9,690,000)
3.78%, 07/01/22(e)(h)(i) A-1 -- 9,690 9,690,000
- -------------------------------------------------------------------------------------------
North Miami (City of) Educational Facilities
(Miami Country Day School Project); Series
1999, VRD RB (LOC-Bank of America, N.A.)
3.76%, 08/01/19(d)(e)(l) -- -- 1,450 1,450,000
- -------------------------------------------------------------------------------------------
Orange (County of) Health Facilities
Authority (Adventist Health System/Sunbelt
Inc.); Series 1992, VRD RB (LOC-SunTrust
Bank)
3.83%, 11/15/14(d)(e) A-1+ VMIG-1 1,535 1,535,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Educational Facilities
Authority (Atlantic College); Series 2001,
Educational Facilities VRD RB (LOC-Bank of
America, N.A.)
3.76%, 12/01/31(d)(e)(l) -- -- 13,400 13,400,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Housing Finance
Authority (Emerald Bay Club Apartments);
Series 2004, Refunding Multi-Family Housing
VRD RB (LOC-Wachovia Bank, N.A.)
3.77%, 06/01/30(d)(e) A-1+ P-1 8,000 8,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-4
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-(CONTINUED)
Palm Beach (County of) School Board; Series
2002 B, VRD COP (INS-Financial Security
Assurance Inc.)
3.73%, 08/01/27(c)(e) -- VMIG-1 $14,680 $ 14,680,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) School District Sales
Tax; Series 2006 Commercial Paper Notes
(LOC-Bank of America, N.A.)
3.50%, 10/11/06(d) A-1+ P-1 18,000 18,000,000
- -------------------------------------------------------------------------------------------
3.55%, 10/16/06(d) A-1+ P-1 9,200 9,200,000
- -------------------------------------------------------------------------------------------
Seminole (County of) School District; Series
2006, Unlimited Tax GO TAN 4.50%, 09/13/07 -- MIG-1 23,000 23,199,825
- -------------------------------------------------------------------------------------------
Tampa (City of) (Agency for Community
Treatment
DACCO Project);
Series 2001, VRD RB (LOC-Bank of America,
N.A.)
3.79%, 07/01/22(d)(e)(l) -- -- 4,730 4,730,000
===========================================================================================
225,888,462
===========================================================================================
GEORGIA-5.34%
ABN AMRO Munitops Ctfs. Trust (Fulton (County
of) Water & Sewer Revenue Bonds); Series
2004-15, Non-AMT VRD Ctfs. (Acquired
10/12/04; Cost $9,995,000)
3.78%, 01/01/12(e)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
Albany-Dougherty (County of) Hospital
Authority (Phoebe Hospital); Series 2002,
RANS (INS-Ambac Assurance Corp.)
3.78%, 09/01/32(b)(c) -- VMIG-1 25,000 25,000,000
- -------------------------------------------------------------------------------------------
Atlanta (City of) Metropolitan Rapid Transit
Authority; Series 1998 A, Refunding Second
Indenture RB (INS-MBIA Insurance Corp.)
6.25%, 07/01/07(c) AAA Aaa 9,000 9,169,959
- -------------------------------------------------------------------------------------------
Burke (County of) Development Authority
(Oglethorpe Power Corp.); Series 1994 A VRD
PCR (INS-Financial Guaranty Insurance Co.)
3.78%, 01/01/19(c)(e) A-1+ VMIG-1 20,911 20,911,000
- -------------------------------------------------------------------------------------------
Series 2006 B Commercial Paper VRD PCR
(INS-Ambac Assurance Corp.)
3.53%, 12/28/06(c) A-1+ VMIG-1 6,500 6,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
GEORGIA-(CONTINUED)
Cobb (County of) Development Authority (YMCA
of Cobb County); Series 2003, VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 12/01/25(d)(e) -- VMIG-1 $ 1,300 $ 1,300,000
- -------------------------------------------------------------------------------------------
Conyers-Rockdale-Big Haynes Impoundment
Authority; Series 1998, VRD RB
(INS-Financial Security Assurance Inc.)
3.74%, 07/01/22(c)(e) -- VMIG-1 3,040 3,040,000
- -------------------------------------------------------------------------------------------
Dahlonega (City of) Downtown Development
Authority (North Georgia Student Housing
Project); Series 2001 A, VRD RB
(LOC-Wachovia Bank, N.A.)
3.73%, 06/01/28(d)(e) -- VMIG-1 3,550 3,550,000
- -------------------------------------------------------------------------------------------
DeKalb (County of) Housing Authority (Wood
Hills Apartment Project); Series 1988,
Refunding Floating Rate Multi-Family
Housing RB (LOC-Bank of America, N.A.)
3.80%, 12/01/07(d)(e) A-1+ -- 9,250 9,250,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Georgia (State of));
Series 2000-1001 C, VRD COP (Acquired
07/26/2000; Cost $20,000,000)
3.79%, 07/01/15(e)(h)(i) A-1+ -- 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Floyd (County of) Development Authority
(Shorter College Project); Series 1998, VRD
RB (LOC-SunTrust Bank)
3.79%, 06/01/17(d)(e) A-1+ -- 1,600 1,600,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Development Authority
(Pinecrest Academy Inc. Project); Series
2000, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 09/01/25(d)(e) -- VMIG-1 8,800 8,800,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Atlanta Park II Project); Series 1997,
Refunding VRD RB (LOC-Wachovia Bank, N.A.)
(Acquired 04/12/06; Cost $1,350,000)
3.80%, 10/01/10(d)(e)(h) -- Aa2 1,350 1,350,000
- -------------------------------------------------------------------------------------------
</Table>
F-5
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
GEORGIA-(CONTINUED)
Fulton (County of) Development Authority
(Bridgeway Foundation for Education
Project); Series 2000, Educational
Facilities VRD RB (LOC-Wachovia Bank, N.A.)
3.80%, 06/01/15(d)(e) A-1+ -- $ 1,725 $ 1,725,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Doris & Alex Weber School Project); Series
2006, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 12/01/30(d)(e) -- VMIG-1 4,500 4,500,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Kings Ridge Christian School); Series
2006, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 05/01/26(d)(e) -- VMIG-1 7,000 7,000,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Mount Vernon Presbyterian School); Series
2005, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 08/01/35(d)(e) -- VMIG-1 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Georgia (State of) Road and Tollway Authority
(Federal Highway Grant); Series 2006,
Revenue BAN 4.50%, 06/01/07 AA- Aa3 18,865 18,967,989
- -------------------------------------------------------------------------------------------
Georgia (State of) Road and Tollway Authority
(Federal Highway Reimbursement); Series
2006, RB 4.50%, 06/01/07 AA- Aa3 4,920 4,946,859
- -------------------------------------------------------------------------------------------
Gwinnett (County of) School District; Series
2006, Limited Tax TAN GO
4.50%, 12/29/06 -- MIG-1 10,000 10,021,569
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Atlanta (City of) Water &
Wastewater); Series 2004-520, VRD RB
(Acquired 04/20/05; Cost $37,495,000)
3.78%, 05/01/12(e)(h)(i) A-1 -- 37,495 37,495,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Rockdale (County of) Water
& Sewer Authority); Series 2006-1342, VRD
RB (Acquired 05/24/06; Cost $2,945,000)
3.78%, 07/01/13(e)(h)(i) -- VMIG-1 2,945 2,945,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
GEORGIA-(CONTINUED)
Savannah (City of) Economic Development
Authority (Westside Urban Health Center);
Series 2002 A, VRD RB (LOC-SunTrust Bank)
3.80%, 03/01/18(d)(e) -- VMIG-1 $ 2,445 $ 2,445,000
- -------------------------------------------------------------------------------------------
Smyrna (City of) Hospital Authority
(Ridgeview Institute Inc. Project); Series
2002, VRD RB (LOC-Wachovia Bank, N.A.)
3.80%, 11/01/27(d)(e) -- VMIG-1 1,960 1,960,000
===========================================================================================
216,572,376
===========================================================================================
HAWAII-0.22%
Eagle Tax Exempt Trust (Hawaii (State of));
Series 2000-1101, VRD COP (Acquired
01/11/01; Cost $6,000,000)
3.79%, 12/01/16(e)(h)(i) A-1+ -- 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Hawaii (State of); Series 1997 CN, Unlimited
Tax GO (INS-Financial Guaranty Insurance
Co.)
6.25%, 03/01/07(c) AAA Aaa 3,000 3,032,471
===========================================================================================
9,032,471
===========================================================================================
IDAHO-0.78%
Custer (County of) Pollution Control (Amoco
Oil Co.-Standard Oil Industry Project);
Series 1983, VRD PCR 3.55%, 10/01/09(g)(m) A-1+ -- 22,200 22,200,000
- -------------------------------------------------------------------------------------------
Idaho (State of) Health Facilities Authority
(Pooled Financing Program); Series 1985,
VRD ACES RB (LOC-U.S. Bank, N.A.)
3.80%, 10/01/10(d)(e) -- VMIG-1 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Idaho (State of); Series 2006, Unlimited Tax
GO TAN 4.50%, 06/29/07 SP-1+ MIG-1 8,000 8,045,667
===========================================================================================
31,645,667
===========================================================================================
ILLINOIS-13.04%
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of) Board of Education); Series 2002-4, VRD
GO Ctfs. (Acquired 11/10/05 Cost
$24,225,000)
3.77%, 12/01/09(e)(h)(i) -- VMIG-1 24,225 24,225,000
- -------------------------------------------------------------------------------------------
</Table>
F-6
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of)); Series 2001-34 Refunding Multi-State
Non-AMT VRD Limited Tax Ctfs. (Acquired
11/15/01; Cost $10,000,000) 3.79%,
07/01/07(e)(h)(i) -- VMIG-1 $10,000 $ 10,000,000
- -------------------------------------------------------------------------------------------
Series 2005-40 Non-AMT VRD Unlimited Tax GO
(Acquired 11/30/05; Cost $15,165,000)
3.79%, 07/01/13(e)(h)(i)(l) -- -- 15,165 15,165,000
- -------------------------------------------------------------------------------------------
Aurora (City of) Economic Development (Aurora
University); Series 2004, VRD RB
(LOC-Harris N.A.)
3.85%, 03/01/35(d)(e) A-1+ VMIG-1 7,250 7,250,000
- -------------------------------------------------------------------------------------------
Bear Stearns Municipal Securities Trust Ctfs.
(State of Illinois); Series 1998-25 A VRD
RB (Acquired 08/26/99; Cost $10,000,000)
3.79%, 03/15/07(e)(h)(i) A-1 -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2002-190 A VRD RB (Acquired
05/06/02; Cost $10,130,000) 3.79%,
06/05/14(e)(h)(i) A-1 -- 10,130 10,130,000
- -------------------------------------------------------------------------------------------
Channahon (City of) (Morris Hospital); Series
2003 A Refunding VRD RB (LOC-U.S. Bank,
N.A.)
3.77%, 12/01/23(d)(e) A-1+ -- 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Series 2003 B VRD RB (LOC-U.S. Bank, N.A.)
3.77%, 12/01/32(d)(e) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Chicago (City of); Series 2002 B, VRD
Unlimited GO (INS-Financial Guaranty
Insurance Co.)
3.74%, 01/01/37(c)(e) A-1+ VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Cook (County of) (Capital Improvement);
Series 2004 E, VRD Unlimited Tax GO 3.78%,
11/01/33(e) A-1+ VMIG-1 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
O'Hare International Airport); Series
2006-0056 A, VRD COP (Acquired 03/22/06;
Cost $6,200,000)
3.79%, 01/01/33(e)(h)(i) A-1+ -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Eagle Tax Exempt Trust (Chicago (City of)
Park District); Series 2002-1306 A,
Unlimited Tax VRD COP (Acquired 05/02/02;
Cost $5,500,000)
3.79%, 01/01/29(e)(h)(i) A-1+ -- $ 5,500 $ 5,500,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
Water & Sewer); Series 2001-1308, VRD COP
(Acquired 12/12/01; Cost $8,655,000)
3.79%, 11/01/26(e)(h)(i) A-1+ -- 8,655 8,655,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of));
Series 2001-1305, VRD COP (Acquired
04/20/01; Cost $4,950,000)
3.89%, 01/01/35(e)(h)(i) A-1+ -- 4,950 4,950,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Illinois (State of));
Series 2000-1304, VRD COP (Acquired
06/27/00; Cost $7,340,000)
3.79%, 06/01/21(e)(h)(i) A-1+ -- 7,340 7,340,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Regional
Transportation Authority); Series
2000-1303, VRD COP (Acquired 03/26/01; Cost
$19,000,000)
3.79%, 07/01/23(e)(h)(i) A-1+ -- 19,000 19,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Chicago Shakespeare Theater
Project); Series 1999, VRD RB (LOC-LaSalle
Bank N.A.) (Acquired 09/24/03; Cost
$4,100,000)
3.75%, 01/01/19(d)(e)(h) A-1 -- 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Christian Heritage Academy);
Series 2001, VRD RB (LOC-Fifth Third Bank)
3.94%, 12/01/21(b)(d) A-1+ -- 4,625 4,625,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Embers Elementary School
Project); Series 2002, Educational
Facilities VRD RB (LOC-LaSalle Bank N.A.)
(Acquired 11/04/03; Cost $2,175,000)
3.76%, 04/01/32(d)(e)(h) A-1 -- 2,175 2,175,000
- -------------------------------------------------------------------------------------------
</Table>
F-7
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Fenwich High School Project);
Series 1997, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 03/01/32(d)(e) A-1+ -- $ 3,000 $ 3,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Glenwood School for Boys);
Series 1998, VRD RB (LOC-Harris N.A.)
3.85%, 02/01/33(d)(e) A-1+ -- 2,250 2,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Institute of Gas Technology
Project); Series 1999, VRD IDR (LOC-Harris
N.A.)
3.83%, 09/01/24(d)(e) A-1+ -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (James Jordan Boys & Girls Club
and Family Center Project); Series 1995,
VRD RB (LOC-JPMorgan Chase Bank, N.A.,
LaSalle Bank N.A.) (Acquired 10/18/05; Cost
$4,700,000)
3.85%, 08/01/30(d)(e)(h) A-1 -- 4,700 4,700,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Lyric Opera Chicago Project);
Series 1994, VRD RB (LOC-Northern Trust
Co., Harris N.A., JPMorgan Chase Bank,
N.A.)
3.80%, 12/01/28(d)(e) A-1+ VMIG-1 15,600 15,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Museum of Contemporary Art
Project); Series 1994, VRD RB (LOC-JPMorgan
Chase Bank, N.A., Northern Trust Co.)
3.80%, 02/01/29(d)(e) A-1+ VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Oak Park Residence Corp.
Project); Series 2001, VRD RB (LOC-LaSalle
Bank N.A.) (Acquired 01/29/03; Cost
$2,975,000)
3.75%, 07/01/41(d)(e)(h) A-1 -- 2,975 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Providence-St. Mel School
Project); Series 2002, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.85%, 06/01/37(d)(e) -- VMIG-1 1,360 1,360,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Radiological Society Project);
Series 1997, VRD RB (LOC-JPMorgan Chase
Bank, N.A.) (Acquired 04/07/06; Cost
$1,600,000)
3.83%, 06/01/17(d)(e)(h) A-1+ -- $ 1,600 $ 1,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Rosecrance Inc. Project); Series
2003, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 10/01/24(d)(e) A-1+ -- 2,825 2,825,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Teachers Academy for Mathamatics
& Science); Series 2001, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.85%, 02/01/21(d)(e) -- VMIG-1 2,975 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Uhlich Childrens Home Project);
Series 2002, VRD IDR (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 10/01/33(d)(e) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (West Central Illinois
Educational Project); Series 2002, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 09/01/32(d)(e) -- VMIG-1 3,600 3,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (YMCA of Metropolitan Chicago
Project); Series 2001, VRD RB (LOC-Harris
N.A.)
3.80%, 06/01/29(d)(e) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Arts Club of Chicago); Series
1996, VRD RB (LOC-Northern Trust Co.)
3.85%, 01/01/26(d)(e) A-1+ -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Aurora University); Series 2002,
RB (LOC-Fifth Third Bank)
3.85%, 03/01/32(d)(e) -- VMIG-1 4,900 4,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-8
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Educational Facilities
Authority (Chicago Childrens Museum);
Series 1994, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 02/01/28(d)(e) A-1 VMIG-1 $ 1,200 $ 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Dominican University); Series
2000 B, VRD RB (LOC-Allied Irish Banks PLC)
3.85%, 10/01/30(d)(e)(g) -- VMIG-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Elmhurst College); Series 2003,
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.85%, 03/01/33(d)(e) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Field Museum of National
History); Series 1998, VRD RB (LOC-Bank of
America, N.A.)
3.80%, 11/01/32(d)(e) A-1+ -- 3,950 3,950,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Lake County Family YMCA); Series
2000, VRD RB (LOC-Harris N.A.)
3.85%, 11/01/30(d)(e) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Lincoln Park Society); Series
1999, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.80%, 01/01/29(d)(e) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Museum of Science & Industry);
Series 1992, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 10/01/26(d)(e) -- VMIG-1 3,250 3,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (National Louis University);
Series 1999 A VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.75%, 06/01/29(d)(e) A-1+ -- 5,600 5,600,000
- -------------------------------------------------------------------------------------------
Series 1999 B VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.83%, 06/01/29(d)(e) A-1+ -- 3,100 3,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Educational Facilities
Authority (Newberry Library); Series 1988,
VRD RB (LOC-Northern Trust Co.)
3.85%, 03/01/28(d)(e) -- VMIG-1 $ 1,205 $ 1,205,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Shedd Aquarium Society); Series
1987 B, Commercial Paper (LOC-Bank of
America, N.A.)
3.70%, 04/16/07(d) -- VMIG-1 18,000 18,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority; Series 1998, Pooled Financing
VRD RB (LOC-Bank of America, N.A.)
3.77%, 03/01/28(d)(e) A-1+ -- 2,720 2,720,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Benedictine University Project); Series
2006, VRD RB (LOC-National City Bank of the
Midwest)
3.76%, 03/01/26(d)(e) A-1 -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Fairview Hospital); Series 2004 C,
Refunding VRD RB (LOC-LaSalle Bank N.A.)
3.75%, 08/15/34(d)(e) A-1 -- 13,250 13,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Franciscan Communities, Inc. - The Village
at Victory Lakes); Series 2006 A, VRD RB
(LOC-LaSalle Bank N.A.)
3.76%, 05/01/36(d)(e) A-1 -- 8,045 8,045,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Jewish
Charities); Series 2006 O6-07 A, VRD RN
(LOC-Harris N.A.)
3.80%, 06/29/07(d)(e) A-1+ -- 8,890 8,890,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Latin
School Project); Series 2005 A, Refunding
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 08/01/28(d)(e) -- VMIG-1 9,100 9,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Mercy
Alliance Project); Series 2005, VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.77%, 02/15/35(d)(e) -- VMIG-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-9
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Finance Authority (North
Park University Project); Series 2005, VRD
RB (LOC-JPMorgan Chase Bank, N.A.)
3.85%, 07/01/35(d)(e) A-1+ -- $ 2,900 $ 2,900,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Search
Development Center Inc. Project); Series
2004, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 06/01/24(d)(e) -- VMIG-1 5,075 5,075,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Sunshine Through Golf Foundation Project);
Series 2004 A, VRD RB (LOC-LaSalle Bank
N.A.)
3.76%, 11/01/24(d)(e) A-1 -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Three
Crowns Park Plaza); Series 2006 C, VRD RB
(LOC-Allied Irish Banks PLC)
3.77%, 02/15/38(d)(e)(g)(l) -- -- 7,500 7,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (YMCA
of Metropolitan Chicago Project); Series
2004, VRD RB (LOC-Harris N.A.)
3.80%, 06/01/34(d)(e) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Blessing Hospital); Series 1999
B, VRD RB (INS-Financial Security Assurance
Inc.)
3.78%, 11/15/29(c)(e) A-1+ VMIG-1 6,675 6,675,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Cradle Society Project); Series
1998, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 04/01/33(d)(e) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Northwestern Memorial Hospital);
Series 1995, VRD RB 3.80%, 08/15/25(e) A-1+ VMIG-1 22,835 22,835,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Park Plaza Center); Series 1996,
Multi-Family VRD RB (LOC-LaSalle Bank N.A.)
3.85%, 09/15/20(d)(e) A-1 -- 7,350 7,350,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Health Facilities
Authority (Peace Memorial Ministry); Series
2003 B, VRD RB (LOC-LaSalle Bank N.A.)
3.76%, 08/15/33(d)(e) A-1 -- $ 7,605 $ 7,605,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority; Series 1985 C Revolving Fund
Pooled VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.80%, 08/01/15(d)(e) A-1+ VMIG-1 5,200 5,200,000
- -------------------------------------------------------------------------------------------
Series 1985 D Revolving Fund Pooled VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.80%, 08/01/15(d)(e) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Chicago (City of) Park
District); Series 2005 974, VRD Limited Tax
GO (Acquired 07/06/05; Cost $1,095,000)
3.78%, 01/01/13(e)(h)(i) A-1 -- 1,095 1,095,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Chicago (City of) Water
Revenue); Series 2006 1419, VRD RB
(Acquired 07/26/06; Cost $5,345,000)
3.78%, 05/01/14(e)(h)(i) A-1+ -- 5,345 5,345,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Illinois (State of) State
Toll Highway Authority); Series 2006 1354,
VRD RB (Acquired 06/07/06; Cost
$13,400,000)
3.78%, 01/01/14(e)(h)(i) A-1+ -- 13,400 13,400,000
- -------------------------------------------------------------------------------------------
Lombard (City of) (Clover Creek Apartments
Project); Series 2000, Multi-Family Housing
VRD RB (CEP-Federal National Mortgage
Association)
3.77%, 12/15/30(e) A-1+ -- 14,855 14,855,000
- -------------------------------------------------------------------------------------------
McCook (City of) (Illinois St. Andrew
Society); Series 1996 A VRD RB
(LOC-Northern Trust Co.)
3.76%, 12/01/21(d)(e) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Series 1996 B VRD RB (LOC-Northern Trust
Co.)
3.76%, 12/01/21(d)(e) A-1+ -- 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Monmouth (City of) Industrial Development
Project (Monmouth College); Series 2005,
VRD IDR (LOC-Allied Irish Banks PLC)
3.77%, 06/01/35(d)(e)(g) -- VMIG-1 6,185 6,185,000
- -------------------------------------------------------------------------------------------
</Table>
F-10
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Peoria (County of) Community Unit School
District No. 323 (Dunlap); Series 2006, VRD
Unlimited GO (INS-Financial Security
Assurance Inc.)
3.80%, 04/01/26(c)(e) -- VMIG-1 $ 2,785 $ 2,785,000
- -------------------------------------------------------------------------------------------
Quincy (City of) (Blessing Hospital Project);
Series 2004, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 11/15/33(d)(e) A-1+ VMIG-1 5,120 5,120,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Central Lake (County of)
Joint Action Water Agency); Series 2003
B18, VRD RB (Acquired 02/19/03; Cost
$9,695,000)
3.78%, 05/01/20(e)(h)(i) -- VMIG-1 9,695 9,695,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of)); Series
2000 A12, VRD Limited Tax GO (Acquired
10/13/00; Cost $12,200,000)
3.78%, 01/01/23(e)(h)(i) -- VMIG-1 12,200 12,200,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Regional Transportation
Authority); Series 2002 A41, VRD Unlimited
Tax GO (Acquired 07/25/02; Cost
$17,610,000)
3.78%, 06/01/17(e)(h)(i) -- VMIG-1 17,610 17,610,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (University of Illinois);
Series 2000 S, VRD GO (Acquired 03/20/00;
Cost $17,900,000)
3.78%, 04/01/30(e)(h)(i) -- VMIG-1 17,900 17,900,000
- -------------------------------------------------------------------------------------------
Will (County of) (University of St. Francis);
Series 2005, VRD RB (LOC-Fifth Third Bank)
3.85%, 12/01/25(d)(e) -- VMIG-1 10,600 10,600,000
===========================================================================================
528,340,000
===========================================================================================
INDIANA-4.49%
ABN AMRO Munitops Ctfs. Trust (Indianapolis
(City of) Public Improvement Bond Bank
Waterworks); Series 2002-7, Non-AMT VRD RB
(Acquired 11/17/05; Cost $5,000,000)
3.78%, 07/01/10(e)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
INDIANA-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (Wayne
(Township of), Marion (County of) School
Building Corp.); Series 2003-27 Multi-
State Non-AMT VRD RB (Acquired 11/12/03
Cost $13,795,000)
3.77%, 07/15/11(e)(h)(i) -- VMIG-1 $13,795 $ 13,795,000
- -------------------------------------------------------------------------------------------
Series 2003-32 Multi-State Non-AMT VRD RB
Ctfs. (Acquired 01/31/06; Cost $17,900,000)
3.77%, 01/15/12(e)(h)(i)(l) -- -- 17,900 17,900,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Economic Development
Authority (Sisters of St. Francis Project);
Series 1998, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 12/01/18(d)(e) A-1+ -- 1,060 1,060,000
- -------------------------------------------------------------------------------------------
Goshen (City of) Economic Development
Authority (Goshen College Project); Series
2004, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 10/01/34(d)(e) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Bond Bank; Series 2006 A,
Midyear Funding Program Notes
4.50%, 02/02/07 SP-1+ -- 19,355 19,411,299
- -------------------------------------------------------------------------------------------
Indiana (State of) Development Finance
Authority (Indiana Historical Society, Inc.
Project); Series 1996 Educational
Facilities VRD RB (LOC-JPMorgan Chase Bank,
N.A.) (Acquired 07/25/05; Cost $4,260,000)
3.78%, 08/01/31(d)(e)(h) A-1+ -- 4,260 4,260,000
- -------------------------------------------------------------------------------------------
Series 1997 Educational Facilities VRD RB
(LOC-JPMorgan Chase Bank, N.A.) (Acquired
07/03/06; Cost $2,000,000)
3.78%, 08/01/31(d)(e)(h) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-11
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
INDIANA-(CONTINUED)
Indiana (State of) Development Finance
Authority (Indianapolis Museum of Art);
Series 2001 Educational Facilities
Historical VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.78%, 02/01/36(d)(e) -- VMIG-1 $ 8,700 $ 8,700,000
- -------------------------------------------------------------------------------------------
Series 2002 Educational Facilities
Historical VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.78%, 02/01/37(d)(e) -- VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Series 2004 VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.78%, 02/01/39(d)(e) -- VMIG-1 41,400 41,400,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Educational Facilities
Authority (Marian College Project); Series
2003, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.83%, 04/01/24(d)(e) -- VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Educational Facilities
Authority (Wabash College Project); Series
2003, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.80%, 12/01/23(d)(e) -- VMIG-1 3,835 3,835,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health & Educational
Facilities Financing Authority (Schneck
Memorial Hospital Project); Series 2006 B,
VRD RB (LOC-Fifth Third Bank)
3.85%, 02/15/36(b)(d) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Clark Memorial
Hospital); Series 2004 A, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 04/01/24(d)(e) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Community Hospitals
Project); Series 1997 A, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 07/01/27(d)(e) A-1+ -- 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Golden Years
Homestead); Series 2002 A, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 06/01/25(d)(e) A-1+ -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
INDIANA-(CONTINUED)
Indiana University (Trustees of); Series
2005, Commercial Paper (LOC-JPMorgan Chase
Bank, N.A.)
3.51%, 11/07/06(d) -- P-1 $12,000 $ 12,000,000
- -------------------------------------------------------------------------------------------
St. Joseph (County of) Economic Development
Authority (Holy Cross Village Project);
Series 2006 D, VRD RB (LOC-Allied Irish
Banks PLC)
3.78%, 05/15/39(d)(e)(g)(l) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Tippecanoe (County of) (Faith Properties Inc.
Project); Series 2005, VRD RB (LOC-Regions
Bank)
3.78%, 11/01/30(d)(e)(l) -- -- 6,475 6,475,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Wayne (Township of), Marion
(County of) School Building Corp.); Series
2006 D-02, RB (Acquired 02/23/06; Cost
$4,710,000)
3.78%, 07/15/24(e)(h)(i) A-1+ -- 4,710 4,710,000
===========================================================================================
181,846,299
===========================================================================================
IOWA-0.41%
Iowa (State of) Finance Authority (Holy
Family Catholic Schools); Series 2006,
Educational Facility VRD RB (LOC-Allied
Irish Banks PLC)
3.90%, 03/01/36(b)(d)(g) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Finance Authority
(Morningside College Project); Series 2002,
Private College Facility VRD RB (LOC-U.S.
Bank, N.A.)
3.80%, 10/01/32(d)(e) A-1+ -- 1,785 1,785,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Higher Education Loan
Authority (Graceland Private College);
Series 2003, VRD RB (LOC-Bank of America,
N.A.)
3.79%, 02/01/33(d)(e) -- VMIG-1 5,820 5,820,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Higher Education Loan
Authority; Series 1985, Educational Loan
Private College Facility VRD ACES (INS-MBIA
Insurance Corp.)
3.85%, 12/01/15(c)(e) A-1+ VMIG-1 5,100 5,100,000
===========================================================================================
16,705,000
===========================================================================================
</Table>
F-12
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
KANSAS-0.97%
Eagle Tax Exempt Trust (Wyandotte (County of)
Unified Government Utility System); Series
2004-0038 A, VRD COP (Acquired 09/08/04;
Cost $5,000,000)
3.79%, 09/01/21(e)(h)(i) A-1+ -- $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
Leawood (City of); Series 2006 1, Temporary
Unlimited GO RN 3.88%, 10/01/07 -- MIG-1 26,550 26,633,582
- -------------------------------------------------------------------------------------------
Olathe (City of) Recreational Facilities
(YMCA of Greater Kansas City Project);
Series 2002 B, VRD RB (LOC-Bank of America,
N.A.)
3.79%, 11/01/18(d)(e) -- VMIG-1 3,215 3,215,000
- -------------------------------------------------------------------------------------------
Shawnee (City of) Industrial Development
Authority (Shawnee Village Associate);
Series 1984, VRD IDR (LOC-JPMorgan Chase
Bank, N.A.)
3.75%, 12/01/09(d)(e) A-1+ -- 1,155 1,155,000
- -------------------------------------------------------------------------------------------
Wichita (City of) Recreational Facilities
(YMCA of Wichita Project); Series 1998 XI,
VRD RB (LOC-Bank of America, N.A.)
(Acquired 03/10/06; Cost $3,300,000)
3.79%, 08/01/09(d)(e)(h) A-1+ -- 3,300 3,300,000
===========================================================================================
39,303,582
===========================================================================================
KENTUCKY-1.64%
Boyle (County of) Hospital (Ephraim McDowell
Health Project); Series 2006, VRD RB
(LOC-Fifth Third Bank)
3.78%, 04/01/36(d)(e) -- VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Louisville &
Jefferson (Counties of) Metropolitan Sewer
District); Series 2006-0053 A, VRD RB
(Acquired 03/22/06; Cost $14,335,000)
3.79%, 05/15/33(e)(h)(i) A-1+ -- 14,335 14,335,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Industrial Building
(Franciscan Eldercare Service); Series
2001, VRD RB (LOC-LaSalle Bank N.A.)
3.77%, 05/15/30(d)(e) A-1 -- 3,780 3,780,000
- -------------------------------------------------------------------------------------------
Kentucky (State of) Asset & Liability
Commission General Fund; Series 2006, TRAN
4.50%, 06/28/07 SP-1+ MIG-1 14,900 14,984,727
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
KENTUCKY-(CONTINUED)
Lexington (City of) Center Corp. Mortgage
Revenue; Series 2001 A, VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 10/01/21(c)(e) A-1+ -- $ 3,000 $ 3,000,000
- -------------------------------------------------------------------------------------------
Lexington (City of) Fayette (County of) Urban
Government; Series 2006 A, Variable Purpose
Notes Unlimited GO 4.00%, 05/01/07 AA+ Aa2 2,145 2,148,551
- -------------------------------------------------------------------------------------------
Newport (City of) League of Cities Funding
Trust; Series 2002, Lease Program VRD RB
(LOC-U.S. Bank, N.A.)
3.76%, 04/01/32(d)(e)(n) -- VMIG-1 18,600 18,600,000
===========================================================================================
66,348,278
===========================================================================================
MAINE-0.05%
JPMorgan PUTTERs (Maine (State of) Turnpike
Authority); Series 2004 546, Turnpike VRD
RB (Acquired 10/28/04; Cost $2,185,000)
3.78%, 07/01/12(e)(h)(i) -- VMIG-1 2,185 2,185,000
===========================================================================================
MARYLAND-2.28%
Baltimore (County of) (Blue Circle Inc.
Project); Series 1992, Economic Development
VRD RB (LOC-BNP Paribas)
3.85%, 12/01/17(d)(e)(g) -- VMIG-1 7,900 7,900,000
- -------------------------------------------------------------------------------------------
Frederick (County of) Retirement Community
(Buckingham's Choice Inc. Project); Series
1997 C, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 01/01/27(d)(e) A-1+ VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Howard (County of) Economic Development
(Norbel School Inc. Project); Series 2001,
VRD RB (LOC-Branch Banking & Trust Co.)
3.78%, 02/01/28(d)(e) -- VMIG-1 4,785 4,785,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Economic Development
Corp. (Prologue Inc. Project); Series 2005,
Economic Development VRD RB (LOC-Bank of
America, N.A.)
3.76%, 06/01/31(d)(e) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
</Table>
F-13
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MARYLAND-(CONTINUED)
Maryland (State of) Economic Development
Corp. (YMCA of Central Maryland Inc.
Project); Series 2003 Economic Development
VRD RB (LOC-Branch Banking & Trust Co.)
3.78%, 04/01/28(d)(e) -- VMIG-1 $ 3,200 $ 3,200,000
- -------------------------------------------------------------------------------------------
Series 2006 Economic Development VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 04/01/31(d)(e) -- VMIG-1 1,950 1,950,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Health & Higher
Educational Facilities Authority (Glen
Meadows Retirement); Series 1999 A, VRD RB
(LOC-Wachovia Bank, N.A.)
3.80%, 07/01/29(d)(e) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Industrial Development
Financing Authority (Baltimore
International College Facility); Series
2005, Economic VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 11/01/30(d)(e) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Montgomery (County of); Series 2002
Commercial Paper (LOC-Fortis Bank
N.V./S.A.)
3.50%, 11/01/06(d)(g) A-1+ P-1 20,000 20,000,000
- -------------------------------------------------------------------------------------------
3.50%, 12/01/06(d)(g) A-1+ P-1 37,000 37,000,000
- -------------------------------------------------------------------------------------------
Queen Anne's (County of) (Safeway Inc.
Project); Series 1994, Refunding Economic
Development VRD RB (LOC-Deutsche Bank A.G.)
3.75%, 12/01/09(d)(g)(m) A-1 -- 1,145 1,145,000
===========================================================================================
92,475,000
===========================================================================================
MASSACHUSETTS-0.18%
Massachusetts (State of) Health & Educational
Facilities Authority (Hallmark Health
System Issue); Series 1998 B, VRD RB
(LOC-Financial Security Assurance Inc.)
3.75%, 07/01/27(d)(e) A-1+ VMIG-1 2,465 2,465,000
- -------------------------------------------------------------------------------------------
Massachusetts (State of) Health & Educational
Facilities Authority (Sherrill House);
Series 2002 A-1, VRD RB (LOC-Comerica Bank)
3.77%, 01/01/32(d)(e) A-1+ -- 5,000 5,000,000
===========================================================================================
7,465,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MICHIGAN-4.37%
ABN AMRO Munitops Ctfs. Trust (Bay City
School District); Series 2006-51, Non-AMT
Unlimited GO (Acquired 07/20/06 Cost
$5,000,000)
3.78%, 05/01/14(e)(h)(i)(l) -- -- $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Michigan
(State of) Building Authority); Series
2003-35, Non-AMT VRD RB (Acquired 09/29/05;
Cost $10,595,0000)
3.78%, 10/15/11(e)(h)(i) -- VMIG-1 10,595 10,595,000
- -------------------------------------------------------------------------------------------
Bruce (Township of) Hospital Finance
Authority (Sisters Charity of St. Joseph);
Series 1988 B, Health Care System VRD RB
(INS-MBIA Insurance Corp.)
3.65%, 05/01/18(c)(m) A-1+ VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Detroit (City of) Economic Development Corp.
(Waterfront Reclamation); Series 1999 C,
VRD RB (LOC-National City Bank of the
Midwest)
3.79%, 05/01/09(d)(e) A-1 P-1 1,005 1,005,000
- -------------------------------------------------------------------------------------------
Detroit (City of); Series 2006, Limited Tax
TAN GO (LOC-Bank of Nova Scotia)
4.50%, 03/01/07(d)(g) SP-1+ -- 4,000 4,012,340
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Detroit (City of)
School District); Series 2002-6014 A, VRD
Unlimited Tax GO (Acquired 11/06/02; Cost
$14,305,000)
3.79%, 05/01/32(e)(h)(i) A-1+ -- 14,305 14,305,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Michigan (State of)
Building Authority); Series 2006-0113 Class
A, VRD RB (Acquired 09/20/06; Cost
$8,090,000)
3.79%, 10/15/36(e)(h)(i) A-1+ VMIG-1 8,090 8,090,000
- -------------------------------------------------------------------------------------------
Eastern Michigan University; Series 2001, VRD
General Refunding RB (INS-Financial
Guaranty Insurance Co.)
3.85%, 06/01/27(b)(c) A-1+ -- 15,715 15,715,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Michigan (State of)
Building Authority); Series 2006 1479, VRD
RB (Acquired 09/27/06; Cost $10,600,000)
3.78%, 04/15/14(e)(h)(i) A-1+ -- 10,600 10,600,000
- -------------------------------------------------------------------------------------------
</Table>
F-14
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MICHIGAN-(CONTINUED)
Kent (County of) Hospital Finance Authority
(Metropolitan Hospital Project); Series
2005 B,
Refunding VRD RB
(LOC-ABN AMRO Bank N.V.)
3.78%, 07/01/40(d)(e)(g) A-1 -- $ 2,700 $ 2,700,000
- -------------------------------------------------------------------------------------------
Kentwood (City of) Economical Development
Corp. (Holland Home); Series 2006 B, VRD
Refunding Limited RB
(LOC-LaSalle Bank N.A.)
3.75%, 11/15/32(d)(e) A-1 -- 6,750 6,750,000
- -------------------------------------------------------------------------------------------
Marquette (City of) Hospital Finance
Authority (Marquette General Hospital
Group); Series 2004 A, VRD RB (LOC-U.S.
Bank, N.A.)
3.83%, 07/01/09(d)(e) A-1+ -- 945 945,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Hospital Finance
Authority (Healthcare Equipment Loan
Program); Series 2006 C, VRD RB (LOC-Fifth
Third Bank)
3.79%, 12/01/32(d)(e) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Housing Development
Authority (JAS Non-Profit Housing Corp.
VI); Series 2000, VRD Limited Obligation RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 06/01/25(d)(e) A-1+ -- 1,050 1,050,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Municipal Bond Authority;
Series 2006 B-2,
RN (LOC-Bank of Nova Scotia)
4.50%, 08/20/07(d)(g) SP-1+ -- 15,000 15,104,628
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (Van Andel
Research Institute Project); Series 1997
Limited Tax VRD RB (LOC-LaSalle Bank N.A.)
3.80%, 11/01/27(d)(e) A-1 -- 4,600 4,600,000
- -------------------------------------------------------------------------------------------
Series 2001 Limited Tax VRD RB (LOC-LaSalle
Bank N.A.)
3.80%, 12/01/21(d)(e) A-1 -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (YMCA of
Metropolitan Detroit Project); Series 2001,
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.79%, 05/01/31(d)(e) A-1+ -- 700 700,000
- -------------------------------------------------------------------------------------------
Northern Michigan University; Series 2006,
VRD General RB (INS-Ambac Assurance Corp.)
3.85%, 12/01/35(b)(c) -- VMIG-1 14,525 14,525,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MICHIGAN-(CONTINUED)
Oakland (County of) Economic Development
Corp. (Rochester College Project); Series
2001, VRD Limited Obligation RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 08/01/21(d)(e)(n) -- VMIG-1 $ 1,364 $ 1,364,000
- -------------------------------------------------------------------------------------------
Reset Option Ctfs. Trust II-R (Michigan
(State of) Building Authority); Series
2006-628, VRD RB (Acquired 09/06/06; Cost
$4,475,000)
3.78%, 10/15/36(e)(h)(i) -- VMIG-1 4,475 4,475,000
- -------------------------------------------------------------------------------------------
University of Michigan (Medical Service
Plan); Series 1998 A-1, VRD Refunding
Floating Rate RB 3.80%, 12/01/21(b) A-1+ VMIG-1 9,100 9,100,000
- -------------------------------------------------------------------------------------------
University of Michigan Hospital; Series 2005
A, VRD RB 3.80%, 12/01/35(b) A-1+ VMIG-1 7,850 7,850,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Detroit (City of) Water
Supply System); Series 2000 D, VRD RB
(Acquired 01/21/00; Cost $10,000,000)
3.78%, 07/01/29(e)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Michigan (State of)
Hospital Finance Authority); Series 1997 X,
VRD RB (Acquired 12/12/03; Cost
$15,000,000)
3.78%, 08/15/24(e)(h)(i) -- VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Michigan (State of) Trunk
Line); Series 2006 B-02, VRD RB (Acquired
06/30/06; Cost $6,500,000)
3.78%, 11/01/21(e)(h)(i) A-1+ -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
Washtenaw (County of) (Saline Area Schools);
Series 2004, Refunding Unlimited GO 4.00%,
05/01/07 AA Aa2 1,025 1,026,585
===========================================================================================
177,212,553
===========================================================================================
MINNESOTA-2.56%
Brooklyn (City of) (Brookdale Corp. II
Project); Series 2001, VRD Refunding RB
(LOC-U.S. Bank, N.A.)
3.90%, 12/01/14(b)(d) A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-15
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MINNESOTA-(CONTINUED)
JPMorgan PUTTERs (Minnesota (State of) Public
Facilities Authority); Series 2002-319, VRD
Drinking Water COP (Acquired 07/31/03; Cost
$13,905,000)
3.78%, 03/01/21(e)(h)(i) A-1 -- $13,905 $ 13,905,000
- -------------------------------------------------------------------------------------------
Minnesota (State of) Higher Education
Facilities Authority (University of St.
Thomas); Series 2004 Five-Z, VRD RB
(LOC-LaSalle Bank N.A.)
3.77%, 10/01/29(d)(e) -- VMIG-1 9,200 9,200,000
- -------------------------------------------------------------------------------------------
Minnesota (State of) Rural Water Finance
Authority (Public Projects Construction);
Series 2006, RN 4.75%, 09/01/07 -- MIG-1 4,000 4,037,212
- -------------------------------------------------------------------------------------------
Rochester (City of) Health Care Facilities
(Mayo Foundation); Series 2000 A Adjustable
Tender Commercial Paper Notes
3.60%, 10/05/06 A-1+ -- 30,000 30,000,000
- -------------------------------------------------------------------------------------------
Series 2001 A Adjustable Tender Commercial
Paper Notes
3.60%, 10/05/06 A-1+ VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Series 2001 B Adjustable Tender Commercial
Paper Notes
3.60%, 10/05/06 A-1+ VMIG-1 10,600 10,600,000
- -------------------------------------------------------------------------------------------
Roseville (City of) Private School Facilities
Authority (Northwestern College Project);
Series 2002, VRD RB (LOC-M&I Marshall &
Ilsley Bank)
3.90%, 11/01/22(b)(d) -- VMIG-1 1,555 1,555,000
- -------------------------------------------------------------------------------------------
St. Paul (City of) Housing & Redevelopment
Authority (Science Museum of Minnesota);
Series 1997 A, VRD RB (LOC-U.S. Bank, N.A.)
3.78%, 05/01/27(d)(e) -- VMIG-1 17,360 17,360,000
===========================================================================================
103,557,212
===========================================================================================
MISSISSIPPI-0.42%
ABN AMRO Munitops Ctfs. Trust (Mississippi
(State of) Development Board-Jackson Water
& Sewer); Series 2002-22, Multi-State
Non-AMT VRD Ctfs. (Acquired 09/10/03; Cost
$9,995,000)
3.78%, 09/01/10(e)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MISSISSIPPI-(CONTINUED)
Eagle Tax Exempt Trust (Mississippi (State
of)); Series 2002-6018 A, VRD Unlimited Tax
COP (Acquired 11/20/02; Cost $3,200,000)
3.79%, 11/01/22(e)(h)(i) A-1+ -- $ 3,200 $ 3,200,000
- -------------------------------------------------------------------------------------------
Mississippi (State of) Business Finance Corp.
(St. Andrew Episcopal Day Project); Series
2003, VRD RB (LOC-Allied Irish Banks PLC)
3.77%, 07/01/25(d)(e)(g) -- VMIG-1 3,675 3,675,000
===========================================================================================
16,870,000
===========================================================================================
MISSOURI-1.66%
Curators University of Missouri (Capital
Projects); Series 2006 FY, RN 4.50%,
06/29/07 SP-1+ MIG-1 10,000 10,057,141
- -------------------------------------------------------------------------------------------
Jackson (County of) Industrial Development
Authority Recreational Facilities (YMCA of
Greater Kansas City Project); Series 2002
A, VRD IDR (LOC-Bank of America, N.A.)
3.79%, 11/01/18(d)(e) -- VMIG-1 3,300 3,300,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Association of Municipal Utilities);
Series 2003, VRD RB (LOC-U.S. Bank, N.A.)
3.90%, 06/01/33(b)(d) -- VMIG-1 12,000 12,000,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Center of Creative Arts Project); Series
2004, Cultural Facilities VRD RB
(LOC-National City Bank of the Midwest)
3.79%, 07/01/24(d)(e) -- VMIG-1 1,750 1,750,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Nelson Gallery Foundation); Series 2001 B,
Cultural Facilities VRD RB (INS-MBIA
Insurance Corp.)
3.89%, 12/01/31(b)(c) A-1+ VMIG-1 7,550 7,550,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Utilities Lease Financing Program); Series
2006, Commercial Paper Notes (LOC-U.S. Bank
N.A.)
3.58%, 10/19/06(d) -- P-1 13,000 13,000,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (Bethesda Health
Group); Series 2006, VRD RB (LOC-U.S. Bank,
N.A.)
3.90%, 08/01/37(b)(d) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
</Table>
F-16
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MISSOURI-(CONTINUED)
Missouri (State of) Health & Educational
Facilities Authority (The Washington
University); Series 1985 B VRD RB 3.85%,
09/01/10(e) A-1+ VMIG-1 $ 900 $ 900,000
- -------------------------------------------------------------------------------------------
Series 1996 C VRD RB 3.85%, 09/01/30(b) A-1+ VMIG-1 1,300 1,300,000
- -------------------------------------------------------------------------------------------
Series 2000 C VRD RB 3.85%, 03/01/40(b) A-1+ VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Platte (County of) Industrial Development
Authority (Southern Platte County Athletic
Assoc. Inc.); Series 2005 A, Recreational
Facilities VRD IDR (LOC-Bank of America,
N.A.)
3.76%, 10/01/25(d)(e) -- VMIG-1 2,140 2,140,000
- -------------------------------------------------------------------------------------------
St. Louis (County of) Industrial Development
Authority (Westport Station Apartments);
Series 2006, Refunding Multi-Family Housing
VRD IDR (CEP-Federal National Mortgage
Association)
3.78%, 04/15/27(e) A-1+ -- 4,970 4,970,000
- -------------------------------------------------------------------------------------------
St. Louis (County of) Industrial Development
Authority (Whitfield School Inc.); Series
2004 B, Educational Facilities Refunding
VRD IDR (LOC-U.S. Bank, N.A.)
3.78%, 06/15/24(d)(e) A-1+ -- 2,185 2,185,000
===========================================================================================
67,147,141
===========================================================================================
MONTANA-0.03%
Montana (State of) Facility Finance Authority
(Mission Ridge Project); Series 2002, VRD
RB (LOC-LaSalle Bank N.A.)
3.77%, 08/01/27(d)(e)(l)(n) -- -- 1,114 1,114,000
===========================================================================================
NEBRASKA-3.19%
American Public Energy Agency Nebraska (State
of) Gas Supply (National Public Gas Agency
Project); Series 2003 A, VRD RB 3.75%,
02/01/14(e)(g) A-1+ VMIG-1 19,329 19,329,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NEBRASKA-(CONTINUED)
Nebhelp Inc.; Series 1985 A Multi-Mode VRD RB
(INS-MBIA Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 $32,475 $ 32,475,000
- -------------------------------------------------------------------------------------------
Series 1985 B Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 3,590 3,590,000
- -------------------------------------------------------------------------------------------
Series 1985 C Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Series 1985 D Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 5,865 5,865,000
- -------------------------------------------------------------------------------------------
Series 1985 E Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 28,635 28,635,000
- -------------------------------------------------------------------------------------------
Nebraska (State of) Educational Finance
Authority (Concordia University Project);
Series 2005, VRD RB (LOC-Fifth Third Bank)
3.94%, 12/15/35(b)(d) A-1+ -- 4,050 4,050,000
- -------------------------------------------------------------------------------------------
Nebraska (State of) Educational Finance
Authority (Creighton University Project);
Series 2003 VRD RB (INS-Ambac Assurance
Corp.)
3.85%, 03/01/33(b)(c) -- VMIG-1 13,625 13,625,000
- -------------------------------------------------------------------------------------------
Series 2005 C VRD RB (INS-Financial
Guaranty Insurance Co.)
3.85%, 07/01/35(b)(c) -- VMIG-1 1,900 1,900,000
===========================================================================================
129,469,000
===========================================================================================
NEVADA-0.32%
ABN AMRO Munitops Ctfs. Trust (Henderson
(City of)) Series 2004-43, Multi-State
Non-AMT VRD GO Ctfs. (Acquired 03/28/06;
Cost $6,500,000)
3.79%, 12/01/12(e)(h)(i) -- VMIG-1 6,500 6,500,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Washoe (County
of)); Series 2001-24, Refunding VRD Limited
Tax Single Asset Trust Ctfs. (Acquired
06/21/01; Cost $6,500,000)
3.79%, 07/01/09(e)(h)(i) -- VMIG-1 6,500 6,500,000
===========================================================================================
13,000,000
===========================================================================================
</Table>
F-17
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NEW HAMPSHIRE-0.52%
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(New Hampshire (State of) Higher
Educational & Health Facilities Authority);
Series 2003-772 Refunding VRD RB (Acquired
01/22/03; Cost $5,186,500)
3.78%, 01/01/17(e)(h)(i) A-1 -- $ 5,187 $ 5,186,500
- -------------------------------------------------------------------------------------------
Series 2003-866 Refunding VRD RB (Acquired
10/23/03; Cost $7,185,000)
3.78%, 08/15/21(e)(h)(i) A-1 -- 7,185 7,185,000
- -------------------------------------------------------------------------------------------
New Hampshire (State of) Health & Education
Facilities Authority (Antioch University
Issue); Series 2004, Refunding Educational
Facilities VRD RB (LOC-National City Bank)
3.77%, 12/01/24(d)(e) A-1 -- 4,175 4,175,000
- -------------------------------------------------------------------------------------------
New Hampshire (State of) Health & Educational
Facilities Authority (Southern New
Hampshire Medical Center); Series 2001-866,
VRD RB (LOC-Bank of America, N.A.)
3.80%, 10/01/30(d)(e) -- VMIG-1 4,600 4,600,000
===========================================================================================
21,146,500
===========================================================================================
NEW JERSEY-0.31%
JPMorgan PUTTERs (New Jersey (State of)
Transportation Trust Fund Authority);
Series 2006-1403, VRD RB (Acquired
07/19/06; Cost $1,500,000)
3.78%, 06/15/15(e)(h)(i) A-1+ -- 1,500 1,500,000
- -------------------------------------------------------------------------------------------
Middlesex (County of); Series 2005, Unlimited
BAN GO 4.50%, 12/26/06 SP-1+ MIG-1 10,835 10,857,014
===========================================================================================
12,357,014
===========================================================================================
NEW MEXICO-1.19%
Bernalillo (County of); Series 2006,
Unlimited Tax TRAN GO 4.50%, 06/29/07 -- MIG-1 34,000 34,186,716
- -------------------------------------------------------------------------------------------
New Mexico (State of) Finance Authority
(University of New Mexico Health Sciences
Center Project); Series 2004 B, VRD
Cigarette Tax RB (INS-MBIA Insurance Corp.)
3.80%, 04/01/19(c)(e) A-1+ VMIG-1 4,485 4,485,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NEW MEXICO-(CONTINUED)
New Mexico (State of) Financing Authority
(Public Project Revolving Fund); Series
2006 D, Sr. Lien RB (INS-Ambac Assurance
Corp.)
4.50%, 06/01/07(c) AAA Aaa $ 3,755 $ 3,773,850
- -------------------------------------------------------------------------------------------
New Mexico (State of) Highway Commission;
Series 2001 A, Sr. Sub. Lien RB 5.00%,
06/15/07 AAA Aa2 3,750 3,782,894
- -------------------------------------------------------------------------------------------
New Mexico (State of) Hospital Equipment Loan
Council (Dialysis Clinic, Inc. Project);
Series 2000, VRD RB (LOC-SunTrust Bank)
3.81%, 07/01/25(d)(e) -- VMIG-1 2,000 2,000,000
===========================================================================================
48,228,460
===========================================================================================
NEW YORK-1.26%
ABN AMRO Munitops Ctfs. Trust (Triborough
Bridge & Tunnel Authority); Series 2002-31,
Non-AMT VRD Ctfs. (Acquired 03/24/04; Cost
16,000,000)
3.77%, 11/15/10(e)(h)(i) -- VMIG-1 16,000 16,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (New York (State of)
Thruway Authority); Series 2006-0111 A, VRD
RB (Acquired 05/03/06; Cost $12,000,000)
3.78%, 01/01/32(e)(h)(i) A-1+ -- 12,000 12,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (New York (City of)); Series
2006-1318, Unlimited Tax VRD GO (Acquired
05/03/06; Cost $1,500,000)
3.78%, 06/01/13(e)(h)(i) A-1+ -- 1,500 1,500,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (New York (State of) Thruway
Authority (Second General Highway & Bridge
Trust Fund); Series 2006-1413, VRD RB
(Acquired 07/26/06; Cost $3,495,000)
3.78%, 04/01/14(e)(h)(i) A-1+ -- 3,495 3,495,000
- -------------------------------------------------------------------------------------------
New York (City of); Series 2005 E-3,
Unlimited Tax GO (LOC-Bank of America,
N.A.)
3.72%, 08/01/34(d)(e) A-1+ VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
New York (State of); Series 2000 B, VRD
Unlimited GO (LOC-Dexia Bank)
3.60%, 03/15/30(d)(g)(j) A-1+ VMIG-1 12,000 12,000,000
===========================================================================================
51,195,000
===========================================================================================
</Table>
F-18
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NORTH CAROLINA-3.88%
Charlotte (City of); Series 2006 Commercial
Paper BAN GO 3.32%, 10/05/06 A-1+ -- $10,200 $ 10,200,000
- -------------------------------------------------------------------------------------------
3.63%, 12/18/06 A-1+ -- 7,600 7,600,000
- -------------------------------------------------------------------------------------------
3.53%, 02/01/07 A-1+ -- 3,900 3,900,000
- -------------------------------------------------------------------------------------------
3.56%, 02/01/07 A-1+ -- 8,300 8,300,000
- -------------------------------------------------------------------------------------------
3.59%, 02/01/07 A-1+ -- 4,800 4,800,000
- -------------------------------------------------------------------------------------------
3.65%, 02/01/07 A-1+ -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
3.68%, 02/01/07 A-1+ -- 4,700 4,700,000
- -------------------------------------------------------------------------------------------
3.70%, 02/01/07 A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Industrial Facilities &
Pollution Control Financing Authority (YWCA
Winston); Series 2005, Recreational VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 12/01/30(d)(e) -- VMIG-1 2,750 2,750,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Barton College); Series
2004, Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 07/01/19(d)(e) -- VMIG-1 5,165 5,165,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Canterbury School Project);
Series 2002, Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 08/01/22(d)(e) -- VMIG-1 1,440 1,440,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Forsyth Country Day
School); Series 2005, Educational
Facilities VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 12/01/31(d)(e) -- VMIG-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Guilford College); Series
2005 B, Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 09/01/35(d)(e) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NORTH CAROLINA-(CONTINUED)
North Carolina (State of) Capital Facilities
Finance Agency (Salem Academy & College
Project); Series 2005, Educational
Facilities VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 08/01/30(d)(e) -- VMIG-1 $ 2,260 $ 2,260,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Carolina Meadows Inc. Project);
Series 2004, Health Care Facilities VRD
(LOC-Allied Irish Banks PLC)
3.77%, 12/01/34(d)(e)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Lexington Memorial Hospital
Project); Series 1997, VRD RB LOC-Wachovia
Bank, N.A.)
3.80%, 04/01/10(b)(d) -- VMIG-1 2,170 2,170,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Moses Cone Health System);
Series 2001 B, VRD RB 3.70%, 10/01/35(e) A-1+ -- 22,200 22,200,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Person Memorial Hospital);
Series 2005, Health Care Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 01/01/35(d)(e) -- VMIG-1 2,500 2,500,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Pooled Equipment Financing
Project); Series 1985, Hospital VRD ACES
(INS-MBIA Insurance Corp.)
3.78%, 12/01/25(c)(e) A-1 VMIG-1 8,500 8,500,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Southeastern Regional Medical
Center); Series 2005, Hospital VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 06/01/37(d)(e) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Westcare Health System); Series
2002 A, Hospital VRD RB (LOC-Branch Banking
& Trust Co.)
3.78%, 09/01/22(d)(e) -- VMIG-1 9,360 9,360,000
- -------------------------------------------------------------------------------------------
</Table>
F-19
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NORTH CAROLINA-(CONTINUED)
North Carolina (State of) Medical Care
Commission Retirement Facilities (First
Mortgage United Methodist); Series 2005 B
VRD RB (LOC-Branch Banking & Trust Co.)
3.78%, 10/01/08(d)(e) -- VMIG-1 $ 1,300 $ 1,300,000
- -------------------------------------------------------------------------------------------
3.78%, 10/01/35(d)(e) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission; Series 2004 C, Health Care
Facilities Refunding 1st Mortgage VRD RB
(LOC-SunTrust Bank)
3.78%, 11/01/27(d)(e) -- VMIG-1 4,765 4,765,000
- -------------------------------------------------------------------------------------------
Union (County of); Series 2006, Commercial
Paper BAN 3.54%, 12/27/06 A-1+ P-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
University of North Carolina at Chapel Hill
(Board of Governers); Series 2006 B,
Commercial Paper Notes
3.55%, 10/19/06 A-1+ P-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Wake (County of); Series 2006 Commercial
Paper BAN 3.58%, 02/05/07 A-1+ P-1 14,220 14,220,000
- -------------------------------------------------------------------------------------------
3.70%, 04/16/07 A-1+ P-1 9,750 9,750,000
- -------------------------------------------------------------------------------------------
Winston-Salem (City of); Series 2006 C, VRD
COP 3.73%, 08/01/11(e) A-1+ VMIG-1 3,500 3,500,000
===========================================================================================
157,380,000
===========================================================================================
OHIO-1.51%
ABN AMRO Munitops Ctfs. Trust (Olentangy
Local School District); Series 2006-04,
Multi-State Non-AMT VRD GO Ctfs. (Acquired
02/16/06; Cost $2,865,000)
3.78%, 06/01/14(e)(h)(i) -- VMIG-1 2,865 2,865,000
- -------------------------------------------------------------------------------------------
Cambridge (City of) Hospital Facilities
(Regional Medical Center Project); Series
2001, Refunding & Improvement VRD RB
(LOC-National City Bank)
3.76%, 12/01/21(d)(e) -- VMIG-1 9,990 9,990,000
- -------------------------------------------------------------------------------------------
Centerville (City of) (Bethany Lutheran
Village Project); Series 1994, Health Care
VRD RB (LOC-National City Bank)
3.78%, 11/01/13(d)(e) -- VMIG-1 2,835 2,835,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OHIO-(CONTINUED)
Cincinnati & Hamilton (County of) Economic
Development Port Authority (Kenwood Office
Association Project); Series 1985, VRD RB
(LOC-Fifth Third Bank)
3.94%, 09/01/25(b)(d) A-1+ -- $ 1,600 $ 1,600,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
Economic Development (Carnegie/96th
Research Building Project); Series 2003,
VRD RB (LOC-Fifth Third Bank)
3.80%, 01/01/33(d)(e) A-1+ VMIG-1 6,800 6,800,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
Economic Development (Euclid/93rd Garage
Office); Series 2003, VRD RB (LOC-Fifth
Third Bank)
3.80%, 01/01/34(d)(e) A-1+ VMIG-1 4,815 4,815,000
- -------------------------------------------------------------------------------------------
Columbus (City of) Sewer System; Series 1994,
Refunding VRD RB 3.74%, 06/01/11(e) A-1+ VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Health Care Facilities
(First Community Village); Series 2005,
Refunding & Improvement VRD RB (LOC-KBC
Bank N.V.)
3.77%, 03/01/36(d)(e)(g) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Mahoning (County of) Hospital Facilities
(Forum Health Obligation Group); Series
2002 B, VRD RB (LOC-Fifth Third Bank)
3.77%, 12/01/27(d)(e) -- VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Marion (County of) (Pooled Lease Program);
Series 1990, Hospital Improvement VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.77%, 08/01/20(d)(e) A-1+ -- 1,080 1,080,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) (St. Vincent DePaul
Society); Series 1996, Limited Obligation
VRD RB (LOC-National City Bank)
3.77%, 12/01/10(d)(e) A-1 -- 1,205 1,205,000
- -------------------------------------------------------------------------------------------
Ohio (State of) Water Development Authority
(Timken Co. (The) Project); Series 1993,
Refunding VRD RB (LOC-Wachovia Bank, N.A.)
3.80%, 05/01/07(d)(e) A-1+ P-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
</Table>
F-20
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
OHIO-(CONTINUED)
University of Toledo; Series 2002, General
Receipts VRD RB (INS-Financial Guaranty
Insurance Co.)
3.85%, 06/01/32(b)(c) A-1+ VMIG-1 $15,000 $ 15,000,000
===========================================================================================
61,090,000
===========================================================================================
OKLAHOMA-1.39%
Oklahoma (County of) Finance Authority
(Oxford Oaks Apartments Projects); Series
2000, Refunding Multi-Family Housing VRD RB
(CEP-Federal National Mortgage Association)
3.77%, 07/15/30(e)(n) A-1+ -- 13,844 13,844,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Development Finance
Authority (Capitol Dome Project); Series
2001, VRD RB (LOC-Bank of America, N.A.)
3.84%, 06/01/11(d)(e) A-1+ -- 2,320 2,320,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Water Resources Board;
Series 1995 State Loan Program VRD RB
3.60%, 09/01/24(m) A-1+ -- 4,295 4,295,000
- -------------------------------------------------------------------------------------------
Series 1997 State Loan Project VRD RB
3.60%, 09/01/26(m) A-1+ -- 5,650 5,650,000
- -------------------------------------------------------------------------------------------
Series 2001 State Loan Program VRD RB
3.50%, 10/01/34(m) A-1+ -- 4,560 4,560,000
- -------------------------------------------------------------------------------------------
Series 2003 A State Loan Program VRD RB
3.50%, 10/01/36(m) A-1+ -- 3,350 3,350,000
- -------------------------------------------------------------------------------------------
Tulsa (City of) Industrial Authority (YMCA of
Greater Tulsa Project); Series 1999, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 05/01/19(d)(e)(l) -- -- 1,040 1,040,000
- -------------------------------------------------------------------------------------------
Tulsa (County of) Industrial Authority
(Capital Improvements); Series 2003 A VRD
RB 3.70%, 05/15/17(m) A-1+ -- 18,000 18,000,000
- -------------------------------------------------------------------------------------------
Series 2006 D RB (INS-Financial Securities
Assurance Inc.)
4.25%, 07/01/07(c) AAA -- 3,050 3,065,402
===========================================================================================
56,124,402
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OREGON-0.23%
JPMorgan PUTTERs (Portland (City of)); Series
2004-614, Sewer System VRD RB (Acquired
12/02/04; Cost $1,595,000)
3.78%, 10/01/12(e)(h)(i) -- VMIG-1 $ 1,595 $ 1,595,000
- -------------------------------------------------------------------------------------------
Portland (City of) (South Park Block
Project); Series 1988, Multi-Family Housing
VRD RB (LOC-Harris N.A.)
3.80%, 12/01/11(d)(e) A-1+ -- 7,850 7,850,000
===========================================================================================
9,445,000
===========================================================================================
PENNSYLVANIA-3.96%
ABN AMRO Munitops Ctfs. Trust (Pennsylvania
(State of) Public School Building
Authority); Series 2001-30 Non-AMT VRD
Ctfs. (Acquired 10/31/02; Cost $5,000,000)
3.78%, 09/01/09(e)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Series 2003-24 Non-AMT VRD Ctfs. (Acquired
03/08/04; Cost $16,500,000) 3.78%,
06/01/11(e)(h)(i) -- VMIG-1 16,500 16,500,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Reading (City
of) School District); Series 2003-20, Non-
AMT VRD Ctfs. (Acquired 03/02/05; Cost
$4,225,000)
3.78%, 07/15/11(e)(h)(i)(l) -- -- 4,225 4,225,000
- -------------------------------------------------------------------------------------------
Allegheny (County of) Hospital Development
Authority (Presbyterian Health Center);
Series 1990 A VRD RB (INS-MBIA Insurance
Corp.)
3.80%, 03/01/20(c)(e) A-1+ VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Series 1990 B VRD RB (INS-MBIA Insurance
Corp.)
3.80%, 03/01/20(c)(e) A-1+ VMIG-1 1,250 1,250,000
- -------------------------------------------------------------------------------------------
Series 1990 D VRD RB (INS-MBIA Insurance
Corp.)
3.80%, 03/01/20(c)(e) A-1+ VMIG-1 1,425 1,425,000
- -------------------------------------------------------------------------------------------
</Table>
F-21
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Allegheny (County of) Hospital Development
Authority (Presbyterian University
Hospital); Series 1988 B-2 Hospital
Development VRD ACES (LOC-JPMorgan Chase
Bank, N.A.)
3.80%, 03/01/18(d)(e) -- VMIG-1 $ 1,115 $ 1,115,000
- -------------------------------------------------------------------------------------------
Series 1988 B-3 Hospital Development VRD
ACES (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 03/01/18(d)(e) -- VMIG-1 3,465 3,465,000
- -------------------------------------------------------------------------------------------
Butler (County of) General Authority (Mars
Area School District Refunding Project);
Series 2006, VRD RB (INS-Financial Security
Assurance Inc.)
3.75%, 09/01/19(c)(e) AAA Aaa 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Cumberland (County of) Municipal Authority
(Wesley Affiliated Services); Series 2005,
Refunding VRD RB (LOC-KBC Bank N.V.)
3.77%, 01/01/38(d)(e)(g) A-1+ -- 16,000 16,000,000
- -------------------------------------------------------------------------------------------
Delaware (County of) Authority (White Horse
Village Project); Series 2006 B VRD RB
(LOC-Citizens Bank of Pennsylvania)
3.86%, 07/01/30(b)(d) -- VMIG-1 1,215 1,215,000
- -------------------------------------------------------------------------------------------
3.86%, 07/01/36(b)(d) -- VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Delaware Valley
Regional Financial Authority Local
Government); Series 2004-0026 Class A, VRD
RB (Acquired 08/01/06; Cost $5,490,000)
3.79%, 08/01/28(e)(h)(i) A-1+ -- 5,490 5,490,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Delaware Valley
Regional Financial Authority); Series
2001-3801 Class A, VRD COP (Acquired
06/04/01; Cost $8,900,000)
3.79%, 08/01/28(e)(h)(i) A-1+ -- 8,900 8,900,000
- -------------------------------------------------------------------------------------------
Emmaus (City of) General Authority; Series
2000 A, Pennsylvania Loan Program VRD RB
(INS-Financial Security Assurance Inc.)
3.76%, 03/01/30(c)(e) A-1+ -- 9,150 9,150,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
PENNSYLVANIA-(CONTINUED)
Franklin (County of) Industrial Development
Authority (Chambersburg Hospital Obligated
Group Projects); Series 2000, Health Care
VRD IDR (INS-Ambac Assurance Corp.)
3.79%, 12/01/24(c)(e) A-1+ -- $ 3,000 $ 3,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Pittsburgh (City of));
Series 2006-1367T, Unlimited Tax VRD GO
(Acquired 06/07/06; Cost $6,195,000)
3.78%, 03/01/14(e)(h)(i) -- VMIG-1 6,195 6,195,000
- -------------------------------------------------------------------------------------------
Lackawanna (County of); Series 2004 B,
Unlimited Tax GO (INS-Financial Security
Assurance Inc.)
3.78%, 10/15/29(c)(e) A-1+ -- 13,135 13,135,000
- -------------------------------------------------------------------------------------------
Luzerne (County of) Industrial Development
Authority (Methodist Homes); Series 2003,
VRD IDR (LOC-Bank of New York)
3.80%, 02/01/29(d)(e) A-1+ -- 3,100 3,100,000
- -------------------------------------------------------------------------------------------
Pennsylvania (State of) Economic Development
Financing Authority (Hospital Enhancement
Loan Program); Series 2006 A3, Treasury
Department Hospital VRD RB (LOC-National
City Bank of Pennsylvania)
3.76%, 06/01/21(d)(e) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Pennsylvania (State of) Higher Educational
Facilities Authority (Washington &
Jefferson Development); Series 2005 A, VRD
RB (LOC-UniCredito Italiano S.p.A.)
3.77%, 11/01/36(d)(e)(g) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Gas Works; Series 2004
A-2, Fifth VRD RB (LOC-Bank of Nova Scotia,
JPMorgan Chase Bank, N.A.)
3.80%, 09/01/34(d)(e)(g) A-1+ VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Hospitals & Higher
Education Facilities Authority (Temple
University); Series 2005 A, Hospital VRD RB
(LOC-Wachovia Bank, N.A.)
3.78%, 07/01/27(d)(e) A-1+ VMIG-1 9,300 9,300,000
- -------------------------------------------------------------------------------------------
</Table>
F-22
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Philadelphia (City of) Industrial Development
Authority (Pennsylvania School for the
Deaf); Series 2002, VRD IDR (LOC-Citizens
Bank of Pennsylvania)
3.79%, 11/01/32(d)(e) -- VMIG-1 $ 2,895 $ 2,895,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) School District;
Series 2006 A, School Unlimited Tax TRAN GO
(LOC-Bank of America, N.A.)
4.50%, 06/29/07(d) SP-1+ MIG-1 9,000 9,046,156
- -------------------------------------------------------------------------------------------
Pottstown (Borough of) Authority (The Hill
School Project); Series 2002, Educational
Facilities VRD RB (LOC-Allied Irish Banks
PLC)
3.78%, 08/01/32(d)(e)(g) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
Washington (County of) Authority (Girard
Estate Project); Series 1999, Refunding RB
(LOC-JPMorgan Chase Bank, N.A.) (Acquired
08/29/06; Cost $1,920,000)
3.78%, 06/01/27(d)(e)(h) A-1+ -- 1,920 1,920,000
===========================================================================================
160,626,156
===========================================================================================
RHODE ISLAND-0.07%
Rhode Island (State of) Health & Educational
Building Corp. (Paul Cuffee School); Series
2002, Educational Institution VRD RB
(LOC-Citizens Bank of Rhode Island)
3.76%, 08/01/32(d)(e) A-1+ -- 2,845 2,845,000
===========================================================================================
SOUTH CAROLINA-2.70%
Charleston (County of) School District
Development Corp.; Series 2006, Unlimited
GO Notes
4.00%, 03/01/07 AA Aa1 20,325 20,366,376
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (South Carolina (State
of) Public Service Authority); Series
2000-4001 A VRD COP (Acquired 09/08/00;
Cost $10,100,000) 3.79%, 01/01/22(e)(h)(i) A-1+ -- 10,100 10,100,000
- -------------------------------------------------------------------------------------------
Series 2004-0017 Class A VRD RB (Acquired
08/01/06; Cost $5,000,000)
3.79%, 01/01/39(e)(h)(i) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
SOUTH CAROLINA-(CONTINUED)
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(South Carolina (State of) Transportation
Infrastructure Bank); Series 2002-728,
Floating Rate Trust Ctfs. VRD RB (Acquired
11/13/02; Cost $7,185,000)
3.78%, 10/01/22(e)(h)(i) -- VMIG-1 $ 7,185 $ 7,185,000
- -------------------------------------------------------------------------------------------
Piedmont Municipal Power Agency; Series 2004
B-1 Refunding VRD RB (INS-MBIA Insurance
Corp.)
3.73%, 01/01/34(c)(e) A-1+ VMIG-1 8,360 8,360,000
- -------------------------------------------------------------------------------------------
Series 2004 B-3
Refunding VRD RB (INS-Ambac Assurance
Corp.)
3.73%, 01/01/34(c)(e) A-1+ VMIG-1 2,210 2,210,000
- -------------------------------------------------------------------------------------------
Series 2004 B-6 Refunding VRD RB (INS-MBIA
Insurance Corp.)
3.73%, 01/01/31(c)(e) A-1+ VMIG-1 25,255 25,255,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Morris College Project);
Series 1997, VRD RB (LOC-Bank of America,
N.A.) (Acquired 07/30/02; Cost $1,900,000)
3.79%, 07/01/17(d)(e)(h) A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Newberry College Project);
Series 2005, VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 09/01/35(d)(e) -- VMIG-1 1,250 1,250,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Carolina Piedmont
Foundation Project); Series 2002, VRD RB
(LOC-Bank of America, N.A.)
3.79%, 09/01/32(d)(e)(l) -- -- 3,800 3,800,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Catholic Diocese of
South Carolina Project); Series 1998, VRD
RB (LOC-Bank of America, N.A.) (Acquired
07/23/02; Cost $2,620,000)
3.79%, 09/01/18(d)(e)(h) A-1+ -- 2,620 2,620,000
- -------------------------------------------------------------------------------------------
</Table>
F-23
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
SOUTH CAROLINA-(CONTINUED)
South Carolina (State of) Jobs-Economic
Development Authority (Goodwill Industrials
Upper South Carolina); Series 2006, VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 09/01/28(d)(e) -- VMIG-1 $ 2,200 $ 2,200,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (MUFC Central Energy
Plant); Series 2004, VRD RB (LOC-Bank of
America, N.A.)
3.74%, 08/15/32(d)(e)(l) -- -- 14,800 14,800,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Presbyterian Home of
South Carolina Project); Series 2003 A, VRD
RB (LOC-Wachovia Bank, N.A.)
3.80%, 04/01/20(d)(e) A-1+ -- 4,360 4,360,000
===========================================================================================
109,406,376
===========================================================================================
SOUTH DAKOTA-0.33%
South Dakota (State of) Health & Educational
Facilities Authority (Rapid City Regional
Hospital); Series 2003, Hospital VRD RB
(INS-MBIA Insurance Corp.)
3.85%, 09/01/27(b)(c) -- VMIG-1 13,200 13,200,000
===========================================================================================
TENNESSEE-2.82%
Blount (County of) Public Building Authority
(Local Government Public Improvement);
Series 2001 A-2-E VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 06/01/35(b)(c) -- VMIG-1 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Series 2005 A-7-B
VRD RB (INS-Ambac Assurance Corp.)
3.76%, 06/01/24(c)(e) -- VMIG-1 3,045 3,045,000
- -------------------------------------------------------------------------------------------
Series 2005 D-5-A VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/36(b)(c) -- VMIG-1 3,175 3,175,000
- -------------------------------------------------------------------------------------------
Series 2005 D-5-F VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/36(b)(c) -- VMIG-1 1,125 1,125,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TENNESSEE-(CONTINUED)
Dayton (City of) Industrial Development Board
(Bryan College Dorm Project); Series 2001,
VRD IDR (LOC-Regions Bank)
3.76%, 07/01/36(d)(e) -- VMIG-1 $ 7,000 $ 7,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Chattanooga (City
of)); Series 2000-4202 A, VRD COP (Acquired
10/10/00; Cost $14,040,000)
3.79%, 10/01/27(e)(h)(i) A-1+ -- 14,040 14,040,000
- -------------------------------------------------------------------------------------------
Greeneville (City of) Industrial Development
Board (Pet Inc. Project); Series 1993, VRD
Refunding IDR (LOC-BNP Paribas)
3.78%, 05/01/13(d)(e)(g) -- Aa2 1,510 1,510,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Memphis (City of)); Series
2006 1350, Electrical System VRD RB
(Acquired 05/24/06; Cost $4,800,000)
3.78%, 12/01/11(e)(h)(i) A-1+ -- 4,800 4,800,000
- -------------------------------------------------------------------------------------------
Metropolitan Government of Nashville &
Davidson (County of) Health & Educational
Facilities Bond (Adventist Health Systems);
Series 1997 A, VRD RB (LOC-SunTrust Bank)
3.75%, 11/15/27(d)(e) A-1+ VMIG-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Public Building
Authority (Tennessee County Loan Pooled
Financing); Series 2002, VRD RB (LOC-Bank
of America, N.A.)
3.85%, 04/01/32(b)(d) -- VMIG-1 7,100 7,100,000
- -------------------------------------------------------------------------------------------
Morristown (City of) Health Educational &
Housing Facilities Board (All Saints
Episcopal School); Series 2001, VRD RB
(LOC-SunTrust Bank)
3.80%, 08/01/16(d)(e) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Oak Ridge (City of) Industrial Development
Board (Oak Ridge Associated Universities,
Inc.); Series 2002, VRD RB (LOC-Allied
Irish Banks PLC)
3.77%, 09/01/32(d)(e)(g) -- VMIG-1 4,200 4,200,000
- -------------------------------------------------------------------------------------------
</Table>
F-24
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TENNESSEE-(CONTINUED)
Sevier (County of) Public Building Authority
(Local Government Public Improvement);
Series 1995 A VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/15(c)(e)(n) -- VMIG-1 $ 500 $ 500,000
- -------------------------------------------------------------------------------------------
Series 1996 F-2 VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/11(c)(e) -- VMIG-1 3,715 3,715,000
- -------------------------------------------------------------------------------------------
Series 1996 G-1 VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/16(c)(e) -- VMIG-1 4,480 4,480,000
- -------------------------------------------------------------------------------------------
Series 1997 A-1 VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/22(c)(e) -- VMIG-1 5,900 5,900,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-3 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/10(c)(e) -- VMIG-1 1,085 1,085,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-5 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/17(c)(e) -- VMIG-1 1,170 1,170,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-1 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/17(c)(e) -- VMIG-1 880 880,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-2 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/17(c)(e) -- VMIG-1 995 995,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-4 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/09(c)(e) -- VMIG-1 315 315,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-5 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/27(c)(e) -- VMIG-1 2,155 2,155,000
- -------------------------------------------------------------------------------------------
Series 1999 II A-1 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/24(c)(e) -- VMIG-1 6,300 6,300,000
- -------------------------------------------------------------------------------------------
Series 2004 IV-C-3 VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 06/01/31(b)(c) -- VMIG-1 4,075 4,075,000
- -------------------------------------------------------------------------------------------
Series 2005 V1-G-1 VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/25(b)(c) -- VMIG-1 6,400 6,400,000
- -------------------------------------------------------------------------------------------
Series 2005 VI-F-4 VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/24(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TENNESSEE-(CONTINUED)
Shelby (County of) Health, Educational &
Housing Facilities Board (Memphis College
Art Project); Series 2003, VRD RB
(LOC-Regions Bank)
3.77%, 08/01/23(d)(e) -- VMIG-1 $ 3,885 $ 3,885,000
- -------------------------------------------------------------------------------------------
Shelby (County of) Health, Educational &
Housing Facilities Board (Memphis
University School Project); Series 2006,
VRD RB (LOC-SunTrust Bank)
3.76%, 07/01/26(d)(e) -- VMIG-1 4,590 4,590,000
- -------------------------------------------------------------------------------------------
Shelby (County of) Health, Educational &
Housing Facilities Board (Southern College
of Optometry Project); Series 2001, VRD RB
(LOC-Allied Irish Banks PLC)
3.77%, 06/01/26(d)(e)(g) -- VMIG-1 4,900 4,900,000
- -------------------------------------------------------------------------------------------
Williamson (County of) Industrial Development
Board (Currey Ingram Academy); Series 2003,
Educational Facilities VRD RB (LOC-SunTrust
Bank)
3.85%, 04/01/23(d)(e) -- VMIG-1 2,300 2,300,000
===========================================================================================
114,140,000
===========================================================================================
TEXAS-14.24%
ABN AMRO Munitops Ctfs. Trust (Duncanville
(City of) Independent School District);
Series 2006-22, Unlimited Asset 14 Non-AMT
VRD GO (Acquired 05/22/06; Cost
$10,000,000)
3.79%, 02/15/14(e)(h)(i)(l) -- -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Edinburg (City
of) Independent School District); Series
2005-47, Unlimited Single Non-AMT VRD GO
(Acquired 04/27/06; Cost $5,470,000)
3.79%, 02/15/13(e)(h)(i)(l) -- -- 5,470 5,470,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Leander (City
of) Independent School District); Series
2002-16, Unlimited Multi-State Non-AMT VRD
Ctfs. (Acquired 08/20/03; Cost $5,395,000)
3.79%, 08/15/10(e)(h)(i) -- VMIG-1 5,395 5,395,000
- -------------------------------------------------------------------------------------------
</Table>
F-25
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (North East
Independent School District); Series
2000-13, Multi-State Non-AMT VRD RB
(Acquired 11/17/05; Cost $8,500,000)
3.77%, 02/06/08(e)(h)(i) -- VMIG-1 $ 8,500 $ 8,500,000
- -------------------------------------------------------------------------------------------
Aldine (City of) Independent School District;
Series 2003, Unlimited Tax School Building
VRD GO (CEP-Texas Permanent School Fund)
3.72%, 06/15/28(k) A-1+ VMIG-1 3,650 3,650,000
- -------------------------------------------------------------------------------------------
Arlington (City of) (Dallas Cowboys); Series
2005 B, Special Obligation VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 08/15/35(c)(e) A-1+ VMIG-1 15,465 15,465,000
- -------------------------------------------------------------------------------------------
Austin (City of) Utility Systems; Series
1998, Refunding Combined RB (INS-Ambac
Assurance Corp.)
6.50%, 11/15/06(c) AAA Aaa 6,000 6,020,952
- -------------------------------------------------------------------------------------------
Bexar (County of) Health Facilities
Development Corp. (Warm Springs
Rehabilitation Foundation Project); Series
1997, Health Care System VRD RB
(LOC-JPMorgan Chase Bank, N.A)
3.83%, 09/01/27(d)(e) -- VMIG-1 735 735,000
- -------------------------------------------------------------------------------------------
Bowie (County of) Industrial Development
Corp. (Texarkana Newspapers Inc.); Series
1985, VRD IDR (LOC-Bank of New York)
3.86%, 11/01/25(b)(d) A-1+ -- 2,800 2,800,000
- -------------------------------------------------------------------------------------------
Brownsville (City of) Utility System; Series
2003 A, Refunding Sub Lien VRD RB (INS-MBIA
Insurance Corp.)
3.73%, 09/01/27(c)(e) A-1+ VMIG-1 12,855 12,855,000
- -------------------------------------------------------------------------------------------
Crawford (City of) Education Facilities Corp.
Package (University Parking System
Project); Series 2004 A, Refunding VRD RB
(LOC-BNP Paribas)
3.83%, 05/01/35(d)(e)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Cypress-Fairbanks (City of) Independent
School District; Series 2006, Unlimited Tax
TAN GO 4.50%, 06/14/07 SP-1+ VMIG-1 17,500 17,580,143
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Denton (County of) Upper Trinity Regulation
Water District; Series 2006 A Commercial
Paper RB (LOC-Bank of America, N.A.)
3.60%, 11/16/06(d) A-1+ P-1 $ 2,500 $ 2,500,000
- -------------------------------------------------------------------------------------------
3.65%, 11/16/06(d) A-1+ P-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
3.68%, 11/16/06(d) A-1+ P-1 2,250 2,250,000
- -------------------------------------------------------------------------------------------
3.68%, 11/16/06(d) A-1+ P-1 3,750 3,750,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Dallas (City of)
Waterworks & Sewer System); Series
2006-0109 A, VRD RB (Acquired 05/10/06;
Cost $22,295,000)
3.79%, 10/01/35(e)(h)(i) A-1+ -- 22,295 22,295,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Harris (County of)
Toll Road); Series 2002-6012 A, VRD COP
(Acquired 11/20/02; Cost $1,580,000)
3.79%, 08/15/30(e)(h)(i) A-1+ -- 1,580 1,580,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Houston (City of)
Airport); Series 2000-4307, VRD COP
(Acquired 11/15/00; Cost $15,750,000)
3.79%, 07/01/28(e)(h)(i) A-1+ -- 15,750 15,750,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Houston (City of)
Water & Sewer); Series 1997-4305 A VRD COP
(Acquired 04/27/99; Cost $14,005,000)
3.79%, 12/01/27(e)(h)(i) A-1+ -- 14,005 14,005,000
- -------------------------------------------------------------------------------------------
Series 2002-6019 A VRD COP (Acquired
11/13/02; Cost $8,910,000)
3.79%, 12/01/30(e)(h)(i) A-1+ -- 8,910 8,910,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (University of Texas
Board of Regents); Series 2006-0108 A, VRD
RB (Acquired 05/10/06; Cost $18,810,000)
3.79%, 08/15/37(e)(h)(i) A-1+ -- 18,810 18,810,000
- -------------------------------------------------------------------------------------------
Garland (City of) Industrial Development
Authority Inc. (Carroll Co. Project);
Series 1984, VRD IDR (LOC-Wells Fargo Bank,
N.A.) (Acquired 07/19/06; Cost $1,300,000)
3.83%, 12/01/14(d)(e)(h) -- Aaa 1,300 1,300,000
- -------------------------------------------------------------------------------------------
</Table>
F-26
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Grand Prairie (City of) Housing Finance Corp.
(Lincoln Property Co.); Series 1993,
Refunding Multi-Family Housing VRD RB
(CEP-General Electric Corp.)
3.80%, 06/01/10(e) A-1+ -- $ 2,700 $ 2,700,000
- -------------------------------------------------------------------------------------------
Harris (County of) Health Facilities
Development Corp. (St. Luke's Episcopal);
Series 2005 A, Refunding Hospital RB
(INS-Financial Guaranty Insurance Co.)
3.80%, 02/15/32(c)(e) A-1+ VMIG-1 12,820 12,820,000
- -------------------------------------------------------------------------------------------
Harris (County of) Health Facilities
Development Corp. (Texas Medical Center
Project); Series 2001, Special Facilities
VRD RB (INS-MBIA Insurance Corp.)
3.89%, 09/01/31(b)(c) A-1+ VMIG-1 10,200 10,200,000
- -------------------------------------------------------------------------------------------
Harris (County of) Hospital District; Series
2006 A, Sub. Lien Commercial Paper
(LOC-Bank of America, N.A.)
3.65%, 01/16/07(d) A-1+ -- 13,651 13,651,000
- -------------------------------------------------------------------------------------------
Hockley (County of) Industrial Development
Corp. (AMOCO Project); Series 1985, VRD PCR
3.68%, 11/01/19(g)(m) A-1+ P-1 10,640 10,640,000
- -------------------------------------------------------------------------------------------
Hockley (County of) Industrial Development
Corp. (AMOCO Project-Standard Oil Co.);
Series 1983, VRD PCR 3.65%, 03/01/14(g)(m) A-1+ -- 15,000 15,007,267
- -------------------------------------------------------------------------------------------
Houston (City of) Higher Education Finance
Corp. (Houston Baptist University); Series
2000, Higher Education Refunding VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 07/01/20(d)(e)(l) -- -- 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Houston (City of) Higher Education Finance
Corp. (Tierwester Oaks); Series 2003 A,
Housing VRD RB (LOC-Bank of New York)
3.65%, 03/01/33(d)(f) -- VMIG-1 11,005 11,005,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Houston (City of); Series 2006 TRAN
4.50%, 06/29/07(l) -- -- $10,000 $ 10,058,601
- -------------------------------------------------------------------------------------------
Series 2006 B Commercial Paper Notes GO
3.53%, 12/28/06 A-1+ P-1 4,500 4,500,000
- -------------------------------------------------------------------------------------------
Series 2006 D Commercial Paper Notes GO
3.53%, 10/10/06 A-1+ P-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Alamo Heights (City of)
Independent School District); Series
2005-980, Unlimited VRD GO (Acquired
08/28/06; Cost $6,430,000)
3.78%, 02/01/12(e)(h)(i) -- VMIG-1 6,430 6,430,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Austin (City of) Water &
Wastewater Systems); Series 2006-1319, VRD
RB (Acquired 05/03/06; Cost $3,025,000)
3.78%, 11/15/13(e)(h)(i) A-1+ -- 3,025 3,025,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Bexar (County of)); Series
2004-530, Limited Tax VRD GO (Acquired
10/28/04; Cost $4,610,000)
3.78%, 06/15/12(e)(h)(i) -- VMIG-1 4,610 4,610,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Brownsville (City Of));
Series 2005-1038, Unlimited VRD GO
(Acquired 07/21/06; Cost $6,700,000)
3.78%, 02/15/13(e)(h)(i) A-1 -- 6,700 6,700,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Nueces River Authority
Water Supply); Series 2006-1412, VRD RB
(Acquired 07/19/06; Cost $1,950,000)
3.78%, 07/15/13(e)(h)(i) A-1+ -- 1,950 1,950,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Texas Tech University
System); Series 2006-1373, VRD RB (Acquired
07/21/06; Cost $5,195,000)
3.78%, 02/15/14(e)(h)(i) A-1+ -- 5,195 5,195,000
- -------------------------------------------------------------------------------------------
Kendleton (City of) Higher Education Finance
Corp. (Dallas Theological Project); Series
2003 A, VRD Limited Tax Obligation RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 07/01/33(d)(e) A-1+ -- 2,400 2,400,000
- -------------------------------------------------------------------------------------------
</Table>
F-27
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Lower Colorado River Authority; Series 1999
B, Refunding RB (INS-Financial Security
Assurance Inc.)
6.00%, 05/15/07(c) AAA Aaa $ 4,000 $ 4,060,493
- -------------------------------------------------------------------------------------------
Lufkin (City of) Health Facilities
Development Corp. (Memorial Health System
of East Texas); Series 2005, Refunding VRD
RB (LOC-Wachovia Bank, N.A.)
3.85%, 02/15/35(b)(d) A-1+ -- 16,875 16,875,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Brazosport (City of)
Independent School District); Series 2003
PT-1690, Refunding VRD Unlimited Tax GO
(Acquired 02/20/03; Cost $4,838,000)
3.78%, 08/15/10(e)(h)(i) -- VMIG-1 4,838 4,838,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Lamar Consolidated
Independent School District); Series 2005
PT-2860, VRD Unlimited Tax GO (Acquired
09/09/05; Cost $9,725,000)
3.78%, 02/15/25(e)(h)(i) A-1 -- 9,725 9,725,000
- -------------------------------------------------------------------------------------------
Mesquite (City of) Health Facilities
Development Corp.; Series 2000 C,
Retirement Facility VRD RB (LOC-LaSalle
Bank N.A.)
3.77%, 02/15/30(d)(e) A-1 -- 7,435 7,435,000
- -------------------------------------------------------------------------------------------
Metropolitan Higher Education Authority
(University of Dallas Project); Series
1999, Higher Education VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.79%, 05/01/19(d)(e)(l) -- -- 5,870 5,870,000
- -------------------------------------------------------------------------------------------
Nueces (County of) Health Facilities
Development Corp. (Driscoll Children's
Foundation); Series 1985, Floating Rate RB
(LOC-JPMorgan Chase Bank, N.A.)
3.78%, 07/01/15(d)(e) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Polly Ryon Hospital Authority (Polly Ryon
Memorial Hospital); Series 2001, Hospital
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 11/01/26(d)(e) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Red River Authority (Southwestern Public
Services); Series 1996, Refunding VRD PCR
(INS-Ambac Assurance Corp.)
3.80%, 07/01/16(c)(e) A-1+ VMIG-1 $ 3,350 $ 3,350,000
- -------------------------------------------------------------------------------------------
San Antonio (City of) Electric & Gas; Series
2006 A, Commercial Paper
3.55%, 10/16/06 A-1+ P-1 7,000 7,000,000
- -------------------------------------------------------------------------------------------
San Antonio (City of) Water Authority; Series
2003 A, Refunding Sub RB (INS-MBIA
Insurance Corp.)
3.74%, 05/15/33(c)(e) A-1+ VMIG-1 3,025 3,025,000
- -------------------------------------------------------------------------------------------
San Gabriel Health Facilities Development
Corp. (YMCA of Greater Williamson County
Project); Series 2005, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.85%, 04/01/26(d)(e) -- VMIG-1 2,200 2,200,000
- -------------------------------------------------------------------------------------------
Sherman (City of) Higher Education Finance
Corp. (Austin College Project); Series
1997, Higher Education VRD RB (LOC-Bank of
America, N.A.)
3.79%, 01/01/18(d)(e)(n) A-1+ -- 7,519 7,519,000
- -------------------------------------------------------------------------------------------
Texas (State of) Public Financing Authority;
Series 1996 B Refunding Unlimited GO 5.75%,
10/01/06(o)(p) AAA NRR 10,440 10,440,000
- -------------------------------------------------------------------------------------------
Series 2002 A Commercial Paper Notes GO
3.50%, 11/16/06 A-1+ P-1 10,500 10,500,000
- -------------------------------------------------------------------------------------------
Texas (State of); Series 2006, TRAN
4.50%, 08/31/07 SP-1+ MIG-1 95,000 95,806,537
- -------------------------------------------------------------------------------------------
Texas A&M University Board of Regents
(Revenue Financing System); Series 2006,
Commercial Paper Notes
3.53%, 10/12/06 A-1+ P-1 7,600 7,600,000
- -------------------------------------------------------------------------------------------
University of Texas Board of Regents (Revenue
Financing System); Series 2006 Commercial
Paper Notes
3.55%, 10/19/06 A-1+ P-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
3.50%, 11/02/06 A-1+ P-1 15,378 15,378,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Harris (County of) Toll
Road); Series 2003-B16, VRD RB (Acquired
02/19/03; Cost $16,005,000)
3.78%, 08/15/25(e)(h)(i) -- VMIG-1 16,005 16,005,000
- -------------------------------------------------------------------------------------------
</Table>
F-28
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Wachovia MERLOTs (University of Texas);
Series 2003-B14, Refunding VRD RB (Acquired
01/29/03; Cost $7,975,000)
3.78%, 08/15/22(e)(h)(i) -- VMIG-1 $ 7,975 $ 7,975,000
===========================================================================================
576,914,993
===========================================================================================
UTAH-0.75%
Davis (County of); Series 2006, Unlimited Tax
TRAN GO 4.50%, 12/28/06 -- MIG-1 5,000 5,009,318
- -------------------------------------------------------------------------------------------
Duchesne (County of) School District (Utah
Municipal Building Authority); Series 2005,
Lease VRD RB (LOC-U.S. Bank, N.A.)
3.79%, 06/01/21(d)(e) A-1+ -- 900 900,000
- -------------------------------------------------------------------------------------------
Intermountain Power Agency; Series 1985 E
Power Supply VRD RB (INS-Ambac Assurance
Corp.)
3.60%, 07/01/18(c)(m) A-1 VMIG-1 4,260 4,260,000
- -------------------------------------------------------------------------------------------
Refunding Sub. VRD RB (INS-Ambac Assurance
Corp.)
3.53%, 07/01/14(c)(m) A-1 VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Salt Lake (County of) Housing Authority
(Crossroads Apartments Project); Series
2003, Refunding Multi-Family VRD RB
(CEP-Federal National Mortgage Association)
3.77%, 02/15/31(e) A-1+ -- 4,435 4,435,000
- -------------------------------------------------------------------------------------------
Sanpete (County of) School Facility (Wasatch
Academy); Series 2003, VRD RB (LOC-U.S.
Bank, N.A.)
3.79%, 08/01/28(d)(e) A-1+ -- 800 800,000
===========================================================================================
30,404,318
===========================================================================================
VERMONT-0.25%
Vermont (State of) Industrial Development
Authority (Central Vermont Public Service
Corp.); Series 1984, Hydroelectric VRD IDR
(LOC-Citizens Bank of Massachusetts)
3.55%, 12/01/13(d)(f) A-1+ -- 2,900 2,900,000
- -------------------------------------------------------------------------------------------
Vermont (State of) Student Assistance Corp.;
Series 1985, Student Loan VRD RB (LOC-State
Street Bank & Trust Co.)
3.66%, 01/01/08(d)(f) -- VMIG-1 7,205 7,205,000
===========================================================================================
10,105,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
VIRGINIA-0.31%
Arlington (County of) (Ballston Public
Parking); Series 1984, VRD RB (LOC-Bank of
America, N.A.)
3.80%, 08/01/17(d)(e) A-1+ -- $ 1,950 $ 1,950,000
- -------------------------------------------------------------------------------------------
Rockingham (County of) Industrial Development
Authority (Sunnyside Presbyterian Home);
Series 2003, Residential Care Facility VRD
RB (LOC-Branch Banking & Trust Co.)
3.78%, 12/01/33(d)(e) A-1+ -- 750 750,000
- -------------------------------------------------------------------------------------------
Virginia College Building Authority
Educational Facilities (21st Century
College & Equipment); Series 2005 A, RB
5.00%, 02/01/07 AAA Aa1 6,105 6,131,049
- -------------------------------------------------------------------------------------------
Winchester (City of) Industrial Development
Authority (Westminster-Cantenbury); Series
2005 B Residential Care Facility VRD IDR
(LOC-Branch Banking & Trust Co.)
3.78%, 01/01/10(d)(e) -- VMIG-1 695 695,000
- -------------------------------------------------------------------------------------------
3.78%, 01/01/35(d)(e) -- VMIG-1 3,000 3,000,000
===========================================================================================
12,526,049
===========================================================================================
WASHINGTON-3.90%
ABN AMRO Munitops Ctfs. Trust (Pierce & Lewis
(County of), #404 Eatonville); Series
2006-42, Unlimited Non-AMT VRD GO (Acquired
06/22/06; Cost $8,745,000)
3.79%, 12/01/14(e)(h)(i)(l) -- -- 8,745 8,745,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of) Municipal Light & Power); Series
2002-12, Multi-State Non-AMT VRD Ctfs.
(Acquired 05/25/04; Cost $9,755,000)
3.79%, 03/01/09(e)(h)(i) -- VMIG-1 9,755 9,755,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of)); Series 2003-7, Multi-State Non-AMT
VRD GO Ctfs. (Acquired 05/13/03; Cost
$10,685,000)
3.79%, 07/01/10(e)(h)(i)(l)(n) -- -- 10,685 10,685,000
- -------------------------------------------------------------------------------------------
</Table>
F-29
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WASHINGTON-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (Skagit (County
of) Public Hospital District No. 1); Series
2004-37, Multi-State Non-AMT VRD Ctfs.
(Acquired 04/08/05; Cost $8,235,000)
3.79%, 12/01/12(e)(h)(i) -- VMIG-1 $ 8,235 $ 8,235,000
- -------------------------------------------------------------------------------------------
Bremerton (City of) (Kitsap Regional
Conference Center); Series 2003, VRD RB
(LOC-Bank of America, N.A.)
3.79%, 12/01/28(d)(e)(l) -- -- 2,565 2,565,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Washington (State
of)); Series 1998-4701 A, VRD COP (Acquired
07/20/00; Cost $14,400,000)
3.79%, 05/01/18(e)(h)(i) A-1+ -- 14,400 14,400,000
- -------------------------------------------------------------------------------------------
Everett (City of) Public Facilities District;
Series 2006 A, Commercial Paper Notes
(LOC-Bank of America, N.A.)
3.52%, 10/02/06(d) A-1+ -- 11,800 11,800,000
- -------------------------------------------------------------------------------------------
Everett (City of); Series 2001, Limited Tax
VRD GO (LOC-Bank of America, N.A.)
3.79%, 12/01/21(d)(e)(l) -- -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Washington (State of));
Series 2004-593 Unlimited Tax VRD GO
(Acquired 05/24/06; Cost $4,395,000)
3.78%, 01/01/13(e)(h)(i) A-1+ -- 4,395 4,395,000
- -------------------------------------------------------------------------------------------
Series 2006-1346 Unlimited Tax VRD GO
(Acquired 11/18/04; Cost $1,500,000)
3.78%, 07/01/12(e)(h)(i) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
King (County of) Economic Enterprise Corp.
(Puget Sound Blood Center Project); Series
1998, VRD RB (LOC-U.S. Bank, N.A.)
3.80%, 04/01/23(d)(e) -- VMIG-1 3,600 3,600,000
- -------------------------------------------------------------------------------------------
King (County of) Housing Authority
(Summerfield Apartments Project); Series
2005, VRD RB (LOC-U.S. Bank, N.A.)
3.79%, 09/01/35(d)(e) -- VMIG-1 1,925 1,925,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Lake Tapps Parkway Properties; Series 1999 A
Special Revenue VRD RB (LOC-U.S. Bank,
N.A.)
3.79%, 12/01/19(d)(e)(n) -- VMIG-1 $ 6,000 $ 6,000,000
- -------------------------------------------------------------------------------------------
Series 1999 B Special Revenue VRD RB
(LOC-U.S. Bank, N.A.)
3.79%, 12/01/19(d)(e) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Seattle (Port of)); Series 2002-739D, VRD
RB (Acquired 07/21/04; Cost $5,000,000)
3.78%, 09/01/20(e)(h)(i) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Pierce (County of) Economic Development Corp.
(Weyerhaeuser Real Estate); Series 1997,
Special Revenue VRD RB (LOC-Bank of
America, N.A.)
3.75%, 01/01/27(d)(e) A-1+ VMIG-1 12,705 12,705,000
- -------------------------------------------------------------------------------------------
Reset Option Ctfs. Trust II-R (Seattle (Port
of) Passenger Facilities Charge); Series
2006-638, VRD RB (Acquired 09/27/06; Cost
$10,640,000)
3.78%, 12/01/23(e)(h)(i) -- VMIG-1 10,640 10,640,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Bayview
Manor Project); Series 1994 B, Low Income
Housing Assistance VRD RB (LOC-U.S. Bank,
N.A.)
3.80%, 05/01/19(d)(e) A-1+ -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Pioneer
Human Services Project); Series 1995,
Refunding VRD RB (LOC-U.S. Bank, N.A.)
3.77%, 12/01/15(d)(e) A-1+ -- 2,115 2,115,000
- -------------------------------------------------------------------------------------------
Seattle (Port of) Industrial Development
Corp. (Sysco Food Services of Seattle, Inc.
Project); Series 1994, Refunding VRD IDR
3.84%, 11/01/25(e)(n) A-1+ VMIG-1 2,968 2,968,000
- -------------------------------------------------------------------------------------------
Snohomish (County of) Housing Authority (Ebey
Arms Centerhouse Project); Series 2003,
Refunding Housing VRD RB (LOC-Bank of
America, N.A.)
3.79%, 12/01/34(d)(e)(l) -- -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
</Table>
F-30
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WASHINGTON-(CONTINUED)
Washington (State of) Economic Development
Finance Authority (Seadrunar Recycling LLC
Project); Series 2000 E, Economic
Development VRD RB (LOC-U.S. Bank, N.A.)
3.78%, 08/01/25(d)(e) A-1+ -- $ 2,445 $ 2,445,000
- -------------------------------------------------------------------------------------------
Washington (State of) Higher Education
Facilities Authority (Cornish College Arts
Project); Series 2003 A, VRD RB (LOC-Bank
of America, N.A.)
3.80%, 12/01/33(d)(e) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Nikkei Concerns Project);
Series 1994, Non-Profit Housing VRD RB
(LOC-U.S. Bank, N.A.)
3.78%, 10/01/19(d)(e) A-1+ -- 3,915 3,915,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Riverview Retirement Project);
Series 1997, Elderly Housing VRD RB
(LOC-U.S. Bank, N.A.)
3.80%, 07/01/22(d)(e) A-1+ -- 1,665 1,665,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Tacoma Art Museum Project);
Series 2002, Non-Profit Housing VRD RB
(LOC-Northern Trust Co.)
3.90%, 06/01/32(b)(d) -- VMIG-1 4,075 4,075,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (University Preparatory Academy
Project); Series 2000, Non-Profit VRD RB
(LOC-Bank of America, N.A.)
3.79%, 07/01/30(d)(e) -- VMIG-1 1,350 1,350,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Wesley Homes Project); Series
2005 A, Non-Profit Housing VRD RB (LOC-Bank
of America, N.A.)
3.79%, 01/01/36(b)(d) -- VMIG-1 4,250 4,250,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (YMCA of Columbia-Willamette);
Series 1999, VRD RB (LOC-U.S. Bank, N.A.)
3.79%, 08/01/24(d)(e)(n) A-1+ -- 750 750,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Washington (State of) Housing Finance
Commission (YMCA of Tacoma-Pierce Project);
Series 2006, Refunding Non-Profit VRD RB
(LOC-U.S. Bank, N.A.)
3.80%, 12/01/32(d)(e) -- VMIG-1 $ 4,165 $ 4,165,000
===========================================================================================
157,848,000
===========================================================================================
WEST VIRGINIA-0.10%
Harrison (County of) (Fox Grocery Co.
Project); Series 1991, Refunding VRD RB
(LOC-Wachovia Bank, N.A.)
3.78%, 06/01/14(d)(e) -- Aa2 4,140 4,140,000
===========================================================================================
WISCONSIN-5.77%
ABN AMRO Munitops Ctfs. Trust (Central Brown
(County of) Water Authority); Series
2005-25, Non-AMT VRD RB (Acquired 08/01/05;
Cost $17,370,000)
3.79%, 12/01/13(e)(h)(i)(l) -- -- 17,370 17,370,000
- -------------------------------------------------------------------------------------------
Appleton (City of) Redevelopment Authority
(Fox Cities Performing Arts Center
Project); Series 2001 B, Redevelopment VRD
RB (LOC-JPMorgan Chase Bank, N.A.; M&I
Marshall & Ilsley Bank)
3.80%, 06/01/36(d)(e) -- VMIG-1 3,600 3,600,000
- -------------------------------------------------------------------------------------------
Franklin (City of) Community Development
Authority (Indian Community School of
Milwaukee); Series 2002, Redevelopment VRD
RB (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 07/01/22(d)(e) -- VMIG-1 36,000 36,000,000
- -------------------------------------------------------------------------------------------
Green Bay (City of) Housing Authority
(Sisters of St. Francis Project); Series
2004, VRD RB (LOC-Allied Irish Banks PLC)
3.77%, 01/01/35(d)(e)(g) A-1 -- 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Madison (City of) Metropolitan School
District; Series 2006, TRAN GO 4.00%,
09/07/07 -- MIG-1 35,000 35,154,619
- -------------------------------------------------------------------------------------------
Milwaukee (City of) Redevelopment Authority
(Cathedral Place Parking Facility Project);
Series 2002, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.78%, 05/01/25(d)(e) -- VMIG-1 2,845 2,845,000
- -------------------------------------------------------------------------------------------
</Table>
F-31
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WISCONSIN-(CONTINUED)
New Berlin (City of) School District; Series
2006, Promissory TRAN GO 4.50%, 08/30/07 -- MIG-1 $11,500 $ 11,593,164
- -------------------------------------------------------------------------------------------
West Allis (City of) (State Fair Park
Exposition Center Inc.); Series 2001, VRD
RB (LOC-U.S. Bank, N.A.)
3.78%, 08/01/28(d)(e) -- VMIG-1 12,055 12,055,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Grace Lutheran
Foundation Project); Series 1999, VRD RB
(LOC-U.S. Bank, N.A.) (Acquired 09/12/05;
Cost $2,555,000)
3.76%, 07/01/14(d)(e)(h) A-1+ -- 2,555 2,555,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Gundersen Lutheran);
Series 2000 A VRD RB (INS-Financial
Security Assurance Inc.)
3.85%, 12/01/15(b)(c) A-1+ -- 6,465 6,465,000
- -------------------------------------------------------------------------------------------
Series 2000 B VRD RB (INS-Financial
Security Assurance Inc.)
3.85%, 12/01/29(b)(c) A-1+ -- 25,470 25,470,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Lindengrove, Inc.);
Series 2003 B, VRD (LOC-JPMorgan Chase
Bank, N.A.)
3.77%, 11/01/25(d)(e) A-1+ -- 7,080 7,080,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Marshfield Clinic);
Series 2006 B,
VRD RB (LOC-M&I Marshall & Ilsley Bank)
3.78%, 01/15/36(d)(e) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Mequon Jewish
Project); Series 2003, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.78%, 07/01/28(d)(e) -- VMIG-1 6,335 6,335,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WISCONSIN-(CONTINUED)
Wisconsin (State of) Health & Educational
Facilities Authority (Mercy Health System);
Series 2003 C VRD RB (LOC-M&I Marshall &
Ilsley Bank)
3.77%, 08/15/23(d)(e) -- VMIG-1 $ 6,600 $ 6,600,000
- -------------------------------------------------------------------------------------------
Series 2003 I Pooled Loan VRD RB (LOC-M&I
Marshall & Ilsley Bank)
3.78%, 06/01/23(d)(e) -- VMIG-1 8,655 8,655,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Luke's Medical
Center); Series 1987, VRD RB (LOC-KBC Bank
N.V.) (Acquired 05/02/05; Cost $27,000,000)
3.80%, 12/01/17(d)(e)(g)(h) A-1 -- 27,000 27,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Mary's School);
Series 2004, VRD RB (LOC-M&I Marshall &
Ilsley Bank)
3.77%, 08/01/19(d)(e) A-1 -- 1,830 1,830,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Three Pillars Senior
Living); Series 2004 B, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.73%, 08/15/34(d)(e) -- VMIG-1 1,600 1,600,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Valley Packaging
Industries Inc.); Series 2005, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.85%, 07/01/35(d)(e) -- VMIG-1 1,240 1,240,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Wisconsin Lutheran
College Project); Series 2003, VRD RB
(LOC-U.S. Bank, N.A.)
3.90%, 06/01/33(b)(d) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
</Table>
F-32
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WISCONSIN-(CONTINUED)
Wisconsin (State of) Health & Educational
Facilities Authority (Wisconsin Lutheran
College); Series 2001, VRD RB (LOC-U.S.
Bank, N.A.)
3.90%, 09/01/31(b)(d) A-1+ -- $ 5,100 $ 5,100,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Rural Water Construction
Loan Program Commission; Series 2006, BAN
RN 4.75%, 08/15/07 -- MIG-1 4,000 4,035,469
===========================================================================================
233,678,252
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WYOMING-0.48%
Gillette (City of) Pollution Control; Series
1991, Refunding Floating VRD PCR
(LOC-Barclays Bank PLC)
3.78%, 01/01/18(d)(e)(g) A-1+ P-1 $ 5,100 $ 5,100,000
- -------------------------------------------------------------------------------------------
Platte (County of) Pollution Control
(Tri-State Generation and Transmission
Association); Series 1984 A, Refunding VRD
PCR 3.86%, 07/01/14(b) -- P-1 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Wyoming (State of) Educational Funding;
Series 2006 A, TRAN
4.50%, 06/27/07 SP-1+ -- 10,000 10,056,661
===========================================================================================
19,256,661
===========================================================================================
TOTAL INVESTMENTS(q)(r)-98.85%
(Cost $4,006,153,875) 4,006,153,875
===========================================================================================
OTHER ASSETS LESS LIABILITIES-1.15% 46,590,130
===========================================================================================
NET ASSETS-100.00% $4,052,744,005
___________________________________________________________________________________________
===========================================================================================
</Table>
Investment Abbreviations:
<Table>
ACES - Automatically Convertible Extendable Security
AMT - Alternative Minimum Tax
BAN - Bond Anticipation Note
CEP - Credit Enhancement Provider
COP - Certificates of Participation
Ctfs. - Certificates
GO - General Obligation Bonds
IDR - Industrial Development Revenue Bonds
INS - Insurer
LOC - Letter of Credit
MERLOT - Municipal Exempt Receipts Liquidity Option Tender
NRR - Not Re-Rated
PCR - Pollution Control Revenue Bonds
P-Floats - Putable Floating Option Tax-Exempt Receipt
PUTTERs - Putable Tax-Exempt Receipts
RANS - Revenue Anticipation Notes
RB - Revenue Bonds
RN - Revenue Notes
Sr. - Senior
Sub. - Subordinated.
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation Notes
VRD - Variable Rate Demand
Wts. - Warrants
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-33
Tax-Free Cash Reserve Portfolio
Notes to Schedule of Investments:
(a) Ratings assigned by Standard & Poor's Corporation ("S&P") and Moody's
Investors Service, Inc. ("Moody's"), except as indicated in note (l) below.
NRR indicates a security that is not re-rated subsequent to funding of an
escrow fund (consisting of U.S. Treasury obligations held by a bank
custodian or other highly rated collateral); this funding is pursuant to an
advance refunding of this security.
(b) Demand security payable upon demand by the Fund at specified time intervals
no greater than one business day. Interest rate is redetermined daily. Rate
shown is the rate in effect on September 30, 2006.
(c) Principal and/or interest payments are secured by the bond insurance company
listed.
(d) Principal and interest payments are fully enhanced by a letter of credit
from the bank listed or a predecessor bank, branch or subsidiary.
(e) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days. Interest rate is redetermined weekly.
Rate shown is the rate in effect on September 30, 2006.
(f) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days. Interest rate is redetermined monthly.
Rate shown is the rate in effect on September 30, 2006.
(g) The security is credit guaranteed, enhanced or has credit risk by a foreign
entity. The total foreign credit exposure to countries other than the United
States of America (as a percentage of net assets) is 7.9%; each having a
less than 5% concentration.
(h) Security not registered under the Securities Act of 1933, as amended (e.g.,
the security was purchased in a Rule 144A transaction or a Regulation D
transaction). The security may be resold pursuant to an exemption from
registration under the 1933 Act, typically to qualified institutional
buyers. The Fund has no rights to demand registration of these securities.
The aggregate value of these securities at September 30, 2006 was
$996,559,500, which represented 24.59% of the Fund's Net Assets. Unless
otherwise indicated, these securities are not considered to be illiquid.
(i) Synthetic municipal instruments; involves the deposit into a trust of one or
more long-term tax-exempt bonds or notes ("Underlying Bonds."), a sale of
certificates evidencing interests in the trust to investors such as the
Fund. The trustee receives the long-term fixed interest payments on the
Underlying Bonds, and pays certificate holders variable rate interest
payments based upon a short-term reset periodically.
(j) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined at
intermittent intervals. Rate shown is the rate in effect on September 30,
2006.
(k) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined annually.
Rate shown is the rate in effect on September 30, 2006.
(l) Security is not rated by S&P or by Moody's; however it is rated by Fitch
IBCA ("Fitch") of F1+.
(m) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined
semi-annually. Rate shown is the rate in effect on September 30, 2006.
(n) In accordance with the procedures established by the Board of Trustees,
investments are through participation in joint accounts with other mutual
funds, private accounts and certain non-registered investment companies
managed by the investment advisor or its affiliates.
(o) Advance refunded; secured by an escrow fund of U.S. Government obligations.
(p) Security has an irrevocable call by the issuer or mandatory put by the
holder. Maturity date reflects such call or put.
(q) This table provides a listing of those entities that have either issued,
guaranteed, backed or otherwise enhanced the credit quality of more than 5%
of the securities held in the portfolio. In instances where the entity has
guaranteed, backed or otherwise enhanced the credit quality of a security,
it is not primarily responsible for the issuer's obligations but may be
called upon to satisfy the issuer's obligations.
<Table>
<Caption>
ENTITIES PERCENTAGE
------------------------------------------------------------------------
MBIA Insurance Corp. 9.6%
------------------------------------------------------------------------
Financial Guaranty Insurance Co. 8.6
------------------------------------------------------------------------
Financial Security Assurance Inc. 7.9
------------------------------------------------------------------------
Bank of America, N.A. 7.2
------------------------------------------------------------------------
Ambac Assurance Corp. 6.7
------------------------------------------------------------------------
JP Morgan Chase Bank, N.A. 6.7
------------------------------------------------------------------------
Other Entities Less than 5% 52.0
________________________________________________________________________
========================================================================
</Table>
(r) Also represents cost for federal income tax purposes.
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-34
Tax-Free Cash Reserve Portfolio
STATEMENT OF ASSETS AND LIABILITIES
September 30, 2006
(Unaudited)
<Table>
ASSETS:
Investments, at value (cost $4,006,153,875) $4,006,153,875
- ------------------------------------------------------------
Cash 54,198,348
============================================================
Receivables for:
Investments sold 13,663,694
- ------------------------------------------------------------
Interest 22,896,033
- ------------------------------------------------------------
Investment for trustee deferred compensation
and retirement plans 135,972
- ------------------------------------------------------------
Other assets 142,218
============================================================
Total assets 4,097,190,140
____________________________________________________________
============================================================
LIABILITIES:
Payables for:
Investments purchased 32,628,194
- ------------------------------------------------------------
Dividends 11,141,607
- ------------------------------------------------------------
Trustee deferred compensation and
retirement plans 317,602
- ------------------------------------------------------------
Accrued distribution fees 193,076
- ------------------------------------------------------------
Accrued trustees' and officer's fees and
benefits 1,424
- ------------------------------------------------------------
Accrued transfer agent fees 31,612
- ------------------------------------------------------------
Accrued operating expenses 132,620
============================================================
Total liabilities 44,446,135
============================================================
Net assets applicable to shares outstanding $4,052,744,005
____________________________________________________________
============================================================
NET ASSETS CONSIST OF:
Shares of beneficial interest $4,052,710,537
- ------------------------------------------------------------
Undistributed net realized gain from
investment securities 33,468
============================================================
$4,052,744,005
____________________________________________________________
============================================================
NET ASSETS:
Institutional Class $2,184,081,161
____________________________________________________________
============================================================
Private Investment Class $ 178,209,699
____________________________________________________________
============================================================
Personal Investment Class $ 39,813,008
____________________________________________________________
============================================================
Cash Management Class $ 859,786,254
____________________________________________________________
============================================================
Reserve Class $ 19,558,028
____________________________________________________________
============================================================
Resource Class $ 462,635,110
____________________________________________________________
============================================================
Corporate Class $ 308,660,745
____________________________________________________________
============================================================
SHARES OUTSTANDING, $0.001 PAR VALUE PER
SHARE, UNLIMITED NUMBER OF SHARES
AUTHORIZED:
Institutional Class 2,184,002,860
____________________________________________________________
============================================================
Private Investment Class 178,191,314
____________________________________________________________
============================================================
Personal Investment Class 39,808,937
____________________________________________________________
============================================================
Cash Management Class 859,773,377
____________________________________________________________
============================================================
Reserve Class 19,555,349
____________________________________________________________
============================================================
Resource Class 462,630,031
____________________________________________________________
============================================================
Corporate Class 308,665,176
____________________________________________________________
============================================================
Net asset value, offering and redemption
price per share for each class $ 1.00
____________________________________________________________
============================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-35
Tax-Free Cash Reserve Portfolio
STATEMENT OF OPERATIONS
For the six months ended September 30, 2006
(Unaudited)
<Table>
INVESTMENT INCOME:
Interest $64,687,772
=========================================================================
EXPENSES:
Advisory fees 3,774,934
- -------------------------------------------------------------------------
Administrative services fees 310,442
- -------------------------------------------------------------------------
Custodian fees 77,651
- -------------------------------------------------------------------------
Distribution fees:
Private Investment Class 485,704
- -------------------------------------------------------------------------
Personal Investment Class 134,835
- -------------------------------------------------------------------------
Cash Management Class 354,754
- -------------------------------------------------------------------------
Reserve Class 96,993
- -------------------------------------------------------------------------
Resource Class 403,421
- -------------------------------------------------------------------------
Corporate Class 16,953
- -------------------------------------------------------------------------
Transfer agent fees 218,902
- -------------------------------------------------------------------------
Trustees' and officer's fees and benefits 51,602
- -------------------------------------------------------------------------
Other 388,335
=========================================================================
Total expenses 6,314,526
=========================================================================
Less: Fees waived (1,231,708)
=========================================================================
Net expenses 5,082,818
=========================================================================
Net investment income 59,604,954
=========================================================================
Net realized gain (loss) from Investment securities 75,176
=========================================================================
Net increase in net assets resulting from operations $59,680,130
_________________________________________________________________________
=========================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-36
Tax-Free Cash Reserve Portfolio
STATEMENT OF CHANGES IN NET ASSETS
For the six months ended September 30, 2006 and the year ended March 31, 2006
(Unaudited)
<Table>
<Caption>
SEPTEMBER 30, MARCH 31,
2006 2006
- ----------------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 59,604,954 $ 81,006,602
- ----------------------------------------------------------------------------------------------
Net realized gain from investment securities 75,176 20,198
==============================================================================================
Net increase in net assets resulting from operations 59,680,130 81,026,800
==============================================================================================
Distributions to shareholders from net investment income:
Institutional Class (36,124,015) (51,535,231)
- ----------------------------------------------------------------------------------------------
Private Investment Class (2,978,341) (5,114,924)
- ----------------------------------------------------------------------------------------------
Personal Investment Class (504,916) (404,324)
- ----------------------------------------------------------------------------------------------
Cash Management Class (11,499,373) (15,063,769)
- ----------------------------------------------------------------------------------------------
Reserve Class (238,071) (276,474)
- ----------------------------------------------------------------------------------------------
Resource Class (6,401,163) (8,314,990)
- ----------------------------------------------------------------------------------------------
Corporate Class (1,859,075) (296,890)
==============================================================================================
Decrease in net assets resulting from distributions (59,604,954) (81,006,602)
==============================================================================================
Share transactions-net:
Institutional Class 291,927,149 (224,964,600)
- ----------------------------------------------------------------------------------------------
Private Investment Class (42,786,075) 24,371,221
- ----------------------------------------------------------------------------------------------
Personal Investment Class 18,909,835 10,024,848
- ----------------------------------------------------------------------------------------------
Cash Management Class 176,106,119 (41,462,324)
- ----------------------------------------------------------------------------------------------
Reserve Class 504,881 9,744,079
- ----------------------------------------------------------------------------------------------
Resource Class 121,244,070 51,762,427
- ----------------------------------------------------------------------------------------------
Corporate Class 300,648,751 8,016,425
==============================================================================================
Net increase (decrease) in net assets resulting from
share transactions 866,554,730 (162,507,924)
==============================================================================================
Net increase (decrease) in net assets 866,629,906 (162,487,726)
==============================================================================================
NET ASSETS:
Beginning of period 3,186,114,099 3,348,601,825
==============================================================================================
End of period (including undistributed net investment
income of $0 and $0, respectively) $4,052,744,005 $3,186,114,099
______________________________________________________________________________________________
==============================================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-37
Tax-Free Cash Reserve Portfolio
NOTES TO FINANCIAL STATEMENTS
September 30, 2006
(Unaudited)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
Tax-Free Investments Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end
management investment company. The Trust is organized as a Delaware statutory
trust consisting of one portfolio, the Tax-Free Cash Reserve Portfolio (the
"Fund"). The Fund currently offers multiple classes of shares. Matters affecting
each class are voted on exclusively by the shareholders of each class.
The Fund's investment objective is to provide as high a level of tax-exempt
income as is consistent with the preservation of capital and maintenance of
liquidity.
The following is a summary of the significant accounting policies followed
by the Fund in the preparation of its financial statements.
A. SECURITY VALUATIONS -- The Fund's securities are recorded on the basis of
amortized cost which approximates value as permitted by Rule 2a-7 under the
1940 Act. This method values a security at its cost on the date of purchase
and, thereafter, assumes a constant amortization to maturity of any
premiums or accretion of any discounts.
B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME -- Securities transactions
are accounted for on a trade date basis. Realized gains or losses on sales
are computed on the basis of specific identification of the securities
sold. Interest income, adjusted for amortization of premiums and accretion
of discounts on investments, is recorded on the accrual basis from
settlement date.
Brokerage commissions and mark ups are considered transaction costs and
are recorded as an increase to the cost basis of securities purchased
and/or a reduction of proceeds on a sale of securities. Such transaction
costs are included in the determination of realized gain (loss) from
investment securities reported in the Statement of Operations and the
Statement of Changes in Net Assets and the realized net gains (losses) on
securities per share in the Financial Highlights. Transaction costs are
included in the calculation of the Fund's net asset value and, accordingly,
they reduce the Fund's total returns. These transaction costs are not
considered operating expenses and are not reflected in net investment
income reported in the Statement of Operations and Statement of Changes in
Net Assets, or the net investment income per share and ratios of expenses
and net investment income reported in the Financial Highlights, nor are
they limited by any expense limitation arrangements between the Fund and
the advisor.
The Fund allocates realized capital gains and losses to a class based on
the relative net assets of each class. The Fund allocates income to a class
based on the relative value of the settled shares of each class.
C. COUNTRY DETERMINATION -- For the purposes of making investment selection
decisions and presentation in the Schedule of Investments, AIM may
determine the country in which an issuer is located and/or credit risk
exposure based on various factors. These factors include the laws of the
country under which the issuer is organized, where the issuer maintains a
principal office, the country in which the issuer derives 50% or more of
its total revenues and the country that has the primary market for the
issuer's securities, as well as other criteria. Among the other criteria
that may be evaluated for making this determination are the country in
which the issuer maintains 50% or more of its assets, the type of security,
financial guarantees and enhancements, the nature of the collateral and the
sponsor organization. Country of issuer and/or credit risk exposure has
been determined to be the United States of America unless otherwise noted.
D. DISTRIBUTIONS -- Distributions from income are declared daily and paid
monthly. Distributions from net realized capital gain, if any, are
generally paid annually and recorded on ex-dividend date. The Fund may
elect to treat a portion of the proceeds from redemptions as distributions
for federal income tax purposes.
E. FEDERAL INCOME TAXES -- The Fund intends to comply with the requirements of
Subchapter M of the Internal Revenue Code necessary to qualify as a
regulated investment company and to distribute substantially all of the
Fund's taxable earnings to shareholders. As such, the Fund will not be
subject to federal income taxes on otherwise taxable income (including net
realized capital gain) that is distributed to shareholders. Therefore, no
provision for federal income taxes is recorded in the financial statements.
In addition, the Fund intends to invest in such municipal securities to
allow it to qualify to pay shareholders "exempt-interest dividends", as
defined in the Internal Revenue Code.
F. EXPENSES -- Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund and which are directly attributable to that class are
charged to the operations of such class. All other expenses are allocated
among the classes based on relative net assets.
G. ACCOUNTING ESTIMATES -- The preparation of financial statements in
conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period including estimates and assumptions related to
taxation. Actual results could differ from those estimates.
H. INDEMNIFICATIONS -- Under the Trust's organizational documents, each
Trustee, officer, employee or other agent of the Trust (including the
Trust's investment manager) is indemnified against certain liabilities that
may arise out of performance of their duties to the Fund. Additionally, in
the normal course of business, the Fund enters into contracts that contain
a variety of indemnification clauses. The Fund's maximum exposure under
these arrangements is unknown as this would involve future claims that may
be made against the Fund that have not yet occurred. The risk of material
loss as a result of such indemnification claims is considered remote.
F-38
Tax-Free Cash Reserve Portfolio
NOTE 2--ADVISORY FEES AND OTHER FEES PAID TO AFFILIATES
The Trust has entered into a master investment advisory agreement with A I M
Advisors, Inc. ("AIM"). Under the terms of the investment advisory agreement,
the Fund pays an advisory fee to AIM at the annual rate of 0.25% of the first
$500 million of the Fund's average daily net assets plus 0.20% of the Fund's
average daily net assets in excess of $500 million. AIM has contractually agreed
to waive advisory fees and/or reimburse expenses to the extent necessary to
limit total annual operating expenses (excluding certain items discussed below)
to 0.22% of the Fund's average daily net assets through June 30, 2007. In
determining the advisor's obligation to waive advisory fees and/or reimburse
expenses, the following expenses are not taken into account, and could cause the
net annual operating expenses to exceed the number reflected above: (i) Rule
12b-1 plan fees, if any; (ii) trustees' fees; (iii) federal registration fees;
(iv) interest: (v) taxes; (vi) extraordinary items; (vii) expenses related to a
merger or reorganization, as approved by the Fund's Board of Trustees; and
(viii) expenses that the Fund has incurred but did not actually pay because of
an expense offset arrangement. Currently, in addition to the expense
reimbursement arrangement with AMVESCAP PLC ("AMVESCAP") described more fully
below, the expense offset arrangements from which the Fund may benefit are in
the form of credits that the Fund receives from banks where the Fund or its
transfer agent has deposits accounts in which it holds uninvested cash. Those
credits are used to pay certain expenses incurred by the Fund. To the extent
that the annualized expense ratio does not exceed the expense limitation, AIM
will retain its ability to be reimbursed for such fee waivers or reimbursements
prior to the end of the fiscal year.
For the six months ended September 30, 2006, AIM waived advisory fees of
$788,656.
At the request of the Trustees of the Trust, AMVESCAP agreed to reimburse
expenses incurred by the Fund in connection with market timing matters in the
AIM Funds, which may include legal, audit, shareholder reporting, communications
and trustee expenses. These expenses along with the related expense
reimbursement are included in the Statement of Operations. For the six months
ended September 30, 2006, AMVESCAP did not reimburse any expenses.
The Trust, pursuant to a master administrative services agreement with AIM,
has agreed to pay AIM for certain administrative costs incurred in providing
accounting services to the Fund. Pursuant to such agreement, for the six months
ended September 30, 2006, AIM was paid $310,442.
The Trust, pursuant to a transfer agency and service agreement, has agreed
to pay AIM Investment Services, Inc. ("AIS") a fee for providing transfer agency
and shareholder services to the Fund. During the six months ended September 30,
2006, AIS retained $218,902.
Under the terms of a master distribution agreement between Fund Management
Company ("FMC") and the Trust, FMC acts as the exclusive distributor of the
Fund's shares. The Trust has adopted a master distribution plan pursuant to Rule
12b-1 under the 1940 Act with respect to the Fund's Private Investment Class,
Personal Investment Class, Cash Management Class, Reserve Class, Resource Class
and Corporate Class (the "Plan"). The Plan provides that the Private Investment
Class, the Personal Investment Class, the Cash Management Class, the Reserve
Class, the Resource Class and the Corporate Class pay up to the maximum annual
rate of 0.50%, 0.75%, 0.10%, 1.00%, 0.20% and 0.03%, respectively, of the
average daily net assets attributable to such class. Of the Rule 12b-1 payment,
up to 0.25% of the average daily net assets of each class may be paid to furnish
continuing personal shareholder services to customers who purchase and own
shares of such classes. Any amounts not paid as a service fee under such Plan
would constitute an asset-based sales charge. National Association of Securities
Dealers ("NASD") Rules impose a cap on the total amount of sales charges,
including asset-based sales charges, that may be paid by any class of shares of
the Fund. Currently, FMC has contractually agreed to waive a portion of its
compensation payable by the Fund such that compensation paid pursuant to the
Plan with respect to the Private Investment Class, the Personal Investment
Class, the Cash Management Class, the Reserve Class and the Resource Class
equals the maximum annual rate of 0.25%, 0.55%, 0.08%, 0.87% and 0.16%,
respectively, of the average daily net assets attributable to such class through
June 30, 2007. Further, FMC voluntarily waived additional Rule 12b-1 plan fees
for the Reserve Class during the period in order to increase the yield. Waivers
may be modified or discontinued at any time. Pursuant to the Plan, for the six
months ended September 30, 2006, the Private Investment Class, the Personal
Investment Class, the Cash Management Class, the Reserve Class, the Resource
Class and the Corporate Class paid $242,852, $98,879, $283,803, $84,384,
$322,737 and $16,953, respectively, after FMC waived Plan fees of $242,852,
$35,956, $70,951, $12,609, $80,684 and $0, respectively.
Certain officers and trustees of the Trust are officers and directors of
AIM, AIS and/or FMC.
NOTE 3--SECURITY TRANSACTIONS WITH AFFILIATED FUNDS
The Fund is permitted to purchase or sell securities from or to certain other
AIM Funds under specified conditions outlined in procedures adopted by the Board
of Trustees of the Trust. The procedures have been designed to ensure that any
purchase or sale of securities by the Fund from or to another fund or portfolio
that is or could be considered an affiliate by virtue of having a common
investment advisor (or affiliated investment advisors), common Trustees and/or
common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined
under the procedures, each transaction is effected at the current market price.
Pursuant to these procedures, for the six months ended September 30, 2006, the
Fund engaged in securities sales of $15,921,501, which resulted in net realized
gains (losses) of $0 and securities purchases of $12,923,697.
NOTE 4--TRUSTEES' AND OFFICER'S FEES AND BENEFITS
"Trustees' and Officer's Fees and Benefits" include amounts accrued by the Fund
to pay remuneration to each Trustee and Officer of the Fund who is not an
"interested person" of AIM. Trustees have the option to defer compensation
payable by the Fund, and "Trustees' and Officer's Fees and Benefits" also
include amounts accrued by the Fund to fund such deferred compensation amounts.
Those Trustees who defer compensation have the option to select various AIM
Funds in which their deferral accounts shall be deemed to be invested. Finally,
current Trustees are eligible to participate in a retirement plan that provides
for benefits to be paid upon retirement to Trustees over a period of time based
on the number of years of service. The Fund may have certain former Trustees who
also participate in a retirement plan and receive benefits under such plan.
"Trustees' and Officer's Fees and Benefits" include
F-39
Tax-Free Cash Reserve Portfolio
amounts accrued by the Fund to fund such retirement benefits. Obligations under
the deferred compensation and retirement plans represent unsecured claims
against the general assets of the Fund.
During the six months ended September 30, 2006, the Fund paid legal fees of
$5,418 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel
to the Independent Trustees. A member of that firm is a Trustee of the Trust.
NOTE 5--BORROWINGS
Pursuant to an exemptive order from the Securities and Exchange Commission, the
Fund may participate in an interfund lending facility that AIM has established
for temporary borrowings by the AIM Funds. An interfund loan will be made under
this facility only if the loan rate (an average of the rate available on bank
loans and the rate available on investments in overnight repurchase agreements)
is favorable to both the lending fund and the borrowing fund. A loan will be
secured by collateral if the Fund's aggregate borrowings from all sources
exceeds 10% of the Fund's total assets. To the extent that the loan is required
to be secured by collateral, the collateral is marked to market daily to ensure
that the market value is at least 102% of the outstanding principal value of the
loan. The Fund did not borrow or lend under the facility during the six months
ended September 30, 2006.
Additionally, the Fund is permitted to temporarily carry a negative or
overdrawn balance in its account with The Bank of New York, the custodian bank.
To compensate the custodian bank for such overdrafts, the overdrawn Fund may
either (i) leave funds as a compensating balance in the account so the custodian
bank can be compensated by earning the additional interest; or (ii) compensate
by paying the custodian bank at a rate agreed upon by the custodian bank and
AIM, not to exceed the rate contractually agreed upon.
NOTE 6--TAX INFORMATION
The amount and character of income and gains to be distributed are determined in
accordance with income tax regulations, which may differ from generally accepted
accounting principles. Reclassifications are made to the Fund's capital accounts
to reflect income and gains available for distribution (or available capital
loss carryforward) under income tax regulations. The tax character of
distributions paid during the year and the tax components of net assets will be
reported at the Fund's fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date.
Results of transactions and other activity after that date may affect the amount
of capital loss carryforward actually available for the Fund to utilize. The
ability to utilize capital loss carryforward in the future may be limited under
the Internal Revenue Code and related regulations based on the results of future
transactions.
The Fund had a capital loss carryforward as of March 31, 2006 which expires
as follows:
<Table>
<Caption>
CAPITAL LOSS
EXPIRATION CARRYFORWARD*
- -----------------------------------------------------------------------
March 31, 2013 $41,708
_______________________________________________________________________
=======================================================================
</Table>
* Capital loss carryforward as of the date listed above is reduced for
limitations, if any, to the extent required by the Internal Revenue Code.
F-40
Tax-Free Cash Reserve Portfolio
NOTE 7--SHARE INFORMATION
The Fund currently offers seven different classes of shares: Institutional
Class, Private Investment Class, Personal Investment Class, Cash Management
Class, Reserve Class, Resource Class and Corporate Class.
<Table>
<Caption>
CHANGES IN SHARES OUTSTANDING
- ---------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 2006(A) MARCH 31, 2006
------------------------------------ ------------------------------------
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------------------------------------
Sold:
Institutional Class 13,218,005,962 $ 13,218,005,962 24,419,859,762 $ 24,419,859,762
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 288,384,797 288,384,797 590,733,012 590,733,012
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 60,996,835 60,996,835 32,503,439 32,503,439
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 3,691,867,319 3,691,867,319 7,375,896,321 7,375,896,321
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 50,075,617 50,075,617 162,245,979 162,245,979
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 1,535,997,202 1,535,997,202 2,316,222,552 2,316,222,552
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 459,031,908 459,031,908 129,405,787 129,405,787
=================================================================================================================================
Issued as reinvestment of dividends:
Institutional Class 22,051,538 22,051,538 30,895,326 30,895,326
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 2,454,612 2,454,612 3,802,001 3,802,001
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 88,820 88,820 201,846 201,846
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 9,059,815 9,059,815 11,231,407 11,231,407
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 230,235 230,235 247,862 247,862
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 5,672,955 5,672,955 7,599,542 7,599,542
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 55,615 55,615 10,644 10,644
=================================================================================================================================
Reacquired:
Institutional Class (12,948,130,351) (12,948,130,351) (24,675,719,687) (24,675,719,687)
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class (333,625,484) (333,625,484) (570,163,791) (570,163,791)
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class (42,175,820) (42,175,820) (22,680,438) (22,680,438)
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class (3,524,821,015) (3,524,821,015) (7,428,590,053) (7,428,590,053)
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class (49,800,971) (49,800,971) (152,749,762) (152,749,762)
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class (1,420,426,087) (1,420,426,087) (2,272,059,667) (2,272,059,667)
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) (158,438,772) (158,438,772) (121,400,006) (121,400,006)
=================================================================================================================================
866,554,730 $ 866,554,730 (162,507,924) $ (162,507,924)
_________________________________________________________________________________________________________________________________
=================================================================================================================================
</Table>
(a) There are two entities that are each record owners of more than 5% of the
outstanding shares of the Fund and in the aggregate they own 61% of the
outstanding shares of the Fund. FMC has an agreement with these entities to
sell Fund shares. The Fund, AIM, and/or AIM affiliates may make payments to
these entities, which are considered to be related to the Fund, for
providing services to the Fund, AIM, and/or AIM affiliates including but not
limited to services such as, securities brokerage, distribution, third party
record keeping and account servicing. The Trust has no knowledge as to
whether all or any portion of the shares owned of record by these entities
are also owned beneficially.
(b) Corporate Class shares commenced sales on September 8, 2005.
NOTE 8--NEW ACCOUNTING STANDARD
In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 48, Accounting for Uncertainty in Income Taxes ("FIN 48").
FIN 48 prescribes a recognition threshold and measurement attribute for the
financial statement recognition and measurement for a tax position taken or
expected to be taken in a tax return. FIN 48 also provides guidance on
derecognition, classification, interest and penalties, accounting in interim
periods, disclosure and transition. The provisions for FIN 48 are effective for
fiscal years beginning after December 15, 2006. Management is currently
assessing the impact of FIN 48, if any, on the Fund's financial statements and
intends for the Fund to adopt the FIN 48 provisions during 2007.
F-41
Tax-Free Cash Reserve Portfolio
NOTE 9--FINANCIAL HIGHLIGHTS
The following schedule presents financial highlights for a share of the Fund
outstanding throughout the periods indicated.
<Table>
<Caption>
RESERVE CLASS
-----------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, ---------------------------------------------------
2006 2006 2005 2004 2003 2002
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ---------------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.01 0.02 0.004 0.001 0.004 0.01
=================================================================================================================================
Less distributions from net investment income (0.01) (0.02) (0.004) (0.001) (0.004) (0.01)
=================================================================================================================================
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Total return(a) 1.24% 1.64% 0.38% 0.08% 0.39% 1.35%
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Ratios/supplemental data:
Net assets, end of period (000s omitted) $19,558 $19,052 $ 9,308 $14,030 $12,653 $18,200
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Ratio of expenses to average net assets:
With fee waivers and/or expense reimbursements 1.09%(b) 1.09% 1.07% 0.98% 1.05% 1.02%
- ---------------------------------------------------------------------------------------------------------------------------------
Without fee waivers and/or expense reimbursements 1.26%(b) 1.27% 1.27% 1.27% 1.27% 1.28%
=================================================================================================================================
Ratio of net investment income to average net assets 2.45%(b) 1.62% 0.39% 0.07% 0.37% 1.21%
_________________________________________________________________________________________________________________________________
=================================================================================================================================
</Table>
(a) Includes adjustments in accordance with accounting principles generally
accepted in the United States of America and is not annualized for
periods less than one year.
(b) Ratios are annualized and based on average daily net assets of
$19,345,543.
F-42
Tax-Free Cash Reserve Portfolio
NOTE 10--LEGAL PROCEEDINGS
Terms used in the Legal Proceedings Note are defined terms solely for the
purpose of this note.
SETTLED ENFORCEMENT ACTIONS AND INVESTIGATIONS RELATED TO MARKET TIMING
On October 8, 2004, INVESCO Funds Group, Inc. ("IFG") (the former investment
advisor to certain AIM Funds), AIM and A I M Distributors, Inc. ("ADI") (the
distributor of the retail AIM Funds) reached final settlements with certain
regulators, including the Securities and Exchange Commission ("SEC"), the New
York Attorney General and the Colorado Attorney General, to resolve civil
enforcement actions and/or investigations related to market timing and related
activity in the AIM Funds, including those formerly advised by IFG. As part of
the settlements, a $325 million fair fund ($110 million of which is civil
penalties) has been created to compensate shareholders harmed by market timing
and related activity in funds formerly advised by IFG. Additionally, AIM and ADI
created a $50 million fair fund ($30 million of which is civil penalties) to
compensate shareholders harmed by market timing and related activity in funds
advised by AIM, which was done pursuant to the terms of the settlement. These
two fair funds may increase as a result of contributions from third parties who
reach final settlements with the SEC or other regulators to resolve allegations
of market timing and/or late trading that also may have harmed applicable AIM
Funds. These two fair funds will be distributed in accordance with a methodology
to be determined by AIM's independent distribution consultant, in consultation
with AIM and the independent trustees of the AIM Funds and acceptable to the
staff of the SEC. Management of AIM and the Fund are unable to estimate the
impact, if any, that the distribution of these two fair funds may have on the
Fund or whether such distribution will have an impact on the Fund's financial
statements in the future.
At the request of the trustees of the AIM Funds, AMVESCAP PLC ("AMVESCAP"),
the parent company of IFG and AIM, has agreed to reimburse expenses incurred by
the AIM Funds related to market timing matters.
PENDING LITIGATION AND REGULATORY INQUIRIES
On August 30, 2005, the West Virginia Office of the State Auditor -Securities
Commission ("WVASC") issued a Summary Order to Cease and Desist and Notice of
Right to Hearing to AIM and ADI (Order No. 05-1318). The WVASC makes findings of
fact that AIM and ADI entered into certain arrangements permitting market timing
of the AIM Funds and failed to disclose these arrangements in the prospectuses
for such Funds, and conclusions of law to the effect that AIM and ADI violated
the West Virginia securities laws. The WVASC orders AIM and ADI to cease any
further violations and seeks to impose monetary sanctions, including restitution
to affected investors, disgorgement of fees, reimbursement of investigatory,
administrative and legal costs and an "administrative assessment," to be
determined by the Commissioner. Initial research indicates that these damages
could be limited or capped by statute.
Civil lawsuits, including purported class action and shareholder derivative
suits, have been filed against certain of the AIM Funds, IFG, AIM, ADI and/or
related entities and individuals, depending on the lawsuit, alleging:
- that the defendants permitted improper market timing and related activity in
the AIM Funds;
- that certain AIM Funds inadequately employed fair value pricing;
- that the defendants charged excessive advisory and/or distribution fees and
failed to pass on to shareholders the perceived savings generated by
economies of scale and that the defendants adopted unlawful distribution
plans; and
- that the defendants improperly used the assets of the AIM Funds to pay
brokers to aggressively promote the sale of the AIM Funds over other mutual
funds and that the defendants concealed such payments from investors by
disguising them as brokerage commissions (all the claims in this category of
lawsuits were dismissed with prejudice by the court on September 29, 2006,
except for the Section 36(b) claim which was dismissed with leave to amend
to plead it properly as a derivative claim).
These lawsuits allege as theories of recovery, depending on the lawsuit,
violations of various provisions of the Federal and state securities laws and
ERISA, negligence, breach of fiduciary duty and/or breach of contract. These
lawsuits seek remedies that include, depending on the lawsuit, damages,
restitution, injunctive relief, imposition of a constructive trust, removal of
certain directors and/or employees, various corrective measures under ERISA,
rescission of certain AIM Funds' advisory agreements and/or distribution plans
and recovery of all fees paid, an accounting of all fund-related fees,
commissions and soft dollar payments, restitution of all commissions and fees
paid, and prospective relief in the form of reduced fees.
All lawsuits based on allegations of market timing, late trading and related
issues have been transferred to the United States District Court for the
District of Maryland (the "MDL Court"). Pursuant to an Order of the MDL Court,
plaintiffs in these lawsuits consolidated their claims for pre-trial purposes
into three amended complaints against various AIM- and IFG-related parties: (i)
a Consolidated Amended Class Action Complaint purportedly brought on behalf of
shareholders of the AIM Funds; (ii) a Consolidated Amended Fund Derivative
Complaint purportedly brought on behalf of the AIM Funds and fund registrants;
and (iii) an Amended Class Action Complaint for Violations of the Employee
Retirement Income Securities Act ("ERISA") purportedly brought on behalf of
participants in AMVESCAP's 401(k) plan. Based on orders issued by the MDL Court,
all claims asserted against the AIM Funds that have been transferred to the MDL
Court have been dismissed, although certain Funds remain nominal defendants in
the Consolidated Amended Fund Derivative Complaint. On September 15, 2006, the
MDL Court granted the AMVESCAP defendants' motion to dismiss the Amended Class
Action Complaint for Violations of ERISA and dismissed such Complaint. The
plaintiff has commenced an appeal from that decision.
IFG, AIM, ADI and/or related entities and individuals have received inquiries
from numerous regulators in the form of subpoenas or other oral or written
requests for information and/or documents related to one or more of the
following issues, among others, some of which concern one or more AIM Funds:
market timing activity, late trading, fair value pricing, excessive or improper
advisory and/or distribution fees, mutual fund sales practices, including
revenue sharing and directed-brokerage arrangements, investments in securities
of other registered investment companies, contractual plans, issues related to
Section 529 college savings plans and procedures for locating lost security
holders. IFG, AIM and ADI have advised the Fund that they are providing full
cooperation with respect to these inquiries. Regulatory actions and/or
additional civil lawsuits related to these or other issues may be filed against
the AIM Funds, IFG, AIM and/or related entities and individuals in the future.
At the present time, management of AIM and the Fund are unable to estimate
the impact, if any, that the outcome of the Pending Litigation and Regulatory
Inquiries described above may have on AIM, ADI or the Fund.
F-43
Tax-Free Cash Reserve Portfolio
TRUSTEES AND OFFICERS
<Table>
BOARD OF TRUSTEES OFFICERS OFFICE OF THE FUND
Bob R. Baker Karen Dunn Kelley 11 Greenway Plaza
President and Principal Suite 100
Frank S. Bayley Executive Officer Houston, TX 77046-1173
James T. Bunch Philip A. Taylor INVESTMENT ADVISOR
Executive Vice President A I M Advisors, Inc.
Bruce L. Crockett 11 Greenway Plaza
Chair Todd L. Spillane Suite 100
Chief Compliance Officer Houston, TX 77046-1173
Albert R. Dowden
Russell C. Burk TRANSFER AGENT
Jack M. Fields Senior Vice President and Senior Officer AIM Investment Services, Inc.
P.O. Box 4739
Carl Frischling John M. Zerr Houston, TX 77210-4739
Senior Vice President, Secretary and Chief
Robert H. Graham Legal Officer CUSTODIAN
Vice Chair The Bank of New York
Sidney M. Dilgren 2 Hanson Place
Prema Mathai-Davis Vice President, Treasurer Brooklyn, NY 11217-1431
and Principal Financial Officer
Lewis F. Pennock COUNSEL TO THE FUND
Lisa O. Brinkley Ballard Spahr
Ruth H. Quigley Vice President Andrews & Ingersoll, LLP
1735 Market Street, 51st Floor
Larry Soll Kevin M. Carome Philadelphia, PA 19103-7599
Vice President
Raymond Stickel, Jr. COUNSEL TO THE INDEPENDENT TRUSTEES
J. Philip Ferguson Kramer, Levin, Naftalis & Frankel LLP
Philip A. Taylor Vice President 1177 Avenue of the Americas
New York, NY 10036-2714
DISTRIBUTOR
Fund Management Company
11 Greenway Plaza
Suite 100
Houston, TX 77046-1173
</Table>
F-44
The Fund provides a complete list of its holdings four times in each fiscal
year, at quarter-ends. For the second and fourth quarters, the list appears in
the Fund's semiannual and annual reports to shareholders. For the first and
third quarters, the Fund files the lists with the Securities and Exchange
Commission (SEC) on Form N-Q. Shareholders can look up the Fund's Form N-Q
filings on the SEC Web site, sec.gov. The Fund's Form N-Q also may be reviewed
and copied at the SEC Public Reference Room in Washington, D.C. You can obtain
information on the operation of the Public Reference Room, including information
about duplicating fee charges, by calling 202-942-8090 or 800-732-0330 or by
electronic request at the following e-mail address: publicinfo@sec.gov. The SEC
file numbers for the Fund are 811-02731 and 002-58286.
A description of the policies and procedures that the Fund uses to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, from our Client Services department at 800-959-4246 or on the AIM
Web site, AIMinvestments.com. On the home page, scroll down and click on AIM
Funds Proxy Policy. The information is also available on the SEC Web site,
sec.gov.
Information regarding how the Fund voted proxies related to its portfolio
securities during the 12 months ended June 30, 2006, is available at our Web
site. Go to AIMinvestments.com, access the About Us tab, click on Required
Notices and then click on Proxy Voting Activity. Next, select the Fund from the
drop-down menu. This information is also available on the SEC Web site, sec.gov.
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
AIMinvestments.com TFIT-SAR-7 Fund Management Company
TAX-FREE CASH RESERVE PORTFOLIO
RESOURCE CLASS
TAX-FREE INVESTMENTS TRUST (TFIT)
SEPTEMBER 30, 2006
SEMIANNUAL REPORT
[COVER IMAGE]
SEMIANNUAL
==============================================
INSIDE THIS REPORT
Letter to Shareholders..................... 1
Fund Data.................................. 2
Fund Composition by Maturity............... 2
Letter from Independent
Chairman of Board of Trustees.............. 3
Calculating Your Ongoing Fund Expenses..... 4
Approval of Investment Advisory Agreement.. 5
Financial Pages.......................... F-1
Trustees and Officers................... F-44
==============================================
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
TAX-FREE CASH RESERVE PORTFOLIO
DEAR SHAREHOLDER:
We are pleased to present this report on the performance of
the Resource Class of Tax-Free Cash Reserve Portfolio of
[KELLEY Tax-Free Investments Trust, part of AIM Cash Management, for
PHOTO] the six months ended September 30, 2006. Thank you for
investing with us.
Tax-Free Cash Reserve Portfolio's objective is to provide
KAREN DUNN KELLEY as high a level of tax-exempt income as is consistent with
preservation of capital and maintenance of liquidity. The
Fund invests in high-quality, short-term municipal
obligations, seeking to provide income exempt from federal
taxation. The Fund structure is driven to some extent by the
supply of municipal securities, and liquidity is managed with
daily and weekly variable-rate demand notes.
Through a combination of short-term cash management vehicles and selective
use of a longer maturity schedule for higher yields, the Fund continued to
provide competitive returns. The Fund continued to maintain a relatively short
maturity structure to take advantage of rising interest rates and yields.
The Fund also continued to hold the highest credit-quality ratings given by
three widely known credit rating agencies: AAAm from Standard & Poor's, Aaa from
Moody's and AAA from FitchRatings. Fund ratings are subject to change and are
based on several factors including an analysis of the Fund's overall credit
quality, market price exposure and management.
MARKET CONDITIONS AFFECTING MONEY MARKET FUNDS
The economy expanded throughout the reporting period, but that expansion was
clearly slowing. U.S. gross domestic product, the broadest measure of economic
activity, grew at an annualized rate of 2.6% in the second quarter of 2006, down
from the exceptionally strong 5.6% annualized growth rate recorded in the first
quarter. Initial estimates put the rate at a weaker-than-expected 1.6% in the
third quarter.
In response to economic expansion and increasing inflation pressures, the
U.S. Federal Reserve Board (the Fed) raised its federal funds target rate by 50
basis points (0.50%) during the reporting period, from 4.75% to 5.25%. Increases
in the federal funds target rate are reflected fairly rapidly in the yields of
money market funds and other fixed income funds that invest primarily in
short-term securities.
At their early August meeting, Fed officials--for the first time in more than
two years--left this key interest rate unchanged. They noted that "economic
growth has moderated from its quite strong pace earlier this year, partly
reflecting a gradual cooling of the housing market and the lagged effects of
increases in interest rates and energy prices." However, the Fed held out the
possibility that additional rate hikes could be needed to fight inflation.
Inflation pressures do not appear to be an immediate concern of the Fed and the
need for additional tightening will likely depend on future economic
developments.
At the close of the reporting period, there was considerable uncertainty
about whether the U.S. economy was headed for a so-called "soft landing"--a
period of gradually slowing economic growth--or a more bumpy and potentially
more painful "hard landing."
IN CONCLUSION
At a recent meeting of the AIM Funds board, Robert H. Graham relinquished his
position as president of Tax-Free Investments Trust. Bob, who was one of three
founders of AIM Investments--Registered Trademark-- in 1976 and who has a
well-earned reputation for being one of the most respected and most
knowledgeable leaders in the mutual fund industry, will continue in his role as
trustee and vice chair of the AIM Funds. As I assume Bob's previous
responsibilities as president of Tax-Free Investments Trust, I am grateful that
I will have the opportunity to continue working with him closely, as I have
since I first joined A I M Management Group Inc. in 1989.
All of us at AIM Investments are committed to the goals of safety, liquidity
and yield in money market fund management. We are also dedicated to excellence
in customer service. Should you have questions about this report or your
account, please contact one of our Cash Management and Alliance representatives
at 800-659-1005.
Sincerely,
/S/ KAREN DUNN KELLEY
Karen Dunn Kelley
President, Fund Management Company
November 15, 2006
The views and opinions expressed in this letter are those of A I M Advisors,
Inc. These views and opinions are subject to change at any time based on factors
such as market and economic conditions. These views and opinions may not be
relied upon as investment advice or recommendations, or as an offer for a
particular security. Statements of fact are from sources considered reliable,
but A I M Advisors, Inc. makes no representation or warranty as to their
completeness or accuracy. Although historical performance is no guarantee of
future results, these insights may help you understand our investment management
philosophy.
1
TAX-FREE CASH RESERVE PORTFOLIO
========================================================================================================
FUND DATA
RESOURCE CLASS DATA AS OF 9/30/06
YIELDS WEIGHTED AVERAGE MATURITY NET ASSETS
7-DAY MONTHLY RANGE DURING AT REPORTING
SEC YIELD YIELD REPORTING PERIOD PERIOD END
3.34% 3.19% 22-51 days 46 days $462.63 million
Performance quoted is past performance and cannot guarantee comparable future results; current
performance may be lower or higher. Please visit AIMinvestments.com for the most recent month-end
performance. Investment return will vary. Monthly yield represents annualized results for the
period, net of fees and expenses, and excludes any realized capital gains or losses. Had the advisor
and distributor not waived fees and/or reimbursed expenses, performance would have been lower.
========================================================================================================
====================================
FUND COMPOSITION BY MATURITY
IN DAYS, AS OF 9/30/06
1-7 76.0%
8-30 3.3
31-90 5.8
91-180 4.2
181+ 10.7
====================================
The number of days to maturity of each holding is determined in accordance with
the provisions of Rule 2a-7 under the Investment Company Act of 1940, as
amended.
================================================================================
AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.
================================================================================
================================================================================
THIS REPORT MUST BE ACCOMPANIED OR PRECEDED BY A CURRENTLY EFFECTIVE FUND
PROSPECTUS, WHICH CONTAINS MORE COMPLETE INFORMATION, INCLUDING FEES AND
EXPENSES. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
================================================================================
2
TAX-FREE CASH RESERVE PORTFOLIO
DEAR FELLOW AIM FUND SHAREHOLDERS:
At our meeting at the end of June, your Board completed its
comprehensive review* of each fund's advisory agreement with
[CROCKETT A I M Advisors, Inc. (AIM) to make certain your interests are
PHOTO] being served in terms of fees, performance and operations.
Looking ahead, your Board finds many reasons to be
positive about AIM's management and strategic direction. Most
importantly, AIM's investment management discipline is paying
BRUCE L. CROCKETT off in terms of improved overall performance. While work
remains to be done, AIM's complex-wide, asset-weighted mutual
fund performance for the trailing one-, three- and five-year
periods is at its highest since 2000 for the periods ended
September 30, 2006. We are also pleased with AIM's efforts to
seek more cost-effective ways of delivering superior service.
In addition, AIM is realizing the benefits of belonging to
a leading independent global investment management
organization in its parent company, AMVESCAP PLC, which is
dedicated to helping people worldwide build their financial
security. AMVESCAP managed approximately $441 billion
globally as of September 30, 2006, operating under the AIM,
INVESCO, AIM Trimark, INVESCO PERPETUAL and Atlantic Trust
brands. These companies are home to an abundance of
investment talent that is gradually being integrated and
leveraged into centers of excellence, each focusing on a
given market segment or asset class. Over the next few years,
your Board will be meeting at these various centers of
excellence to learn about their progress and how they may
serve you through our goal of enhancing performance and
reducing costs.
The seven new AIM funds--which include Asian funds,
structured U.S. equity funds and specialized bond funds--are
an early example of the kind of opportunities the AMVESCAP
organization can provide AIM clients. More information on
these funds can be found on AIM's Web site.
Your Board is very pleased with the overall direction and
progress of the AIM Funds. We're working closely and
effectively with AIM's management to continue this momentum.
As always, your Board is eager to hear your views on how we
might better serve you. Please send your comments in a letter
addressed to me at AIM Investments, AIM Investments Tower, 11
Greenway Plaza, Suite 100, Houston TX 77046.
Sincerely,
/S/ BRUCE L. CROCKETT
Bruce L. Crockett
Independent Chair
AIM Funds Board
November 15, 2006
* To learn more about all the factors we considered before
approving each fund's advisory agreement, go to the
"Products & Performance" tab at the AIM Web site
(AIMinvestments.com) and click on "Investment Advisory
Agreement Renewals." The approval of advisory agreement
information for your Fund is also included in this
semiannual report on pages 5-6.
3
TAX-FREE CASH RESERVE PORTFOLIO
CALCULATING YOUR ONGOING FUND EXPENSES
EXAMPLE together with the amount you invested, to The hypothetical account values and
estimate the expenses that you paid over expenses may not be used to estimate the
As a shareholder of the Fund, you incur the period. Simply divide your account actual ending account balance or expenses
ongoing costs, including management fees; value by $1,000 (for example, an $8,600 you paid for the period. You may use this
distribution and/or service fees (12b-1); account value divided by $1,000 = 8.6), information to compare the ongoing costs
and other Fund expenses. This example is then multiply the result by the number in of investing in the Fund and other funds.
intended to help you understand your the table under the heading entitled To do so, compare this 5% hypothetical
ongoing costs (in dollars) of investing "Actual Expenses Paid During Period" to example with the 5% hypothetical examples
in the Fund and to compare these costs estimate the expenses you paid on your that appear in the shareholder reports of
with ongoing costs of investing in other account during this period. the other funds.
mutual funds. The example is based on an
investment of $1,000 invested at the HYPOTHETICAL EXAMPLE FOR COMPARISON Please note that the expenses shown in
beginning of the period and held for the PURPOSES the table are meant to highlight your
entire period, April 1, 2006, through ongoing costs only. Therefore, the
September 30, 2006. The table below also provides information hypothetical information is useful in
about hypothetical account values and comparing ongoing costs only, and will
ACTUAL EXPENSES hypothetical expenses based on the Fund's not help you determine the relative total
actual expense ratio and an assumed rate costs of owning different funds.
The table below provides information of return of 5% per year before expenses,
about actual account values and actual which is not the Fund's actual return.
expenses. You may use the information in
this table,
====================================================================================================================================
HYPOTHETICAL
ACTUAL (5% ANNUAL RETURN BEFORE EXPENSES)
BEGINNING ENDING EXPENSES ENDING EXPENSES ANNUALIZED
ACCOUNT VALUE ACCOUNT VALUE PAID DURING ACCOUNT VALUE PAID DURING EXPENSE
CLASS (4/1/06) (9/30/06)(1) PERIOD(2) (9/30/06) PERIOD(2) RATIO
Resource $1,000.00 $1,016.00 $1.92 $1,023.16 $1.93 0.38%
(1) The actual ending account value is based on the actual total return of the Fund for the period April 1, 2006, through September
30, 2006, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense
ratio and a hypothetical annual return of 5% before expenses.
(2) Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the
period, multiplied by 183/365 to reflect the most recent fiscal half-year.
====================================================================================================================================
4
TAX-FREE CASH RESERVE PORTFOLIO
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
The Board of Trustees of Tax-Free cluded that the range of services to be uation of the Fund's Senior Officer
Investments Trust (the "Board") oversees provided by AIM under the Advisory (discussed below) only considered Fund
the management of Tax-Free Cash Reserve Agreement was appropriate and that AIM performance through the most recent
Portfolio (the "Fund") and, as required currently is providing services in calendar year, the Board also reviewed
by law, determines annually whether to accordance with the terms of the Advisory more recent Fund performance, which did
approve the continuance of the Fund's Agreement. not change their conclusions.
advisory agreement with A I M Advisors,
Inc. ("AIM"). Based upon the o The quality of services to be provided o Meetings with the Fund's portfolio
recommendation of the Investments by AIM. The Board reviewed the managers and investment personnel. With
Committee of the Board, at a meeting held credentials and experience of the respect to the Fund, the Board is meeting
on June 27, 2006, the Board, including officers and employees of AIM who will periodically with such Fund's portfolio
all of the independent trustees, approved provide investment advisory services to managers and/or investment personnel and
the continuance of the advisory agreement the Fund. In reviewing the qualifications believes that such individuals are
(the "Advisory Agreement") between the of AIM to provide investment advisory competent and able to continue to carry
Fund and AIM for another year, effective services, the Board considered such out their responsibilities under the
July 1, 2006. issues as AIM's portfolio and product Advisory Agreement.
review process, AIM's legal and
The Board considered the factors compliance function, AIM's use of o Overall performance of AIM. The Board
discussed below in evaluating the technology, AIM's portfolio considered the overall performance of AIM
fairness and reasonableness of the administration function and the quality in providing investment advisory and
Advisory Agreement at the meeting on June of AIM's investment research. Based on portfolio administrative services to the
27, 2006 and as part of the Board's the review of these and other factors, Fund and concluded that such performance
ongoing oversight of the Fund. In their the Board concluded that the quality of was satisfactory.
deliberations, the Board and the services to be provided by AIM was
independent trustees did not identify any appropriate and that AIM currently is o Fees relative to those of clients of
particular factor that was controlling, providing satisfactory services in AIM with comparable investment
and each trustee attributed different accordance with the terms of the Advisory strategies. The Board noted that AIM does
weights to the various factors. Agreement. not serve as an advisor to other mutual
funds or other clients with investment
One responsibility of the independent o The performance of the Fund relative to strategies comparable to those of the
Senior Officer of the Fund is to manage comparable funds. The Board reviewed the Fund.
the process by which the Fund's proposed performance of the Fund during the past
management fees are negotiated to ensure one, three and five calendar years o Fees relative to those of comparable
that they are negotiated in a manner against the performance of funds advised funds with other advisors. The Board
which is at arms' length and reasonable. by other advisors with investment reviewed the advisory fee rate for the
To that end, the Senior Officer must strategies comparable to those of the Fund under the Advisory Agreement. The
either supervise a competitive bidding Fund. The Board noted that the Fund's Board compared effective contractual
process or prepare an independent written performance in such periods was at or advisory fee rates at a common asset
evaluation. The Senior Officer has above the median performance of such level at the end of the past calendar
recommended an independent written comparable funds. Based on this review year and noted that the Fund's rate was
evaluation in lieu of a competitive and after taking account of all of the comparable to the median rate of the
bidding process and, upon the direction other factors that the Board considered funds advised by other advisors with
of the Board, has prepared such an in determining whether to continue the investment strategies comparable to those
independent written evaluation. Such Advisory Agreement for the Fund, the of the Fund that the Board reviewed. The
written evaluation also considered Board concluded that no changes should be Board noted that AIM has agreed to waive
certain of the factors discussed below. made to the Fund and that it was not fees and/or limit expenses of the Fund,
necessary to change the Fund's portfolio as discussed below. Based on this review,
The discussion below serves as a management team at this time. Although the Board concluded that the advisory fee
summary of the Senior Officer's the independent written evaluation of the rate for the Fund under the Advisory
independent written evaluation, as well Fund's Senior Officer (discussed below) Agreement was fair and reasonable.
as a discussion of the material factors only considered Fund performance through
and the conclusions with respect thereto the most recent calendar year, the Board o Expense limitations and fee waivers.
that formed the basis for the Board's also reviewed more recent Fund The Board noted that AIM has
approval of the Advisory Agreement. After performance, which did not change their contractually agreed to waive fees and/or
consideration of all of the factors below conclusions. limit expenses of the Fund in an amount
and based on its informed business necessary to limit total annual operating
judgment, the Board determined that the o The performance of the Fund relative to expenses to a specified percentage of
Advisory Agreement is in the best indices. The Board reviewed the average daily net assets for each class
interests of the Fund and its performance of the Fund during the past of the Fund. The Board considered the
shareholders and that the compensation to one, three and five calendar years contractual nature of this fee
AIM under the Advisory Agreement is fair against the performance of the Lipper waiver/expense limitation and noted that
and reasonable and would have been Institutional Tax-Exempt Money Market it remains in effect until June 30, 2007.
obtained through arm's length Index. The Board noted that the Fund's The Board considered the effect this fee
negotiations. performance in such periods was waiver/expense limitation would have on
comparable to the performance of such the Fund's estimated expenses and
Unless otherwise stated, information Index. Based on this review and after concluded that the levels of fee
presented below is as of June 27, 2006 taking account of all of the other waivers/expense limitations for the Fund
and does not reflect any changes that may factors that the Board considered in were fair and reasonable.
have occurred since June 27, 2006, determining whether to continue the
including but not limited to changes to Advisory Agreement for the Fund, the o Breakpoints and economies of scale. The
the Fund's performance, advisory fees, Board concluded that no changes should be Board reviewed the structure of the
expense limitations and/or fee waivers. made to the Fund and that it was not Fund's advisory fee under the Advisory
necessary to change the Fund's portfolio Agreement, noting that it includes one
o The nature and extent of the advisory management team at this time. Although breakpoint. The Board reviewed the level
services to be provided by AIM. The Board the independent written eval- of the Fund's advisory fees, and noted
reviewed the services to be provided by that such fees, as a percentage of the
AIM under the Advisory Agreement. Based Fund's net assets,
on such review, the Board con-
(continued)
5
TAX-FREE CASH RESERVE PORTFOLIO
have decreased as net assets increased o Historical relationship between the
because the Advisory Agreement includes a Fund and AIM. In determining whether to
breakpoint. The Board concluded that the continue the Advisory Agreement for the
Fund's fee levels under the Advisory Fund, the Board also considered the prior
Agreement therefore reflect economies of relationship between AIM and the Fund, as
scale and that it was not necessary to well as the Board's knowledge of AIM's
change the advisory fee breakpoints in operations, and concluded that it was
the Fund's advisory fee schedule. beneficial to maintain the current
relationship, in part, because of such
o Investments in affiliated money market knowledge. The Board also reviewed the
funds. Not applicable because the Fund general nature of the non-investment
does not invest in affiliated money advisory services currently performed by
market funds. AIM and its affiliates, such as
administrative, transfer agency and
o Independent written evaluation and distribution services, and the fees
recommendations of the Fund's Senior received by AIM and its affiliates for
Officer. The Board noted that, upon their performing such services. In addition to
direction, the Senior Officer of the reviewing such services, the trustees
Fund, who is independent of AIM and AIM's also considered the organizational
affiliates, had prepared an independent structure employed by AIM and its
written evaluation in order to assist the affiliates to provide those services.
Board in determining the reasonableness Based on the review of these and other
of the proposed management fees of the factors, the Board concluded that AIM and
AIM Funds, including the Fund. The Board its affiliates were qualified to continue
noted that the Senior Officer's written to provide non-investment advisory
evaluation had been relied upon by the services to the Fund, including
Board in this regard in lieu of a administrative, transfer agency and
competitive bidding process. In distribution services, and that AIM and
determining whether to continue the its affiliates currently are providing
Advisory Agreement for the Fund, the satisfactory non-investment advisory
Board considered the Senior Officer's services.
written evaluation.
o Other factors and current trends. The
o Profitability of AIM and its Board considered the steps that AIM and
affiliates. The Board reviewed its affiliates have taken over the last
information concerning the profitability several years, and continue to take, in
of AIM's (and its affiliates') investment order to improve the quality and
advisory and other activities and its efficiency of the services they provide
financial condition. The Board considered to the Funds in the areas of investment
the overall profitability of AIM, as well performance, product line
as the profitability of AIM in connection diversification, distribution, fund
with managing the Fund. The Board noted operations, shareholder services and
that AIM's operations remain profitable, compliance. The Board concluded that
although increased expenses in recent these steps taken by AIM have improved,
years have reduced AIM's profitability. and are likely to continue to improve,
Based on the review of the profitability the quality and efficiency of the
of AIM's and its affiliates' investment services AIM and its affiliates provide
advisory and other activities and its to the Fund in each of these areas, and
financial condition, the Board concluded support the Board's approval of the
that the compensation to be paid by the continuance of the Advisory Agreement for
Fund to AIM under its Advisory Agreement the Fund.
was not excessive.
o Benefits of soft dollars to AIM. The
Board considered the benefits realized by
AIM as a result of brokerage transactions
executed through "soft dollar"
arrangements. Under these arrangements,
brokerage commissions paid by other funds
advised by AIM are used to pay for
research and execution services. This
research may be used by AIM in making
investment decisions for the Fund. The
Board concluded that such arrangements
were appropriate.
o AIM's financial soundness in light of
the Fund's needs. The Board considered
whether AIM is financially sound and has
the resources necessary to perform its
obligations under the Advisory Agreement,
and concluded that AIM has the financial
resources necessary to fulfill its
obligations under the Advisory Agreement.
6
Tax-Free Cash Reserve Portfolio
SCHEDULE OF INVESTMENTS
September 30, 2006
(Unaudited)
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MUNICIPAL OBLIGATIONS-98.85%(A)
ALABAMA-0.17%
Homewood (City of) Educational Building
Authority (Samford University Facilities
Project); Series 1999, VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 12/01/21(b)(c) -- VMIG-1 $ 3,685 $ 3,685,000
- -------------------------------------------------------------------------------------------
Tuscaloosa (County of) Board of Education
(Capital Outlay); Series 1997 B, VRD Wts.
(LOC-Regions Bank)
3.76%, 02/01/17(d)(e) -- Aa3 3,175 3,175,000
===========================================================================================
6,860,000
===========================================================================================
ALASKA-0.75%
Alaska (State of) Industrial Development
Authority (Providence Medical Office
Building); Series 1985, VRD IDR (LOC-KBC
Bank N.V.)
3.55%, 06/01/10(d)(f)(g) -- VMIG-1 1,590 1,590,000
- -------------------------------------------------------------------------------------------
North Slope (Borough of); Series 2000 A,
Refunding VRD GO (INS-MBIA Insurance Corp.)
3.77%, 06/30/10(c)(e) A-1+ VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Alaska (State of) Housing
Finance Corp.); Series 1999 D, VRD RB
(Acquired 03/28/06; Cost $25,000,000)
3.78%, 06/01/49(e)(h)(i) -- VMIG-1 25,000 25,000,000
===========================================================================================
30,290,000
===========================================================================================
ARIZONA-0.54%
Arizona State University Board of Regents;
Series 2003 A, Refunding VRD RB (INS-Ambac
Assurance Corp.)
3.73%, 07/01/34(c)(e) A-1+ VMIG-1 1,570 1,570,000
- -------------------------------------------------------------------------------------------
Casa Grande (City of) Industrial Development
Authority (Center Park Apartments Project);
Series 2001 A, Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association)
3.77%, 06/15/31(e) -- VMIG-1 2,010 2,010,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ARIZONA-(CONTINUED)
Casa Grande (City of) Industrial Development
Authority (Quail Gardens Apartments);
Series 2001 A, Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association)
3.77%, 06/15/31(e) -- VMIG-1 $ 1,885 $ 1,885,000
- -------------------------------------------------------------------------------------------
Phoenix (City of) Industrial Development
Authority (Lynwood Apartments Project);
Series 1994, Refunding Multi-Family Housing
VRD IDR (CEP-Federal Home Loan Bank of San
Francisco)
3.81%, 10/01/25(e) A-1+ -- 5,715 5,715,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (El Dorado Hospital); Series
2004, VRD IDR (LOC-Branch Banking & Trust
Co.)
3.78%, 04/01/38(d)(e) -- VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (Tohono Chul Park Project);
Series 2001, VRD IDR (LOC-Northern Trust
Co.)
3.85%, 08/01/36(d)(e) -- VMIG-1 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Scottsdale (City of) Industrial Development
Authority (Notre Dame School); Series 2001
A, VRD Limited Obligation IDR (LOC-JPMorgan
Chase Bank, N.A.)
3.80%, 05/01/21(d)(e) A-1+ -- 3,000 3,000,000
===========================================================================================
21,980,000
===========================================================================================
CALIFORNIA-0.90%
California (State of) Pollution Control
Financing Authority (Southdown, Inc.
Project); Series 1983 Floating Rate PCR
(LOC-Wachovia Bank, N.A.)
3.70%, 02/15/13(d)(f) -- VMIG-1 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Series 1983 B Floating Rate PCR
(LOC-Wachovia Bank, N.A.)
3.70%, 09/15/13(d)(f) A-1+ VMIG-1 9,400 9,400,000
- -------------------------------------------------------------------------------------------
</Table>
F-1
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
CALIFORNIA-(CONTINUED)
JPMorgan PUTTERs (Sacramento (County of)
Sanitation District Financing Authority);
Series 2006-1407, VRD RB (Acquired
07/19/06; Cost $1,455,000)
3.77%, 06/01/14(e)(h)(i) A-1+ -- $ 1,455 $ 1,455,000
- -------------------------------------------------------------------------------------------
San Jose (City of) Financing Authority;
Series 2006, Commercial Paper Notes
(LOC-State Street Bank & Trust Co.;
California State Teachers Retirement
System)
3.68%, 11/07/06(d) A-1+ P-1 17,806 17,806,000
===========================================================================================
36,661,000
===========================================================================================
COLORADO-2.18%
Broomfield (City of) Urban Renewal Authority
(Event Center Project); Series 2005, Tax
Increment Allocation VRD Revenue (LOC-BNP
Paribas)
3.76%, 12/01/30(d)(e)(g) -- VMIG-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
Castle Pines North Metropolitan District;
Series 2006 C, VRD Refunding Limited Tax GO
(LOC-U.S. Bank, N.A.)
3.76%, 12/01/24(d)(e) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Centerra Metropolitan District No. 1; Series
2004, VRD RB (LOC-BNP Paribas)
3.77%, 12/01/29(d)(e)(g) A-1+ -- 12,000 12,000,000
- -------------------------------------------------------------------------------------------
Colorado (State of) E-470 Public Highway
Authority (Vehicle Registration Fee);
Series 2001, VRD RB (INS-MBIA Insurance
Corp.)
3.77%, 09/01/18(c)(e) A-1+ -- 1,175 1,175,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Community Wireless
Park City); Series 2003, VRD RB (LOC-U.S.
Bank, N.A.)
3.78%, 12/01/23(d)(e) A-1+ -- 600 600,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Regis Jesuit High
School Project); Series 2003, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 12/01/33(d)(e) A-1+ -- 5,065 5,065,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
COLORADO-(CONTINUED)
Colorado (State of) Educational & Cultural
Facilities Authority (Southeastern Baptist
Theological Seminary); Series 2005, VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 03/01/25(d)(e) -- VMIG-1 $ 8,945 $ 8,945,000
- -------------------------------------------------------------------------------------------
Colorado (State of) General Fund; Series
2006, RAN 4.75%, 06/27/07 SP-1+ -- 10,000 10,070,764
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Arapahoe House Project); Series
2004 A, VRD RB (LOC-Wells Fargo Bank, N.A.)
3.81%, 04/01/24(d)(e) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Christian Living Project);
Series 1997, Refunding VRD RB (LOC-U.S.
Bank, N.A.)
3.78%, 01/01/11(d)(e) A-1+ -- 1,245 1,245,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Covenant Retirement); Series
2006, Refunding VRD RB (LOC-LaSalle Bank
N.A.)
3.75%, 12/01/25(d)(e) A-1 -- 6,760 6,760,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Craig Hospital Project); Series
2003, Refunding VRD RB (LOC-Wells Fargo
Bank, N.A.)
3.74%, 12/01/20(d)(e) A-1+ -- 5,275 5,275,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Goodwill Industries Denver
Project); Series 2004, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.85%, 12/01/24(d)(e) -- VMIG-1 1,350 1,350,000
- -------------------------------------------------------------------------------------------
Colorado Springs (City of) (Pikes Peak Mental
Health Center); Series 2003, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 03/15/23(d)(e) A-1+ -- 1,805 1,805,000
- -------------------------------------------------------------------------------------------
Colorado Springs (City of) Industrial
Development Authority (Cook Communications
Project); Series 2002, VRD IDR (LOC-Bank of
America, N.A.)
3.79%, 03/01/17(d)(e) A-1+ -- 2,350 2,350,000
- -------------------------------------------------------------------------------------------
</Table>
F-2
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
COLORADO-(CONTINUED)
Concord (Metropolitan District of); Series
2004, Refunding & Improvement Unlimited Tax
GO (LOC-Wells Fargo Bank, N.A.)
3.50%, 12/01/29(d)(j) A-1+ -- $ 1,550 $ 1,550,000
- -------------------------------------------------------------------------------------------
Crystal Valley Metropolitan District of No.
1; Series 2004, VRD RB (LOC-Wells Fargo
Bank, N.A.)
3.74%, 10/01/34(d)(e) A-1+ -- 4,795 4,795,000
- -------------------------------------------------------------------------------------------
Denver (City & County of) Excise Tax Revenue
Authority (Convention Center Project);
Series 2001 B, RB (INS-Financial Security
Assurance Inc.)
3.74%, 09/01/25(c)(e) A-1+ VMIG-1 4,920 4,920,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Section 14 Metropolitan
District; Series 2000 Refunding Unlimited
Tax GO (LOC-U.S. Bank, N.A.)
5.20%, 12/01/19(d)(j) AA -- 1,100 1,102,889
- -------------------------------------------------------------------------------------------
Series 2004 Refunding Unlimited Tax VRD GO
(LOC-U.S. Bank, N.A.)
3.50%, 12/01/13(d)(k) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Mesa (County of) (Goodwill Industries of
Colorado Springs); Series 2006, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 12/01/26(d)(e) A-1+ -- 1,250 1,250,000
===========================================================================================
88,458,653
===========================================================================================
CONNECTICUT-0.26%
Connecticut (State of) Development Authority
(Central Vermont Public Service); Series
1985, Floating Rate PCR (LOC-Citizens Bank
of Massachusetts)
3.66%, 12/01/15(d)(f) A-1+ -- 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Connecticut (State of) Health & Educational
Facilities Authority (Westminster School);
Series 2002 C, VRD RB (LOC-Bank of America,
N.A.)
3.73%, 07/01/32(d)(e) A-1+ -- 1,395 1,395,000
- -------------------------------------------------------------------------------------------
Connecticut (State of) Health & Educational
Facilities Authority (YMCA of Greater
Hartford); Series 2002 A, VRD RB (INS-Ambac
Assurance Corp.)
3.73%, 07/01/32(c)(e) -- VMIG-1 7,910 7,910,000
===========================================================================================
10,705,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
DELAWARE-0.17%
Delaware (State of) Economic Development
Authority (Connections Community Support);
Series 2006, VRD RB (LOC-Mercantile Safe
Deposit & Trust Co.)
3.77%, 08/01/31(d)(e) A-1+ -- $ 7,035 $ 7,035,000
===========================================================================================
DISTRICT OF COLUMBIA-0.39%
District of Columbia (American Library
Association); Series 2005, VRD RB (LOC-Bank
of America, N.A.)
3.76%, 02/01/35(d)(e) -- VMIG-1 3,175 3,175,000
- -------------------------------------------------------------------------------------------
District of Columbia (American Psychology
Association); Series 2003, VRD RB (LOC-Bank
of America, N.A.)
3.79%, 03/01/28(d)(e) A-1+ -- 5,055 5,055,000
- -------------------------------------------------------------------------------------------
District of Columbia (National Academy of
Sciences); Series 1999 B Commercial Paper
(INS-Ambac Assurance Corp.)
3.46%, 11/07/06(c) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
3.63%, 11/07/06(c) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
District of Columbia (Washington Center for
Internships & Academic); Series 2006, VRD
RB (LOC-Branch Banking & Trust Co.)
3.78%, 07/01/36(d)(e) -- VMIG-1 1,700 1,700,000
===========================================================================================
15,930,000
===========================================================================================
FLORIDA-5.57%
ABN AMRO Munitops Ctfs. Trust (Miami-Dade
(County of) Transit Sales Surtax Revenue
Bonds); Series 2006-24, Non-AMT VRD Ctfs.
(Acquired 05/05/06; Cost $14,270,000)
3.78%, 07/01/14(e)(h)(i) -- VMIG-1 14,270 14,270,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Port St. Lucie
(City of) Utilities Systems Revenue Bonds);
Series 2006-50, Non-AMT VRD Ctfs. (Acquired
07/17/06; Cost $10,700,000)
3.78%, 09/01/14(e)(h)(i) -- VMIG-1 10,700 10,700,000
- -------------------------------------------------------------------------------------------
Cape Coral (City of); Series 2006, Commercial
Paper Notes (LOC-Bank of America, N.A.)
3.48%, 10/10/06(d) A-1+ -- 15,000 15,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-3
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-(CONTINUED)
Capital Projects Finance Authority (Capital
Projects Loan Program); Series 1997 A, VRD
RB (INS-Financial Security Assurance Inc.)
3.77%, 08/01/17(c)(e) A-1+ -- $ 7,200 $ 7,200,000
- -------------------------------------------------------------------------------------------
Collier (County of) Industrial Development
Authority (Redlands Christian Migrant
Association Inc.); Series 2001, VRD IDR
(LOC-Bank of America, N.A.)
3.79%, 12/01/26(d)(e)(l) -- -- 2,800 2,800,000
- -------------------------------------------------------------------------------------------
Florida (State of) Division of Bond Finance
Department of General Services
(Environmental Protection Preservation
2000); Series 1998 B, RB (INS-Financial
Security Assurance Inc.)
5.50%, 07/01/07(c) AAA Aaa 5,200 5,273,637
- -------------------------------------------------------------------------------------------
Florida (State of) Local Government Finance
Commission (Pooled Loan Program); Series
1994 A, Commercial Paper Notes
(LOC-Wachovia Bank, N.A.)
3.52%, 10/31/06(d) -- P-1 22,670 22,670,000
- -------------------------------------------------------------------------------------------
Florida Gulf Coast University Financing Corp.
(Florida Capital Improvement); Series 2003,
VRD RB (LOC-Wachovia Bank, N.A.)
3.78%, 12/01/33(d)(e) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Highlands (County of) Health Facilities
Authority (Adventist Health); Series 2006
A, Refunding VRD RB (INS-Financial Security
Assurance Inc.)
3.76%, 11/15/30(c)(e) A-1+ VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Hillsborough (County of) Industrial
Development Authority (Tampa Metropolitan
Area YMCA Project); Series 2000, VRD IDR
(LOC-Bank of America, N.A.)
3.76%, 03/01/25(d)(e)(l) -- -- 5,550 5,550,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (Baptist Medical Center Project);
Series 2004, Commercial Paper (LOC-Bank of
America, N.A.)
3.20%, 10/13/06(d) A-1+ -- 3,000 3,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
FLORIDA-(CONTINUED)
Jacksonville (City of) Health Facilities
Authority (Samuel C. Taylor Foundation
Project); Series 1998, VRD RB (LOC-Bank of
America, N.A.) (Acquired 02/20/01; Cost
$2,600,000)
3.79%, 12/01/23(d)(e)(h)(l) -- -- $ 2,600 $ 2,600,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (University of Florida
Jacksonville Physicians, Inc.); Series
2002, VRD RB (LOC-Bank of America, N.A.)
3.80%, 06/01/22(d)(e) -- VMIG-1 11,245 11,245,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority; Series 2003 C, VRD RB (LOC-Bank
of America, N.A.)
3.80%, 08/15/33(b)(d) A-1+ -- 5,695 5,695,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Florida (State of) Department of
Environmental Protection); Series 2002-722,
Floating Rate Trust Ctfs. VRD RB (Acquired
11/13/02; Cost $9,690,000)
3.78%, 07/01/22(e)(h)(i) A-1 -- 9,690 9,690,000
- -------------------------------------------------------------------------------------------
North Miami (City of) Educational Facilities
(Miami Country Day School Project); Series
1999, VRD RB (LOC-Bank of America, N.A.)
3.76%, 08/01/19(d)(e)(l) -- -- 1,450 1,450,000
- -------------------------------------------------------------------------------------------
Orange (County of) Health Facilities
Authority (Adventist Health System/Sunbelt
Inc.); Series 1992, VRD RB (LOC-SunTrust
Bank)
3.83%, 11/15/14(d)(e) A-1+ VMIG-1 1,535 1,535,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Educational Facilities
Authority (Atlantic College); Series 2001,
Educational Facilities VRD RB (LOC-Bank of
America, N.A.)
3.76%, 12/01/31(d)(e)(l) -- -- 13,400 13,400,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Housing Finance
Authority (Emerald Bay Club Apartments);
Series 2004, Refunding Multi-Family Housing
VRD RB (LOC-Wachovia Bank, N.A.)
3.77%, 06/01/30(d)(e) A-1+ P-1 8,000 8,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-4
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-(CONTINUED)
Palm Beach (County of) School Board; Series
2002 B, VRD COP (INS-Financial Security
Assurance Inc.)
3.73%, 08/01/27(c)(e) -- VMIG-1 $14,680 $ 14,680,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) School District Sales
Tax; Series 2006 Commercial Paper Notes
(LOC-Bank of America, N.A.)
3.50%, 10/11/06(d) A-1+ P-1 18,000 18,000,000
- -------------------------------------------------------------------------------------------
3.55%, 10/16/06(d) A-1+ P-1 9,200 9,200,000
- -------------------------------------------------------------------------------------------
Seminole (County of) School District; Series
2006, Unlimited Tax GO TAN 4.50%, 09/13/07 -- MIG-1 23,000 23,199,825
- -------------------------------------------------------------------------------------------
Tampa (City of) (Agency for Community
Treatment
DACCO Project);
Series 2001, VRD RB (LOC-Bank of America,
N.A.)
3.79%, 07/01/22(d)(e)(l) -- -- 4,730 4,730,000
===========================================================================================
225,888,462
===========================================================================================
GEORGIA-5.34%
ABN AMRO Munitops Ctfs. Trust (Fulton (County
of) Water & Sewer Revenue Bonds); Series
2004-15, Non-AMT VRD Ctfs. (Acquired
10/12/04; Cost $9,995,000)
3.78%, 01/01/12(e)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
Albany-Dougherty (County of) Hospital
Authority (Phoebe Hospital); Series 2002,
RANS (INS-Ambac Assurance Corp.)
3.78%, 09/01/32(b)(c) -- VMIG-1 25,000 25,000,000
- -------------------------------------------------------------------------------------------
Atlanta (City of) Metropolitan Rapid Transit
Authority; Series 1998 A, Refunding Second
Indenture RB (INS-MBIA Insurance Corp.)
6.25%, 07/01/07(c) AAA Aaa 9,000 9,169,959
- -------------------------------------------------------------------------------------------
Burke (County of) Development Authority
(Oglethorpe Power Corp.); Series 1994 A VRD
PCR (INS-Financial Guaranty Insurance Co.)
3.78%, 01/01/19(c)(e) A-1+ VMIG-1 20,911 20,911,000
- -------------------------------------------------------------------------------------------
Series 2006 B Commercial Paper VRD PCR
(INS-Ambac Assurance Corp.)
3.53%, 12/28/06(c) A-1+ VMIG-1 6,500 6,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
GEORGIA-(CONTINUED)
Cobb (County of) Development Authority (YMCA
of Cobb County); Series 2003, VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 12/01/25(d)(e) -- VMIG-1 $ 1,300 $ 1,300,000
- -------------------------------------------------------------------------------------------
Conyers-Rockdale-Big Haynes Impoundment
Authority; Series 1998, VRD RB
(INS-Financial Security Assurance Inc.)
3.74%, 07/01/22(c)(e) -- VMIG-1 3,040 3,040,000
- -------------------------------------------------------------------------------------------
Dahlonega (City of) Downtown Development
Authority (North Georgia Student Housing
Project); Series 2001 A, VRD RB
(LOC-Wachovia Bank, N.A.)
3.73%, 06/01/28(d)(e) -- VMIG-1 3,550 3,550,000
- -------------------------------------------------------------------------------------------
DeKalb (County of) Housing Authority (Wood
Hills Apartment Project); Series 1988,
Refunding Floating Rate Multi-Family
Housing RB (LOC-Bank of America, N.A.)
3.80%, 12/01/07(d)(e) A-1+ -- 9,250 9,250,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Georgia (State of));
Series 2000-1001 C, VRD COP (Acquired
07/26/2000; Cost $20,000,000)
3.79%, 07/01/15(e)(h)(i) A-1+ -- 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Floyd (County of) Development Authority
(Shorter College Project); Series 1998, VRD
RB (LOC-SunTrust Bank)
3.79%, 06/01/17(d)(e) A-1+ -- 1,600 1,600,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Development Authority
(Pinecrest Academy Inc. Project); Series
2000, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 09/01/25(d)(e) -- VMIG-1 8,800 8,800,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Atlanta Park II Project); Series 1997,
Refunding VRD RB (LOC-Wachovia Bank, N.A.)
(Acquired 04/12/06; Cost $1,350,000)
3.80%, 10/01/10(d)(e)(h) -- Aa2 1,350 1,350,000
- -------------------------------------------------------------------------------------------
</Table>
F-5
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
GEORGIA-(CONTINUED)
Fulton (County of) Development Authority
(Bridgeway Foundation for Education
Project); Series 2000, Educational
Facilities VRD RB (LOC-Wachovia Bank, N.A.)
3.80%, 06/01/15(d)(e) A-1+ -- $ 1,725 $ 1,725,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Doris & Alex Weber School Project); Series
2006, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 12/01/30(d)(e) -- VMIG-1 4,500 4,500,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Kings Ridge Christian School); Series
2006, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 05/01/26(d)(e) -- VMIG-1 7,000 7,000,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Mount Vernon Presbyterian School); Series
2005, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 08/01/35(d)(e) -- VMIG-1 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Georgia (State of) Road and Tollway Authority
(Federal Highway Grant); Series 2006,
Revenue BAN 4.50%, 06/01/07 AA- Aa3 18,865 18,967,989
- -------------------------------------------------------------------------------------------
Georgia (State of) Road and Tollway Authority
(Federal Highway Reimbursement); Series
2006, RB 4.50%, 06/01/07 AA- Aa3 4,920 4,946,859
- -------------------------------------------------------------------------------------------
Gwinnett (County of) School District; Series
2006, Limited Tax TAN GO
4.50%, 12/29/06 -- MIG-1 10,000 10,021,569
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Atlanta (City of) Water &
Wastewater); Series 2004-520, VRD RB
(Acquired 04/20/05; Cost $37,495,000)
3.78%, 05/01/12(e)(h)(i) A-1 -- 37,495 37,495,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Rockdale (County of) Water
& Sewer Authority); Series 2006-1342, VRD
RB (Acquired 05/24/06; Cost $2,945,000)
3.78%, 07/01/13(e)(h)(i) -- VMIG-1 2,945 2,945,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
GEORGIA-(CONTINUED)
Savannah (City of) Economic Development
Authority (Westside Urban Health Center);
Series 2002 A, VRD RB (LOC-SunTrust Bank)
3.80%, 03/01/18(d)(e) -- VMIG-1 $ 2,445 $ 2,445,000
- -------------------------------------------------------------------------------------------
Smyrna (City of) Hospital Authority
(Ridgeview Institute Inc. Project); Series
2002, VRD RB (LOC-Wachovia Bank, N.A.)
3.80%, 11/01/27(d)(e) -- VMIG-1 1,960 1,960,000
===========================================================================================
216,572,376
===========================================================================================
HAWAII-0.22%
Eagle Tax Exempt Trust (Hawaii (State of));
Series 2000-1101, VRD COP (Acquired
01/11/01; Cost $6,000,000)
3.79%, 12/01/16(e)(h)(i) A-1+ -- 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Hawaii (State of); Series 1997 CN, Unlimited
Tax GO (INS-Financial Guaranty Insurance
Co.)
6.25%, 03/01/07(c) AAA Aaa 3,000 3,032,471
===========================================================================================
9,032,471
===========================================================================================
IDAHO-0.78%
Custer (County of) Pollution Control (Amoco
Oil Co.-Standard Oil Industry Project);
Series 1983, VRD PCR 3.55%, 10/01/09(g)(m) A-1+ -- 22,200 22,200,000
- -------------------------------------------------------------------------------------------
Idaho (State of) Health Facilities Authority
(Pooled Financing Program); Series 1985,
VRD ACES RB (LOC-U.S. Bank, N.A.)
3.80%, 10/01/10(d)(e) -- VMIG-1 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Idaho (State of); Series 2006, Unlimited Tax
GO TAN 4.50%, 06/29/07 SP-1+ MIG-1 8,000 8,045,667
===========================================================================================
31,645,667
===========================================================================================
ILLINOIS-13.04%
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of) Board of Education); Series 2002-4, VRD
GO Ctfs. (Acquired 11/10/05 Cost
$24,225,000)
3.77%, 12/01/09(e)(h)(i) -- VMIG-1 24,225 24,225,000
- -------------------------------------------------------------------------------------------
</Table>
F-6
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of)); Series 2001-34 Refunding Multi-State
Non-AMT VRD Limited Tax Ctfs. (Acquired
11/15/01; Cost $10,000,000) 3.79%,
07/01/07(e)(h)(i) -- VMIG-1 $10,000 $ 10,000,000
- -------------------------------------------------------------------------------------------
Series 2005-40 Non-AMT VRD Unlimited Tax GO
(Acquired 11/30/05; Cost $15,165,000)
3.79%, 07/01/13(e)(h)(i)(l) -- -- 15,165 15,165,000
- -------------------------------------------------------------------------------------------
Aurora (City of) Economic Development (Aurora
University); Series 2004, VRD RB
(LOC-Harris N.A.)
3.85%, 03/01/35(d)(e) A-1+ VMIG-1 7,250 7,250,000
- -------------------------------------------------------------------------------------------
Bear Stearns Municipal Securities Trust Ctfs.
(State of Illinois); Series 1998-25 A VRD
RB (Acquired 08/26/99; Cost $10,000,000)
3.79%, 03/15/07(e)(h)(i) A-1 -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2002-190 A VRD RB (Acquired
05/06/02; Cost $10,130,000) 3.79%,
06/05/14(e)(h)(i) A-1 -- 10,130 10,130,000
- -------------------------------------------------------------------------------------------
Channahon (City of) (Morris Hospital); Series
2003 A Refunding VRD RB (LOC-U.S. Bank,
N.A.)
3.77%, 12/01/23(d)(e) A-1+ -- 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Series 2003 B VRD RB (LOC-U.S. Bank, N.A.)
3.77%, 12/01/32(d)(e) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Chicago (City of); Series 2002 B, VRD
Unlimited GO (INS-Financial Guaranty
Insurance Co.)
3.74%, 01/01/37(c)(e) A-1+ VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Cook (County of) (Capital Improvement);
Series 2004 E, VRD Unlimited Tax GO 3.78%,
11/01/33(e) A-1+ VMIG-1 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
O'Hare International Airport); Series
2006-0056 A, VRD COP (Acquired 03/22/06;
Cost $6,200,000)
3.79%, 01/01/33(e)(h)(i) A-1+ -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Eagle Tax Exempt Trust (Chicago (City of)
Park District); Series 2002-1306 A,
Unlimited Tax VRD COP (Acquired 05/02/02;
Cost $5,500,000)
3.79%, 01/01/29(e)(h)(i) A-1+ -- $ 5,500 $ 5,500,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
Water & Sewer); Series 2001-1308, VRD COP
(Acquired 12/12/01; Cost $8,655,000)
3.79%, 11/01/26(e)(h)(i) A-1+ -- 8,655 8,655,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of));
Series 2001-1305, VRD COP (Acquired
04/20/01; Cost $4,950,000)
3.89%, 01/01/35(e)(h)(i) A-1+ -- 4,950 4,950,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Illinois (State of));
Series 2000-1304, VRD COP (Acquired
06/27/00; Cost $7,340,000)
3.79%, 06/01/21(e)(h)(i) A-1+ -- 7,340 7,340,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Regional
Transportation Authority); Series
2000-1303, VRD COP (Acquired 03/26/01; Cost
$19,000,000)
3.79%, 07/01/23(e)(h)(i) A-1+ -- 19,000 19,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Chicago Shakespeare Theater
Project); Series 1999, VRD RB (LOC-LaSalle
Bank N.A.) (Acquired 09/24/03; Cost
$4,100,000)
3.75%, 01/01/19(d)(e)(h) A-1 -- 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Christian Heritage Academy);
Series 2001, VRD RB (LOC-Fifth Third Bank)
3.94%, 12/01/21(b)(d) A-1+ -- 4,625 4,625,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Embers Elementary School
Project); Series 2002, Educational
Facilities VRD RB (LOC-LaSalle Bank N.A.)
(Acquired 11/04/03; Cost $2,175,000)
3.76%, 04/01/32(d)(e)(h) A-1 -- 2,175 2,175,000
- -------------------------------------------------------------------------------------------
</Table>
F-7
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Fenwich High School Project);
Series 1997, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 03/01/32(d)(e) A-1+ -- $ 3,000 $ 3,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Glenwood School for Boys);
Series 1998, VRD RB (LOC-Harris N.A.)
3.85%, 02/01/33(d)(e) A-1+ -- 2,250 2,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Institute of Gas Technology
Project); Series 1999, VRD IDR (LOC-Harris
N.A.)
3.83%, 09/01/24(d)(e) A-1+ -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (James Jordan Boys & Girls Club
and Family Center Project); Series 1995,
VRD RB (LOC-JPMorgan Chase Bank, N.A.,
LaSalle Bank N.A.) (Acquired 10/18/05; Cost
$4,700,000)
3.85%, 08/01/30(d)(e)(h) A-1 -- 4,700 4,700,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Lyric Opera Chicago Project);
Series 1994, VRD RB (LOC-Northern Trust
Co., Harris N.A., JPMorgan Chase Bank,
N.A.)
3.80%, 12/01/28(d)(e) A-1+ VMIG-1 15,600 15,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Museum of Contemporary Art
Project); Series 1994, VRD RB (LOC-JPMorgan
Chase Bank, N.A., Northern Trust Co.)
3.80%, 02/01/29(d)(e) A-1+ VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Oak Park Residence Corp.
Project); Series 2001, VRD RB (LOC-LaSalle
Bank N.A.) (Acquired 01/29/03; Cost
$2,975,000)
3.75%, 07/01/41(d)(e)(h) A-1 -- 2,975 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Providence-St. Mel School
Project); Series 2002, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.85%, 06/01/37(d)(e) -- VMIG-1 1,360 1,360,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Radiological Society Project);
Series 1997, VRD RB (LOC-JPMorgan Chase
Bank, N.A.) (Acquired 04/07/06; Cost
$1,600,000)
3.83%, 06/01/17(d)(e)(h) A-1+ -- $ 1,600 $ 1,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Rosecrance Inc. Project); Series
2003, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 10/01/24(d)(e) A-1+ -- 2,825 2,825,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Teachers Academy for Mathamatics
& Science); Series 2001, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.85%, 02/01/21(d)(e) -- VMIG-1 2,975 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Uhlich Childrens Home Project);
Series 2002, VRD IDR (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 10/01/33(d)(e) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (West Central Illinois
Educational Project); Series 2002, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 09/01/32(d)(e) -- VMIG-1 3,600 3,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (YMCA of Metropolitan Chicago
Project); Series 2001, VRD RB (LOC-Harris
N.A.)
3.80%, 06/01/29(d)(e) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Arts Club of Chicago); Series
1996, VRD RB (LOC-Northern Trust Co.)
3.85%, 01/01/26(d)(e) A-1+ -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Aurora University); Series 2002,
RB (LOC-Fifth Third Bank)
3.85%, 03/01/32(d)(e) -- VMIG-1 4,900 4,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-8
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Educational Facilities
Authority (Chicago Childrens Museum);
Series 1994, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 02/01/28(d)(e) A-1 VMIG-1 $ 1,200 $ 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Dominican University); Series
2000 B, VRD RB (LOC-Allied Irish Banks PLC)
3.85%, 10/01/30(d)(e)(g) -- VMIG-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Elmhurst College); Series 2003,
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.85%, 03/01/33(d)(e) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Field Museum of National
History); Series 1998, VRD RB (LOC-Bank of
America, N.A.)
3.80%, 11/01/32(d)(e) A-1+ -- 3,950 3,950,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Lake County Family YMCA); Series
2000, VRD RB (LOC-Harris N.A.)
3.85%, 11/01/30(d)(e) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Lincoln Park Society); Series
1999, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.80%, 01/01/29(d)(e) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Museum of Science & Industry);
Series 1992, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 10/01/26(d)(e) -- VMIG-1 3,250 3,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (National Louis University);
Series 1999 A VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.75%, 06/01/29(d)(e) A-1+ -- 5,600 5,600,000
- -------------------------------------------------------------------------------------------
Series 1999 B VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.83%, 06/01/29(d)(e) A-1+ -- 3,100 3,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Educational Facilities
Authority (Newberry Library); Series 1988,
VRD RB (LOC-Northern Trust Co.)
3.85%, 03/01/28(d)(e) -- VMIG-1 $ 1,205 $ 1,205,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Shedd Aquarium Society); Series
1987 B, Commercial Paper (LOC-Bank of
America, N.A.)
3.70%, 04/16/07(d) -- VMIG-1 18,000 18,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority; Series 1998, Pooled Financing
VRD RB (LOC-Bank of America, N.A.)
3.77%, 03/01/28(d)(e) A-1+ -- 2,720 2,720,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Benedictine University Project); Series
2006, VRD RB (LOC-National City Bank of the
Midwest)
3.76%, 03/01/26(d)(e) A-1 -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Fairview Hospital); Series 2004 C,
Refunding VRD RB (LOC-LaSalle Bank N.A.)
3.75%, 08/15/34(d)(e) A-1 -- 13,250 13,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Franciscan Communities, Inc. - The Village
at Victory Lakes); Series 2006 A, VRD RB
(LOC-LaSalle Bank N.A.)
3.76%, 05/01/36(d)(e) A-1 -- 8,045 8,045,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Jewish
Charities); Series 2006 O6-07 A, VRD RN
(LOC-Harris N.A.)
3.80%, 06/29/07(d)(e) A-1+ -- 8,890 8,890,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Latin
School Project); Series 2005 A, Refunding
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 08/01/28(d)(e) -- VMIG-1 9,100 9,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Mercy
Alliance Project); Series 2005, VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.77%, 02/15/35(d)(e) -- VMIG-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-9
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Finance Authority (North
Park University Project); Series 2005, VRD
RB (LOC-JPMorgan Chase Bank, N.A.)
3.85%, 07/01/35(d)(e) A-1+ -- $ 2,900 $ 2,900,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Search
Development Center Inc. Project); Series
2004, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 06/01/24(d)(e) -- VMIG-1 5,075 5,075,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Sunshine Through Golf Foundation Project);
Series 2004 A, VRD RB (LOC-LaSalle Bank
N.A.)
3.76%, 11/01/24(d)(e) A-1 -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Three
Crowns Park Plaza); Series 2006 C, VRD RB
(LOC-Allied Irish Banks PLC)
3.77%, 02/15/38(d)(e)(g)(l) -- -- 7,500 7,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (YMCA
of Metropolitan Chicago Project); Series
2004, VRD RB (LOC-Harris N.A.)
3.80%, 06/01/34(d)(e) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Blessing Hospital); Series 1999
B, VRD RB (INS-Financial Security Assurance
Inc.)
3.78%, 11/15/29(c)(e) A-1+ VMIG-1 6,675 6,675,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Cradle Society Project); Series
1998, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 04/01/33(d)(e) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Northwestern Memorial Hospital);
Series 1995, VRD RB 3.80%, 08/15/25(e) A-1+ VMIG-1 22,835 22,835,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Park Plaza Center); Series 1996,
Multi-Family VRD RB (LOC-LaSalle Bank N.A.)
3.85%, 09/15/20(d)(e) A-1 -- 7,350 7,350,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Health Facilities
Authority (Peace Memorial Ministry); Series
2003 B, VRD RB (LOC-LaSalle Bank N.A.)
3.76%, 08/15/33(d)(e) A-1 -- $ 7,605 $ 7,605,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority; Series 1985 C Revolving Fund
Pooled VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.80%, 08/01/15(d)(e) A-1+ VMIG-1 5,200 5,200,000
- -------------------------------------------------------------------------------------------
Series 1985 D Revolving Fund Pooled VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.80%, 08/01/15(d)(e) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Chicago (City of) Park
District); Series 2005 974, VRD Limited Tax
GO (Acquired 07/06/05; Cost $1,095,000)
3.78%, 01/01/13(e)(h)(i) A-1 -- 1,095 1,095,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Chicago (City of) Water
Revenue); Series 2006 1419, VRD RB
(Acquired 07/26/06; Cost $5,345,000)
3.78%, 05/01/14(e)(h)(i) A-1+ -- 5,345 5,345,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Illinois (State of) State
Toll Highway Authority); Series 2006 1354,
VRD RB (Acquired 06/07/06; Cost
$13,400,000)
3.78%, 01/01/14(e)(h)(i) A-1+ -- 13,400 13,400,000
- -------------------------------------------------------------------------------------------
Lombard (City of) (Clover Creek Apartments
Project); Series 2000, Multi-Family Housing
VRD RB (CEP-Federal National Mortgage
Association)
3.77%, 12/15/30(e) A-1+ -- 14,855 14,855,000
- -------------------------------------------------------------------------------------------
McCook (City of) (Illinois St. Andrew
Society); Series 1996 A VRD RB
(LOC-Northern Trust Co.)
3.76%, 12/01/21(d)(e) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Series 1996 B VRD RB (LOC-Northern Trust
Co.)
3.76%, 12/01/21(d)(e) A-1+ -- 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Monmouth (City of) Industrial Development
Project (Monmouth College); Series 2005,
VRD IDR (LOC-Allied Irish Banks PLC)
3.77%, 06/01/35(d)(e)(g) -- VMIG-1 6,185 6,185,000
- -------------------------------------------------------------------------------------------
</Table>
F-10
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Peoria (County of) Community Unit School
District No. 323 (Dunlap); Series 2006, VRD
Unlimited GO (INS-Financial Security
Assurance Inc.)
3.80%, 04/01/26(c)(e) -- VMIG-1 $ 2,785 $ 2,785,000
- -------------------------------------------------------------------------------------------
Quincy (City of) (Blessing Hospital Project);
Series 2004, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 11/15/33(d)(e) A-1+ VMIG-1 5,120 5,120,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Central Lake (County of)
Joint Action Water Agency); Series 2003
B18, VRD RB (Acquired 02/19/03; Cost
$9,695,000)
3.78%, 05/01/20(e)(h)(i) -- VMIG-1 9,695 9,695,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of)); Series
2000 A12, VRD Limited Tax GO (Acquired
10/13/00; Cost $12,200,000)
3.78%, 01/01/23(e)(h)(i) -- VMIG-1 12,200 12,200,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Regional Transportation
Authority); Series 2002 A41, VRD Unlimited
Tax GO (Acquired 07/25/02; Cost
$17,610,000)
3.78%, 06/01/17(e)(h)(i) -- VMIG-1 17,610 17,610,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (University of Illinois);
Series 2000 S, VRD GO (Acquired 03/20/00;
Cost $17,900,000)
3.78%, 04/01/30(e)(h)(i) -- VMIG-1 17,900 17,900,000
- -------------------------------------------------------------------------------------------
Will (County of) (University of St. Francis);
Series 2005, VRD RB (LOC-Fifth Third Bank)
3.85%, 12/01/25(d)(e) -- VMIG-1 10,600 10,600,000
===========================================================================================
528,340,000
===========================================================================================
INDIANA-4.49%
ABN AMRO Munitops Ctfs. Trust (Indianapolis
(City of) Public Improvement Bond Bank
Waterworks); Series 2002-7, Non-AMT VRD RB
(Acquired 11/17/05; Cost $5,000,000)
3.78%, 07/01/10(e)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
INDIANA-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (Wayne
(Township of), Marion (County of) School
Building Corp.); Series 2003-27 Multi-
State Non-AMT VRD RB (Acquired 11/12/03
Cost $13,795,000)
3.77%, 07/15/11(e)(h)(i) -- VMIG-1 $13,795 $ 13,795,000
- -------------------------------------------------------------------------------------------
Series 2003-32 Multi-State Non-AMT VRD RB
Ctfs. (Acquired 01/31/06; Cost $17,900,000)
3.77%, 01/15/12(e)(h)(i)(l) -- -- 17,900 17,900,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Economic Development
Authority (Sisters of St. Francis Project);
Series 1998, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.85%, 12/01/18(d)(e) A-1+ -- 1,060 1,060,000
- -------------------------------------------------------------------------------------------
Goshen (City of) Economic Development
Authority (Goshen College Project); Series
2004, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.85%, 10/01/34(d)(e) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Bond Bank; Series 2006 A,
Midyear Funding Program Notes
4.50%, 02/02/07 SP-1+ -- 19,355 19,411,299
- -------------------------------------------------------------------------------------------
Indiana (State of) Development Finance
Authority (Indiana Historical Society, Inc.
Project); Series 1996 Educational
Facilities VRD RB (LOC-JPMorgan Chase Bank,
N.A.) (Acquired 07/25/05; Cost $4,260,000)
3.78%, 08/01/31(d)(e)(h) A-1+ -- 4,260 4,260,000
- -------------------------------------------------------------------------------------------
Series 1997 Educational Facilities VRD RB
(LOC-JPMorgan Chase Bank, N.A.) (Acquired
07/03/06; Cost $2,000,000)
3.78%, 08/01/31(d)(e)(h) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-11
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
INDIANA-(CONTINUED)
Indiana (State of) Development Finance
Authority (Indianapolis Museum of Art);
Series 2001 Educational Facilities
Historical VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.78%, 02/01/36(d)(e) -- VMIG-1 $ 8,700 $ 8,700,000
- -------------------------------------------------------------------------------------------
Series 2002 Educational Facilities
Historical VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.78%, 02/01/37(d)(e) -- VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Series 2004 VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.78%, 02/01/39(d)(e) -- VMIG-1 41,400 41,400,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Educational Facilities
Authority (Marian College Project); Series
2003, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.83%, 04/01/24(d)(e) -- VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Educational Facilities
Authority (Wabash College Project); Series
2003, VRD RB (LOC-JPMorgan Chase Bank,
N.A.)
3.80%, 12/01/23(d)(e) -- VMIG-1 3,835 3,835,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health & Educational
Facilities Financing Authority (Schneck
Memorial Hospital Project); Series 2006 B,
VRD RB (LOC-Fifth Third Bank)
3.85%, 02/15/36(b)(d) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Clark Memorial
Hospital); Series 2004 A, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 04/01/24(d)(e) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Community Hospitals
Project); Series 1997 A, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 07/01/27(d)(e) A-1+ -- 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Golden Years
Homestead); Series 2002 A, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 06/01/25(d)(e) A-1+ -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
INDIANA-(CONTINUED)
Indiana University (Trustees of); Series
2005, Commercial Paper (LOC-JPMorgan Chase
Bank, N.A.)
3.51%, 11/07/06(d) -- P-1 $12,000 $ 12,000,000
- -------------------------------------------------------------------------------------------
St. Joseph (County of) Economic Development
Authority (Holy Cross Village Project);
Series 2006 D, VRD RB (LOC-Allied Irish
Banks PLC)
3.78%, 05/15/39(d)(e)(g)(l) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Tippecanoe (County of) (Faith Properties Inc.
Project); Series 2005, VRD RB (LOC-Regions
Bank)
3.78%, 11/01/30(d)(e)(l) -- -- 6,475 6,475,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Wayne (Township of), Marion
(County of) School Building Corp.); Series
2006 D-02, RB (Acquired 02/23/06; Cost
$4,710,000)
3.78%, 07/15/24(e)(h)(i) A-1+ -- 4,710 4,710,000
===========================================================================================
181,846,299
===========================================================================================
IOWA-0.41%
Iowa (State of) Finance Authority (Holy
Family Catholic Schools); Series 2006,
Educational Facility VRD RB (LOC-Allied
Irish Banks PLC)
3.90%, 03/01/36(b)(d)(g) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Finance Authority
(Morningside College Project); Series 2002,
Private College Facility VRD RB (LOC-U.S.
Bank, N.A.)
3.80%, 10/01/32(d)(e) A-1+ -- 1,785 1,785,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Higher Education Loan
Authority (Graceland Private College);
Series 2003, VRD RB (LOC-Bank of America,
N.A.)
3.79%, 02/01/33(d)(e) -- VMIG-1 5,820 5,820,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Higher Education Loan
Authority; Series 1985, Educational Loan
Private College Facility VRD ACES (INS-MBIA
Insurance Corp.)
3.85%, 12/01/15(c)(e) A-1+ VMIG-1 5,100 5,100,000
===========================================================================================
16,705,000
===========================================================================================
</Table>
F-12
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
KANSAS-0.97%
Eagle Tax Exempt Trust (Wyandotte (County of)
Unified Government Utility System); Series
2004-0038 A, VRD COP (Acquired 09/08/04;
Cost $5,000,000)
3.79%, 09/01/21(e)(h)(i) A-1+ -- $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
Leawood (City of); Series 2006 1, Temporary
Unlimited GO RN 3.88%, 10/01/07 -- MIG-1 26,550 26,633,582
- -------------------------------------------------------------------------------------------
Olathe (City of) Recreational Facilities
(YMCA of Greater Kansas City Project);
Series 2002 B, VRD RB (LOC-Bank of America,
N.A.)
3.79%, 11/01/18(d)(e) -- VMIG-1 3,215 3,215,000
- -------------------------------------------------------------------------------------------
Shawnee (City of) Industrial Development
Authority (Shawnee Village Associate);
Series 1984, VRD IDR (LOC-JPMorgan Chase
Bank, N.A.)
3.75%, 12/01/09(d)(e) A-1+ -- 1,155 1,155,000
- -------------------------------------------------------------------------------------------
Wichita (City of) Recreational Facilities
(YMCA of Wichita Project); Series 1998 XI,
VRD RB (LOC-Bank of America, N.A.)
(Acquired 03/10/06; Cost $3,300,000)
3.79%, 08/01/09(d)(e)(h) A-1+ -- 3,300 3,300,000
===========================================================================================
39,303,582
===========================================================================================
KENTUCKY-1.64%
Boyle (County of) Hospital (Ephraim McDowell
Health Project); Series 2006, VRD RB
(LOC-Fifth Third Bank)
3.78%, 04/01/36(d)(e) -- VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Louisville &
Jefferson (Counties of) Metropolitan Sewer
District); Series 2006-0053 A, VRD RB
(Acquired 03/22/06; Cost $14,335,000)
3.79%, 05/15/33(e)(h)(i) A-1+ -- 14,335 14,335,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Industrial Building
(Franciscan Eldercare Service); Series
2001, VRD RB (LOC-LaSalle Bank N.A.)
3.77%, 05/15/30(d)(e) A-1 -- 3,780 3,780,000
- -------------------------------------------------------------------------------------------
Kentucky (State of) Asset & Liability
Commission General Fund; Series 2006, TRAN
4.50%, 06/28/07 SP-1+ MIG-1 14,900 14,984,727
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
KENTUCKY-(CONTINUED)
Lexington (City of) Center Corp. Mortgage
Revenue; Series 2001 A, VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 10/01/21(c)(e) A-1+ -- $ 3,000 $ 3,000,000
- -------------------------------------------------------------------------------------------
Lexington (City of) Fayette (County of) Urban
Government; Series 2006 A, Variable Purpose
Notes Unlimited GO 4.00%, 05/01/07 AA+ Aa2 2,145 2,148,551
- -------------------------------------------------------------------------------------------
Newport (City of) League of Cities Funding
Trust; Series 2002, Lease Program VRD RB
(LOC-U.S. Bank, N.A.)
3.76%, 04/01/32(d)(e)(n) -- VMIG-1 18,600 18,600,000
===========================================================================================
66,348,278
===========================================================================================
MAINE-0.05%
JPMorgan PUTTERs (Maine (State of) Turnpike
Authority); Series 2004 546, Turnpike VRD
RB (Acquired 10/28/04; Cost $2,185,000)
3.78%, 07/01/12(e)(h)(i) -- VMIG-1 2,185 2,185,000
===========================================================================================
MARYLAND-2.28%
Baltimore (County of) (Blue Circle Inc.
Project); Series 1992, Economic Development
VRD RB (LOC-BNP Paribas)
3.85%, 12/01/17(d)(e)(g) -- VMIG-1 7,900 7,900,000
- -------------------------------------------------------------------------------------------
Frederick (County of) Retirement Community
(Buckingham's Choice Inc. Project); Series
1997 C, VRD RB (LOC-Branch Banking & Trust
Co.)
3.78%, 01/01/27(d)(e) A-1+ VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Howard (County of) Economic Development
(Norbel School Inc. Project); Series 2001,
VRD RB (LOC-Branch Banking & Trust Co.)
3.78%, 02/01/28(d)(e) -- VMIG-1 4,785 4,785,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Economic Development
Corp. (Prologue Inc. Project); Series 2005,
Economic Development VRD RB (LOC-Bank of
America, N.A.)
3.76%, 06/01/31(d)(e) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
</Table>
F-13
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MARYLAND-(CONTINUED)
Maryland (State of) Economic Development
Corp. (YMCA of Central Maryland Inc.
Project); Series 2003 Economic Development
VRD RB (LOC-Branch Banking & Trust Co.)
3.78%, 04/01/28(d)(e) -- VMIG-1 $ 3,200 $ 3,200,000
- -------------------------------------------------------------------------------------------
Series 2006 Economic Development VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 04/01/31(d)(e) -- VMIG-1 1,950 1,950,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Health & Higher
Educational Facilities Authority (Glen
Meadows Retirement); Series 1999 A, VRD RB
(LOC-Wachovia Bank, N.A.)
3.80%, 07/01/29(d)(e) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Industrial Development
Financing Authority (Baltimore
International College Facility); Series
2005, Economic VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 11/01/30(d)(e) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Montgomery (County of); Series 2002
Commercial Paper (LOC-Fortis Bank
N.V./S.A.)
3.50%, 11/01/06(d)(g) A-1+ P-1 20,000 20,000,000
- -------------------------------------------------------------------------------------------
3.50%, 12/01/06(d)(g) A-1+ P-1 37,000 37,000,000
- -------------------------------------------------------------------------------------------
Queen Anne's (County of) (Safeway Inc.
Project); Series 1994, Refunding Economic
Development VRD RB (LOC-Deutsche Bank A.G.)
3.75%, 12/01/09(d)(g)(m) A-1 -- 1,145 1,145,000
===========================================================================================
92,475,000
===========================================================================================
MASSACHUSETTS-0.18%
Massachusetts (State of) Health & Educational
Facilities Authority (Hallmark Health
System Issue); Series 1998 B, VRD RB
(LOC-Financial Security Assurance Inc.)
3.75%, 07/01/27(d)(e) A-1+ VMIG-1 2,465 2,465,000
- -------------------------------------------------------------------------------------------
Massachusetts (State of) Health & Educational
Facilities Authority (Sherrill House);
Series 2002 A-1, VRD RB (LOC-Comerica Bank)
3.77%, 01/01/32(d)(e) A-1+ -- 5,000 5,000,000
===========================================================================================
7,465,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MICHIGAN-4.37%
ABN AMRO Munitops Ctfs. Trust (Bay City
School District); Series 2006-51, Non-AMT
Unlimited GO (Acquired 07/20/06 Cost
$5,000,000)
3.78%, 05/01/14(e)(h)(i)(l) -- -- $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Michigan
(State of) Building Authority); Series
2003-35, Non-AMT VRD RB (Acquired 09/29/05;
Cost $10,595,0000)
3.78%, 10/15/11(e)(h)(i) -- VMIG-1 10,595 10,595,000
- -------------------------------------------------------------------------------------------
Bruce (Township of) Hospital Finance
Authority (Sisters Charity of St. Joseph);
Series 1988 B, Health Care System VRD RB
(INS-MBIA Insurance Corp.)
3.65%, 05/01/18(c)(m) A-1+ VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Detroit (City of) Economic Development Corp.
(Waterfront Reclamation); Series 1999 C,
VRD RB (LOC-National City Bank of the
Midwest)
3.79%, 05/01/09(d)(e) A-1 P-1 1,005 1,005,000
- -------------------------------------------------------------------------------------------
Detroit (City of); Series 2006, Limited Tax
TAN GO (LOC-Bank of Nova Scotia)
4.50%, 03/01/07(d)(g) SP-1+ -- 4,000 4,012,340
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Detroit (City of)
School District); Series 2002-6014 A, VRD
Unlimited Tax GO (Acquired 11/06/02; Cost
$14,305,000)
3.79%, 05/01/32(e)(h)(i) A-1+ -- 14,305 14,305,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Michigan (State of)
Building Authority); Series 2006-0113 Class
A, VRD RB (Acquired 09/20/06; Cost
$8,090,000)
3.79%, 10/15/36(e)(h)(i) A-1+ VMIG-1 8,090 8,090,000
- -------------------------------------------------------------------------------------------
Eastern Michigan University; Series 2001, VRD
General Refunding RB (INS-Financial
Guaranty Insurance Co.)
3.85%, 06/01/27(b)(c) A-1+ -- 15,715 15,715,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Michigan (State of)
Building Authority); Series 2006 1479, VRD
RB (Acquired 09/27/06; Cost $10,600,000)
3.78%, 04/15/14(e)(h)(i) A-1+ -- 10,600 10,600,000
- -------------------------------------------------------------------------------------------
</Table>
F-14
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MICHIGAN-(CONTINUED)
Kent (County of) Hospital Finance Authority
(Metropolitan Hospital Project); Series
2005 B,
Refunding VRD RB
(LOC-ABN AMRO Bank N.V.)
3.78%, 07/01/40(d)(e)(g) A-1 -- $ 2,700 $ 2,700,000
- -------------------------------------------------------------------------------------------
Kentwood (City of) Economical Development
Corp. (Holland Home); Series 2006 B, VRD
Refunding Limited RB
(LOC-LaSalle Bank N.A.)
3.75%, 11/15/32(d)(e) A-1 -- 6,750 6,750,000
- -------------------------------------------------------------------------------------------
Marquette (City of) Hospital Finance
Authority (Marquette General Hospital
Group); Series 2004 A, VRD RB (LOC-U.S.
Bank, N.A.)
3.83%, 07/01/09(d)(e) A-1+ -- 945 945,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Hospital Finance
Authority (Healthcare Equipment Loan
Program); Series 2006 C, VRD RB (LOC-Fifth
Third Bank)
3.79%, 12/01/32(d)(e) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Housing Development
Authority (JAS Non-Profit Housing Corp.
VI); Series 2000, VRD Limited Obligation RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 06/01/25(d)(e) A-1+ -- 1,050 1,050,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Municipal Bond Authority;
Series 2006 B-2,
RN (LOC-Bank of Nova Scotia)
4.50%, 08/20/07(d)(g) SP-1+ -- 15,000 15,104,628
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (Van Andel
Research Institute Project); Series 1997
Limited Tax VRD RB (LOC-LaSalle Bank N.A.)
3.80%, 11/01/27(d)(e) A-1 -- 4,600 4,600,000
- -------------------------------------------------------------------------------------------
Series 2001 Limited Tax VRD RB (LOC-LaSalle
Bank N.A.)
3.80%, 12/01/21(d)(e) A-1 -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (YMCA of
Metropolitan Detroit Project); Series 2001,
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.79%, 05/01/31(d)(e) A-1+ -- 700 700,000
- -------------------------------------------------------------------------------------------
Northern Michigan University; Series 2006,
VRD General RB (INS-Ambac Assurance Corp.)
3.85%, 12/01/35(b)(c) -- VMIG-1 14,525 14,525,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MICHIGAN-(CONTINUED)
Oakland (County of) Economic Development
Corp. (Rochester College Project); Series
2001, VRD Limited Obligation RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 08/01/21(d)(e)(n) -- VMIG-1 $ 1,364 $ 1,364,000
- -------------------------------------------------------------------------------------------
Reset Option Ctfs. Trust II-R (Michigan
(State of) Building Authority); Series
2006-628, VRD RB (Acquired 09/06/06; Cost
$4,475,000)
3.78%, 10/15/36(e)(h)(i) -- VMIG-1 4,475 4,475,000
- -------------------------------------------------------------------------------------------
University of Michigan (Medical Service
Plan); Series 1998 A-1, VRD Refunding
Floating Rate RB 3.80%, 12/01/21(b) A-1+ VMIG-1 9,100 9,100,000
- -------------------------------------------------------------------------------------------
University of Michigan Hospital; Series 2005
A, VRD RB 3.80%, 12/01/35(b) A-1+ VMIG-1 7,850 7,850,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Detroit (City of) Water
Supply System); Series 2000 D, VRD RB
(Acquired 01/21/00; Cost $10,000,000)
3.78%, 07/01/29(e)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Michigan (State of)
Hospital Finance Authority); Series 1997 X,
VRD RB (Acquired 12/12/03; Cost
$15,000,000)
3.78%, 08/15/24(e)(h)(i) -- VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Michigan (State of) Trunk
Line); Series 2006 B-02, VRD RB (Acquired
06/30/06; Cost $6,500,000)
3.78%, 11/01/21(e)(h)(i) A-1+ -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
Washtenaw (County of) (Saline Area Schools);
Series 2004, Refunding Unlimited GO 4.00%,
05/01/07 AA Aa2 1,025 1,026,585
===========================================================================================
177,212,553
===========================================================================================
MINNESOTA-2.56%
Brooklyn (City of) (Brookdale Corp. II
Project); Series 2001, VRD Refunding RB
(LOC-U.S. Bank, N.A.)
3.90%, 12/01/14(b)(d) A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-15
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MINNESOTA-(CONTINUED)
JPMorgan PUTTERs (Minnesota (State of) Public
Facilities Authority); Series 2002-319, VRD
Drinking Water COP (Acquired 07/31/03; Cost
$13,905,000)
3.78%, 03/01/21(e)(h)(i) A-1 -- $13,905 $ 13,905,000
- -------------------------------------------------------------------------------------------
Minnesota (State of) Higher Education
Facilities Authority (University of St.
Thomas); Series 2004 Five-Z, VRD RB
(LOC-LaSalle Bank N.A.)
3.77%, 10/01/29(d)(e) -- VMIG-1 9,200 9,200,000
- -------------------------------------------------------------------------------------------
Minnesota (State of) Rural Water Finance
Authority (Public Projects Construction);
Series 2006, RN 4.75%, 09/01/07 -- MIG-1 4,000 4,037,212
- -------------------------------------------------------------------------------------------
Rochester (City of) Health Care Facilities
(Mayo Foundation); Series 2000 A Adjustable
Tender Commercial Paper Notes
3.60%, 10/05/06 A-1+ -- 30,000 30,000,000
- -------------------------------------------------------------------------------------------
Series 2001 A Adjustable Tender Commercial
Paper Notes
3.60%, 10/05/06 A-1+ VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Series 2001 B Adjustable Tender Commercial
Paper Notes
3.60%, 10/05/06 A-1+ VMIG-1 10,600 10,600,000
- -------------------------------------------------------------------------------------------
Roseville (City of) Private School Facilities
Authority (Northwestern College Project);
Series 2002, VRD RB (LOC-M&I Marshall &
Ilsley Bank)
3.90%, 11/01/22(b)(d) -- VMIG-1 1,555 1,555,000
- -------------------------------------------------------------------------------------------
St. Paul (City of) Housing & Redevelopment
Authority (Science Museum of Minnesota);
Series 1997 A, VRD RB (LOC-U.S. Bank, N.A.)
3.78%, 05/01/27(d)(e) -- VMIG-1 17,360 17,360,000
===========================================================================================
103,557,212
===========================================================================================
MISSISSIPPI-0.42%
ABN AMRO Munitops Ctfs. Trust (Mississippi
(State of) Development Board-Jackson Water
& Sewer); Series 2002-22, Multi-State
Non-AMT VRD Ctfs. (Acquired 09/10/03; Cost
$9,995,000)
3.78%, 09/01/10(e)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MISSISSIPPI-(CONTINUED)
Eagle Tax Exempt Trust (Mississippi (State
of)); Series 2002-6018 A, VRD Unlimited Tax
COP (Acquired 11/20/02; Cost $3,200,000)
3.79%, 11/01/22(e)(h)(i) A-1+ -- $ 3,200 $ 3,200,000
- -------------------------------------------------------------------------------------------
Mississippi (State of) Business Finance Corp.
(St. Andrew Episcopal Day Project); Series
2003, VRD RB (LOC-Allied Irish Banks PLC)
3.77%, 07/01/25(d)(e)(g) -- VMIG-1 3,675 3,675,000
===========================================================================================
16,870,000
===========================================================================================
MISSOURI-1.66%
Curators University of Missouri (Capital
Projects); Series 2006 FY, RN 4.50%,
06/29/07 SP-1+ MIG-1 10,000 10,057,141
- -------------------------------------------------------------------------------------------
Jackson (County of) Industrial Development
Authority Recreational Facilities (YMCA of
Greater Kansas City Project); Series 2002
A, VRD IDR (LOC-Bank of America, N.A.)
3.79%, 11/01/18(d)(e) -- VMIG-1 3,300 3,300,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Association of Municipal Utilities);
Series 2003, VRD RB (LOC-U.S. Bank, N.A.)
3.90%, 06/01/33(b)(d) -- VMIG-1 12,000 12,000,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Center of Creative Arts Project); Series
2004, Cultural Facilities VRD RB
(LOC-National City Bank of the Midwest)
3.79%, 07/01/24(d)(e) -- VMIG-1 1,750 1,750,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Nelson Gallery Foundation); Series 2001 B,
Cultural Facilities VRD RB (INS-MBIA
Insurance Corp.)
3.89%, 12/01/31(b)(c) A-1+ VMIG-1 7,550 7,550,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Utilities Lease Financing Program); Series
2006, Commercial Paper Notes (LOC-U.S. Bank
N.A.)
3.58%, 10/19/06(d) -- P-1 13,000 13,000,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (Bethesda Health
Group); Series 2006, VRD RB (LOC-U.S. Bank,
N.A.)
3.90%, 08/01/37(b)(d) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
</Table>
F-16
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MISSOURI-(CONTINUED)
Missouri (State of) Health & Educational
Facilities Authority (The Washington
University); Series 1985 B VRD RB 3.85%,
09/01/10(e) A-1+ VMIG-1 $ 900 $ 900,000
- -------------------------------------------------------------------------------------------
Series 1996 C VRD RB 3.85%, 09/01/30(b) A-1+ VMIG-1 1,300 1,300,000
- -------------------------------------------------------------------------------------------
Series 2000 C VRD RB 3.85%, 03/01/40(b) A-1+ VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Platte (County of) Industrial Development
Authority (Southern Platte County Athletic
Assoc. Inc.); Series 2005 A, Recreational
Facilities VRD IDR (LOC-Bank of America,
N.A.)
3.76%, 10/01/25(d)(e) -- VMIG-1 2,140 2,140,000
- -------------------------------------------------------------------------------------------
St. Louis (County of) Industrial Development
Authority (Westport Station Apartments);
Series 2006, Refunding Multi-Family Housing
VRD IDR (CEP-Federal National Mortgage
Association)
3.78%, 04/15/27(e) A-1+ -- 4,970 4,970,000
- -------------------------------------------------------------------------------------------
St. Louis (County of) Industrial Development
Authority (Whitfield School Inc.); Series
2004 B, Educational Facilities Refunding
VRD IDR (LOC-U.S. Bank, N.A.)
3.78%, 06/15/24(d)(e) A-1+ -- 2,185 2,185,000
===========================================================================================
67,147,141
===========================================================================================
MONTANA-0.03%
Montana (State of) Facility Finance Authority
(Mission Ridge Project); Series 2002, VRD
RB (LOC-LaSalle Bank N.A.)
3.77%, 08/01/27(d)(e)(l)(n) -- -- 1,114 1,114,000
===========================================================================================
NEBRASKA-3.19%
American Public Energy Agency Nebraska (State
of) Gas Supply (National Public Gas Agency
Project); Series 2003 A, VRD RB 3.75%,
02/01/14(e)(g) A-1+ VMIG-1 19,329 19,329,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NEBRASKA-(CONTINUED)
Nebhelp Inc.; Series 1985 A Multi-Mode VRD RB
(INS-MBIA Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 $32,475 $ 32,475,000
- -------------------------------------------------------------------------------------------
Series 1985 B Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 3,590 3,590,000
- -------------------------------------------------------------------------------------------
Series 1985 C Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Series 1985 D Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 5,865 5,865,000
- -------------------------------------------------------------------------------------------
Series 1985 E Multi-Mode VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 12/01/15(c)(e) A-1+ VMIG-1 28,635 28,635,000
- -------------------------------------------------------------------------------------------
Nebraska (State of) Educational Finance
Authority (Concordia University Project);
Series 2005, VRD RB (LOC-Fifth Third Bank)
3.94%, 12/15/35(b)(d) A-1+ -- 4,050 4,050,000
- -------------------------------------------------------------------------------------------
Nebraska (State of) Educational Finance
Authority (Creighton University Project);
Series 2003 VRD RB (INS-Ambac Assurance
Corp.)
3.85%, 03/01/33(b)(c) -- VMIG-1 13,625 13,625,000
- -------------------------------------------------------------------------------------------
Series 2005 C VRD RB (INS-Financial
Guaranty Insurance Co.)
3.85%, 07/01/35(b)(c) -- VMIG-1 1,900 1,900,000
===========================================================================================
129,469,000
===========================================================================================
NEVADA-0.32%
ABN AMRO Munitops Ctfs. Trust (Henderson
(City of)) Series 2004-43, Multi-State
Non-AMT VRD GO Ctfs. (Acquired 03/28/06;
Cost $6,500,000)
3.79%, 12/01/12(e)(h)(i) -- VMIG-1 6,500 6,500,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Washoe (County
of)); Series 2001-24, Refunding VRD Limited
Tax Single Asset Trust Ctfs. (Acquired
06/21/01; Cost $6,500,000)
3.79%, 07/01/09(e)(h)(i) -- VMIG-1 6,500 6,500,000
===========================================================================================
13,000,000
===========================================================================================
</Table>
F-17
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NEW HAMPSHIRE-0.52%
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(New Hampshire (State of) Higher
Educational & Health Facilities Authority);
Series 2003-772 Refunding VRD RB (Acquired
01/22/03; Cost $5,186,500)
3.78%, 01/01/17(e)(h)(i) A-1 -- $ 5,187 $ 5,186,500
- -------------------------------------------------------------------------------------------
Series 2003-866 Refunding VRD RB (Acquired
10/23/03; Cost $7,185,000)
3.78%, 08/15/21(e)(h)(i) A-1 -- 7,185 7,185,000
- -------------------------------------------------------------------------------------------
New Hampshire (State of) Health & Education
Facilities Authority (Antioch University
Issue); Series 2004, Refunding Educational
Facilities VRD RB (LOC-National City Bank)
3.77%, 12/01/24(d)(e) A-1 -- 4,175 4,175,000
- -------------------------------------------------------------------------------------------
New Hampshire (State of) Health & Educational
Facilities Authority (Southern New
Hampshire Medical Center); Series 2001-866,
VRD RB (LOC-Bank of America, N.A.)
3.80%, 10/01/30(d)(e) -- VMIG-1 4,600 4,600,000
===========================================================================================
21,146,500
===========================================================================================
NEW JERSEY-0.31%
JPMorgan PUTTERs (New Jersey (State of)
Transportation Trust Fund Authority);
Series 2006-1403, VRD RB (Acquired
07/19/06; Cost $1,500,000)
3.78%, 06/15/15(e)(h)(i) A-1+ -- 1,500 1,500,000
- -------------------------------------------------------------------------------------------
Middlesex (County of); Series 2005, Unlimited
BAN GO 4.50%, 12/26/06 SP-1+ MIG-1 10,835 10,857,014
===========================================================================================
12,357,014
===========================================================================================
NEW MEXICO-1.19%
Bernalillo (County of); Series 2006,
Unlimited Tax TRAN GO 4.50%, 06/29/07 -- MIG-1 34,000 34,186,716
- -------------------------------------------------------------------------------------------
New Mexico (State of) Finance Authority
(University of New Mexico Health Sciences
Center Project); Series 2004 B, VRD
Cigarette Tax RB (INS-MBIA Insurance Corp.)
3.80%, 04/01/19(c)(e) A-1+ VMIG-1 4,485 4,485,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NEW MEXICO-(CONTINUED)
New Mexico (State of) Financing Authority
(Public Project Revolving Fund); Series
2006 D, Sr. Lien RB (INS-Ambac Assurance
Corp.)
4.50%, 06/01/07(c) AAA Aaa $ 3,755 $ 3,773,850
- -------------------------------------------------------------------------------------------
New Mexico (State of) Highway Commission;
Series 2001 A, Sr. Sub. Lien RB 5.00%,
06/15/07 AAA Aa2 3,750 3,782,894
- -------------------------------------------------------------------------------------------
New Mexico (State of) Hospital Equipment Loan
Council (Dialysis Clinic, Inc. Project);
Series 2000, VRD RB (LOC-SunTrust Bank)
3.81%, 07/01/25(d)(e) -- VMIG-1 2,000 2,000,000
===========================================================================================
48,228,460
===========================================================================================
NEW YORK-1.26%
ABN AMRO Munitops Ctfs. Trust (Triborough
Bridge & Tunnel Authority); Series 2002-31,
Non-AMT VRD Ctfs. (Acquired 03/24/04; Cost
16,000,000)
3.77%, 11/15/10(e)(h)(i) -- VMIG-1 16,000 16,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (New York (State of)
Thruway Authority); Series 2006-0111 A, VRD
RB (Acquired 05/03/06; Cost $12,000,000)
3.78%, 01/01/32(e)(h)(i) A-1+ -- 12,000 12,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (New York (City of)); Series
2006-1318, Unlimited Tax VRD GO (Acquired
05/03/06; Cost $1,500,000)
3.78%, 06/01/13(e)(h)(i) A-1+ -- 1,500 1,500,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (New York (State of) Thruway
Authority (Second General Highway & Bridge
Trust Fund); Series 2006-1413, VRD RB
(Acquired 07/26/06; Cost $3,495,000)
3.78%, 04/01/14(e)(h)(i) A-1+ -- 3,495 3,495,000
- -------------------------------------------------------------------------------------------
New York (City of); Series 2005 E-3,
Unlimited Tax GO (LOC-Bank of America,
N.A.)
3.72%, 08/01/34(d)(e) A-1+ VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
New York (State of); Series 2000 B, VRD
Unlimited GO (LOC-Dexia Bank)
3.60%, 03/15/30(d)(g)(j) A-1+ VMIG-1 12,000 12,000,000
===========================================================================================
51,195,000
===========================================================================================
</Table>
F-18
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NORTH CAROLINA-3.88%
Charlotte (City of); Series 2006 Commercial
Paper BAN GO 3.32%, 10/05/06 A-1+ -- $10,200 $ 10,200,000
- -------------------------------------------------------------------------------------------
3.63%, 12/18/06 A-1+ -- 7,600 7,600,000
- -------------------------------------------------------------------------------------------
3.53%, 02/01/07 A-1+ -- 3,900 3,900,000
- -------------------------------------------------------------------------------------------
3.56%, 02/01/07 A-1+ -- 8,300 8,300,000
- -------------------------------------------------------------------------------------------
3.59%, 02/01/07 A-1+ -- 4,800 4,800,000
- -------------------------------------------------------------------------------------------
3.65%, 02/01/07 A-1+ -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
3.68%, 02/01/07 A-1+ -- 4,700 4,700,000
- -------------------------------------------------------------------------------------------
3.70%, 02/01/07 A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Industrial Facilities &
Pollution Control Financing Authority (YWCA
Winston); Series 2005, Recreational VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 12/01/30(d)(e) -- VMIG-1 2,750 2,750,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Barton College); Series
2004, Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 07/01/19(d)(e) -- VMIG-1 5,165 5,165,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Canterbury School Project);
Series 2002, Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 08/01/22(d)(e) -- VMIG-1 1,440 1,440,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Forsyth Country Day
School); Series 2005, Educational
Facilities VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 12/01/31(d)(e) -- VMIG-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Guilford College); Series
2005 B, Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 09/01/35(d)(e) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NORTH CAROLINA-(CONTINUED)
North Carolina (State of) Capital Facilities
Finance Agency (Salem Academy & College
Project); Series 2005, Educational
Facilities VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 08/01/30(d)(e) -- VMIG-1 $ 2,260 $ 2,260,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Carolina Meadows Inc. Project);
Series 2004, Health Care Facilities VRD
(LOC-Allied Irish Banks PLC)
3.77%, 12/01/34(d)(e)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Lexington Memorial Hospital
Project); Series 1997, VRD RB LOC-Wachovia
Bank, N.A.)
3.80%, 04/01/10(b)(d) -- VMIG-1 2,170 2,170,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Moses Cone Health System);
Series 2001 B, VRD RB 3.70%, 10/01/35(e) A-1+ -- 22,200 22,200,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Person Memorial Hospital);
Series 2005, Health Care Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 01/01/35(d)(e) -- VMIG-1 2,500 2,500,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Pooled Equipment Financing
Project); Series 1985, Hospital VRD ACES
(INS-MBIA Insurance Corp.)
3.78%, 12/01/25(c)(e) A-1 VMIG-1 8,500 8,500,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Southeastern Regional Medical
Center); Series 2005, Hospital VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 06/01/37(d)(e) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Westcare Health System); Series
2002 A, Hospital VRD RB (LOC-Branch Banking
& Trust Co.)
3.78%, 09/01/22(d)(e) -- VMIG-1 9,360 9,360,000
- -------------------------------------------------------------------------------------------
</Table>
F-19
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NORTH CAROLINA-(CONTINUED)
North Carolina (State of) Medical Care
Commission Retirement Facilities (First
Mortgage United Methodist); Series 2005 B
VRD RB (LOC-Branch Banking & Trust Co.)
3.78%, 10/01/08(d)(e) -- VMIG-1 $ 1,300 $ 1,300,000
- -------------------------------------------------------------------------------------------
3.78%, 10/01/35(d)(e) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission; Series 2004 C, Health Care
Facilities Refunding 1st Mortgage VRD RB
(LOC-SunTrust Bank)
3.78%, 11/01/27(d)(e) -- VMIG-1 4,765 4,765,000
- -------------------------------------------------------------------------------------------
Union (County of); Series 2006, Commercial
Paper BAN 3.54%, 12/27/06 A-1+ P-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
University of North Carolina at Chapel Hill
(Board of Governers); Series 2006 B,
Commercial Paper Notes
3.55%, 10/19/06 A-1+ P-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Wake (County of); Series 2006 Commercial
Paper BAN 3.58%, 02/05/07 A-1+ P-1 14,220 14,220,000
- -------------------------------------------------------------------------------------------
3.70%, 04/16/07 A-1+ P-1 9,750 9,750,000
- -------------------------------------------------------------------------------------------
Winston-Salem (City of); Series 2006 C, VRD
COP 3.73%, 08/01/11(e) A-1+ VMIG-1 3,500 3,500,000
===========================================================================================
157,380,000
===========================================================================================
OHIO-1.51%
ABN AMRO Munitops Ctfs. Trust (Olentangy
Local School District); Series 2006-04,
Multi-State Non-AMT VRD GO Ctfs. (Acquired
02/16/06; Cost $2,865,000)
3.78%, 06/01/14(e)(h)(i) -- VMIG-1 2,865 2,865,000
- -------------------------------------------------------------------------------------------
Cambridge (City of) Hospital Facilities
(Regional Medical Center Project); Series
2001, Refunding & Improvement VRD RB
(LOC-National City Bank)
3.76%, 12/01/21(d)(e) -- VMIG-1 9,990 9,990,000
- -------------------------------------------------------------------------------------------
Centerville (City of) (Bethany Lutheran
Village Project); Series 1994, Health Care
VRD RB (LOC-National City Bank)
3.78%, 11/01/13(d)(e) -- VMIG-1 2,835 2,835,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OHIO-(CONTINUED)
Cincinnati & Hamilton (County of) Economic
Development Port Authority (Kenwood Office
Association Project); Series 1985, VRD RB
(LOC-Fifth Third Bank)
3.94%, 09/01/25(b)(d) A-1+ -- $ 1,600 $ 1,600,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
Economic Development (Carnegie/96th
Research Building Project); Series 2003,
VRD RB (LOC-Fifth Third Bank)
3.80%, 01/01/33(d)(e) A-1+ VMIG-1 6,800 6,800,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
Economic Development (Euclid/93rd Garage
Office); Series 2003, VRD RB (LOC-Fifth
Third Bank)
3.80%, 01/01/34(d)(e) A-1+ VMIG-1 4,815 4,815,000
- -------------------------------------------------------------------------------------------
Columbus (City of) Sewer System; Series 1994,
Refunding VRD RB 3.74%, 06/01/11(e) A-1+ VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Health Care Facilities
(First Community Village); Series 2005,
Refunding & Improvement VRD RB (LOC-KBC
Bank N.V.)
3.77%, 03/01/36(d)(e)(g) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Mahoning (County of) Hospital Facilities
(Forum Health Obligation Group); Series
2002 B, VRD RB (LOC-Fifth Third Bank)
3.77%, 12/01/27(d)(e) -- VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Marion (County of) (Pooled Lease Program);
Series 1990, Hospital Improvement VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.77%, 08/01/20(d)(e) A-1+ -- 1,080 1,080,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) (St. Vincent DePaul
Society); Series 1996, Limited Obligation
VRD RB (LOC-National City Bank)
3.77%, 12/01/10(d)(e) A-1 -- 1,205 1,205,000
- -------------------------------------------------------------------------------------------
Ohio (State of) Water Development Authority
(Timken Co. (The) Project); Series 1993,
Refunding VRD RB (LOC-Wachovia Bank, N.A.)
3.80%, 05/01/07(d)(e) A-1+ P-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
</Table>
F-20
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
OHIO-(CONTINUED)
University of Toledo; Series 2002, General
Receipts VRD RB (INS-Financial Guaranty
Insurance Co.)
3.85%, 06/01/32(b)(c) A-1+ VMIG-1 $15,000 $ 15,000,000
===========================================================================================
61,090,000
===========================================================================================
OKLAHOMA-1.39%
Oklahoma (County of) Finance Authority
(Oxford Oaks Apartments Projects); Series
2000, Refunding Multi-Family Housing VRD RB
(CEP-Federal National Mortgage Association)
3.77%, 07/15/30(e)(n) A-1+ -- 13,844 13,844,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Development Finance
Authority (Capitol Dome Project); Series
2001, VRD RB (LOC-Bank of America, N.A.)
3.84%, 06/01/11(d)(e) A-1+ -- 2,320 2,320,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Water Resources Board;
Series 1995 State Loan Program VRD RB
3.60%, 09/01/24(m) A-1+ -- 4,295 4,295,000
- -------------------------------------------------------------------------------------------
Series 1997 State Loan Project VRD RB
3.60%, 09/01/26(m) A-1+ -- 5,650 5,650,000
- -------------------------------------------------------------------------------------------
Series 2001 State Loan Program VRD RB
3.50%, 10/01/34(m) A-1+ -- 4,560 4,560,000
- -------------------------------------------------------------------------------------------
Series 2003 A State Loan Program VRD RB
3.50%, 10/01/36(m) A-1+ -- 3,350 3,350,000
- -------------------------------------------------------------------------------------------
Tulsa (City of) Industrial Authority (YMCA of
Greater Tulsa Project); Series 1999, VRD RB
(LOC-Wells Fargo Bank, N.A.)
3.74%, 05/01/19(d)(e)(l) -- -- 1,040 1,040,000
- -------------------------------------------------------------------------------------------
Tulsa (County of) Industrial Authority
(Capital Improvements); Series 2003 A VRD
RB 3.70%, 05/15/17(m) A-1+ -- 18,000 18,000,000
- -------------------------------------------------------------------------------------------
Series 2006 D RB (INS-Financial Securities
Assurance Inc.)
4.25%, 07/01/07(c) AAA -- 3,050 3,065,402
===========================================================================================
56,124,402
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OREGON-0.23%
JPMorgan PUTTERs (Portland (City of)); Series
2004-614, Sewer System VRD RB (Acquired
12/02/04; Cost $1,595,000)
3.78%, 10/01/12(e)(h)(i) -- VMIG-1 $ 1,595 $ 1,595,000
- -------------------------------------------------------------------------------------------
Portland (City of) (South Park Block
Project); Series 1988, Multi-Family Housing
VRD RB (LOC-Harris N.A.)
3.80%, 12/01/11(d)(e) A-1+ -- 7,850 7,850,000
===========================================================================================
9,445,000
===========================================================================================
PENNSYLVANIA-3.96%
ABN AMRO Munitops Ctfs. Trust (Pennsylvania
(State of) Public School Building
Authority); Series 2001-30 Non-AMT VRD
Ctfs. (Acquired 10/31/02; Cost $5,000,000)
3.78%, 09/01/09(e)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Series 2003-24 Non-AMT VRD Ctfs. (Acquired
03/08/04; Cost $16,500,000) 3.78%,
06/01/11(e)(h)(i) -- VMIG-1 16,500 16,500,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Reading (City
of) School District); Series 2003-20, Non-
AMT VRD Ctfs. (Acquired 03/02/05; Cost
$4,225,000)
3.78%, 07/15/11(e)(h)(i)(l) -- -- 4,225 4,225,000
- -------------------------------------------------------------------------------------------
Allegheny (County of) Hospital Development
Authority (Presbyterian Health Center);
Series 1990 A VRD RB (INS-MBIA Insurance
Corp.)
3.80%, 03/01/20(c)(e) A-1+ VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Series 1990 B VRD RB (INS-MBIA Insurance
Corp.)
3.80%, 03/01/20(c)(e) A-1+ VMIG-1 1,250 1,250,000
- -------------------------------------------------------------------------------------------
Series 1990 D VRD RB (INS-MBIA Insurance
Corp.)
3.80%, 03/01/20(c)(e) A-1+ VMIG-1 1,425 1,425,000
- -------------------------------------------------------------------------------------------
</Table>
F-21
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Allegheny (County of) Hospital Development
Authority (Presbyterian University
Hospital); Series 1988 B-2 Hospital
Development VRD ACES (LOC-JPMorgan Chase
Bank, N.A.)
3.80%, 03/01/18(d)(e) -- VMIG-1 $ 1,115 $ 1,115,000
- -------------------------------------------------------------------------------------------
Series 1988 B-3 Hospital Development VRD
ACES (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 03/01/18(d)(e) -- VMIG-1 3,465 3,465,000
- -------------------------------------------------------------------------------------------
Butler (County of) General Authority (Mars
Area School District Refunding Project);
Series 2006, VRD RB (INS-Financial Security
Assurance Inc.)
3.75%, 09/01/19(c)(e) AAA Aaa 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Cumberland (County of) Municipal Authority
(Wesley Affiliated Services); Series 2005,
Refunding VRD RB (LOC-KBC Bank N.V.)
3.77%, 01/01/38(d)(e)(g) A-1+ -- 16,000 16,000,000
- -------------------------------------------------------------------------------------------
Delaware (County of) Authority (White Horse
Village Project); Series 2006 B VRD RB
(LOC-Citizens Bank of Pennsylvania)
3.86%, 07/01/30(b)(d) -- VMIG-1 1,215 1,215,000
- -------------------------------------------------------------------------------------------
3.86%, 07/01/36(b)(d) -- VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Delaware Valley
Regional Financial Authority Local
Government); Series 2004-0026 Class A, VRD
RB (Acquired 08/01/06; Cost $5,490,000)
3.79%, 08/01/28(e)(h)(i) A-1+ -- 5,490 5,490,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Delaware Valley
Regional Financial Authority); Series
2001-3801 Class A, VRD COP (Acquired
06/04/01; Cost $8,900,000)
3.79%, 08/01/28(e)(h)(i) A-1+ -- 8,900 8,900,000
- -------------------------------------------------------------------------------------------
Emmaus (City of) General Authority; Series
2000 A, Pennsylvania Loan Program VRD RB
(INS-Financial Security Assurance Inc.)
3.76%, 03/01/30(c)(e) A-1+ -- 9,150 9,150,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
PENNSYLVANIA-(CONTINUED)
Franklin (County of) Industrial Development
Authority (Chambersburg Hospital Obligated
Group Projects); Series 2000, Health Care
VRD IDR (INS-Ambac Assurance Corp.)
3.79%, 12/01/24(c)(e) A-1+ -- $ 3,000 $ 3,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Pittsburgh (City of));
Series 2006-1367T, Unlimited Tax VRD GO
(Acquired 06/07/06; Cost $6,195,000)
3.78%, 03/01/14(e)(h)(i) -- VMIG-1 6,195 6,195,000
- -------------------------------------------------------------------------------------------
Lackawanna (County of); Series 2004 B,
Unlimited Tax GO (INS-Financial Security
Assurance Inc.)
3.78%, 10/15/29(c)(e) A-1+ -- 13,135 13,135,000
- -------------------------------------------------------------------------------------------
Luzerne (County of) Industrial Development
Authority (Methodist Homes); Series 2003,
VRD IDR (LOC-Bank of New York)
3.80%, 02/01/29(d)(e) A-1+ -- 3,100 3,100,000
- -------------------------------------------------------------------------------------------
Pennsylvania (State of) Economic Development
Financing Authority (Hospital Enhancement
Loan Program); Series 2006 A3, Treasury
Department Hospital VRD RB (LOC-National
City Bank of Pennsylvania)
3.76%, 06/01/21(d)(e) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Pennsylvania (State of) Higher Educational
Facilities Authority (Washington &
Jefferson Development); Series 2005 A, VRD
RB (LOC-UniCredito Italiano S.p.A.)
3.77%, 11/01/36(d)(e)(g) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Gas Works; Series 2004
A-2, Fifth VRD RB (LOC-Bank of Nova Scotia,
JPMorgan Chase Bank, N.A.)
3.80%, 09/01/34(d)(e)(g) A-1+ VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Hospitals & Higher
Education Facilities Authority (Temple
University); Series 2005 A, Hospital VRD RB
(LOC-Wachovia Bank, N.A.)
3.78%, 07/01/27(d)(e) A-1+ VMIG-1 9,300 9,300,000
- -------------------------------------------------------------------------------------------
</Table>
F-22
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Philadelphia (City of) Industrial Development
Authority (Pennsylvania School for the
Deaf); Series 2002, VRD IDR (LOC-Citizens
Bank of Pennsylvania)
3.79%, 11/01/32(d)(e) -- VMIG-1 $ 2,895 $ 2,895,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) School District;
Series 2006 A, School Unlimited Tax TRAN GO
(LOC-Bank of America, N.A.)
4.50%, 06/29/07(d) SP-1+ MIG-1 9,000 9,046,156
- -------------------------------------------------------------------------------------------
Pottstown (Borough of) Authority (The Hill
School Project); Series 2002, Educational
Facilities VRD RB (LOC-Allied Irish Banks
PLC)
3.78%, 08/01/32(d)(e)(g) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
Washington (County of) Authority (Girard
Estate Project); Series 1999, Refunding RB
(LOC-JPMorgan Chase Bank, N.A.) (Acquired
08/29/06; Cost $1,920,000)
3.78%, 06/01/27(d)(e)(h) A-1+ -- 1,920 1,920,000
===========================================================================================
160,626,156
===========================================================================================
RHODE ISLAND-0.07%
Rhode Island (State of) Health & Educational
Building Corp. (Paul Cuffee School); Series
2002, Educational Institution VRD RB
(LOC-Citizens Bank of Rhode Island)
3.76%, 08/01/32(d)(e) A-1+ -- 2,845 2,845,000
===========================================================================================
SOUTH CAROLINA-2.70%
Charleston (County of) School District
Development Corp.; Series 2006, Unlimited
GO Notes
4.00%, 03/01/07 AA Aa1 20,325 20,366,376
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (South Carolina (State
of) Public Service Authority); Series
2000-4001 A VRD COP (Acquired 09/08/00;
Cost $10,100,000) 3.79%, 01/01/22(e)(h)(i) A-1+ -- 10,100 10,100,000
- -------------------------------------------------------------------------------------------
Series 2004-0017 Class A VRD RB (Acquired
08/01/06; Cost $5,000,000)
3.79%, 01/01/39(e)(h)(i) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
SOUTH CAROLINA-(CONTINUED)
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(South Carolina (State of) Transportation
Infrastructure Bank); Series 2002-728,
Floating Rate Trust Ctfs. VRD RB (Acquired
11/13/02; Cost $7,185,000)
3.78%, 10/01/22(e)(h)(i) -- VMIG-1 $ 7,185 $ 7,185,000
- -------------------------------------------------------------------------------------------
Piedmont Municipal Power Agency; Series 2004
B-1 Refunding VRD RB (INS-MBIA Insurance
Corp.)
3.73%, 01/01/34(c)(e) A-1+ VMIG-1 8,360 8,360,000
- -------------------------------------------------------------------------------------------
Series 2004 B-3
Refunding VRD RB (INS-Ambac Assurance
Corp.)
3.73%, 01/01/34(c)(e) A-1+ VMIG-1 2,210 2,210,000
- -------------------------------------------------------------------------------------------
Series 2004 B-6 Refunding VRD RB (INS-MBIA
Insurance Corp.)
3.73%, 01/01/31(c)(e) A-1+ VMIG-1 25,255 25,255,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Morris College Project);
Series 1997, VRD RB (LOC-Bank of America,
N.A.) (Acquired 07/30/02; Cost $1,900,000)
3.79%, 07/01/17(d)(e)(h) A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Newberry College Project);
Series 2005, VRD RB (LOC-Branch Banking &
Trust Co.)
3.78%, 09/01/35(d)(e) -- VMIG-1 1,250 1,250,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Carolina Piedmont
Foundation Project); Series 2002, VRD RB
(LOC-Bank of America, N.A.)
3.79%, 09/01/32(d)(e)(l) -- -- 3,800 3,800,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Catholic Diocese of
South Carolina Project); Series 1998, VRD
RB (LOC-Bank of America, N.A.) (Acquired
07/23/02; Cost $2,620,000)
3.79%, 09/01/18(d)(e)(h) A-1+ -- 2,620 2,620,000
- -------------------------------------------------------------------------------------------
</Table>
F-23
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
SOUTH CAROLINA-(CONTINUED)
South Carolina (State of) Jobs-Economic
Development Authority (Goodwill Industrials
Upper South Carolina); Series 2006, VRD RB
(LOC-Branch Banking & Trust Co.)
3.78%, 09/01/28(d)(e) -- VMIG-1 $ 2,200 $ 2,200,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (MUFC Central Energy
Plant); Series 2004, VRD RB (LOC-Bank of
America, N.A.)
3.74%, 08/15/32(d)(e)(l) -- -- 14,800 14,800,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Presbyterian Home of
South Carolina Project); Series 2003 A, VRD
RB (LOC-Wachovia Bank, N.A.)
3.80%, 04/01/20(d)(e) A-1+ -- 4,360 4,360,000
===========================================================================================
109,406,376
===========================================================================================
SOUTH DAKOTA-0.33%
South Dakota (State of) Health & Educational
Facilities Authority (Rapid City Regional
Hospital); Series 2003, Hospital VRD RB
(INS-MBIA Insurance Corp.)
3.85%, 09/01/27(b)(c) -- VMIG-1 13,200 13,200,000
===========================================================================================
TENNESSEE-2.82%
Blount (County of) Public Building Authority
(Local Government Public Improvement);
Series 2001 A-2-E VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 06/01/35(b)(c) -- VMIG-1 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Series 2005 A-7-B
VRD RB (INS-Ambac Assurance Corp.)
3.76%, 06/01/24(c)(e) -- VMIG-1 3,045 3,045,000
- -------------------------------------------------------------------------------------------
Series 2005 D-5-A VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/36(b)(c) -- VMIG-1 3,175 3,175,000
- -------------------------------------------------------------------------------------------
Series 2005 D-5-F VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/36(b)(c) -- VMIG-1 1,125 1,125,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TENNESSEE-(CONTINUED)
Dayton (City of) Industrial Development Board
(Bryan College Dorm Project); Series 2001,
VRD IDR (LOC-Regions Bank)
3.76%, 07/01/36(d)(e) -- VMIG-1 $ 7,000 $ 7,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Chattanooga (City
of)); Series 2000-4202 A, VRD COP (Acquired
10/10/00; Cost $14,040,000)
3.79%, 10/01/27(e)(h)(i) A-1+ -- 14,040 14,040,000
- -------------------------------------------------------------------------------------------
Greeneville (City of) Industrial Development
Board (Pet Inc. Project); Series 1993, VRD
Refunding IDR (LOC-BNP Paribas)
3.78%, 05/01/13(d)(e)(g) -- Aa2 1,510 1,510,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Memphis (City of)); Series
2006 1350, Electrical System VRD RB
(Acquired 05/24/06; Cost $4,800,000)
3.78%, 12/01/11(e)(h)(i) A-1+ -- 4,800 4,800,000
- -------------------------------------------------------------------------------------------
Metropolitan Government of Nashville &
Davidson (County of) Health & Educational
Facilities Bond (Adventist Health Systems);
Series 1997 A, VRD RB (LOC-SunTrust Bank)
3.75%, 11/15/27(d)(e) A-1+ VMIG-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Public Building
Authority (Tennessee County Loan Pooled
Financing); Series 2002, VRD RB (LOC-Bank
of America, N.A.)
3.85%, 04/01/32(b)(d) -- VMIG-1 7,100 7,100,000
- -------------------------------------------------------------------------------------------
Morristown (City of) Health Educational &
Housing Facilities Board (All Saints
Episcopal School); Series 2001, VRD RB
(LOC-SunTrust Bank)
3.80%, 08/01/16(d)(e) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Oak Ridge (City of) Industrial Development
Board (Oak Ridge Associated Universities,
Inc.); Series 2002, VRD RB (LOC-Allied
Irish Banks PLC)
3.77%, 09/01/32(d)(e)(g) -- VMIG-1 4,200 4,200,000
- -------------------------------------------------------------------------------------------
</Table>
F-24
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TENNESSEE-(CONTINUED)
Sevier (County of) Public Building Authority
(Local Government Public Improvement);
Series 1995 A VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/15(c)(e)(n) -- VMIG-1 $ 500 $ 500,000
- -------------------------------------------------------------------------------------------
Series 1996 F-2 VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/11(c)(e) -- VMIG-1 3,715 3,715,000
- -------------------------------------------------------------------------------------------
Series 1996 G-1 VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/16(c)(e) -- VMIG-1 4,480 4,480,000
- -------------------------------------------------------------------------------------------
Series 1997 A-1 VRD RB (INS-Ambac Assurance
Corp.)
3.76%, 06/01/22(c)(e) -- VMIG-1 5,900 5,900,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-3 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/10(c)(e) -- VMIG-1 1,085 1,085,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-5 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/17(c)(e) -- VMIG-1 1,170 1,170,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-1 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/17(c)(e) -- VMIG-1 880 880,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-2 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/17(c)(e) -- VMIG-1 995 995,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-4 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/09(c)(e) -- VMIG-1 315 315,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-5 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/27(c)(e) -- VMIG-1 2,155 2,155,000
- -------------------------------------------------------------------------------------------
Series 1999 II A-1 VRD RB (INS-Ambac
Assurance Corp.)
3.76%, 06/01/24(c)(e) -- VMIG-1 6,300 6,300,000
- -------------------------------------------------------------------------------------------
Series 2004 IV-C-3 VRD RB (INS-Ambac
Assurance Corp.)
3.80%, 06/01/31(b)(c) -- VMIG-1 4,075 4,075,000
- -------------------------------------------------------------------------------------------
Series 2005 V1-G-1 VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/25(b)(c) -- VMIG-1 6,400 6,400,000
- -------------------------------------------------------------------------------------------
Series 2005 VI-F-4 VRD RB (INS-XL Capital
Assurance Inc.)
3.80%, 06/01/24(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TENNESSEE-(CONTINUED)
Shelby (County of) Health, Educational &
Housing Facilities Board (Memphis College
Art Project); Series 2003, VRD RB
(LOC-Regions Bank)
3.77%, 08/01/23(d)(e) -- VMIG-1 $ 3,885 $ 3,885,000
- -------------------------------------------------------------------------------------------
Shelby (County of) Health, Educational &
Housing Facilities Board (Memphis
University School Project); Series 2006,
VRD RB (LOC-SunTrust Bank)
3.76%, 07/01/26(d)(e) -- VMIG-1 4,590 4,590,000
- -------------------------------------------------------------------------------------------
Shelby (County of) Health, Educational &
Housing Facilities Board (Southern College
of Optometry Project); Series 2001, VRD RB
(LOC-Allied Irish Banks PLC)
3.77%, 06/01/26(d)(e)(g) -- VMIG-1 4,900 4,900,000
- -------------------------------------------------------------------------------------------
Williamson (County of) Industrial Development
Board (Currey Ingram Academy); Series 2003,
Educational Facilities VRD RB (LOC-SunTrust
Bank)
3.85%, 04/01/23(d)(e) -- VMIG-1 2,300 2,300,000
===========================================================================================
114,140,000
===========================================================================================
TEXAS-14.24%
ABN AMRO Munitops Ctfs. Trust (Duncanville
(City of) Independent School District);
Series 2006-22, Unlimited Asset 14 Non-AMT
VRD GO (Acquired 05/22/06; Cost
$10,000,000)
3.79%, 02/15/14(e)(h)(i)(l) -- -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Edinburg (City
of) Independent School District); Series
2005-47, Unlimited Single Non-AMT VRD GO
(Acquired 04/27/06; Cost $5,470,000)
3.79%, 02/15/13(e)(h)(i)(l) -- -- 5,470 5,470,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Leander (City
of) Independent School District); Series
2002-16, Unlimited Multi-State Non-AMT VRD
Ctfs. (Acquired 08/20/03; Cost $5,395,000)
3.79%, 08/15/10(e)(h)(i) -- VMIG-1 5,395 5,395,000
- -------------------------------------------------------------------------------------------
</Table>
F-25
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (North East
Independent School District); Series
2000-13, Multi-State Non-AMT VRD RB
(Acquired 11/17/05; Cost $8,500,000)
3.77%, 02/06/08(e)(h)(i) -- VMIG-1 $ 8,500 $ 8,500,000
- -------------------------------------------------------------------------------------------
Aldine (City of) Independent School District;
Series 2003, Unlimited Tax School Building
VRD GO (CEP-Texas Permanent School Fund)
3.72%, 06/15/28(k) A-1+ VMIG-1 3,650 3,650,000
- -------------------------------------------------------------------------------------------
Arlington (City of) (Dallas Cowboys); Series
2005 B, Special Obligation VRD RB (INS-MBIA
Insurance Corp.)
3.80%, 08/15/35(c)(e) A-1+ VMIG-1 15,465 15,465,000
- -------------------------------------------------------------------------------------------
Austin (City of) Utility Systems; Series
1998, Refunding Combined RB (INS-Ambac
Assurance Corp.)
6.50%, 11/15/06(c) AAA Aaa 6,000 6,020,952
- -------------------------------------------------------------------------------------------
Bexar (County of) Health Facilities
Development Corp. (Warm Springs
Rehabilitation Foundation Project); Series
1997, Health Care System VRD RB
(LOC-JPMorgan Chase Bank, N.A)
3.83%, 09/01/27(d)(e) -- VMIG-1 735 735,000
- -------------------------------------------------------------------------------------------
Bowie (County of) Industrial Development
Corp. (Texarkana Newspapers Inc.); Series
1985, VRD IDR (LOC-Bank of New York)
3.86%, 11/01/25(b)(d) A-1+ -- 2,800 2,800,000
- -------------------------------------------------------------------------------------------
Brownsville (City of) Utility System; Series
2003 A, Refunding Sub Lien VRD RB (INS-MBIA
Insurance Corp.)
3.73%, 09/01/27(c)(e) A-1+ VMIG-1 12,855 12,855,000
- -------------------------------------------------------------------------------------------
Crawford (City of) Education Facilities Corp.
Package (University Parking System
Project); Series 2004 A, Refunding VRD RB
(LOC-BNP Paribas)
3.83%, 05/01/35(d)(e)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Cypress-Fairbanks (City of) Independent
School District; Series 2006, Unlimited Tax
TAN GO 4.50%, 06/14/07 SP-1+ VMIG-1 17,500 17,580,143
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Denton (County of) Upper Trinity Regulation
Water District; Series 2006 A Commercial
Paper RB (LOC-Bank of America, N.A.)
3.60%, 11/16/06(d) A-1+ P-1 $ 2,500 $ 2,500,000
- -------------------------------------------------------------------------------------------
3.65%, 11/16/06(d) A-1+ P-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
3.68%, 11/16/06(d) A-1+ P-1 2,250 2,250,000
- -------------------------------------------------------------------------------------------
3.68%, 11/16/06(d) A-1+ P-1 3,750 3,750,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Dallas (City of)
Waterworks & Sewer System); Series
2006-0109 A, VRD RB (Acquired 05/10/06;
Cost $22,295,000)
3.79%, 10/01/35(e)(h)(i) A-1+ -- 22,295 22,295,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Harris (County of)
Toll Road); Series 2002-6012 A, VRD COP
(Acquired 11/20/02; Cost $1,580,000)
3.79%, 08/15/30(e)(h)(i) A-1+ -- 1,580 1,580,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Houston (City of)
Airport); Series 2000-4307, VRD COP
(Acquired 11/15/00; Cost $15,750,000)
3.79%, 07/01/28(e)(h)(i) A-1+ -- 15,750 15,750,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Houston (City of)
Water & Sewer); Series 1997-4305 A VRD COP
(Acquired 04/27/99; Cost $14,005,000)
3.79%, 12/01/27(e)(h)(i) A-1+ -- 14,005 14,005,000
- -------------------------------------------------------------------------------------------
Series 2002-6019 A VRD COP (Acquired
11/13/02; Cost $8,910,000)
3.79%, 12/01/30(e)(h)(i) A-1+ -- 8,910 8,910,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (University of Texas
Board of Regents); Series 2006-0108 A, VRD
RB (Acquired 05/10/06; Cost $18,810,000)
3.79%, 08/15/37(e)(h)(i) A-1+ -- 18,810 18,810,000
- -------------------------------------------------------------------------------------------
Garland (City of) Industrial Development
Authority Inc. (Carroll Co. Project);
Series 1984, VRD IDR (LOC-Wells Fargo Bank,
N.A.) (Acquired 07/19/06; Cost $1,300,000)
3.83%, 12/01/14(d)(e)(h) -- Aaa 1,300 1,300,000
- -------------------------------------------------------------------------------------------
</Table>
F-26
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Grand Prairie (City of) Housing Finance Corp.
(Lincoln Property Co.); Series 1993,
Refunding Multi-Family Housing VRD RB
(CEP-General Electric Corp.)
3.80%, 06/01/10(e) A-1+ -- $ 2,700 $ 2,700,000
- -------------------------------------------------------------------------------------------
Harris (County of) Health Facilities
Development Corp. (St. Luke's Episcopal);
Series 2005 A, Refunding Hospital RB
(INS-Financial Guaranty Insurance Co.)
3.80%, 02/15/32(c)(e) A-1+ VMIG-1 12,820 12,820,000
- -------------------------------------------------------------------------------------------
Harris (County of) Health Facilities
Development Corp. (Texas Medical Center
Project); Series 2001, Special Facilities
VRD RB (INS-MBIA Insurance Corp.)
3.89%, 09/01/31(b)(c) A-1+ VMIG-1 10,200 10,200,000
- -------------------------------------------------------------------------------------------
Harris (County of) Hospital District; Series
2006 A, Sub. Lien Commercial Paper
(LOC-Bank of America, N.A.)
3.65%, 01/16/07(d) A-1+ -- 13,651 13,651,000
- -------------------------------------------------------------------------------------------
Hockley (County of) Industrial Development
Corp. (AMOCO Project); Series 1985, VRD PCR
3.68%, 11/01/19(g)(m) A-1+ P-1 10,640 10,640,000
- -------------------------------------------------------------------------------------------
Hockley (County of) Industrial Development
Corp. (AMOCO Project-Standard Oil Co.);
Series 1983, VRD PCR 3.65%, 03/01/14(g)(m) A-1+ -- 15,000 15,007,267
- -------------------------------------------------------------------------------------------
Houston (City of) Higher Education Finance
Corp. (Houston Baptist University); Series
2000, Higher Education Refunding VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 07/01/20(d)(e)(l) -- -- 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Houston (City of) Higher Education Finance
Corp. (Tierwester Oaks); Series 2003 A,
Housing VRD RB (LOC-Bank of New York)
3.65%, 03/01/33(d)(f) -- VMIG-1 11,005 11,005,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Houston (City of); Series 2006 TRAN
4.50%, 06/29/07(l) -- -- $10,000 $ 10,058,601
- -------------------------------------------------------------------------------------------
Series 2006 B Commercial Paper Notes GO
3.53%, 12/28/06 A-1+ P-1 4,500 4,500,000
- -------------------------------------------------------------------------------------------
Series 2006 D Commercial Paper Notes GO
3.53%, 10/10/06 A-1+ P-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Alamo Heights (City of)
Independent School District); Series
2005-980, Unlimited VRD GO (Acquired
08/28/06; Cost $6,430,000)
3.78%, 02/01/12(e)(h)(i) -- VMIG-1 6,430 6,430,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Austin (City of) Water &
Wastewater Systems); Series 2006-1319, VRD
RB (Acquired 05/03/06; Cost $3,025,000)
3.78%, 11/15/13(e)(h)(i) A-1+ -- 3,025 3,025,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Bexar (County of)); Series
2004-530, Limited Tax VRD GO (Acquired
10/28/04; Cost $4,610,000)
3.78%, 06/15/12(e)(h)(i) -- VMIG-1 4,610 4,610,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Brownsville (City Of));
Series 2005-1038, Unlimited VRD GO
(Acquired 07/21/06; Cost $6,700,000)
3.78%, 02/15/13(e)(h)(i) A-1 -- 6,700 6,700,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Nueces River Authority
Water Supply); Series 2006-1412, VRD RB
(Acquired 07/19/06; Cost $1,950,000)
3.78%, 07/15/13(e)(h)(i) A-1+ -- 1,950 1,950,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Texas Tech University
System); Series 2006-1373, VRD RB (Acquired
07/21/06; Cost $5,195,000)
3.78%, 02/15/14(e)(h)(i) A-1+ -- 5,195 5,195,000
- -------------------------------------------------------------------------------------------
Kendleton (City of) Higher Education Finance
Corp. (Dallas Theological Project); Series
2003 A, VRD Limited Tax Obligation RB
(LOC-JPMorgan Chase Bank, N.A.)
3.83%, 07/01/33(d)(e) A-1+ -- 2,400 2,400,000
- -------------------------------------------------------------------------------------------
</Table>
F-27
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Lower Colorado River Authority; Series 1999
B, Refunding RB (INS-Financial Security
Assurance Inc.)
6.00%, 05/15/07(c) AAA Aaa $ 4,000 $ 4,060,493
- -------------------------------------------------------------------------------------------
Lufkin (City of) Health Facilities
Development Corp. (Memorial Health System
of East Texas); Series 2005, Refunding VRD
RB (LOC-Wachovia Bank, N.A.)
3.85%, 02/15/35(b)(d) A-1+ -- 16,875 16,875,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Brazosport (City of)
Independent School District); Series 2003
PT-1690, Refunding VRD Unlimited Tax GO
(Acquired 02/20/03; Cost $4,838,000)
3.78%, 08/15/10(e)(h)(i) -- VMIG-1 4,838 4,838,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Lamar Consolidated
Independent School District); Series 2005
PT-2860, VRD Unlimited Tax GO (Acquired
09/09/05; Cost $9,725,000)
3.78%, 02/15/25(e)(h)(i) A-1 -- 9,725 9,725,000
- -------------------------------------------------------------------------------------------
Mesquite (City of) Health Facilities
Development Corp.; Series 2000 C,
Retirement Facility VRD RB (LOC-LaSalle
Bank N.A.)
3.77%, 02/15/30(d)(e) A-1 -- 7,435 7,435,000
- -------------------------------------------------------------------------------------------
Metropolitan Higher Education Authority
(University of Dallas Project); Series
1999, Higher Education VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.79%, 05/01/19(d)(e)(l) -- -- 5,870 5,870,000
- -------------------------------------------------------------------------------------------
Nueces (County of) Health Facilities
Development Corp. (Driscoll Children's
Foundation); Series 1985, Floating Rate RB
(LOC-JPMorgan Chase Bank, N.A.)
3.78%, 07/01/15(d)(e) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Polly Ryon Hospital Authority (Polly Ryon
Memorial Hospital); Series 2001, Hospital
VRD RB (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 11/01/26(d)(e) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Red River Authority (Southwestern Public
Services); Series 1996, Refunding VRD PCR
(INS-Ambac Assurance Corp.)
3.80%, 07/01/16(c)(e) A-1+ VMIG-1 $ 3,350 $ 3,350,000
- -------------------------------------------------------------------------------------------
San Antonio (City of) Electric & Gas; Series
2006 A, Commercial Paper
3.55%, 10/16/06 A-1+ P-1 7,000 7,000,000
- -------------------------------------------------------------------------------------------
San Antonio (City of) Water Authority; Series
2003 A, Refunding Sub RB (INS-MBIA
Insurance Corp.)
3.74%, 05/15/33(c)(e) A-1+ VMIG-1 3,025 3,025,000
- -------------------------------------------------------------------------------------------
San Gabriel Health Facilities Development
Corp. (YMCA of Greater Williamson County
Project); Series 2005, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.85%, 04/01/26(d)(e) -- VMIG-1 2,200 2,200,000
- -------------------------------------------------------------------------------------------
Sherman (City of) Higher Education Finance
Corp. (Austin College Project); Series
1997, Higher Education VRD RB (LOC-Bank of
America, N.A.)
3.79%, 01/01/18(d)(e)(n) A-1+ -- 7,519 7,519,000
- -------------------------------------------------------------------------------------------
Texas (State of) Public Financing Authority;
Series 1996 B Refunding Unlimited GO 5.75%,
10/01/06(o)(p) AAA NRR 10,440 10,440,000
- -------------------------------------------------------------------------------------------
Series 2002 A Commercial Paper Notes GO
3.50%, 11/16/06 A-1+ P-1 10,500 10,500,000
- -------------------------------------------------------------------------------------------
Texas (State of); Series 2006, TRAN
4.50%, 08/31/07 SP-1+ MIG-1 95,000 95,806,537
- -------------------------------------------------------------------------------------------
Texas A&M University Board of Regents
(Revenue Financing System); Series 2006,
Commercial Paper Notes
3.53%, 10/12/06 A-1+ P-1 7,600 7,600,000
- -------------------------------------------------------------------------------------------
University of Texas Board of Regents (Revenue
Financing System); Series 2006 Commercial
Paper Notes
3.55%, 10/19/06 A-1+ P-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
3.50%, 11/02/06 A-1+ P-1 15,378 15,378,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Harris (County of) Toll
Road); Series 2003-B16, VRD RB (Acquired
02/19/03; Cost $16,005,000)
3.78%, 08/15/25(e)(h)(i) -- VMIG-1 16,005 16,005,000
- -------------------------------------------------------------------------------------------
</Table>
F-28
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Wachovia MERLOTs (University of Texas);
Series 2003-B14, Refunding VRD RB (Acquired
01/29/03; Cost $7,975,000)
3.78%, 08/15/22(e)(h)(i) -- VMIG-1 $ 7,975 $ 7,975,000
===========================================================================================
576,914,993
===========================================================================================
UTAH-0.75%
Davis (County of); Series 2006, Unlimited Tax
TRAN GO 4.50%, 12/28/06 -- MIG-1 5,000 5,009,318
- -------------------------------------------------------------------------------------------
Duchesne (County of) School District (Utah
Municipal Building Authority); Series 2005,
Lease VRD RB (LOC-U.S. Bank, N.A.)
3.79%, 06/01/21(d)(e) A-1+ -- 900 900,000
- -------------------------------------------------------------------------------------------
Intermountain Power Agency; Series 1985 E
Power Supply VRD RB (INS-Ambac Assurance
Corp.)
3.60%, 07/01/18(c)(m) A-1 VMIG-1 4,260 4,260,000
- -------------------------------------------------------------------------------------------
Refunding Sub. VRD RB (INS-Ambac Assurance
Corp.)
3.53%, 07/01/14(c)(m) A-1 VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Salt Lake (County of) Housing Authority
(Crossroads Apartments Project); Series
2003, Refunding Multi-Family VRD RB
(CEP-Federal National Mortgage Association)
3.77%, 02/15/31(e) A-1+ -- 4,435 4,435,000
- -------------------------------------------------------------------------------------------
Sanpete (County of) School Facility (Wasatch
Academy); Series 2003, VRD RB (LOC-U.S.
Bank, N.A.)
3.79%, 08/01/28(d)(e) A-1+ -- 800 800,000
===========================================================================================
30,404,318
===========================================================================================
VERMONT-0.25%
Vermont (State of) Industrial Development
Authority (Central Vermont Public Service
Corp.); Series 1984, Hydroelectric VRD IDR
(LOC-Citizens Bank of Massachusetts)
3.55%, 12/01/13(d)(f) A-1+ -- 2,900 2,900,000
- -------------------------------------------------------------------------------------------
Vermont (State of) Student Assistance Corp.;
Series 1985, Student Loan VRD RB (LOC-State
Street Bank & Trust Co.)
3.66%, 01/01/08(d)(f) -- VMIG-1 7,205 7,205,000
===========================================================================================
10,105,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
VIRGINIA-0.31%
Arlington (County of) (Ballston Public
Parking); Series 1984, VRD RB (LOC-Bank of
America, N.A.)
3.80%, 08/01/17(d)(e) A-1+ -- $ 1,950 $ 1,950,000
- -------------------------------------------------------------------------------------------
Rockingham (County of) Industrial Development
Authority (Sunnyside Presbyterian Home);
Series 2003, Residential Care Facility VRD
RB (LOC-Branch Banking & Trust Co.)
3.78%, 12/01/33(d)(e) A-1+ -- 750 750,000
- -------------------------------------------------------------------------------------------
Virginia College Building Authority
Educational Facilities (21st Century
College & Equipment); Series 2005 A, RB
5.00%, 02/01/07 AAA Aa1 6,105 6,131,049
- -------------------------------------------------------------------------------------------
Winchester (City of) Industrial Development
Authority (Westminster-Cantenbury); Series
2005 B Residential Care Facility VRD IDR
(LOC-Branch Banking & Trust Co.)
3.78%, 01/01/10(d)(e) -- VMIG-1 695 695,000
- -------------------------------------------------------------------------------------------
3.78%, 01/01/35(d)(e) -- VMIG-1 3,000 3,000,000
===========================================================================================
12,526,049
===========================================================================================
WASHINGTON-3.90%
ABN AMRO Munitops Ctfs. Trust (Pierce & Lewis
(County of), #404 Eatonville); Series
2006-42, Unlimited Non-AMT VRD GO (Acquired
06/22/06; Cost $8,745,000)
3.79%, 12/01/14(e)(h)(i)(l) -- -- 8,745 8,745,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of) Municipal Light & Power); Series
2002-12, Multi-State Non-AMT VRD Ctfs.
(Acquired 05/25/04; Cost $9,755,000)
3.79%, 03/01/09(e)(h)(i) -- VMIG-1 9,755 9,755,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of)); Series 2003-7, Multi-State Non-AMT
VRD GO Ctfs. (Acquired 05/13/03; Cost
$10,685,000)
3.79%, 07/01/10(e)(h)(i)(l)(n) -- -- 10,685 10,685,000
- -------------------------------------------------------------------------------------------
</Table>
F-29
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WASHINGTON-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (Skagit (County
of) Public Hospital District No. 1); Series
2004-37, Multi-State Non-AMT VRD Ctfs.
(Acquired 04/08/05; Cost $8,235,000)
3.79%, 12/01/12(e)(h)(i) -- VMIG-1 $ 8,235 $ 8,235,000
- -------------------------------------------------------------------------------------------
Bremerton (City of) (Kitsap Regional
Conference Center); Series 2003, VRD RB
(LOC-Bank of America, N.A.)
3.79%, 12/01/28(d)(e)(l) -- -- 2,565 2,565,000
- -------------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust (Washington (State
of)); Series 1998-4701 A, VRD COP (Acquired
07/20/00; Cost $14,400,000)
3.79%, 05/01/18(e)(h)(i) A-1+ -- 14,400 14,400,000
- -------------------------------------------------------------------------------------------
Everett (City of) Public Facilities District;
Series 2006 A, Commercial Paper Notes
(LOC-Bank of America, N.A.)
3.52%, 10/02/06(d) A-1+ -- 11,800 11,800,000
- -------------------------------------------------------------------------------------------
Everett (City of); Series 2001, Limited Tax
VRD GO (LOC-Bank of America, N.A.)
3.79%, 12/01/21(d)(e)(l) -- -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Washington (State of));
Series 2004-593 Unlimited Tax VRD GO
(Acquired 05/24/06; Cost $4,395,000)
3.78%, 01/01/13(e)(h)(i) A-1+ -- 4,395 4,395,000
- -------------------------------------------------------------------------------------------
Series 2006-1346 Unlimited Tax VRD GO
(Acquired 11/18/04; Cost $1,500,000)
3.78%, 07/01/12(e)(h)(i) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
King (County of) Economic Enterprise Corp.
(Puget Sound Blood Center Project); Series
1998, VRD RB (LOC-U.S. Bank, N.A.)
3.80%, 04/01/23(d)(e) -- VMIG-1 3,600 3,600,000
- -------------------------------------------------------------------------------------------
King (County of) Housing Authority
(Summerfield Apartments Project); Series
2005, VRD RB (LOC-U.S. Bank, N.A.)
3.79%, 09/01/35(d)(e) -- VMIG-1 1,925 1,925,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Lake Tapps Parkway Properties; Series 1999 A
Special Revenue VRD RB (LOC-U.S. Bank,
N.A.)
3.79%, 12/01/19(d)(e)(n) -- VMIG-1 $ 6,000 $ 6,000,000
- -------------------------------------------------------------------------------------------
Series 1999 B Special Revenue VRD RB
(LOC-U.S. Bank, N.A.)
3.79%, 12/01/19(d)(e) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Seattle (Port of)); Series 2002-739D, VRD
RB (Acquired 07/21/04; Cost $5,000,000)
3.78%, 09/01/20(e)(h)(i) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Pierce (County of) Economic Development Corp.
(Weyerhaeuser Real Estate); Series 1997,
Special Revenue VRD RB (LOC-Bank of
America, N.A.)
3.75%, 01/01/27(d)(e) A-1+ VMIG-1 12,705 12,705,000
- -------------------------------------------------------------------------------------------
Reset Option Ctfs. Trust II-R (Seattle (Port
of) Passenger Facilities Charge); Series
2006-638, VRD RB (Acquired 09/27/06; Cost
$10,640,000)
3.78%, 12/01/23(e)(h)(i) -- VMIG-1 10,640 10,640,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Bayview
Manor Project); Series 1994 B, Low Income
Housing Assistance VRD RB (LOC-U.S. Bank,
N.A.)
3.80%, 05/01/19(d)(e) A-1+ -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Pioneer
Human Services Project); Series 1995,
Refunding VRD RB (LOC-U.S. Bank, N.A.)
3.77%, 12/01/15(d)(e) A-1+ -- 2,115 2,115,000
- -------------------------------------------------------------------------------------------
Seattle (Port of) Industrial Development
Corp. (Sysco Food Services of Seattle, Inc.
Project); Series 1994, Refunding VRD IDR
3.84%, 11/01/25(e)(n) A-1+ VMIG-1 2,968 2,968,000
- -------------------------------------------------------------------------------------------
Snohomish (County of) Housing Authority (Ebey
Arms Centerhouse Project); Series 2003,
Refunding Housing VRD RB (LOC-Bank of
America, N.A.)
3.79%, 12/01/34(d)(e)(l) -- -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
</Table>
F-30
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WASHINGTON-(CONTINUED)
Washington (State of) Economic Development
Finance Authority (Seadrunar Recycling LLC
Project); Series 2000 E, Economic
Development VRD RB (LOC-U.S. Bank, N.A.)
3.78%, 08/01/25(d)(e) A-1+ -- $ 2,445 $ 2,445,000
- -------------------------------------------------------------------------------------------
Washington (State of) Higher Education
Facilities Authority (Cornish College Arts
Project); Series 2003 A, VRD RB (LOC-Bank
of America, N.A.)
3.80%, 12/01/33(d)(e) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Nikkei Concerns Project);
Series 1994, Non-Profit Housing VRD RB
(LOC-U.S. Bank, N.A.)
3.78%, 10/01/19(d)(e) A-1+ -- 3,915 3,915,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Riverview Retirement Project);
Series 1997, Elderly Housing VRD RB
(LOC-U.S. Bank, N.A.)
3.80%, 07/01/22(d)(e) A-1+ -- 1,665 1,665,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Tacoma Art Museum Project);
Series 2002, Non-Profit Housing VRD RB
(LOC-Northern Trust Co.)
3.90%, 06/01/32(b)(d) -- VMIG-1 4,075 4,075,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (University Preparatory Academy
Project); Series 2000, Non-Profit VRD RB
(LOC-Bank of America, N.A.)
3.79%, 07/01/30(d)(e) -- VMIG-1 1,350 1,350,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Wesley Homes Project); Series
2005 A, Non-Profit Housing VRD RB (LOC-Bank
of America, N.A.)
3.79%, 01/01/36(b)(d) -- VMIG-1 4,250 4,250,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (YMCA of Columbia-Willamette);
Series 1999, VRD RB (LOC-U.S. Bank, N.A.)
3.79%, 08/01/24(d)(e)(n) A-1+ -- 750 750,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Washington (State of) Housing Finance
Commission (YMCA of Tacoma-Pierce Project);
Series 2006, Refunding Non-Profit VRD RB
(LOC-U.S. Bank, N.A.)
3.80%, 12/01/32(d)(e) -- VMIG-1 $ 4,165 $ 4,165,000
===========================================================================================
157,848,000
===========================================================================================
WEST VIRGINIA-0.10%
Harrison (County of) (Fox Grocery Co.
Project); Series 1991, Refunding VRD RB
(LOC-Wachovia Bank, N.A.)
3.78%, 06/01/14(d)(e) -- Aa2 4,140 4,140,000
===========================================================================================
WISCONSIN-5.77%
ABN AMRO Munitops Ctfs. Trust (Central Brown
(County of) Water Authority); Series
2005-25, Non-AMT VRD RB (Acquired 08/01/05;
Cost $17,370,000)
3.79%, 12/01/13(e)(h)(i)(l) -- -- 17,370 17,370,000
- -------------------------------------------------------------------------------------------
Appleton (City of) Redevelopment Authority
(Fox Cities Performing Arts Center
Project); Series 2001 B, Redevelopment VRD
RB (LOC-JPMorgan Chase Bank, N.A.; M&I
Marshall & Ilsley Bank)
3.80%, 06/01/36(d)(e) -- VMIG-1 3,600 3,600,000
- -------------------------------------------------------------------------------------------
Franklin (City of) Community Development
Authority (Indian Community School of
Milwaukee); Series 2002, Redevelopment VRD
RB (LOC-JPMorgan Chase Bank, N.A.)
3.80%, 07/01/22(d)(e) -- VMIG-1 36,000 36,000,000
- -------------------------------------------------------------------------------------------
Green Bay (City of) Housing Authority
(Sisters of St. Francis Project); Series
2004, VRD RB (LOC-Allied Irish Banks PLC)
3.77%, 01/01/35(d)(e)(g) A-1 -- 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Madison (City of) Metropolitan School
District; Series 2006, TRAN GO 4.00%,
09/07/07 -- MIG-1 35,000 35,154,619
- -------------------------------------------------------------------------------------------
Milwaukee (City of) Redevelopment Authority
(Cathedral Place Parking Facility Project);
Series 2002, VRD RB (LOC-JPMorgan Chase
Bank, N.A.)
3.78%, 05/01/25(d)(e) -- VMIG-1 2,845 2,845,000
- -------------------------------------------------------------------------------------------
</Table>
F-31
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WISCONSIN-(CONTINUED)
New Berlin (City of) School District; Series
2006, Promissory TRAN GO 4.50%, 08/30/07 -- MIG-1 $11,500 $ 11,593,164
- -------------------------------------------------------------------------------------------
West Allis (City of) (State Fair Park
Exposition Center Inc.); Series 2001, VRD
RB (LOC-U.S. Bank, N.A.)
3.78%, 08/01/28(d)(e) -- VMIG-1 12,055 12,055,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Grace Lutheran
Foundation Project); Series 1999, VRD RB
(LOC-U.S. Bank, N.A.) (Acquired 09/12/05;
Cost $2,555,000)
3.76%, 07/01/14(d)(e)(h) A-1+ -- 2,555 2,555,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Gundersen Lutheran);
Series 2000 A VRD RB (INS-Financial
Security Assurance Inc.)
3.85%, 12/01/15(b)(c) A-1+ -- 6,465 6,465,000
- -------------------------------------------------------------------------------------------
Series 2000 B VRD RB (INS-Financial
Security Assurance Inc.)
3.85%, 12/01/29(b)(c) A-1+ -- 25,470 25,470,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Lindengrove, Inc.);
Series 2003 B, VRD (LOC-JPMorgan Chase
Bank, N.A.)
3.77%, 11/01/25(d)(e) A-1+ -- 7,080 7,080,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Marshfield Clinic);
Series 2006 B,
VRD RB (LOC-M&I Marshall & Ilsley Bank)
3.78%, 01/15/36(d)(e) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Mequon Jewish
Project); Series 2003, VRD RB (LOC-JPMorgan
Chase Bank, N.A.)
3.78%, 07/01/28(d)(e) -- VMIG-1 6,335 6,335,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WISCONSIN-(CONTINUED)
Wisconsin (State of) Health & Educational
Facilities Authority (Mercy Health System);
Series 2003 C VRD RB (LOC-M&I Marshall &
Ilsley Bank)
3.77%, 08/15/23(d)(e) -- VMIG-1 $ 6,600 $ 6,600,000
- -------------------------------------------------------------------------------------------
Series 2003 I Pooled Loan VRD RB (LOC-M&I
Marshall & Ilsley Bank)
3.78%, 06/01/23(d)(e) -- VMIG-1 8,655 8,655,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Luke's Medical
Center); Series 1987, VRD RB (LOC-KBC Bank
N.V.) (Acquired 05/02/05; Cost $27,000,000)
3.80%, 12/01/17(d)(e)(g)(h) A-1 -- 27,000 27,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Mary's School);
Series 2004, VRD RB (LOC-M&I Marshall &
Ilsley Bank)
3.77%, 08/01/19(d)(e) A-1 -- 1,830 1,830,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Three Pillars Senior
Living); Series 2004 B, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.73%, 08/15/34(d)(e) -- VMIG-1 1,600 1,600,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Valley Packaging
Industries Inc.); Series 2005, VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.85%, 07/01/35(d)(e) -- VMIG-1 1,240 1,240,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Wisconsin Lutheran
College Project); Series 2003, VRD RB
(LOC-U.S. Bank, N.A.)
3.90%, 06/01/33(b)(d) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
</Table>
F-32
Tax-Free Cash Reserve Portfolio
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WISCONSIN-(CONTINUED)
Wisconsin (State of) Health & Educational
Facilities Authority (Wisconsin Lutheran
College); Series 2001, VRD RB (LOC-U.S.
Bank, N.A.)
3.90%, 09/01/31(b)(d) A-1+ -- $ 5,100 $ 5,100,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Rural Water Construction
Loan Program Commission; Series 2006, BAN
RN 4.75%, 08/15/07 -- MIG-1 4,000 4,035,469
===========================================================================================
233,678,252
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WYOMING-0.48%
Gillette (City of) Pollution Control; Series
1991, Refunding Floating VRD PCR
(LOC-Barclays Bank PLC)
3.78%, 01/01/18(d)(e)(g) A-1+ P-1 $ 5,100 $ 5,100,000
- -------------------------------------------------------------------------------------------
Platte (County of) Pollution Control
(Tri-State Generation and Transmission
Association); Series 1984 A, Refunding VRD
PCR 3.86%, 07/01/14(b) -- P-1 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Wyoming (State of) Educational Funding;
Series 2006 A, TRAN
4.50%, 06/27/07 SP-1+ -- 10,000 10,056,661
===========================================================================================
19,256,661
===========================================================================================
TOTAL INVESTMENTS(q)(r)-98.85%
(Cost $4,006,153,875) 4,006,153,875
===========================================================================================
OTHER ASSETS LESS LIABILITIES-1.15% 46,590,130
===========================================================================================
NET ASSETS-100.00% $4,052,744,005
___________________________________________________________________________________________
===========================================================================================
</Table>
Investment Abbreviations:
<Table>
ACES - Automatically Convertible Extendable Security
AMT - Alternative Minimum Tax
BAN - Bond Anticipation Note
CEP - Credit Enhancement Provider
COP - Certificates of Participation
Ctfs. - Certificates
GO - General Obligation Bonds
IDR - Industrial Development Revenue Bonds
INS - Insurer
LOC - Letter of Credit
MERLOT - Municipal Exempt Receipts Liquidity Option Tender
NRR - Not Re-Rated
PCR - Pollution Control Revenue Bonds
P-Floats - Putable Floating Option Tax-Exempt Receipt
PUTTERs - Putable Tax-Exempt Receipts
RANS - Revenue Anticipation Notes
RB - Revenue Bonds
RN - Revenue Notes
Sr. - Senior
Sub. - Subordinated.
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation Notes
VRD - Variable Rate Demand
Wts. - Warrants
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-33
Tax-Free Cash Reserve Portfolio
Notes to Schedule of Investments:
(a) Ratings assigned by Standard & Poor's Corporation ("S&P") and Moody's
Investors Service, Inc. ("Moody's"), except as indicated in note (l) below.
NRR indicates a security that is not re-rated subsequent to funding of an
escrow fund (consisting of U.S. Treasury obligations held by a bank
custodian or other highly rated collateral); this funding is pursuant to an
advance refunding of this security.
(b) Demand security payable upon demand by the Fund at specified time intervals
no greater than one business day. Interest rate is redetermined daily. Rate
shown is the rate in effect on September 30, 2006.
(c) Principal and/or interest payments are secured by the bond insurance company
listed.
(d) Principal and interest payments are fully enhanced by a letter of credit
from the bank listed or a predecessor bank, branch or subsidiary.
(e) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days. Interest rate is redetermined weekly.
Rate shown is the rate in effect on September 30, 2006.
(f) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days. Interest rate is redetermined monthly.
Rate shown is the rate in effect on September 30, 2006.
(g) The security is credit guaranteed, enhanced or has credit risk by a foreign
entity. The total foreign credit exposure to countries other than the United
States of America (as a percentage of net assets) is 7.9%; each having a
less than 5% concentration.
(h) Security not registered under the Securities Act of 1933, as amended (e.g.,
the security was purchased in a Rule 144A transaction or a Regulation D
transaction). The security may be resold pursuant to an exemption from
registration under the 1933 Act, typically to qualified institutional
buyers. The Fund has no rights to demand registration of these securities.
The aggregate value of these securities at September 30, 2006 was
$996,559,500, which represented 24.59% of the Fund's Net Assets. Unless
otherwise indicated, these securities are not considered to be illiquid.
(i) Synthetic municipal instruments; involves the deposit into a trust of one or
more long-term tax-exempt bonds or notes ("Underlying Bonds."), a sale of
certificates evidencing interests in the trust to investors such as the
Fund. The trustee receives the long-term fixed interest payments on the
Underlying Bonds, and pays certificate holders variable rate interest
payments based upon a short-term reset periodically.
(j) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined at
intermittent intervals. Rate shown is the rate in effect on September 30,
2006.
(k) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined annually.
Rate shown is the rate in effect on September 30, 2006.
(l) Security is not rated by S&P or by Moody's; however it is rated by Fitch
IBCA ("Fitch") of F1+.
(m) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined
semi-annually. Rate shown is the rate in effect on September 30, 2006.
(n) In accordance with the procedures established by the Board of Trustees,
investments are through participation in joint accounts with other mutual
funds, private accounts and certain non-registered investment companies
managed by the investment advisor or its affiliates.
(o) Advance refunded; secured by an escrow fund of U.S. Government obligations.
(p) Security has an irrevocable call by the issuer or mandatory put by the
holder. Maturity date reflects such call or put.
(q) This table provides a listing of those entities that have either issued,
guaranteed, backed or otherwise enhanced the credit quality of more than 5%
of the securities held in the portfolio. In instances where the entity has
guaranteed, backed or otherwise enhanced the credit quality of a security,
it is not primarily responsible for the issuer's obligations but may be
called upon to satisfy the issuer's obligations.
<Table>
<Caption>
ENTITIES PERCENTAGE
------------------------------------------------------------------------
MBIA Insurance Corp. 9.6%
------------------------------------------------------------------------
Financial Guaranty Insurance Co. 8.6
------------------------------------------------------------------------
Financial Security Assurance Inc. 7.9
------------------------------------------------------------------------
Bank of America, N.A. 7.2
------------------------------------------------------------------------
Ambac Assurance Corp. 6.7
------------------------------------------------------------------------
JP Morgan Chase Bank, N.A. 6.7
------------------------------------------------------------------------
Other Entities Less than 5% 52.0
________________________________________________________________________
========================================================================
</Table>
(r) Also represents cost for federal income tax purposes.
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-34
Tax-Free Cash Reserve Portfolio
STATEMENT OF ASSETS AND LIABILITIES
September 30, 2006
(Unaudited)
<Table>
ASSETS:
Investments, at value (cost $4,006,153,875) $4,006,153,875
- ------------------------------------------------------------
Cash 54,198,348
============================================================
Receivables for:
Investments sold 13,663,694
- ------------------------------------------------------------
Interest 22,896,033
- ------------------------------------------------------------
Investment for trustee deferred compensation
and retirement plans 135,972
- ------------------------------------------------------------
Other assets 142,218
============================================================
Total assets 4,097,190,140
____________________________________________________________
============================================================
LIABILITIES:
Payables for:
Investments purchased 32,628,194
- ------------------------------------------------------------
Dividends 11,141,607
- ------------------------------------------------------------
Trustee deferred compensation and
retirement plans 317,602
- ------------------------------------------------------------
Accrued distribution fees 193,076
- ------------------------------------------------------------
Accrued trustees' and officer's fees and
benefits 1,424
- ------------------------------------------------------------
Accrued transfer agent fees 31,612
- ------------------------------------------------------------
Accrued operating expenses 132,620
============================================================
Total liabilities 44,446,135
============================================================
Net assets applicable to shares outstanding $4,052,744,005
____________________________________________________________
============================================================
NET ASSETS CONSIST OF:
Shares of beneficial interest $4,052,710,537
- ------------------------------------------------------------
Undistributed net realized gain from
investment securities 33,468
============================================================
$4,052,744,005
____________________________________________________________
============================================================
NET ASSETS:
Institutional Class $2,184,081,161
____________________________________________________________
============================================================
Private Investment Class $ 178,209,699
____________________________________________________________
============================================================
Personal Investment Class $ 39,813,008
____________________________________________________________
============================================================
Cash Management Class $ 859,786,254
____________________________________________________________
============================================================
Reserve Class $ 19,558,028
____________________________________________________________
============================================================
Resource Class $ 462,635,110
____________________________________________________________
============================================================
Corporate Class $ 308,660,745
____________________________________________________________
============================================================
SHARES OUTSTANDING, $0.001 PAR VALUE PER
SHARE, UNLIMITED NUMBER OF SHARES
AUTHORIZED:
Institutional Class 2,184,002,860
____________________________________________________________
============================================================
Private Investment Class 178,191,314
____________________________________________________________
============================================================
Personal Investment Class 39,808,937
____________________________________________________________
============================================================
Cash Management Class 859,773,377
____________________________________________________________
============================================================
Reserve Class 19,555,349
____________________________________________________________
============================================================
Resource Class 462,630,031
____________________________________________________________
============================================================
Corporate Class 308,665,176
____________________________________________________________
============================================================
Net asset value, offering and redemption
price per share for each class $ 1.00
____________________________________________________________
============================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-35
Tax-Free Cash Reserve Portfolio
STATEMENT OF OPERATIONS
For the six months ended September 30, 2006
(Unaudited)
<Table>
INVESTMENT INCOME:
Interest $64,687,772
=========================================================================
EXPENSES:
Advisory fees 3,774,934
- -------------------------------------------------------------------------
Administrative services fees 310,442
- -------------------------------------------------------------------------
Custodian fees 77,651
- -------------------------------------------------------------------------
Distribution fees:
Private Investment Class 485,704
- -------------------------------------------------------------------------
Personal Investment Class 134,835
- -------------------------------------------------------------------------
Cash Management Class 354,754
- -------------------------------------------------------------------------
Reserve Class 96,993
- -------------------------------------------------------------------------
Resource Class 403,421
- -------------------------------------------------------------------------
Corporate Class 16,953
- -------------------------------------------------------------------------
Transfer agent fees 218,902
- -------------------------------------------------------------------------
Trustees' and officer's fees and benefits 51,602
- -------------------------------------------------------------------------
Other 388,335
=========================================================================
Total expenses 6,314,526
=========================================================================
Less: Fees waived (1,231,708)
=========================================================================
Net expenses 5,082,818
=========================================================================
Net investment income 59,604,954
=========================================================================
Net realized gain (loss) from Investment securities 75,176
=========================================================================
Net increase in net assets resulting from operations $59,680,130
_________________________________________________________________________
=========================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-36
Tax-Free Cash Reserve Portfolio
STATEMENT OF CHANGES IN NET ASSETS
For the six months ended September 30, 2006 and the year ended March 31, 2006
(Unaudited)
<Table>
<Caption>
SEPTEMBER 30, MARCH 31,
2006 2006
- ----------------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 59,604,954 $ 81,006,602
- ----------------------------------------------------------------------------------------------
Net realized gain from investment securities 75,176 20,198
==============================================================================================
Net increase in net assets resulting from operations 59,680,130 81,026,800
==============================================================================================
Distributions to shareholders from net investment income:
Institutional Class (36,124,015) (51,535,231)
- ----------------------------------------------------------------------------------------------
Private Investment Class (2,978,341) (5,114,924)
- ----------------------------------------------------------------------------------------------
Personal Investment Class (504,916) (404,324)
- ----------------------------------------------------------------------------------------------
Cash Management Class (11,499,373) (15,063,769)
- ----------------------------------------------------------------------------------------------
Reserve Class (238,071) (276,474)
- ----------------------------------------------------------------------------------------------
Resource Class (6,401,163) (8,314,990)
- ----------------------------------------------------------------------------------------------
Corporate Class (1,859,075) (296,890)
==============================================================================================
Decrease in net assets resulting from distributions (59,604,954) (81,006,602)
==============================================================================================
Share transactions-net:
Institutional Class 291,927,149 (224,964,600)
- ----------------------------------------------------------------------------------------------
Private Investment Class (42,786,075) 24,371,221
- ----------------------------------------------------------------------------------------------
Personal Investment Class 18,909,835 10,024,848
- ----------------------------------------------------------------------------------------------
Cash Management Class 176,106,119 (41,462,324)
- ----------------------------------------------------------------------------------------------
Reserve Class 504,881 9,744,079
- ----------------------------------------------------------------------------------------------
Resource Class 121,244,070 51,762,427
- ----------------------------------------------------------------------------------------------
Corporate Class 300,648,751 8,016,425
==============================================================================================
Net increase (decrease) in net assets resulting from
share transactions 866,554,730 (162,507,924)
==============================================================================================
Net increase (decrease) in net assets 866,629,906 (162,487,726)
==============================================================================================
NET ASSETS:
Beginning of period 3,186,114,099 3,348,601,825
==============================================================================================
End of period (including undistributed net investment
income of $0 and $0, respectively) $4,052,744,005 $3,186,114,099
______________________________________________________________________________________________
==============================================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-37
Tax-Free Cash Reserve Portfolio
NOTES TO FINANCIAL STATEMENTS
September 30, 2006
(Unaudited)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
Tax-Free Investments Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end
management investment company. The Trust is organized as a Delaware statutory
trust consisting of one portfolio, the Tax-Free Cash Reserve Portfolio (the
"Fund"). The Fund currently offers multiple classes of shares. Matters affecting
each class are voted on exclusively by the shareholders of each class.
The Fund's investment objective is to provide as high a level of tax-exempt
income as is consistent with the preservation of capital and maintenance of
liquidity.
The following is a summary of the significant accounting policies followed
by the Fund in the preparation of its financial statements.
A. SECURITY VALUATIONS -- The Fund's securities are recorded on the basis of
amortized cost which approximates value as permitted by Rule 2a-7 under the
1940 Act. This method values a security at its cost on the date of purchase
and, thereafter, assumes a constant amortization to maturity of any
premiums or accretion of any discounts.
B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME -- Securities transactions
are accounted for on a trade date basis. Realized gains or losses on sales
are computed on the basis of specific identification of the securities
sold. Interest income, adjusted for amortization of premiums and accretion
of discounts on investments, is recorded on the accrual basis from
settlement date.
Brokerage commissions and mark ups are considered transaction costs and
are recorded as an increase to the cost basis of securities purchased
and/or a reduction of proceeds on a sale of securities. Such transaction
costs are included in the determination of realized gain (loss) from
investment securities reported in the Statement of Operations and the
Statement of Changes in Net Assets and the realized net gains (losses) on
securities per share in the Financial Highlights. Transaction costs are
included in the calculation of the Fund's net asset value and, accordingly,
they reduce the Fund's total returns. These transaction costs are not
considered operating expenses and are not reflected in net investment
income reported in the Statement of Operations and Statement of Changes in
Net Assets, or the net investment income per share and ratios of expenses
and net investment income reported in the Financial Highlights, nor are
they limited by any expense limitation arrangements between the Fund and
the advisor.
The Fund allocates realized capital gains and losses to a class based on
the relative net assets of each class. The Fund allocates income to a class
based on the relative value of the settled shares of each class.
C. COUNTRY DETERMINATION -- For the purposes of making investment selection
decisions and presentation in the Schedule of Investments, AIM may
determine the country in which an issuer is located and/or credit risk
exposure based on various factors. These factors include the laws of the
country under which the issuer is organized, where the issuer maintains a
principal office, the country in which the issuer derives 50% or more of
its total revenues and the country that has the primary market for the
issuer's securities, as well as other criteria. Among the other criteria
that may be evaluated for making this determination are the country in
which the issuer maintains 50% or more of its assets, the type of security,
financial guarantees and enhancements, the nature of the collateral and the
sponsor organization. Country of issuer and/or credit risk exposure has
been determined to be the United States of America unless otherwise noted.
D. DISTRIBUTIONS -- Distributions from income are declared daily and paid
monthly. Distributions from net realized capital gain, if any, are
generally paid annually and recorded on ex-dividend date. The Fund may
elect to treat a portion of the proceeds from redemptions as distributions
for federal income tax purposes.
E. FEDERAL INCOME TAXES -- The Fund intends to comply with the requirements of
Subchapter M of the Internal Revenue Code necessary to qualify as a
regulated investment company and to distribute substantially all of the
Fund's taxable earnings to shareholders. As such, the Fund will not be
subject to federal income taxes on otherwise taxable income (including net
realized capital gain) that is distributed to shareholders. Therefore, no
provision for federal income taxes is recorded in the financial statements.
In addition, the Fund intends to invest in such municipal securities to
allow it to qualify to pay shareholders "exempt-interest dividends", as
defined in the Internal Revenue Code.
F. EXPENSES -- Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund and which are directly attributable to that class are
charged to the operations of such class. All other expenses are allocated
among the classes based on relative net assets.
G. ACCOUNTING ESTIMATES -- The preparation of financial statements in
conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period including estimates and assumptions related to
taxation. Actual results could differ from those estimates.
H. INDEMNIFICATIONS -- Under the Trust's organizational documents, each
Trustee, officer, employee or other agent of the Trust (including the
Trust's investment manager) is indemnified against certain liabilities that
may arise out of performance of their duties to the Fund. Additionally, in
the normal course of business, the Fund enters into contracts that contain
a variety of indemnification clauses. The Fund's maximum exposure under
these arrangements is unknown as this would involve future claims that may
be made against the Fund that have not yet occurred. The risk of material
loss as a result of such indemnification claims is considered remote.
F-38
Tax-Free Cash Reserve Portfolio
NOTE 2--ADVISORY FEES AND OTHER FEES PAID TO AFFILIATES
The Trust has entered into a master investment advisory agreement with A I M
Advisors, Inc. ("AIM"). Under the terms of the investment advisory agreement,
the Fund pays an advisory fee to AIM at the annual rate of 0.25% of the first
$500 million of the Fund's average daily net assets plus 0.20% of the Fund's
average daily net assets in excess of $500 million. AIM has contractually agreed
to waive advisory fees and/or reimburse expenses to the extent necessary to
limit total annual operating expenses (excluding certain items discussed below)
to 0.22% of the Fund's average daily net assets through June 30, 2007. In
determining the advisor's obligation to waive advisory fees and/or reimburse
expenses, the following expenses are not taken into account, and could cause the
net annual operating expenses to exceed the number reflected above: (i) Rule
12b-1 plan fees, if any; (ii) trustees' fees; (iii) federal registration fees;
(iv) interest: (v) taxes; (vi) extraordinary items; (vii) expenses related to a
merger or reorganization, as approved by the Fund's Board of Trustees; and
(viii) expenses that the Fund has incurred but did not actually pay because of
an expense offset arrangement. Currently, in addition to the expense
reimbursement arrangement with AMVESCAP PLC ("AMVESCAP") described more fully
below, the expense offset arrangements from which the Fund may benefit are in
the form of credits that the Fund receives from banks where the Fund or its
transfer agent has deposits accounts in which it holds uninvested cash. Those
credits are used to pay certain expenses incurred by the Fund. To the extent
that the annualized expense ratio does not exceed the expense limitation, AIM
will retain its ability to be reimbursed for such fee waivers or reimbursements
prior to the end of the fiscal year.
For the six months ended September 30, 2006, AIM waived advisory fees of
$788,656.
At the request of the Trustees of the Trust, AMVESCAP agreed to reimburse
expenses incurred by the Fund in connection with market timing matters in the
AIM Funds, which may include legal, audit, shareholder reporting, communications
and trustee expenses. These expenses along with the related expense
reimbursement are included in the Statement of Operations. For the six months
ended September 30, 2006, AMVESCAP did not reimburse any expenses.
The Trust, pursuant to a master administrative services agreement with AIM,
has agreed to pay AIM for certain administrative costs incurred in providing
accounting services to the Fund. Pursuant to such agreement, for the six months
ended September 30, 2006, AIM was paid $310,442.
The Trust, pursuant to a transfer agency and service agreement, has agreed
to pay AIM Investment Services, Inc. ("AIS") a fee for providing transfer agency
and shareholder services to the Fund. During the six months ended September 30,
2006, AIS retained $218,902.
Under the terms of a master distribution agreement between Fund Management
Company ("FMC") and the Trust, FMC acts as the exclusive distributor of the
Fund's shares. The Trust has adopted a master distribution plan pursuant to Rule
12b-1 under the 1940 Act with respect to the Fund's Private Investment Class,
Personal Investment Class, Cash Management Class, Reserve Class, Resource Class
and Corporate Class (the "Plan"). The Plan provides that the Private Investment
Class, the Personal Investment Class, the Cash Management Class, the Reserve
Class, the Resource Class and the Corporate Class pay up to the maximum annual
rate of 0.50%, 0.75%, 0.10%, 1.00%, 0.20% and 0.03%, respectively, of the
average daily net assets attributable to such class. Of the Rule 12b-1 payment,
up to 0.25% of the average daily net assets of each class may be paid to furnish
continuing personal shareholder services to customers who purchase and own
shares of such classes. Any amounts not paid as a service fee under such Plan
would constitute an asset-based sales charge. National Association of Securities
Dealers ("NASD") Rules impose a cap on the total amount of sales charges,
including asset-based sales charges, that may be paid by any class of shares of
the Fund. Currently, FMC has contractually agreed to waive a portion of its
compensation payable by the Fund such that compensation paid pursuant to the
Plan with respect to the Private Investment Class, the Personal Investment
Class, the Cash Management Class, the Reserve Class and the Resource Class
equals the maximum annual rate of 0.25%, 0.55%, 0.08%, 0.87% and 0.16%,
respectively, of the average daily net assets attributable to such class through
June 30, 2007. Further, FMC voluntarily waived additional Rule 12b-1 plan fees
for the Reserve Class during the period in order to increase the yield. Waivers
may be modified or discontinued at any time. Pursuant to the Plan, for the six
months ended September 30, 2006, the Private Investment Class, the Personal
Investment Class, the Cash Management Class, the Reserve Class, the Resource
Class and the Corporate Class paid $242,852, $98,879, $283,803, $84,384,
$322,737 and $16,953, respectively, after FMC waived Plan fees of $242,852,
$35,956, $70,951, $12,609, $80,684 and $0, respectively.
Certain officers and trustees of the Trust are officers and directors of
AIM, AIS and/or FMC.
NOTE 3--SECURITY TRANSACTIONS WITH AFFILIATED FUNDS
The Fund is permitted to purchase or sell securities from or to certain other
AIM Funds under specified conditions outlined in procedures adopted by the Board
of Trustees of the Trust. The procedures have been designed to ensure that any
purchase or sale of securities by the Fund from or to another fund or portfolio
that is or could be considered an affiliate by virtue of having a common
investment advisor (or affiliated investment advisors), common Trustees and/or
common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined
under the procedures, each transaction is effected at the current market price.
Pursuant to these procedures, for the six months ended September 30, 2006, the
Fund engaged in securities sales of $15,921,501, which resulted in net realized
gains (losses) of $0 and securities purchases of $12,923,697.
NOTE 4--TRUSTEES' AND OFFICER'S FEES AND BENEFITS
"Trustees' and Officer's Fees and Benefits" include amounts accrued by the Fund
to pay remuneration to each Trustee and Officer of the Fund who is not an
"interested person" of AIM. Trustees have the option to defer compensation
payable by the Fund, and "Trustees' and Officer's Fees and Benefits" also
include amounts accrued by the Fund to fund such deferred compensation amounts.
Those Trustees who defer compensation have the option to select various AIM
Funds in which their deferral accounts shall be deemed to be invested. Finally,
current Trustees are eligible to participate in a retirement plan that provides
for benefits to be paid upon retirement to Trustees over a period of time based
on the number of years of service. The Fund may have certain former Trustees who
also participate in a retirement plan and receive benefits under such plan.
"Trustees' and Officer's Fees and Benefits" include
F-39
Tax-Free Cash Reserve Portfolio
amounts accrued by the Fund to fund such retirement benefits. Obligations under
the deferred compensation and retirement plans represent unsecured claims
against the general assets of the Fund.
During the six months ended September 30, 2006, the Fund paid legal fees of
$5,418 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel
to the Independent Trustees. A member of that firm is a Trustee of the Trust.
NOTE 5--BORROWINGS
Pursuant to an exemptive order from the Securities and Exchange Commission, the
Fund may participate in an interfund lending facility that AIM has established
for temporary borrowings by the AIM Funds. An interfund loan will be made under
this facility only if the loan rate (an average of the rate available on bank
loans and the rate available on investments in overnight repurchase agreements)
is favorable to both the lending fund and the borrowing fund. A loan will be
secured by collateral if the Fund's aggregate borrowings from all sources
exceeds 10% of the Fund's total assets. To the extent that the loan is required
to be secured by collateral, the collateral is marked to market daily to ensure
that the market value is at least 102% of the outstanding principal value of the
loan. The Fund did not borrow or lend under the facility during the six months
ended September 30, 2006.
Additionally, the Fund is permitted to temporarily carry a negative or
overdrawn balance in its account with The Bank of New York, the custodian bank.
To compensate the custodian bank for such overdrafts, the overdrawn Fund may
either (i) leave funds as a compensating balance in the account so the custodian
bank can be compensated by earning the additional interest; or (ii) compensate
by paying the custodian bank at a rate agreed upon by the custodian bank and
AIM, not to exceed the rate contractually agreed upon.
NOTE 6--TAX INFORMATION
The amount and character of income and gains to be distributed are determined in
accordance with income tax regulations, which may differ from generally accepted
accounting principles. Reclassifications are made to the Fund's capital accounts
to reflect income and gains available for distribution (or available capital
loss carryforward) under income tax regulations. The tax character of
distributions paid during the year and the tax components of net assets will be
reported at the Fund's fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date.
Results of transactions and other activity after that date may affect the amount
of capital loss carryforward actually available for the Fund to utilize. The
ability to utilize capital loss carryforward in the future may be limited under
the Internal Revenue Code and related regulations based on the results of future
transactions.
The Fund had a capital loss carryforward as of March 31, 2006 which expires
as follows:
<Table>
<Caption>
CAPITAL LOSS
EXPIRATION CARRYFORWARD*
- -----------------------------------------------------------------------
March 31, 2013 $41,708
_______________________________________________________________________
=======================================================================
</Table>
* Capital loss carryforward as of the date listed above is reduced for
limitations, if any, to the extent required by the Internal Revenue Code.
F-40
Tax-Free Cash Reserve Portfolio
NOTE 7--SHARE INFORMATION
The Fund currently offers seven different classes of shares: Institutional
Class, Private Investment Class, Personal Investment Class, Cash Management
Class, Reserve Class, Resource Class and Corporate Class.
<Table>
<Caption>
CHANGES IN SHARES OUTSTANDING
- ---------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 2006(A) MARCH 31, 2006
------------------------------------ ------------------------------------
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------------------------------------
Sold:
Institutional Class 13,218,005,962 $ 13,218,005,962 24,419,859,762 $ 24,419,859,762
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 288,384,797 288,384,797 590,733,012 590,733,012
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 60,996,835 60,996,835 32,503,439 32,503,439
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 3,691,867,319 3,691,867,319 7,375,896,321 7,375,896,321
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 50,075,617 50,075,617 162,245,979 162,245,979
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 1,535,997,202 1,535,997,202 2,316,222,552 2,316,222,552
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 459,031,908 459,031,908 129,405,787 129,405,787
=================================================================================================================================
Issued as reinvestment of dividends:
Institutional Class 22,051,538 22,051,538 30,895,326 30,895,326
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 2,454,612 2,454,612 3,802,001 3,802,001
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 88,820 88,820 201,846 201,846
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 9,059,815 9,059,815 11,231,407 11,231,407
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 230,235 230,235 247,862 247,862
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 5,672,955 5,672,955 7,599,542 7,599,542
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 55,615 55,615 10,644 10,644
=================================================================================================================================
Reacquired:
Institutional Class (12,948,130,351) (12,948,130,351) (24,675,719,687) (24,675,719,687)
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class (333,625,484) (333,625,484) (570,163,791) (570,163,791)
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class (42,175,820) (42,175,820) (22,680,438) (22,680,438)
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class (3,524,821,015) (3,524,821,015) (7,428,590,053) (7,428,590,053)
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class (49,800,971) (49,800,971) (152,749,762) (152,749,762)
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class (1,420,426,087) (1,420,426,087) (2,272,059,667) (2,272,059,667)
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) (158,438,772) (158,438,772) (121,400,006) (121,400,006)
=================================================================================================================================
866,554,730 $ 866,554,730 (162,507,924) $ (162,507,924)
_________________________________________________________________________________________________________________________________
=================================================================================================================================
</Table>
(a) There are two entities that are each record owners of more than 5% of the
outstanding shares of the Fund and in the aggregate they own 61% of the
outstanding shares of the Fund. FMC has an agreement with these entities to
sell Fund shares. The Fund, AIM, and/or AIM affiliates may make payments to
these entities, which are considered to be related to the Fund, for
providing services to the Fund, AIM, and/or AIM affiliates including but not
limited to services such as, securities brokerage, distribution, third party
record keeping and account servicing. The Trust has no knowledge as to
whether all or any portion of the shares owned of record by these entities
are also owned beneficially.
(b) Corporate Class shares commenced sales on September 8, 2005.
NOTE 8--NEW ACCOUNTING STANDARD
In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 48, Accounting for Uncertainty in Income Taxes ("FIN 48").
FIN 48 prescribes a recognition threshold and measurement attribute for the
financial statement recognition and measurement for a tax position taken or
expected to be taken in a tax return. FIN 48 also provides guidance on
derecognition, classification, interest and penalties, accounting in interim
periods, disclosure and transition. The provisions for FIN 48 are effective for
fiscal years beginning after December 15, 2006. Management is currently
assessing the impact of FIN 48, if any, on the Fund's financial statements and
intends for the Fund to adopt the FIN 48 provisions during 2007.
F-41
Tax-Free Cash Reserve Portfolio
NOTE 9--FINANCIAL HIGHLIGHTS
The following schedule presents financial highlights for a share of the Fund
outstanding throughout the periods indicated.
<Table>
<Caption>
RESOURCE CLASS
----------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, --------------------------------------------------------
2006 2006 2005 2004 2003 2002
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ---------------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.02 0.02 0.01 0.01 0.01 0.02
=================================================================================================================================
Less distributions from net investment income (0.02) (0.02) (0.01) (0.01) (0.01) (0.02)
=================================================================================================================================
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Total return(a) 1.60% 2.37% 1.08% 0.68% 1.06% 2.00%
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Ratios/supplemental data:
Net assets, end of period (000s omitted) $462,635 $341,384 $289,621 $299,205 $260,178 $137,307
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Ratio of expenses to average net assets:
With fee waivers and/or expense reimbursements 0.38%(b) 0.38% 0.38% 0.38% 0.38% 0.38%
- ---------------------------------------------------------------------------------------------------------------------------------
Without fee waivers and/or expense reimbursements 0.46%(b) 0.47% 0.47% 0.47% 0.47% 0.48%
=================================================================================================================================
Ratio of net investment income to average net
assets 3.16%(b) 2.33% 1.08% 0.67% 1.04% 1.84%
_________________________________________________________________________________________________________________________________
=================================================================================================================================
</Table>
(a) Includes adjustments in accordance with accounting principles generally
accepted in the United States of America and is not annualized for
periods less than one year.
(b) Ratios are annualized and based on average daily net assets of
$402,319,292.
F-42
Tax-Free Cash Reserve Portfolio
NOTE 10--LEGAL PROCEEDINGS
Terms used in the Legal Proceedings Note are defined terms solely for the
purpose of this note.
SETTLED ENFORCEMENT ACTIONS AND INVESTIGATIONS RELATED TO MARKET TIMING
On October 8, 2004, INVESCO Funds Group, Inc. ("IFG") (the former investment
advisor to certain AIM Funds), AIM and A I M Distributors, Inc. ("ADI") (the
distributor of the retail AIM Funds) reached final settlements with certain
regulators, including the Securities and Exchange Commission ("SEC"), the New
York Attorney General and the Colorado Attorney General, to resolve civil
enforcement actions and/or investigations related to market timing and related
activity in the AIM Funds, including those formerly advised by IFG. As part of
the settlements, a $325 million fair fund ($110 million of which is civil
penalties) has been created to compensate shareholders harmed by market timing
and related activity in funds formerly advised by IFG. Additionally, AIM and ADI
created a $50 million fair fund ($30 million of which is civil penalties) to
compensate shareholders harmed by market timing and related activity in funds
advised by AIM, which was done pursuant to the terms of the settlement. These
two fair funds may increase as a result of contributions from third parties who
reach final settlements with the SEC or other regulators to resolve allegations
of market timing and/or late trading that also may have harmed applicable AIM
Funds. These two fair funds will be distributed in accordance with a methodology
to be determined by AIM's independent distribution consultant, in consultation
with AIM and the independent trustees of the AIM Funds and acceptable to the
staff of the SEC. Management of AIM and the Fund are unable to estimate the
impact, if any, that the distribution of these two fair funds may have on the
Fund or whether such distribution will have an impact on the Fund's financial
statements in the future.
At the request of the trustees of the AIM Funds, AMVESCAP PLC ("AMVESCAP"),
the parent company of IFG and AIM, has agreed to reimburse expenses incurred by
the AIM Funds related to market timing matters.
PENDING LITIGATION AND REGULATORY INQUIRIES
On August 30, 2005, the West Virginia Office of the State Auditor -Securities
Commission ("WVASC") issued a Summary Order to Cease and Desist and Notice of
Right to Hearing to AIM and ADI (Order No. 05-1318). The WVASC makes findings of
fact that AIM and ADI entered into certain arrangements permitting market timing
of the AIM Funds and failed to disclose these arrangements in the prospectuses
for such Funds, and conclusions of law to the effect that AIM and ADI violated
the West Virginia securities laws. The WVASC orders AIM and ADI to cease any
further violations and seeks to impose monetary sanctions, including restitution
to affected investors, disgorgement of fees, reimbursement of investigatory,
administrative and legal costs and an "administrative assessment," to be
determined by the Commissioner. Initial research indicates that these damages
could be limited or capped by statute.
Civil lawsuits, including purported class action and shareholder derivative
suits, have been filed against certain of the AIM Funds, IFG, AIM, ADI and/or
related entities and individuals, depending on the lawsuit, alleging:
- that the defendants permitted improper market timing and related activity in
the AIM Funds;
- that certain AIM Funds inadequately employed fair value pricing;
- that the defendants charged excessive advisory and/or distribution fees and
failed to pass on to shareholders the perceived savings generated by
economies of scale and that the defendants adopted unlawful distribution
plans; and
- that the defendants improperly used the assets of the AIM Funds to pay
brokers to aggressively promote the sale of the AIM Funds over other mutual
funds and that the defendants concealed such payments from investors by
disguising them as brokerage commissions (all the claims in this category of
lawsuits were dismissed with prejudice by the court on September 29, 2006,
except for the Section 36(b) claim which was dismissed with leave to amend
to plead it properly as a derivative claim).
These lawsuits allege as theories of recovery, depending on the lawsuit,
violations of various provisions of the Federal and state securities laws and
ERISA, negligence, breach of fiduciary duty and/or breach of contract. These
lawsuits seek remedies that include, depending on the lawsuit, damages,
restitution, injunctive relief, imposition of a constructive trust, removal of
certain directors and/or employees, various corrective measures under ERISA,
rescission of certain AIM Funds' advisory agreements and/or distribution plans
and recovery of all fees paid, an accounting of all fund-related fees,
commissions and soft dollar payments, restitution of all commissions and fees
paid, and prospective relief in the form of reduced fees.
All lawsuits based on allegations of market timing, late trading and related
issues have been transferred to the United States District Court for the
District of Maryland (the "MDL Court"). Pursuant to an Order of the MDL Court,
plaintiffs in these lawsuits consolidated their claims for pre-trial purposes
into three amended complaints against various AIM- and IFG-related parties: (i)
a Consolidated Amended Class Action Complaint purportedly brought on behalf of
shareholders of the AIM Funds; (ii) a Consolidated Amended Fund Derivative
Complaint purportedly brought on behalf of the AIM Funds and fund registrants;
and (iii) an Amended Class Action Complaint for Violations of the Employee
Retirement Income Securities Act ("ERISA") purportedly brought on behalf of
participants in AMVESCAP's 401(k) plan. Based on orders issued by the MDL Court,
all claims asserted against the AIM Funds that have been transferred to the MDL
Court have been dismissed, although certain Funds remain nominal defendants in
the Consolidated Amended Fund Derivative Complaint. On September 15, 2006, the
MDL Court granted the AMVESCAP defendants' motion to dismiss the Amended Class
Action Complaint for Violations of ERISA and dismissed such Complaint. The
plaintiff has commenced an appeal from that decision.
IFG, AIM, ADI and/or related entities and individuals have received inquiries
from numerous regulators in the form of subpoenas or other oral or written
requests for information and/or documents related to one or more of the
following issues, among others, some of which concern one or more AIM Funds:
market timing activity, late trading, fair value pricing, excessive or improper
advisory and/or distribution fees, mutual fund sales practices, including
revenue sharing and directed-brokerage arrangements, investments in securities
of other registered investment companies, contractual plans, issues related to
Section 529 college savings plans and procedures for locating lost security
holders. IFG, AIM and ADI have advised the Fund that they are providing full
cooperation with respect to these inquiries. Regulatory actions and/or
additional civil lawsuits related to these or other issues may be filed against
the AIM Funds, IFG, AIM and/or related entities and individuals in the future.
At the present time, management of AIM and the Fund are unable to estimate
the impact, if any, that the outcome of the Pending Litigation and Regulatory
Inquiries described above may have on AIM, ADI or the Fund.
F-43
Tax-Free Cash Reserve Portfolio
TRUSTEES AND OFFICERS
<Table>
BOARD OF TRUSTEES OFFICERS OFFICE OF THE FUND
Bob R. Baker Karen Dunn Kelley 11 Greenway Plaza
President and Principal Suite 100
Frank S. Bayley Executive Officer Houston, TX 77046-1173
James T. Bunch Philip A. Taylor INVESTMENT ADVISOR
Executive Vice President A I M Advisors, Inc.
Bruce L. Crockett 11 Greenway Plaza
Chair Todd L. Spillane Suite 100
Chief Compliance Officer Houston, TX 77046-1173
Albert R. Dowden
Russell C. Burk TRANSFER AGENT
Jack M. Fields Senior Vice President and Senior Officer AIM Investment Services, Inc.
P.O. Box 4739
Carl Frischling John M. Zerr Houston, TX 77210-4739
Senior Vice President, Secretary and Chief
Robert H. Graham Legal Officer CUSTODIAN
Vice Chair The Bank of New York
Sidney M. Dilgren 2 Hanson Place
Prema Mathai-Davis Vice President, Treasurer Brooklyn, NY 11217-1431
and Principal Financial Officer
Lewis F. Pennock COUNSEL TO THE FUND
Lisa O. Brinkley Ballard Spahr
Ruth H. Quigley Vice President Andrews & Ingersoll, LLP
1735 Market Street, 51st Floor
Larry Soll Kevin M. Carome Philadelphia, PA 19103-7599
Vice President
Raymond Stickel, Jr. COUNSEL TO THE INDEPENDENT TRUSTEES
J. Philip Ferguson Kramer, Levin, Naftalis & Frankel LLP
Philip A. Taylor Vice President 1177 Avenue of the Americas
New York, NY 10036-2714
DISTRIBUTOR
Fund Management Company
11 Greenway Plaza
Suite 100
Houston, TX 77046-1173
</Table>
F-44
The Fund provides a complete list of its holdings four times in each fiscal
year, at quarter-ends. For the second and fourth quarters, the list appears in
the Fund's semiannual and annual reports to shareholders. For the first and
third quarters, the Fund files the lists with the Securities and Exchange
Commission (SEC) on Form N-Q. Shareholders can look up the Fund's Form N-Q
filings on the SEC Web site, sec.gov. The Fund's Form N-Q also may be reviewed
and copied at the SEC Public Reference Room in Washington, D.C. You can obtain
information on the operation of the Public Reference Room, including information
about duplicating fee charges, by calling 202-942-8090 or 800-732-0330 or by
electronic request at the following e-mail address: publicinfo@sec.gov. The SEC
file numbers for the Fund are 811-02731 and 002-58286.
A description of the policies and procedures that the Fund uses to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, from our Client Services department at 800-959-4246 or on the AIM
Web site, AIMinvestments.com. On the home page, scroll down and click on AIM
Funds Proxy Policy. The information is also available on the SEC Web site,
sec.gov.
Information regarding how the Fund voted proxies related to its portfolio
securities during the 12 months ended June 30, 2006, is available at our Web
site. Go to AIMinvestments.com, access the About Us tab, click on Required
Notices and then click on Proxy Voting Activity. Next, select the Fund from the
drop-down menu. This information is also available on the SEC Web site, sec.gov.
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
AIMinvestments.com TFIT-SAR-4 Fund Management Company
ITEM 2. CODE OF ETHICS.
The Code of Ethics (the "Code") that applies to the Registrant's Principal
Executive Officer ("PEO") and Principal Financial Officer ("PFO") during
the period covered by the report was amended in September, 2006, to (i)
remove individuals listed in Exhibit A and any references to Exhibit A thus
allowing for future flexibility and (ii) remove ambiguities found in the
second paragraph of Section III. The Registrant did not grant any waivers,
including implicit waivers, from any provisions of the Code to the PEO or
PFO during the period covered by this report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Investments in securities of unaffiliated issuers is included as part of
the reports to stockholders filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
ITEM 11. CONTROLS AND PROCEDURES.
(a) As of September 15, 2006, an evaluation was performed under the supervision
and with the participation of the officers of the Registrant, including the
Principal Executive Officer ("PEO") and Principal Financial Officer
("PFO"), to assess the effectiveness of the Registrant's disclosure
controls and procedures, as that term is defined in Rule 30a-3(c) under the
Investment Company Act of 1940 (the "Act"), as amended. Based on that
evaluation, the Registrant's officers, including
the PEO and PFO, concluded that, as of September 15, 2006, the Registrant's
disclosure controls and procedures were reasonably designed to ensure: (1)
that information required to be disclosed by the Registrant on Form N-CSR
is recorded, processed, summarized and reported within the time periods
specified by the rules and forms of the Securities and Exchange Commission;
and (2) that material information relating to the Registrant is made known
to the PEO and PFO as appropriate to allow timely decisions regarding
required disclosure.
(b) There have been no changes in the Registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act) that
occurred during the second fiscal quarter of the period covered by the
report that has materially affected, or is reasonably likely to materially
affect, the Registrant's internal control over financial reporting.
ITEM 12. EXHIBITS.
12(a) (1) Not applicable.
12(a) (2) Certifications of principal executive officer and principal financial
officer as required by Rule 30a-2(a) under the Investment Company Act
of 1940.
12(a) (3) Not applicable.
12(b) Certifications of principal executive officer and principal financial
officer as required by Rule 30a-2(b) under the Investment Company Act
of 1940.
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: Tax-Free Investments Trust
By: /s/ Karen Dunn Kelley
---------------------------------
Karen Dunn Kelley
Principal Executive Officer
Date: December 8, 2006
Pursuant to the requirements of the Securities and 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/ Karen Dunn Kelley
---------------------------------
Karen Dunn Kelley
Principal Executive Officer
Date: December 8, 2006
By: /s/ Sidney M. Dilgren
---------------------------------
Sidney M. Dilgren
Principal Financial Officer
Date: December 8, 2006
EXHIBIT INDEX
12(a) (1) Not applicable.
12(a) (2) Certifications of principal executive officer and principal financial
officer as required by Rule 30a-2(a) under the Investment Company Act
of 1940.
12(a) (3) Not applicable.
12(b) Certifications of principal executive officer and principal financial
officer as required by Rule 30a-2(b) under the Investment Company Act
of 1940.