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<SEC-DOCUMENT>0000891804-08-000973.txt : 20080331
<SEC-HEADER>0000891804-08-000973.hdr.sgml : 20080331
<ACCEPTANCE-DATETIME>20080331153916
ACCESSION NUMBER:		0000891804-08-000973
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080131
FILED AS OF DATE:		20080331
DATE AS OF CHANGE:		20080331
EFFECTIVENESS DATE:		20080331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN INSURED DIVIDEND ADVANTAGE MUNICIPAL FUND
		CENTRAL INDEX KEY:			0001090116
		IRS NUMBER:				752998730
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-09475
		FILM NUMBER:		08724369

	BUSINESS ADDRESS:	
		STREET 1:		JOHN NUVEEN & CO INC
		STREET 2:		333 WEST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129177794

	MAIL ADDRESS:	
		STREET 1:		JOHN NUVEEN & CO INC
		STREET 2:		333 WEST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq1.htm
<DESCRIPTION>NVG
<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;811-09475
&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 Dividend 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;1/31/08&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>

<a name="page_1"></a>

        <table cellspacing="1" cellpadding="0" width="648" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Portfolio
                of Investments (Unaudited)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Nuveen
                Insured Dividend Advantage Municipal Fund (NVG)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><i><font face="sans-serif" size="2">January 31,
                2008</font></i>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <b><font face="sans-serif" size="2">Principal</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><b><font face="sans-serif" size="2">Optional
                Call</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><b><font face="sans-serif" size="2">Amount
                (000)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Description
                (1)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><b><font face="sans-serif" size="2">Provisions
                (2)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%"><b><font face="sans-serif" size="2">Ratings
                (3)</font></b>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <b><font face="sans-serif" size="2">Value</font></b>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Municipal
                Bonds &ndash; 153.1% (99.7% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Alabama
                &ndash; 4.2% (2.8% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                5,310</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Athens,
                Alabama, Water and Sewerage Revenue Warrants, Series 2002, 5.300%, 5/01/32
                &ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">5/12 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%"><font face="sans-serif" size="2">&nbsp;$</font>
                &nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">5,532,489</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">MBIA
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">3,045</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Hoover,
                Alabama, General Obligation Bonds, Series 2003, 5.000%, 3/01/20 &ndash; MBIA
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">3/12 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">3,258,759</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">10,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Jefferson
                County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 1999A,
                5.375%,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">2/09 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">10,424,600</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">2/01/36
                (Pre-refunded 2/01/09) &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">18,355</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Alabama</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">19,215,848</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Alaska
                &ndash; 3.7% (2.4% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">15,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Alaska,
                International Airport System Revenue Bonds, Series 2002B, 5.250%,
                10/01/27</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">16,672,950</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">
                &nbsp;<font face="sans-serif" size="2">(Pre-refunded 10/01/12) &ndash; AMBAC
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Arizona
                &ndash; 2.2% (1.4% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">5,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Phoenix,
                Arizona, Civic Improvement Corporation, Senior Lien Airport Revenue Bonds,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">7/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">5,027,150</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">2002B,
                5.250%, 7/01/32 &ndash; FGIC Insured (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">6,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Phoenix,
                Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B,
                0.000%,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">4,752,900</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">7/01/37
                &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">11,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Arizona</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">9,780,050</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">California
                &ndash; 15.8% (10.2% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Alameda
                Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,129,800</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">2004A,
                0.000%, 10/01/20 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California
                Educational Facilities Authority, Revenue Bonds, Occidental College, Series
                2005A:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,485</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%,
                10/01/26 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,552,686</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,565</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%,
                10/01/27 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,630,104</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">6,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California
                Infrastructure Economic Development Bank, First Lien Revenue Bonds, San Francisco
                Bay</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">1/28 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">6,664,800</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Area
                Toll Bridge, Series 2003A, 5.000%, 7/01/33 (Pre-refunded 1/01/28) &ndash; AMBAC
                Insured&nbsp;(UB)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California,
                General Obligation Bonds, Series 2000:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">375</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.250%,
                9/01/17 (Pre-refunded 9/01/10) &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">9/10 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">402,896</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">190</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.250%,
                9/01/17 (Pre-refunded 9/01/10) &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">9/10 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">204,134</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">10,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California,
                General Obligation Refunding Bonds, Series 2002, 5.000%, 2/01/23 &ndash; MBIA
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">2/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">10,456,500</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">8,890</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California,
                General Obligation Veterans Welfare Bonds, Series 1997BH, 5.400%,
                12/01/14</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">12/08 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AA&ndash;</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">9,179,192</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">
                &nbsp;<font face="sans-serif" size="2">(Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">3,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California,
                General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.375%, 12/01/24 &ndash;
                MBIA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">6/08 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">3,008,010</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Insured
                (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">2,425</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Fullerton
                Public Financing Authority, California, Tax Allocation Revenue Bonds, Series
                2005,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">9/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,443,915</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%,
                9/01/27 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">6,190</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Golden State
                Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
                Asset-</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">6/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">A2</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">6,065,581</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Backed
                Bonds, Trust K74W, 6.847%, 6/01/35 &ndash; FGIC Insured (IF)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Golden State
                Tobacco Securitization Corporation, California, Enhanced Tobacco
                Settlement</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Asset-Backed
                Bonds, Series 2007A-1:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.750%,
                6/01/47</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">6/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">958,680</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">365</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.125%,
                6/01/47</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">6/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">316,210</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,990</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Kern Community
                College District, California, General Obligation Bonds, Series 2006,
                0.000%,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">861,610</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">11/01/25
                &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">625</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Los Angeles
                Department of Water and Power, California, Waterworks Revenue Bonds,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">7/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">644,681</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">2006A-1,
                5.000%, 7/01/36 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">7,935</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Los Angeles,
                California, Certificates of Participation, Series 2002, 5.300%, 4/01/32
                &ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">4/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">8,105,841</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">AMBAC
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">7,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Northern
                California Power Agency, Revenue Refunding Bonds, Hydroelectric Project 1,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">7/08 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">7,618,275</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">1998A,
                5.200%, 7/01/32 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">2,320</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Sacramento
                Municipal Utility District, California, Electric Revenue Bonds, Series
                2001P,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">8/11 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,491,982</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.250%,
                8/15/18 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">6,720</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">San Jose
                Redevelopment Agency, California, Tax Allocation Bonds, Merged Area
                Redevelopment</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">8/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">6,014,534</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Project,
                Series 2006C, 4.250%, 8/01/30 &ndash; MBIA Insured (UB)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,690</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Ventura County
                Community College District, California, General Obligation Bonds, Series
                2005B,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">8/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,758,006</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%,
                8/01/28 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">72,265</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                California</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">71,507,437</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Colorado
                &ndash; 5.6% (3.6% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">17,300</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Adams County,
                Colorado, FHA-Insured Mortgage Revenue Bonds, Platte Valley Medical
                Center,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">8/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">18,007,397</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Series
                2005, 5.000%, 8/01/24 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">750</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Arkansas River
                Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/32
                &ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">765,915</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">XLCA
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">17,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">E-470 Public
                Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B,
                0.000%,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">6,627,110</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">9/01/25
                &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">35,050</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Colorado</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">25,400,422</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">District of
                Columbia &ndash; 1.5% (1.0% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">6,805</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">District of
                Columbia, Revenue Bonds, Georgetown University, Series 2007A, 4.500%, 4/01/42
                &ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">4/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">6,213,714</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">AMBAC
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">935</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Washington
                Convention Center Authority, District of Columbia, Senior Lien Dedicated
                Tax</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">765,830</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Revenue
                Bonds, Series 2007, Residuals 1606, 7.094%, 10/01/30 &ndash; AMBAC Insured
                (IF)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">7,740</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total District
                of Columbia</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">6,979,544</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Florida
                &ndash; 11.7% (7.6% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Florida
                Municipal Loan Council, Revenue Bonds, Series 2003B:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">2,305</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.250%,
                12/01/17 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">12/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,548,316</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,480</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.250%,
                12/01/18 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">12/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,611,039</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">11,600</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Greater
                Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series
                2002B,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">12,021,892</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.125%,
                10/01/21 &ndash; FSA Insured (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">8,155</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Lee County,
                Florida, Solid Waste System Revenue Refunding Bonds, Series 2001,
                5.625%,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/11 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">8,786,849</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">10/01/13
                &ndash; MBIA Insured (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Miami-Dade
                County, Florida, Aviation Revenue Bonds, Miami International Airport, Series
                2002:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">7,165</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.625%,
                10/01/15 &ndash; FGIC Insured (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">7,885,226</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">5,600</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.750%,
                10/01/16 &ndash; FGIC Insured (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">5,948,152</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">10,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.125%,
                10/01/21 &ndash; FGIC Insured (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">10,226,900</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.250%,
                10/01/22 &ndash; FGIC Insured (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,048,840</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">South Miami
                Health Facilities Authority, Florida, Hospital Revenue, Baptist Health
                System</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">8/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AA-</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">986,210</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">
                &nbsp;<font face="sans-serif" size="2">Obligation Group, Series 2007, 5.000%,
                8/15/42</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Tallahassee,
                Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 &ndash; MBIA
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,033,040</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">50,305</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Florida</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">53,096,464</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Georgia
                &ndash; 2.2% (1.4% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">6,925</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Atlanta and
                Fulton County Recreation Authority, Georgia, Guaranteed Revenue Bonds,
                Park</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">12/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">7,176,516</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">
                &nbsp;<font face="sans-serif" size="2">Improvement, Series 2005A, 5.000%, 12/01/30
                &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Atlanta,
                Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22
                &ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">11/14 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,058,890</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">FSA
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,695</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Georgia
                Housing and Finance Authority, Single Family Mortgage Bonds, Series 2002B-2,
                5.500%,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">12/11 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,714,967</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">6/01/32
                (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">9,620</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Georgia</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">9,950,373</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Idaho
                &ndash; 1.0% (0.6% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Idaho Housing
                and Finance Association, Grant and Revenue Anticipation Bonds, Federal
                Highway</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Trust Funds,
                Series 2006:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">3,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%,
                7/15/23 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">7/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">3,196,740</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,130</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%,
                7/15/24 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">7/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,198,297</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">4,130</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Idaho</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">4,395,037</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Illinois
                &ndash; 13.1% (8.5% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">10,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Bolingbrook,
                Illinois, General Obligation Bonds, Series 2002A, 5.375%, 1/01/38
                (Pre-refunded</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">1/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">11,020,900</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">1/01/12)
                &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,305</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Chicago,
                Illinois, General Obligation Bonds, Series 2001A, 5.500%, 1/01/38 &ndash; MBIA
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">1/11 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,376,605</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Chicago,
                Illinois, General Obligation Bonds, Series 2001A:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">50</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.500%,
                1/01/38 (Pre-refunded 1/01/11) &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">1/11 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">54,769</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">3,645</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.500%,
                1/01/38 (Pre-refunded 1/01/11) &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">1/11 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">3,992,660</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Chicago,
                Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O&rsquo;Hare
                International</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Airport,
                Series 2001C:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">4,250</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.500%,
                1/01/16 &ndash; AMBAC Insured (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">1/11 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">4,429,945</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">4,485</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.500%,
                1/01/17 &ndash; AMBAC Insured (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">1/11 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">4,664,849</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">4,730</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.500%,
                1/01/18 &ndash; AMBAC Insured (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">1/11 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">4,907,848</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">2,930</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.500%,
                1/01/19 &ndash; AMBAC Insured (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">1/11 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">3,029,239</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">3,600</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Chicago,
                Illinois, Third Lien General Airport Revenue Bonds, O&rsquo;Hare International
                Airport,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">1/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">3,735,504</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Series
                2005A, 5.250%, 1/01/24 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">3,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Chicago,
                Illinois, Third Lien General Airport Revenue Refunding Bonds, O&rsquo;Hare
                International</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">1/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">3,150,180</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Airport,
                Series 2002A, 5.750%, 1/01/17 &ndash; MBIA Insured (Alternative Minimum
                Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">4,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Cicero, Cook
                County, Illinois, General Obligation Corporate Purpose Bonds, Series
                2002,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">12/12 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">4,228,360</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%,
                12/01/21 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">730</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">DuPage County
                Community School District 200, Wheaton, Illinois, General Obligation
                Bonds,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">786,363</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Series
                2003C, 5.250%, 10/01/22 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">770</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">DuPage County
                Community School District 200, Wheaton, Illinois, General Obligation
                Bonds,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">871,209</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Series
                2003C, 5.250%, 10/01/22 (Pre-refunded 10/01/13) &ndash; FSA
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">3,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Illinois
                Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A,
                5.000%,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">2/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">3,531,570</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">2/01/35
                &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">4,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Illinois Toll
                Highway Authority, State Toll Highway Authority Revenue Bonds, Series
                2006,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">7/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">4,214,600</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%,
                1/01/26 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">5,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Illinois,
                General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.250%, 4/01/23
                &ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">4/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">5,312,350</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">FSA
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">55,995</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Illinois</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">59,306,951</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Indiana
                &ndash; 16.0% (10.5% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">3,380</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Evansville,
                Indiana, Sewerage Works Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/20
                &ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">7/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">3,596,523</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">AMBAC
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Indiana Bond
                Bank, Special Program Bonds, Hendricks County Redevelopment
                District,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Series
                2002D:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">2,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.375%,
                4/01/23 (Pre-refunded 4/01/12) &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">4/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,767,500</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">7,075</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.250%,
                4/01/26 (Pre-refunded 4/01/12) &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">4/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">7,797,358</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">7,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.250%,
                4/01/30 (Pre-refunded 4/01/12) &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">4/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">7,714,700</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">10,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Indiana Health
                Facility Financing Authority, Hospital Revenue Bonds, Marion General
                Hospital,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">7/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">10,127,200</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Series
                2002, 5.250%, 7/01/32 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">3,200</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Indiana
                Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42
                &ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">1/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">3,233,120</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">MBIA
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">25,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Indianapolis
                Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series
                2002A,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">7/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">27,708,248</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.250%,
                7/01/33 (Pre-refunded 7/01/12) &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Northern Wells
                Community School Building Corporation, Wells County, Indiana, First
                Mortgage</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Bonds, Series
                2001:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">420</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.250%,
                1/15/19 (Pre-refunded 7/15/12) &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">7/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">465,864</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">430</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.250%,
                7/15/19 (Pre-refunded 7/15/12) &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">7/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">476,956</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,675</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.400%,
                7/15/23 (Pre-refunded 7/15/12) &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">7/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,868,396</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">6,960</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Valparaiso
                Middle School Building Corporation, Indiana, First Mortgage Refunding Bonds,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">1/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">7,276,958</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">2002,
                5.000%, 7/15/24 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">67,640</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Indiana</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">73,032,823</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Louisiana
                &ndash; 3.4% (2.2% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">3,280</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Louisiana
                Public Facilities Authority, Revenue Bonds, Archdiocese of New Orleans, Series
                2007</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">7/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,247,000</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Drivers
                1755, 8.789%, 7/01/37 &ndash; CIFG Insured (IF)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Louisiana
                Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">7/14 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,565,010</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">2004,
                5.250%, 7/01/24 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Louisiana
                State, Gasoline and Fuels Tax Revenue Bonds, Series 2006:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">770</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">4.750%,
                5/01/39 &ndash; FSA Insured (UB)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">5/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">770,732</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">8,270</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">4.500%,
                5/01/41 &ndash; FGIC Insured (UB)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">5/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">7,684,650</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">3</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Louisiana
                State, Gasoline Tax Revenue Bonds, Series 2006, Residuals 660-3, 6.541%, 5/01/41
                &ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">5/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,625</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">FGIC
                Insured (IF)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">3,085</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">New Orleans,
                Louisiana, General Obligation Refunding Bonds, Series 2002, 5.125%, 9/01/21
                &ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">9/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">3,234,191</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">MBIA
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">16,908</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Louisiana</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">15,504,208</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">
                <b><font face="sans-serif" size="2">Massachusetts &ndash; 1.2% (0.8% of Total
                Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">2,630</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Massachusetts
                College Building Authority, Project Revenue Bonds, Series 2006A,
                5.000%,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">5/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,715,028</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5/01/31
                &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,550</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Massachusetts
                Water Resources Authority, General Revenue Bonds, Series 2005A,
                5.250%,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">8/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,675,783</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">8/01/26
                &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">925</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Massachusetts
                Water Resources Authority, General Revenue Bonds, Series 2007,
                Residual</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">2/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">859,011</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Trust
                7039, 8.712%, 8/01/46 &ndash; FSA Insured (IF)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">5,105</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Massachusetts</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">5,249,822</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Michigan
                &ndash; 0.3% (0.2% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Michigan State
                Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">12/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,507,875</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">2006A,
                5.000%, 12/01/31</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Missouri
                &ndash; 2.5% (1.6% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,600</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">St. Louis
                County Pattonville School District R3, Missouri, General Obligation Bonds,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">3/14 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,757,696</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">2004,
                5.250%, 3/01/19 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">8,735</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">St. Louis,
                Missouri, Airport Revenue Bonds, Airport Development Program, Series 2001A,
                5.250%,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">7/11 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">9,500,361</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">7/01/31
                (Pre-refunded 7/01/11) &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">10,335</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Missouri</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">11,258,057</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Nebraska
                &ndash; 1.9% (1.3% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">6,360</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Lincoln,
                Nebraska, Electric System Revenue Bonds, Series 2005, 5.000%,
                9/01/32</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">9/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">6,568,354</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Municipal
                Energy Agency of Nebraska, Power Supply System Revenue Bonds, Series
                2003A:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.250%,
                4/01/20 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">4/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,091,140</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.250%,
                4/01/21 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">4/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,072,240</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">8,360</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Nebraska</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">8,731,734</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Nevada
                &ndash; 2.1% (1.4% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">8,750</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Truckee
                Meadows Water Authority, Nevada, Water Revenue Bonds, Series 2001A, 5.250%,
                7/01/34</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">7/11 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">9,543,625</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">
                &nbsp;<font face="sans-serif" size="2">(Pre-refunded 7/01/11) &ndash; FSA
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">New Jersey
                &ndash; 0.5% (0.4% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">2,150</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">New Jersey
                Transportation Trust Fund Authority, Transportation System Bonds, Series
                2006A,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AA&ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,442,615</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.250%,
                12/15/20</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">New York
                &ndash; 4.9% (3.1% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,120</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Dormitory
                Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds,
                Montefiore</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">2/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,177,949</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">
                &nbsp;<font face="sans-serif" size="2">Hospital, Series 2004, 5.000%, 8/01/23
                &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">3,660</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Dormitory
                Authority of the State of New York, Revenue Bonds, Mental Health Services
                Facilities</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">2/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">3,849,076</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">
                &nbsp;<font face="sans-serif" size="2">Improvements, Series 2005B, 5.000%, 2/15/23
                &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">3,130</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Hudson Yards
                Infrastucture Corporation, New York, Revenue Bonds, Series 2006A,
                4.500%,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">2/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,988,900</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">2/15/47
                &ndash; MBIA Insured (UB)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">2,400</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Long Island
                Power Authority, New York Electric System Revenue Bonds, Series 2006F,
                4.250%,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">11/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,216,136</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5/01/33
                &ndash; MBIA Insured (UB)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Metropolitan
                Transportation Authority, New York, Transportation Revenue Bonds, Series
                2005B,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">11/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,544,250</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%,
                11/15/30 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">10,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Metropolitan
                Transportation Authority, New York, Transportation Revenue Refunding
                Bonds,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">11/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">10,306,000</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Series
                2002A, 5.000%, 11/15/30 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">21,810</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total New
                York</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">22,082,311</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">North
                Carolina &ndash; 0.5% (0.3% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">2,125</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">North Carolina
                Medical Care Commission, FHA-Insured Mortgage Revenue Bonds, Betsy
                Johnson</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,298,570</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Regional
                Hospital Project, Series 2003, 5.375%, 10/01/24 &ndash; FSA
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Ohio
                &ndash; 0.7% (0.4% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Buckeye
                Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
                Revenue</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Bonds, Senior
                Lien, Series 2007A-2:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">70</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.125%,
                6/01/24</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">6/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">67,738</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">710</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.875%,
                6/01/30</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">6/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">706,436</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">685</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.750%,
                6/01/34</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">6/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">660,217</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,570</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.875%,
                6/01/47</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">6/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,516,259</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">3,035</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Ohio</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,950,650</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Oklahoma
                &ndash; 0.4% (0.3% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Oklahoma
                Development Finance Authority, Revenue Bonds, Saint John Health System, Series
                2007,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">2/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AA&ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,983,300</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%,
                2/15/37</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Oregon
                &ndash; 1.5% (1.0% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Oregon,
                General Obligation Veterans Welfare Bonds, Series 82:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">4,530</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.375%,
                12/01/31</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">12/11 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">4,613,533</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">2,115</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.500%,
                12/01/42</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">12/11 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,151,695</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">6,645</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Oregon</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">6,765,228</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">
                <b><font face="sans-serif" size="2">Pennsylvania &ndash; 3.5% (2.3% of Total
                Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">4,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Allegheny
                County, Pennsylvania, Airport Revenue Refunding Bonds, Pittsburgh
                International</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">4,983,525</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Airport,
                Series 1997A, 5.750%, 1/01/13 &ndash; MBIA Insured (Alternative Minimum
                Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">4,130</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Pennsylvania
                Public School Building Authority, Lease Revenue Bonds, School District of
                Philadelphia,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">12/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">4,120,708</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Series
                2006B, 4.500%, 6/01/32 &ndash; FSA Insured (UB)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,050</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Pennsylvania
                Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26
                &ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">6/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,096,841</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">AMBAC
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Philadelphia
                Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2003B,
                5.250%,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">11/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,200,020</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">11/15/18
                &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Reading School
                District, Berks County, Pennsylvania, General Obligation Bonds, Series
                2005,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">1/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,188,400</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%,
                1/15/19 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">State Public
                School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia
                School</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">6/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,112,440</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">
                &nbsp;<font face="sans-serif" size="2">District, Series 2003, 5.000%, 6/01/23
                (Pre-refunded 6/01/13) &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">14,680</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Pennsylvania</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">15,701,934</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Puerto Rico
                &ndash; 0.5% (0.3% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,225</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Puerto Rico
                Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 &ndash; CIFG
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,305,556</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">5,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Puerto Rico
                Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A,
                0.000%,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">785,900</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">8/01/42
                &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">6,225</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Puerto
                Rico</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,091,456</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">South
                Carolina &ndash; 1.5% (1.0% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,950</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Greenville
                County School District, South Carolina, Installment Purchase Revenue Bonds,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">12/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,005,263</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">2006,
                5.000%, 12/01/28 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Greenville,
                South Carolina, Tax Increment Revenue Improvement Bonds, Series
                2003:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.500%,
                4/01/17 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">4/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,108,830</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">2,300</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%,
                4/01/21 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">4/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,441,772</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Scago
                Educational Facilities Corporation, South Carolina, Installment Purchase Revenue
                Bonds,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,070,390</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">
                &nbsp;<font face="sans-serif" size="2">Spartanburg County School District 5, Series
                2005, 5.000%, 4/01/21 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">6,250</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total South
                Carolina</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">6,626,255</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Tennessee
                &ndash; 9.8% (6.4% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Memphis,
                Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,495</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%,
                10/01/19 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/14 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,629,102</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,455</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%,
                10/01/20 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/14 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,582,080</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,955</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%,
                10/01/21 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/14 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,112,358</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">10,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Memphis-Shelby
                County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Series
                2002A,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">11/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">11,101,200</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.125%,
                11/01/28 (Pre-refunded 11/01/12) &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">10,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Memphis-Shelby
                County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Series
                2002B,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">11/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">11,101,200</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.125%,
                11/01/29 (Pre-refunded 11/01/12) &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">15,195</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Tennessee
                State School Bond Authority, Higher Educational Facilities Second Program
                Bonds,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">5/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">16,786,676</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Series
                2002A, 5.250%, 5/01/32 (Pre-refunded 5/01/12) &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">40,100</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Tennessee</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">44,312,616</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Texas
                &ndash; 25.5% (16.6% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">3,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Dallas-Ft.
                Worth International Airport, Texas, Joint Revenue Refunding and Improvement
                Bonds,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">11/11 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">3,720,500</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Series
                2001A, 5.750%, 11/01/13 &ndash; FGIC Insured (Alternative Minimum
                Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">10,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Gainesville
                Hospital District, Texas, Limited Tax General Obligation Bonds, Series
                2002,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">8/11 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">10,173,500</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.375%,
                8/15/32 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,210</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Galveston,
                Texas, General Obligation Bonds, Series 2001, 5.250%, 5/01/21 &ndash; AMBAC
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">5/11 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,264,982</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Harris County
                Health Facilities Development Corporation, Texas, Thermal Utility Revenue
                Bonds,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">TECO Project,
                Series 2003:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">2,240</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%,
                11/15/16 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">11/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,383,158</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">2,355</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%,
                11/15/17 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">11/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,489,329</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">13,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Houston Area
                Water Corporation, Texas, Contract Revenue Bonds, Northeast Water
                Purification</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">3/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">14,251,900</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Plant,
                Series 2002, 5.125%, 3/01/32 (Pre-refunded 3/01/12) &ndash; FGIC
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Houston,
                Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A,
                5.250%,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">5/14 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,048,150</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5/15/24
                &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">4,345</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">San Antonio,
                Texas, Water System Senior Lien Revenue Refunding Bonds, Series 2002,
                5.500%,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">5/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">4,784,236</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5/15/17
                &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">5,875</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Texas
                Department of Housing and Community Affairs, Residential Mortgage Revenue Bonds,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">7/11 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">6,276,674</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">2001A,
                5.350%, 7/01/33 (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">8,545</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Texas
                Department of Housing and Community Affairs, Single Family Mortgage Bonds, Series
                2002B,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">3/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">8,638,653</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.550%,
                9/01/33 &ndash; MBIA Insured (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Texas Public
                Finance Authority, Revenue Bonds, Texas Southern University Financing
                System,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Series
                2002:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">3,520</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.125%,
                11/01/20 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">5/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">3,744,576</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">3,520</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.125%,
                11/01/21 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">5/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">3,744,576</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Texas Student
                Housing Authority, Revenue Bonds, Austin Project, Senior Series
                2001A:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">9,400</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.375%,
                1/01/23 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">1/12 at
                102.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">9,677,582</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">11,665</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.500%,
                1/01/33 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">1/12 at
                102.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">11,885,235</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">5,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Texas Water
                Development Board, Senior Lien State Revolving Fund Revenue Bonds, Series
                1999B,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">1/10 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">5,246,000</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.250%,
                7/15/17</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">9,145</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Texas, General
                Obligation Bonds, Veterans Housing Assistance Program Fund II, Series
                2002A-1,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">6/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aa1</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">9,448,065</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.250%,
                12/01/22 (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Williamson
                County, Texas, General Obligation Bonds, Series 2002:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">3,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.250%,
                2/15/22 (Pre-refunded 2/15/12) &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">2/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">3,300,480</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">7,340</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.250%,
                2/15/23 (Pre-refunded 2/15/12) &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">2/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">8,075,174</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">5,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.250%,
                2/15/25 (Pre-refunded 2/15/12) &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">2/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">5,500,800</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">109,660</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Texas</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">115,653,570</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Washington
                &ndash; 12.5% (8.2% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">5,385</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Energy
                Northwest, Washington Public Power, Nine Canyon Wind Project Revenue Bonds,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">7/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">5,062,331</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">2006A,
                4.500%, 7/01/30 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">6,600</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Energy
                Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating
                Station &ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">7/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">7,166,610</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Nuclear
                Project 2, Series 2002B, 5.350%, 7/01/18 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">7,675</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Energy
                Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 1,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">7/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">8,437,972</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">2002A,
                5.500%, 7/01/15 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">2,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Port of
                Seattle, Washington, Revenue Refunding Bonds, Series 2002D, 5.750%, 11/01/15
                &ndash; FGIC</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">11/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,703,100</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Insured
                (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">2,200</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Snohomish
                County School District 2, Everett, Washington, General Obligation Bonds,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">12/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,415,490</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">2003B,
                5.000%, 6/01/17 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">3,255</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Thurston and
                Pierce Counties School District, Washington, General Obligation Bonds,
                Yelm</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">6/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">3,602,862</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">
                &nbsp;<font face="sans-serif" size="2">Community Schools, Series 2003, 5.250%,
                12/01/16 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Washington
                State Economic Development Finance Authority, Wastewater Revenue Bonds,
                LOTT</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Project,
                Series 2002:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.500%,
                6/01/17 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">6/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">2,196,380</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">4,325</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.125%,
                6/01/22 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">6/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">4,534,114</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">15,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Washington
                State Healthcare Facilities Authority, Revenue Bonds, Harrison Memorial
                Hospital,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">8/13 at
                102.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">15,107,400</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Series
                1998, 5.000%, 8/15/28 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">5,170</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Whitman County
                School District 267, Pullman, Washington, General Obligation Bonds,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">6/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">5,525,179</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">2002,
                5.000%, 12/01/20 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">54,110</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Washington</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">56,751,438</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Wisconsin
                &ndash; 2.9% (1.9% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">11,950</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Wisconsin,
                Transportation Revenue Refunding Bonds, Series 2002-1, 5.125%,
                7/01/18</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%"><font face="sans-serif" size="2">7/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">
                <font face="sans-serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">13,182,642</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">
                <font face="sans-serif" size="2">&nbsp;(Pre-refunded 7/01/12) &ndash; AMBAC
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;
                678,798</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Municipal Bonds (cost $661,013,929)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">693,975,805</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <b><font face="sans-serif" size="2">Shares</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Description
                (1)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <b><font face="sans-serif" size="2">Value</font></b>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Investment
                Companies&nbsp;&ndash; 0.4% (0.3% of Total Investments)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">21,133</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">BlackRock
                MuniHoldings Fund Inc.</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">331,366</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">13,600</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">BlackRock
                MuniEnhanced Fund Inc.</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">144,976</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">7,920</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Dreyfus
                Strategic Municipal Fund</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">70,488</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">7,600</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Morgan Stanley
                Dean Witter Insured Municipal Income Trust</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">107,844</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">9,668</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Morgan Stanley
                Quality Municipal Income Trust</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">129,164</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">26,280</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">PIMCO
                Municipal Income Fund II</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">402,084</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">9,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Van Kampen
                Advantage Municipal Income Fund II</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">123,880</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">28,680</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Van Kampen
                Investment Grade Municipal Trusst</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">429,913</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">6,240</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Van Kampen
                Municipal Trust</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">95,971</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Investment Companies (cost $1,683,350)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">1,835,686</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="6%">
                </td>

                <td width="2%">
                </td>

                <td width="90%" colspan="7">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Investments (cost $662,697,279) &ndash; 153.5%</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">695,811,491</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="6%">
                </td>

                <td width="2%">
                </td>

                <td width="90%" colspan="7">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Floating Rate
                Obligations &ndash; (4.6)%</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">(20,938,334)</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="6%">
                </td>

                <td width="2%">
                </td>

                <td width="90%" colspan="7">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Other Assets
                Less Liabilities &ndash; 2.5%</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">11,395,918</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="6%">
                </td>

                <td width="2%">
                </td>

                <td width="90%" colspan="7">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Preferred
                Shares, at Liquidation Value &ndash; (51.4)% (4)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">(233,000,000)</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="6%">
                </td>

                <td width="2%">
                </td>

                <td width="90%" colspan="7">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Net Assets
                Applicable to Common Shares &ndash; 100%</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="2%">
                <font face="sans-serif" size="2">$</font>&nbsp;</td>

                <td nowrap align="right" width="9%">
                <font face="sans-serif" size="2">453,269,075</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="6%">
                </td>

                <td width="2%">
                </td>

                <td width="90%" colspan="7">
                    <hr noshade size="2">
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" color="#990033" noshade size="3">
        <a name="page_8"></a>

        <table cellspacing="1" cellpadding="0" width="648" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">At least 80%
                of the Fund&rsquo;s net assets (including net assets attributable to Preferred
                shares) are invested in</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">municipal
                securities that are either covered by Original Issue Insurance, Secondary Market
                Insurance or</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">Portfolio
                Insurance which ensures the timely payment of principal and interest. Up to 20% of
                the Fund&rsquo;s</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">net assets
                (including net assets attributable to Preferred shares) may be invested in
                municipal securities</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">that are (i)
                either backed by an escrow or trust containing sufficient U.S. Government or U.S.
                Government</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">agency
                securities (also ensuring the timely payment of principal and interest), or (ii)
                rated, at the time of</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">investment,
                within the four highest grades (Baa or BBB or better by Moody&rsquo;s, Standard
                &amp; Poor&rsquo;s or Fitch)</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">or unrated but
                judged to be of comparable quality by the Adviser.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">The Fund may
                invest in &ldquo;zero coupon&rdquo; securities. A zero coupon security does not pay
                a regular interest</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">coupon to its
                holders during the life of the security. Tax-exempt income to the holder of the
                security comes</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">from accretion
                of the difference between the original purchase price of the security at issuance
                and the</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">par value of
                the security at maturity and is effectively paid at maturity. Such securities are
                included in the</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">Portfolio of
                Investments with a 0.000% coupon rate in their description. The market prices of
                zero coupon</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">securities
                generally are more volatile than the market prices of securities that pay interest
                periodically.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="5%">
                <font face="sans-serif" size="2">(1)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">All
                percentages shown in the Portfolio of Investments are based on net assets
                applicable to Common</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">shares unless
                otherwise noted.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="5%">
                <font face="sans-serif" size="2">(2)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">Optional Call
                Provisions: Dates (month and year) and prices of the earliest optional call or
                redemption.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">There may be
                other call provisions at varying prices at later dates. Certain mortgage-backed
                securities</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">may be subject
                to periodic principal paydowns.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="5%">
                <font face="sans-serif" size="2">(3)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">Ratings: Using
                the higher of Standard &amp; Poor&rsquo;s Group (&ldquo;Standard &amp;
                Poor&rsquo;s&rdquo;) or Moody&rsquo;s Investor Service,</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">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</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">below
                investment grade.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">The AAA
                ratings shown in the Portfolio of Investments reflect the AAA ratings on certain
                bonds that may</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">be insured by
                AMBAC, FGIC, XLCA or MBIA as of January 31, 2008. Subsequent to January 31, 2008,
                at</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">least one
                rating agency reduced the rating for AMBAC-insured bonds to AA and XLCA-insured
                and</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">FGIC-insured
                bonds experienced further downgrades such that they no longer carry AAA ratings
                which had</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">the effect of
                reducing the rating of many (if not all) of the bonds insured by those particular
                insurers. One</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">or more rating
                agencies have placed each of these insurers on &ldquo;negative credit watch&rdquo;,
                which may presage</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">one or more
                rating reductions for such insurer or insurers in the future. If one or more
                insurers&rsquo; ratings are</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">reduced below
                AAA by these rating agencies, it would likely reduce the effective rating of many
                of the</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">bonds insured
                by that insurer or insurers.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="5%">
                <font face="sans-serif" size="2">(4)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">Preferred
                Shares, at Liquidation Value as a percentage of total investments is
                (33.5)%.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="5%">
                <font face="sans-serif" size="2">(IF)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">Inverse
                floating rate investment.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="5%">
                <font face="sans-serif" size="2">(UB)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">Underlying
                bond of an inverse floating rate trust reflected as a financing transaction
                pursuant to the</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">provisions of
                SFAS No. 140.</font>&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="left"><b><font face="sans-serif" size="1"><font size="2">Income Tax
        Information</font></font></b></p>

        <p align="left"><font face="sans-serif" size="1"><font 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 the treatment of paydown gains and
        losses, 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 SFAS No.140. 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></font></p>

        <p align="left"><font face="sans-serif" size="1"><font size="2">At January 31, 2008, the
        cost of investments was $641,567,287.</font></font></p>

        <p align="left"><font face="sans-serif" size="1"><font size="2">Gross unrealized
        appreciation and gross unrealized depreciation of investments at January 31, 2008, were as
        follows:</font></font></p>

        <table cellspacing="1" cellpadding="0" width="648" border="0">
            <tr>
                <td align="left" width="99%" background="" colspan="3">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="61%"><font face="sans-serif" size="2">Gross
                unrealized:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="36%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="61%"><font face="sans-serif" size="2">&nbsp;
                Appreciation</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="36%">
                <font face="sans-serif" size="2">$38,779,886</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="61%"><font face="sans-serif" size="2">&nbsp;
                Depreciation</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="36%">
                <font face="sans-serif" size="2">(5,475,812)</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="99%" colspan="3">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="61%"><font face="sans-serif" size="2">Net unrealized
                appreciation (depreciation) of investments</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="36%">
                <font face="sans-serif" size="2">$33,304,074</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="99%" colspan="3">
                    <hr noshade size="2">
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" color="#990033" noshade size="3">

<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: 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 Dividend 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;&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;&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;March 31, 2008&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;&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;&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;March 31, 2008&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;&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;&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;March 31, 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>*&nbsp;Print the name and
title of each signing officer under his or her signature.
</FONT></P></BODY></HTML>
</TEXT>
</DOCUMENT>
<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 Dividend 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;March 31, 2008&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>

<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 Dividend 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;March 31, 2008&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>
<HR noShade SIZE=1>
</BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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