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<SEC-DOCUMENT>0000891804-09-003495.txt : 20090929
<SEC-HEADER>0000891804-09-003495.hdr.sgml : 20090929
<ACCEPTANCE-DATETIME>20090929162557
ACCESSION NUMBER:		0000891804-09-003495
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090731
FILED AS OF DATE:		20090929
DATE AS OF CHANGE:		20090929
EFFECTIVENESS DATE:		20090929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN INSURED 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:		091093214

	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;7/31/09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Form N-Q is to be used by
management investment companies, other than small business investment companies
registered on Form N-5 (&#167;&#167;  239.24 and 274.5 of this chapter), to file reports
with the Commission, not later than 60 days after the close of the first and
third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act
of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on
Form N-Q in its regulatory, disclosure review, inspection, and policymaking
roles. </FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>A registrant is required to
disclose the information specified by Form N-Q, and the Commission will make
this information public. A registrant is not required to respond to the
collection of information contained in Form N-Q unless the Form displays a
currently valid Office of Management and Budget ("OMB") control number. Please
direct comments concerning the accuracy of the information collection burden
estimate and any suggestions for reducing the burden to the Secretary,
Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC
20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. &#167; 3507. </FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 1. Schedule of
Investments</B></FONT></P>


<A name="page_1"></A>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial Narrow'" cellSpacing=0 width=864 border=0>
<TR>
     <TD width="9%"></TD>
     <TD width="59%"></TD>
     <TD width="12%"></TD>
     <TD width="8%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Portfolio of Investments (Unaudited)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Nuveen Insured Dividend Advantage Municipal Fund (NVG)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left></TD>
     <TD align=left><I>July 31, 2009</I></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right><B>Principal</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B>Optional Call</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>Amount (000)</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Description (1)</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>Provisions (2)</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>Ratings (3)</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>Value</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Municipal Bonds &#150; 152.9% (99.8% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Alabama &#150; 2.0% (1.3% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,310&nbsp;</TD>
     <TD align=left>Athens, Alabama, Water and Sewerage Revenue Warrants, Series 2002, 5.300%, 5/01/32 &#150;&nbsp;</TD>
     <TD align=right>5/12 at 101.00&nbsp;</TD>
     <TD align=right>A+&nbsp;</TD>
     <TD align=right>$&nbsp;&nbsp;&nbsp; 5,316,691&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>3,045&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Hoover, Alabama, General Obligation Bonds, Series 2003, 5.000%, 3/01/20 &#150; MBIA Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>3/12 at 101.00&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>AA+&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>3,240,032&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>8,355&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Alabama&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>8,556,723&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Alaska &#150; 4.0% (2.6% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>15,000&nbsp;</TD>
     <TD align=left>Alaska, International Airport System Revenue Bonds, Series 2002B, 5.250%, 10/01/27&nbsp;</TD>
     <TD align=right>10/12 at 100.00&nbsp;</TD>
     <TD align=right>Aa3 (4)&nbsp;</TD>
     <TD align=right>16,904,400&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;(Pre-refunded 10/01/12) &#150; AMBAC Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Arizona &#150; 2.1% (1.4% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport Revenue Bonds, Series&nbsp;</TD>
     <TD align=right>7/12 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>4,501,550&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2002B, 5.250%, 7/01/32 &#150; FGIC Insured (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>6,000&nbsp;</TD>
     <TD align=left>Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/37 &#150;&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>4,593,840&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;FGIC Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>11,000&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Arizona&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>9,095,390&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>California &#150; 15.0% (9.8% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,000&nbsp;</TD>
     <TD align=left>Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>A&#150;&nbsp;</TD>
     <TD align=right>899,040&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2004A, 0.000%, 10/01/20 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,485&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 10/01/26 &#150; MBIA Insured&nbsp;</TD>
     <TD align=right>10/15 at 100.00&nbsp;</TD>
     <TD align=right>Aa3&nbsp;</TD>
     <TD align=right>1,503,756&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,565&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 10/01/27 &#150; MBIA Insured&nbsp;</TD>
     <TD align=right>10/15 at 100.00&nbsp;</TD>
     <TD align=right>Aa3&nbsp;</TD>
     <TD align=right>1,576,456&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>California, General Obligation Bonds, Series 2000:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>375&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 9/01/17 (Pre-refunded 9/01/10) &#150; MBIA Insured&nbsp;</TD>
     <TD align=right>9/10 at 100.00&nbsp;</TD>
     <TD align=right>A (4)&nbsp;</TD>
     <TD align=right>393,289&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>190&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 9/01/17 (Pre-refunded 9/01/10) &#150; MBIA Insured&nbsp;</TD>
     <TD align=right>9/10 at 100.00&nbsp;</TD>
     <TD align=right>A (4)&nbsp;</TD>
     <TD align=right>199,584&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>8,890&nbsp;</TD>
     <TD align=left>California, General Obligation Veterans Welfare Bonds, Series 1997BH, 5.400%, 12/01/14&nbsp;</TD>
     <TD align=right>12/09 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>8,914,536&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;(Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,000&nbsp;</TD>
     <TD align=left>California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.375%, 12/01/24 &#150; MBIA&nbsp;</TD>
     <TD align=right>12/09 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>2,865,540&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Insured (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,425&nbsp;</TD>
     <TD align=left>Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005,&nbsp;</TD>
     <TD align=right>9/15 at 100.00&nbsp;</TD>
     <TD align=right>A&#150;&nbsp;</TD>
     <TD align=right>2,111,108&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 9/01/27 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Asset-Backed Bonds, Series 2007A-1:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,000&nbsp;</TD>
     <TD align=left>&nbsp;5.750%, 6/01/47&nbsp;</TD>
     <TD align=right>6/17 at 100.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>600,150&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>365&nbsp;</TD>
     <TD align=left>&nbsp;5.125%, 6/01/47&nbsp;</TD>
     <TD align=right>6/17 at 100.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>197,370&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>18,665&nbsp;</TD>
     <TD align=left>Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed&nbsp;</TD>
     <TD align=right>6/15 at 100.00&nbsp;</TD>
     <TD align=right>A&#150;&nbsp;</TD>
     <TD align=right>15,546,265&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Revenue Bonds, Series 2005A, 5.000%, 6/01/35 &#150; FGIC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,990&nbsp;</TD>
     <TD align=left>Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%,&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>738,748&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;11/01/25 &#150; FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>7,935&nbsp;</TD>
     <TD align=left>Los Angeles, California, Certificates of Participation, Series 2002, 5.300%, 4/01/32 &#150;&nbsp;</TD>
     <TD align=right>4/12 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>7,961,741&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,220&nbsp;</TD>
     <TD align=left>Northern California Power Agency, Revenue Refunding Bonds, Hydroelectric Project 1, Series&nbsp;</TD>
     <TD align=right>7/10 at 100.00&nbsp;</TD>
     <TD align=right>A2&nbsp;</TD>
     <TD align=right>2,128,136&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;1998A, 5.200%, 7/01/32 &#150; MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Oceanside Unified School District, San Diego County, California, General Obligation Bonds,&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Series 2008A and 2008B:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,905&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 8/01/26 &#150; AGC Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>2,143,751&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,220&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 8/01/28 &#150; AGC Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>690,753&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,600&nbsp;</TD>
     <TD align=left>Palomar Pomerado Health General Obligation Bonds, California, Election of 2004, Series 2009A,&nbsp;</TD>
     <TD align=right>8/29 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>1,497,730&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 8/01/38 &#150; AGC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,320&nbsp;</TD>
     <TD align=left>Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2001P,&nbsp;</TD>
     <TD align=right>8/11 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>2,387,280&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 8/15/18 &#150; FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>San Francisco Unified School District, California, General Obligation Bonds, Series 2007A:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,000&nbsp;</TD>
     <TD align=left>&nbsp;3.000%, 6/15/25 &#150; FSA Insured&nbsp;</TD>
     <TD align=right>6/17 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>785,150&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,180&nbsp;</TD>
     <TD align=left>&nbsp;3.000%, 6/15/26 &#150; FSA Insured&nbsp;</TD>
     <TD align=right>6/17 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>899,349&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>6,720&nbsp;</TD>
     <TD align=left>San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment&nbsp;</TD>
     <TD align=right>8/17 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>4,782,288&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Project, Series 2006C, 4.250%, 8/01/30 &#150; MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,275&nbsp;</TD>
     <TD align=left>Sequoia Union High School District, San Mateo County, California, General Obligation Bonds,&nbsp;</TD>
     <TD align=right>7/14 at 102.00&nbsp;</TD>
     <TD align=right>Aa2&nbsp;</TD>
     <TD align=right>3,205,780&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2006, 3.500%, 7/01/29 &#150; FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,690&nbsp;</TD>
     <TD align=left>Ventura County Community College District, California, General Obligation Bonds, Series 2005B,&nbsp;</TD>
     <TD align=right>8/15 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>1,693,465&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;5.000%, 8/01/28 &#150; MBIA Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>80,015&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total California&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>63,721,265&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Colorado &#150; 5.4% (3.5% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>17,300&nbsp;</TD>
     <TD align=left>Adams County, Colorado, FHA-Insured Mortgage Revenue Bonds, Platte Valley Medical Center,&nbsp;</TD>
     <TD align=right>8/15 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>17,102,261&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2005, 5.000%, 8/01/24 &#150; MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>750&nbsp;</TD>
     <TD align=left>Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/32 &#150;&nbsp;</TD>
     <TD align=right>10/16 at 100.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>619,065&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;SYNCORA GTY Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>17,000&nbsp;</TD>
     <TD align=left>E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/25 &#150;&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>5,475,190&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;NPFG Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>35,050&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Colorado&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>23,196,516&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>District of Columbia &#150; 1.5% (1.0% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>6,805&nbsp;</TD>
     <TD align=left>District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 4.500%, 4/01/42 &#150;&nbsp;</TD>
     <TD align=right>4/17 at 100.00&nbsp;</TD>
     <TD align=right>A&#150;&nbsp;</TD>
     <TD align=right>5,679,045&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>935&nbsp;</TD>
     <TD align=left>Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax&nbsp;</TD>
     <TD align=right>10/16 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>799,088&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Revenue Bonds, Series 2007, Residuals 1606, 11.216%, 10/01/30 &#150; AMBAC Insured (IF)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>7,740&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total District of Columbia&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>6,478,133&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Florida &#150; 11.8% (7.7% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Florida Municipal Loan Council, Revenue Bonds, Series 2003B:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,305&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 12/01/17 &#150; MBIA Insured&nbsp;</TD>
     <TD align=right>12/13 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>2,383,232&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,480&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 12/01/18 &#150; MBIA Insured&nbsp;</TD>
     <TD align=right>12/13 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>1,515,505&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>11,600&nbsp;</TD>
     <TD align=left>Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2002B,&nbsp;</TD>
     <TD align=right>10/12 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>11,406,512&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.125%, 10/01/21 &#150; FSA Insured (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>8,155&nbsp;</TD>
     <TD align=left>Lee County, Florida, Solid Waste System Revenue Refunding Bonds, Series 2001, 5.625%,&nbsp;</TD>
     <TD align=right>10/11 at 100.00&nbsp;</TD>
     <TD align=right>A3&nbsp;</TD>
     <TD align=right>8,389,701&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;10/01/13 &#150; MBIA Insured (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>7,165&nbsp;</TD>
     <TD align=left>&nbsp;5.625%, 10/01/15 &#150; FGIC Insured (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=right>10/12 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>7,336,244&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,600&nbsp;</TD>
     <TD align=left>&nbsp;5.750%, 10/01/16 &#150; FGIC Insured (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=right>10/12 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>5,709,648&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,000&nbsp;</TD>
     <TD align=left>&nbsp;5.125%, 10/01/21 &#150; FGIC Insured (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=right>10/12 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>9,546,000&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,000&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 10/01/22 &#150; FGIC Insured (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=right>10/12 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>1,919,960&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,000&nbsp;</TD>
     <TD align=left>South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System&nbsp;</TD>
     <TD align=right>8/17 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>897,710&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Obligation Group, Series 2007, 5.000%, 8/15/42 (UB)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>1,000&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 &#150; MBIA Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>10/15 at 100.00&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>AA&#150;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>998,710&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>50,305&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Florida&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>50,103,222&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Georgia &#150; 2.3% (1.5% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>6,925&nbsp;</TD>
     <TD align=left>Atlanta and Fulton County Recreation Authority, Georgia, Guaranteed Revenue Bonds, Park&nbsp;</TD>
     <TD align=right>12/15 at 100.00&nbsp;</TD>
     <TD align=right>A1&nbsp;</TD>
     <TD align=right>7,014,540&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Improvement, Series 2005A, 5.000%, 12/01/30 &#150; MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,000&nbsp;</TD>
     <TD align=left>Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 &#150;&nbsp;</TD>
     <TD align=right>11/14 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>1,014,210&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,695&nbsp;</TD>
     <TD align=left>Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2002B-2, 5.500%,&nbsp;</TD>
     <TD align=right>12/11 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>1,686,135&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;6/01/32 (Alternative Minimum Tax)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>9,620&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Georgia&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>9,714,885&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Idaho &#150; 1.0% (0.7% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Trust Funds, Series 2006:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,000&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 7/15/23 &#150; MBIA Insured&nbsp;</TD>
     <TD align=right>7/16 at 100.00&nbsp;</TD>
     <TD align=right>Aa3&nbsp;</TD>
     <TD align=right>3,125,760&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>1,130&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;5.000%, 7/15/24 &#150; MBIA Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>7/16 at 100.00&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>Aa3&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>1,173,584&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>4,130&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Idaho&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>4,299,344&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Illinois &#150; 11.4% (7.4% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,000&nbsp;</TD>
     <TD align=left>Bolingbrook, Illinois, General Obligation Bonds, Series 2002A, 5.375%, 1/01/38 (Pre-refunded&nbsp;</TD>
     <TD align=right>1/12 at 100.00&nbsp;</TD>
     <TD align=right>A2 (4)&nbsp;</TD>
     <TD align=right>11,058,400&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;1/01/12) &#150; FGIC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,305&nbsp;</TD>
     <TD align=left>Chicago, Illinois, General Obligation Bonds, Series 2001A, 5.500%, 1/01/38 &#150; MBIA Insured&nbsp;</TD>
     <TD align=right>1/11 at 101.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>1,315,192&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Chicago, Illinois, General Obligation Bonds, Series 2001A:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>50&nbsp;</TD>
     <TD align=left>&nbsp;5.500%, 1/01/38 (Pre-refunded 1/01/11) &#150; MBIA Insured&nbsp;</TD>
     <TD align=right>1/11 at 101.00&nbsp;</TD>
     <TD align=right>AA&#150; (4)&nbsp;</TD>
     <TD align=right>53,898&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,645&nbsp;</TD>
     <TD align=left>&nbsp;5.500%, 1/01/38 (Pre-refunded 1/01/11) &#150; MBIA Insured&nbsp;</TD>
     <TD align=right>1/11 at 101.00&nbsp;</TD>
     <TD align=right>AA&#150; (4)&nbsp;</TD>
     <TD align=right>3,929,164&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O&#146;Hare International&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Airport, Series 2001C:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,250&nbsp;</TD>
     <TD align=left>&nbsp;5.500%, 1/01/16 &#150; AMBAC Insured (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=right>1/11 at 101.00&nbsp;</TD>
     <TD align=right>A1&nbsp;</TD>
     <TD align=right>4,298,578&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,485&nbsp;</TD>
     <TD align=left>&nbsp;5.500%, 1/01/17 &#150; AMBAC Insured (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=right>1/11 at 101.00&nbsp;</TD>
     <TD align=right>A1&nbsp;</TD>
     <TD align=right>4,515,991&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,730&nbsp;</TD>
     <TD align=left>&nbsp;5.500%, 1/01/18 &#150; AMBAC Insured (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=right>1/11 at 101.00&nbsp;</TD>
     <TD align=right>A1&nbsp;</TD>
     <TD align=right>4,741,399&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,930&nbsp;</TD>
     <TD align=left>&nbsp;5.500%, 1/01/19 &#150; AMBAC Insured (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=right>1/11 at 101.00&nbsp;</TD>
     <TD align=right>A1&nbsp;</TD>
     <TD align=right>2,933,780&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,600&nbsp;</TD>
     <TD align=left>Chicago, Illinois, Third Lien General Airport Revenue Bonds, O&#146;Hare International Airport,&nbsp;</TD>
     <TD align=right>1/16 at 100.00&nbsp;</TD>
     <TD align=right>A1&nbsp;</TD>
     <TD align=right>3,666,528&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2005A, 5.250%, 1/01/24 &#150; MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,000&nbsp;</TD>
     <TD align=left>Chicago, Illinois, Third Lien General Airport Revenue Refunding Bonds, O&#146;Hare International&nbsp;</TD>
     <TD align=right>1/12 at 100.00&nbsp;</TD>
     <TD align=right>A1&nbsp;</TD>
     <TD align=right>3,037,560&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Airport, Series 2002A, 5.750%, 1/01/17 &#150; MBIA Insured (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,000&nbsp;</TD>
     <TD align=left>Cicero, Cook County, Illinois, General Obligation Corporate Purpose Bonds, Series 2002,&nbsp;</TD>
     <TD align=right>12/12 at 101.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>3,726,200&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 12/01/21 &#150; MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>480&nbsp;</TD>
     <TD align=left>DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds,&nbsp;</TD>
     <TD align=right>10/13 at 100.00&nbsp;</TD>
     <TD align=right>Aa3&nbsp;</TD>
     <TD align=right>522,379&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2003C, 5.250%, 10/01/22 &#150; FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds,&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Series 2003C:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>770&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 10/01/22 (Pre-refunded 10/01/13) &#150; FSA Insured&nbsp;</TD>
     <TD align=right>10/13 at 100.00&nbsp;</TD>
     <TD align=right>Aa3 (4)&nbsp;</TD>
     <TD align=right>885,354&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>250&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 10/01/22 (Pre-refunded 10/01/13) &#150; FSA Insured&nbsp;</TD>
     <TD align=right>10/13 at 100.00&nbsp;</TD>
     <TD align=right>Aa3 (4)&nbsp;</TD>
     <TD align=right>287,453&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,500&nbsp;</TD>
     <TD align=left>Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%,&nbsp;</TD>
     <TD align=right>2/17 at 100.00&nbsp;</TD>
     <TD align=right>A+&nbsp;</TD>
     <TD align=right>3,344,670&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;2/01/35 &#150; FGIC Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>46,995&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Illinois&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>48,316,546&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Indiana &#150; 17.7% (11.5% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,380&nbsp;</TD>
     <TD align=left>Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/20 &#150;&nbsp;</TD>
     <TD align=right>7/13 at 100.00&nbsp;</TD>
     <TD align=right>N/R&nbsp;</TD>
     <TD align=right>3,396,562&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Indiana Bond Bank, Special Program Bonds, Hendricks County Redevelopment District,&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Series 2002D:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,500&nbsp;</TD>
     <TD align=left>&nbsp;5.375%, 4/01/23 (Pre-refunded 4/01/12) &#150; AMBAC Insured&nbsp;</TD>
     <TD align=right>4/12 at 100.00&nbsp;</TD>
     <TD align=right>AA (4)&nbsp;</TD>
     <TD align=right>2,787,425&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>7,075&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 4/01/26 (Pre-refunded 4/01/12) &#150; AMBAC Insured&nbsp;</TD>
     <TD align=right>4/12 at 100.00&nbsp;</TD>
     <TD align=right>AA (4)&nbsp;</TD>
     <TD align=right>7,865,207&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>7,000&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 4/01/30 (Pre-refunded 4/01/12) &#150; AMBAC Insured&nbsp;</TD>
     <TD align=right>4/12 at 100.00&nbsp;</TD>
     <TD align=right>AA (4)&nbsp;</TD>
     <TD align=right>7,781,830&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,000&nbsp;</TD>
     <TD align=left>Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Marion General Hospital,&nbsp;</TD>
     <TD align=right>7/12 at 100.00&nbsp;</TD>
     <TD align=right>A+&nbsp;</TD>
     <TD align=right>8,691,500&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2002, 5.250%, 7/01/32 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,200&nbsp;</TD>
     <TD align=left>Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 &#150;&nbsp;</TD>
     <TD align=right>1/17 at 100.00&nbsp;</TD>
     <TD align=right>A+&nbsp;</TD>
     <TD align=right>3,042,464&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,000&nbsp;</TD>
     <TD align=left>Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A,&nbsp;</TD>
     <TD align=right>1/19 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>3,849,760&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.500%, 1/01/38 (WI/DD, Settling 8/06/09) &#150; AGC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>25,000&nbsp;</TD>
     <TD align=left>Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2002A,&nbsp;</TD>
     <TD align=right>7/12 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>28,050,247&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 7/01/33 (Pre-refunded 7/01/12) &#150; MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Northern Wells Community School Building Corporation, Wells County, Indiana, First Mortgage&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Bonds, Series 2001:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>420&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 1/15/19 (Pre-refunded 7/15/12) &#150; FGIC Insured&nbsp;</TD>
     <TD align=right>7/12 at 100.00&nbsp;</TD>
     <TD align=right>AA+ (4)&nbsp;</TD>
     <TD align=right>472,315&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>430&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 7/15/19 (Pre-refunded 7/15/12) &#150; FGIC Insured&nbsp;</TD>
     <TD align=right>7/12 at 100.00&nbsp;</TD>
     <TD align=right>AA+ (4)&nbsp;</TD>
     <TD align=right>483,561&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,675&nbsp;</TD>
     <TD align=left>&nbsp;5.400%, 7/15/23 (Pre-refunded 7/15/12) &#150; FGIC Insured&nbsp;</TD>
     <TD align=right>7/12 at 100.00&nbsp;</TD>
     <TD align=right>AA+ (4)&nbsp;</TD>
     <TD align=right>1,890,941&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>6,960&nbsp;</TD>
     <TD align=left>Valparaiso Middle School Building Corporation, Indiana, First Mortgage Refunding Bonds, Series&nbsp;</TD>
     <TD align=right>1/13 at 100.00&nbsp;</TD>
     <TD align=right>AA+&nbsp;</TD>
     <TD align=right>7,136,297&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;2002, 5.000%, 7/15/24 &#150; MBIA Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>71,640&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Indiana&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>75,448,109&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Kentucky &#150; 0.6% (0.4% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,415&nbsp;</TD>
     <TD align=left>Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series&nbsp;</TD>
     <TD align=right>2/19 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>2,709,050&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;2009, 5.250%, 2/01/20 &#150; AGC Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Louisiana &#150; 3.0% (1.9% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,325&nbsp;</TD>
     <TD align=left>Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series&nbsp;</TD>
     <TD align=right>7/14 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>1,344,411&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2004, 5.250%, 7/01/24 &#150; MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>770&nbsp;</TD>
     <TD align=left>&nbsp;4.750%, 5/01/39 &#150; FSA Insured (UB)&nbsp;</TD>
     <TD align=right>5/16 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>753,137&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>8,270&nbsp;</TD>
     <TD align=left>&nbsp;4.500%, 5/01/41 &#150; FGIC Insured (UB)&nbsp;</TD>
     <TD align=right>5/16 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>7,460,781&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3&nbsp;</TD>
     <TD align=left>Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, Residuals 660-3, 15.862%, 5/01/41 &#150;&nbsp;</TD>
     <TD align=right>5/16 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>2,032&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;FGIC Insured (IF)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,085&nbsp;</TD>
     <TD align=left>New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2002, 5.125%, 9/01/21 &#150;&nbsp;</TD>
     <TD align=right>9/12 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>3,087,283&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;MBIA Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>13,453&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Louisiana&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>12,647,644&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Massachusetts &#150; 0.6% (0.4% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,775&nbsp;</TD>
     <TD align=left>Massachusetts Water Resources Authority, General Revenue Bonds, 4.500%, 8/01/46 &#150;&nbsp;</TD>
     <TD align=right>2/17 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>2,437,643&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;FSA Insured (UB)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Michigan &#150; 0.3% (0.2% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,500&nbsp;</TD>
     <TD align=left>Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series&nbsp;</TD>
     <TD align=right>12/16 at 100.00&nbsp;</TD>
     <TD align=right>Aa2&nbsp;</TD>
     <TD align=right>1,449,000&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;2006A, 5.000%, 12/01/31 (UB)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Minnesota &#150; 0.5% (0.3% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,000&nbsp;</TD>
     <TD align=left>Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>2,189,140&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;2009A, 5.000%, 1/01/15 &#150; AGC Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Missouri &#150; 0.4% (0.3% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,600&nbsp;</TD>
     <TD align=left>St. Louis County Pattonville School District R3, Missouri, General Obligation Bonds, Series&nbsp;</TD>
     <TD align=right>3/14 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>1,784,608&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;2004, 5.250%, 3/01/19 &#150; FSA Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Nebraska &#150; 2.0% (1.3% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>6,360&nbsp;</TD>
     <TD align=left>Lincoln, Nebraska, Electric System Revenue Bonds, Series 2005, 5.000%, 9/01/32&nbsp;</TD>
     <TD align=right>9/15 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>6,396,188&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Series 2003A:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,000&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 4/01/20 &#150; FSA Insured&nbsp;</TD>
     <TD align=right>4/13 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>1,071,780&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>1,000&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;5.250%, 4/01/21 &#150; FSA Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>4/13 at 100.00&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>AAA&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>1,041,730&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>8,360&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Nebraska&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>8,509,698&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>New Jersey &#150; 0.5% (0.4% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,150&nbsp;</TD>
     <TD align=left>New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006A,&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>2,324,838&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;5.250%, 12/15/20&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>New York &#150; 6.1% (3.9% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,120&nbsp;</TD>
     <TD align=left>Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore&nbsp;</TD>
     <TD align=right>2/15 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>1,131,794&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Hospital, Series 2004, 5.000%, 8/01/23 &#150; FGIC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,660&nbsp;</TD>
     <TD align=left>Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities&nbsp;</TD>
     <TD align=right>2/15 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>3,730,784&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Improvements, Series 2005B, 5.000%, 2/15/23 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,335&nbsp;</TD>
     <TD align=left>Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender&nbsp;</TD>
     <TD align=right>2/19 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>3,323,161&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Option Bond Trust 3518, 13.206%, 2/15/39 (IF)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,130&nbsp;</TD>
     <TD align=left>Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%,&nbsp;</TD>
     <TD align=right>2/17 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>2,498,867&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2/15/47 &#150; MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,400&nbsp;</TD>
     <TD align=left>Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%,&nbsp;</TD>
     <TD align=right>11/16 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>1,962,384&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5/01/33 &#150; MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,500&nbsp;</TD>
     <TD align=left>Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B,&nbsp;</TD>
     <TD align=right>11/15 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>1,482,465&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 11/15/30 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,000&nbsp;</TD>
     <TD align=left>Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds,&nbsp;</TD>
     <TD align=right>11/12 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>10,041,400&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2002A, 5.000%, 11/15/30 &#150; FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,435&nbsp;</TD>
     <TD align=left>New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project&nbsp;</TD>
     <TD align=right>3/19 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>1,618,106&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Pilot, Series 2009A, 7.000%, 3/01/49 &#150; AGC Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>26,580&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total New York&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>25,788,961&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>North Carolina &#150; 0.6% (0.4% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,125&nbsp;</TD>
     <TD align=left>North Carolina Medical Care Commission, FHA-Insured Mortgage Revenue Bonds, Betsy Johnson&nbsp;</TD>
     <TD align=right>10/13 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>2,152,880&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Regional Hospital Project, Series 2003, 5.375%, 10/01/24 &#150; FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>540&nbsp;</TD>
     <TD align=left>Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A, 6.000%, 6/01/34 &#150;&nbsp;</TD>
     <TD align=right>6/19 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>560,455&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;AGC Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>2,665&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total North Carolina&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>2,713,335&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Ohio &#150; 0.4% (0.3% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Bonds, Senior Lien, Series 2007A-2:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>65&nbsp;</TD>
     <TD align=left>&nbsp;5.125%, 6/01/24&nbsp;</TD>
     <TD align=right>6/17 at 100.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>53,544&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>710&nbsp;</TD>
     <TD align=left>&nbsp;5.875%, 6/01/30&nbsp;</TD>
     <TD align=right>6/17 at 100.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>500,209&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>685&nbsp;</TD>
     <TD align=left>&nbsp;5.750%, 6/01/34&nbsp;</TD>
     <TD align=right>6/17 at 100.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>442,859&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>1,570&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;5.875%, 6/01/47&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>6/17 at 100.00&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>BBB&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>901,384&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>3,030&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Ohio&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>1,897,996&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Oklahoma &#150; 0.4% (0.3% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,000&nbsp;</TD>
     <TD align=left>Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007,&nbsp;</TD>
     <TD align=right>2/17 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>1,763,780&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;5.000%, 2/15/37&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Oregon &#150; 2.3% (1.5% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,000&nbsp;</TD>
     <TD align=left>Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2009A.,&nbsp;</TD>
     <TD align=right>5/19 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>3,076,860&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 11/15/33&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Oregon, General Obligation Veterans Welfare Bonds, Series 82:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,530&nbsp;</TD>
     <TD align=left>&nbsp;5.375%, 12/01/31&nbsp;</TD>
     <TD align=right>12/11 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>4,538,969&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>2,115&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;5.500%, 12/01/42&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>12/11 at 100.00&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>AA&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>2,124,919&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>9,645&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Oregon&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>9,740,748&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Pennsylvania &#150; 4.5% (2.9% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,500&nbsp;</TD>
     <TD align=left>Allegheny County, Pennsylvania, Airport Revenue Refunding Bonds, Pittsburgh International&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>4,725,540&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Airport, Series 1997A, 5.750%, 1/01/13 &#150; MBIA Insured (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,130&nbsp;</TD>
     <TD align=left>Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of&nbsp;</TD>
     <TD align=right>12/16 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>3,720,428&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Philadelphia, Series 2006B, 4.500%, 6/01/32 &#150; FSA Insured (UB)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,050&nbsp;</TD>
     <TD align=left>Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 &#150;&nbsp;</TD>
     <TD align=right>6/16 at 100.00&nbsp;</TD>
     <TD align=right>Aa3&nbsp;</TD>
     <TD align=right>1,075,557&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>6,000&nbsp;</TD>
     <TD align=left>Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%,&nbsp;</TD>
     <TD align=right>6/26 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>4,086,480&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;6/01/33 &#150; FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,000&nbsp;</TD>
     <TD align=left>Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2003B, 5.250%,&nbsp;</TD>
     <TD align=right>11/13 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>2,150,540&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;11/15/18 &#150; FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,000&nbsp;</TD>
     <TD align=left>Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005,&nbsp;</TD>
     <TD align=right>1/16 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>2,173,900&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 1/15/19 &#150; FSA Insured (UB)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,000&nbsp;</TD>
     <TD align=left>State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School&nbsp;</TD>
     <TD align=right>6/13 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>1,138,510&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;District, Series 2003, 5.000%, 6/01/23 (Pre-refunded 6/01/13) &#150; FSA Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>20,680&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Pennsylvania&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>19,070,955&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Puerto Rico &#150; 0.4% (0.3% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,225&nbsp;</TD>
     <TD align=left>Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 &#150; CIFG Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>BBB&#150;&nbsp;</TD>
     <TD align=right>1,191,239&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%,&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>601,050&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;8/01/42 &#150; FGIC Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>6,225&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Puerto Rico&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>1,792,289&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>South Carolina &#150; 1.5% (1.0% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,950&nbsp;</TD>
     <TD align=left>Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series&nbsp;</TD>
     <TD align=right>12/16 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>1,994,304&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2006, 5.000%, 12/01/28 &#150; FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Greenville, South Carolina, Tax Increment Revenue Improvement Bonds, Series 2003:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,000&nbsp;</TD>
     <TD align=left>&nbsp;5.500%, 4/01/17 &#150; MBIA Insured&nbsp;</TD>
     <TD align=right>4/13 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>1,106,410&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,300&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 4/01/21 &#150; MBIA Insured&nbsp;</TD>
     <TD align=right>4/13 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>2,365,734&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,000&nbsp;</TD>
     <TD align=left>Scago Educational Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds,&nbsp;</TD>
     <TD align=right>10/15 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>1,059,890&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Spartanburg County School District 5, Series 2005, 5.000%, 4/01/21 &#150; FSA Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>6,250&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total South Carolina&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>6,526,338&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Tennessee &#150; 10.5% (6.9% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,495&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 10/01/19 &#150; FSA Insured&nbsp;</TD>
     <TD align=right>10/14 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>1,618,442&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,455&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 10/01/20 &#150; FSA Insured&nbsp;</TD>
     <TD align=right>10/14 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>1,558,625&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,955&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 10/01/21 &#150; FSA Insured&nbsp;</TD>
     <TD align=right>10/14 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>2,076,836&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,000&nbsp;</TD>
     <TD align=left>Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Series 2002A,&nbsp;</TD>
     <TD align=right>11/12 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150; (4)&nbsp;</TD>
     <TD align=right>11,314,000&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.125%, 11/01/28 (Pre-refunded 11/01/12) &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,000&nbsp;</TD>
     <TD align=left>Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Series 2002B,&nbsp;</TD>
     <TD align=right>11/12 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150; (4)&nbsp;</TD>
     <TD align=right>11,314,000&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.125%, 11/01/29 (Pre-refunded 11/01/12) &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>15,195&nbsp;</TD>
     <TD align=left>Tennessee State School Bond Authority, Higher Educational Facilities Second Program Bonds,&nbsp;</TD>
     <TD align=right>5/12 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>16,963,242&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Series 2002A, 5.250%, 5/01/32 (Pre-refunded 5/01/12) &#150; FSA Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>40,100&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Tennessee&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>44,845,145&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Texas &#150; 24.0% (15.6% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,500&nbsp;</TD>
     <TD align=left>Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds,&nbsp;</TD>
     <TD align=right>11/11 at 100.00&nbsp;</TD>
     <TD align=right>A+&nbsp;</TD>
     <TD align=right>3,690,505&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2001A, 5.750%, 11/01/13 &#150; FGIC Insured (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,000&nbsp;</TD>
     <TD align=left>Gainesville Hospital District, Texas, Limited Tax General Obligation Bonds, Series 2002,&nbsp;</TD>
     <TD align=right>8/11 at 100.00&nbsp;</TD>
     <TD align=right>A3 (4)&nbsp;</TD>
     <TD align=right>10,894,800&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.375%, 8/15/32 (Pre-refunded 8/15/11) &#150; MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,210&nbsp;</TD>
     <TD align=left>Galveston, Texas, General Obligation Bonds, Series 2001, 5.250%, 5/01/21 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=right>5/11 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>1,252,035&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Harris County Health Facilities Development Corporation, Texas, Thermal Utility Revenue Bonds,&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>TECO Project, Series 2003:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,240&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 11/15/16 &#150; MBIA Insured&nbsp;</TD>
     <TD align=right>11/13 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>2,353,926&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,355&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 11/15/17 &#150; MBIA Insured&nbsp;</TD>
     <TD align=right>11/13 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>2,446,350&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,080&nbsp;</TD>
     <TD align=left>Harris County, Texas, General Obligtion Toll Road Revenue Bonds, Series 2009, Trust 3418,&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>5,129,784&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;13.271%, 8/15/32 &#150; FSA Insured (IF)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>13,000&nbsp;</TD>
     <TD align=left>Houston Area Water Corporation, Texas, Contract Revenue Bonds, Northeast Water Purification&nbsp;</TD>
     <TD align=right>3/12 at 100.00&nbsp;</TD>
     <TD align=right>N/R (4)&nbsp;</TD>
     <TD align=right>14,295,710&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Plant, Series 2002, 5.125%, 3/01/32 (Pre-refunded 3/01/12) &#150; FGIC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,000&nbsp;</TD>
     <TD align=left>Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%,&nbsp;</TD>
     <TD align=right>5/14 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>1,036,710&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5/15/24 &#150; FGIC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,345&nbsp;</TD>
     <TD align=left>San Antonio, Texas, Water System Senior Lien Revenue Refunding Bonds, Series 2002, 5.500%,&nbsp;</TD>
     <TD align=right>5/12 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>4,746,087&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5/15/17 &#150; FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,475&nbsp;</TD>
     <TD align=left>Texas Department of Housing and Community Affairs, Residential Mortgage Revenue Bonds, Series&nbsp;</TD>
     <TD align=right>7/11 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>5,070,890&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2001A, 5.350%, 7/01/33 (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>8,270&nbsp;</TD>
     <TD align=left>Texas Department of Housing and Community Affairs, Single Family Mortgage Bonds, Series 2002B,&nbsp;</TD>
     <TD align=right>3/12 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>8,247,754&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.550%, 9/01/33 &#150; MBIA Insured (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing System,&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Series 2002:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,520&nbsp;</TD>
     <TD align=left>&nbsp;5.125%, 11/01/20 &#150; MBIA Insured&nbsp;</TD>
     <TD align=right>5/12 at 100.00&nbsp;</TD>
     <TD align=right>Baa1&nbsp;</TD>
     <TD align=right>3,129,843&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,520&nbsp;</TD>
     <TD align=left>&nbsp;5.125%, 11/01/21 &#150; MBIA Insured&nbsp;</TD>
     <TD align=right>5/12 at 100.00&nbsp;</TD>
     <TD align=right>Baa1&nbsp;</TD>
     <TD align=right>3,096,157&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Texas Student Housing Authority, Revenue Bonds, Austin Project, Senior Series 2001A:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>9,400&nbsp;</TD>
     <TD align=left>&nbsp;5.375%, 1/01/23 &#150; MBIA Insured&nbsp;</TD>
     <TD align=right>1/12 at 102.00&nbsp;</TD>
     <TD align=right>Baa1&nbsp;</TD>
     <TD align=right>6,476,130&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>11,665&nbsp;</TD>
     <TD align=left>&nbsp;5.500%, 1/01/33 &#150; MBIA Insured&nbsp;</TD>
     <TD align=right>1/12 at 102.00&nbsp;</TD>
     <TD align=right>Baa1&nbsp;</TD>
     <TD align=right>7,097,453&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>Texas Water Development Board, Senior Lien State Revolving Fund Revenue Bonds, Series 1999B,&nbsp;</TD>
     <TD align=right>1/10 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>5,084,000&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 7/15/17&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>9,145&nbsp;</TD>
     <TD align=left>Texas, General Obligation Bonds, Veterans Housing Assistance Program Fund II, Series 2002A,&nbsp;</TD>
     <TD align=right>6/12 at 100.00&nbsp;</TD>
     <TD align=right>Aa1&nbsp;</TD>
     <TD align=right>9,173,624&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 12/01/22 (Alternative Minimum Tax) (UB)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Williamson County, Texas, General Obligation Bonds, Series 2002:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,000&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 2/15/22 (Pre-refunded 2/15/12) &#150; FSA Insured&nbsp;</TD>
     <TD align=right>2/12 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>3,324,420&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>5,000&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;5.250%, 2/15/25 (Pre-refunded 2/15/12) &#150; FSA Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>2/12 at 100.00&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>AAA&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>5,540,700&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>105,725&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Texas&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>102,086,878&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Utah &#150; 1.2% (0.8% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,865&nbsp;</TD>
     <TD align=left>Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008, Trust 1193, 12.970%, 6/15/36 &#150;&nbsp;</TD>
     <TD align=right>6/18 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>5,062,568&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;FSA Insured (IF)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Washington &#150; 15.8% (10.3% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,385&nbsp;</TD>
     <TD align=left>Energy Northwest, Washington Public Power, Nine Canyon Wind Project Revenue Bonds, Series&nbsp;</TD>
     <TD align=right>7/16 at 100.00&nbsp;</TD>
     <TD align=right>A&#150;&nbsp;</TD>
     <TD align=right>4,806,543&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2006A, 4.500%, 7/01/30 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>6,600&nbsp;</TD>
     <TD align=left>Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station &#150;&nbsp;</TD>
     <TD align=right>7/12 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>7,107,474&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Nuclear Project 2, Series 2002B, 5.350%, 7/01/18 &#150; FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>7,675&nbsp;</TD>
     <TD align=left>Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 1, Series&nbsp;</TD>
     <TD align=right>7/12 at 100.00&nbsp;</TD>
     <TD align=right>Aaa&nbsp;</TD>
     <TD align=right>8,410,495&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2002A, 5.500%, 7/01/15 &#150; MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,500&nbsp;</TD>
     <TD align=left>Port of Seattle, Washington, Revenue Refunding Bonds, Series 2002D, 5.750%, 11/01/15 &#150; FGIC&nbsp;</TD>
     <TD align=right>11/12 at 100.00&nbsp;</TD>
     <TD align=right>Aa2&nbsp;</TD>
     <TD align=right>2,606,900&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Insured (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,200&nbsp;</TD>
     <TD align=left>Snohomish County School District 2, Everett, Washington, General Obligation Bonds, Series&nbsp;</TD>
     <TD align=right>12/13 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>2,454,078&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2003B, 5.000%, 6/01/17 &#150; FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,255&nbsp;</TD>
     <TD align=left>Thurston and Pierce Counties School District, Washington, General Obligation Bonds, Yelm&nbsp;</TD>
     <TD align=right>6/13 at 100.00&nbsp;</TD>
     <TD align=right>Aa1&nbsp;</TD>
     <TD align=right>3,594,464&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Community Schools, Series 2003, 5.250%, 12/01/16 &#150; FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,000&nbsp;</TD>
     <TD align=left>University of Washington, General Revenue Bonds, Series 2007, 5.000%, 6/01/37 &#150;&nbsp;</TD>
     <TD align=right>6/17 at 100.00&nbsp;</TD>
     <TD align=right>AA+&nbsp;</TD>
     <TD align=right>9,954,600&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;AMBAC Insured (UB)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Washington State Economic Development Finance Authority, Wastewater Revenue Bonds, LOTT&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Project, Series 2002:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,000&nbsp;</TD>
     <TD align=left>&nbsp;5.500%, 6/01/17 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>6/12 at 100.00&nbsp;</TD>
     <TD align=right>A2&nbsp;</TD>
     <TD align=right>2,187,080&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,325&nbsp;</TD>
     <TD align=left>&nbsp;5.125%, 6/01/22 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>6/12 at 100.00&nbsp;</TD>
     <TD align=right>A2&nbsp;</TD>
     <TD align=right>4,343,338&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>15,000&nbsp;</TD>
     <TD align=left>Washington State Healthcare Facilities Authority, Revenue Bonds, Harrison Memorial Hospital,&nbsp;</TD>
     <TD align=left>8/13 at 102.00&nbsp;</TD>
     <TD align=right>N/R&nbsp;</TD>
     <TD align=right>12,795,300&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 1998, 5.000%, 8/15/28 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,335&nbsp;</TD>
     <TD align=left>Washington State, General Obligation Bonds, Series 2009, Trust 1212, 12.408%, 7/01/31 &#150; FSA&nbsp;</TD>
     <TD align=left>7/16 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>3,569,484&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Insured (IF)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,170&nbsp;</TD>
     <TD align=left>Whitman County School District 267, Pullman, Washington, General Obligation Bonds, Series&nbsp;</TD>
     <TD align=left>6/12 at 100.00&nbsp;</TD>
     <TD align=right>Aa1&nbsp;</TD>
     <TD align=right>5,479,580&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;2002, 5.000%, 12/01/20 &#150; FSA Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>67,445&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Washington&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>67,309,336&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Wisconsin &#150; 3.1% (2.0% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>11,950&nbsp;</TD>
     <TD align=left>Wisconsin, Transportation Revenue Refunding Bonds, Series 2002-1, 5.125%, 7/01/18&nbsp;</TD>
     <TD align=left>7/12 at 100.00&nbsp;</TD>
     <TD align=right>AA+ (4)&nbsp;</TD>
     <TD align=right>13,376,234&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;(Pre-refunded 7/01/12) &#150; AMBAC Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681,263&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Municipal Bonds (cost $644,772,820)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>651,860,717&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>Shares</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Description (1)</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>Value</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Investment Companies &#150; 0.4% (0.2% of Total Investments)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>21,650&nbsp;</TD>
     <TD align=left>BlackRock MuniHoldings Fund Inc.&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>293,791&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>13,600&nbsp;</TD>
     <TD align=left>BlackRock MuniEnhanced Fund Inc.&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>126,480&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>7,920&nbsp;</TD>
     <TD align=left>Dreyfus Strategic Municipal Fund&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>58,133&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>7,600&nbsp;</TD>
     <TD align=left>Morgan Stanley Dean Witter Insured Municipal Income Trust&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>99,788&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>9,668&nbsp;</TD>
     <TD align=left>Morgan Stanley Quality Municipal Income Trust&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>107,895&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>26,280&nbsp;</TD>
     <TD align=left>PIMCO Municipal Income Fund II&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>265,954&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>9,500&nbsp;</TD>
     <TD align=left>Van Kampen Advantage Municipal Income Fund II&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>101,175&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>28,680&nbsp;</TD>
     <TD align=left>Van Kampen Investment Grade Municipal Trust&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>362,228&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>6,240&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Van Kampen Municipal Trust&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>80,746&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Investment Companies (cost $1,690,861)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>1,496,190&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Investments (cost $646,463,681) &#150; 153.3%&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>653,356,907&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Floating Rate Obligations &#150; (6.7)%&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>(28,413,334)</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other Assets Less Liabilities &#150; 0.9%&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>3,916,082&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Auction Rate Preferred Shares, at Liquidation Value &#150; (47.5)% (5)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>(202,650,000)</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Net Assets Applicable to Common Shares &#150; 100%&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$ 426,209,655&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><B><FONT face='Arial Narrow' size=2>Fair Value Measurements</FONT></B></P>
     <P  style="TEXT-ALIGN:  left"><FONT face='Arial Narrow' size=2>During  the current fiscal  period,  the Fund
adopted the  provisions of Statement of Financial  Accounting  Standards No. 157
(SFAS No. 157) &#147;Fair  Value  Measurements.&#148;  SFAS No. 157 defines fair
value,  establishes a framework for measuring  fair value in generally  accepted
accounting  principles and expands disclosure about fair value measurements.  In
determining  the value of the Fund&#146;s  investments  various inputs are used.
These inputs are summarized in the three broad levels listed below:</FONT> </P>
<P style="TEXT-ALIGN: left"><FONT face='Arial Narrow' size=2>Level 1 &#150; Quoted prices in active markets for identical securities.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face='Arial Narrow' size=2>Level 2 &#150; Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).</FONT></P>
     <P style="TEXT-ALIGN:  left"><FONT face='Arial Narrow' size=2>Level 3 &#150; Significant unobservable inputs
(including  management&#146;s  assumptions  in  determining  the  fair  value of
investments).</FONT></P>
     <P  style="TEXT-ALIGN:  left"><FONT face='Arial Narrow' size=2>The  inputs or  methodology  used for valuing
securities are not an indication of the risk  associated with investing in those
securities.   The  following  is  a  summary  of  the  Fund&#146;s   fair  value
measurements as of July 31, 2009:</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial Narrow'" cellSpacing=0 width=864 border=0>
<TR>
     <TD width="35%"></TD>
     <TD width="29%"></TD>
     <TD width="14%"></TD>
     <TD width="11%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>Level 1</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>Level 2</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>Level 3</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>Total</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Investments:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; Municipal Bonds&nbsp;</TD>
     <TD align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&nbsp;</TD>
     <TD align=right>$651,860,717&nbsp;</TD>
     <TD align=right>$ &#151;&nbsp;</TD>
     <TD align=right>$651,860,717&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; Investment Companies&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>1,496,190&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&#151;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&#151;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>1,496,190&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$1,496,190&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$651,860,717&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$ &#151;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$653,356,907&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><B><FONT face='Arial Narrow' size=2>Income Tax Information</FONT></B></P>
     <P  style="TEXT-ALIGN:  left"><FONT face='Arial Narrow' size=2>The following  information is presented on an
income tax basis.  Differences  between  amounts  for  financial  statement  and
federal  income  tax  purposes  are  primarily  due  to  timing  differences  in
recognizing  taxable market discount,  timing differences in recognizing certain
gains and losses on investment  transactions and the treatment of investments in
inverse floating rate transactions  subject to Statement of Financial Accounting
Standards No. 140 (SFAS No. 140), if any. To the extent that  differences  arise
that are permanent in nature,  such amounts are reclassified  within the capital
accounts on the  Statement  of Assets and  Liabilities  presented  in the annual
report, based on their federal tax basis treatment; temporary differences do not
require reclassification.  Temporary and permanent differences do not impact the
net asset value of the Fund.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face='Arial Narrow' size=2>At July 31, 2009, the cost of investments was $617,767,518.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face='Arial Narrow' size=2>Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2009, were as follows:</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial Narrow'" cellSpacing=0 width=864 border=0>
<TR>
     <TD width="62%"></TD>
     <TD width="37%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1px solid" align=left>Gross unrealized:&nbsp;</TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; Appreciation&nbsp;</TD>
     <TD align=right>$ 32,050,940&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; Depreciation&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>(24,876,535)</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Net unrealized appreciation (depreciation) of investments&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$&nbsp;&nbsp; 7,174,405&nbsp;</TD></TR></TABLE><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial Narrow'" cellSpacing=0 width=864 border=0>
<TR>
     <TD width="7%"></TD>
     <TD width="92%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>At least 80% of the Fund&#146;s net assets (including net assets attributable to Preferred shares) are invested in&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>municipal securities that guarantee the timely payment of principal and interest.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>(1)&nbsp;</TD>
     <TD align=left>All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>unless otherwise noted.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>(2)&nbsp;</TD>
     <TD align=left>Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>to periodic principal paydowns.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>(3)&nbsp;</TD>
     <TD align=left>Ratings: Using the higher of Standard &amp; Poor&#146;s Group (&#147;Standard &amp; Poor&#146;s&#148;) or Moody&#146;s Investor Service, Inc.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>(&#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 below&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>investment grade.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>The Portfolio of Investments may reflect the ratings on certain bonds whose insurer has experienced&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>downgrades as of the end of the reporting period. Subsequent to the reporting period, and during the&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>period this Portfolio of Investments was prepared, there may have been reductions to the ratings of certain&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>bonds resulting from changes to the ratings of the underlying insurers both during the period and after&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>period end. Such reductions would likely reduce the effective rating of many of the bonds insured by that&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>insurer or insurers presented at period end.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>(4)&nbsp;</TD>
     <TD align=left>Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>which ensure the timely payment of principal and interest. Such investments are normally considered to be&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>equivalent to AAA rated securities.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>(5)&nbsp;</TD>
     <TD align=left>Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.0%.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>N/R&nbsp;</TD>
     <TD align=left>Not rated.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>WI/DD&nbsp;</TD>
     <TD align=left>Purchased on a when-issued or delayed delivery basis.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>(IF)&nbsp;</TD>
     <TD align=left>Inverse floating rate investment.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>(UB)&nbsp;</TD>
     <TD align=left>Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>provisions of SFAS No. 140.&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>



<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 2. Controls and
Procedures.</B></FONT></P>
<OL type=a>
  <LI>The registrant's principal executive and principal financial officers, or
  persons performing similar functions, have concluded that the registrant's
  disclosure controls and procedures (as defined in Rule 30a-3(c) under the
  Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR
  270.30a-3(c))) are effective, as of a date within 90 days of the filing date
  of this report that includes the disclosure required by this paragraph, based
  on their evaluation of the controls and procedures required by Rule 30a-3(b)
  under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under
  the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
  <LI>There were no changes in the registrant's internal control over financial
  reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR
  270.30a-3(d)) that occurred during the registrant's last fiscal quarter that
  have materially affected, or are reasonably likely to materially affect, the
  registrant's internal control over financial reporting.</LI></OL>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 3.
Exhibits.</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>File as exhibits as part of
this Form a separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT
attached hereto. </FONT></P>
<CENTER>
<H3><BR>SIGNATURES<BR></H3></CENTER>
<P><FONT face="Times New Roman, Times, Serif" size=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized. </FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>(Registrant)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Insured 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, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated.
</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>By (Signature and Title)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R.
Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Gifford R.
Zimmerman<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Chief Administrative Officer (principal executive officer)&nbsp;</FONT></P>
<P><FONT face="Times New Roman, Times, Serif"
size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 29, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>By (Signature and Title)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D.
Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen
D.
Foy<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Vice President and Controller (principal financial officer)&nbsp;</FONT></P>
<P><FONT face="Times New Roman, Times, Serif"
size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 29, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
</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, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<CENTER>
<H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R.
Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>Gifford R.
Zimmerman<BR>Chief Administrative Officer<BR>(principal executive
officer)<BR><BR></H4></CENTER>
<HR noShade SIZE=1>
<PAGE>
<CENTER>
<H3><BR><U>CERTIFICATIONS</U> </H3></CENTER>
<P>I, Stephen D. Foy, certify that:</P>
<OL>
  <LI>I have reviewed this report on Form N-Q of Nuveen Insured 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, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<CENTER>
<H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D.
Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>Stephen D.
Foy&nbsp;<BR>Vice President and Controller<BR>(principal financial
officer)<BR><BR></H4></CENTER>
<HR noShade SIZE=1>
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</TEXT>
</DOCUMENT>
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