Calvert Investments - Fund Profile

Daily Performance (as of 5/22/2013)
Price	$1.00
YTD Return	0.00%
Dollar-weighted average portfolio maturity (rounded to nearest year or day)	22 Days
Dollar-weighted average life maturity (rounded to nearest year or day)	25 Days
Daily 30-Day SEC Yield	0.01%
7-Day Current Yield	0.01%
7-Day Effective Yield	0.01%

Portfolio Facts (as of 5/22/2013)
Calvert Portfolio Number	938
CUSIP Number	131647828
Assets Under Management	$76.58 Million

Overview

Portfolio Management

Calvert Investment Management, Inc.

Thomas A. Dailey,
Vice President and Portfolio Manager

Investment Objective

The Portfolio seeks a high level of current income as is consistent with preservation of capital and liquidity. The Portfolio seeks to maintain a constant net asset value of $1.00 per share.

Investment Strategy

The Portfolio invests in U.S. dollar-denominated money market securities of domestic and foreign issuers, including U.S. Government securities and repurchase agreements, commercial paper, variable rate demand notes, and corporate, agency and taxable municipal obligations. The Portfolio invests more than 25% of its total assets in the financial services industry. All investments must comply with the SEC's money market fund requirements per Rule 2a-7 of the Investment Company Act or 1940, as amended.

Investment Risk

Money market fund yields fluctuate and past performance is not a guarantee of future results. 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. Yield quotation more closely reflects the current earnings of the money market fund than the total return quotation.

Important Disclosure

Holdings are subject to change.

Performance

Select additional indices to display below:

Benchmark Index

Lipper Category Index

Average Annual Total Returns (%) for period ending 4/30/2013
	YTD	QTD	1 yr	3 yrs	5 yrs	10 yrs	Since Inception	Inception
Portfolio	0.00	0.00	0.01	0.03	0.58	1.85	2.35	10/29/1999
Lipper VA Money Market Funds Index	-0.28	-0.10	-0.86	-0.97	-0.67	n/a	1.05

Average Annual Total Returns (%) for period ending 3/31/2013
	YTD	QTD	1 yr	3 yrs	5 yrs	10 yrs	Since Inception	Inception
Portfolio	0.00	0.00	0.01	0.03	0.63	1.86	2.36	10/29/1999
Lipper VA Money Market Funds Index	-0.19	-0.19	-0.83	-0.97	-0.63	n/a	1.06

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Index reflects no deductions for fees or expenses. An investor cannot invest directly in an index. Visit www.calvert.com to obtain performance data current to the most recent month-end. Returns for periods of less than one year are not annualized. The performance does not reflect fees and charges imposed under the variable annuity and life insurance contracts through which an investment may be made. If these fees and charges were included, they would reduce these returns.

Portfolio Expenses and Turnover (from Prospectus) (Performance data quoted above already reflects deduction for portfolio operating expenses)
Expense Ratio (if no waiver reimbursement in effect)	Net Expense Ratio (if waiver reimbursement in effect)	Gross Expense Ratio (if waiver reimbursement in effect)	Portfolio Turnover
0.39%	n/a	n/a	n/a

Hypothetical Growth of $10,000

Yearly Percentage Return

Important Disclosure

Net expense ratio reflects contractual fee waiver and/or expense reimbursement through April 30, 2014.

Pricing & Distribution

Historical Prices

Most Recent Distributions

Portfolio
Date	Type	Rate	Record Date	Ex Date	Reinvest Date	Reinvest Price

4/30/2013	Dividend	0.00001	4/29/2013	4/29/2013	4/29/2013	1.00
3/28/2013	Dividend	0.00001	3/27/2013	3/27/2013	3/27/2013	1.00
2/28/2013	Dividend	0.00001	2/27/2013	2/27/2013	2/27/2013	1.00
1/31/2013	Dividend	0.00001	1/30/2013	1/30/2013	1/30/2013	1.00
12/31/2012	Dividend	0.00001	12/28/2012	12/28/2012	12/28/2012	1.00
11/30/2012	Dividend	0.00001	11/29/2012	11/29/2012	11/29/2012	1.00
10/31/2012	Dividend	0.00001	10/31/2012	10/31/2012	10/31/2012	1.00
9/28/2012	Dividend	0.00001	9/27/2012	9/27/2012	9/27/2012	1.00
8/31/2012	Dividend	0.00001	8/30/2012	8/30/2012	8/30/2012	1.00
7/31/2012	Dividend	0.00001	7/30/2012	7/30/2012	7/30/2012	1.00
6/29/2012	Dividend	0.00001	6/28/2012	6/28/2012	6/28/2012	1.00
5/31/2012	Dividend	0.00001	5/30/2012	5/30/2012	5/30/2012	1.00
4/30/2012	Dividend	0.00001	4/27/2012	4/27/2012	4/27/2012	1.00
3/30/2012	Dividend	0.00001	3/29/2012	3/29/2012	3/29/2012	1.00
2/29/2012	Dividend	0.00001	2/28/2012	2/28/2012	2/28/2012	1.00
1/31/2012	Dividend	0.00001	1/30/2012	1/30/2012	1/30/2012	1.00
12/29/2011	Dividend	0.00001	12/29/2011	12/29/2011	12/29/2011	1.00
11/30/2011	Dividend	0.00001	11/29/2011	11/29/2011	11/29/2011	1.00
10/28/2011	Dividend	0.00001	10/27/2011	10/27/2011	10/27/2011	1.00
9/30/2011	Dividend	0.00001	9/29/2011	9/29/2011	9/29/2011	1.00
8/31/2011	Dividend	0.00001	8/30/2011	8/30/2011	8/30/2011	1.00
7/29/2011	Dividend	0.00001	7/28/2011	7/28/2011	7/28/2011	1.00
6/30/2011	Dividend	0.00001	6/29/2011	6/29/2011	6/29/2011	1.00
5/27/2011	Dividend	0.00001	5/26/2011	5/26/2011	5/26/2011	1.00
4/29/2011	Dividend	0.00001	4/28/2011	4/28/2011	4/28/2011	1.00
3/31/2011	Dividend	0.00001	3/30/2011	3/30/2011	3/30/2011	1.00
2/25/2011	Dividend	0.00001	2/24/2011	2/24/2011	2/24/2011	1.00
1/28/2011	Dividend	0.00002	1/27/2011	1/27/2011	1/27/2011	1.00
12/31/2010	Long Term Gain	0.00002	12/29/2010	12/30/2010	12/30/2010	1.00
12/31/2010	Dividend	0.00003	12/29/2010	12/30/2010	12/30/2010	1.00
11/30/2010	Dividend	0.00001	11/29/2010	11/29/2010	11/29/2010	1.00
10/29/2010	Dividend	0.00003	10/28/2010	10/28/2010	10/28/2010	1.00
9/30/2010	Dividend	0.00006	9/29/2010	9/29/2010	9/29/2010	1.00
8/31/2010	Dividend	0.00009	8/30/2010	8/30/2010	8/30/2010	1.00
7/30/2010	Dividend	0.00012	7/29/2010	7/29/2010	7/29/2010	1.00
6/30/2010	Dividend	0.00015	6/29/2010	6/29/2010	6/29/2010	1.00
5/28/2010	Dividend	0.00008	5/27/2010	5/27/2010	5/27/2010	1.00
4/30/2010	Dividend	0.00008	4/29/2010	4/29/2010	4/29/2010	1.00
3/31/2010	Dividend	0.00007	3/30/2010	3/30/2010	3/30/2010	1.00
2/26/2010	Dividend	0.00010	2/25/2010	2/25/2010	2/25/2010	1.00
1/29/2010	Dividend	0.00042	1/28/2010	1/28/2010	1/28/2010	1.00
12/31/2009	Short Term Gain	0.00028	12/29/2009	12/30/2009	12/30/2009	1.00
12/31/2009	Dividend	0.00018	12/29/2009	12/30/2009	12/30/2009	1.00
11/30/2009	Dividend	0.00024	11/27/2009	11/27/2009	11/27/2009	1.00
10/30/2009	Dividend	0.00027	10/29/2009	10/29/2009	10/29/2009	1.00
9/30/2009	Dividend	0.00043	9/29/2009	9/29/2009	9/29/2009	1.00
8/31/2009	Dividend	0.00055	8/28/2009	8/28/2009	8/28/2009	1.00
7/31/2009	Dividend	0.00073	7/30/2009	7/30/2009	7/30/2009	1.00
6/30/2009	Dividend	0.00090	6/29/2009	6/29/2009	6/29/2009	1.00
5/29/2009	Dividend	0.00095	5/28/2009	5/28/2009	5/28/2009	1.00
4/30/2009	Dividend	0.00102	4/29/2009	4/29/2009	4/29/2009	1.00
3/31/2009	Dividend	0.00105	3/30/2009	3/30/2009	3/30/2009	1.00
2/27/2009	Dividend	0.00102	2/26/2009	2/26/2009	2/26/2009	1.00
1/30/2009	Dividend	0.00132	1/29/2009	1/29/2009	1/29/2009	1.00
12/31/2008	Dividend	0.00194	12/30/2008	12/30/2008	12/30/2008	1.00
11/28/2008	Dividend	0.00212	11/26/2008	11/26/2008	11/26/2008	1.00
10/31/2008	Dividend	0.00407	10/30/2008	10/30/2008	10/30/2008	1.00
9/30/2008	Dividend	0.00287	9/29/2008	9/29/2008	9/29/2008	1.00
8/29/2008	Dividend	0.00186	8/28/2008	8/28/2008	8/28/2008	1.00
7/31/2008	Dividend	0.00194	7/30/2008	7/30/2008	7/30/2008	1.00
6/30/2008	Dividend	0.00194	6/27/2008	6/27/2008	6/27/2008	1.00
5/30/2008	Dividend	0.00212	5/29/2008	5/29/2008	5/29/2008	1.00
4/30/2008	Dividend	0.00234	4/29/2008	4/29/2008	4/29/2008	1.00
3/31/2008	Dividend	0.00251	3/28/2008	3/28/2008	3/28/2008	1.00
2/29/2008	Dividend	0.00254	2/28/2008	2/28/2008	2/28/2008	1.00
1/31/2008	Dividend	0.00384	1/30/2008	1/30/2008	1/30/2008	1.00
12/28/2007	Dividend	0.00361	12/27/2007	12/27/2007	12/27/2007	1.00
11/30/2007	Dividend	0.00371	11/29/2007	11/29/2007	11/29/2007	1.00
10/31/2007	Dividend	0.00435	10/30/2007	10/30/2007	10/30/2007	1.00
9/28/2007	Dividend	0.00396	9/27/2007	9/27/2007	9/27/2007	1.00
8/31/2007	Dividend	0.00432	8/30/2007	8/30/2007	8/30/2007	1.00
7/31/2007	Dividend	0.00439	7/30/2007	7/30/2007	7/30/2007	1.00
6/29/2007	Dividend	0.00396	6/28/2007	6/28/2007	6/28/2007	1.00
5/31/2007	Dividend	0.00425	5/30/2007	5/30/2007	5/30/2007	1.00
4/30/2007	Dividend	0.00441	4/27/2007	4/27/2007	4/27/2007	1.00
3/29/2007	Dividend	0.00400	3/28/2007	3/28/2007	3/28/2007	1.00
2/28/2007	Dividend	0.00384	2/27/2007	2/27/2007	2/27/2007	1.00
1/31/2007	Dividend	0.00452	1/30/2007	1/30/2007	1/30/2007	1.00
12/29/2006	Dividend	0.00399	12/28/2006	12/28/2006	12/28/2006	1.00
11/30/2006	Dividend	0.00411	11/29/2006	11/29/2006	11/29/2006	1.00
10/31/2006	Dividend	0.00436	10/30/2006	10/30/2006	10/30/2006	1.00
9/29/2006	Dividend	0.00397	9/28/2006	9/28/2006	9/28/2006	1.00
8/31/2006	Dividend	0.00427	8/30/2006	8/30/2006	8/30/2006	1.00
7/31/2006	Dividend	0.00423	7/28/2006	7/28/2006	7/28/2006	1.00
6/30/2006	Dividend	0.00391	6/29/2006	6/29/2006	6/29/2006	1.00
5/31/2006	Dividend	0.00417	5/30/2006	5/30/2006	5/30/2006	1.00
4/28/2006	Dividend	0.00339	4/27/2006	4/27/2006	4/27/2006	1.00
3/31/2006	Dividend	0.00365	3/30/2006	3/30/2006	3/30/2006	1.00
2/28/2006	Dividend	0.00319	2/27/2006	2/27/2006	2/27/2006	1.00
1/31/2006	Dividend	0.00353	1/30/2006	1/30/2006	1/30/2006	1.00
12/30/2005	Dividend	0.00322	12/29/2005	12/29/2005	12/29/2005	1.00
11/30/2005	Dividend	0.00308	11/29/2005	11/29/2005	11/29/2005	1.00
10/31/2005	Dividend	0.00302	10/28/2005	10/28/2005	10/28/2005	1.00
9/30/2005	Dividend	0.00277	9/29/2005	9/29/2005	9/29/2005	1.00
8/31/2005	Dividend	0.00291	8/30/2005	8/30/2005	8/30/2005	1.00
7/29/2005	Dividend	0.00244	7/28/2005	7/28/2005	7/28/2005	1.00
6/30/2005	Dividend	0.00233	6/29/2005	6/29/2005	6/29/2005	1.00
5/31/2005	Dividend	0.00239	5/27/2005	5/27/2005	5/27/2005	1.00
4/29/2005	Dividend	0.00201	4/28/2005	4/28/2005	4/28/2005	1.00
3/31/2005	Dividend	0.00191	3/30/2005	3/30/2005	3/30/2005	1.00
2/28/2005	Dividend	0.00162	2/25/2005	2/25/2005	2/25/2005	1.00
1/29/2005	Dividend	0.00163	1/28/2005	1/28/2005	1/28/2005	1.00
12/31/2004	Dividend	0.00152	12/30/2004	12/30/2004	12/30/2004	1.00
11/30/2004	Dividend	0.00134	11/29/2004	11/29/2004	11/29/2004	1.00
10/29/2004	Dividend	0.00117	10/28/2004	10/28/2004	10/28/2004	1.00
9/30/2004	Dividend	0.00113	9/29/2004	9/29/2004	9/29/2004	1.00
8/31/2004	Dividend	0.00101	8/30/2004	8/30/2004	8/30/2004	1.00
7/30/2004	Dividend	0.00085	7/29/2004	7/29/2004	7/29/2004	1.00
6/30/2004	Dividend	0.00069	6/29/2004	6/29/2004	6/29/2004	1.00
5/28/2004	Dividend	0.00053	5/27/2004	5/27/2004	5/27/2004	1.00
4/30/2004	Dividend	0.00068	4/29/2004	4/29/2004	4/29/2004	1.00
3/31/2004	Dividend	0.00076	3/30/2004	3/30/2004	3/30/2004	1.00
2/27/2004	Dividend	0.00058	2/26/2004	2/26/2004	2/26/2004	1.00
1/30/2004	Dividend	0.00070	1/29/2004	1/29/2004	1/29/2004	1.00
12/30/2003	Dividend	0.00079	12/30/2003	12/30/2003	12/30/2003	1.00
11/28/2003	Dividend	0.00062	11/26/2003	11/26/2003	11/26/2003	1.00
10/31/2003	Dividend	0.00070	10/30/2003	10/30/2003	10/30/2003	1.00
9/30/2003	Dividend	0.00076	9/29/2003	9/29/2003	9/29/2003	1.00
8/28/2003	Dividend	0.00061	8/27/2003	8/27/2003	8/27/2003	1.00
7/31/2003	Dividend	0.00073	7/30/2003	7/30/2003	7/30/2003	1.00
6/30/2003	Dividend	0.00076	6/27/2003	6/27/2003	6/27/2003	1.00
5/30/2003	Dividend	0.00085	5/29/2003	5/29/2003	5/29/2003	1.00
4/30/2003	Dividend	0.00089	4/29/2003	4/29/2003	4/29/2003	1.00
3/31/2003	Dividend	0.00086	3/28/2003	3/28/2003	3/28/2003	1.00
2/28/2003	Dividend	0.00077	2/27/2003	2/27/2003	2/27/2003	1.00
1/31/2003	Dividend	0.00098	1/30/2003	1/30/2003	1/30/2003	1.00
12/31/2002	Dividend	0.00097	12/30/2002	12/30/2002	12/30/2002	1.00
11/29/2002	Dividend	0.00110	11/27/2002	11/27/2002	11/27/2002	1.00
10/31/2002	Dividend	0.00135	10/30/2002	10/30/2002	10/30/2002	1.00
9/30/2002	Dividend	0.00124	9/27/2002	9/27/2002	9/27/2002	1.00
8/30/2002	Dividend	0.00135	8/29/2002	8/29/2002	8/29/2002	1.00
7/31/2002	Dividend	0.00139	7/30/2002	7/30/2002	7/30/2002	1.00
6/28/2002	Dividend	0.00113	6/27/2002	6/27/2002	6/27/2002	1.00
5/31/2002	Dividend	0.00136	5/30/2002	5/30/2002	5/30/2002	1.00
4/30/2002	Dividend	0.00125	4/29/2002	4/29/2002	4/29/2002	1.00
3/28/2002	Dividend	0.00114	3/27/2002	3/27/2002	3/27/2002	1.00
2/28/2002	Dividend	0.00119	2/27/2002	2/27/2002	2/27/2002	1.00
1/31/2002	Dividend	0.00146	1/30/2002	1/30/2002	1/30/2002	1.00
12/28/2001	Dividend	0.00142	12/28/2001	12/28/2001	12/28/2001	1.00
11/30/2001	Dividend	0.00162	11/29/2001	11/29/2001	11/29/2001	1.00
10/31/2001	Dividend	0.00192	10/30/2001	10/30/2001	10/30/2001	1.00
9/28/2001	Dividend	0.00204	9/27/2001	9/27/2001	9/27/2001	1.00
8/31/2001	Dividend	0.00295	8/30/2001	8/30/2001	8/30/2001	1.00
7/31/2001	Dividend	0.00313	7/31/2001	7/31/2001	7/31/2001	1.00
6/29/2001	Dividend	0.00308	6/28/2001	6/28/2001	6/28/2001	1.00
5/31/2001	Dividend	0.00365	5/30/2001	5/30/2001	5/30/2001	1.00
4/30/2001	Dividend	0.00368	4/27/2001	4/27/2001	4/27/2001	1.00
3/30/2001	Dividend	0.00410	3/29/2001	3/29/2001	3/29/2001	1.00
2/28/2001	Dividend	0.00411	2/27/2001	2/27/2001	2/27/2001	1.00
1/31/2001	Dividend	0.00551	1/30/2001	1/30/2001	1/30/2001	1.00
12/28/2000	Dividend	0.00496	12/28/2000	12/28/2000	12/28/2000	1.00
11/30/2000	Dividend	0.00510	11/29/2000	11/29/2000	11/29/2000	1.00
10/31/2000	Dividend	0.00518	10/30/2000	10/30/2000	10/30/2000	1.00
9/29/2000	Dividend	0.00492	9/28/2000	9/28/2000	9/28/2000	1.00
8/31/2000	Dividend	0.00527	8/30/2000	8/30/2000	8/30/2000	1.00
7/31/2000	Dividend	0.00493	7/28/2000	7/28/2000	7/28/2000	1.00
6/30/2000	Dividend	0.00561	6/29/2000	6/29/2000	6/29/2000	1.00
5/31/2000	Dividend	0.00455	5/30/2000	5/30/2000	5/30/2000	1.00
4/28/2000	Dividend	0.00456	4/27/2000	4/27/2000	4/27/2000	1.00
3/31/2000	Dividend	0.00530	3/30/2000	3/30/2000	3/30/2000	1.00
2/29/2000	Dividend	0.00467	2/28/2000	2/28/2000	2/28/2000	1.00
1/31/2000	Dividend	0.00494	1/28/2000	1/28/2000	1/28/2000	1.00
12/31/1999	Dividend	0.00489	12/30/1999	12/30/1999	12/30/1999	1.00
11/29/1999	Dividend	0.00454	11/29/1999	11/29/1999	11/29/1999	1.00

Holdings

Portfolio Holdings

To obtain the fund's most recent 12 months of publicly available filings of Form N-MFP, go here

As of 4/30/2013

Dollar-weighted average portfolio maturity (as of month end and rounded to nearest day):	22 Days
Dollar-weighted average life maturity (as of month end and rounded to nearest day):	27 Days

Government Agency Debt
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
Federal Home Loan Bank	313378HJ3	$1,000,000	9/5/2013	9/5/2013	0.28%	$1,000,161

Other Instrument
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
State Street Bank Time Deposit	85799G001	$98,456	5/1/2013	5/1/2013	0.11%	$98,456

Other Municipal Debt
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
Fulton-DeKalb Georgia Hospital Authority Revenue	360244HW0	$1,000,000	1/1/2014	1/1/2014	5.25%	$1,033,327
Washington County Pennsylvania Hospital Authority Revenue	938592HG0	$500,000	7/1/2013	7/1/2013	0.45%	$500,000

Treasury Debt
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
United States Treasury Notes	912828JB7	$1,000,000	5/31/2013	5/31/2013	3.50%	$1,002,741
United States Treasury Notes	912828JK7	$1,000,000	8/31/2013	8/31/2013	3.13%	$1,009,778
United States Treasury Notes	912828JQ4	$1,000,000	10/31/2013	10/31/2013	2.75%	$1,012,819
United States Treasury Notes	912828NY2	$2,000,000	9/15/2013	9/15/2013	0.75%	$2,004,097
United States Treasury Notes	912828PB0	$1,000,000	10/15/2013	10/15/2013	0.50%	$1,001,358
United States Treasury Notes	912828PQ7	$1,000,000	1/15/2014	1/15/2014	1.00%	$1,005,781
United States Treasury Notes	912828RS1	$1,000,000	11/30/2013	11/30/2013	0.25%	$1,000,190

Variable Rate Demand Note
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
2880 Stevens Creek LLC	90186QAA7	$2,800,000	5/1/2013	5/7/2013	0.45%	$2,800,000
Alameda California Public Financing Authority Revenue	010808CB7	$2,000,000	5/1/2013	5/7/2013	0.21%	$2,000,000
California HFA Revenue	13033KP45	$1,837,000	5/1/2013	5/7/2013	0.23%	$1,837,000
California Statewide Communities Development Authority MFH Revenue	13077VKM3	$1,000,000	5/2/2013	5/7/2013	0.24%	$1,000,000
Cassia County Industrial Development Corp. Revenue	148188AB1	$3,000,000	5/2/2013	5/7/2013	0.26%	$3,000,000
CIDC-Hudson House LLC New York Revenue	171759AA1	$425,000	5/1/2013	5/7/2013	0.60%	$425,000
Columbia Alabama Industrial Development Board Pollution Control Revenue	197210AW7	$2,000,000	5/1/2013	5/1/2013	0.21%	$2,000,000
Congress/Commons LLC	20720RAA5	$2,000,000	5/1/2013	5/7/2013	0.29%	$2,000,000
Cook County Illinois Revenue	213247BX6	$2,000,000	5/1/2013	5/7/2013	0.34%	$2,000,000
Crawfordsville Indiana MFH Revenue	225161AB4	$770,000	5/2/2013	5/7/2013	0.52%	$770,000
District of Columbia Revenue	2548392N2	$100,000	5/2/2013	5/7/2013	0.19%	$100,000
Erie County New York IDA Revenue	295085BH6	$1,470,000	5/2/2013	5/7/2013	0.21%	$1,470,000
Esplanade Theatres LLC	29667GAA5	$3,000,000	5/1/2013	5/1/2013	0.31%	$3,000,000
Fairpoint Regional Utility System	305561AA0	$2,700,000	5/2/2013	5/7/2013	1.14%	$2,700,000
HBPWH Building Co.	404106AA4	$795,000	5/2/2013	5/7/2013	0.25%	$795,000
Hopkinsville Kentucky Industrial Building LO Revenue	440020CU7	$745,000	5/2/2013	5/7/2013	0.24%	$745,000
Illinois Development Finance Authority Revenue	45188RHW2	$905,000	5/1/2013	5/7/2013	0.26%	$905,000
Illinois Toll Highway Authority Revenue	452252GM5	$3,000,000	5/2/2013	5/7/2013	0.22%	$3,000,000
Illinois Toll Highway Authority Revenue	452252GP8	$1,500,000	5/2/2013	5/7/2013	0.22%	$1,500,000
Kansas Development Finance Authority MFH Revenue	48542PDA3	$400,000	5/2/2013	5/7/2013	0.22%	$400,000
Legacy Park LLC	524702AA5	$1,471,850	5/1/2013	5/7/2013	0.32%	$1,471,850
Louisiana Housing Corp. Revenue	546267FV2	$1,260,000	5/2/2013	5/7/2013	0.23%	$1,260,000
Michigan Strategic Fund LO Revenue	594698JX1	$2,595,000	5/1/2013	5/7/2013	0.40%	$2,595,000
Mississippi Home Corp. MFH Revenue	60535NBQ9	$700,000	5/2/2013	5/7/2013	0.27%	$700,000
Morehead Kentucky League of Cities Funding Trust Lease Program Revenue	616611AA7	$1,007,000	5/3/2013	5/7/2013	0.24%	$1,007,000
Ness Family Partners LP	64104QAA1	$385,000	5/1/2013	5/7/2013	0.51%	$385,000
Nevada Housing Division Revenue	641272FT1	$1,400,000	5/2/2013	5/7/2013	0.21%	$1,400,000
New York City GO	64966JE77	$500,000	5/1/2013	5/1/2013	0.20%	$500,000
New York City Housing Development Corp. MFH Revenue	64970HDJ0	$275,000	5/1/2013	5/7/2013	0.17%	$275,000
New York City Housing Development Corp. MFH Revenue	64970VEU3	$200,000	5/1/2013	5/7/2013	0.22%	$200,000
New York State HFA Revenue	64986MJ22	$1,100,000	5/1/2013	5/7/2013	0.27%	$1,100,000
New York State HFA Revenue	64986MM28	$2,600,000	5/1/2013	5/7/2013	0.23%	$2,600,000
New York State HFA Revenue	64986MSD8	$1,000,000	5/1/2013	5/7/2013	0.17%	$1,000,000
New York State HFA Revenue	64986MVB8	$750,000	5/1/2013	5/7/2013	0.21%	$750,000
New York State MMC Corp. Revenue	60688AAA8	$1,840,000	5/1/2013	5/7/2013	0.60%	$1,840,000
OSL Santa Rosa Fountaingrove LLC	67105QAA3	$2,500,000	5/2/2013	5/7/2013	0.20%	$2,500,000
Overseas Private Investment Corp.	690353TL1	$1,863,248	5/1/2013	5/7/2013	0.15%	$1,863,248
Rathbone LLC	754098AA9	$1,390,000	5/2/2013	5/7/2013	0.24%	$1,390,000
Rex Lumber LLC	761580AA7	$845,000	5/2/2013	5/7/2013	0.20%	$845,000
Rhode Island Student Loan Authority Revenue	762315JC4	$2,400,000	5/1/2013	5/7/2013	0.18%	$2,400,000
San Francisco California City & County Redevelopment Agency Revenue	79765TBY0	$500,000	5/1/2013	5/7/2013	0.23%	$500,000
South Dakota MFH Development Authority Revenue	83755YAE8	$200,000	5/2/2013	5/7/2013	0.21%	$200,000
Sunroad Centrum Apartments 23 LP	86771MAA5	$3,500,000	5/2/2013	5/7/2013	0.20%	$3,500,000
Tuscaloosa County Alabama IDA Gulf Opportunity Zone Revenue	90068FAA4	$1,100,000	5/1/2013	5/7/2013	0.28%	$1,100,000
Vermont Educational & Health Buildings Financing Agency Revenue	924160J54	$810,000	5/2/2013	5/7/2013	0.31%	$810,000
Warren County Kentucky IDA Revenue	934869AA6	$615,000	5/2/2013	5/7/2013	0.30%	$615,000
Warrior Roofing Manufacturing of Georgia LLC	93626PAA1	$1,030,000	5/2/2013	5/7/2013	0.50%	$1,030,000
Wilkes-Barre Pennsylvania GO	968257LN3	$2,335,000	5/2/2013	5/7/2013	0.20%	$2,335,000
Wisconsin Health & Educational Facilities Authority Revenue	97710NA97	$600,000	5/1/2013	5/7/2013	0.25%	$600,000

As of 3/31/2013

Dollar-weighted average portfolio maturity (as of month end and rounded to nearest day):	31 Days
Dollar-weighted average life maturity (as of month end and rounded to nearest day):	32 Days

Government Agency Debt
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
Federal Home Loan Bank	313378HJ3	$1,000,000	9/5/2013	9/5/2013	0.28%	$1,000,199

Other Instrument
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
State Street Bank Time Deposit	85799G001	$184,571	4/1/2013	4/1/2013	0.12%	$184,571

Other Municipal Debt
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
Fulton-DeKalb Hospital Authority	360244HW0	$1,000,000	1/1/2014	1/1/2014	5.25%	$1,037,408
Washington County Pennsylvania Hospital Authority Revenue	938592HG0	$500,000	7/1/2013	7/1/2013	0.45%	$500,000

Treasury Debt
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
United States Treasury Notes	912828JB7	$1,000,000	5/31/2013	5/31/2013	3.50%	$1,005,482
United States Treasury Notes	912828JK7	$1,000,000	8/31/2013	8/31/2013	3.13%	$1,012,182
United States Treasury Notes	912828JQ4	$1,000,000	10/31/2013	10/31/2013	2.75%	$1,014,920
United States Treasury Notes	912828NY2	$2,000,000	9/15/2013	9/15/2013	0.75%	$2,004,995
United States Treasury Notes	912828PB0	$1,000,000	10/15/2013	10/15/2013	0.50%	$1,001,602
United States Treasury Notes	912828PQ7	$1,000,000	1/15/2014	1/15/2014	1.00%	$1,006,451
United States Treasury Notes	912828QE3	$2,000,000	4/30/2013	4/30/2013	0.63%	$2,000,668
United States Treasury Notes	912828RS1	$1,000,000	11/30/2013	11/30/2013	0.25%	$1,000,217

Variable Rate Demand Note
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
2880 Stevens Creek LLC	90186QAA7	$2,800,000	4/3/2013	4/4/2013	0.45%	$2,800,000
California HFA Revenue	13033KP45	$1,837,000	4/3/2013	4/4/2013	0.10%	$1,837,000
California Statewide Communities Development Authority MFH Revenue	13077VKM3	$100,000	4/4/2013	4/4/2013	0.14%	$100,000
Cassia County Industrial Development Corp. Revenue	148188AB1	$3,000,000	4/4/2013	4/4/2013	0.17%	$3,000,000
CIDC-Hudson House LLC New York Revenue	171759AA1	$425,000	4/1/2013	4/4/2013	0.60%	$425,000
Columbia Alabama Industrial Development Board Pollution Control Revenue	197210AW7	$2,000,000	4/1/2013	4/1/2013	0.15%	$2,000,000
Congress/Commons LLC	20720RAA5	$2,000,000	4/3/2013	4/4/2013	0.30%	$2,000,000
Cook County Illinois Revenue	213247BX6	$2,000,000	4/3/2013	4/4/2013	0.23%	$2,000,000
Crawfordsville Indiana MFH Revenue	225161AB4	$770,000	4/4/2013	4/4/2013	0.41%	$770,000
District of Columbia Revenue	2548392N2	$120,000	4/4/2013	4/4/2013	0.17%	$120,000
Erie County New York IDA Revenue	295085BH6	$1,515,000	4/4/2013	4/4/2013	0.21%	$1,515,000
Esplanade Theatres LLC	29667GAA5	$3,000,000	4/1/2013	4/1/2013	0.31%	$3,000,000
Fairpoint Regional Utility System	305561AA0	$2,700,000	4/4/2013	4/4/2013	1.14%	$2,700,000
HBPWH Building Co.	404106AA4	$795,000	4/4/2013	4/4/2013	0.25%	$795,000
Hopkinsville Kentucky Industrial Building LO Revenue	440020CU7	$745,000	4/4/2013	4/4/2013	0.25%	$745,000
Illinois Development Finance Authority Revenue	45188RHW2	$905,000	4/3/2013	4/4/2013	0.15%	$905,000
Illinois Toll Highway Authority Revenue	452252GM5	$3,000,000	4/4/2013	4/4/2013	0.12%	$3,000,000
Illinois Toll Highway Authority Revenue	452252GP8	$1,500,000	4/4/2013	4/4/2013	0.12%	$1,500,000
Kansas Development Finance Authority MFH Revenue	48542PDA3	$400,000	4/4/2013	4/4/2013	0.12%	$400,000
Legacy Park LLC	524702AA5	$1,471,850	4/1/2013	4/4/2013	0.32%	$1,471,850
Louisiana Housing Corp. Revenue	546267FV2	$1,260,000	4/4/2013	4/4/2013	0.12%	$1,260,000
Massachusetts Development Finance Agency Revenue	57583RTY1	$1,095,000	4/3/2013	4/4/2013	0.17%	$1,095,000
Meridian Ranch Colorado Metropolitan District GO	58977TAA1	$980,000	4/4/2013	4/4/2013	0.13%	$980,000
Michigan Strategic Fund LO Revenue	594698JX1	$2,595,000	4/3/2013	4/4/2013	0.40%	$2,595,000
Mississippi Business Finance Corp. Revenue	605279FZ6	$285,000	4/4/2013	4/4/2013	0.14%	$285,000
Morehead Kentucky League of Cities Funding Trust Lease Program Revenue	616611AA7	$1,007,000	4/1/2013	4/4/2013	0.12%	$1,007,000
Ness Family Partners LP	64104QAA1	$385,000	4/3/2013	4/4/2013	0.51%	$385,000
Nevada Housing Division Revenue	641272FT1	$1,800,000	4/4/2013	4/4/2013	0.12%	$1,800,000
New York City GO	64966JE77	$500,000	4/1/2013	4/1/2013	0.14%	$500,000
New York City Housing Development Corp. MFH Revenue	64970HDJ0	$275,000	4/3/2013	4/4/2013	0.16%	$275,000
New York City Housing Development Corp. MFH Revenue	64970VEU3	$200,000	4/3/2013	4/4/2013	0.12%	$200,000
New York State HFA Revenue	64986MJ22	$1,100,000	4/3/2013	4/4/2013	0.16%	$1,100,000
New York State HFA Revenue	64986MM28	$900,000	4/3/2013	4/4/2013	0.12%	$900,000
New York State HFA Revenue	64986MSD8	$1,000,000	4/3/2013	4/4/2013	0.16%	$1,000,000
New York State HFA Revenue	64986MVB8	$1,150,000	4/3/2013	4/4/2013	0.12%	$1,150,000
New York State MMC Corp. Revenue	60688AAA8	$1,840,000	4/1/2013	4/4/2013	0.60%	$1,840,000
OSL Santa Rosa Fountaingrove LLC	67105QAA3	$2,500,000	4/4/2013	4/4/2013	0.17%	$2,500,000
Overseas Private Investment Corp.	690353TL1	$1,871,795	4/3/2013	4/4/2013	0.15%	$1,871,795
Rathbone LLC	754098AA9	$1,390,000	4/4/2013	4/4/2013	0.25%	$1,390,000
Rex Lumber LLC	761580AA7	$845,000	4/4/2013	4/4/2013	0.19%	$845,000
Rhode Island Student Loan Authority Revenue	762315JC4	$2,400,000	4/3/2013	4/4/2013	0.17%	$2,400,000
San Francisco California City & County Redevelopment Agency Revenue	79765TBY0	$500,000	4/3/2013	4/4/2013	0.10%	$500,000
South Dakota MFH Development Authority Revenue	83755YAE8	$200,000	4/4/2013	4/4/2013	0.12%	$200,000
Sunroad Centrum Apartments 23 LP	86771MAA5	$3,500,000	4/4/2013	4/4/2013	0.17%	$3,500,000
Tuscaloosa County Alabama IDA Gulf Opportunity Zone Revenue	90068FAA4	$1,100,000	4/3/2013	4/4/2013	0.17%	$1,100,000
Tuscaloosa County Alabama IDA Gulf Opportunity Zone Revenue	90068FAK2	$300,000	4/3/2013	4/4/2013	0.12%	$300,000
Vermont Educational & Health Buildings Financing Agency Revenue	924160J54	$810,000	4/4/2013	4/4/2013	0.18%	$810,000
Warren County Kentucky IDA Revenue	934869AA6	$615,000	4/4/2013	4/4/2013	0.30%	$615,000
Warrior Roofing Manufacturing of Georgia LLC	93626PAA1	$1,030,000	4/4/2013	4/4/2013	0.50%	$1,030,000
Wilkes-Barre Pennsylvania GO	968257LN3	$2,335,000	4/4/2013	4/4/2013	0.20%	$2,335,000
Wisconsin Health & Educational Facilities Authority Revenue	97710NA97	$600,000	4/3/2013	4/4/2013	0.18%	$600,000

As of 2/28/2013

Dollar-weighted average portfolio maturity (as of month end and rounded to nearest day):	31 Days
Dollar-weighted average life maturity (as of month end and rounded to nearest day):	34 Days

Government Agency Debt
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
Federal Home Loan Bank	313378HJ3	$1,000,000	9/5/2013	9/5/2013	0.28%	$1,000,239

Other Instrument
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
State Street Bank Time Deposit	85799G001	$115,071	3/1/2013	3/1/2013	0.12%	$115,071

Other Municipal Debt
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
Washington County Pennsylvania Hospital Authority Revenue	938592HG0	$500,000	7/1/2013	7/1/2013	0.45%	$500,000

Treasury Debt
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
United States Treasury Notes	912828JB7	$1,000,000	5/31/2013	5/31/2013	3.50%	$1,008,314
United States Treasury Notes	912828JK7	$1,000,000	8/31/2013	8/31/2013	3.13%	$1,014,667
United States Treasury Notes	912828JQ4	$1,000,000	10/31/2013	10/31/2013	2.75%	$1,017,092
United States Treasury Notes	912828MT4	$1,000,000	3/15/2013	3/15/2013	1.38%	$1,000,448
United States Treasury Notes	912828NY2	$2,000,000	9/15/2013	9/15/2013	0.75%	$2,005,922
United States Treasury Notes	912828PB0	$1,000,000	10/15/2013	10/15/2013	0.50%	$1,001,855
United States Treasury Notes	912828PQ7	$1,000,000	1/15/2014	1/15/2014	1.00%	$1,007,143
United States Treasury Notes	912828QE3	$2,000,000	4/30/2013	4/30/2013	0.63%	$2,001,383
United States Treasury Notes	912828RS1	$1,000,000	11/30/2013	11/30/2013	0.25%	$1,000,244

Variable Rate Demand Note
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
2880 Stevens Creek LLC	90186QAA7	$2,800,000	3/6/2013	3/7/2013	0.48%	$2,800,000
California HFA Revenue	13033KP45	$1,837,000	3/6/2013	3/7/2013	0.08%	$1,837,000
California Statewide Communities Development Authority MFH Revenue	13077VKM3	$1,700,000	3/7/2013	3/7/2013	0.12%	$1,700,000
Cassia County Industrial Development Corp. Revenue	148188AB1	$3,000,000	3/7/2013	3/7/2013	0.16%	$3,000,000
CIDC-Hudson House LLC New York Revenue	171759AA1	$425,000	3/1/2013	3/7/2013	0.60%	$425,000
Columbia Alabama Industrial Development Board Pollution Control Revenue	197210AW7	$2,000,000	3/1/2013	3/1/2013	0.11%	$2,000,000
Congress/Commons LLC	20720RAA5	$2,000,000	3/6/2013	3/7/2013	0.30%	$2,000,000
Cook County Illinois Revenue	213247BX6	$2,000,000	3/6/2013	3/7/2013	0.20%	$2,000,000
Crawfordsville Indiana MFH Revenue	225161AB4	$770,000	3/7/2013	3/7/2013	0.39%	$770,000
District of Columbia Revenue	2548392N2	$120,000	3/7/2013	3/7/2013	0.17%	$120,000
Erie County New York IDA Revenue	295085BH6	$1,515,000	3/7/2013	3/7/2013	0.21%	$1,515,000
Esplanade Theatres LLC	29667GAA5	$3,000,000	3/1/2013	3/1/2013	0.31%	$3,000,000
Fairpoint Regional Utility System	305561AA0	$2,700,000	3/7/2013	3/7/2013	1.14%	$2,700,000
HBPWH Building Co.	404106AA4	$795,000	3/7/2013	3/7/2013	0.25%	$795,000
Hopkinsville Kentucky Industrial Building LO Revenue	440020CU7	$745,000	3/7/2013	3/7/2013	0.25%	$745,000
Illinois Development Finance Authority Revenue	45188RHW2	$905,000	3/6/2013	3/7/2013	0.11%	$905,000
Illinois Toll Highway Authority Revenue	452252GM5	$3,000,000	3/7/2013	3/7/2013	0.11%	$3,000,000
Illinois Toll Highway Authority Revenue	452252GP8	$1,500,000	3/7/2013	3/7/2013	0.11%	$1,500,000
Kansas Development Finance Authority MFH Revenue	48542PDA3	$400,000	3/7/2013	3/7/2013	0.11%	$400,000
Legacy Park LLC	524702AA5	$1,471,850	3/1/2013	3/7/2013	0.32%	$1,471,850
Louisiana Housing Corp. Revenue	546267FV2	$1,260,000	3/7/2013	3/7/2013	0.11%	$1,260,000
Massachusetts Development Finance Agency Revenue	57583RTY1	$1,095,000	3/6/2013	3/7/2013	0.18%	$1,095,000
Meridian Ranch Colorado Metropolitan District GO	58977TAA1	$980,000	3/7/2013	3/7/2013	0.12%	$980,000
Michigan Strategic Fund LO Revenue	594698JX1	$2,595,000	3/6/2013	3/7/2013	0.40%	$2,595,000
Mississippi Business Finance Corp. Revenue	605279FZ6	$340,000	3/7/2013	3/7/2013	0.13%	$340,000
Morehead Kentucky League of Cities Funding Trust Lease Program Revenue	616611AA7	$1,007,000	3/1/2013	3/7/2013	0.11%	$1,007,000
Ness Family Partners LP	64104QAA1	$385,000	3/6/2013	3/7/2013	0.51%	$385,000
Nevada Housing Division Revenue	641272FT1	$1,200,000	3/7/2013	3/7/2013	0.11%	$1,200,000
New York City GO	64966JE77	$500,000	3/1/2013	3/1/2013	0.11%	$500,000
New York City Housing Development Corp. MFH Revenue	64970HDJ0	$275,000	3/6/2013	3/7/2013	0.16%	$275,000
New York City Housing Development Corp. MFH Revenue	64970VEU3	$200,000	3/6/2013	3/7/2013	0.12%	$200,000
New York State HFA Revenue	64986MJ22	$1,100,000	3/6/2013	3/7/2013	0.15%	$1,100,000
New York State HFA Revenue	64986MSD8	$1,000,000	3/6/2013	3/7/2013	0.16%	$1,000,000
New York State HFA Revenue	64986MVB8	$1,150,000	3/6/2013	3/7/2013	0.11%	$1,150,000
New York State MMC Corp. Revenue	60688AAA8	$1,840,000	3/1/2013	3/7/2013	0.60%	$1,840,000
OSL Santa Rosa Fountaingrove LLC	67105QAA3	$3,500,000	3/7/2013	3/7/2013	0.17%	$3,500,000
Overseas Private Investment Corp.	690353TL1	$1,880,342	3/6/2013	3/7/2013	0.17%	$1,880,342
Rathbone LLC	754098AA9	$1,390,000	3/7/2013	3/7/2013	0.25%	$1,390,000
Rex Lumber LLC	761580AA7	$845,000	3/7/2013	3/7/2013	0.19%	$845,000
Rhode Island Student Loan Authority Revenue	762315JC4	$3,300,000	3/6/2013	3/7/2013	0.17%	$3,300,000
San Francisco California City & County Redevelopment Agency Revenue	79765TBY0	$500,000	3/6/2013	3/7/2013	0.08%	$500,000
South Dakota MFH Development Authority Revenue	83755YAE8	$200,000	3/7/2013	3/7/2013	0.11%	$200,000
Sunroad Centrum Apartments 23 LP	86771MAA5	$2,500,000	3/7/2013	3/7/2013	0.15%	$2,500,000
Tuscaloosa County Alabama IDA Gulf Opportunity Zone Revenue	90068FAA4	$1,100,000	3/6/2013	3/7/2013	0.16%	$1,100,000
Tuscaloosa County Alabama IDA Gulf Opportunity Zone Revenue	90068FAK2	$300,000	3/6/2013	3/7/2013	0.11%	$300,000
Vermont Educational & Health Buildings Financing Agency Revenue	924160J54	$810,000	3/7/2013	3/7/2013	0.18%	$810,000
Warren County Kentucky IDA Revenue	934869AA6	$615,000	3/7/2013	3/7/2013	0.30%	$615,000
Warrior Roofing Manufacturing of Georgia LLC	93626PAA1	$1,030,000	3/7/2013	3/7/2013	0.50%	$1,030,000
Wilkes-Barre Pennsylvania GO	968257LN3	$2,335,000	3/7/2013	3/7/2013	0.20%	$2,335,000
Wisconsin Health & Educational Facilities Authority Revenue	97710NA97	$600,000	3/6/2013	3/7/2013	0.17%	$600,000

As of 1/31/2013

Dollar-weighted average portfolio maturity (as of month end and rounded to nearest day):	36 Days
Dollar-weighted average life maturity (as of month end and rounded to nearest day):	38 Days

Government Agency Debt
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
Federal Home Loan Bank	313378HJ3	$1,000,000	9/5/2013	9/5/2013	0.28%	$1,000,274
Federal Home Loan Bank	313379HB8	$1,000,000	5/21/2013	5/21/2013	0.27%	$1,000,000

Other Instrument
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
State Street Bank Time Deposit	85799G001	$83,778	2/1/2013	2/1/2013	0.12%	$83,778

Other Municipal Debt
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
Washington County Pennsylvania Hospital Authority Revenue	938592HG0	$500,000	7/1/2013	7/1/2013	0.45%	$500,000

Treasury Debt
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
United States Treasury Notes	912828JB7	$1,000,000	5/31/2013	5/31/2013	3.50%	$1,010,872
United States Treasury Notes	912828JK7	$1,000,000	8/31/2013	8/31/2013	3.13%	$1,016,911
United States Treasury Notes	912828JQ4	$1,000,000	10/31/2013	10/31/2013	2.75%	$1,019,053
United States Treasury Notes	912828MN7	$1,000,000	2/15/2013	2/15/2013	1.38%	$1,000,470
United States Treasury Notes	912828MT4	$1,000,000	3/15/2013	3/15/2013	1.38%	$1,001,343
United States Treasury Notes	912828NY2	$2,000,000	9/15/2013	9/15/2013	0.75%	$2,006,759
United States Treasury Notes	912828PB0	$1,000,000	10/15/2013	10/15/2013	0.50%	$1,002,082
United States Treasury Notes	912828PQ7	$1,000,000	1/15/2014	1/15/2014	1.00%	$1,007,768
United States Treasury Notes	912828QE3	$2,000,000	4/30/2013	4/30/2013	0.63%	$2,002,028
United States Treasury Notes	912828RS1	$1,000,000	11/30/2013	11/30/2013	0.25%	$1,000,269

Variable Rate Demand Note
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
2880 Stevens Creek LLC	90186QAA7	$2,800,000	2/6/2013	2/7/2013	0.50%	$2,800,000
California HFA Revenue	13033KP45	$1,897,000	2/6/2013	2/7/2013	0.09%	$1,897,000
California Statewide Communities Development Authority MFH Revenue	13077VKM3	$300,000	2/7/2013	2/7/2013	0.11%	$300,000
Cassia County Industrial Development Corp. Revenue	148188AB1	$3,000,000	2/7/2013	2/7/2013	0.15%	$3,000,000
CIDC-Hudson House LLC New York Revenue	171759AA1	$425,000	2/1/2013	2/7/2013	0.60%	$425,000
Columbia Alabama Industrial Development Board Pollution Control Revenue	197210AW7	$2,000,000	2/1/2013	2/1/2013	0.12%	$2,000,000
Congress/Commons LLC	20720RAA5	$2,000,000	2/6/2013	2/7/2013	0.30%	$2,000,000
Cook County Illinois Revenue	213247BX6	$2,000,000	2/6/2013	2/7/2013	0.20%	$2,000,000
Crawfordsville Indiana MFH Revenue	225161AB4	$770,000	2/7/2013	2/7/2013	0.38%	$770,000
District of Columbia Revenue	2548392N2	$120,000	2/7/2013	2/7/2013	0.18%	$120,000
Erie County New York IDA Revenue	295085BH6	$1,515,000	2/7/2013	2/7/2013	0.22%	$1,515,000
Esplanade Theatres LLC	29667GAA5	$3,000,000	2/1/2013	2/1/2013	0.31%	$3,000,000
Fairpoint Regional Utility System	305561AA0	$2,700,000	2/7/2013	2/7/2013	1.15%	$2,700,000
Hayward California MFH Revenue	421231AJ0	$605,000	2/7/2013	2/7/2013	0.09%	$605,000
HBPWH Building Co.	404106AA4	$795,000	2/7/2013	2/7/2013	0.25%	$795,000
Hopkinsville Kentucky Industrial Building LO Revenue	440020CU7	$745,000	2/7/2013	2/7/2013	0.25%	$745,000
Illinois Development Finance Authority Revenue	45188RHW2	$905,000	2/6/2013	2/7/2013	0.11%	$905,000
Illinois Toll Highway Authority Revenue	452252GM5	$3,000,000	2/7/2013	2/7/2013	0.09%	$3,000,000
Illinois Toll Highway Authority Revenue	452252GP8	$1,500,000	2/7/2013	2/7/2013	0.07%	$1,500,000
Kansas Development Finance Authority MFH Revenue	48542PDA3	$400,000	2/7/2013	2/7/2013	0.10%	$400,000
Legacy Park LLC	524702AA5	$1,500,000	2/1/2013	2/7/2013	0.30%	$1,500,000
Louisiana Housing Corp. Revenue	546267FV2	$1,260,000	2/7/2013	2/7/2013	0.10%	$1,260,000
Massachusetts Development Finance Agency Revenue	57583RTY1	$1,095,000	2/6/2013	2/7/2013	0.18%	$1,095,000
Meridian Ranch Colorado Metropolitan District GO	58977TAA1	$980,000	2/7/2013	2/7/2013	0.11%	$980,000
Michigan Strategic Fund LO Revenue	594698JX1	$2,595,000	2/6/2013	2/7/2013	0.40%	$2,595,000
Mississippi Business Finance Corp. Revenue	605279FZ6	$340,000	2/7/2013	2/7/2013	0.12%	$340,000
Morehead Kentucky League of Cities Funding Trust Lease Program Revenue	616611AA7	$1,007,000	2/1/2013	2/7/2013	0.10%	$1,007,000
Ness Family Partners LP	64104QAA1	$385,000	2/6/2013	2/7/2013	0.51%	$385,000
Nevada Housing Division Revenue	641272FT1	$1,900,000	2/7/2013	2/7/2013	0.10%	$1,900,000
New York City GO	64966JE77	$500,000	2/1/2013	2/1/2013	0.12%	$500,000
New York City Housing Development Corp. MFH Revenue	64970HDJ0	$275,000	2/6/2013	2/7/2013	0.16%	$275,000
New York City Housing Development Corp. MFH Revenue	64970VEU3	$200,000	2/6/2013	2/7/2013	0.10%	$200,000
New York State HFA Revenue	64986MJ22	$1,300,000	2/6/2013	2/7/2013	0.14%	$1,300,000
New York State HFA Revenue	64986MSD8	$1,000,000	2/6/2013	2/7/2013	0.16%	$1,000,000
New York State HFA Revenue	64986MVB8	$550,000	2/6/2013	2/7/2013	0.10%	$550,000
New York State MMC Corp. Revenue	60688AAA8	$1,840,000	2/1/2013	2/7/2013	0.60%	$1,840,000
OSL Santa Rosa Fountaingrove LLC	67105QAA3	$3,500,000	2/7/2013	2/7/2013	0.17%	$3,500,000
Overseas Private Investment Corp.	690353TL1	$1,888,889	2/6/2013	2/7/2013	0.17%	$1,888,889
Rathbone LLC	754098AA9	$1,390,000	2/7/2013	2/7/2013	0.25%	$1,390,000
Rex Lumber LLC	761580AA7	$940,000	2/7/2013	2/7/2013	0.20%	$940,000
Rhode Island Student Loan Authority Revenue	762315JC4	$3,300,000	2/6/2013	2/7/2013	0.18%	$3,300,000
San Francisco California City & County Redevelopment Agency Revenue	79765TBY0	$500,000	2/6/2013	2/7/2013	0.09%	$500,000
South Dakota MFH Development Authority Revenue	83755YAE8	$200,000	2/7/2013	2/7/2013	0.10%	$200,000
Sunroad Centrum Apartments 23 LP	86771MAA5	$2,500,000	2/7/2013	2/7/2013	0.15%	$2,500,000
Tuscaloosa County Alabama IDA Gulf Opportunity Zone Revenue	90068FAA4	$1,100,000	2/6/2013	2/7/2013	0.15%	$1,100,000
Tuscaloosa County Alabama IDA Gulf Opportunity Zone Revenue	90068FAK2	$300,000	2/6/2013	2/7/2013	0.10%	$300,000
Vermont Educational & Health Buildings Financing Agency Revenue	924160J54	$810,000	2/7/2013	2/7/2013	0.17%	$810,000
Warren County Kentucky IDA Revenue	934869AA6	$615,000	2/7/2013	2/7/2013	0.30%	$615,000
Warrior Roofing Manufacturing of Georgia LLC	93626PAA1	$1,030,000	2/7/2013	2/7/2013	0.50%	$1,030,000
Wilkes-Barre Pennsylvania GO	968257LN3	$2,335,000	2/7/2013	2/7/2013	0.20%	$2,335,000
Wisconsin Health & Educational Facilities Authority Revenue	97710NA97	$600,000	2/6/2013	2/7/2013	0.15%	$600,000

As of 12/31/2012

Dollar-weighted average portfolio maturity (as of month end and rounded to nearest day):	39 Days
Dollar-weighted average life maturity (as of month end and rounded to nearest day):	43 Days

Government Agency Debt
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
Federal Home Loan Bank	313378HJ3	$1,000,000	9/5/2013	9/5/2013	0.28%	$1,000,314
Federal Home Loan Bank	313379HB8	$1,000,000	5/21/2013	5/21/2013	0.27%	$1,000,000

Other Instrument
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
State Street Bank Time Deposit	85799G001	$347,579	1/2/2013	1/2/2013	0.12%	$347,579

Other Municipal Debt
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
Washington County Pennsylvania Hospital Authority Revenue	938592HG0	$500,000	7/1/2013	7/1/2013	0.45%	$500,000

Treasury Debt
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
United States Treasury Notes	912828JB7	$1,000,000	5/31/2013	5/31/2013	3.50%	$1,013,704
United States Treasury Notes	912828JK7	$1,000,000	8/31/2013	8/31/2013	3.13%	$1,019,395
United States Treasury Notes	912828JQ4	$1,000,000	10/31/2013	10/31/2013	2.75%	$1,021,224
United States Treasury Notes	912828MN7	$1,000,000	2/15/2013	2/15/2013	1.38%	$1,001,512
United States Treasury Notes	912828MT4	$1,000,000	3/15/2013	3/15/2013	1.38%	$1,002,334
United States Treasury Notes	912828NY2	$2,000,000	9/15/2013	9/15/2013	0.75%	$2,007,686
United States Treasury Notes	912828PB0	$1,000,000	10/15/2013	10/15/2013	0.50%	$1,002,334
United States Treasury Notes	912828PQ7	$1,000,000	1/15/2014	1/15/2014	1.00%	$1,008,460
United States Treasury Notes	912828PR5	$1,000,000	1/31/2013	1/31/2013	0.63%	$1,000,395
United States Treasury Notes	912828QE3	$2,000,000	4/30/2013	4/30/2013	0.63%	$2,002,743
United States Treasury Notes	912828QK9	$1,000,000	2/28/2013	2/28/2013	0.63%	$1,000,749
United States Treasury Notes	912828RS1	$1,000,000	11/30/2013	11/30/2013	0.25%	$1,000,297

Variable Rate Demand Note
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
2880 Stevens Creek LLC	90186QAA7	$2,800,000	1/2/2013	1/7/2013	0.55%	$2,800,000
California HFA Revenue	13033KP45	$1,897,000	1/2/2013	1/7/2013	0.11%	$1,897,000
Cassia County Industrial Development Corp. Revenue	148188AB1	$3,000,000	1/3/2013	1/7/2013	0.18%	$3,000,000
CIDC-Hudson House LLC New York Revenue	171759AA1	$425,000	1/2/2013	1/7/2013	0.60%	$425,000
Columbia Alabama Industrial Development Board Pollution Control Revenue	197210AW7	$2,000,000	1/2/2013	1/2/2013	0.20%	$2,000,000
Congress/Commons LLC	20720RAA5	$2,000,000	1/2/2013	1/7/2013	0.30%	$2,000,000
County of Cook IL	213247BX6	$2,000,000	1/2/2013	1/7/2013	0.24%	$2,000,000
Crawfordsville Indiana MFH Revenue	225161AB4	$780,000	1/3/2013	1/7/2013	0.42%	$780,000
District of Columbia Revenue	2548392N2	$120,000	1/3/2013	1/7/2013	0.18%	$120,000
Erie County New York IDA Revenue	295085BH6	$1,515,000	1/3/2013	1/7/2013	0.26%	$1,515,000
Esplanade Theatres LLC	29667GAA5	$3,000,000	1/2/2013	1/2/2013	0.31%	$3,000,000
Fairpoint Regional Utility System	305561AA0	$2,700,000	1/3/2013	1/7/2013	1.16%	$2,700,000
Hayward California MFH Revenue	421231AJ0	$605,000	1/3/2013	1/7/2013	0.12%	$605,000
HBPWH Building Co.	404106AA4	$795,000	1/3/2013	1/7/2013	0.26%	$795,000
Hopkinsville Kentucky Industrial Building LO Revenue	440020CU7	$745,000	1/3/2013	1/7/2013	0.25%	$745,000
Illinois Development Finance Authority Revenue	45188RHW2	$905,000	1/2/2013	1/7/2013	0.13%	$905,000
Illinois Toll Highway Authority Revenue	452252GM5	$3,000,000	1/3/2013	1/7/2013	0.11%	$3,000,000
Illinois Toll Highway Authority Revenue	452252GP8	$1,500,000	1/3/2013	1/7/2013	0.10%	$1,500,000
Kansas Development Finance Authority MFH Revenue	48542PDA3	$400,000	1/3/2013	1/7/2013	0.13%	$400,000
Legacy Park LLC	524702AA5	$1,500,000	1/2/2013	1/7/2013	0.30%	$1,500,000
Louisiana Housing Corp. Revenue	546267FV2	$1,260,000	1/3/2013	1/7/2013	0.13%	$1,260,000
Massachusetts Development Finance Agency Revenue	57583RTY1	$1,095,000	1/2/2013	1/7/2013	0.19%	$1,095,000
Meridian Ranch Colorado Metropolitan District GO	58977TAA1	$980,000	1/3/2013	1/7/2013	0.14%	$980,000
Michigan Strategic Fund LO Revenue	594698JX1	$2,595,000	1/2/2013	1/7/2013	0.45%	$2,595,000
Mississippi Business Finance Corp. Revenue	605279FZ6	$1,540,000	1/3/2013	1/7/2013	0.13%	$1,540,000
Montgomery County Maryland Housing Opportunities Commission Revenue	613344BQ2	$750,000	1/2/2013	1/7/2013	0.13%	$750,000
Morehead Kentucky League of Cities Funding Trust Lease Program Revenue	616611AA7	$1,007,000	1/4/2013	1/7/2013	0.13%	$1,007,000
Ness Family Partners LP	64104QAA1	$190,000	1/2/2013	1/7/2013	0.52%	$190,000
Nevada Housing Division Revenue	641272FT1	$700,000	1/3/2013	1/7/2013	0.15%	$700,000
New York City GO	64966JE77	$500,000	1/2/2013	1/2/2013	0.10%	$500,000
New York City Housing Development Corp. MFH Revenue	64970HDJ0	$275,000	1/2/2013	1/7/2013	0.19%	$275,000
New York City Housing Development Corp. MFH Revenue	64970VEU3	$200,000	1/2/2013	1/7/2013	0.13%	$200,000
New York State HFA Revenue	64986MSD8	$1,000,000	1/2/2013	1/7/2013	0.19%	$1,000,000
New York State HFA Revenue	64986MVB8	$550,000	1/2/2013	1/7/2013	0.15%	$550,000
New York State Housing Finance Agency	64986MJ22	$1,700,000	1/2/2013	1/7/2013	0.19%	$1,700,000
New York State MMC Corp. Revenue	60688AAA8	$1,840,000	1/2/2013	1/7/2013	0.60%	$1,840,000
OSL Santa Rosa Fountaingrove LLC	67105QAA3	$3,500,000	1/3/2013	1/7/2013	0.21%	$3,500,000
Overseas Private Investment Corp.	690353TL1	$1,897,436	1/2/2013	1/7/2013	0.17%	$1,897,436
Rathbone LLC	754098AA9	$1,445,000	1/3/2013	1/7/2013	0.25%	$1,445,000
Rex Lumber LLC	761580AA7	$940,000	1/3/2013	1/7/2013	0.20%	$940,000
Rhode Island Student Loan Authority Revenue	762315JC4	$3,000,000	1/2/2013	1/7/2013	0.22%	$3,000,000
San Francisco California City & County Redevelopment Agency Revenue	79765TBY0	$500,000	1/2/2013	1/7/2013	0.11%	$500,000
South Dakota MFH Development Authority Revenue	83755YAE8	$200,000	1/3/2013	1/7/2013	0.12%	$200,000
Sunroad Centrum Apartments 23 LP	86771MAA5	$2,500,000	1/3/2013	1/7/2013	0.19%	$2,500,000
Tuscaloosa County Alabama IDA Gulf Opportunity Zone Revenue	90068FAA4	$1,100,000	1/2/2013	1/7/2013	0.18%	$1,100,000
Tuscaloosa County Alabama IDA Gulf Opportunity Zone Revenue	90068FAK2	$300,000	1/2/2013	1/7/2013	0.13%	$300,000
Vermont Educational & Health Buildings Financing Agency Revenue	924160J54	$810,000	1/3/2013	1/7/2013	0.20%	$810,000
Warren County Kentucky IDA Revenue	934869AA6	$915,000	1/3/2013	1/7/2013	0.30%	$915,000
Warrior Roofing Manufacturing of Georgia LLC	93626PAA1	$1,030,000	1/3/2013	1/7/2013	0.50%	$1,030,000
Wilkes-Barre Pennsylvania GO	968257LN3	$2,335,000	1/3/2013	1/7/2013	0.20%	$2,335,000
Wisconsin Health & Educational Facilities Authority Revenue	97710NA97	$600,000	1/2/2013	1/7/2013	0.18%	$600,000

As of 11/30/2012

Dollar-weighted average portfolio maturity (as of month end and rounded to nearest day):	71 Days
Dollar-weighted average life maturity (as of month end and rounded to nearest day):	40 Days

Government Agency Debt
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
Federal Home Loan Bank	313378HJ3	$1,000,000	9/5/2013	9/5/2013	0.28%	$1,000,353
Federal Home Loan Bank	313379HB8	$1,000,000	5/21/2013	5/21/2013	0.27%	$1,000,000

Other Instrument
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
State Street Bank Time Deposit	85799G001	$145,242	12/3/2012	12/3/2012	0.12%	$145,242

Other Municipal Debt
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
Washington County Pennsylvania Hospital Authority Revenue	938592HG0	$500,000	7/1/2013	7/1/2013	0.45%	$500,000

Treasury Debt
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
United States Treasury Notes	912828JB7	$1,000,000	5/31/2013	5/31/2013	3.50%	$1,016,536
United States Treasury Notes	912828JK7	$1,000,000	8/31/2013	8/31/2013	3.13%	$1,021,880
United States Treasury Notes	912828MN7	$1,000,000	2/15/2013	2/15/2013	1.38%	$1,002,553
United States Treasury Notes	912828MT4	$1,000,000	3/15/2013	3/15/2013	1.38%	$1,003,326
United States Treasury Notes	912828NY2	$2,000,000	9/15/2013	9/15/2013	0.75%	$2,008,613
United States Treasury Notes	912828PB0	$1,000,000	10/15/2013	10/15/2013	0.50%	$1,002,587
United States Treasury Notes	912828PR5	$1,000,000	1/31/2013	1/31/2013	0.63%	$1,000,803
United States Treasury Notes	912828QE3	$2,000,000	4/30/2013	4/30/2013	0.63%	$2,003,457
United States Treasury Notes	912828QK9	$1,000,000	2/28/2013	2/28/2013	0.63%	$1,001,150
United States Treasury Notes	912828RS1	$1,000,000	11/30/2013	11/30/2013	0.25%	$1,000,325

Variable Rate Demand Note
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
2880 Stevens Creek LLC	90186QAA7	$2,800,000	12/5/2012	12/7/2012	0.60%	$2,800,000
Alexandria Virginia IDA Revenue	01530LAA8	$200,000	12/6/2012	12/7/2012	0.46%	$200,000
California HFA Revenue	13033KP45	$1,390,000	12/5/2012	12/7/2012	0.15%	$1,390,000
California Statewide Communities Development Authority MFH Revenue	13077VKM3	$1,500,000	12/6/2012	12/7/2012	0.17%	$1,500,000
Cassia County Industrial Development Corp. Revenue	148188AB1	$3,000,000	12/6/2012	12/7/2012	0.21%	$3,000,000
CIDC-Hudson House LLC New York Revenue	171759AA1	$450,000	12/3/2012	12/7/2012	0.60%	$450,000
Collier County Florida HFA MFH Revenue	19464HCG4	$1,000,000	12/5/2012	12/7/2012	0.18%	$1,000,000
Columbia Alabama Industrial Development Board Pollution Control Revenue	197210AW7	$2,000,000	12/3/2012	12/3/2012	0.20%	$2,000,000
Congress/Commons LLC	20720RAA5	$2,000,000	12/5/2012	12/7/2012	0.30%	$2,000,000
Crawfordsville Indiana MFH Revenue	225161AB4	$585,000	12/6/2012	12/7/2012	0.45%	$585,000
District of Columbia Revenue	2548392N2	$120,000	12/6/2012	12/7/2012	0.19%	$120,000
Erie County New York IDA Revenue	295085BH6	$1,515,000	12/6/2012	12/7/2012	0.29%	$1,515,000
Esplanade Theatres LLC	29667GAA5	$3,000,000	12/1/2012	12/3/2012	0.31%	$3,000,000
Fairpoint Regional Utility System	305561AA0	$2,700,000	12/6/2012	12/7/2012	1.16%	$2,700,000
Hayward California MFH Revenue	421231AJ0	$605,000	12/6/2012	12/7/2012	0.15%	$605,000
HBPWH Building Co.	404106AA4	$795,000	12/6/2012	12/7/2012	0.26%	$795,000
Hopkinsville Kentucky Industrial Building LO Revenue	440020CU7	$745,000	12/6/2012	12/7/2012	0.25%	$745,000
Illinois Development Finance Authority Revenue	45188RHW2	$905,000	12/5/2012	12/7/2012	0.18%	$905,000
Illinois Toll Highway Authority Revenue	452252GM5	$3,000,000	12/6/2012	12/7/2012	0.16%	$3,000,000
Illinois Toll Highway Authority Revenue	452252GP8	$1,500,000	12/6/2012	12/7/2012	0.15%	$1,500,000
Kansas Development Finance Authority MFH Revenue	48542PDA3	$400,000	12/6/2012	12/7/2012	0.16%	$400,000
Legacy Park LLC	524702AA5	$1,500,000	12/3/2012	12/7/2012	0.30%	$1,500,000
Louisiana Housing Corp. Revenue	546267FV2	$1,260,000	12/6/2012	12/7/2012	0.16%	$1,260,000
Massachusetts Development Finance Agency Revenue	57583RTY1	$1,095,000	12/5/2012	12/7/2012	0.20%	$1,095,000
Meridian Ranch Colorado Metropolitan District GO	58977TAA1	$990,000	12/6/2012	12/7/2012	0.18%	$990,000
Michigan Hospital Finance Authority Revenue	59465E4Z3	$1,100,000	12/3/2012	12/3/2012	0.19%	$1,100,000
Michigan Strategic Fund LO Revenue	594698JX1	$2,595,000	12/5/2012	12/7/2012	0.45%	$2,595,000
Mississippi Business Finance Corp. Revenue	605279FZ6	$140,000	12/6/2012	12/7/2012	0.18%	$140,000
Mississippi Home Corp. MFH Revenue	60535NBQ9	$900,000	12/6/2012	12/7/2012	0.21%	$900,000
Montgomery County Maryland Housing Opportunities Commission Revenue	613344BQ2	$800,000	12/5/2012	12/7/2012	0.15%	$800,000
Morehead Kentucky League of Cities Funding Trust Lease Program Revenue	616611AA7	$1,017,000	12/7/2012	12/7/2012	0.16%	$1,017,000
Ness Family Partners LP	64104QAA1	$190,000	12/5/2012	12/7/2012	0.57%	$190,000
Nevada Housing Division Revenue	641272FT1	$500,000	12/6/2012	12/7/2012	0.17%	$500,000
New York City GO	64966JE77	$500,000	12/3/2012	12/3/2012	0.18%	$500,000
New York City Housing Development Corp. MFH Revenue	64970HDJ0	$275,000	12/5/2012	12/7/2012	0.19%	$275,000
New York City Housing Development Corp. MFH Revenue	64970VEU3	$900,000	12/5/2012	12/7/2012	0.17%	$900,000
New York State HFA Revenue	64986MSD8	$1,000,000	12/5/2012	12/7/2012	0.19%	$1,000,000
New York State HFA Revenue	64986MVB8	$300,000	12/5/2012	12/7/2012	0.17%	$300,000
New York State MMC Corp. Revenue	60688AAA8	$1,840,000	12/3/2012	12/7/2012	0.60%	$1,840,000
OSL Santa Rosa Fountaingrove LLC	67105QAA3	$3,500,000	12/6/2012	12/7/2012	0.22%	$3,500,000
Overseas Private Investment Corp.	690353TL1	$1,905,983	12/5/2012	12/7/2012	0.17%	$1,905,983
Palm Beach County Florida Revenue	696547EW4	$1,585,000	12/6/2012	12/7/2012	0.20%	$1,585,000
Rathbone LLC	754098AA9	$1,445,000	12/6/2012	12/7/2012	0.25%	$1,445,000
Rex Lumber LLC	761580AA7	$940,000	12/6/2012	12/7/2012	0.21%	$940,000
Rhode Island Student Loan Authority Revenue	762315JC4	$3,000,000	12/5/2012	12/7/2012	0.22%	$3,000,000
San Francisco California City & County Redevelopment Agency Revenue	79765TBY0	$500,000	12/5/2012	12/7/2012	0.15%	$500,000
Shawnee Kansas Private Activity Revenue	820692AD3	$185,000	12/1/2012	12/1/2012	0.60%	$185,000
South Dakota MFH Development Authority Revenue	83755YAE8	$520,000	12/6/2012	12/7/2012	0.17%	$520,000
Sunroad Centrum Apartments 23 LP	86771MAA5	$2,500,000	12/6/2012	12/7/2012	0.20%	$2,500,000
Tuscaloosa County Alabama IDA Gulf Opportunity Zone Revenue	90068FAA4	$1,100,000	12/5/2012	12/7/2012	0.23%	$1,100,000
Tuscaloosa County Alabama IDA Gulf Opportunity Zone Revenue	90068FAK2	$300,000	12/5/2012	12/7/2012	0.18%	$300,000
Vermont Educational & Health Buildings Financing Agency Revenue	924160J54	$845,000	12/6/2012	12/7/2012	0.24%	$845,000
Warren County Kentucky IDA Revenue	934869AA6	$1,200,000	12/6/2012	12/7/2012	0.30%	$1,200,000
Warrior Roofing Manufacturing of Georgia LLC	93626PAA1	$1,495,000	12/6/2012	12/7/2012	0.50%	$1,495,000
Wilkes-Barre Pennsylvania GO	968257LN3	$2,335,000	12/6/2012	12/7/2012	0.20%	$2,335,000

As of 10/31/2012

Dollar-weighted average portfolio maturity (as of month end and rounded to nearest day):	40 Days
Dollar-weighted average life maturity (as of month end and rounded to nearest day):	n/a

Government Agency Debt
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
Federal Home Loan Bank	313378HJ3	$1,000,000	9/5/2013	9/5/2013	0.28%	$1,000,391
Federal Home Loan Bank	313379HB8	$1,000,000	5/21/2013	5/21/2013	0.27%	$1,000,000

Other Instrument
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
State Street Bank Time Deposit	85799G001	$156,286	11/1/2012	11/1/2012	0.11%	$156,286

Other Municipal Debt
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
Washington County Pennsylvania Hospital Authority Revenue	938592HG0	$500,000	7/1/2013	7/1/2013	0.45%	$500,000

Treasury Debt
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
United States Treasury Notes	912828JB7	$1,000,000	5/31/2013	5/31/2013	3.50%	$1,019,277
United States Treasury Notes	912828MN7	$1,000,000	2/15/2013	2/15/2013	1.38%	$1,003,561
United States Treasury Notes	912828MT4	$1,000,000	3/15/2013	3/15/2013	1.38%	$1,004,285
United States Treasury Notes	912828NY2	$2,000,000	9/15/2013	9/15/2013	0.75%	$2,009,511
United States Treasury Notes	912828PB0	$1,000,000	10/15/2013	10/15/2013	0.50%	$1,002,831
United States Treasury Notes	912828PR5	$1,000,000	1/31/2013	1/31/2013	0.63%	$1,001,198
United States Treasury Notes	912828QE3	$2,000,000	4/30/2013	4/30/2013	0.63%	$2,004,149
United States Treasury Notes	912828QK9	$1,000,000	2/28/2013	2/28/2013	0.63%	$1,001,538
United States Treasury Notes	912828RS1	$1,000,000	11/30/2013	11/30/2013	0.25%	$1,000,352

Variable Rate Demand Note
Security Name	Cusip	Principal Amount	Rule 2a-7 Maturity Date	Maturity Date	Interest Rate	Amortized Cost Base
2880 Stevens Creek LLC	90186QAA7	$2,885,000	11/7/2012	11/7/2012	0.60%	$2,885,000
Alexandria Virginia IDA Revenue	01530LAA8	$200,000	11/1/2012	11/7/2012	0.46%	$200,000
California HFA Revenue	13033KP45	$1,006,000	11/7/2012	11/7/2012	0.20%	$1,006,000
California Statewide Communities Development Authority MFH Revenue	13077VKM3	$1,500,000	11/1/2012	11/7/2012	0.22%	$1,500,000
Cassia County Industrial Development Corp. Revenue	148188AB1	$3,000,000	11/1/2012	11/7/2012	0.27%	$3,000,000
CIDC-Hudson House LLC New York Revenue	171759AA1	$450,000	11/1/2012	11/7/2012	0.60%	$450,000
Collier County Florida HFA MFH Revenue	19464HCG4	$1,850,000	11/7/2012	11/7/2012	0.23%	$1,850,000
Columbia Alabama Industrial Development Board Pollution Control Revenue	197210AW7	$2,000,000	11/1/2012	11/1/2012	0.23%	$2,000,000
Congress/Commons LLC	20720RAA5	$2,000,000	11/7/2012	11/7/2012	0.31%	$2,000,000
Crawfordsville Indiana MFH Revenue	225161AB4	$585,000	11/1/2012	11/7/2012	0.48%	$585,000
District of Columbia Revenue	2548392N2	$120,000	11/1/2012	11/7/2012	0.19%	$120,000
Erie County New York IDA Revenue	295085BH6	$1,515,000	11/1/2012	11/7/2012	0.33%	$1,515,000
Fairpoint Regional Utility System	305561AA0	$2,700,000	11/1/2012	11/7/2012	1.21%	$2,700,000
Hayward California MFH Revenue	421231AJ0	$605,000	11/1/2012	11/7/2012	0.20%	$605,000
HBPWH Building Co.	404106AA4	$850,000	11/1/2012	11/7/2012	0.26%	$850,000
Hopkinsville Kentucky Industrial Building LO Revenue	440020CU7	$745,000	11/1/2012	11/7/2012	0.25%	$745,000
Illinois Development Finance Authority Revenue	45188RHW2	$905,000	11/7/2012	11/7/2012	0.21%	$905,000
Illinois Toll Highway Authority Revenue	452252GM5	$2,000,000	11/1/2012	11/7/2012	0.22%	$2,000,000
Illinois Toll Highway Authority Revenue	452252GP8	$1,500,000	11/1/2012	11/7/2012	0.21%	$1,500,000
Kansas Development Finance Authority MFH Revenue	48542PDA3	$400,000	11/1/2012	11/7/2012	0.21%	$400,000
Legacy Park LLC	524702AA5	$1,500,000	11/1/2012	11/7/2012	0.30%	$1,500,000
Louisiana Housing Corp. Revenue	546267FV2	$1,260,000	11/1/2012	11/7/2012	0.23%	$1,260,000
Massachusetts Development Finance Agency Revenue	57583RTY1	$1,095,000	11/7/2012	11/7/2012	0.20%	$1,095,000
Meridian Ranch Colorado Metropolitan District GO	58977TAA1	$990,000	11/1/2012	11/7/2012	0.23%	$990,000
Michigan Hospital Finance Authority Revenue	59465E4Z3	$800,000	11/1/2012	11/1/2012	0.23%	$800,000
Michigan Strategic Fund LO Revenue	594698JX1	$2,595,000	11/7/2012	11/7/2012	0.45%	$2,595,000
Mississippi Business Finance Corp. Revenue	605279FZ6	$140,000	11/1/2012	11/7/2012	0.22%	$140,000
Mississippi Home Corp. MFH Revenue	60535NBQ9	$900,000	11/1/2012	11/7/2012	0.26%	$900,000
Montgomery County Maryland Housing Opportunities Commission Revenue	613344BQ2	$1,600,000	11/7/2012	11/7/2012	0.20%	$1,600,000
Morehead Kentucky League of Cities Funding Trust Lease Program Revenue	616611AA7	$1,017,000	11/2/2012	11/7/2012	0.21%	$1,017,000
Ness Family Partners LP	64104QAA1	$190,000	11/7/2012	11/7/2012	0.60%	$190,000
Nevada Housing Division Revenue	641272FT1	$950,000	11/1/2012	11/7/2012	0.20%	$950,000
New York City GO	64966JE77	$500,000	11/1/2012	11/1/2012	0.22%	$500,000
New York City Housing Development Corp. MFH Revenue	64970HDJ0	$180,000	11/7/2012	11/7/2012	0.18%	$180,000
New York City Housing Development Corp. MFH Revenue	64970VEU3	$900,000	11/7/2012	11/7/2012	0.22%	$900,000
New York State HFA Revenue	64986MM28	$600,000	11/7/2012	11/7/2012	0.23%	$600,000
New York State HFA Revenue	64986MSD8	$1,000,000	11/7/2012	11/7/2012	0.18%	$1,000,000
New York State HFA Revenue	64986MVB8	$3,200,000	11/7/2012	11/7/2012	0.20%	$3,200,000
New York State MMC Corp. Revenue	60688AAA8	$1,860,000	11/1/2012	11/7/2012	0.60%	$1,860,000
OSL Santa Rosa Fountaingrove LLC	67105QAA3	$3,500,000	11/1/2012	11/7/2012	0.22%	$3,500,000
Overseas Private Investment Corp.	690353TL1	$1,914,530	11/7/2012	11/7/2012	0.17%	$1,914,530
Palm Beach County Florida Revenue	696547EW4	$1,585,000	11/1/2012	11/7/2012	0.23%	$1,585,000
Rathbone LLC	754098AA9	$1,445,000	11/1/2012	11/7/2012	0.25%	$1,445,000
Rex Lumber LLC	761580AA7	$940,000	11/1/2012	11/7/2012	0.21%	$940,000
Rhode Island Student Loan Authority Revenue	762315JC4	$3,000,000	11/7/2012	11/7/2012	0.22%	$3,000,000
San Francisco California City & County Redevelopment Agency Revenue	79765TBY0	$500,000	11/7/2012	11/7/2012	0.20%	$500,000
Shawnee Kansas Private Activity Revenue	820692AD3	$185,000	11/1/2012	11/7/2012	0.60%	$185,000
South Dakota MFH Development Authority Revenue	83755YAE8	$520,000	11/1/2012	11/7/2012	0.22%	$520,000
Tuscaloosa County Alabama IDA Gulf Opportunity Zone Revenue	90068FAA4	$1,100,000	11/7/2012	11/7/2012	0.26%	$1,100,000
Tuscaloosa County Alabama IDA Gulf Opportunity Zone Revenue	90068FAK2	$300,000	11/7/2012	11/7/2012	0.21%	$300,000
Vermont Educational & Health Buildings Financing Agency Revenue	924160J54	$845,000	11/1/2012	11/7/2012	0.27%	$845,000
Warren County Kentucky IDA Revenue	934869AA6	$1,200,000	11/1/2012	11/7/2012	0.31%	$1,200,000
Warrior Roofing Manufacturing of Georgia LLC	93626PAA1	$1,495,000	11/1/2012	11/7/2012	0.50%	$1,495,000
Wilkes-Barre Pennsylvania GO	968257LN3	$2,340,000	11/1/2012	11/7/2012	0.20%	$2,340,000

Important Disclosure

Holdings are subject to change.

Industry classifications provided by MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

Management & Commentary

Portfolio Management

Calvert Investment Management, Inc.

As investment advisor to the Calvert family of funds, Calvert Investment Management, Inc. oversees assets covering a broad range of equity, fixed-income, balanced, and asset allocation funds.

Thomas A. Dailey,
Vice President and Portfolio Manager

Related Market Outlook

Focus on Fixed Income: Surfaced and Submerged

Fees & Minimums

Annual Operating Expenses (deducted from Portfolio assets)

Description	Expense
Management fees	0.250%
Distribution and service (12b-1) fees	none
Other expenses	0.140%
Total annual Portfolio operating expenses	0.390%

Shareholder Fees (fees paid directly from your account)

Description	Fee
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	none
Maximum deferred sales charge (load) (as a percentage of purchase or redemption proceeds, whichever is lower)	none
Redemption Fee (unless otherwise noted in the prospectus the redemption fee applies to redemptions, including exchanges within 30 days of purchase (seven days for Class I and R shares)	2.00%

Portfolio Expense Ratios

Description	Expense
Expense Ratio (if no waiver/reimbursement in effect)	0.39%
Net Expense Ratio (if waiver/reimbursement in effect)	n/a
Gross Expense Ratio (if waiver/reimbursement in effect)	n/a

Important Disclosure

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP Money Market Portfolio through April 30, 2014. Direct net operating expenses for the Portfolio will not exceed 0.40%. Only the Board of Directors of the Portfolio may terminate the Portfolio's expense limitation before the contractual period expires. Under the terms of the contractual expense limitation, operating expenses do not include interest expenses, brokerage commissions, extraordinary expenses and taxes.

Management fees include the advisory fee paid by the Fund to the Advisor, and the administrative fee paid by the Fund to Calvert Investment Administrative Services, Inc., an affiliate of the Advisor.

Calvert VP Money Market Portfolio

Overview

Portfolio Management

Investment Objective

Investment Strategy

Investment Risk

Performance

Hypothetical Growth of $10,000

Yearly Percentage Return

Pricing & Distribution

Most Recent Distributions

Holdings

Portfolio Holdings

To obtain the fund's most recent 12 months of publicly available filings of Form N-MFP, go here

As of 4/30/2013

As of 3/31/2013

As of 2/28/2013

As of 1/31/2013

As of 12/31/2012

As of 11/30/2012

As of 10/31/2012

Management & Commentary

Portfolio Management

Related Market Outlook

Fees & Minimums

Annual Operating Expenses (deducted from Portfolio assets)

Shareholder Fees (fees paid directly from your account)

Portfolio Expense Ratios

Fund Profiles & Performance

Asset Allocation Funds

Money Market Funds

Equity Funds

Bond Funds

Get Information and Resources

Portfolio literature and resources