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<SEC-DOCUMENT>0000891804-08-003033.txt : 20080929
<SEC-HEADER>0000891804-08-003033.hdr.sgml : 20080929
<ACCEPTANCE-DATETIME>20080929130215
ACCESSION NUMBER:		0000891804-08-003033
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080731
FILED AS OF DATE:		20080929
DATE AS OF CHANGE:		20080929
EFFECTIVENESS DATE:		20080929

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:		081093287

	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;7/31/08&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="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Portfolio of Investments (Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Nuveen Insured Dividend Advantage Municipal Fund (NVG)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><I><FONT face=sans-serif size=2>July 31, 2008</FONT></I>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><B><FONT face=sans-serif size=2>Principal</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><B><FONT face=sans-serif size=2>Optional Call</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><B><FONT face=sans-serif size=2>Amount (000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Description (1)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><B><FONT face=sans-serif size=2>Provisions (2)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><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="5%"><B><FONT face=sans-serif size=2>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Long-Term Municipal Bonds &#150; 159.5% (99.2% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Alabama &#150; 4.4% (2.7% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; 5,310</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Athens, Alabama, Water and Sewerage Revenue Warrants, Series 2002, 5.300%, 5/01/32 &#150;</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>5/12 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp;<FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,380,676</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="46%">&nbsp;<FONT face=sans-serif size=2>MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,045</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Hoover, Alabama, General Obligation Bonds, Series 2003, 5.000%, 3/01/20 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>3/12 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,138,451</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 1999A, 5.375%,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>2/09 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>10,273,100</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="46%">&nbsp;<FONT face=sans-serif size=2>2/01/36 (Pre-refunded 2/01/09) &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>18,355</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total Alabama</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>18,792,227</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Alaska &#150; 3.8% (2.4% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>15,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Alaska, International Airport System Revenue Bonds, Series 2002B, 5.250%, 10/01/27</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>10/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA (4)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>16,302,900</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="46%">&nbsp;<FONT face=sans-serif size=2>(Pre-refunded 10/01/12) &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Arizona &#150; 2.2% (1.3% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport Revenue Bonds, Series</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>7/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,646,400</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="46%">&nbsp;<FONT face=sans-serif size=2>2002B, 5.250%, 7/01/32 &#150; FGIC Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/37 &#150;</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,617,720</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="46%">&nbsp;<FONT face=sans-serif size=2>FGIC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>11,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total Arizona</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>9,264,120</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>California &#150; 17.5% (10.9% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,047,120</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="46%">&nbsp;<FONT face=sans-serif size=2>2004A, 0.000%, 10/01/20 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A:</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,485</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.000%, 10/01/26 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>10/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,509,933</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,565</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.000%, 10/01/27 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>10/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,587,473</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>California Infrastructure Economic Development Bank, First Lien Revenue Bonds, San Francisco</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>1/28 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,405,660</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="46%">&nbsp;<FONT face=sans-serif size=2>Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/33 (Pre-refunded</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>1/01/28) &#150; AMBAC Insured (UB)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>California, General Obligation Bonds, Series 2000:</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>375</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.250%, 9/01/17 (Pre-refunded 9/01/10) &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>9/10 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA (4)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>396,019</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>190</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.250%, 9/01/17 (Pre-refunded 9/01/10) &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>9/10 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA (4)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>201,966</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>California, General Obligation Refunding Bonds, Series 2002, 5.000%, 2/01/23 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>2/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>10,092,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>8,890</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>California, General Obligation Veterans Welfare Bonds, Series 1997BH, 5.400%, 12/01/14</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>12/08 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>8,985,301</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="46%">&nbsp;<FONT face=sans-serif size=2>(Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.375%, 12/01/24 &#150; MBIA</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>12/08 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,998,140</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="46%">&nbsp;<FONT face=sans-serif size=2>Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,425</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>9/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,404,291</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="46%">&nbsp;<FONT face=sans-serif size=2>5.000%, 9/01/27 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Asset-Backed Bonds, Series 2007A-1:</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.750%, 6/01/47</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>6/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>821,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>365</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.125%, 6/01/47</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>6/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>269,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>18,665</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>6/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>16,902,464</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="46%">&nbsp;<FONT face=sans-serif size=2>Revenue Bonds, Series 2005A, 5.000%, 6/01/35 &#150; FGIC Insured (UB)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,990</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>809,632</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="46%">&nbsp;<FONT face=sans-serif size=2>11/01/25 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>7,935</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Los Angeles, California, Certificates of Participation, Series 2002, 5.300%, 4/01/32 &#150;</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>4/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>7,984,276</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="46%">&nbsp;<FONT face=sans-serif size=2>AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,220</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Northern California Power Agency, Revenue Refunding Bonds, Hydroelectric Project 1, Series</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>7/10 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,223,508</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="46%">&nbsp;<FONT face=sans-serif size=2>1998A, 5.200%, 7/01/32 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,320</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2001P,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>8/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,406,142</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="46%">&nbsp;<FONT face=sans-serif size=2>5.250%, 8/15/18 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,720</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>8/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,921,328</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="46%">&nbsp;<FONT face=sans-serif size=2>Project, Series 2006C, 4.250%, 8/01/30 &#150; MBIA Insured (UB)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,690</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Ventura County Community College District, California, General Obligation Bonds, Series 2005B,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>8/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,695,932</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="46%">&nbsp;<FONT face=sans-serif size=2>5.000%, 8/01/28 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>78,835</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total California</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>74,662,535</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Colorado &#150; 5.7% (3.6% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>17,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Adams County, Colorado, FHA-Insured Mortgage Revenue Bonds, Platte Valley Medical Center,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>8/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>17,483,207</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="46%">&nbsp;<FONT face=sans-serif size=2>Series 2005, 5.000%, 8/01/24 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/32 &#150;</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>10/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>662,145</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="46%">&nbsp;<FONT face=sans-serif size=2>XLCA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>17,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/25 &#150;</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,264,500</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="46%">&nbsp;<FONT face=sans-serif size=2>MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>35,050</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total Colorado</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>24,409,852</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>District of Columbia &#150; 1.6% (1.0% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,805</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 4.500%, 4/01/42 &#150;</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>4/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,948,182</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="46%">&nbsp;<FONT face=sans-serif size=2>AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>935</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>10/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>674,827</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="46%">&nbsp;<FONT face=sans-serif size=2>Revenue Bonds, Series 2007, Residuals 1606, 8.249%, 10/01/30 &#150; AMBAC Insured (IF)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>7,740</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total District of Columbia</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,623,009</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Florida &#150; 11.7% (7.3% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Florida Municipal Loan Council, Revenue Bonds, Series 2003B:</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,305</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.250%, 12/01/17 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>12/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,407,573</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,480</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.250%, 12/01/18 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>12/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,537,276</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>11,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2002B,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>10/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>11,408,484</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="46%">&nbsp;<FONT face=sans-serif size=2>5.125%, 10/01/21 &#150; FSA Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>8,155</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Lee County, Florida, Solid Waste System Revenue Refunding Bonds, Series 2001, 5.625%, 10/01/13 &#150;</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>10/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>8,316,795</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="46%">&nbsp;<FONT face=sans-serif size=2>MBIA Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002:</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>7,165</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.625%, 10/01/15 &#150; FGIC Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>10/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>7,269,681</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.750%, 10/01/16 &#150; FGIC Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>10/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,684,728</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.125%, 10/01/21 &#150; FGIC Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>10/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>9,452,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.250%, 10/01/22 &#150; FGIC Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>10/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,909,420</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>8/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>939,480</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="46%">&nbsp;<FONT face=sans-serif size=2>Obligation Group, Series 2007, 5.000%, 8/15/42 (UB)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>10/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,008,920</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>50,305</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total Florida</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>49,934,557</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Georgia &#150; 2.2% (1.4% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,925</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Atlanta and Fulton County Recreation Authority, Georgia, Guaranteed Revenue Bonds, Park</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>12/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,932,964</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="46%">&nbsp;<FONT face=sans-serif size=2>Improvement, Series 2005A, 5.000%, 12/01/30 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 &#150;</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>11/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,023,080</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="46%">&nbsp;<FONT face=sans-serif size=2>FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,695</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><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="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>12/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,600,402</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="46%">&nbsp;<FONT face=sans-serif size=2>6/01/32 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>9,620</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total Georgia</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>9,556,446</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Idaho &#150; 1.0% (0.6% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Trust Funds, Series 2006:</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.000%, 7/15/23 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>7/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,121,710</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,130</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.000%, 7/15/24 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>7/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,172,771</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,130</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total Idaho</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,294,481</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Illinois &#150; 12.6% (7.8% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><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="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>1/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>A2 (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>10,814,600</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="46%">&nbsp;<FONT face=sans-serif size=2>1/01/12) &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,305</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Chicago, Illinois, General Obligation Bonds, Series 2001A, 5.500%, 1/01/38 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>1/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,340,901</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="46%"><FONT face=sans-serif size=2>Chicago, Illinois, General Obligation Bonds, Series 2001A:</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>50</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.500%, 1/01/38 (Pre-refunded 1/01/11) &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>1/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>53,740</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,645</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.500%, 1/01/38 (Pre-refunded 1/01/11) &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>1/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,917,646</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="46%"><FONT face=sans-serif size=2>Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O&#146;Hare International</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Airport, Series 2001C:</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.500%, 1/01/16 &#150; AMBAC Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>1/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,307,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,485</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.500%, 1/01/17 &#150; AMBAC Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>1/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,530,612</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,730</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.500%, 1/01/18 &#150; AMBAC Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>1/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,764,860</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,930</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.500%, 1/01/19 &#150; AMBAC Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>1/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,939,786</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Chicago, Illinois, Third Lien General Airport Revenue Bonds, O&#146;Hare International Airport,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>1/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,628,404</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="46%">&nbsp;<FONT face=sans-serif size=2>Series 2005A, 5.250%, 1/01/24 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Chicago, Illinois, Third Lien General Airport Revenue Refunding Bonds, O&#146;Hare International</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>1/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,035,940</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="46%">&nbsp;<FONT face=sans-serif size=2>Airport, Series 2002A, 5.750%, 1/01/17 &#150; MBIA Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Cicero, Cook County, Illinois, General Obligation Corporate Purpose Bonds, Series 2002,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>12/12 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,058,040</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="46%">&nbsp;<FONT face=sans-serif size=2>5.000%, 12/01/21 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>480</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>10/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>507,110</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="46%">&nbsp;<FONT face=sans-serif size=2>Series 2003C, 5.250%, 10/01/22 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Series 2003C:</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>770</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.250%, 10/01/22 (Pre-refunded 10/01/13) &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>10/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>847,092</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.250%, 10/01/22 (Pre-refunded 10/01/13) &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>10/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>275,030</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>2/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,332,280</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="46%">&nbsp;<FONT face=sans-serif size=2>2/01/35 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.250%, 4/01/23 &#150;</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>4/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,231,750</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="46%">&nbsp;<FONT face=sans-serif size=2>FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>51,995</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total Illinois</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>53,585,591</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Indiana &#150; 16.7% (10.4% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,380</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/20 &#150;</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>7/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,472,409</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="46%">&nbsp;<FONT face=sans-serif size=2>AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Indiana Bond Bank, Special Program Bonds, Hendricks County Redevelopment District, Series 2002D:</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.375%, 4/01/23 (Pre-refunded 4/01/12) &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>4/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,712,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>7,075</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.250%, 4/01/26 (Pre-refunded 4/01/12) &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>4/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>7,645,245</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>7,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.250%, 4/01/30 (Pre-refunded 4/01/12) &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>4/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>7,564,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Marion General Hospital,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>7/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>10,006,500</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="46%">&nbsp;<FONT face=sans-serif size=2>Series 2002, 5.250%, 7/01/32 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 &#150;</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>1/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,047,872</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="46%">&nbsp;<FONT face=sans-serif size=2>MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>25,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2002A,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>7/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>27,164,500</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="46%">&nbsp;<FONT face=sans-serif size=2>5.250%, 7/01/33 (Pre-refunded 7/01/12) &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Northern Wells Community School Building Corporation, Wells County, Indiana, First Mortgage</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Bonds, Series 2001:</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>420</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.250%, 1/15/19 (Pre-refunded 7/15/12) &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>7/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA+ (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>456,628</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>430</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.250%, 7/15/19 (Pre-refunded 7/15/12) &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>7/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA+ (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>467,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,675</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.400%, 7/15/23 (Pre-refunded 7/15/12) &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>7/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA+ (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,830,407</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,960</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Valparaiso Middle School Building Corporation, Indiana, First Mortgage Refunding Bonds, Series</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>1/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>7,101,775</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="46%">&nbsp;<FONT face=sans-serif size=2>2002, 5.000%, 7/15/24 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>67,640</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total Indiana</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>71,469,336</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Louisiana &#150; 4.9% (3.1% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Louisiana Public Facilities Authority, Revenue Bonds, Archdiocese of New Orleans, Series 2007,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>7/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>A&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>8,445,600</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="46%">&nbsp;<FONT face=sans-serif size=2>4.500%, 7/01/37 &#150; CIFG Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2008,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>7/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,518,930</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="46%">&nbsp;<FONT face=sans-serif size=2>5.250%, 7/01/24 &#150; MBIA Insured (UB)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006:</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>770</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>4.750%, 5/01/39 &#150; FSA Insured (UB)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>5/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>726,072</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>8,270</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>4.500%, 5/01/41 &#150; FGIC Insured (UB)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>5/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>7,339,873</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="46%"><FONT face=sans-serif size=2>Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, Residuals 660-1, 7.749%, 5/01/41 &#150;</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>5/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,833</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="46%">&nbsp;<FONT face=sans-serif size=2>FGIC Insured (IF)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,085</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2002, 5.125%, 9/01/21 &#150;</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>9/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,057,328</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="46%">&nbsp;<FONT face=sans-serif size=2>MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>23,628</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total Louisiana</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>21,089,636</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Massachusetts &#150; 0.1% (0.1% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>695</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Massachusetts Water Resources Authority, General Revenue Bonds, Tender Option Bond Trust 2848,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>2/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>406,853</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="46%">&nbsp;<FONT face=sans-serif size=2>9.722%, 8/01/46 &#150; FSA Insured (IF)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Michigan &#150; 0.3% (0.2% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>12/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,467,555</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="46%">&nbsp;<FONT face=sans-serif size=2>2006A, 5.000%, 12/01/31 (UB)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Missouri &#150; 2.6% (1.6% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>St. Louis County Pattonville School District R3, Missouri, General Obligation Bonds, Series</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>3/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,710,528</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="46%">&nbsp;<FONT face=sans-serif size=2>2004, 5.250%, 3/01/19 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>8,735</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>St. Louis, Missouri, Airport Revenue Bonds, Airport Development Program, Series 2001A, 5.250%,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>7/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>9,333,959</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="46%">&nbsp;<FONT face=sans-serif size=2>7/01/31 (Pre-refunded 7/01/11) &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>10,335</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total Missouri</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>11,044,487</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Nebraska &#150; 2.0% (1.2% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,360</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Lincoln, Nebraska, Electric System Revenue Bonds, Series 2005, 5.000%, 9/01/32</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>9/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,374,755</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="46%"><FONT face=sans-serif size=2>Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Series 2003A:</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.250%, 4/01/20 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>4/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,049,980</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.250%, 4/01/21 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>4/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,035,870</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>8,360</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total Nebraska</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>8,460,605</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Nevada &#150; 2.2% (1.4% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>8,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><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="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>7/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>9,357,600</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="46%">&nbsp;<FONT face=sans-serif size=2>(Pre-refunded 7/01/11) &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>New Jersey &#150; 0.5% (0.3% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,150</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006A,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,316,432</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="46%">&nbsp;<FONT face=sans-serif size=2>5.250%, 12/15/20</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>New York &#150; 5.0 (3.1% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,120</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><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="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>2/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>N/R</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,107,198</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="46%">&nbsp;<FONT face=sans-serif size=2>Hospital, Series 2004, 5.000%, 8/01/23 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,660</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><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="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>2/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,750,109</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="46%">&nbsp;<FONT face=sans-serif size=2>Improvements, Series 2005B, 5.000%, 2/15/23 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,130</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>2/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,730,988</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="46%">&nbsp;<FONT face=sans-serif size=2>4.500%, 2/15/47 &#150; MBIA Insured (UB)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>11/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,108,736</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="46%">&nbsp;<FONT face=sans-serif size=2>4.250%, 5/01/33 &#150; MBIA Insured (UB)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>11/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,468,320</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="46%">&nbsp;<FONT face=sans-serif size=2>5.000%, 11/15/30 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>11/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>10,091,400</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="46%">&nbsp;<FONT face=sans-serif size=2>Series 2002A, 5.000%, 11/15/30 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>21,810</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total New York</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>21,256,751</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>North Carolina &#150; 0.5% (0.3% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,125</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>North Carolina Medical Care Commission, FHA-Insured Mortgage Revenue Bonds, Betsy Johnson</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>10/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,207,854</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="46%">&nbsp;<FONT face=sans-serif size=2>Regional Hospital Project, Series 2003, 5.375%, 10/01/24 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Ohio &#150; 0.6% (0.4% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Bonds, Senior Lien, Series 2007A-2:</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>70</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.125%, 6/01/24</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>6/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>62,408</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>710</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.875%, 6/01/30</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>6/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>614,122</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>685</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.750%, 6/01/34</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>6/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>567,084</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,570</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.875%, 6/01/47</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>6/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,275,531</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,035</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total Ohio</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,519,145</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Oklahoma &#150; 0.4% (0.3% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>2/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,915,020</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="46%">&nbsp;<FONT face=sans-serif size=2>5.000%, 2/15/37</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Oregon &#150; 1.6% (1.0% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Oregon, General Obligation Veterans Welfare Bonds, Series 82:</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,530</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.375%, 12/01/31</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>12/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,567,418</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,115</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.500%, 12/01/42</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>12/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,126,315</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,645</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total Oregon</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,693,733</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Pennsylvania &#150; 3.5% (2.1% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Allegheny County, Pennsylvania, Airport Revenue Refunding Bonds, Pittsburgh International</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,671,765</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="46%">&nbsp;<FONT face=sans-serif size=2>Airport, Series 1997A, 5.750%, 1/01/13 &#150; MBIA Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,130</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>12/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,806,290</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="46%">&nbsp;<FONT face=sans-serif size=2>Philadelphia, Series 2006B, 4.500%, 6/01/32 &#150; FSA Insured (UB)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,050</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 &#150;</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>6/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,051,953</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="46%">&nbsp;<FONT face=sans-serif size=2>AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2003B, 5.250%,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>11/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,133,200</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="46%">&nbsp;<FONT face=sans-serif size=2>11/15/18 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>1/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,114,330</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="46%">&nbsp;<FONT face=sans-serif size=2>5.000%, 1/15/19 &#150; FSA Insured (UB)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>6/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,081,000</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="46%">&nbsp;<FONT face=sans-serif size=2>District, Series 2003, 5.000%, 6/01/23 (Pre-refunded 6/01/13) &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>14,680</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total Pennsylvania</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>14,858,538</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Puerto Rico &#150; 0.5% (0.3% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,225</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 &#150; CIFG Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>A&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,225,343</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><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="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>717,600</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="46%">&nbsp;<FONT face=sans-serif size=2>8/01/42 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,225</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total Puerto Rico</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,942,943</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>South Carolina &#150; 1.5% (0.9% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,950</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>12/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,953,822</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="46%">&nbsp;<FONT face=sans-serif size=2>2006, 5.000%, 12/01/28 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Greenville, South Carolina, Tax Increment Revenue Improvement Bonds, Series 2003:</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.500%, 4/01/17 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>4/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,075,340</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.000%, 4/01/21 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>4/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,345,356</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Scago Educational Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>10/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,037,600</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="46%">&nbsp;<FONT face=sans-serif size=2>Spartanburg County School District 5, Series 2005, 5.000%, 4/01/21 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total South Carolina</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,412,118</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Tennessee &#150; 10.2% (6.3% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004:</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,495</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.000%, 10/01/19 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>10/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,566,326</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,455</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.000%, 10/01/20 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>10/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,513,171</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,955</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.000%, 10/01/21 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>10/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,023,503</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Series 2002A,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>11/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>10,831,200</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="46%">&nbsp;<FONT face=sans-serif size=2>5.125%, 11/01/28 (Pre-refunded 11/01/12) &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Series 2002B,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>11/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>10,831,200</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="46%">&nbsp;<FONT face=sans-serif size=2>5.125%, 11/01/29 (Pre-refunded 11/01/12) &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>15,195</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Tennessee State School Bond Authority, Higher Educational Facilities Second Program Bonds,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>5/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>16,464,542</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="46%">&nbsp;<FONT face=sans-serif size=2>Series 2002A, 5.250%, 5/01/32 (Pre-refunded 5/01/12) &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>40,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total Tennessee</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>43,229,942</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Texas &#150; 25.5% (15.9% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>11/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,579,135</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="46%">&nbsp;<FONT face=sans-serif size=2>Series 2001A, 5.750%, 11/01/13 &#150; FGIC Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Gainesville Hospital District, Texas, Limited Tax General Obligation Bonds, Series 2002,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>8/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>10,042,800</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="46%">&nbsp;<FONT face=sans-serif size=2>5.375%, 8/15/32 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,210</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Galveston, Texas, General Obligation Bonds, Series 2001, 5.250%, 5/01/21 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>5/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,247,195</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="46%"><FONT face=sans-serif size=2>Harris County Health Facilities Development Corporation, Texas, Thermal Utility Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>TECO Project, Series 2003:</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,240</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.000%, 11/15/16 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>11/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,322,768</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,355</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.000%, 11/15/17 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>11/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,427,157</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>13,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Houston Area Water Corporation, Texas, Contract Revenue Bonds, Northeast Water Purification</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>3/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>N/R (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>13,950,820</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="46%">&nbsp;<FONT face=sans-serif size=2>Plant, Series 2002, 5.125%, 3/01/32 (Pre-refunded 3/01/12) &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>5/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,011,850</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="46%">&nbsp;<FONT face=sans-serif size=2>5/15/24 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,345</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><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="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>5/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,673,439</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="46%">&nbsp;<FONT face=sans-serif size=2>5/15/17 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,875</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Texas Department of Housing and Community Affairs, Residential Mortgage Revenue Bonds, Series</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>7/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,002,429</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="46%">&nbsp;<FONT face=sans-serif size=2>2001A, 5.350%, 7/01/33 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>8,415</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Texas Department of Housing and Community Affairs, Single Family Mortgage Bonds, Series 2002B,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>3/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>7,895,626</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="46%">&nbsp;<FONT face=sans-serif size=2>5.550%, 9/01/33 &#150; MBIA Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing System,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Series 2002:</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,520</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.125%, 11/01/20 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>5/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,578,502</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,520</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.125%, 11/01/21 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>5/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,567,626</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="46%"><FONT face=sans-serif size=2>Texas Student Housing Authority, Revenue Bonds, Austin Project, Senior Series 2001A:</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>9,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.375%, 1/01/23 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>1/12 at 102.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>8,114,738</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>11,665</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.500%, 1/01/33 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>1/12 at 102.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>9,542,903</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Texas Water Development Board, Senior Lien State Revolving Fund Revenue Bonds, Series 1999B,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>1/10 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,177,450</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="46%">&nbsp;<FONT face=sans-serif size=2>5.250%, 7/15/17</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>9,145</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Texas, General Obligation Bonds, Veterans Housing Assistance Program Fund II, Series 2002A-1,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>6/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>Aa1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>9,201,059</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="46%">&nbsp;<FONT face=sans-serif size=2>5.250%, 12/01/22 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Williamson County, Texas, General Obligation Bonds, Series 2002:</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.250%, 2/15/22 (Pre-refunded 2/15/12) &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>2/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,233,880</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>7,340</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.250%, 2/15/23 (Pre-refunded 2/15/12) &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>2/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>7,912,226</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.250%, 2/15/25 (Pre-refunded 2/15/12) &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>2/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,389,800</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>109,530</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total Texas</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>108,871,403</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Washington &#150; 15.2% (9.5% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,385</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Energy Northwest, Washington Public Power, Nine Canyon Wind Project Revenue Bonds, Series</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>7/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,849,623</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="46%">&nbsp;<FONT face=sans-serif size=2>2006A, 4.500%, 7/01/30 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station &#150;</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>7/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,970,062</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="46%">&nbsp;<FONT face=sans-serif size=2>Nuclear Project 2, Series 2002B, 5.350%, 7/01/18 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>7,675</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 1, Series</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>7/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>8,223,302</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="46%">&nbsp;<FONT face=sans-serif size=2>2002A, 5.500%, 7/01/15 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Port of Seattle, Washington, Revenue Refunding Bonds, Series 2002D, 5.750%, 11/01/15 &#150; FGIC</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>11/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,548,550</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="46%">&nbsp;<FONT face=sans-serif size=2>Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Snohomish County School District 2, Everett, Washington, General Obligation Bonds, Series</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>12/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,321,462</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="46%">&nbsp;<FONT face=sans-serif size=2>2003B, 5.000%, 6/01/17 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,255</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Thurston and Pierce Counties School District, Washington, General Obligation Bonds, Yelm</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>6/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,503,877</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="46%">&nbsp;<FONT face=sans-serif size=2>Community Schools, Series 2003, 5.250%, 12/01/16 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>University of Washington, General Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/37 &#150;</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>6/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>9,864,000</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="46%">&nbsp;<FONT face=sans-serif size=2>AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Washington State Economic Development Finance Authority, Wastewater Revenue Bonds, LOTT</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Project, Series 2002:</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.500%, 6/01/17 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>6/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,134,680</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,325</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>5.125%, 6/01/22 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>6/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,405,229</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>15,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Washington State Healthcare Facilities Authority, Revenue Bonds, Harrison Memorial Hospital,</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>8/13 at 102.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>14,849,851</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="46%">&nbsp;<FONT face=sans-serif size=2>Series 1998, 5.000%, 8/15/28 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,170</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Whitman County School District 267, Pullman, Washington, General Obligation Bonds, Series</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>6/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,337,871</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="46%">&nbsp;<FONT face=sans-serif size=2>2002, 5.000%, 12/01/20 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>64,110</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total Washington</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>65,008,507</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Wisconsin &#150; 3.0% (1.8% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>11,950</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Wisconsin, Transportation Revenue Refunding Bonds, Series 2002-1, 5.125%, 7/01/18</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=2>7/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>AA+ (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>12,929,781</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="46%">&nbsp;<FONT face=sans-serif size=2>(Pre-refunded 7/01/12) &#150; AMBAC Insured (5)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693,548</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total Long-Term Municipal Bonds (cost $673,876,498)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>680,883,957</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="5%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%"></TD>
     <TD width="90%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><B><FONT face=sans-serif size=2>Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Description (1)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=sans-serif size=2>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Investment Companies &#150; 0.4% (0.2% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>21,438</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>BlackRock MuniHoldings Fund Inc.</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>305,492</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>13,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>BlacRock MuniEnhanced Fund Inc.</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>129,336</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>7,920</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Dreyfus Strategic Municipal Fund</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>63,518</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>7,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Morgan Stanley Dean Witter Insured Municipal Income Trust</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>98,344</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>9,668</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Morgan Stanley Quality Municipal Income Trust</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>113,792</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>26,280</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>PIMCO Municipal Income Fund II</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>349,261</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>9,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Van Kampen Advantage Municipal Income Fund II</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>108,585</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>28,680</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Van Kampen Investment Grade Municipal Trusst</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>391,769</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,240</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Van Kampen Municipal Trust</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp;</TD>
     <TD noWrap align=left width="25%" background=""></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>92,477</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total Investment Companies (cost $1,687,855)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp;</TD>
     <TD noWrap align=left width="25%" background=""></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,652,574</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="5%"></TD>
     <TD width="2%"></TD>
     <TD width="90%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total Long-Term Investments (cost $675,564,353) &#150; 159.9%</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp;</TD>
     <TD noWrap align=left width="25%" background=""></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>682,536,531</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="5%"></TD>
     <TD width="2%"></TD>
     <TD width="90%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><B><FONT face=sans-serif size=2>Principal</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp; </TD>
     <TD width="1%">&nbsp;</TD>
     <TD noWrap align=left width="25%" background=""></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><B><FONT face=sans-serif size=2>Amount (000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Description (1)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp;</TD>
     <TD noWrap align=left width="25%" background=""></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><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="5%"><B><FONT face=sans-serif size=2>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><B><FONT face=sans-serif size=2>Short-Term Investments &#150; 0.9% (0.6% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp;</TD>
     <TD noWrap align=left width="25%" background=""></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>833</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Ohio Air Quality Development Authority, Pollution Control Revenue Bonds, Dayton Power and</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp;</TD>
     <TD noWrap align=left width="25%" background=""></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>VMIG-1</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>833,000</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="46%">&nbsp;<FONT face=sans-serif size=2>Light Company Project, Trust 1223, Variable Rate Demand Obligations, 5.500%, 1/01/34 &#150;</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp;</TD>
     <TD noWrap align=left width="25%" background=""></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>FGIC Insured (6)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp;</TD>
     <TD noWrap align=left width="25%" background=""></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,130</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp;</TD>
     <TD noWrap align=left width="25%" background=""></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>N/R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,130,000</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="46%">&nbsp;<FONT face=sans-serif size=2>Project, Series 2006C, Floaters 1601, Variable Rate Demand Obligations, 4.000%, 2/01/15 &#150;</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp;</TD>
     <TD noWrap align=left width="25%" background=""></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%">&nbsp;<FONT face=sans-serif size=2>MBIA Insured (6)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp;</TD>
     <TD noWrap align=left width="25%" background=""></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;3,963</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total Short-Term Investments (cost $3,963,000)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp;</TD>
     <TD noWrap align=left width="25%" background=""></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,963,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="5%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%"></TD>
     <TD width="90%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Total Investments (cost $679,527,353) &#150; 160.8%</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp;</TD>
     <TD noWrap align=left width="25%" background=""></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>686,499,531</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="5%"></TD>
     <TD width="2%"></TD>
     <TD width="90%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Floating Rate Obligations &#150; (9.5)%</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp;</TD>
     <TD noWrap align=left width="25%" background=""></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>(40,733,334)</FONT> </TD></TR>
<TR>
     <TD width="5%"></TD>
     <TD width="2%"></TD>
     <TD width="90%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Other Assets Less Liabilities &#150; 3.3%</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp;</TD>
     <TD noWrap align=left width="25%" background=""></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>14,134,337</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="5%"></TD>
     <TD width="2%"></TD>
     <TD width="90%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Preferred Shares, at Liquidation Value &#150; (54.6)% (7)</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp;</TD>
     <TD noWrap align=left width="25%" background=""></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>(233,000,000)</FONT> </TD></TR>
<TR>
     <TD width="5%"></TD>
     <TD width="2%"></TD>
     <TD width="90%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>Net Assets Applicable to Common Shares &#150; 100%</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp;</TD>
     <TD noWrap align=left width="25%" background="">&nbsp;</TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp;<FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>426,900,534</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="5%"></TD>
     <TD width="2%"></TD>
     <TD width="90%" colSpan=7>
<HR noShade SIZE=2>
</TD></TR></TABLE><BR>

<A name="page_8"></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%" colSpan=5><B><FONT face=sans-serif size=2>Forward Swaps outstanding at July 31, 2008:</FONT></B>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="11%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="9%">&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="8%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="9%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="10%"><B><FONT face=sans-serif size=2>Fund</FONT></B>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="11%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="9%"><B><FONT face=sans-serif size=2>Fixed Rate</FONT></B>&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="8%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="9%"><B><FONT face=sans-serif size=2>Unrealized</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="9%"><B><FONT face=sans-serif size=2>Notional</FONT></B>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="10%"><B><FONT face=sans-serif size=2>Pay/Receive</FONT></B>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="11%"><B><FONT face=sans-serif size=2>Floating Rate</FONT></B>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="9%"><B><FONT face=sans-serif size=2>Fixed Rate</FONT></B>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="9%"><B><FONT face=sans-serif size=2>Payment</FONT></B>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=2>&nbsp;Effective</FONT></B>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=2>&nbsp;Termination</FONT></B>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="9%"><B><FONT face=sans-serif size=2>Appreciation</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><B><FONT face=sans-serif size=2>Counterparty</FONT></B>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="9%"><B><FONT face=sans-serif size=2>Amount</FONT></B>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="10%"><B><FONT face=sans-serif size=2>Floating Rate</FONT></B>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="11%"><B><FONT face=sans-serif size=2>Index</FONT></B>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="9%"><B><FONT face=sans-serif size=2>&nbsp;(Annualized)</FONT></B></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="9%"><B><FONT face=sans-serif size=2>Frequency</FONT></B>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=2>Date (8)</FONT></B></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=2>Date</FONT></B>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="9%"><B><FONT face=sans-serif size=2>&nbsp;(Depreciation)</FONT></B></TD></TR>
<TR>
     <TD width="97%" colSpan=17>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Goldman Sachs</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>$25,250,000</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="10%"><FONT face=sans-serif size=2>Pay</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>3 -Month USD-LIBOR</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>5.052%</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>Semi-Annually</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>7/29/09</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>7/29/24</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>$(5,517)</FONT></TD></TR>
<TR>
     <TD width="97%" colSpan=17>
<HR noShade SIZE=2>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=sans-serif size=2>USD-LIBOR (United States Dollar-London Inter-Bank Rate).</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="11%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="9%">&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="8%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="9%">&nbsp;</TD></TR></TABLE><BR>
<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>As of July 31, 2008, at least 80% of the Fund&#146;s net assets (including net assets attributable to Preferred</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) are invested in municipal securities that are either covered by Original Issue Insurance, Secondary</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>Market Insurance or Portfolio Insurance which ensures the timely payment of principal and interest. Up to</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>20% of the Fund&#146;s net assets (including net assets attributable to Preferred shares) may be 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 (i) either backed by an escrow or trust containing sufficient 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>or U.S. Government agency securities (also ensuring the timely payment of principal and interest), or (ii)</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>rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody&#146;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>Standard &amp; Poor&#146;s or Fitch) or unrated but judged to be of comparable quality by the Adviser.</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 shares</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>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. There</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 other call provisions at varying prices at later dates. Certain mortgage-backed securities may 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>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&#146;s Group (&#147;Standard &amp; Poor&#146;s&#148;) or Moody&#146;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. (&#147;Moody&#146;s&#148;) rating. Ratings below BBB by Standard &amp; Poor&#146;s or Baa by Moody&#146;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 Portfolio of Investments may reflect the ratings on certain bonds insured by ACA, AMBAC, CIFG, FGIC,</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>MBIA, RAAI and XLCA as of July 31, 2008. Subsequent to July 31, 2008, and during the period this</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 was prepared, there may have been reductions to the ratings of certain bonds</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>resulting from changes to the ratings of the underlying insurers both during the period and after the period</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>end. Such reductions would likely reduce the effective rating of many of the bonds insured by that insurer</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 insurers presented at period end.</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>Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency 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>which ensure the timely payment of principal and interest. Such investments are normally 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>equivalent to AAA rated securities.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>(5)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="92%"><FONT face=sans-serif size=2>Portion of investment, with an aggregate market value of $362,467, has been pledged to collateralize</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 net payment obligations under forward swap contracts.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>(6)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="92%"><FONT face=sans-serif size=2>Investment has a maturity of more than one year, but has variable rate and demand features which qualify</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>it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This</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>rate changes periodically based on market conditions or a specified market index.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>(7)</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 (33.9)%.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>(8)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="92%"><FONT face=sans-serif size=2>Effective date represents the date on which both the Fund and counterparty commence interest payment</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>accruals on each forward swap contract.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>N/R</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="92%"><FONT face=sans-serif size=2>Not rated.</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 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 July 31, 2008, the cost of investments was $638,593,102.</FONT></FONT></P>
<P align=left><FONT face=sans-serif size=1><FONT size=2>Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2008, were as follows:</FONT></FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0>
<TR>
     <TD align=center width="99%" background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=2>Gross unrealized:</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="36%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=2>&nbsp;Appreciation</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="36%"><FONT face=sans-serif size=2>$ 24,282,523</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>(17,105,856)</FONT></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>$ &nbsp;7,176,667</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left width="99%" background="" colSpan=3>
<HR noShade SIZE=2>
</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=2>


<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 2. Controls and
Procedures.</B></FONT></P>
<OL type=a>
  <LI>The registrant's principal executive and principal financial officers, or
  persons performing similar functions, have concluded that the registrant's
  disclosure controls and procedures (as defined in Rule 30a-3(c) under the
  Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR
  270.30a-3(c))) are effective, as of a date within 90 days of the filing date
  of this report that includes the disclosure required by this paragraph, based
  on their evaluation of the controls and procedures required by Rule 30a-3(b)
  under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under
  the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
  <LI>There were no changes in the registrant's internal control over financial
  reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR
  270.30a-3(d)) that occurred during the registrant's last fiscal quarter that
  have materially affected, or are reasonably likely to materially affect, the
  registrant's internal control over financial reporting.</LI></OL>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 3.
Exhibits.</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>File as exhibits as part of
this Form a separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT
attached hereto. </FONT></P>
<CENTER>
<H3><BR>SIGNATURES<BR></H3></CENTER>
<P><FONT face="Times New Roman, Times, Serif" size=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized. </FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>(Registrant)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Insured 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;Kevin
J.
McCarthy<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Vice President and Secretary</FONT></P>
<P><FONT face="Times New Roman, Times, Serif"
size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 29, 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;
Gifford R.
Zimmerman<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Chief Administrative Officer (principal executive officer)&nbsp;</FONT></P>
<P><FONT face="Times New Roman, Times, Serif"
size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 29, 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;Stephen
D.
Foy<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Vice President and Controller (principal financial officer)&nbsp;</FONT></P>
<P><FONT face="Times New Roman, Times, Serif"
size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 29, 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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;September 29, 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>
<PAGE>
<CENTER>
<H3><BR><U>CERTIFICATIONS</U> </H3></CENTER>
<P>I, Stephen D. Foy, certify that:</P>
<OL>
  <LI>I have reviewed this report on Form N-Q of Nuveen Insured 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;September 29, 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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