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<SEC-DOCUMENT>0000891804-08-000960.txt : 20080331
<SEC-HEADER>0000891804-08-000960.hdr.sgml : 20080331
<ACCEPTANCE-DATETIME>20080331152700
ACCESSION NUMBER:		0000891804-08-000960
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080131
FILED AS OF DATE:		20080331
DATE AS OF CHANGE:		20080331
EFFECTIVENESS DATE:		20080331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN MUNICIPAL VALUE FUND INC
		CENTRAL INDEX KEY:			0000812801
		IRS NUMBER:				363513525
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05120
		FILM NUMBER:		08724214

	BUSINESS ADDRESS:	
		STREET 1:		333 W WACKER DR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129178200

	MAIL ADDRESS:	
		STREET 1:		333 W. WACKER DR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUVEEN MUNICIPAL QUALITY FUND INC
		DATE OF NAME CHANGE:	19870504
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq1.htm
<DESCRIPTION>NUV
<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;811-05120
&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 Municipal Value Fund, Inc.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>(Exact name of
registrant as specified in charter)</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>Nuveen
Investments<BR><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West
Wacker Drive, Chicago, Illinois 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>(Address of
principal executive offices) (Zip code)</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B><BR>Kevin
J. McCarthy Vice President and
Secretary<BR><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker
Drive, Chicago, Illinois 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>(Name and address of
agent for service)</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Registrant's telephone
number, including area code:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312-917-7700&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Date of fiscal year
end:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Date of reporting
period:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/31/08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Form N-Q is to be used by
management investment companies, other than small business investment companies
registered on Form N-5 (&#167;&#167;  239.24 and 274.5 of this chapter), to file reports
with the Commission, not later than 60 days after the close of the first and
third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act
of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on
Form N-Q in its regulatory, disclosure review, inspection, and policymaking
roles. </FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>A registrant is required to
disclose the information specified by Form N-Q, and the Commission will make
this information public. A registrant is not required to respond to the
collection of information contained in Form N-Q unless the Form displays a
currently valid Office of Management and Budget ("OMB") control number. Please
direct comments concerning the accuracy of the information collection burden
estimate and any suggestions for reducing the burden to the Secretary,
Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC
20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. &#167; 3507. </FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 1. Schedule of
Investments</B></FONT></P>


<A name="page_1"></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Portfolio of Investments (Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Nuveen Municipal Value Fund, Inc. (NUV)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><I><FONT face=sans-serif size=2>January 31, 2008</FONT></I>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><B><FONT face=sans-serif size=2>Principal</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><B><FONT face=sans-serif size=2>Optional Call</FONT></B>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><B><FONT face=sans-serif size=2>Amount (000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Description (1)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><B><FONT face=sans-serif size=2>Provisions (2)</FONT></B>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=2>Ratings (3)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=2>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Alabama &#150; 1.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; 875</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Alabama Housing Finance Authority, Collateralized Home Mortgage Program Single Family Mortgage</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/08 at 102.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%"><FONT face=sans-serif size=2>&nbsp;$ </FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>884,485</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Revenue Bonds, Series 1998A-2, 5.450%, 10/01/28 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Courtland Industrial Development Board, Alabama, Solid Waste Disposal Revenue Bonds, Champion</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/09 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,143,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>International Paper Corporation, Series 1999A, 6.700%, 11/01/29 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2001A, 5.750%, 6/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A2 (4)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,939,840</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>(Pre-refunded 6/01/11)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>12,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 1999A, 5.375%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2/09 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>12,509,520</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2/01/36 (Pre-refunded 2/01/09) &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>19,625</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Alabama</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>20,477,145</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Alaska &#150; 0.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,335</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,372,285</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>12/01/30 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Anchorage, Alaska, General Obligation Bonds, Series 2003B, 5.000%, 9/01/23 (Pre-refunded</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,350,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>9/01/13) &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,365</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/10 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,495,643</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2000, 6.200%, 6/01/22 (Pre-refunded 6/01/10)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>8,700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Alaska</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>9,218,628</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Arizona &#150; 1.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>13,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/10 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A (4)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>14,510,346</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>1999A, 6.625%, 7/01/20 (Pre-refunded 7/01/10)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,900</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children&#146;s</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/09 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Baa3 (4)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,238,884</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Hospital, Series 1999A, 6.250%, 11/15/29 (Pre-refunded 11/15/09)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children&#146;s</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2/12 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Baa3 (4)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,597,470</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Hospital, Series 2002A, 6.250%, 2/15/21 (Pre-refunded 2/15/12)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Phoenix Industrial Development Authority, Arizona, GNMA Collateralized Multifamily Housing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,881,320</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Revenue Bonds, Park Lee Apartments, Series 2004A, 5.050%, 10/20/44 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/17 at 102.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>N/R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,002,320</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2007, 7.000%, 12/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Series 2007,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,604,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.000%, 12/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>31,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Arizona</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>32,834,640</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Arkansas &#150; 0.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,460</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Cabot School District 4, Lonoke County, Arkansas, General Obligation Refunding Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/08 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>10,521,609</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2003, 5.000%, 2/01/32 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>University of Arkansas, Fayetteville, Various Facilities Revenue Bonds, Series 2002, 5.000%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,034,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>12/01/32 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>12,460</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Arkansas</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>12,555,809</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>California &#150; 10.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.125%, 5/01/19 (Pre-refunded 5/01/12)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/12 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>11,125,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.250%, 5/01/20 (Pre-refunded 5/01/12)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/12 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>11,175,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>7,310</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>California Educational Facilities Authority, Revenue Bonds, Loyola Marymount University,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/09 at 39.19</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,762,522</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2000, 0.000%, 10/01/24 (Pre-refunded 10/01/09) &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>6,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,917,980</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2006, 5.000%, 4/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>6,830</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>California Infrastructure Economic Development Bank, Revenue Bonds, J. David Gladstone</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,936,685</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Institutes, Series 2001, 5.250%, 10/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,493,295</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Company, Series 2004C, 4.750%, 12/01/23 &#150; FGIC Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,330</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>California State, Variable Purpose General Obligation Bonds, Series 2007, Lehman Municipal</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,370,295</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Trust Receipts FC5, 10.329%, 6/01/37 (IF)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>13,695</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>California Statewide Community Development Authority, Certificates of Participation, Internext</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/09 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>13,953,288</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Group, Series 1999, 5.375%, 4/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>California, General Obligation Bonds, Series 2003:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>14,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.250%, 2/01/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>15,031,576</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>11,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.000%, 2/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>11,284,875</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>7,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>California, General Obligation Bonds, Series 2004, 5.000%, 2/01/33 (Pre-refunded 2/01/14)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A+ (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>8,414,325</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/09 at 102.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>N/R (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,225,780</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Facilities District 98-2 &#150; Ladera, Series 1999, 5.750%, 9/01/29 (Pre-refunded 9/01/09)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Coast Community College District, Orange County, California, General Obligation Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/18 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,913,550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2006C, 0.000%, 8/01/32 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>30,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>16,527,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>1995A, 0.000%, 1/01/22 (ETM)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>21,150</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>23,252,522</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Asset-Backed Bonds, Series 2003B, 5.000%, 6/01/38 (Pre-refunded 6/01/13) &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Asset-Backed Bonds, Series 2007A-1:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.000%, 6/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,396,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.125%, 6/01/47</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,299,495</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,540</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,195,325</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Revenue Bonds, Series 2005A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.000%, 6/01/38 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,957,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.000%, 6/01/45</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,926,280</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>9,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Los Angeles Department of Water and Power, California, Waterworks Revenue Refunding Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>9,188,820</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2001A, 5.125%, 7/01/41</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/12 at 102.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,216,240</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>7.500%, 12/01/24 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Merced Union High School District, Merced County, California, General Obligation Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Series 1999A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 8/01/23 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,176,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,555</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 8/01/24 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,134,752</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,365</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Montebello Unified School District, Los Angeles County, California, General Obligation Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>880,773</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2004, 0.000%, 8/01/27 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>8,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A3 (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>9,285,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Center, Series 2004, 5.625%, 7/01/34 (Pre-refunded 7/01/14)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,055</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Riverside Public Financing Authority, California, Tax Allocation Revenue Bonds, University</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,997,070</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Corridor Sycamore, Series 2007A, Residuals 07-1029, 6.669%, 8/01/37 &#150; MBIA Insured (IF)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>San Bruno Park School District, San Mateo County, California, General Obligation Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Series 2000B:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,575</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 8/01/24 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,143,635</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,660</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 8/01/25 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,113,210</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>7,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>San Diego County, California, Certificates of Participation, Burnham Institute, Series 1999,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/09 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Baa3 (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>7,831,732</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>6.250%, 9/01/29 (Pre-refunded 9/01/09)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,699</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Yuba County Water Agency, California, Yuba River Development Revenue Bonds, Pacific Gas and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>3/08 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,690,828</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Electric Company, Series 1966A, 4.000%, 3/01/16</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>217,914</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total California</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>199,820,053</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Colorado &#150; 3.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,066,350</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>XLCA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,107,890</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Peak-to-Peak Charter School, Series 2001, 7.625%, 8/15/31 (Pre-refunded 8/15/11)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,741,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2006A, 4.500%, 9/01/38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>3/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,251,851</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2002A, 5.500%, 3/01/32 (ETM)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Colorado Health Facilities Authority, Revenue Bonds, Sisters of Charity Healthcare Systems</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/08 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>250,470</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Inc., Series 1994, 5.250%, 5/15/14</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Colorado Health Facilities Authority, Revenue Bonds, Vail Valley Medical Center, Series 2001,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>514,285</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.750%, 1/15/22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>18,915</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Denver, Colorado, Airport System Revenue Refunding Bonds, Series 2003B, 5.000%, 11/15/33 &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>18,684,048</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>XLCA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000A, 5.750%, 9/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/10 at 102.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,511,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>(Pre-refunded 9/01/10) &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>16,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,094,970</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>9/01/32 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>39,700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/10 at 31.42</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>11,700,781</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>(Pre-refunded 9/01/10) &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 3/01/36 &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,002,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>12,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2006A, 0.000%, 9/01/38 &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/26 at 54.77</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,143,125</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,043,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.350%, 12/01/37 &#150; RAAI Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,450</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/11 at 102.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,607,920</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.500%, 6/15/19 (Pre-refunded 6/15/11) &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>7,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,860,140</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 6/15/21 (Pre-refunded 6/15/16) &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>130,715</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Colorado</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>72,580,380</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Connecticut &#150; 0.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>8,670</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Mashantucket Western Pequot Tribe, Connecticut, Subordinate Special Revenue Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>8,284,792</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2007A, 5.750%, 9/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>District of Columbia &#150; 2.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>30,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/08 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>30,790,265</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Revenue Bonds, Series 1998, 4.750%, 10/01/28 (Pre-refunded 10/01/08) &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>9,396,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Revenue Bonds, Series 2007A, 4.500%, 10/01/30 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>40,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total District of Columbia</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>40,187,165</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Florida &#150; 3.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/12 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aa1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,203,160</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Group, Series 2002C, 5.750%, 11/15/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2005E,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/15 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>9,800,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>4.500%, 6/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,732,133</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>General Hospital, Series 2006, 5.250%, 10/01/41</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,690</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2001, 5.000%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>10,790,807</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>10/01/30 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>JEA, Florida, Electric System Revenue Bonds, Series 2006-3A, 5.000%, 10/01/41 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,068,130</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,880</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Lee County, Florida, Airport Revenue Bonds, Series 2000A, 6.000%, 10/01/32 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/10 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,170,067</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>(Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,934,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2007, 5.000%, 10/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,895</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Regional</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/09 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,040,822</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Healthcare System, Series 1999E, 6.000%, 10/01/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>105</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Regional</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/09 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>112,387</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Healthcare System, Series 1999E, 6.000%, 10/01/26 (Pre-refunded 10/01/09)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>8,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Orange County School Board, Florida, Certificates of Participation, Series 2002A, 5.000%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>8,292,570</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>8/01/27 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>9,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>9,147,048</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2007, 5.000%, 7/01/40 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 5.250%, 10/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,377,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,910</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,706,972</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>South Florida, Trust 1025, 9.777%, 8/15/42 (IF)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>69,230</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Florida</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>69,376,696</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Georgia &#150; 1.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,240</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.000%, 11/01/38 &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/09 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>10,295,603</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2001A, 5.000%, 11/01/33 &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,538,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,231,040</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Royston Hospital Authority, Georgia, Revenue Anticipation Certificates, Ty Cobb Healthcare</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/09 at 102.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>N/R</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,279,295</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>System Inc., Series 1999, 6.500%, 7/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>18,990</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Georgia</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>19,344,438</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Hawaii &#150; 1.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>7,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Hawaii, General Obligation Bonds, Series 2003DA, 5.250%, 9/01/23 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>8,034,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>12,325</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Honolulu City and County, Hawaii, General Obligation Bonds, Series 2003A, 5.250%, 3/01/28 &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>3/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>12,964,421</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>19,825</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Hawaii</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>20,998,871</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Illinois &#150; 11.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,060</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Aurora, Illinois, Golf Course Revenue Bonds, Series 2000, 6.375%, 1/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/10 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,138,713</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>15,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,596,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Revenues, Series 1998B-1, 0.000%, 12/01/24 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,125</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Chicago Greater Metropolitan Sanitary District, Illinois, General Obligation Capital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,213,549</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Improvement Bonds, Series 1991, 7.000%, 1/01/11 (ETM)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Chicago Housing Authority, Illinois, Revenue Bonds, Capital Fund Program, Series 2001, 5.375%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,563,150</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>7/01/18 (Pre-refunded 7/01/12)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>285</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>304,998</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>9,715</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 (Pre-refunded</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>10,918,397</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>7/01/12) &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,575</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O&#146;Hare International</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,582,854</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Airport, Series 2001C, 5.100%, 1/01/26 &#150; AMBAC Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,020</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Cook County High School District 209, Proviso Township, Illinois, General Obligation Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,324,627</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2004, 5.000%, 12/01/19 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>385</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>423,265</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2003B, 5.250%, 11/01/20 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,615</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,829,957</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2003B, 5.250%, 11/01/20 (Pre-refunded 11/01/13) &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Illinois Development Finance Authority, Gas Supply Revenue Bonds, Peoples Gas, Light and Coke</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/13 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,156,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Company, Series 2003E, 4.875%, 11/01/38 (Mandatory put 11/01/18) &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>(Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>28,030</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>18,190,909</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>DuPage Counties School District U46 &#150; Elgin, Series 2002, 0.000%, 1/01/19 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,155,564</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Boone Counties School District 205 &#150; Rockford, Series 2000, 0.000%, 2/01/19 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,180</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Illinois Development Finance Authority, Revenue Bonds, Chicago Charter School Foundation,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,684,571</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2002A, 6.250%, 12/01/32 (Pre-refunded 12/01/12)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,450</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,473,490</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2001, 5.125%, 9/01/35 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>6,550</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>7,140,876</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2001, 5.125%, 9/01/35 (Pre-refunded 9/01/11) &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA+ (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,765,350</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.500%, 8/15/43 (Pre-refunded 8/15/14)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,975</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,915,097</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.500%, 8/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,530</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2007, Trust 73TP,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,623,192</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>10.223%, 7/01/46 (IF)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>15,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2000,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/10 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>15,519,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>6.500%, 5/15/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>15,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Illinois Health Facilities Authority, Revenue Bonds, Edward Hospital Obligated Group, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>16,341,150</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2001B, 5.250%, 2/15/34 (Pre-refunded 2/15/11) &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>8,145</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2/08 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>8,230,767</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.250%, 8/01/22 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,350</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,261,717</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>7.000%, 2/15/18 (ETM)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 0.000%, 6/15/30 &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/15 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,790,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Project, Series 1992A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>18,955</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 6/15/17 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>13,179,791</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>12,830</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 6/15/18 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>8,443,295</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Project, Series 1994B:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>7,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 6/15/18 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,771,153</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,385</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 6/15/21 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,876,678</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,190</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 6/15/28 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,916,667</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>11,610</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 6/15/29 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,057,463</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Project, Series 2002A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 6/15/24 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/22 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>7,079,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>21,375</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 6/15/34 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,781,510</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>21,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 12/15/35 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,258,820</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>21,070</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 6/15/36 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,132,652</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>22,945</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 6/15/39 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,755,581</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>8,460</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.250%, 6/15/42 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/12 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>8,680,214</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Expansion Project, Series 1996A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>16,550</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 12/15/21 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>8,975,396</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,650</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.250%, 6/15/27 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/08 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,658,811</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Expansion Project, Series 2002B:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,775</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 6/15/20 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/17 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,397,613</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,715</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 6/15/21 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/17 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,127,727</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Area 4,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>3/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>989,350</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2007, 4.700%, 3/01/33 &#150; AGC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>865</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Tri-City Regional Port District, Illinois, Port and Terminal Facilities Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>N/R</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>864,542</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Bonds, Delivery Network Project, Series 2003A, 4.900%, 7/01/14 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>255</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Tri-City Regional Port District, Illinois, Port and Terminal Facilities Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>N/R</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>256,311</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Bonds, Dock 2 Enhancement Project, Series 1998B, 5.875%, 7/01/08 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,575</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,040,949</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Bonds, Series 1999, 0.000%, 1/01/18 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>720</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>491,846</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Bonds, Series 1999, 0.000%, 1/01/18 &#150; FGIC Insured (ETM)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>342,965</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Illinois</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>228,880,662</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Indiana &#150; 3.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Indiana Bond Bank, State Revolving Fund Program Bonds, Series 2001A, 5.375%, 2/01/19</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2/13 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>11,031,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc.,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>3/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,042,520</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2004A, 5.375%, 3/01/34 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,450</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,496,058</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>20,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A, 5.000%, 6/01/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>22,248,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>(Pre-refunded 6/01/13) &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>12,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 2/01/21 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,920,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>14,595</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 2/01/27 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,679,206</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Mooresville School Building Corporation, Morgan County, Indiana, First Mortgage Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/09 at 102.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,215,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>1998, 5.000%, 7/15/15 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>13,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Noblesville, Indiana, Revenue Bonds, Catholic High School Corporation, Series 2003,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/13 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>N/R</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>13,137,597</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.750%, 7/01/22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>81,645</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Indiana</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>70,771,806</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Iowa &#150; 0.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Wartburg</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>N/R (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,923,605</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>College, Series 2002, 5.500%, 10/01/33 (Pre-refunded 10/01/12) &#150; ACA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>7,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,562,570</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.625%, 6/01/46</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>6,160</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,788,566</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2001B, 5.600%, 6/01/35 (Pre-refunded 6/01/11)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>16,660</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Iowa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>17,274,741</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Kansas &#150; 0.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>3/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>10,711,600</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Kentucky &#150; 0.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,145</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/08 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,146,294</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Refunding Bonds, Series 1997A, 6.100%, 1/01/24 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Louisiana &#150; 2.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>East Baton Rouge Parish, Louisiana, Revenue Refunding Bonds, Georgia Pacific Corporation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>3/08 at 102.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>B2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>965,090</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Project, Series 1998, 5.350%, 9/01/11 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>12,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Louisiana Local Government Envirnomental Facilities &amp; Community Development Authority, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BB+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>12,369,720</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,150</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,200,934</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Lady Health System, Series 2005A, 5.250%, 8/15/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,210</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Louisiana Public Facilities Authority, Hospital Revenue Refunding Bonds, Southern Baptist</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/08 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>11,385,171</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Hospital, Series 1986, 8.000%, 5/15/12 (ETM)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>21,155</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>20,621,048</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2001B, 5.875%, 5/15/39</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>49,515</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Louisiana</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>50,541,963</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Maryland &#150; 0.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>3/08 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>N/R</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,479,280</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>7.400%, 9/01/19 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,631,234</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2004, 5.500%, 8/15/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>8,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Maryland</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>8,110,514</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Massachusetts &#150; 3.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Massachusetts Bay Transportation Authority, Senior Sales Tax Revenue Refunding Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>10,979,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2002A, 5.000%, 7/01/32 (Pre-refunded 7/01/12)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,720</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/08 at 102.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,725,040</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Associates, Series 1998B, 5.100%, 12/01/12 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,340</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Health Care</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,354,669</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Inc., Series 2001C, 5.250%, 11/15/31 &#150; RAAI Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Community Services Inc., Series 2004B:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,340</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>6.250%, 7/01/24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BB&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,362,525</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>6.375%, 7/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BB&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,019,130</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Series 1997A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.000%, 1/01/27 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/09 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>10,098,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>22,440</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.000%, 1/01/37 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/08 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>22,185,306</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>8,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Subordinate</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/08 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>7,956,640</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 1997B, 5.125%, 1/01/37 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>7,405</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Subordinate</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/09 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>7,398,854</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 1999A, 5.000%, 1/01/39 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/10 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,897,718</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.500%, 8/01/30 (Pre-refunded 8/01/10)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/10 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,484,473</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.500%, 8/01/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>72,245</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Massachusetts</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>73,462,855</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Michigan &#150; 3.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,245</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/09 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BB&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>9,406,959</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.500%, 5/01/21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006D,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,010,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>4.625%, 7/01/32 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,240</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Refunding Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,707,932</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2002, 5.250%, 10/01/19</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Michigan Municipal Bond Authority, Public School Academy Revenue Bonds, Detroit Academy of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Arts and Sciences Charter School, Series 2001A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>7.500%, 10/01/12</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/09 at 102.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Ba1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,359,917</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>7.900%, 10/01/21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/09 at 102.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Ba1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,215,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>8.000%, 10/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/09 at 102.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Ba1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,634,820</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>22,235</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/08 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BB-</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>20,280,321</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Obligated Group, Series 1998A, 5.250%, 8/15/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Michigan State Hospital Finance Authority, Revenue Refunding Bonds, Detroit Medical Center</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Obligated Group, Series 1993A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>6.250%, 8/15/13</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2/08 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BB&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,001,030</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>12,925</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>6.500%, 8/15/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2/08 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BB&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>12,934,952</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>7,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Michigan Strategic Fund, Limited Obligation Resource Recovery Revenue Refunding Bonds, Detroit</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>7,309,152</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Edison Company, Series 2002D, 5.250%, 12/15/32 &#150; XLCA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>73,645</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Michigan</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>71,860,733</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Minnesota &#150; 0.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,758,733</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.000%, 5/01/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>390</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.900%, 8/01/15 &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2/08 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>391,065</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>340</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Rochester, Minnesota, Healthcare Facilities Revenue Bonds, Mayo Foundation, Series 1998A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/08 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>345,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.500%, 11/15/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facilities Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,921,580</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,480</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Minnesota</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,416,628</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Missouri &#150; 2.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>40,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>40,670,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2003, 5.250%, 5/15/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>6,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Missouri-Illinois Metropolitan District Bi-State Development Agency, Mass Transit Sales Tax</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,231,180</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B, 5.000%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>10/01/32 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Sugar Creek, Missouri, Industrial Development Revenue Bonds, Lafarge North America Inc.,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/13 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,867,960</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2003A, 5.650%, 6/01/37 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>West Plains Industrial Development Authority, Missouri, Hospital Facilities Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Ozark Medical Center, Series 1997:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.500%, 11/15/12</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/08 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,754,568</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.600%, 11/15/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/08 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,001,760</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,075</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>West Plains Industrial Development Authority, Missouri, Hospital Facilities Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/09 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,126,752</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Ozark Medical Center, Series 1999, 6.750%, 11/15/24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>55,825</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Missouri</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>56,652,620</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Montana &#150; 0.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Puget Sound</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>3/13 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,782,138</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Energy, Series 2003A, 5.000%, 3/01/31 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Nevada &#150; 2.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Hospital, Series 2003A, 5.125%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,500,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>9/01/29 &#150; RAAI Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Monorail Project, First Tier, Series 2000:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>15,095</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 1/01/24 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,559,489</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>11,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 1/01/25 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,773,880</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.625%, 1/01/32 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/10 at 102.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,726,680</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>22,010</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.375%, 1/01/40 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/10 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>19,291,325</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Reno, Nevada, Health Facility Revenue Bonds, Catholic Health Care West, Series 2007A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>10,084,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.250%, 7/01/31 (UB)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>64,605</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Nevada</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>44,936,474</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>New Jersey &#150; 5.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>23,625</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/09 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>22,199,940</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Airlines Inc., Series 1999, 6.250%, 9/15/29 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>9,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/10 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>9,073,440</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>11,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Trinitas Hospital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/10 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB&#150; (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>12,620,384</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Obligated Group, Series 2000, 7.500%, 7/01/30 (Pre-refunded 7/01/10)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>7,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>8,546,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.500%, 6/15/24 (Pre-refunded 6/15/13)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>30,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 12/15/31 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>8,911,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>27,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 12/15/32 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>8,001,720</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>310</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>362,638</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>105</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>6.500%, 1/01/16 &#150; MBIA Insured (ETM)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>124,301</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,490</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>6.500%, 1/01/16 &#150; MBIA Insured (ETM)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,763,892</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>27,185</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>31,024,609</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2002, 6.125%, 6/01/42 (Pre-refunded 6/01/12)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>7,165</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>8,416,367</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2003, 6.250%, 6/01/43 (Pre-refunded 6/01/13)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>144,580</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total New Jersey</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>111,045,416</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>New Mexico &#150; 0.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>University of New Mexico, Revenue Refunding Bonds, Series 1992A, 6.000%, 6/01/21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,779,165</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>9,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>University of New Mexico, Subordinate Lien Revenue Refunding and Improvement Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>9,803,520</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2002A, 5.000%, 6/01/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>11,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total New Mexico</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>11,582,685</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>New York &#150; 10.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>8,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Kaleida</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>8,842,635</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Health, Series 2004, 5.050%, 2/15/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Dormitory Authority of the State of New York, Improvement Revenue Bonds, Mental Health</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Services Facilities, Series 1999D:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>245</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.250%, 2/15/29 (Pre-refunded 8/15/09)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/09 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A1 (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>259,247</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.250%, 2/15/29 (Pre-refunded 8/15/09)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/09 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA&#150; (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>211,536</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>65</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.250%, 2/15/29 (Pre-refunded 8/15/09)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/09 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA&#150; (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>68,780</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>6,490</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.250%, 2/15/29 (Pre-refunded 8/15/09)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/09 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA&#150; (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,867,394</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Dormitory Authority of the State of New York, New York City, Lease Revenue Bonds, Court</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/10 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA&#150; (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,680,012</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Facilities, Series 1999, 6.000%, 5/15/39 (Pre-refunded 5/15/10)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Dormitory Authority of the State of New York, Revenue Bonds, Mount Sinai NYU Health Obligated</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/08 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,505,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Group, Series 2000A, 5.500%, 7/01/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,625</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Dormitory Authority of the State of New York, Revenue Bonds, Mount Sinai NYU Health, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/08 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,638,178</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2000C, 5.500%, 7/01/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,760</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,680,659</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2/15/47 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>11,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/08 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>11,227,590</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.250%, 12/01/26 (Pre-refunded 6/01/08) &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>15,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>17,058,215</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.375%, 9/01/25 (Pre-refunded 9/01/11)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,055,440</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.000%, 12/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,510</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BB+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,336,275</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>College of Aeronautics, Series 2006B, 5.000%, 12/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/12 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>10,810,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Airport &#150; American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,691,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Bonds, Fiscal Series 2005B, 5.000%, 6/15/36 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>New York City, New York, General Obligation Bonds, Fiscal Series 1997E, 6.000%, 8/01/16</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/08 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,052</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,280</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>New York City, New York, General Obligation Bonds, Fiscal Series 1998D, 5.500%, 8/01/10</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2/08 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,345,314</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>New York City, New York, General Obligation Bonds, Fiscal Series 2003J:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,450</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.500%, 6/01/21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,553,516</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>385</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.500%, 6/01/22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>410,849</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>New York City, New York, General Obligation Bonds, Fiscal Series 2004C:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>8,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.250%, 8/15/24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>8,440,720</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>6,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.250%, 8/15/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,306,120</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>New York Dormitory Authority, FHA Insured Mortgage Hospital Revenue Bonds, Kaleida Health,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>9,596,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2006, 4.700%, 2/15/35 &#150; FHA Insured (UB)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>State Contingency Contract-Backed Bonds, Series 2003A-1:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.500%, 6/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>10,615,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>26,190</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.500%, 6/01/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>28,163,155</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>33,810</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.500%, 6/01/19</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>36,737,946</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,728,025</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Terminal LLC, Sixth Series 1997, 6.250%, 12/01/10 &#150; MBIA Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>8,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Power Authority of the State of New York, General Revenue Bonds, Series 2000A, 5.250%, 11/15/40</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/10 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>8,880,035</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>185,215</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total New York</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>195,716,393</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>North Carolina &#150; 0.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,522,680</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2003G, 5.000%, 6/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,534,025</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2003D, 5.125%, 1/01/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,591,140</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Facilities, Series 2004A, 5.000%, 2/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph&#146;s</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,871,240</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Health System, Series 2007, 4.500%, 10/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1999B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/10 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>10,595,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>6.500%, 1/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>17,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total North Carolina</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>18,114,885</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Ohio &#150; 1.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Bonds, Senior Lien, Series 2007A-2:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>535</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.125%, 6/01/24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>517,714</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,350</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.875%, 6/01/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,323,143</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,270</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.750%, 6/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,079,331</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>11,785</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.875%, 6/01/47</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>11,381,599</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,150</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/22 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,739,621</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Bonds, Senior Lien, Series 2007A-3, 0.000%, 6/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2003,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,337,320</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.000%, 12/01/31 (Pre-refunded 6/01/13) &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>31,090</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Ohio</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>29,378,728</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Oklahoma &#150; 0.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>9,955</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>10,021,499</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.125%, 2/15/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,045</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aa3 (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,671,589</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.125%, 2/15/31 (Pre-refunded 2/15/14)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>15,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Oklahoma</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>15,693,088</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Oregon &#150; 0.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Clackamas County Hospital Facility Authority, Oregon, Revenue Refunding Bonds, Legacy Health</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,696,356</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>System, Series 2001, 5.250%, 5/01/21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,860</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,903,644</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.000%, 10/01/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,460</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Oregon</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,600,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Pennsylvania &#150; 2.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, West Penn</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>8,946,992</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Allegheny Health System, Series 2007A, 5.000%, 11/15/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/08 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,509,315</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Pennsylvania, Series 1998, 4.500%, 7/15/21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>6,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,872,840</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>8,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2004D, 5.125%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>9,031,680</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>6/01/34 (Pre-refunded 6/01/14) &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,075</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>11,207,833</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>39,375</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Pennsylvania</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>40,568,660</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Puerto Rico &#150; 2.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>13,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>13,313,430</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>7/01/39 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,450</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/10 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,690,236</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>(Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/10 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>10,615,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.500%, 10/01/40</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>70,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,690,785</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>8/01/54 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Puerto Rico, General Obligation Bonds, Series 2000B, 5.625%, 7/01/19 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/10 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,181,100</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>103,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Puerto Rico</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>40,490,951</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Rhode Island &#150; 1.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>6,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/08 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,363,375</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Lifespan Obligated Group, Series 1996, 5.250%, 5/15/26 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>16,070</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>16,101,497</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2002A, 6.250%, 6/01/42</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>22,320</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Rhode Island</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>22,464,872</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>South Carolina &#150; 2.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>7,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>7,140,350</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>GROWTH, Series 2004, 5.250%, 12/01/29</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Myrtle Beach, South Carolina, Hospitality and Accommodation Fee Revenue Bonds, Series 2004A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,988,540</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.000%, 6/01/36 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>8,475</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/08 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>8,474,492</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>1986, 5.000%, 1/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,320</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A&#150; (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,885,531</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>16,430</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>16,850,608</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Secours Health System Inc., Series 2002B, 5.625%, 11/15/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>8,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>South Carolina JOBS Economic Development Authority, Hospital Revenue Bonds, Palmetto Health</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/10 at 102.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Baa2 (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>9,236,880</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Alliance, Series 2000A, 7.375%, 12/15/21 (Pre-refunded 12/15/10)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,215</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Spartanburg Sanitary Sewer District, South Carolina, Sewer System Revenue Bonds, Series 2003B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>3/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,318,015</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.000%, 3/01/38 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>110</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>111,751</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>51,550</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total South Carolina</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>54,006,167</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Tennessee &#150; 0.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Bonds, Baptist Health System of East Tennessee Inc., Series 2002:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>6.375%, 4/15/22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/12 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Ba2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,145,440</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,605</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>6.500%, 4/15/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/12 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Ba2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,698,051</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,605</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Tennessee</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,843,491</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Texas &#150; 5.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc.,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>CCC+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,828,550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, First Tier</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,870,160</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2006B, 5.750%, 1/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,110</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/13 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Caa1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,297,537</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Bonds, Residual Series 2007-1019:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>9,940</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>10.290%, 1/01/45 &#150; FGIC Insured (IF)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>9,592,001</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,920</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>10.290%, 1/01/45 &#150; FGIC Insured (IF)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,782,761</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,996,880</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Bonds, Series 2005, 5.000%, 1/01/35 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Bonds, Series 2001G,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,789,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.250%, 11/15/30 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>23,875</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>7,591,295</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Project, Series 2001B, 0.000%, 9/01/29 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>10,045</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000A, 5.875%, 7/01/16 &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/10 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>10,461,466</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>FSA Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Irving Independent School District, Texas, Unlimited Tax School Building Bonds, Series 1997:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,685</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 2/15/10</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,407,458</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,470</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 2/15/11</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,196,980</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,812,350</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Memorial Hospital Project, Series 2005, 5.375%, 8/15/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>22,060</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Leander Independent School District, Williamson and Travis Counties, Texas, Unlimited Tax</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/09 at 31.45</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,537,260</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>School Building and Refunding Bonds, Series 2000, 0.000%, 8/15/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>6,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Matagorda County Navigation District 1, Texas, Revenue Bonds, Reliant Energy Inc., Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/08 at 102.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,140,040</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>1999C, 8.000%, 5/01/29</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Port Corpus Christi Industrial Development Corporation, Texas, Revenue Refunding Bonds, Valero</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/08 at 102.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,006,150</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Refining and Marketing Company, Series 1997A, 5.400%, 4/01/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,071,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2004, 6.000%, 12/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/13 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Caa1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,815,340</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Company, Series 2003A, 5.800%, 7/01/22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>San Antonio, Texas, Water System Revenue Bonds, Series 2005, 4.750%, 5/15/37 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,006,210</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>7,725</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Tarrant County, Texas, Cultural &amp; Educational Facilities Financing Corporation, Revenue Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>7,466,135</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2007, Residuals 1760-3, 10.109%, 2/15/36 (IF)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>131,530</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Texas</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>97,669,523</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Utah &#150; 0.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Eagle Mountain, Utah, Gas and Electric Revenue Bonds, Series 2005, 5.000%, 6/01/24 &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,068,160</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>RAAI Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,210</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1998G-2, Class I, 5.200%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/10 at 101.50</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,209,153</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>7/01/30 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Utah State Board of Regents, Utah State University, Revenue Bonds, Series 2004, 5.000%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,141,262</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>4/01/35 (Pre-refunded 4/01/14) &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,810</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Utah Water Finance Agency, Revenue Bonds, Pooled Loan Financing Program, Series 2002C, 5.250%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,471,463</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>10/01/28 (Pre-refunded 10/01/12) &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>13,720</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Utah</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>14,890,038</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Virgin Islands &#150; 0.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project &#150; Hovensa LLC, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,546,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2003, 6.125%, 7/01/22 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Virginia &#150; 1.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,125</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Series 2002A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,535,561</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.750%, 10/01/16 &#150; FGIC Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>15,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Pocahontas Parkway Association, Virginia, Senior Lien Revenue Bonds, Route 895 Connector Toll</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/08 at 28.38</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,208,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Road, Series 1998A, 0.000%, 8/15/30 (Pre-refunded 8/15/08)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Pocahontas Parkway Association, Virginia, Senior Lien Revenue Bonds, Route 895 Connector Toll</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Road, Series 1998B:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>19,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 8/15/33 (Pre-refunded 8/15/08)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/08 at 23.55</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,516,514</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>60,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 8/15/35 (Pre-refunded 8/15/08)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/08 at 20.95</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>12,526,525</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,245</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Virginia Housing Development Authority, Multifamily Housing Bonds, Series 1997E, 5.600%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/08 at 102.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,310,971</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>11/01/17 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>102,270</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Virginia</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>29,097,971</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Washington &#150; 3.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>6,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Cowlitz County Public Utilities District 1, Washington, Electric Production Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,415,744</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2004, 5.000%, 9/01/34 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>12,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>13,862,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Nuclear Project 2, Series 2002B, 6.000%, 7/01/18 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 3, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,446,720</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2003A, 5.500%, 7/01/17 &#150; XLCA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>8,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,588,208</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>1989B, 0.000%, 7/01/14</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>N/R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,463,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Medical Center of Seattle, Series 2007, 5.700%, 12/01/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Washington State Healthcare Facilities Authority, Revenue Bonds, Providence Health Care</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,850,550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Services, Series 2006A, 4.625%, 10/01/34 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>17,370</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>17,742,413</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2002, 6.625%, 6/01/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>9,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 6/01/29 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,138,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>16,195</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>0.000%, 6/01/30 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,374,955</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>81,165</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Washington</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>64,882,715</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Wisconsin &#150; 2.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Bonds, Series 2002:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>7,435</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>6.125%, 6/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>7,632,920</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>13,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>6.375%, 6/01/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>13,388,065</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>6,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Public Schools, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,723,720</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2003A, 5.125%, 8/01/22 (Pre-refunded 8/01/13) &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>6,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB+ (4)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,924,540</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Christian Charity Healthcare Ministry, Series 2003A, 5.875%, 9/01/33 (Pre-refunded 9/01/13)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,030,330</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2006A, 5.000%, 2/15/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2/12 at 101.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,223,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Services Inc., Series 2002, 5.750%, 8/15/30 (Pre-refunded 2/15/12)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,235</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Wisconsin Housing and Ecconomic Development Authority, Home Ownership Revenue Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,006,183</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2005C, 4.875%, 3/01/36 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>40,670</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Wisconsin</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>42,928,858</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>$&nbsp;&nbsp; &nbsp; 2,366,759</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Long-Term Investments (cost $1,836,745,067) &#150; 99.6%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,950,748,386</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="6%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%"></TD>
     <TD width="90%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Short-Term Investments &#150; 0.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; 1,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>California, Variable Rate Demand Obligations, Series 2004C-16, 1.900%, 7/01/23 &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>VMIG-1</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,200,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>FSA Insured (5)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="6%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%"></TD>
     <TD width="90%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Short-Term Investments (cost $1,200,000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,200,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="90%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Investments (cost $1,837,945,067) &#150; 99.7%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,951,948,386</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="90%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Floating Rate Obligations &#150; (0.7)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>(13,330,000)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="90%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Other Assets Less Liabilities &#150; 1.0%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>19,657,907</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="90%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Net Assets &#150; 100%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%"><FONT face=sans-serif size=2>&nbsp;$ </FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,958,276,293</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="90%" colSpan=7>
<HR noShade SIZE=2>
</TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>


<A name="page_13"></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>The Fund may invest in &#147;zero coupon&#148; securities. A zero coupon security does not pay a regular interest</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>from accretion of the difference between the original purchase price of the security at issuance and the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>par value of the security at maturity and is effectively paid at maturity. Such securities are included in the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>Portfolio of Investments with a 0.000% coupon rate in their description. The market prices of zero coupon</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>securities generally are more volatile than the market prices of securities that pay interest periodically.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>(1)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>All percentages shown in the Portfolio of Investments are based on net assets.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>(2)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>may be subject to periodic principal paydowns.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>(3)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>Ratings: Using the higher of Standard &amp; Poor's Group ("Standard &amp; Poor's") or Moody's Investor Service,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>Inc. ("Moody's") rating. Ratings below BBB by Standard &amp; Poor's or Baa by Moody's are considered to be</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>below investment grade.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>The AAA ratings shown in the Portfolio of Investments reflect the AAA ratings on certain bonds that may</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>be insured by AMBAC, FGIC, XLCA or MBIA as of January 31, 2008. Subsequent to January 31, 2008,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>at least one rating agency reduced the rating for AMBAC-insured bonds to AA and XLCA-insured and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>FGIC-insured bonds experienced further downgrades such that they no longer carry AAA ratings which</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>had the effect of reducing the rating of many (if not all) of the bonds insured by those particular insurers.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>One or more rating agencies have placed each of these insurers on &#147;negative credit watch&#148;, which may</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>presage one or more rating reductions for such insurer or insurers in the future. If one or more insurers&#146;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>ratings are reduced below AAA by these rating agencies, it would likely reduce the effective rating of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>many of the bonds insured by that insurer or insurers.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>(4)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>which ensure the timely payment of principal and interest. Such investments are normally considered to</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>be equivalent to AAA rated securities.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>(5)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>Investment has a maturity of more than one year, but has variable rate and demand features which qualify</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>rate changes periodically based on market conditions or a specified market index.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>N/R</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>Not rated.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>(ETM)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>Escrowed to maturity.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>(IF)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>Inverse floating rate investment.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>(UB)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>provisions of SFAS No. 140.</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1><FONT size=2>Income Tax Information</FONT></FONT></B></P>
<P align=left><FONT face=sans-serif size=1><FONT size=2>The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the treatment of paydown gains and losses, timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate transactions subject to SFAS No.140. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.</FONT></FONT></P>
<P align=left><FONT face=sans-serif size=1><FONT size=2>At January 31, 2008, the cost of investments was $1,820,422,269.</FONT></FONT></P>
<P align=left><FONT face=sans-serif size=1><FONT size=2>Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2008, were as follows:</FONT></FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0>
<TR>
     <TD align=left width="99%" background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=2>Gross unrealized:</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="36%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=2>&nbsp; Appreciation</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="36%"><FONT face=sans-serif size=2>$ 134,610,272</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=2>&nbsp; Depreciation</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="36%"><FONT face=sans-serif size=2>(16,414,315)</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=2>Net unrealized appreciation (depreciation) of investments</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="36%"><FONT face=sans-serif size=2>$ 118,195,957</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left width="99%" background="" colSpan=3>
<HR noShade SIZE=2>
</TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>

<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 2. Controls and
Procedures.</B></FONT></P>
<OL type=a>
  <LI>The registrant's principal executive and principal financial officers, or
  persons performing similar functions, have concluded that the registrant's
  disclosure controls and procedures (as defined in Rule 30a-3(c) under the
  Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR
  270.30a-3(c))) are effective, as of a date within 90 days of the filing date
  of this report that includes the disclosure required by this paragraph, based
  on their evaluation of the controls and procedures required by Rule 30a-3(b)
  under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under
  the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
  <LI>There were no changes in the registrant's internal control over financial
  reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR
  270.30a-3(d)) that occurred during the registrant's last fiscal quarter that
  have materially affected, or are reasonably likely to materially affect, the
  registrant's internal control over financial reporting.</LI></OL>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 3.
Exhibits.</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>File as exhibits as part of
this Form a separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT
Attached hereto. </FONT></P>
<CENTER>
<H3><BR>SIGNATURES<BR></H3></CENTER>
<P><FONT face="Times New Roman, Times, Serif" size=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized. </FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>(Registrant)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Municipal Value Fund, Inc.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/&nbsp;Kevin J.
McCarthy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kevin
J.
McCarthy<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Vice President and Secretary</FONT></P>
<P><FONT face="Times New Roman, Times, Serif"
size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated.
</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R.
Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Gifford R.
Zimmerman<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Chief Administrative Officer (principal executive officer)&nbsp;</FONT></P>
<P><FONT face="Times New Roman, Times, Serif"
size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D.
Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen
D.
Foy<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Vice President and Controller (principal financial officer)&nbsp;</FONT></P>
<P><FONT face="Times New Roman, Times, Serif"
size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>*&nbsp;Print the name and
title of each signing officer under his or her signature.
</FONT></P></BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification1.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML><HEAD><TITLE>Certifications</TITLE></HEAD>
<BODY>
<CENTER>
<H3><U>CERTIFICATIONS</U> </H3></CENTER>
<P>I, Gifford R. Zimmerman, certify that:</P>
<OL>
  <LI>I have reviewed this report on Form N-Q of Nuveen Municipal Value Fund, Inc.;
  <LI>Based on my knowledge, this report does not contain any untrue statement
  of a material fact or omit to state a material fact necessary to make the
  statements made, in light of the circumstances under which such statements
  were made, not misleading with respect to the period covered by this report;
  <LI>Based on my knowledge, the schedules of investments included in this
  report fairly present in all material respects the investments of the
  registrant as of the end of the fiscal quarter for which the report is filed;
  <LI>The registrant's other certifying officer and I are responsible for
  establishing and maintaining disclosure controls and procedures (as defined in
  Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
  over financial reporting (as defined in Rule 30a-3(d) under the Investment
  Company Act of 1940) for the registrant and have:
  <OL type=a>
    <LI>Designed such disclosure controls and procedures, or caused such
    disclosure controls and procedures to be designed under our supervision, to
    ensure that material information relating to the registrant, including its
    consolidated subsidiaries, is made known to us by others within those
    entities, particularly during the period in which this report is being
    prepared;
    <LI>Designed such internal control over financial reporting, or caused such
    internal control over financial reporting to be designed under our
    supervision, to provide reasonable assurance regarding the reliability of
    financial reporting and the preparation of financial statements for external
    purposes in accordance with generally accepted accounting principles;
    <LI>Evaluated the effectiveness of the registrant's disclosure controls and
    procedures and presented in this report our conclusions about the
    effectiveness of the disclosure controls and procedures, as of a date within
    90 days prior to the filing date of this report, based on such evaluation;
    and
    <LI>Disclosed in this report any change in the registrant's internal control
    over financial reporting that occurred during the registrant's most recent
    fiscal quarter that has materially affected, or is reasonably likely to
    materially affect, the registrant's internal control over financial
    reporting; and</LI></OL>
  <LI>The registrant's other certifying officer and I have disclosed to the
  registrant's auditors and the audit committee of the registrant's board of
  directors (or persons performing the equivalent functions):
  <OL type=a>
    <LI>All significant deficiencies and material weaknesses in the design or
    operation of internal control over financial reporting which are reasonably
    likely to adversely affect the registrant's ability to record, process,
    summarize, and report financial information; and
    <LI>Any fraud, whether or not material, that involves management or other
    employees who have a significant role in the registrant's internal control
    over financial reporting.</LI></OL></LI></OL>
<P>Date:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<CENTER>
<H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R.
Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>Gifford R.
Zimmerman<BR>Chief Administrative Officer<BR>(principal executive
officer)<BR><BR></H4></CENTER>
<HR noShade SIZE=1>

<CENTER>
<H3><BR><U>CERTIFICATIONS</U> </H3></CENTER>
<P>I, Stephen D. Foy, certify that:</P>
<OL>
  <LI>I have reviewed this report on Form N-Q of Nuveen Municipal Value Fund, Inc.;
  <LI>Based on my knowledge, this report does not contain any untrue statement
  of a material fact or omit to state a material fact necessary to make the
  statements made, in light of the circumstances under which such statements
  were made, not misleading with respect to the period covered by this report;
  <LI>Based on my knowledge, the schedules of investments included in this
  report fairly present in all material respects the investments of the
  registrant as of the end of the fiscal quarter for which the report is filed;
  <LI>The registrant's other certifying officer and I are responsible for
  establishing and maintaining disclosure controls and procedures (as defined in
  Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
  over financial reporting (as defined in Rule 30a-3(d) under the Investment
  Company Act of 1940) for the registrant and have:
  <OL type=a>
    <LI>Designed such disclosure controls and procedures, or caused such
    disclosure controls and procedures to be designed under our supervision, to
    ensure that material information relating to the registrant, including its
    consolidated subsidiaries, is made known to us by others within those
    entities, particularly during the period in which this report is being
    prepared;
    <LI>Designed such internal control over financial reporting, or caused such
    internal control over financial reporting to be designed under our
    supervision, to provide reasonable assurance regarding the reliability of
    financial reporting and the preparation of financial statements for external
    purposes in accordance with generally accepted accounting principles;
    <LI>Evaluated the effectiveness of the registrant's disclosure controls and
    procedures and presented in this report our conclusions about the
    effectiveness of the disclosure controls and procedures, as of a date within
    90 days prior to the filing date of this report, based on such evaluation;
    and
    <LI>Disclosed in this report any change in the registrant's internal control
    over financial reporting that occurred during the registrant's most recent
    fiscal quarter that has materially affected, or is reasonably likely to
    materially affect, the registrant's internal control over financial
    reporting; and</LI></OL>
  <LI>The registrant's other certifying officer and I have disclosed to the
  registrant's auditors and the audit committee of the registrant's board of
  directors (or persons performing the equivalent functions):
  <OL type=a>
    <LI>All significant deficiencies and material weaknesses in the design or
    operation of internal control over financial reporting which are reasonably
    likely to adversely affect the registrant's ability to record, process,
    summarize, and report financial information; and
    <LI>Any fraud, whether or not material, that involves management or other
    employees who have a significant role in the registrant's internal control
    over financial reporting.</LI></OL></LI></OL>
<P>Date:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<CENTER>
<H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D.
Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>Stephen D.
Foy&nbsp;<BR>Vice President and Controller<BR>(principal financial
officer)<BR><BR></H4></CENTER>
<HR noShade SIZE=1>
</BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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