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<SEC-DOCUMENT>0000891804-09-003494.txt : 20090929
<SEC-HEADER>0000891804-09-003494.hdr.sgml : 20090929
<ACCEPTANCE-DATETIME>20090929162517
ACCESSION NUMBER:		0000891804-09-003494
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090731
FILED AS OF DATE:		20090929
DATE AS OF CHANGE:		20090929
EFFECTIVENESS DATE:		20090929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN INSURED TAX FREE ADVANTAGE MUNICIPAL FUND
		CENTRAL INDEX KEY:			0001195737
		IRS NUMBER:				030487030
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21213
		FILM NUMBER:		091093208

	BUSINESS ADDRESS:	
		STREET 1:		333 WEST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129178146
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq1.htm
<DESCRIPTION>NEA
<TEXT>
<HTML><HEAD><TITLE>Form N-Q</TITLE></HEAD>
<BODY>
<CENTER>
<H3>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, DC
20549<BR><BR>FORM N-Q</H3><BR></CENTER>
<H1 align=center><FONT face="Times New Roman, Times, Serif" size=2>QUARTERLY
SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT
COMPANY</FONT></H1>
<P><FONT face="Times New Roman, Times, Serif" size=2>Investment Company Act file
number <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-21213
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif"
size=2><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Insured Tax-Free Advantage Municipal Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>(Exact name of
registrant as specified in charter)</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>Nuveen
Investments<BR><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West
Wacker Drive, Chicago, Illinois 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>(Address of
principal executive offices) (Zip code)</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B><BR>Kevin
J. McCarthy Vice President and
Secretary<BR><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker
Drive, Chicago, Illinois 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>(Name and address of
agent for service)</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Registrant's telephone
number, including area code:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312-917-7700&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Date of fiscal year
end:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Date of reporting
period:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/31/09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Form N-Q is to be used by
management investment companies, other than small business investment companies
registered on Form N-5 (&#167;&#167;  239.24 and 274.5 of this chapter), to file reports
with the Commission, not later than 60 days after the close of the first and
third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act
of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on
Form N-Q in its regulatory, disclosure review, inspection, and policymaking
roles. </FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>A registrant is required to
disclose the information specified by Form N-Q, and the Commission will make
this information public. A registrant is not required to respond to the
collection of information contained in Form N-Q unless the Form displays a
currently valid Office of Management and Budget ("OMB") control number. Please
direct comments concerning the accuracy of the information collection burden
estimate and any suggestions for reducing the burden to the Secretary,
Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC
20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. &#167; 3507. </FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 1. Schedule of
Investments</B></FONT></P>




        <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial Narrow'" cellspacing="0" width="864" border="0">
            <tr>
                <td width="76">
                </td>

                <td width="514">
                </td>

                <td width="108">
                </td>

                <td width="9%">
                </td>

                <td width="10%">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Portfolio of Investments (Unaudited)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Nuveen Insured Tax-Fee Advantage Municipal Fund (NEA)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr height="20">
                <td align="left" width="76">
                </td>

                <td align="left" width="514"><em>July 31, 2009</em></td>

                <td align="left" width="108">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr>
                <td colspan="5">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="5">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="5">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76"><b>Principal</b>&nbsp;</td>

                <td align="left" width="514">&nbsp;</td>

                <td align="right" width="108"><b>Optional Call</b>&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76"><b>Amount (000)</b>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514"><b>Description (1)</b>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="108"><b>Provisions (2)</b>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><b>Ratings (3)</b>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><b>Value</b>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Alabama &ndash; 8.9% (5.9% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,000&nbsp;</td>

                <td align="left" width="514">Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health,&nbsp;</td>

                <td align="right" width="108">11/16 at 100.00&nbsp;</td>

                <td align="right">AA&nbsp;</td>

                <td align="right">$&nbsp;&nbsp;&nbsp;&nbsp; 969,520&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Series 2006C-2, 5.000%, 11/15/36 (UB)&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">5,655&nbsp;</td>

                <td align="left" width="514">Colbert County-Northwest Health Care Authority, Alabama, Revenue Bonds, Helen Keller Hospital,&nbsp;</td>

                <td align="right" width="108">6/13 at 101.00&nbsp;</td>

                <td align="right">Baa3&nbsp;</td>

                <td align="right">4,802,905&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Series 2003, 5.750%, 6/01/27&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">3,100&nbsp;</td>

                <td align="left" width="514">Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 1998A, 5.400%, 6/01/22&nbsp;</td>

                <td align="right" width="108">5/12 at 102.00&nbsp;</td>

                <td align="right">A (4)&nbsp;</td>

                <td align="right">3,513,323&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;(Pre-refunded 5/14/12) &ndash; MBIA Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">6,280&nbsp;</td>

                <td align="left" width="514">Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 2002D, 5.000%,&nbsp;</td>

                <td align="right" width="108">8/12 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">6,849,910&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;2/01/32 (Pre-refunded 8/01/12) &ndash; FGIC Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">1,750&nbsp;</td>

                <td align="left" width="514">Montgomery, Alabama, General Obligation Warrants, Series 2003, 5.000%, 5/01/21 &ndash; AMBAC Insured&nbsp;</td>

                <td align="right" width="108">5/12 at 101.00&nbsp;</td>

                <td align="right">AA&nbsp;</td>

                <td align="right">1,855,105&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">4,500&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 5.500%, 7/01/29 &ndash; AMBAC Insured&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="108">7/13 at 100.00&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">A2&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">4,555,575&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">22,285&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Total Alabama&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">22,546,338&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Arizona &ndash; 5.3% (3.5% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">10,000&nbsp;</td>

                <td align="left" width="514">Maricopa County Pollution Control Corporation, Arizona, Revenue Bonds, Arizona Public Service&nbsp;</td>

                <td align="right" width="108">11/12 at 100.00&nbsp;</td>

                <td align="right">Baa2&nbsp;</td>

                <td align="right">8,428,300&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Company &ndash; Palo Verde Project, Series 2002A, 5.050%, 5/01/29 &ndash; AMBAC Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">6,545&nbsp;</td>

                <td align="left" width="514">Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%,&nbsp;</td>

                <td align="right" width="108">No Opt. Call&nbsp;</td>

                <td align="right">AA&nbsp;</td>

                <td align="right">5,011,114&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;7/01/37 &ndash; FGIC Insured&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">16,545&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Total Arizona&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">13,439,414&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>California &ndash; 25.1% (16.7% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">26,300&nbsp;</td>

                <td align="left" width="514">California State Public Works Board, Lease Revenue Bonds, Department of General Services,&nbsp;</td>

                <td align="right" width="108">12/12 at 100.00&nbsp;</td>

                <td align="right">A&ndash;&nbsp;</td>

                <td align="right">23,886,711&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Capital East End Project, Series 2002A, 5.000%, 12/01/27 &ndash; AMBAC Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">250&nbsp;</td>

                <td align="left" width="514">California State, General Obligation Bonds, Series 2002, 5.250%, 4/01/30 &ndash; SYNCORA GTY Insured&nbsp;</td>

                <td align="right" width="108">4/12 at 100.00&nbsp;</td>

                <td align="right">Baa1&nbsp;</td>

                <td align="right">245,955&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">5&nbsp;</td>

                <td align="left" width="514">California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 &ndash; AMBAC Insured&nbsp;</td>

                <td align="right" width="108">4/14 at 100.00&nbsp;</td>

                <td align="right">A&nbsp;</td>

                <td align="right">4,728&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">7,495&nbsp;</td>

                <td align="left" width="514">California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 (Pre-refunded&nbsp;</td>

                <td align="right" width="108">4/14 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">8,625,396&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;4/01/14) &ndash; AMBAC Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">2,910&nbsp;</td>

                <td align="left" width="514">Cathedral City Public Financing Authority, California, Tax Allocation Bonds, Housing&nbsp;</td>

                <td align="right" width="108">8/12 at 102.00&nbsp;</td>

                <td align="right">A&nbsp;</td>

                <td align="right">2,577,009&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Set-Aside, Series 2002D, 5.000%, 8/01/26 &ndash; MBIA Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">250&nbsp;</td>

                <td align="left" width="514">Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement&nbsp;</td>

                <td align="right" width="108">6/17 at 100.00&nbsp;</td>

                <td align="right">BBB&nbsp;</td>

                <td align="right">135,185&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">8,000&nbsp;</td>

                <td align="left" width="514">Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed&nbsp;</td>

                <td align="right" width="108">6/15 at 100.00&nbsp;</td>

                <td align="right">A&ndash;&nbsp;</td>

                <td align="right">6,663,280&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Revenue Bonds, Series 2005A, 5.000%, 6/01/35 &ndash; FGIC Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">2,500&nbsp;</td>

                <td align="left" width="514">Irvine Public Facilities and Infrastructure Authority, California, Assessment Revenue Bonds,&nbsp;</td>

                <td align="right" width="108">9/13 at 100.00&nbsp;</td>

                <td align="right">N/R&nbsp;</td>

                <td align="right">2,176,675&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Series 2003C, 5.000%, 9/02/23 &ndash; AMBAC Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">4,000&nbsp;</td>

                <td align="left" width="514">Montara Sanitation District, California, General Obligation Bonds, Series 2003, 5.000%,&nbsp;</td>

                <td align="right" width="108">8/11 at 101.00&nbsp;</td>

                <td align="right">A+&nbsp;</td>

                <td align="right">4,001,440&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;8/01/28 &ndash; FGIC Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">Plumas County, California, Certificates of Participation, Capital Improvement Program,&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">Series 2003A:&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">1,130&nbsp;</td>

                <td align="left" width="514">&nbsp;5.250%, 6/01/19 &ndash; AMBAC Insured&nbsp;</td>

                <td align="right" width="108">6/13 at 101.00&nbsp;</td>

                <td align="right">A&ndash;&nbsp;</td>

                <td align="right">1,115,333&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">1,255&nbsp;</td>

                <td align="left" width="514">&nbsp;5.250%, 6/01/21 &ndash; AMBAC Insured&nbsp;</td>

                <td align="right" width="108">6/13 at 101.00&nbsp;</td>

                <td align="right">A&ndash;&nbsp;</td>

                <td align="right">1,208,967&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">1,210&nbsp;</td>

                <td align="left" width="514">Redding Joint Powers Financing Authority, California, Lease Revenue Bonds, Capital Improvement&nbsp;</td>

                <td align="right" width="108">3/13 at 100.00&nbsp;</td>

                <td align="right">A&nbsp;</td>

                <td align="right">1,201,699&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Projects, Series 2003A, 5.000%, 3/01/23 &ndash; AMBAC Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">3,750&nbsp;</td>

                <td align="left" width="514">Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R,&nbsp;</td>

                <td align="right" width="108">8/13 at 100.00&nbsp;</td>

                <td align="right">A+&nbsp;</td>

                <td align="right">3,677,700&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;5.000%, 8/15/28 &ndash; MBIA Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">1,500&nbsp;</td>

                <td align="left" width="514">San Diego Community College District, California, General Obligation Bonds, Series 2003A,&nbsp;</td>

                <td align="right" width="108">5/13 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">1,501,920&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;5.000%, 5/01/28 &ndash; FSA Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">1,055&nbsp;</td>

                <td align="left" width="514">Turlock Irrigation District, California, Certificates of Participation, Series 2003A, 5.000%,&nbsp;</td>

                <td align="right" width="108">1/13 at 100.00&nbsp;</td>

                <td align="right">A&nbsp;</td>

                <td align="right">1,024,057&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;1/01/28 &ndash; MBIA Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">6,300&nbsp;</td>

                <td align="left" width="514">University of California, Revenue Bonds, Multi-Purpose Projects, Series 2003A,&nbsp;</td>

                <td align="right" width="108">5/13 at 100.00&nbsp;</td>

                <td align="right">AA&nbsp;</td>

                <td align="right">6,196,239&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;5.000%, 5/15/33 &ndash; AMBAC Insured (UB)&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">67,910&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Total California&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">64,242,294&nbsp;</td>
            </tr>

            <tr>
                <td width="76">
                </td>

                <td width="514">
                </td>

                <td width="108">
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Colorado &ndash; 5.8% (3.8% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">Bowles Metropolitan District, Colorado, General Obligation Bonds, Series 2003:&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">4,300&nbsp;</td>

                <td align="left" width="514">&nbsp;5.500%, 12/01/23 &ndash; FSA Insured&nbsp;</td>

                <td align="right" width="108">12/13 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">4,341,022&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">3,750&nbsp;</td>

                <td align="left" width="514">&nbsp;5.500%, 12/01/28 &ndash; FSA Insured&nbsp;</td>

                <td align="right" width="108">12/13 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">3,768,338&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">1,450&nbsp;</td>

                <td align="left" width="514">Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds,&nbsp;</td>

                <td align="right" width="108">8/14 at 100.00&nbsp;</td>

                <td align="right">A&nbsp;</td>

                <td align="right">1,331,100&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Peak-to-Peak Charter School, Series 2004, 5.250%, 8/15/24 &ndash; SYNCORA GTY Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">4,500&nbsp;</td>

                <td align="left" width="514">Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,&nbsp;</td>

                <td align="right" width="108">4/18 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">4,220,460&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Series 2006C-1, Trust 1090, 13.946%, 10/01/41 &ndash; FSA Insured (IF)&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">3,000&nbsp;</td>

                <td align="left" width="514">E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%,&nbsp;</td>

                <td align="right" width="108">No Opt. Call&nbsp;</td>

                <td align="right">A&nbsp;</td>

                <td align="right">623,760&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;9/01/30 &ndash; NPFG Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">2,900&nbsp;</td>

                <td align="left" width="514">E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 &ndash;&nbsp;</td>

                <td align="right" width="108">No Opt. Call&nbsp;</td>

                <td align="right">A&nbsp;</td>

                <td align="right">425,140&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;NPFG Insured&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">19,900&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Total Colorado&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">14,709,820&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>District of Columbia &ndash; 0.2% (0.1% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">665&nbsp;</td>

                <td align="left" width="514">Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax&nbsp;</td>

                <td align="right" width="108">10/16 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">568,336&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;Revenue Bonds, Series 2007, Residuals 1606, 11.216%, 10/01/30 &ndash; AMBAC Insured (IF)&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Florida &ndash; 2.3% (1.5% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">2,500&nbsp;</td>

                <td align="left" width="514">Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2008, Trust&nbsp;</td>

                <td align="right" width="108">6/18 at 101.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">2,488,150&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;2929, 16.570%, 6/01/38 &ndash; AGC Insured (IF)&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">3,000&nbsp;</td>

                <td align="left" width="514">Pinellas County Health Facilities Authority, Florida, Revenue Bonds, Baycare Health System,&nbsp;</td>

                <td align="right" width="108">5/13 at 100.00&nbsp;</td>

                <td align="right">Aa3 (4)&nbsp;</td>

                <td align="right">3,453,480&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;Series 2003, 5.500%, 11/15/27 (Pre-refunded 5/15/13)&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">5,500&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Total Florida&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">5,941,630&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Georgia &ndash; 1.4% (0.9% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">1,410&nbsp;</td>

                <td align="left" width="514">DeKalb County, Georgia, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/35 &ndash;&nbsp;</td>

                <td align="right" width="108">10/16 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">1,433,674&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;FSA Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">1,825&nbsp;</td>

                <td align="left" width="514">Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Second&nbsp;</td>

                <td align="right" width="108">1/13 at 100.00&nbsp;</td>

                <td align="right">AA+ (4)&nbsp;</td>

                <td align="right">2,050,899&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;Indenture Series 2002, 5.000%, 7/01/32 (Pre-refunded 1/01/13) &ndash; MBIA Insured&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">3,235&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Total Georgia&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">3,484,573&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Illinois &ndash; 3.5% (2.3% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">Cook County School District 145, Arbor Park, Illinois, General Obligation Bonds, Series 2004:&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">3,285&nbsp;</td>

                <td align="left" width="514">&nbsp;5.125%, 12/01/20 &ndash; FSA Insured&nbsp;</td>

                <td align="right" width="108">12/14 at 100.00&nbsp;</td>

                <td align="right">Aa3&nbsp;</td>

                <td align="right">3,510,044&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">2,940&nbsp;</td>

                <td align="left" width="514">&nbsp;5.125%, 12/01/23 &ndash; FSA Insured&nbsp;</td>

                <td align="right" width="108">12/14 at 100.00&nbsp;</td>

                <td align="right">Aa3&nbsp;</td>

                <td align="right">3,087,528&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">2,500&nbsp;</td>

                <td align="left" width="514">Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003,&nbsp;</td>

                <td align="right" width="108">7/13 at 100.00&nbsp;</td>

                <td align="right">A&ndash;&nbsp;</td>

                <td align="right">2,362,950&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;5.250%, 7/01/23&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">8,725&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Total Illinois&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">8,960,522&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Indiana &ndash; 9.3% (6.1% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">2,500&nbsp;</td>

                <td align="left" width="514">Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/23 &ndash;&nbsp;</td>

                <td align="right" width="108">7/13 at 100.00&nbsp;</td>

                <td align="right">N/R&nbsp;</td>

                <td align="right">2,482,575&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;AMBAC Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">2,190&nbsp;</td>

                <td align="left" width="514">Indiana Bond Bank, Advance Purchase Funding Bonds, Common School Fund, Series 2003B, 5.000%,&nbsp;</td>

                <td align="right" width="108">8/13 at 100.00&nbsp;</td>

                <td align="right">A&nbsp;</td>

                <td align="right">2,240,304&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;8/01/19 &ndash; MBIA Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">1,860&nbsp;</td>

                <td align="left" width="514">Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 &ndash;&nbsp;</td>

                <td align="right" width="108">1/17 at 100.00&nbsp;</td>

                <td align="right">A+&nbsp;</td>

                <td align="right">1,768,432&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;MBIA Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">1,000&nbsp;</td>

                <td align="left" width="514">Indiana University, Student Fee Revenue Bonds, Series 2003O, 5.000%, 8/01/22 &ndash; FGIC Insured&nbsp;</td>

                <td align="right" width="108">8/13 at 100.00&nbsp;</td>

                <td align="right">Aa1&nbsp;</td>

                <td align="right">1,039,930&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Series 2003:&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">11,020&nbsp;</td>

                <td align="left" width="514">&nbsp;5.000%, 7/15/19 (Pre-refunded 7/15/13) &ndash; MBIA Insured&nbsp;</td>

                <td align="right" width="108">7/13 at 100.00&nbsp;</td>

                <td align="right">AA (4)&nbsp;</td>

                <td align="right">12,586,602&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">3,000&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;5.000%, 7/15/20 (Pre-refunded 7/15/13) &ndash; MBIA Insured&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="108">7/13 at 100.00&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">AA (4)&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">3,426,480&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">21,570&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Total Indiana&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">23,544,323&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Kansas &ndash; 2.0% (1.4% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">5,000&nbsp;</td>

                <td align="left" width="514">Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Scientific Research and&nbsp;</td>

                <td align="right" width="108">4/13 at 102.00&nbsp;</td>

                <td align="right">AA&nbsp;</td>

                <td align="right">5,201,600&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;Development Facilities Projects, Series 2003C, 5.000%, 10/01/22 &ndash; AMBAC Insured&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Kentucky &ndash; 0.4% (0.3% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">985&nbsp;</td>

                <td align="left" width="514">Kentucky State Property and Buildings Commission, Revenue Refunding Bonds, Project 77, Series&nbsp;</td>

                <td align="right" width="108">8/13 at 100.00&nbsp;</td>

                <td align="right">Aa3 (4)&nbsp;</td>

                <td align="right">1,126,279&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;2003, 5.000%, 8/01/23 (Pre-refunded 8/01/13) &ndash; MBIA Insured&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Louisiana &ndash; 2.2% (1.5% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">5,785&nbsp;</td>

                <td align="left" width="514">New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2002, 5.300%, 12/01/27 &ndash;&nbsp;</td>

                <td align="right" width="108">12/12 at 100.00&nbsp;</td>

                <td align="right">Baa3&nbsp;</td>

                <td align="right">5,658,482&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;FGIC Insured&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr>
                <td width="76">
                </td>

                <td width="514">
                </td>

                <td width="108">
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Massachusetts &ndash; 0.4% (0.3% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">1,125&nbsp;</td>

                <td align="left" width="514">Massachusetts Development Finance Authority, Revenue Bonds, Middlesex School, Series 2003,&nbsp;</td>

                <td align="right" width="108">9/13 at 100.00&nbsp;</td>

                <td align="right">A1&nbsp;</td>

                <td align="right">1,150,076&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;5.125%, 9/01/23&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Michigan &ndash; 12.1% (7.9% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">6,130&nbsp;</td>

                <td align="left" width="514">Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A, 5.000%,&nbsp;</td>

                <td align="right" width="108">7/13 at 100.00&nbsp;</td>

                <td align="right">A+ (4)&nbsp;</td>

                <td align="right">6,929,352&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;7/01/23 (Pre-refunded 7/01/13) &ndash; MBIA Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">4,465&nbsp;</td>

                <td align="left" width="514">Detroit, Michigan, Senior Lien Water Supply System Revenue Refunding Bonds, Series 2003C,&nbsp;</td>

                <td align="right" width="108">7/13 at 100.00&nbsp;</td>

                <td align="right">A+&nbsp;</td>

                <td align="right">4,308,279&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;5.000%, 7/01/22 &ndash; MBIA Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">1,000&nbsp;</td>

                <td align="left" width="514">Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series&nbsp;</td>

                <td align="right" width="108">12/16 at 100.00&nbsp;</td>

                <td align="right">Aa2&nbsp;</td>

                <td align="right">966,000&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;2006A, 5.000%, 12/01/31 (UB)&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">10,800&nbsp;</td>

                <td align="left" width="514">Michigan Strategic Fund, Limited Obligation Resource Recovery Revenue Refunding Bonds, Detroit&nbsp;</td>

                <td align="right" width="108">12/12 at 100.00&nbsp;</td>

                <td align="right">Baa1&nbsp;</td>

                <td align="right">9,902,304&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Edison Company, Series 2002D, 5.250%, 12/15/32 &ndash; SYNCORA GTY Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">2,250&nbsp;</td>

                <td align="left" width="514">Romulus Community Schools, Wayne County, Michigan, General Obligation Refunding Bonds, Series&nbsp;</td>

                <td align="right" width="108">5/11 at 100.00&nbsp;</td>

                <td align="right">AA&ndash;&nbsp;</td>

                <td align="right">2,292,728&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;2001, 5.250%, 5/01/25&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">6,500&nbsp;</td>

                <td align="left" width="514">Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit&nbsp;</td>

                <td align="right" width="108">12/11 at 101.00&nbsp;</td>

                <td align="right">A&nbsp;</td>

                <td align="right">6,117,605&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;Metropolitan Wayne County Airport, Series 2001A, 5.000%, 12/01/30 &ndash; MBIA Insured&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">31,145&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Total Michigan&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">30,516,268&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Missouri &ndash; 1.3% (0.8% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">240&nbsp;</td>

                <td align="left" width="514">Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series&nbsp;</td>

                <td align="right" width="108">3/14 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">252,298&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;2004, 5.250%, 3/01/24 &ndash; FSA Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">215&nbsp;</td>

                <td align="left" width="514">Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series&nbsp;</td>

                <td align="right" width="108">3/14 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">228,152&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;2004, 5.250%, 3/01/23 &ndash; FSA Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds,&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">Series 2004:&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">1,110&nbsp;</td>

                <td align="left" width="514">&nbsp;5.250%, 3/01/23 (Pre-refunded 3/01/14) &ndash; FSA Insured&nbsp;</td>

                <td align="right" width="108">3/14 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">1,285,103&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">1,260&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;5.250%, 3/01/24 (Pre-refunded 3/01/14) &ndash; FSA Insured&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="108">3/14 at 100.00&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">AAA&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">1,458,765&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">2,825&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Total Missouri&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">3,224,318&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Nebraska &ndash; 2.0% (1.3% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">5,000&nbsp;</td>

                <td align="left" width="514">Lincoln, Nebraska, Sanitary Sewerage System Revenue Refunding Bonds, Series 2003, 5.000%,&nbsp;</td>

                <td align="right" width="108">6/13 at 100.00&nbsp;</td>

                <td align="right">AA+&nbsp;</td>

                <td align="right">5,054,050&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;6/15/28 &ndash; MBIA Insured&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>New Mexico &ndash; 0.8% (0.6% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">1,975&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">New Mexico State University, Revenue Bonds, Series 2004, 5.000%, 4/01/19 &ndash; AMBAC Insured&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="108">4/14 at 100.00&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">AA&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">2,131,361&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>New York &ndash; 12.3% (8.2% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">2,020&nbsp;</td>

                <td align="left" width="514">Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%,&nbsp;</td>

                <td align="right" width="108">2/17 at 100.00&nbsp;</td>

                <td align="right">A&nbsp;</td>

                <td align="right">1,612,687&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;2/15/47 &ndash; MBIA Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">25,000&nbsp;</td>

                <td align="left" width="514">Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds,&nbsp;</td>

                <td align="right" width="108">11/12 at 100.00&nbsp;</td>

                <td align="right">A&nbsp;</td>

                <td align="right">24,471,999&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Series 2002F, 5.000%, 11/15/31 &ndash; MBIA Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">1,850&nbsp;</td>

                <td align="left" width="514">New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series&nbsp;</td>

                <td align="right" width="108">3/15 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">1,922,224&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;2005B, 5.000%, 3/15/25 &ndash; FSA Insured (UB)&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">3,335&nbsp;</td>

                <td align="left" width="514">New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender&nbsp;</td>

                <td align="right" width="108">3/17 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">3,332,165&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;Option Bond Trust 09-6W, 12.592%, 3/15/37 (IF)&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">32,205&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Total New York&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">31,339,075&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>North Carolina &ndash; 2.2% (1.5% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">8,700&nbsp;</td>

                <td align="left" width="514">North Carolina Medical Care Commission, Revenue Bonds, Maria Parham Medical Center, Series&nbsp;</td>

                <td align="right" width="108">10/13 at 100.00&nbsp;</td>

                <td align="right">BBB&ndash;&nbsp;</td>

                <td align="right">5,573,046&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;2003, 5.375%, 10/01/33 &ndash; RAAI Insured&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Ohio &ndash; 0.7% (0.5% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">Bonds, Senior Lien, Series 2007A-2:&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">65&nbsp;</td>

                <td align="left" width="514">&nbsp;5.125%, 6/01/24&nbsp;</td>

                <td align="right" width="108">6/17 at 100.00&nbsp;</td>

                <td align="right">BBB&nbsp;</td>

                <td align="right">53,544&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">710&nbsp;</td>

                <td align="left" width="514">&nbsp;5.875%, 6/01/30&nbsp;</td>

                <td align="right" width="108">6/17 at 100.00&nbsp;</td>

                <td align="right">BBB&nbsp;</td>

                <td align="right">500,209&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">685&nbsp;</td>

                <td align="left" width="514">&nbsp;5.750%, 6/01/34&nbsp;</td>

                <td align="right" width="108">6/17 at 100.00&nbsp;</td>

                <td align="right">BBB&nbsp;</td>

                <td align="right">442,859&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">1,570&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;5.875%, 6/01/47&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="108">6/17 at 100.00&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">BBB&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">901,384&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">3,030&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Total Ohio&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">1,897,996&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Oklahoma &ndash; 0.4% (0.3% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">1,000&nbsp;</td>

                <td align="left" width="514">Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%,&nbsp;</td>

                <td align="right" width="108">7/15 at 100.00&nbsp;</td>

                <td align="right">AA&nbsp;</td>

                <td align="right">1,042,020&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;7/01/24 &ndash; AMBAC Insured&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Oregon &ndash; 3.0% (2.0% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">8,350&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Oregon Health Sciences University, Revenue Bonds, Series 2002A, 5.000%, 7/01/32 &ndash; MBIA Insured&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="108">1/13 at 100.00&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">A&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">7,537,879&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Pennsylvania &ndash; 9.5% (6.1% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">3,000&nbsp;</td>

                <td align="left" width="514">Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, St. Luke&rsquo;s&nbsp;</td>

                <td align="right" width="108">8/13 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">3,468,600&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Hospital of Bethlehem, Series 2003, 5.375%, 8/15/33 (Pre-refunded 8/15/13)&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">3,500&nbsp;</td>

                <td align="left" width="514">Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%,&nbsp;</td>

                <td align="right" width="108">6/26 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">2,383,780&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;6/01/33 &ndash; FSA Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">2,000&nbsp;</td>

                <td align="left" width="514">Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 5.000%, 8/01/32 &ndash; FSA Insured (UB)&nbsp;</td>

                <td align="right" width="108">8/13 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">1,970,440&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">925&nbsp;</td>

                <td align="left" width="514">Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%,&nbsp;</td>

                <td align="right" width="108">8/09 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">950,484&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;8/01/27 &ndash; AMBAC Insured (ETM)&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">13,000&nbsp;</td>

                <td align="left" width="514">State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School&nbsp;</td>

                <td align="right" width="108">6/13 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">14,800,629&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) &ndash; FSA Insured&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">22,425&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Total Pennsylvania&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">23,573,933&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Puerto Rico &ndash; 0.4% (0.3% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">10,000&nbsp;</td>

                <td align="left" width="514">Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%,&nbsp;</td>

                <td align="right" width="108">No Opt. Call&nbsp;</td>

                <td align="right">AA&ndash;&nbsp;</td>

                <td align="right">1,122,900&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;8/01/43 &ndash; NPFG Insured&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>South Carolina &ndash; 7.0% (4.7% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">5,000&nbsp;</td>

                <td align="left" width="514">Florence County, South Carolina, Hospital Revenue Bonds, McLeod Regional Medical Center,&nbsp;</td>

                <td align="right" width="108">11/14 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">5,150,850&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Series 2004A, 5.250%, 11/01/23 &ndash; FSA Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">Greenville County School District, South Carolina, Installment Purchase Revenue Bonds,&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">Series 2003:&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">3,000&nbsp;</td>

                <td align="left" width="514">&nbsp;5.000%, 12/01/22 (UB)&nbsp;</td>

                <td align="right" width="108">12/13 at 100.00&nbsp;</td>

                <td align="right">AA&nbsp;</td>

                <td align="right">3,050,490&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">1,785&nbsp;</td>

                <td align="left" width="514">&nbsp;5.000%, 12/01/23 (UB)&nbsp;</td>

                <td align="right" width="108">12/13 at 100.00&nbsp;</td>

                <td align="right">AA&nbsp;</td>

                <td align="right">1,810,543&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">8,000&nbsp;</td>

                <td align="left" width="514">South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2002A, 5.000%,&nbsp;</td>

                <td align="right" width="108">10/12 at 100.00&nbsp;</td>

                <td align="right">A1&nbsp;</td>

                <td align="right">7,845,440&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;10/01/33 &ndash; AMBAC Insured&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">17,785&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Total South Carolina&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">17,857,323&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Texas &ndash; 12.0% (8.0% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">7,975&nbsp;</td>

                <td align="left" width="514">Fort Bend Independent School District, Fort Bend County, Texas, General Obligation Bonds,&nbsp;</td>

                <td align="right" width="108">8/10 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">8,060,412&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Series 2000, 5.000%, 8/15/25&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">12,500&nbsp;</td>

                <td align="left" width="514">Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds,&nbsp;</td>

                <td align="right" width="108">2/13 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">14,166,999&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Series 2003, 5.125%, 2/15/31 (Pre-refunded 2/15/13) &ndash; FSA Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">2,000&nbsp;</td>

                <td align="left" width="514">Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%,&nbsp;</td>

                <td align="right" width="108">5/14 at 100.00&nbsp;</td>

                <td align="right">AA&nbsp;</td>

                <td align="right">2,062,960&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;5/15/25 &ndash; MBIA Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">5,515&nbsp;</td>

                <td align="left" width="514">Houston, Texas, General Obligation Refunding Bonds, Series 2002, 5.250%, 3/01/20 &ndash; MBIA Insured&nbsp;</td>

                <td align="right" width="108">3/12 at 100.00&nbsp;</td>

                <td align="right">AA&nbsp;</td>

                <td align="right">5,817,167&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">465&nbsp;</td>

                <td align="left" width="514">Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General&nbsp;</td>

                <td align="right" width="108">2/12 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">489,492&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;Obligation Bonds, Series 2002A, 5.125%, 2/15/18&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">28,455&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Total Texas&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">30,597,030&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Virginia &ndash; 0.6% (0.4% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">1,500&nbsp;</td>

                <td align="left" width="514">Hampton, Virginia, Revenue Bonds, Convention Center Project, Series 2002, 5.125%, 1/15/28 &ndash;&nbsp;</td>

                <td align="right" width="108">1/13 at 100.00&nbsp;</td>

                <td align="right">A1&nbsp;</td>

                <td align="right">1,507,740&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;AMBAC Insured&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Washington &ndash; 11.7% (7.8% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">4,945&nbsp;</td>

                <td align="left" width="514">Broadway Office Properties, King County, Washington, Lease Revenue Bonds, Washington Project,&nbsp;</td>

                <td align="right" width="108">12/12 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">4,965,720&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Series 2002, 5.000%, 12/01/31 &ndash; MBIA Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">5,250&nbsp;</td>

                <td align="left" width="514">Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds,&nbsp;</td>

                <td align="right" width="108">7/12 at 100.00&nbsp;</td>

                <td align="right">AA&nbsp;</td>

                <td align="right">5,274,465&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Series 2002C, 5.125%, 7/01/33 &ndash; AMBAC Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">5,000&nbsp;</td>

                <td align="left" width="514">King County, Washington, Sewer Revenue Bonds, Series 2006-2, 12.406%, 1/01/31 &ndash;&nbsp;</td>

                <td align="right" width="108">1/17 at 100.00&nbsp;</td>

                <td align="right">AAA&nbsp;</td>

                <td align="right">5,175,500&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;FSA Insured (IF)&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">2,135&nbsp;</td>

                <td align="left" width="514">Kitsap County Consolidated Housing Authority, Washington, Revenue Bonds, Bremerton Government&nbsp;</td>

                <td align="right" width="108">7/13 at 100.00&nbsp;</td>

                <td align="right">A1&nbsp;</td>

                <td align="right">2,159,104&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Center, Series 2003, 5.000%, 7/01/23 &ndash; MBIA Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">1,935&nbsp;</td>

                <td align="left" width="514">Pierce County School District 343, Dieringer, Washington, General Obligation Refunding Bonds,&nbsp;</td>

                <td align="right" width="108">6/13 at 100.00&nbsp;</td>

                <td align="right">Aa1&nbsp;</td>

                <td align="right">2,131,577&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Series 2003, 5.250%, 12/01/17 &ndash; FGIC Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">9,670&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Washington State, General Obligation Bonds, Series 2003D, 5.000%, 12/01/21 &ndash; MBIA Insured&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="108">6/13 at 100.00&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">AA+&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">10,148,472&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">28,935&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Total Washington&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">29,854,838&nbsp;</td>
            </tr>

            <tr>
                <td width="76">
                </td>

                <td width="514">
                </td>

                <td width="108">
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>West Virginia &ndash; 1.3% (0.8% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">3,000&nbsp;</td>

                <td align="left" width="514">West Virginia State Building Commission, Lease Revenue Refunding Bonds, Regional Jail and&nbsp;</td>

                <td align="right" width="108">No Opt. Call&nbsp;</td>

                <td align="right">N/R&nbsp;</td>

                <td align="right">3,181,620&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;Corrections Facility, Series 1998A, 5.375%, 7/01/21 &ndash; AMBAC Insured&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514"><b>Wisconsin &ndash; 6.7% (4.5% of Total Investments)</b>&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">1,190&nbsp;</td>

                <td align="left" width="514">Sun Prairie Area School District, Dane County, Wisconsin, General Obligation Bonds, Series&nbsp;</td>

                <td align="right" width="108">3/14 at 100.00&nbsp;</td>

                <td align="right">Aa3&nbsp;</td>

                <td align="right">1,331,955&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;2004C, 5.250%, 3/01/24 &ndash; FSA Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">4,605&nbsp;</td>

                <td align="left" width="514">Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of&nbsp;</td>

                <td align="right" width="108">9/13 at 100.00&nbsp;</td>

                <td align="right">BBB+ (5)&nbsp;</td>

                <td align="right">5,383,659&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Christian Charity Healthcare Ministry, Series 2003A, 5.875%, 9/01/33 (Pre-refunded 9/01/13)&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">3,000&nbsp;</td>

                <td align="left" width="514">Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc.,&nbsp;</td>

                <td align="right" width="108">No Opt. Call&nbsp;</td>

                <td align="right">A1&nbsp;</td>

                <td align="right">3,125,730&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Series 1992A, 6.000%, 12/01/22 &ndash; FGIC Insured&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">3,600&nbsp;</td>

                <td align="left" width="514">Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan&nbsp;</td>

                <td align="right" width="108">8/13 at 100.00&nbsp;</td>

                <td align="right">BBB+&nbsp;</td>

                <td align="right">2,666,807&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td align="left" width="514">&nbsp;Services Inc., Series 2003A, 5.125%, 8/15/33&nbsp;</td>

                <td align="left" width="108">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right" width="76">4,750&nbsp;</td>

                <td align="left" width="514">Wisconsin Health and Educational Facilities Authority, Revenue Refunding Bonds, Wausau&nbsp;</td>

                <td align="right" width="108">8/09 at 101.00&nbsp;</td>

                <td align="right">A&nbsp;</td>

                <td align="right">4,620,420&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">&nbsp;Hospital Inc., Series 1998A, 5.125%, 8/15/20 &ndash; AMBAC Insured&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="76">17,145&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Total Wisconsin&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">17,128,571&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" align="right" width="76">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402,705&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Total Investments (cost $385,416,797) &ndash; 150.8%&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">383,713,655&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Floating Rate Obligations &ndash; (4.8)%&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">(12,125,000)</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Other Assets Less Liabilities &ndash; 2.0%&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">4,798,474&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="514">Auction Rate Preferred Shares, at Liquidation Value &ndash; (48.0)% (5)&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">(122,000,000)</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="76">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" align="left" width="514">Net Assets Applicable to Common Shares &ndash; 100%&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" align="left" width="108">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" align="right">$ 254,387,129&nbsp;</td>
            </tr>
        </table>
        <br>


        <p style="TEXT-ALIGN: left"><b><FONT face='Arial Narrow' size=2>Fair Value Measurements</FONT></b></p>

     <p  style="TEXT-ALIGN:  left"><FONT face='Arial Narrow' size=2>During  the current fiscal  period,  the Fund
adopted the  provisions of Statement of Financial  Accounting  Standards No. 157
(SFAS No. 157) &ldquo;Fair Value Measurements.&rdquo;  SFAS No. 157 defines fair
value,  establishes a framework for measuring  fair value in generally  accepted
accounting  principles and expands disclosure about fair value measurements.  In
determining the value of the Fund&rsquo;s  investments  various inputs are used.
These inputs are summarized in the three broad levels listed below:</FONT></p>

        <p style="TEXT-ALIGN: left"><FONT face='Arial Narrow' size=2>Level 1 &ndash; Quoted prices in active markets for identical securities.</FONT></p>

        <p style="TEXT-ALIGN: left"><FONT face='Arial Narrow' size=2>Level 2 &ndash; Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).</FONT></p>

        <p style="TEXT-ALIGN: left"><FONT face='Arial Narrow' size=2>Level 3 &ndash; Significant unobservable inputs (including management&rsquo;s assumptions in determining the fair value of investments).</FONT></p>

     <p  style="TEXT-ALIGN:  left"><FONT face='Arial Narrow' size=2>The  inputs or  methodology  used for valuing
securities are not an indication of the risk  associated with investing in those
securities.   The  following  is  a  summary  of  the  Fund&rsquo;s  fair  value
measurements as of July 31, 2009:</FONT></p>

        <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial Narrow'" cellspacing="0" width="864" border="0">
            <tr>
                <td width="34%">
                </td>

                <td width="30%">
                </td>

                <td width="14%">
                </td>

                <td width="11%">
                </td>

                <td width="10%">
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><b>Level 1</b>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><b>Level 2</b>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><b>Level 3</b>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><b>Total</b>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">Investments:&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" align="left">&nbsp; Municipal Bonds&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" align="right">$ &mdash;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" align="right">$383,713,655&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" align="right">$ &mdash;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" align="right">$383,713,655&nbsp;</td>
            </tr>
        </table>
        <br>

        <p style="TEXT-ALIGN: left"><b><FONT face='Arial Narrow' size=2>Income Tax Information</FONT></b></p>

     <p  style="TEXT-ALIGN:  left"><FONT face='Arial Narrow' size=2>The following  information is presented on an
income tax basis.  Differences  between  amounts  for  financial  statement  and
federal  income  tax  purposes  are  primarily  due  to  timing  differences  in
recognizing  taxable market discount,  timing differences in recognizing certain
gains and losses on investment  transactions and the treatment of investments in
inverse floating rate transactions  subject to Statement of Financial Accounting
Standards No. 140 (SFAS No. 140), if any. To the extent that  differences  arise
that are permanent in nature,  such amounts are reclassified  within the capital
accounts on the  Statement  of Assets and  Liabilities  presented  in the annual
report, based on their federal tax basis treatment; temporary differences do not
require reclassification.  Temporary and permanent differences do not impact the
net asset value of the Fund.</FONT></p>

        <p style="TEXT-ALIGN: left"><FONT face='Arial Narrow' size=2>At July 31, 2009, the cost of investments was $373,129,881.</FONT></p>

        <p style="TEXT-ALIGN: left"><FONT face='Arial Narrow' size=2>Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2009, were as follows:</FONT></p>

        <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial Narrow'" cellspacing="0" width="864" border="0">
            <tr>
                <td width="62%">
                </td>

                <td width="37%">
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-TOP: #000000 1px solid" align="left">Gross unrealized:&nbsp;</td>

                <td style="BORDER-TOP: #000000 1px solid" align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">&nbsp;&nbsp;Appreciation&nbsp;</td>

                <td align="right">$&nbsp; 15,465,167&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp; Depreciation&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="right">(17,003,971)</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" align="left">Net unrealized appreciation (depreciation) of investments&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" align="right">$&nbsp; (1,538,804)</td>
            </tr>
        </table>
        <br>

        <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial Narrow'" cellspacing="0" width="864" border="0">
            <tr>
                <td width="6%">
                </td>

                <td width="93%">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left">&nbsp;</td>

                <td align="left">At least 80% of the Fund&rsquo;s net assets (including net assets attributable to Auction Rate Preferred shares)&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">&nbsp;</td>

                <td align="left">are invested in municipal securities that guarantee the timely payment of principal and interest.&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right">(1)&nbsp;</td>

                <td align="left">All percentages shown in the Portfolio of Investments are based on net assets applicable to Common&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">&nbsp;</td>

                <td align="left">shares unless otherwise noted.&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right">(2)&nbsp;</td>

                <td align="left">Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">&nbsp;</td>

                <td align="left">There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">&nbsp;</td>

                <td align="left">may be subject to periodic principal paydowns.&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right">(3)&nbsp;</td>

                <td align="left">Ratings: Using the higher of Standard &amp; Poor&rsquo;s Group (&ldquo;Standard &amp; Poor&rsquo;s&rdquo;) or Moody&rsquo;s Investor Service,&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">&nbsp;</td>

                <td align="left">Inc. (&ldquo;Moody&rsquo;s&rdquo;) rating. Ratings below BBB by Standard &amp; Poor&rsquo;s or Baa by Moody&rsquo;s are considered to be&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">&nbsp;</td>

                <td align="left">below investment grade.&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">&nbsp;</td>

                <td align="left">The Portfolio of Investments may reflect the ratings on certain bonds whose insurer has experienced&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">&nbsp;</td>

                <td align="left">downgrades as of the end of the reporting period. Subsequent to the reporting period, and during the&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">&nbsp;</td>

                <td align="left">period this Portfolio of Investments was prepared, there may have been reductions to the ratings of&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">&nbsp;</td>

                <td align="left">certain bonds resulting from changes to the ratings of the underlying insurers both during the period and&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">&nbsp;</td>

                <td align="left">after period end. Such reductions would likely reduce the effective rating of many of the bonds insured&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">&nbsp;</td>

                <td align="left">by that insurer or insurers presented at period end.&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right">(4)&nbsp;</td>

                <td align="left">Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">&nbsp;</td>

                <td align="left">which ensure the timely payment of principal and interest. Such investments are normally considered to&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">&nbsp;</td>

                <td align="left">be equivalent to AAA rated securities.&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right">(5)&nbsp;</td>

                <td align="left">Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.8%.&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right">N/R&nbsp;</td>

                <td align="left">Not rated.&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right">(ETM)&nbsp;</td>

                <td align="left">Escrowed to maturity.&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right">(IF)&nbsp;</td>

                <td align="left">Inverse floating rate investment.&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="right">(UB)&nbsp;</td>

                <td align="left">Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">&nbsp;</td>

                <td align="left">provisions of SFAS No. 140.&nbsp;</td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="2">



<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 2. Controls and
Procedures.</B></FONT></P>
<OL type=a>
  <LI>The registrant's principal executive and principal financial officers, or
  persons performing similar functions, have concluded that the registrant's
  disclosure controls and procedures (as defined in Rule 30a-3(c) under the
  Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR
  270.30a-3(c))) are effective, as of a date within 90 days of the filing date
  of this report that includes the disclosure required by this paragraph, based
  on their evaluation of the controls and procedures required by Rule 30a-3(b)
  under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under
  the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
  <LI>There were no changes in the registrant's internal control over financial
  reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR
  270.30a-3(d)) that occurred during the registrant's last fiscal quarter that
  have materially affected, or are reasonably likely to materially affect, the
  registrant's internal control over financial reporting.</LI></OL>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 3.
Exhibits.</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>File as exhibits as part of
this Form a separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT
attached hereto. </FONT></P>
<CENTER>
<H3><BR>SIGNATURES<BR></H3></CENTER>
<P><FONT face="Times New Roman, Times, Serif" size=2>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. </FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>(Registrant)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Insured Tax-Free Advantage Municipal Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>By (Signature and Title)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/&nbsp;Kevin J.
McCarthy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kevin
J.
McCarthy<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Vice President and Secretary</FONT></P>
<P><FONT face="Times New Roman, Times, Serif"
size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 29, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated.
</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>By (Signature and Title)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R.
Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Gifford R.
Zimmerman<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Chief Administrative Officer (principal executive officer)&nbsp;</FONT></P>
<P><FONT face="Times New Roman, Times, Serif"
size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 29, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>By (Signature and Title)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D.
Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen
D.
Foy<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Vice President and Controller (principal financial officer)&nbsp;</FONT></P>
<P><FONT face="Times New Roman, Times, Serif"
size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 29, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
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</TEXT>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification1.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML><HEAD><TITLE>Certifications</TITLE></HEAD>
<BODY>
<CENTER>
<H3><U>CERTIFICATIONS</U> </H3></CENTER>
<P>I, Gifford R. Zimmerman, certify that:</P>
<OL>
  <LI>I have reviewed this report on Form N-Q of Nuveen Insured Tax-Free Advantage Municipal Fund;
  <LI>Based on my knowledge, this report does not contain any untrue statement
  of a material fact or omit to state a material fact necessary to make the
  statements made, in light of the circumstances under which such statements
  were made, not misleading with respect to the period covered by this report;
  <LI>Based on my knowledge, the schedules of investments included in this
  report fairly present in all material respects the investments of the
  registrant as of the end of the fiscal quarter for which the report is filed;
  <LI>The registrant's other certifying officer and I are responsible for
  establishing and maintaining disclosure controls and procedures (as defined in
  Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
  over financial reporting (as defined in Rule 30a-3(d) under the Investment
  Company Act of 1940) for the registrant and have:
  <OL type=a>
    <LI>Designed such disclosure controls and procedures, or caused such
    disclosure controls and procedures to be designed under our supervision, to
    ensure that material information relating to the registrant, including its
    consolidated subsidiaries, is made known to us by others within those
    entities, particularly during the period in which this report is being
    prepared;
    <LI>Designed such internal control over financial reporting, or caused such
    internal control over financial reporting to be designed under our
    supervision, to provide reasonable assurance regarding the reliability of
    financial reporting and the preparation of financial statements for external
    purposes in accordance with generally accepted accounting principles;
    <LI>Evaluated the effectiveness of the registrant's disclosure controls and
    procedures and presented in this report our conclusions about the
    effectiveness of the disclosure controls and procedures, as of a date within
    90 days prior to the filing date of this report, based on such evaluation;
    and
    <LI>Disclosed in this report any change in the registrant's internal control
    over financial reporting that occurred during the registrant's most recent
    fiscal quarter that has materially affected, or is reasonably likely to
    materially affect, the registrant's internal control over financial
    reporting; and</LI></OL>
  <LI>The registrant's other certifying officer and I have disclosed to the
  registrant's auditors and the audit committee of the registrant's board of
  directors (or persons performing the equivalent functions):
  <OL type=a>
    <LI>All significant deficiencies and material weaknesses in the design or
    operation of internal control over financial reporting which are reasonably
    likely to adversely affect the registrant's ability to record, process,
    summarize, and report financial information; and
    <LI>Any fraud, whether or not material, that involves management or other
    employees who have a significant role in the registrant's internal control
    over financial reporting.</LI></OL></LI></OL>
<P>Date:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 29, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<CENTER>
<H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R.
Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>Gifford R.
Zimmerman<BR>Chief Administrative Officer<BR>(principal executive
officer)<BR><BR></H4></CENTER>
<HR noShade SIZE=1>
<PAGE>
<CENTER>
<H3><BR><U>CERTIFICATIONS</U> </H3></CENTER>
<P>I, Stephen D. Foy, certify that:</P>
<OL>
  <LI>I have reviewed this report on Form N-Q of Nuveen Insured Tax-Free Advantage Municipal Fund;
  <LI>Based on my knowledge, this report does not contain any untrue statement
  of a material fact or omit to state a material fact necessary to make the
  statements made, in light of the circumstances under which such statements
  were made, not misleading with respect to the period covered by this report;
  <LI>Based on my knowledge, the schedules of investments included in this
  report fairly present in all material respects the investments of the
  registrant as of the end of the fiscal quarter for which the report is filed;
  <LI>The registrant's other certifying officer and I are responsible for
  establishing and maintaining disclosure controls and procedures (as defined in
  Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
  over financial reporting (as defined in Rule 30a-3(d) under the Investment
  Company Act of 1940) for the registrant and have:
  <OL type=a>
    <LI>Designed such disclosure controls and procedures, or caused such
    disclosure controls and procedures to be designed under our supervision, to
    ensure that material information relating to the registrant, including its
    consolidated subsidiaries, is made known to us by others within those
    entities, particularly during the period in which this report is being
    prepared;
    <LI>Designed such internal control over financial reporting, or caused such
    internal control over financial reporting to be designed under our
    supervision, to provide reasonable assurance regarding the reliability of
    financial reporting and the preparation of financial statements for external
    purposes in accordance with generally accepted accounting principles;
    <LI>Evaluated the effectiveness of the registrant's disclosure controls and
    procedures and presented in this report our conclusions about the
    effectiveness of the disclosure controls and procedures, as of a date within
    90 days prior to the filing date of this report, based on such evaluation;
    and
    <LI>Disclosed in this report any change in the registrant's internal control
    over financial reporting that occurred during the registrant's most recent
    fiscal quarter that has materially affected, or is reasonably likely to
    materially affect, the registrant's internal control over financial
    reporting; and</LI></OL>
  <LI>The registrant's other certifying officer and I have disclosed to the
  registrant's auditors and the audit committee of the registrant's board of
  directors (or persons performing the equivalent functions):
  <OL type=a>
    <LI>All significant deficiencies and material weaknesses in the design or
    operation of internal control over financial reporting which are reasonably
    likely to adversely affect the registrant's ability to record, process,
    summarize, and report financial information; and
    <LI>Any fraud, whether or not material, that involves management or other
    employees who have a significant role in the registrant's internal control
    over financial reporting.</LI></OL></LI></OL>
<P>Date:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 29, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<CENTER>
<H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D.
Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>Stephen D.
Foy&nbsp;<BR>Vice President and Controller<BR>(principal financial
officer)<BR><BR></H4></CENTER>
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