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<SEC-DOCUMENT>0000891804-09-003474.txt : 20090929
<SEC-HEADER>0000891804-09-003474.hdr.sgml : 20090929
<ACCEPTANCE-DATETIME>20090929161049
ACCESSION NUMBER:		0000891804-09-003474
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090731
FILED AS OF DATE:		20090929
DATE AS OF CHANGE:		20090929
EFFECTIVENESS DATE:		20090929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN 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:		091093088

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

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial Narrow'" cellSpacing=0 width=864 border=0>
<TR>
     <TD width="9%"></TD>
     <TD width="57%"></TD>
     <TD width="13%"></TD>
     <TD width="9%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Portfolio of Investments (Unaudited)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Nuveen Municipal Value Fund, Inc. (NUV)</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><I>July 31,</I><I> 2009&nbsp;</I></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right><B>Principal</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B>Optional Call</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>Amount (000)</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Description (1)</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>Provisions (2)</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>Ratings (3)</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>Value</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Alabama &#150; 0.4%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,000&nbsp;</TD>
     <TD align=left>Courtland Industrial Development Board, Alabama, Solid Waste Disposal Revenue Bonds, Champion&nbsp;</TD>
     <TD align=right>11/09 at 101.00&nbsp;</TD>
     <TD align=right>Baa3&nbsp;</TD>
     <TD align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,624,550&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;International Paper Corporation, Series 1999A, 6.700%, 11/01/29 (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,750&nbsp;</TD>
     <TD align=left>Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2001A, 5.750%, 6/01/31&nbsp;</TD>
     <TD align=right>6/11 at 101.00&nbsp;</TD>
     <TD align=right>A2 (4)&nbsp;</TD>
     <TD align=right>1,920,765&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;(Pre-refunded 6/01/11)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>6,750&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Alabama&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>6,545,315&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Alaska &#150; 0.5%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,335&nbsp;</TD>
     <TD align=left>Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%,&nbsp;</TD>
     <TD align=right>12/14 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>3,339,402&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;12/01/30 &#150; FGIC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,000&nbsp;</TD>
     <TD align=left>Anchorage, Alaska, General Obligation Bonds, Series 2003B, 5.000%, 9/01/23 (Pre-refunded&nbsp;</TD>
     <TD align=right>9/13 at 100.00&nbsp;</TD>
     <TD align=right>AA (4)&nbsp;</TD>
     <TD align=right>3,433,320&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;9/01/13) &#150; FGIC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,260&nbsp;</TD>
     <TD align=left>Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,&nbsp;</TD>
     <TD align=right>6/10 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>1,305,511&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Series 2000, 6.200%, 6/01/22 (Pre-refunded 6/01/10)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>7,595&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Alaska&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>8,078,233&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Arizona &#150; 1.7%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>13,100&nbsp;</TD>
     <TD align=left>Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West, Series&nbsp;</TD>
     <TD align=right>7/10 at 101.00&nbsp;</TD>
     <TD align=right>N/R (4)&nbsp;</TD>
     <TD align=right>13,839,233&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;1999A, 6.625%, 7/01/20 (Pre-refunded 7/01/10)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,900&nbsp;</TD>
     <TD align=left>Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children&#146;s&nbsp;</TD>
     <TD align=right>11/09 at 100.00&nbsp;</TD>
     <TD align=right>Baa3 (4)&nbsp;</TD>
     <TD align=right>4,975,460&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Hospital, Series 1999A, 6.250%, 11/15/29 (Pre-refunded 11/15/09)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,400&nbsp;</TD>
     <TD align=left>Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children&#146;s&nbsp;</TD>
     <TD align=right>2/12 at 101.00&nbsp;</TD>
     <TD align=right>N/R (4)&nbsp;</TD>
     <TD align=right>1,580,964&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Hospital, Series 2002A, 6.250%, 2/15/21 (Pre-refunded 2/15/12)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,500&nbsp;</TD>
     <TD align=left>Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport Revenue Bonds, Series&nbsp;</TD>
     <TD align=right>7/18 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>2,411,050&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2008A, 5.000%, 7/01/38&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,000&nbsp;</TD>
     <TD align=left>Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series&nbsp;</TD>
     <TD align=right>12/17 at 102.00&nbsp;</TD>
     <TD align=right>N/R&nbsp;</TD>
     <TD align=right>2,814,560&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2007, 7.000%, 12/01/27&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,600&nbsp;</TD>
     <TD align=left>Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Series 2007,&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>4,283,048&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 12/01/37&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,000&nbsp;</TD>
     <TD align=left>Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale&nbsp;</TD>
     <TD align=right>9/13 at 100.00&nbsp;</TD>
     <TD align=right>A3&nbsp;</TD>
     <TD align=right>928,940&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Healthcare, Series 2008A, 5.250%, 9/01/30&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>32,500&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Arizona&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>30,833,255&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Arkansas &#150; 0.2%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,000&nbsp;</TD>
     <TD align=left>Cabot School District 4, Lonoke County, Arkansas, General Obligation Refunding Bonds, Series&nbsp;</TD>
     <TD align=right>8/09 at 100.00&nbsp;</TD>
     <TD align=right>A1&nbsp;</TD>
     <TD align=right>1,952,500&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2003, 5.000%, 2/01/32 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,000&nbsp;</TD>
     <TD align=left>University of Arkansas, Fayetteville, Various Facilities Revenue Bonds, Series 2002, 5.000%,&nbsp;</TD>
     <TD align=right>12/12 at 100.00&nbsp;</TD>
     <TD align=right>Aa3&nbsp;</TD>
     <TD align=right>2,004,720&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;12/01/32 &#150; FGIC Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>4,000&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Arkansas&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>3,957,220&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>California &#150; 12.6%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,000&nbsp;</TD>
     <TD align=left>&nbsp;5.125%, 5/01/19 (Pre-refunded 5/01/12)&nbsp;</TD>
     <TD align=right>5/12 at 101.00&nbsp;</TD>
     <TD align=right>Aaa&nbsp;</TD>
     <TD align=right>11,266,200&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,000&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 5/01/20 (Pre-refunded 5/01/12)&nbsp;</TD>
     <TD align=right>5/12 at 101.00&nbsp;</TD>
     <TD align=right>Aaa&nbsp;</TD>
     <TD align=right>11,300,100&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>7,310&nbsp;</TD>
     <TD align=left>California Educational Facilities Authority, Revenue Bonds, Loyola Marymount University,&nbsp;</TD>
     <TD align=right>10/09 at 39.19&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>2,861,719&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2000, 0.000%, 10/01/24 (Pre-refunded 10/01/09) &#150; NPFG Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System,&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Series 2006:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 4/01/37 &#150; BHAC Insured&nbsp;</TD>
     <TD align=right>4/16 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>4,999,650&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>6,000&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 4/01/37&nbsp;</TD>
     <TD align=right>4/16 at 100.00&nbsp;</TD>
     <TD align=right>A+&nbsp;</TD>
     <TD align=right>5,179,920&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>6,830&nbsp;</TD>
     <TD align=left>California Infrastructure Economic Development Bank, Revenue Bonds, J. David Gladstone&nbsp;</TD>
     <TD align=right>10/11 at 101.00&nbsp;</TD>
     <TD align=right>A&#150;&nbsp;</TD>
     <TD align=right>6,352,446&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Institutes, Series 2001, 5.250%, 10/01/34&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,500&nbsp;</TD>
     <TD align=left>California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric&nbsp;</TD>
     <TD align=right>6/17 at 100.00&nbsp;</TD>
     <TD align=right>A3&nbsp;</TD>
     <TD align=right>1,308,345&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Company, Series 2004C, 4.750%, 12/01/23 &#150; FGIC Insured (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>11,570&nbsp;</TD>
     <TD align=left>California Statewide Community Development Authority, Certificates of Participation, Internext&nbsp;</TD>
     <TD align=right>10/09 at 101.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>10,912,593&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Group, Series 1999, 5.375%, 4/01/17&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,500&nbsp;</TD>
     <TD align=left>California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital&nbsp;</TD>
     <TD align=right>8/19 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>3,665,795&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Project, Series 2009, 6.750%, 2/01/38&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,600&nbsp;</TD>
     <TD align=left>California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health&nbsp;</TD>
     <TD align=right>7/18 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>3,602,268&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;System, Series 2007A, 5.750%, 7/01/47 &#150; FGIC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>California, General Obligation Bonds, Series 2003:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>14,600&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 2/01/28&nbsp;</TD>
     <TD align=right>8/13 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>14,620,878&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>11,250&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 2/01/33&nbsp;</TD>
     <TD align=right>8/13 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>10,527,075&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>16,000&nbsp;</TD>
     <TD align=left>California, Various Purpose General Obligation Bonds, Series 2007, 5.000%, 6/01/37&nbsp;</TD>
     <TD align=right>6/17 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>14,758,720&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,000&nbsp;</TD>
     <TD align=left>Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community&nbsp;</TD>
     <TD align=right>9/09 at 102.00&nbsp;</TD>
     <TD align=right>N/R (4)&nbsp;</TD>
     <TD align=right>3,073,440&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Facilities District 98-2 &#150; Ladera, Series 1999, 5.750%, 9/01/29 (Pre-refunded 9/01/09)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>Coast Community College District, Orange County, California, General Obligation Bonds, Series&nbsp;</TD>
     <TD align=right>8/18 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>4,095,550&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2006C, 0.000%, 8/01/32 &#150; FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>30,000&nbsp;</TD>
     <TD align=left>Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>17,753,700&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;1995A, 0.000%, 1/01/22 (ETM)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>21,150&nbsp;</TD>
     <TD align=left>Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement&nbsp;</TD>
     <TD align=right>6/13 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>23,755,890&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Asset-Backed Bonds, Series 2003B, 5.000%, 6/01/38 (Pre-refunded 6/01/13) &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Asset-Backed Bonds, Series 2007A-1:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>6,525&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 6/01/33&nbsp;</TD>
     <TD align=right>6/17 at 100.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>4,129,868&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,500&nbsp;</TD>
     <TD align=left>&nbsp;5.125%, 6/01/47&nbsp;</TD>
     <TD align=right>6/17 at 100.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>811,110&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,540&nbsp;</TD>
     <TD align=left>Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed&nbsp;</TD>
     <TD align=right>6/13 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>4,205,237&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Revenue Bonds, Series 2005A:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 6/01/38 &#150; FGIC Insured&nbsp;</TD>
     <TD align=right>6/15 at 100.00&nbsp;</TD>
     <TD align=right>A&#150;&nbsp;</TD>
     <TD align=right>4,128,900&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,000&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 6/01/45&nbsp;</TD>
     <TD align=right>6/15 at 100.00&nbsp;</TD>
     <TD align=right>A&#150;&nbsp;</TD>
     <TD align=right>8,064,000&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>9,000&nbsp;</TD>
     <TD align=left>Los Angeles Department of Water and Power, California, Waterworks Revenue Refunding Bonds,&nbsp;</TD>
     <TD align=right>7/11 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>8,744,850&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2001A, 5.125%, 7/01/41&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,000&nbsp;</TD>
     <TD align=left>Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los&nbsp;</TD>
     <TD align=right>12/12 at 102.00&nbsp;</TD>
     <TD align=right>B&#150;&nbsp;</TD>
     <TD align=right>3,115,640&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C,&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;7.500%, 12/01/24 (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Merced Union High School District, Merced County, California, General Obligation Bonds,&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Series 1999A:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,500&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 8/01/23 &#150; FGIC Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>A+&nbsp;</TD>
     <TD align=right>1,082,800&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,555&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 8/01/24 &#150; FGIC Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>A+&nbsp;</TD>
     <TD align=right>1,027,493&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,365&nbsp;</TD>
     <TD align=left>Montebello Unified School District, Los Angeles County, California, General Obligation Bonds,&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>A+&nbsp;</TD>
     <TD align=right>758,314&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2004, 0.000%, 8/01/27 &#150; FGIC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>8,000&nbsp;</TD>
     <TD align=left>Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical&nbsp;</TD>
     <TD align=right>7/14 at 100.00&nbsp;</TD>
     <TD align=right>A3 (4)&nbsp;</TD>
     <TD align=right>9,493,600&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Center, Series 2004, 5.625%, 7/01/34 (Pre-refunded 7/01/14)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>15,155&nbsp;</TD>
     <TD align=left>Riverside Public Financing Authority, California, University Corridor Tax Allocation Bonds,&nbsp;</TD>
     <TD align=right>8/17 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>11,744,670&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2007C, 5.000%, 8/01/37 &#150; MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>San Bruno Park School District, San Mateo County, California, General Obligation Bonds,&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Series 2000B:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,575&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 8/01/24 &#150; FGIC Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>A+&nbsp;</TD>
     <TD align=right>1,035,536&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,660&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 8/01/25 &#150; FGIC Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>A+&nbsp;</TD>
     <TD align=right>993,643&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>7,300&nbsp;</TD>
     <TD align=left>San Diego County, California, Certificates of Participation, Burnham Institute, Series 1999,&nbsp;</TD>
     <TD align=right>9/09 at 101.00&nbsp;</TD>
     <TD align=right>N/R (4)&nbsp;</TD>
     <TD align=right>7,408,113&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;6.250%, 9/01/29 (Pre-refunded 9/01/09)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>14,605&nbsp;</TD>
     <TD align=left>San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>1,957,362&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Refunding Bonds, Series 1997A, 0.000%, 1/15/35 &#150; NPFG Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>San Jose, California, Airport Revenue Bonds, Series 2007A, 6.000%, 3/01/47 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=right>3/17 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>4,645,200&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;(Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,204&nbsp;</TD>
     <TD align=left>Yuba County Water Agency, California, Yuba River Development Revenue Bonds, Pacific Gas and&nbsp;</TD>
     <TD align=right>9/09 at 100.00&nbsp;</TD>
     <TD align=right>Baa3&nbsp;</TD>
     <TD align=right>1,171,323&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Electric Company, Series 1966A, 4.000%, 3/01/16&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>269,794&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total California&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>224,551,948&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Colorado &#150; 4.1%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 &#150;&nbsp;</TD>
     <TD align=right>10/16 at 100.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>3,925,050&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;SYNCORA GTY Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,800&nbsp;</TD>
     <TD align=left>Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds,&nbsp;</TD>
     <TD align=right>8/11 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>2,047,590&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Peak-to-Peak Charter School, Series 2001, 7.625%, 8/15/31 (Pre-refunded 8/15/11)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,&nbsp;</TD>
     <TD align=right>9/16 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>4,189,650&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2006A, 4.500%, 9/01/38&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,100&nbsp;</TD>
     <TD align=left>Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series&nbsp;</TD>
     <TD align=right>3/12 at 100.00&nbsp;</TD>
     <TD align=right>AA (4)&nbsp;</TD>
     <TD align=right>2,198,091&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2002A, 5.500%, 3/01/32 (ETM)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>750&nbsp;</TD>
     <TD align=left>Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2006B,&nbsp;</TD>
     <TD align=right>12/16 at 100.00&nbsp;</TD>
     <TD align=right>Baa2&nbsp;</TD>
     <TD align=right>629,355&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 12/01/23 &#150; RAAI Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,700&nbsp;</TD>
     <TD align=left>Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health System, Series&nbsp;</TD>
     <TD align=right>9/18 at 102.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>1,670,199&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2005C, 5.250%, 3/01/40 &#150; FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>500&nbsp;</TD>
     <TD align=left>Colorado Health Facilities Authority, Revenue Bonds, Vail Valley Medical Center, Series 2001,&nbsp;</TD>
     <TD align=right>1/12 at 100.00&nbsp;</TD>
     <TD align=right>BBB+&nbsp;</TD>
     <TD align=right>499,545&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.750%, 1/15/22&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>18,915&nbsp;</TD>
     <TD align=left>Denver, Colorado, Airport System Revenue Refunding Bonds, Series 2003B, 5.000%, 11/15/33 &#150;&nbsp;</TD>
     <TD align=right>11/13 at 100.00&nbsp;</TD>
     <TD align=right>A+&nbsp;</TD>
     <TD align=right>18,193,393&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;SYNCORA GTY Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000A, 5.750%, 9/01/35&nbsp;</TD>
     <TD align=right>9/10 at 102.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>5,382,350&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;(Pre-refunded 9/01/10) &#150; MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>24,200&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 9/01/31 &#150; NPFG Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>4,581,786&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>16,500&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 9/01/32 &#150; NPFG Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>2,890,800&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>39,700&nbsp;</TD>
     <TD align=left>E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/28&nbsp;</TD>
     <TD align=right>9/10 at 31.42&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>12,327,644&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;(Pre-refunded 9/01/10) &#150; NPFG Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>6,600&nbsp;</TD>
     <TD align=left>E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%,&nbsp;</TD>
     <TD align=right>9/26 at 52.09&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>616,506&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;9/01/39 &#150; NPFG Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,000&nbsp;</TD>
     <TD align=left>E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 3/01/36 &#150;&nbsp;</TD>
     <TD align=right>9/20 at 41.72&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>1,319,100&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;NPFG Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007,&nbsp;</TD>
     <TD align=right>12/17 at 100.00&nbsp;</TD>
     <TD align=right>BBB&#150;&nbsp;</TD>
     <TD align=right>4,024,950&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.350%, 12/01/37 &#150; RAAI Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,450&nbsp;</TD>
     <TD align=left>Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001A,&nbsp;</TD>
     <TD align=right>6/11 at 102.00&nbsp;</TD>
     <TD align=right>N/R (4)&nbsp;</TD>
     <TD align=right>1,594,493&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.500%, 6/15/19 (Pre-refunded 6/15/11) &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>7,000&nbsp;</TD>
     <TD align=left>Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C,&nbsp;</TD>
     <TD align=right>6/16 at 100.00&nbsp;</TD>
     <TD align=right>N/R (4)&nbsp;</TD>
     <TD align=right>7,413,910&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;0.000%, 6/15/21 (Pre-refunded 6/15/16) &#150; AMBAC Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>151,215&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Colorado&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>73,504,412&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Connecticut &#150; 0.3%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>8,670&nbsp;</TD>
     <TD align=left>Mashantucket Western Pequot Tribe, Connecticut, Subordinate Special Revenue Bonds, Series&nbsp;</TD>
     <TD align=right>11/17 at 100.00&nbsp;</TD>
     <TD align=right>Baa3&nbsp;</TD>
     <TD align=right>4,415,891&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;2007A, 5.750%, 9/01/34&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>District of Columbia &#150; 0.5%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,000&nbsp;</TD>
     <TD align=left>Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax&nbsp;</TD>
     <TD align=right>10/16 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>8,534,700&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Revenue Bonds, Series 2007A, 4.500%, 10/01/30 &#150; AMBAC Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Florida &#150; 4.1%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,000&nbsp;</TD>
     <TD align=left>Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit&nbsp;</TD>
     <TD align=right>11/12 at 101.00&nbsp;</TD>
     <TD align=right>Aa1&nbsp;</TD>
     <TD align=right>4,103,320&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Group, Series 2002C, 5.750%, 11/15/32&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,000&nbsp;</TD>
     <TD align=left>Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2005E,&nbsp;</TD>
     <TD align=right>6/15 at 101.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>9,228,200&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;4.500%, 6/01/35 (UB)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,750&nbsp;</TD>
     <TD align=left>Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa&nbsp;</TD>
     <TD align=right>10/16 at 100.00&nbsp;</TD>
     <TD align=right>A3&nbsp;</TD>
     <TD align=right>1,376,708&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;General Hospital, Series 2006, 5.250%, 10/01/41&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,690&nbsp;</TD>
     <TD align=left>Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2001, 5.000%,&nbsp;</TD>
     <TD align=right>10/11 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>10,728,484&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;10/01/30 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,000&nbsp;</TD>
     <TD align=left>JEA, Florida, Electric System Revenue Bonds, Series 2006-3A, 5.000%, 10/01/41 &#150; FSA Insured&nbsp;</TD>
     <TD align=right>4/15 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>2,949,810&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,880&nbsp;</TD>
     <TD align=left>Lee County, Florida, Airport Revenue Bonds, Series 2000A, 6.000%, 10/01/32 &#150; FSA Insured&nbsp;</TD>
     <TD align=right>10/10 at 101.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>4,849,305&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;(Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center,&nbsp;</TD>
     <TD align=right>10/17 at 100.00&nbsp;</TD>
     <TD align=right>A3&nbsp;</TD>
     <TD align=right>3,776,150&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2007, 5.000%, 10/01/34&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,895&nbsp;</TD>
     <TD align=left>Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Regional&nbsp;</TD>
     <TD align=right>10/09 at 101.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>4,884,133&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Healthcare System, Series 1999E, 6.000%, 10/01/26&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>105&nbsp;</TD>
     <TD align=left>Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Regional&nbsp;</TD>
     <TD align=right>10/09 at 101.00&nbsp;</TD>
     <TD align=right>A (4)&nbsp;</TD>
     <TD align=right>107,021&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Healthcare System, Series 1999E, 6.000%, 10/01/26 (Pre-refunded 10/01/09)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>8,250&nbsp;</TD>
     <TD align=left>Orange County School Board, Florida, Certificates of Participation, Series 2002A, 5.000%,&nbsp;</TD>
     <TD align=right>8/12 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>8,163,128&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;8/01/27 &#150; MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD align=right>9,250&nbsp;</TD>
     <TD align=left>Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B,&nbsp;</TD>
     <TD align=right>7/17 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>7,306,205&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2007, 5.000%, 7/01/40 &#150; MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,500&nbsp;</TD>
     <TD align=left>Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 5.250%, 10/01/27&nbsp;</TD>
     <TD align=right>10/17 at 100.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>2,138,750&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>14,730&nbsp;</TD>
     <TD align=left>South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of&nbsp;</TD>
     <TD align=right>8/17 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>13,223,268&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;South Florida, Series 2005, 5.000%, 8/15/42 (UB)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>79,050&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Florida&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>72,834,482&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Georgia &#150; 1.0%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,240&nbsp;</TD>
     <TD align=left>Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.000%, 11/01/38 &#150;&nbsp;</TD>
     <TD align=right>5/11 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>8,885,658&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;FGIC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,500&nbsp;</TD>
     <TD align=left>Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2001A, 5.000%, 11/01/33 &#150;&nbsp;</TD>
     <TD align=right>5/12 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>2,229,225&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,000&nbsp;</TD>
     <TD align=left>Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 &#150;&nbsp;</TD>
     <TD align=right>10/14 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>4,050,200&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,250&nbsp;</TD>
     <TD align=left>Royston Hospital Authority, Georgia, Revenue Anticipation Certificates, Ty Cobb Healthcare&nbsp;</TD>
     <TD align=right>1/10 at 102.00&nbsp;</TD>
     <TD align=right>N/R&nbsp;</TD>
     <TD align=right>1,774,733&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;System Inc., Series 1999, 6.500%, 7/01/27&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>18,990&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Georgia&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>16,939,816&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Hawaii &#150; 0.7%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>12,325&nbsp;</TD>
     <TD align=left>Honolulu City and County, Hawaii, General Obligation Bonds, Series 2003A, 5.250%, 3/01/28 &#150;&nbsp;</TD>
     <TD align=right>3/13 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>12,571,747&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;MBIA Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Illinois &#150; 13.1%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,060&nbsp;</TD>
     <TD align=left>Aurora, Illinois, Golf Course Revenue Bonds, Series 2000, 6.375%, 1/01/20&nbsp;</TD>
     <TD align=right>1/10 at 100.00&nbsp;</TD>
     <TD align=right>A+&nbsp;</TD>
     <TD align=right>2,075,162&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>17,205&nbsp;</TD>
     <TD align=left>Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>7,414,323&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Revenues, Series 1998B-1, 0.000%, 12/01/24 &#150; FGIC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>775&nbsp;</TD>
     <TD align=left>Chicago Greater Metropolitan Sanitary District, Illinois, General Obligation Capital&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>815,447&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Improvement Bonds, Series 1991, 7.000%, 1/01/11 (ETM)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>Chicago Housing Authority, Illinois, Revenue Bonds, Capital Fund Program, Series 2001, 5.375%,&nbsp;</TD>
     <TD align=right>7/12 at 100.00&nbsp;</TD>
     <TD align=right>Aaa&nbsp;</TD>
     <TD align=right>5,640,350&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;7/01/18 (Pre-refunded 7/01/12)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>285&nbsp;</TD>
     <TD align=left>Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=right>7/12 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>288,454&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>9,715&nbsp;</TD>
     <TD align=left>Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 (Pre-refunded&nbsp;</TD>
     <TD align=right>7/12 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150; (4)&nbsp;</TD>
     <TD align=right>11,019,822&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;7/01/12) &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,575&nbsp;</TD>
     <TD align=left>Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O&#146;Hare International&nbsp;</TD>
     <TD align=right>1/11 at 101.00&nbsp;</TD>
     <TD align=right>A1&nbsp;</TD>
     <TD align=right>2,393,385&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Airport, Series 2001C, 5.100%, 1/01/26 &#150; AMBAC Insured (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,020&nbsp;</TD>
     <TD align=left>Cook County High School District 209, Proviso Township, Illinois, General Obligation Bonds,&nbsp;</TD>
     <TD align=right>12/16 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>3,295,938&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2004, 5.000%, 12/01/19 &#150; FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>385&nbsp;</TD>
     <TD align=left>DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds,&nbsp;</TD>
     <TD align=right>11/13 at 100.00&nbsp;</TD>
     <TD align=right>Aa3&nbsp;</TD>
     <TD align=right>418,826&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2003B, 5.250%, 11/01/20 &#150; FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,615&nbsp;</TD>
     <TD align=left>DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds,&nbsp;</TD>
     <TD align=right>11/13 at 100.00&nbsp;</TD>
     <TD align=right>Aa3 (4)&nbsp;</TD>
     <TD align=right>1,859,673&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2003B, 5.250%, 11/01/20 (Pre-refunded 11/01/13) &#150; FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>Illinois Development Finance Authority, Gas Supply Revenue Bonds, Peoples Gas, Light and Coke&nbsp;</TD>
     <TD align=right>11/13 at 101.00&nbsp;</TD>
     <TD align=right>A&#150;&nbsp;</TD>
     <TD align=right>4,672,050&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Company, Series 2003E, 4.875%, 11/01/38 (Mandatory put 11/01/18) &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;(Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>28,030&nbsp;</TD>
     <TD align=left>Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>Aa3&nbsp;</TD>
     <TD align=right>18,864,190&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;DuPage Counties School District U46 &#150; Elgin, Series 2002, 0.000%, 1/01/19 &#150; FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,800&nbsp;</TD>
     <TD align=left>Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago and&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>Aa3&nbsp;</TD>
     <TD align=right>1,180,620&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Boone Counties School District 205 &#150; Rockford, Series 2000, 0.000%, 2/01/19 &#150; FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,180&nbsp;</TD>
     <TD align=left>Illinois Development Finance Authority, Revenue Bonds, Chicago Charter School Foundation,&nbsp;</TD>
     <TD align=right>12/12 at 100.00&nbsp;</TD>
     <TD align=right>N/R (4)&nbsp;</TD>
     <TD align=right>3,681,073&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2002A, 6.250%, 12/01/32 (Pre-refunded 12/01/12)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,450&nbsp;</TD>
     <TD align=left>Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series&nbsp;</TD>
     <TD align=right>9/11 at 100.00&nbsp;</TD>
     <TD align=right>BBB+&nbsp;</TD>
     <TD align=right>1,256,353&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2001, 5.125%, 9/01/35 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>6,550&nbsp;</TD>
     <TD align=left>Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series&nbsp;</TD>
     <TD align=right>9/11 at 100.00&nbsp;</TD>
     <TD align=right>BBB+ (4)&nbsp;</TD>
     <TD align=right>7,088,803&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2001, 5.125%, 9/01/35 (Pre-refunded 9/01/11) &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,245&nbsp;</TD>
     <TD align=left>Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond&nbsp;</TD>
     <TD align=right>7/17 at 100.00&nbsp;</TD>
     <TD align=right>Aa1&nbsp;</TD>
     <TD align=right>4,933,867&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Trust 1137, 8.922%, 7/01/46 (IF)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A,&nbsp;</TD>
     <TD align=right>8/14 at 100.00&nbsp;</TD>
     <TD align=right>N/R (4)&nbsp;</TD>
     <TD align=right>5,859,700&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.500%, 8/15/43 (Pre-refunded 8/15/14)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,800&nbsp;</TD>
     <TD align=left>Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34&nbsp;</TD>
     <TD align=right>8/19 at 100.00&nbsp;</TD>
     <TD align=right>BBB+&nbsp;</TD>
     <TD align=right>4,836,288&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,975&nbsp;</TD>
     <TD align=left>Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A,&nbsp;</TD>
     <TD align=right>8/17 at 100.00&nbsp;</TD>
     <TD align=right>Baa1&nbsp;</TD>
     <TD align=right>3,014,521&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.500%, 8/01/37&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>15,000&nbsp;</TD>
     <TD align=left>Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2000,&nbsp;</TD>
     <TD align=right>5/10 at 101.00&nbsp;</TD>
     <TD align=right>Aaa&nbsp;</TD>
     <TD align=right>15,851,550&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;6.500%, 5/15/30 (Pre-refunded 5/15/10)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>15,000&nbsp;</TD>
     <TD align=left>Illinois Health Facilities Authority, Revenue Bonds, Edward Hospital Obligated Group, Series&nbsp;</TD>
     <TD align=right>2/11 at 101.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>16,159,800&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2001B, 5.250%, 2/15/34 (Pre-refunded 2/15/11) &#150; FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>8,145&nbsp;</TD>
     <TD align=left>Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997,&nbsp;</TD>
     <TD align=right>8/09 at 100.00&nbsp;</TD>
     <TD align=right>Baa1&nbsp;</TD>
     <TD align=right>7,188,777&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 8/01/22 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,350&nbsp;</TD>
     <TD align=left>Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992,&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>A (4)&nbsp;</TD>
     <TD align=right>5,264,283&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;7.000%, 2/15/18 (ETM)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 0.000%, 6/15/30 &#150;&nbsp;</TD>
     <TD align=right>6/15 at 101.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>4,688,850&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel&nbsp;</TD>
     <TD align=right>1/16 at 100.00&nbsp;</TD>
     <TD align=right>B+&nbsp;</TD>
     <TD align=right>2,988,600&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Revenue Bonds, Series 2005A-2, 5.500%, 1/01/36 &#150; ACA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Project, Series 1992A:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>18,955&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 6/15/17 &#150; FGIC Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>13,728,727&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>12,830&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 6/15/18 &#150; FGIC Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>8,720,166&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Project, Series 1994B:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>7,250&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 6/15/18 &#150; NPFG Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>4,920,793&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,385&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 6/15/21 &#150; NPFG Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>1,871,363&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,190&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 6/15/28 &#150; NPFG Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>1,764,860&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>11,610&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 6/15/29 &#150; FGIC Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>3,664,464&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Project, Series 2002A:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,000&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 6/15/24 &#150; NPFG Insured&nbsp;</TD>
     <TD align=right>6/22 at 101.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>7,475,300&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>21,375&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 6/15/34 &#150; NPFG Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>4,715,325&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>21,000&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 12/15/35 &#150; NPFG Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>4,196,640&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>21,070&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 6/15/36 &#150; NPFG Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>4,083,998&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>25,825&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 6/15/39 &#150; NPFG Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>4,155,759&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>8,460&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 6/15/42 &#150; NPFG Insured&nbsp;</TD>
     <TD align=right>6/12 at 101.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>8,406,956&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Expansion Project, Series 1996A:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>16,700&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 12/15/21 &#150; NPFG Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>8,959,383&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,650&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 6/15/27 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=right>12/09 at 100.00&nbsp;</TD>
     <TD align=right>A2&nbsp;</TD>
     <TD align=right>1,650,479&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Expansion Project, Series 2002B:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,775&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 6/15/20 &#150; NPFG Insured&nbsp;</TD>
     <TD align=right>6/17 at 101.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>3,626,907&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,715&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 6/15/21 &#150; NPFG Insured&nbsp;</TD>
     <TD align=right>6/17 at 101.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>5,443,995&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,000&nbsp;</TD>
     <TD align=left>Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Area 4,&nbsp;</TD>
     <TD align=right>3/17 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>926,570&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2007, 4.700%, 3/01/33 &#150; AGC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,285&nbsp;</TD>
     <TD align=left>Tri-City Regional Port District, Illinois, Port and Terminal Facilities Revenue Refunding&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>N/R&nbsp;</TD>
     <TD align=right>949,268&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Bonds, Delivery Network Project, Series 2003A, 4.900%, 7/01/14 (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,575&nbsp;</TD>
     <TD align=left>Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>N/R&nbsp;</TD>
     <TD align=right>1,025,798&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Bonds, Series 1999, 0.000%, 1/01/18 &#150; FGIC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>720&nbsp;</TD>
     <TD align=left>Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>N/R (4)&nbsp;</TD>
     <TD align=right>535,435&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Bonds, Series 1999, 0.000%, 1/01/18 &#150; FGIC Insured (ETM)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>359,530&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Illinois&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>233,572,891&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Indiana &#150; 1.8%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>300&nbsp;</TD>
     <TD align=left>Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007,&nbsp;</TD>
     <TD align=right>4/14 at 100.00&nbsp;</TD>
     <TD align=right>N/R&nbsp;</TD>
     <TD align=right>240,486&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 10/01/24&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,000&nbsp;</TD>
     <TD align=left>Indiana Bond Bank, State Revolving Fund Program Bonds, Series 2001A, 5.375%, 2/01/19&nbsp;</TD>
     <TD align=right>2/13 at 101.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>10,783,600&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,000&nbsp;</TD>
     <TD align=left>Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc.,&nbsp;</TD>
     <TD align=right>3/14 at 100.00&nbsp;</TD>
     <TD align=right>A+&nbsp;</TD>
     <TD align=right>2,614,800&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2004A, 5.375%, 3/01/34 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,450&nbsp;</TD>
     <TD align=left>Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 &#150;&nbsp;</TD>
     <TD align=right>1/17 at 100.00&nbsp;</TD>
     <TD align=right>A+&nbsp;</TD>
     <TD align=right>4,230,927&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>12,500&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 2/01/21 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>7,380,125&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>14,595&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;0.000%, 2/01/27 &#150; AMBAC Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>No Opt. Call&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>AA&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>5,883,099&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>44,845&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Indiana&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>31,133,037&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Iowa &#150; 1.2%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>6,990&nbsp;</TD>
     <TD align=left>Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Series 2007B, 4.800%, 1/01/37&nbsp;</TD>
     <TD align=right>7/16 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>6,243,049&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;(Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,500&nbsp;</TD>
     <TD align=left>Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Wartburg&nbsp;</TD>
     <TD align=right>10/12 at 100.00&nbsp;</TD>
     <TD align=right>N/R (4)&nbsp;</TD>
     <TD align=right>3,980,865&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;College, Series 2002, 5.500%, 10/01/33 (Pre-refunded 10/01/12) &#150; ACA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>7,000&nbsp;</TD>
     <TD align=left>Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C,&nbsp;</TD>
     <TD align=right>6/15 at 100.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>4,218,200&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.625%, 6/01/46&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>6,160&nbsp;</TD>
     <TD align=left>Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series&nbsp;</TD>
     <TD align=right>6/11 at 101.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>6,696,967&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;2001B, 5.600%, 6/01/35 (Pre-refunded 6/01/11)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>23,650&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Iowa&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>21,139,081&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Kansas &#150; 0.6%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>10,000&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/22&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>3/14 at 100.00&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>AAA&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>10,686,600&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Kentucky &#150; 0.1%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,085&nbsp;</TD>
     <TD align=left>Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue&nbsp;</TD>
     <TD align=right>1/10 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>1,085,781&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Refunding Bonds, Series 1997A, 6.100%, 1/01/24 &#150; MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,000&nbsp;</TD>
     <TD align=left>Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds,&nbsp;</TD>
     <TD align=right>6/18 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>1,030,290&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Louisville Arena Authority, Inc., Series 2008A-1, 6.000%, 12/01/38 &#150; AGC Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>2,085&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Kentucky&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>2,116,071&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Louisiana &#150; 2.5%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,000&nbsp;</TD>
     <TD align=left>East Baton Rouge Parish, Louisiana, Revenue Refunding Bonds, Georgia Pacific Corporation&nbsp;</TD>
     <TD align=right>3/10 at 100.00&nbsp;</TD>
     <TD align=right>B2&nbsp;</TD>
     <TD align=right>945,180&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Project, Series 1998, 5.350%, 9/01/11 (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>12,000&nbsp;</TD>
     <TD align=left>Louisiana Local Government Environmental Facilities &amp; Community Development Authority, Revenue&nbsp;</TD>
     <TD align=right>11/17 at 100.00&nbsp;</TD>
     <TD align=right>BB&nbsp;</TD>
     <TD align=right>10,061,040&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,150&nbsp;</TD>
     <TD align=left>Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our&nbsp;</TD>
     <TD align=right>8/15 at 100.00&nbsp;</TD>
     <TD align=right>A+&nbsp;</TD>
     <TD align=right>4,441,206&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Lady Health System, Series 2005A, 5.250%, 8/15/32&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>6,540&nbsp;</TD>
     <TD align=left>Louisiana Public Facilities Authority, Hospital Revenue Refunding Bonds, Southern Baptist&nbsp;</TD>
     <TD align=right>11/09 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>7,262,147&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Hospital, Series 1986, 8.000%, 5/15/12 (ETM)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>26,505&nbsp;</TD>
     <TD align=left>Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds,&nbsp;</TD>
     <TD align=right>5/11 at 101.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>21,270,526&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Series 2001B, 5.875%, 5/15/39&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>51,195&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Louisiana&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>43,980,099&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Maryland &#150; 0.4%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,500&nbsp;</TD>
     <TD align=left>Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995,&nbsp;</TD>
     <TD align=right>10/09 at 100.00&nbsp;</TD>
     <TD align=right>N/R&nbsp;</TD>
     <TD align=right>3,155,950&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;7.400%, 9/01/19 (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,600&nbsp;</TD>
     <TD align=left>Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health,&nbsp;</TD>
     <TD align=right>8/14 at 100.00&nbsp;</TD>
     <TD align=right>A&#150;&nbsp;</TD>
     <TD align=right>4,480,262&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Series 2004, 5.500%, 8/15/33&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>8,100&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Maryland&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>7,636,212&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Massachusetts &#150; 4.7%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,000&nbsp;</TD>
     <TD align=left>Massachusetts Bay Transportation Authority, Senior Sales Tax Revenue Refunding Bonds, Series&nbsp;</TD>
     <TD align=right>7/12 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>11,142,300&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2002A, 5.000%, 7/01/32 (Pre-refunded 7/01/12)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,720&nbsp;</TD>
     <TD align=left>Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill&nbsp;</TD>
     <TD align=right>12/09 at 101.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>1,599,806&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Associates, Series 1998B, 5.100%, 12/01/12 (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,340&nbsp;</TD>
     <TD align=left>Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Health Care&nbsp;</TD>
     <TD align=right>11/11 at 101.00&nbsp;</TD>
     <TD align=right>BBB&#150;&nbsp;</TD>
     <TD align=right>3,267,022&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Inc., Series 2001C, 5.250%, 11/15/31 &#150; RAAI Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>500&nbsp;</TD>
     <TD align=left>Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc.,&nbsp;</TD>
     <TD align=right>7/18 at 100.00&nbsp;</TD>
     <TD align=right>A3&nbsp;</TD>
     <TD align=right>422,815&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2008E-1, 5.125%, 7/01/38&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,000&nbsp;</TD>
     <TD align=left>Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire&nbsp;</TD>
     <TD align=right>7/14 at 100.00&nbsp;</TD>
     <TD align=right>BB&nbsp;</TD>
     <TD align=right>1,473,020&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Community Services Inc., Series 2004A, 6.375%, 7/01/34&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Community Services Inc., Series 2004B:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,340&nbsp;</TD>
     <TD align=left>&nbsp;6.250%, 7/01/24&nbsp;</TD>
     <TD align=right>7/14 at 100.00&nbsp;</TD>
     <TD align=right>BB&nbsp;</TD>
     <TD align=right>1,059,511&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,000&nbsp;</TD>
     <TD align=left>&nbsp;6.375%, 7/01/34&nbsp;</TD>
     <TD align=right>7/14 at 100.00&nbsp;</TD>
     <TD align=right>BB&nbsp;</TD>
     <TD align=right>736,510&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>12,855&nbsp;</TD>
     <TD align=left>Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40&nbsp;</TD>
     <TD align=right>12/18 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>12,367,153&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Series 1997A:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,145&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 1/01/27 &#150; MBIA Insured&nbsp;</TD>
     <TD align=right>10/09 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>9,314,226&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>22,440&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 1/01/37 &#150; MBIA Insured&nbsp;</TD>
     <TD align=right>1/10 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>18,909,964&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>8,000&nbsp;</TD>
     <TD align=left>Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Subordinate&nbsp;</TD>
     <TD align=right>1/10 at 100.00&nbsp;</TD>
     <TD align=right>Aaa&nbsp;</TD>
     <TD align=right>7,438,640&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 1997B, 5.125%, 1/01/37 &#150; MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,260&nbsp;</TD>
     <TD align=left>Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Subordinate&nbsp;</TD>
     <TD align=right>1/10 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>9,308,385&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 1999A, 5.000%, 1/01/39 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,750&nbsp;</TD>
     <TD align=left>Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6,&nbsp;</TD>
     <TD align=right>8/10 at 101.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>1,853,950&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.500%, 8/01/30 (Pre-refunded 8/01/10)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,250&nbsp;</TD>
     <TD align=left>Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6,&nbsp;</TD>
     <TD align=right>8/10 at 101.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>4,353,998&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;5.500%, 8/01/30&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>90,600&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Massachusetts&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>83,247,300&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Michigan &#150; 3.7%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>12,440&nbsp;</TD>
     <TD align=left>Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A,&nbsp;</TD>
     <TD align=right>11/09 at 101.00&nbsp;</TD>
     <TD align=right>B&#150;&nbsp;</TD>
     <TD align=right>5,764,820&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.500%, 5/01/21&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006D,&nbsp;</TD>
     <TD align=right>7/16 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>4,383,550&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;4.625%, 7/01/32 &#150; FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>8,000&nbsp;</TD>
     <TD align=left>Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%,&nbsp;</TD>
     <TD align=right>7/15 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>6,879,440&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;7/01/35 &#150; MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,240&nbsp;</TD>
     <TD align=left>Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Refunding Bonds, Series&nbsp;</TD>
     <TD align=right>10/12 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>5,628,703&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2002, 5.250%, 10/01/19&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Michigan Municipal Bond Authority, Public School Academy Revenue Bonds, Detroit Academy of&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Arts and Sciences Charter School, Series 2001A:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,100&nbsp;</TD>
     <TD align=left>&nbsp;7.500%, 10/01/12&nbsp;</TD>
     <TD align=right>10/09 at 102.00&nbsp;</TD>
     <TD align=right>Ba1&nbsp;</TD>
     <TD align=right>1,098,768&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>&nbsp;7.900%, 10/01/21&nbsp;</TD>
     <TD align=right>10/09 at 102.00&nbsp;</TD>
     <TD align=right>Ba1&nbsp;</TD>
     <TD align=right>4,599,050&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,500&nbsp;</TD>
     <TD align=left>&nbsp;8.000%, 10/01/31&nbsp;</TD>
     <TD align=right>10/09 at 102.00&nbsp;</TD>
     <TD align=right>Ba1&nbsp;</TD>
     <TD align=right>3,012,975&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>22,235&nbsp;</TD>
     <TD align=left>Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center&nbsp;</TD>
     <TD align=right>8/09 at 100.00&nbsp;</TD>
     <TD align=right>BB&#150;&nbsp;</TD>
     <TD align=right>13,903,546&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Obligated Group, Series 1998A, 5.250%, 8/15/28&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Michigan State Hospital Finance Authority, Revenue Refunding Bonds, Detroit Medical Center&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Obligated Group, Series 1993A:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,100&nbsp;</TD>
     <TD align=left>&nbsp;6.250%, 8/15/13&nbsp;</TD>
     <TD align=right>8/09 at 100.00&nbsp;</TD>
     <TD align=right>BB&#150;&nbsp;</TD>
     <TD align=right>1,082,884&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>12,925&nbsp;</TD>
     <TD align=left>&nbsp;6.500%, 8/15/18&nbsp;</TD>
     <TD align=right>8/09 at 100.00&nbsp;</TD>
     <TD align=right>BB&#150;&nbsp;</TD>
     <TD align=right>11,409,156&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>7,200&nbsp;</TD>
     <TD align=left>Michigan Strategic Fund, Limited Obligation Resource Recovery Revenue Refunding Bonds, Detroit&nbsp;</TD>
     <TD align=right>12/12 at 100.00&nbsp;</TD>
     <TD align=right>Baa1&nbsp;</TD>
     <TD align=right>6,601,536&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Edison Company, Series 2002D, 5.250%, 12/15/32 &#150; SYNCORA GTY Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,150&nbsp;</TD>
     <TD align=left>Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont&nbsp;</TD>
     <TD align=right>9/18 at 100.00&nbsp;</TD>
     <TD align=right>A1&nbsp;</TD>
     <TD align=right>1,302,375&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Hospital, Refunding Series 2009V, 8.250%, 9/01/39&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>84,890&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Michigan&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>65,666,803&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Minnesota &#150; 0.6%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,750&nbsp;</TD>
     <TD align=left>Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A,&nbsp;</TD>
     <TD align=right>5/14 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>1,751,330&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 5/01/30&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>6,375&nbsp;</TD>
     <TD align=left>Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare&nbsp;</TD>
     <TD align=right>11/18 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>6,795,049&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Services, Series 2008A, 6.625%, 11/15/28&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>370&nbsp;</TD>
     <TD align=left>Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.900%, 8/01/15 &#150;&nbsp;</TD>
     <TD align=right>8/09 at 100.00&nbsp;</TD>
     <TD align=right>Aa1&nbsp;</TD>
     <TD align=right>371,391&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,000&nbsp;</TD>
     <TD align=left>Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facilities Revenue&nbsp;</TD>
     <TD align=right>11/16 at 100.00&nbsp;</TD>
     <TD align=right>Baa1&nbsp;</TD>
     <TD align=right>1,645,280&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>10,495&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Minnesota&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>10,563,050&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Missouri &#150; 3.0%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>40,000&nbsp;</TD>
     <TD align=left>Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series&nbsp;</TD>
     <TD align=right>5/13 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>39,734,000&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2003, 5.250%, 5/15/32 (UB)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>6,000&nbsp;</TD>
     <TD align=left>Missouri-Illinois Metropolitan District Bi-State Development Agency, Mass Transit Sales Tax&nbsp;</TD>
     <TD align=right>10/13 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>5,692,020&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B, 5.000%,&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;10/01/32 &#150; FSA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,000&nbsp;</TD>
     <TD align=left>Sugar Creek, Missouri, Industrial Development Revenue Bonds, Lafarge North America Inc.,&nbsp;</TD>
     <TD align=right>6/13 at 101.00&nbsp;</TD>
     <TD align=right>BBB&#150;&nbsp;</TD>
     <TD align=right>2,987,840&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2003A, 5.650%, 6/01/37 (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>West Plains Industrial Development Authority, Missouri, Hospital Facilities Revenue Bonds,&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Ozark Medical Center, Series 1997:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,440&nbsp;</TD>
     <TD align=left>&nbsp;5.500%, 11/15/12&nbsp;</TD>
     <TD align=right>11/09 at 100.00&nbsp;</TD>
     <TD align=right>B+&nbsp;</TD>
     <TD align=right>1,398,024&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,000&nbsp;</TD>
     <TD align=left>&nbsp;5.600%, 11/15/17&nbsp;</TD>
     <TD align=right>11/09 at 100.00&nbsp;</TD>
     <TD align=right>B+&nbsp;</TD>
     <TD align=right>861,960&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,075&nbsp;</TD>
     <TD align=left>West Plains Industrial Development Authority, Missouri, Hospital Facilities Revenue Bonds,&nbsp;</TD>
     <TD align=right>11/09 at 101.00&nbsp;</TD>
     <TD align=right>B+&nbsp;</TD>
     <TD align=right>2,585,245&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Ozark Medical Center, Series 1999, 6.750%, 11/15/24&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>55,515&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Missouri&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>53,259,089&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Montana &#150; 0.2%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,750&nbsp;</TD>
     <TD align=left>Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Puget Sound&nbsp;</TD>
     <TD align=right>3/13 at 101.00&nbsp;</TD>
     <TD align=right>A&#150;&nbsp;</TD>
     <TD align=right>3,136,238&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Energy, Series 2003A, 5.000%, 3/01/31 &#150; AMBAC Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Nebraska &#150; 0.3%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2008A,&nbsp;</TD>
     <TD align=right>2/18 at 100.00&nbsp;</TD>
     <TD align=right>Aa1&nbsp;</TD>
     <TD align=right>5,195,950&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;5.500%, 2/01/39&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Nevada &#150; 0.7%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,500&nbsp;</TD>
     <TD align=left>Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Hospital, Series 2003A, 5.125%,&nbsp;</TD>
     <TD align=right>9/13 at 100.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>1,951,200&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;9/01/29 &#150; RAAI Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Monorail Project, First Tier, Series 2000:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>15,095&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 1/01/24 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>Caa2&nbsp;</TD>
     <TD align=right>1,220,280&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>11,000&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 1/01/25 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>Caa2&nbsp;</TD>
     <TD align=right>862,070&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,000&nbsp;</TD>
     <TD align=left>&nbsp;5.625%, 1/01/32 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=right>1/10 at 102.00&nbsp;</TD>
     <TD align=right>Caa2&nbsp;</TD>
     <TD align=right>802,200&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>22,010&nbsp;</TD>
     <TD align=left>&nbsp;5.375%, 1/01/40 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=right>1/10 at 100.00&nbsp;</TD>
     <TD align=right>Caa2&nbsp;</TD>
     <TD align=right>4,414,326&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,500&nbsp;</TD>
     <TD align=left>Reno, Neveda, Health Facilty Revenue Bonds, Catholic Healthcare West, Trust 2634, 17.924%,&nbsp;</TD>
     <TD align=right>7/17 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>2,570,350&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;7/01/31 &#150; BHAC Insured (IF)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,500&nbsp;</TD>
     <TD align=left>Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax&nbsp;</TD>
     <TD align=right>6/18 at 100.00&nbsp;</TD>
     <TD align=right>Ba2&nbsp;</TD>
     <TD align=right>1,114,785&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Revenue Bonds Series 2008A, 6.750%, 6/15/28&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>58,605&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Nevada&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>12,935,211&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>New Jersey &#150; 5.6%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>23,625&nbsp;</TD>
     <TD align=left>New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental&nbsp;</TD>
     <TD align=right>9/09 at 101.00&nbsp;</TD>
     <TD align=right>B&nbsp;</TD>
     <TD align=right>16,296,289&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Airlines Inc., Series 1999, 6.250%, 9/15/29 (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>9,000&nbsp;</TD>
     <TD align=left>New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental&nbsp;</TD>
     <TD align=right>11/10 at 101.00&nbsp;</TD>
     <TD align=right>B&nbsp;</TD>
     <TD align=right>6,755,760&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,740&nbsp;</TD>
     <TD align=left>New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health&nbsp;</TD>
     <TD align=right>1/17 at 41.49&nbsp;</TD>
     <TD align=right>BBB&#150;&nbsp;</TD>
     <TD align=right>535,620&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Care System, Series 2006A, 0.000%, 7/01/34&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>11,200&nbsp;</TD>
     <TD align=left>New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Trinitas Hospital&nbsp;</TD>
     <TD align=right>7/10 at 101.00&nbsp;</TD>
     <TD align=right>BBB&#150; (4)&nbsp;</TD>
     <TD align=right>12,019,392&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Obligated Group, Series 2000, 7.500%, 7/01/30 (Pre-refunded 7/01/10)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>7,500&nbsp;</TD>
     <TD align=left>New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C,&nbsp;</TD>
     <TD align=right>6/13 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>8,701,125&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.500%, 6/15/24 (Pre-refunded 6/15/13)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>30,000&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 12/15/31 &#150; FGIC Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>7,411,800&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>27,000&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 12/15/32 &#150; FSA Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>6,372,540&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>310&nbsp;</TD>
     <TD align=left>New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 &#150; MBIA Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>A+&nbsp;</TD>
     <TD align=right>371,492&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>105&nbsp;</TD>
     <TD align=left>&nbsp;6.500%, 1/01/16 &#150; MBIA Insured (ETM)&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>A+ (4)&nbsp;</TD>
     <TD align=right>132,274&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,490&nbsp;</TD>
     <TD align=left>&nbsp;6.500%, 1/01/16 &#150; MBIA Insured (ETM)&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>A+ (4)&nbsp;</TD>
     <TD align=right>1,728,609&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>27,185&nbsp;</TD>
     <TD align=left>Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,&nbsp;</TD>
     <TD align=right>6/12 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>31,161,888&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2002, 6.125%, 6/01/42 (Pre-refunded 6/01/12)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>7,165&nbsp;</TD>
     <TD align=left>Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,&nbsp;</TD>
     <TD align=right>6/13 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>8,503,135&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Series 2003, 6.250%, 6/01/43 (Pre-refunded 6/01/13)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>149,320&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total New Jersey&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>99,989,924&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>New Mexico &#150; 0.6%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,500&nbsp;</TD>
     <TD align=left>University of New Mexico, Revenue Refunding Bonds, Series 1992A, 6.000%, 6/01/21&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>1,759,920&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>9,600&nbsp;</TD>
     <TD align=left>University of New Mexico, Subordinate Lien Revenue Refunding and Improvement Bonds, Series&nbsp;</TD>
     <TD align=right>6/12 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>9,560,544&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;2002A, 5.000%, 6/01/32&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>11,100&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total New Mexico&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>11,320,464&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>New York &#150; 8.2%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>8,500&nbsp;</TD>
     <TD align=left>Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Kaleida&nbsp;</TD>
     <TD align=right>2/14 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>8,820,535&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Health, Series 2004, 5.050%, 2/15/25&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,200&nbsp;</TD>
     <TD align=left>Dormitory Authority of the State of New York, New York City, Lease Revenue Bonds, Court&nbsp;</TD>
     <TD align=right>5/10 at 101.00&nbsp;</TD>
     <TD align=right>AA&#150; (4)&nbsp;</TD>
     <TD align=right>5,478,200&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Facilities, Series 1999, 6.000%, 5/15/39 (Pre-refunded 5/15/10)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,500&nbsp;</TD>
     <TD align=left>Dormitory Authority of the State of New York, Revenue Bonds, Mount Sinai NYU Health Obligated&nbsp;</TD>
     <TD align=right>10/09 at 100.00&nbsp;</TD>
     <TD align=right>A2&nbsp;</TD>
     <TD align=right>2,499,900&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Group, Series 2000A, 5.500%, 7/01/26&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,625&nbsp;</TD>
     <TD align=left>Dormitory Authority of the State of New York, Revenue Bonds, Mount Sinai NYU Health, Series&nbsp;</TD>
     <TD align=right>11/10 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>2,624,895&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2000C, 5.500%, 7/01/26&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>15,500&nbsp;</TD>
     <TD align=left>Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A,&nbsp;</TD>
     <TD align=right>9/11 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>17,009,855&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.375%, 9/01/25 (Pre-refunded 9/01/11)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,000&nbsp;</TD>
     <TD align=left>Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B,&nbsp;</TD>
     <TD align=right>6/16 at 100.00&nbsp;</TD>
     <TD align=right>A&#150;&nbsp;</TD>
     <TD align=right>1,917,940&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 12/01/35&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,510&nbsp;</TD>
     <TD align=left>New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn&nbsp;</TD>
     <TD align=right>12/16 at 100.00&nbsp;</TD>
     <TD align=right>BB+&nbsp;</TD>
     <TD align=right>952,538&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;College of Aeronautics, Series 2006B, 5.000%, 12/01/31&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,000&nbsp;</TD>
     <TD align=left>New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK&nbsp;</TD>
     <TD align=right>8/12 at 101.00&nbsp;</TD>
     <TD align=right>B&#150;&nbsp;</TD>
     <TD align=right>8,500,700&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Airport &#150; American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,500&nbsp;</TD>
     <TD align=left>New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue&nbsp;</TD>
     <TD align=right>12/14 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>5,504,785&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Bonds, Series 2004B, 5.000%, 6/15/36 &#150; FSA Insured (UB)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5&nbsp;</TD>
     <TD align=left>New York City, New York, General Obligation Bonds, Fiscal Series 1997E, 6.000%, 8/01/16&nbsp;</TD>
     <TD align=right>10/09 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>5,020&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,880&nbsp;</TD>
     <TD align=left>New York City, New York, General Obligation Bonds, Fiscal Series 1998D, 5.500%, 8/01/10&nbsp;</TD>
     <TD align=right>8/09 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>3,894,550&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>New York City, New York, General Obligation Bonds, Fiscal Series 2003J:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,450&nbsp;</TD>
     <TD align=left>&nbsp;5.500%, 6/01/21&nbsp;</TD>
     <TD align=right>6/13 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>1,516,425&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>385&nbsp;</TD>
     <TD align=left>&nbsp;5.500%, 6/01/22&nbsp;</TD>
     <TD align=right>6/13 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>400,866&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>New York City, New York, General Obligation Bonds, Fiscal Series 2004C:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>8,000&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 8/15/24&nbsp;</TD>
     <TD align=right>8/14 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>8,274,960&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>6,000&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 8/15/25&nbsp;</TD>
     <TD align=right>8/14 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>6,187,080&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,000&nbsp;</TD>
     <TD align=left>New York Dorm Authority, FHA Insured Mortgage Hospital Revenue Bonds, Kaleida Health, Series&nbsp;</TD>
     <TD align=right>8/16 at 100.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>9,173,200&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2006, 4.700%, 2/15/35&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>State Contingency Contract-Backed Bonds, Series 2003A-1:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,000&nbsp;</TD>
     <TD align=left>&nbsp;5.500%, 6/01/17&nbsp;</TD>
     <TD align=right>6/11 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>10,331,800&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>11,190&nbsp;</TD>
     <TD align=left>&nbsp;5.500%, 6/01/18&nbsp;</TD>
     <TD align=right>6/12 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>11,675,646&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>28,810&nbsp;</TD>
     <TD align=left>&nbsp;5.500%, 6/01/19&nbsp;</TD>
     <TD align=right>6/13 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>30,287,087&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,500&nbsp;</TD>
     <TD align=left>Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>2,592,300&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Terminal LLC, Sixth Series 1997, 6.250%, 12/01/10 &#150; MBIA Insured (Alternative&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>8,500&nbsp;</TD>
     <TD align=left>Power Authority of the State of New York, General Revenue Bonds, Series 2000A,&nbsp;</TD>
     <TD align=right>11/10 at 100.00&nbsp;</TD>
     <TD align=right>Aa2&nbsp;</TD>
     <TD align=right>8,522,525&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;5.250%, 11/15/40&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>144,055&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total New York&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>146,170,807&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>North Carolina &#150; 1.1%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,500&nbsp;</TD>
     <TD align=left>Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects,&nbsp;</TD>
     <TD align=right>6/13 at 100.00&nbsp;</TD>
     <TD align=right>AA+&nbsp;</TD>
     <TD align=right>1,499,895&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2003G, 5.000%, 6/01/33&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,500&nbsp;</TD>
     <TD align=left>North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series&nbsp;</TD>
     <TD align=right>1/13 at 100.00&nbsp;</TD>
     <TD align=right>BBB+&nbsp;</TD>
     <TD align=right>2,495,775&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2003D, 5.125%, 1/01/26&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,500&nbsp;</TD>
     <TD align=left>North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional&nbsp;</TD>
     <TD align=right>2/14 at 100.00&nbsp;</TD>
     <TD align=right>AA+&nbsp;</TD>
     <TD align=right>1,573,995&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Facilities, Series 2004A, 5.000%, 2/01/20&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,000&nbsp;</TD>
     <TD align=left>North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph&#146;s&nbsp;</TD>
     <TD align=right>10/17 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>1,780,700&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Health System, Series 2007, 4.500%, 10/01/31&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,000&nbsp;</TD>
     <TD align=left>North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1999B,&nbsp;</TD>
     <TD align=right>1/10 at 101.00&nbsp;</TD>
     <TD align=right>A2&nbsp;</TD>
     <TD align=right>10,177,900&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;6.500%, 1/01/20&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,000&nbsp;</TD>
     <TD align=left>The Charlotte-Mecklenberg Hospital Authority, North Carolina, Doing Business as Carolinas&nbsp;</TD>
     <TD align=right>1/18 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>2,838,690&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;HealthCare System, Health Care Refunding Revenue Bonds, Series 2008A, 5.000%, 1/15/47&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>20,500&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total North Carolina&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>20,366,955&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Ohio &#150; 2.0%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,000&nbsp;</TD>
     <TD align=left>American Municipal Power Ohio Inc., General Revenue Bonds, Series 2008, 5.250%, 2/15/43&nbsp;</TD>
     <TD align=right>2/18 at 100.00&nbsp;</TD>
     <TD align=right>A1&nbsp;</TD>
     <TD align=right>9,487,200&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Bonds, Senior Lien, Series 2007A-2:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,885&nbsp;</TD>
     <TD align=left>&nbsp;5.375%, 6/01/24&nbsp;</TD>
     <TD align=right>6/17 at 100.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>2,418,784&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>480&nbsp;</TD>
     <TD align=left>&nbsp;5.125%, 6/01/24&nbsp;</TD>
     <TD align=right>6/17 at 100.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>395,400&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,500&nbsp;</TD>
     <TD align=left>&nbsp;5.875%, 6/01/30&nbsp;</TD>
     <TD align=right>6/17 at 100.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>3,874,860&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>15,165&nbsp;</TD>
     <TD align=left>&nbsp;5.750%, 6/01/34&nbsp;</TD>
     <TD align=right>6/17 at 100.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>9,804,324&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>11,785&nbsp;</TD>
     <TD align=left>&nbsp;5.875%, 6/01/47&nbsp;</TD>
     <TD align=right>6/17 at 100.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>6,766,122&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,150&nbsp;</TD>
     <TD align=left>Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue&nbsp;</TD>
     <TD align=right>6/22 at 100.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>2,448,362&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Bonds, Senior Lien, Series 2007A-3, 0.000%, 6/01/37&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>50,965&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Ohio&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>35,195,052&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Oklahoma &#150; 0.8%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>9,955&nbsp;</TD>
     <TD align=left>Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004,&nbsp;</TD>
     <TD align=right>2/14 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>9,203,398&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.125%, 2/15/31&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,045&nbsp;</TD>
     <TD align=left>Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004,&nbsp;</TD>
     <TD align=right>2/14 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>5,806,946&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;5.125%, 2/15/31 (Pre-refunded 2/15/14)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>15,000&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Oklahoma&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>15,010,344&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Oregon &#150; 0.3%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,600&nbsp;</TD>
     <TD align=left>Clackamas County Hospital Facility Authority, Oregon, Revenue Refunding Bonds, Legacy Health&nbsp;</TD>
     <TD align=right>5/11 at 101.00&nbsp;</TD>
     <TD align=right>A+&nbsp;</TD>
     <TD align=right>2,656,264&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;System, Series 2001, 5.250%, 5/01/21&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,860&nbsp;</TD>
     <TD align=left>Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A,&nbsp;</TD>
     <TD align=right>10/17 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>2,604,087&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;5.000%, 10/01/32&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>5,460&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Oregon&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>5,260,351&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Pennsylvania &#150; 1.9%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,300&nbsp;</TD>
     <TD align=left>Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, West Penn&nbsp;</TD>
     <TD align=right>11/17 at 100.00&nbsp;</TD>
     <TD align=right>BB&nbsp;</TD>
     <TD align=right>6,609,613&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Allegheny Health System, Series 2007A, 5.000%, 11/15/28&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>6,500&nbsp;</TD>
     <TD align=left>Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 &#150;&nbsp;</TD>
     <TD align=right>12/14 at 100.00&nbsp;</TD>
     <TD align=right>Aa3&nbsp;</TD>
     <TD align=right>6,631,755&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>8,000&nbsp;</TD>
     <TD align=left>Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2004D, 5.125%,&nbsp;</TD>
     <TD align=right>6/14 at 100.00&nbsp;</TD>
     <TD align=right>Aa3 (4)&nbsp;</TD>
     <TD align=right>9,271,280&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;6/01/34 (Pre-refunded 6/01/14) &#150; FGIC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,075&nbsp;</TD>
     <TD align=left>State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School&nbsp;</TD>
     <TD align=right>6/13 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>11,470,488&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) &#150; FSA Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>34,875&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Pennsylvania&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>33,983,136&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Puerto Rico &#150; 2.5%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>8,340&nbsp;</TD>
     <TD align=left>Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A,&nbsp;</TD>
     <TD align=right>7/18 at 100.00&nbsp;</TD>
     <TD align=right>BBB&#150;&nbsp;</TD>
     <TD align=right>8,090,801&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;6.000%, 7/01/44&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>13,000&nbsp;</TD>
     <TD align=left>Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N,&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>11,233,560&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 7/01/39 &#150; FGIC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,450&nbsp;</TD>
     <TD align=left>Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities&nbsp;</TD>
     <TD align=right>6/10 at 101.00&nbsp;</TD>
     <TD align=right>Baa3&nbsp;</TD>
     <TD align=right>5,455,014&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;(Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,345&nbsp;</TD>
     <TD align=left>Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A,&nbsp;</TD>
     <TD align=right>10/10 at 101.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>4,637,636&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.500%, 10/01/40 (Pre-refunded 10/01/10)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>11,000&nbsp;</TD>
     <TD align=left>Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series&nbsp;</TD>
     <TD align=right>8/26 at 100.00&nbsp;</TD>
     <TD align=right>A+&nbsp;</TD>
     <TD align=right>7,029,550&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2009A, 0.000%, 8/01/32&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>70,300&nbsp;</TD>
     <TD align=left>Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%,&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>3,646,461&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;8/01/54 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>5,000&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Puerto Rico, General Obligation Bonds, Series 2000B, 5.625%, 7/01/19 &#150; MBIA Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>7/10 at 100.00&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>A&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>5,007,450&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>117,435&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Puerto Rico&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>45,100,472&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Rhode Island &#150; 1.0%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>6,250&nbsp;</TD>
     <TD align=left>Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds,&nbsp;</TD>
     <TD align=right>11/09 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>5,832,875&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Lifespan Obligated Group, Series 1996, 5.250%, 5/15/26 &#150; MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>16,070&nbsp;</TD>
     <TD align=left>Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,&nbsp;</TD>
     <TD align=right>6/12 at 100.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>12,451,840&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Series 2002A, 6.250%, 6/01/42&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>22,320&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Rhode Island&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>18,284,715&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>South Carolina &#150; 2.8%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>7,000&nbsp;</TD>
     <TD align=left>Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds,&nbsp;</TD>
     <TD align=right>12/14 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>7,028,560&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;GROWTH, Series 2004, 5.250%, 12/01/29&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,000&nbsp;</TD>
     <TD align=left>Myrtle Beach, South Carolina, Hospitality and Accommodation Fee Revenue Bonds, Series 2004A,&nbsp;</TD>
     <TD align=right>6/14 at 100.00&nbsp;</TD>
     <TD align=right>A+&nbsp;</TD>
     <TD align=right>2,678,940&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 6/01/36 &#150; FGIC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>8,475&nbsp;</TD>
     <TD align=left>Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds, Series&nbsp;</TD>
     <TD align=right>10/09 at 100.00&nbsp;</TD>
     <TD align=right>A&#150;&nbsp;</TD>
     <TD align=right>8,140,068&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;1986, 5.000%, 1/01/25&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,320&nbsp;</TD>
     <TD align=left>South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds,&nbsp;</TD>
     <TD align=right>11/12 at 100.00&nbsp;</TD>
     <TD align=right>A3 (4)&nbsp;</TD>
     <TD align=right>4,942,080&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Bon Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>16,430&nbsp;</TD>
     <TD align=left>South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds,&nbsp;</TD>
     <TD align=right>11/12 at 100.00&nbsp;</TD>
     <TD align=right>A&#150;&nbsp;</TD>
     <TD align=right>14,959,022&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Bon Secours Health System Inc., Series 2002B, 5.625%, 11/15/30&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>8,000&nbsp;</TD>
     <TD align=left>South Carolina JOBS Economic Development Authority, Hospital Revenue Bonds, Palmetto Health&nbsp;</TD>
     <TD align=right>12/10 at 102.00&nbsp;</TD>
     <TD align=right>Baa2 (4)&nbsp;</TD>
     <TD align=right>8,764,800&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Alliance, Series 2000A, 7.375%, 12/15/21 (Pre-refunded 12/15/10)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,215&nbsp;</TD>
     <TD align=left>Spartanburg Sanitary Sewer District, South Carolina, Sewer System Revenue Bonds, Series 2003B,&nbsp;</TD>
     <TD align=right>3/14 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>3,850,740&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;5.000%, 3/01/38 &#150; MBIA Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>51,440&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total South Carolina&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>50,364,210&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Tennessee &#150; 1.1%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,300&nbsp;</TD>
     <TD align=left>Jackson, Tennessee, Hospital Revenue Refunding Bonds, Jackson-Madison County General Hospital&nbsp;</TD>
     <TD align=right>4/18 at 100.00&nbsp;</TD>
     <TD align=right>A+&nbsp;</TD>
     <TD align=right>10,105,124&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Project, Series 2008, 5.625%, 4/01/38&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Bonds, Baptist Health System of East Tennessee Inc., Series 2002:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,000&nbsp;</TD>
     <TD align=left>&nbsp;6.375%, 4/15/22&nbsp;</TD>
     <TD align=right>4/12 at 101.00&nbsp;</TD>
     <TD align=right>A1&nbsp;</TD>
     <TD align=right>3,060,450&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,605&nbsp;</TD>
     <TD align=left>&nbsp;6.500%, 4/15/31&nbsp;</TD>
     <TD align=right>4/12 at 101.00&nbsp;</TD>
     <TD align=right>A1&nbsp;</TD>
     <TD align=right>2,614,013&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,000&nbsp;</TD>
     <TD align=left>Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds,&nbsp;</TD>
     <TD align=right>3/13 at 100.00&nbsp;</TD>
     <TD align=right>N/R&nbsp;</TD>
     <TD align=right>1,297,700&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Wellmont Health System, Refunding Series 200A, 5.440%, 9/01/32&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,000&nbsp;</TD>
     <TD align=left>Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds,&nbsp;</TD>
     <TD align=right>9/16 at 100.00&nbsp;</TD>
     <TD align=right>BBB+&nbsp;</TD>
     <TD align=right>2,058,600&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Wellmont Health System, Series 2006C, 5.250%, 9/01/36&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>20,905&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Tennessee&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>19,135,887&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Texas &#150; 7.1%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc.,&nbsp;</TD>
     <TD align=right>12/12 at 100.00&nbsp;</TD>
     <TD align=right>CCC+&nbsp;</TD>
     <TD align=right>1,710,000&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,000&nbsp;</TD>
     <TD align=left>Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, First Tier&nbsp;</TD>
     <TD align=right>1/17 at 100.00&nbsp;</TD>
     <TD align=right>Ba2&nbsp;</TD>
     <TD align=right>1,399,600&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2006B, 5.750%, 1/01/34&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,110&nbsp;</TD>
     <TD align=left>Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric&nbsp;</TD>
     <TD align=right>4/13 at 101.00&nbsp;</TD>
     <TD align=right>Caa3&nbsp;</TD>
     <TD align=right>2,413,095&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Bonds, Series 2005:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,000&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 1/01/35 &#150; FGIC Insured&nbsp;</TD>
     <TD align=right>1/15 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>3,082,960&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>31,550&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 1/01/45 &#150; FGIC Insured&nbsp;</TD>
     <TD align=right>1/15 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>23,146,656&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>11,000&nbsp;</TD>
     <TD align=left>Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Bonds, Series 2001H,&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>2,974,620&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 11/15/27 &#150; NPFG Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,700&nbsp;</TD>
     <TD align=left>Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Bonds, Series 2001G,&nbsp;</TD>
     <TD align=right>11/11 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>2,299,725&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.250%, 11/15/30 &#150; MBIA Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>13,270&nbsp;</TD>
     <TD align=left>Harris County-Houston Sports Authority, Texas, Third Lien Revenue Bonds, Series 2004-A3.,&nbsp;</TD>
     <TD align=right>11/24 at 59.10&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>2,132,622&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 11/15/33 &#150; NPFG Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>23,875&nbsp;</TD>
     <TD align=left>Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>A&#150;&nbsp;</TD>
     <TD align=right>6,492,806&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Project, Series 2001B, 0.000%, 9/01/29 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>10,045&nbsp;</TD>
     <TD align=left>Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000A, 5.875%, 7/01/16 &#150;&nbsp;</TD>
     <TD align=right>7/10 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>10,180,306&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;FSA Insured (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,470&nbsp;</TD>
     <TD align=left>Irving Independent School District, Texas, Unlimited Tax School Building Bonds, Series 1997,&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>3,400,461&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 2/15/11&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>BBB&#150;&nbsp;</TD>
     <TD align=right>4,141,000&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Memorial Hospital Project, Series 2005, 5.375%, 8/15/35&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>22,060&nbsp;</TD>
     <TD align=left>Leander Independent School District, Williamson and Travis Counties, Texas, Unlimited Tax&nbsp;</TD>
     <TD align=right>8/09 at 31.45&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>6,927,943&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;School Building and Refunding Bonds, Series 2000, 0.000%, 8/15/27&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>North Texas Thruway Authority, First Tier System Revenue Refunding Bonds, Capital Appreciation&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Series 2008I:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>30,000&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 1/01/42 &#150; AGC Insured&nbsp;</TD>
     <TD align=right>1/25 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>20,925,300&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,220&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 1/01/43&nbsp;</TD>
     <TD align=right>1/25 at 100.00&nbsp;</TD>
     <TD align=right>A2&nbsp;</TD>
     <TD align=right>3,553,619&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>15,450&nbsp;</TD>
     <TD align=left>North Texas Thruway Authority, First Tier System Revenue Refunding Bonds, Capital Appreciation&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>2,940,444&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2008, 0.000%, 1/01/36 &#150; AGC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>Port Corpus Christi Industrial Development Corporation, Texas, Revenue Refunding Bonds, Valero&nbsp;</TD>
     <TD align=right>10/09 at 101.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>4,685,050&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Refining and Marketing Company, Series 1997A, 5.400%, 4/01/18&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center,&nbsp;</TD>
     <TD align=right>12/13 at 100.00&nbsp;</TD>
     <TD align=right>Baa2&nbsp;</TD>
     <TD align=right>3,891,850&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2004, 6.000%, 12/01/34&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,000&nbsp;</TD>
     <TD align=left>Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric&nbsp;</TD>
     <TD align=right>7/13 at 101.00&nbsp;</TD>
     <TD align=right>CCC&nbsp;</TD>
     <TD align=right>874,440&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Company, Series 2003A, 5.800%, 7/01/22&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,000&nbsp;</TD>
     <TD align=left>San Antonio, Texas, Water System Revenue Bonds, Series 2005, 4.750%, 5/15/37 &#150; MBIA Insured&nbsp;</TD>
     <TD align=right>5/15 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>2,857,530&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>11,585&nbsp;</TD>
     <TD align=left>Tarrant County Cultural &amp; Educational Facilities Financing Corporation, Texas, Revenue Bonds,&nbsp;</TD>
     <TD align=right>2/17 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>10,380,392&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2008, Trust 1201, 8.980%, 2/15/36 (IF)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding&nbsp;</TD>
     <TD align=right>1/19 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>5,299,300&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Bonds, Christus Health, Series 2008, 6.500%, 7/01/37&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>221,335&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Texas&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>125,709,719&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Utah &#150; 0.4%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,260&nbsp;</TD>
     <TD align=left>Eagle Mountain, Utah, Gas and Electric Revenue Bonds, Series 2005, 5.000%, 6/01/24 &#150;&nbsp;</TD>
     <TD align=right>6/15 at 100.00&nbsp;</TD>
     <TD align=right>BBB&#150;&nbsp;</TD>
     <TD align=right>2,957,374&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;RAAI Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>655&nbsp;</TD>
     <TD align=left>Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1998G-2, Class I, 5.200%,&nbsp;</TD>
     <TD align=right>1/10 at 101.50&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>630,726&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;7/01/30 (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,700&nbsp;</TD>
     <TD align=left>Utah State Board of Regents, Utah State University, Revenue Bonds, Series 2004, 5.000%,&nbsp;</TD>
     <TD align=right>4/14 at 100.00&nbsp;</TD>
     <TD align=right>AA (4)&nbsp;</TD>
     <TD align=right>4,204,495&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;4/01/35 (Pre-refunded 4/01/14) &#150; MBIA Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>7,615&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Utah&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>7,792,595&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Virgin Islands &#150; 0.1%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,500&nbsp;</TD>
     <TD align=left>Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project &#150; Hovensa LLC, Series&nbsp;</TD>
     <TD align=right>1/14 at 100.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>2,405,025&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;2003, 6.125%, 7/01/22 (Alternative Minimum Tax)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Virginia &#150; 0.4%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,000&nbsp;</TD>
     <TD align=left>Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage&nbsp;</TD>
     <TD align=right>10/17 at 100.00&nbsp;</TD>
     <TD align=right>N/R&nbsp;</TD>
     <TD align=right>2,287,440&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,125&nbsp;</TD>
     <TD align=left>Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Series 2002A,&nbsp;</TD>
     <TD align=right>10/12 at 100.00&nbsp;</TD>
     <TD align=right>AA&#150;&nbsp;</TD>
     <TD align=right>4,350,266&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;5.750%, 10/01/16 &#150; FGIC Insured (Alternative Minimum Tax)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>7,125&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Virginia&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>6,637,706&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Washington &#150; 3.9%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>6,400&nbsp;</TD>
     <TD align=left>Cowlitz County Public Utilities District 1, Washington, Electric Production Revenue Bonds,&nbsp;</TD>
     <TD align=right>9/14 at 100.00&nbsp;</TD>
     <TD align=right>A&nbsp;</TD>
     <TD align=right>5,946,560&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2004, 5.000%, 9/01/34 &#150; FGIC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>12,500&nbsp;</TD>
     <TD align=left>Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station &#150;&nbsp;</TD>
     <TD align=right>7/12 at 100.00&nbsp;</TD>
     <TD align=right>Aaa&nbsp;</TD>
     <TD align=right>13,843,875&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Nuclear Project 2, Series 2002B, 6.000%, 7/01/18 &#150; AMBAC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>4,000&nbsp;</TD>
     <TD align=left>Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 3, Series&nbsp;</TD>
     <TD align=right>7/13 at 100.00&nbsp;</TD>
     <TD align=right>Aaa&nbsp;</TD>
     <TD align=right>4,337,560&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;2003A, 5.500%, 7/01/17 &#150; SYNCORA GTY Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>8,200&nbsp;</TD>
     <TD align=left>Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>7,239,534&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;1989B, 0.000%, 7/01/14&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,500&nbsp;</TD>
     <TD align=left>Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>N/R&nbsp;</TD>
     <TD align=right>1,719,525&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Medical Center of Seattle, Series 2007, 5.700%, 12/01/32&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,000&nbsp;</TD>
     <TD align=left>Washington State Healthcare Facilities Authority, Revenue Bonds, Providence Health Care&nbsp;</TD>
     <TD align=right>10/16 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>4,454,050&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Services, Series 2006A, 4.625%, 10/01/34 &#150; FGIC Insured&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>7,910&nbsp;</TD>
     <TD align=left>Washington State Housing Finance Commission, Single Family Program Bonds, 2006 Series 3A,&nbsp;</TD>
     <TD align=right>12/15 at 100.00&nbsp;</TD>
     <TD align=right>Aaa&nbsp;</TD>
     <TD align=right>7,312,953&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;5.000%, 12/01/37 (Alternative Minimum Tax)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>18,860&nbsp;</TD>
     <TD align=left>Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds,&nbsp;</TD>
     <TD align=right>6/13 at 100.00&nbsp;</TD>
     <TD align=right>BBB&nbsp;</TD>
     <TD align=right>16,036,658&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2002, 6.625%, 6/01/32&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>9,000&nbsp;</TD>
     <TD align=left>&nbsp;0.000%, 6/01/29 &#150; NPFG Insured&nbsp;</TD>
     <TD align=right>No Opt. Call&nbsp;</TD>
     <TD align=right>AA+&nbsp;</TD>
     <TD align=right>3,195,900&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>16,195&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;0.000%, 6/01/30 &#150; NPFG Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>No Opt. Call&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>AA+&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>5,350,828&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>90,565&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Washington&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>69,437,443&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Wisconsin &#150; 2.1%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Bonds, Series 2002:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>5,360&nbsp;</TD>
     <TD align=left>&nbsp;6.125%, 6/01/27 (Pre-refunded 6/01/12)&nbsp;</TD>
     <TD align=right>6/12 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>5,830,018&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>14,750&nbsp;</TD>
     <TD align=left>&nbsp;6.375%, 6/01/32 (Pre-refunded 6/01/12)&nbsp;</TD>
     <TD align=right>6/12 at 100.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>16,660,125&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>6,000&nbsp;</TD>
     <TD align=left>Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of&nbsp;</TD>
     <TD align=right>9/13 at 100.00&nbsp;</TD>
     <TD align=right>BBB+ (4)&nbsp;</TD>
     <TD align=right>7,014,540&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Christian Charity Healthcare Ministry, Series 2003A, 5.875%, 9/01/33 (Pre-refunded 9/01/13)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>1,000&nbsp;</TD>
     <TD align=left>Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic,&nbsp;</TD>
     <TD align=right>2/16 at 100.00&nbsp;</TD>
     <TD align=right>BBB+&nbsp;</TD>
     <TD align=right>1,007,180&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Series 2006A, 5.000%, 2/15/17&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,750&nbsp;</TD>
     <TD align=left>Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan&nbsp;</TD>
     <TD align=right>2/12 at 101.00&nbsp;</TD>
     <TD align=right>AAA&nbsp;</TD>
     <TD align=right>4,234,013&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;Services Inc., Series 2002, 5.750%, 8/15/30 (Pre-refunded 2/15/12)&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>3,100&nbsp;</TD>
     <TD align=left>Wisconsin Housing and Ecconomic Development Authority, Home Ownership Revenue Bonds, Series&nbsp;</TD>
     <TD align=right>9/14 at 100.00&nbsp;</TD>
     <TD align=right>AA&nbsp;</TD>
     <TD align=right>2,775,244&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;2005C, 4.875%, 3/01/36 (Alternative Minimum Tax)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>33,960&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Wisconsin&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>37,521,120&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B>Wyoming &#150; 0.1%</B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>2,035&nbsp;</TD>
     <TD align=left>Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power&nbsp;</TD>
     <TD align=right>7/19 at 100.00&nbsp;</TD>
     <TD align=right>A+&nbsp;</TD>
     <TD align=right>2,053,356&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Cooperative &#150; Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$&nbsp;&nbsp;&nbsp;&nbsp; 2,417,659&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Investments (cost $1,873,708,714) &#150; 101.0%&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>1,798,773,932&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Floating Rate Obligations &#150; (2.1)%&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>(38,250,000)</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other Assets Less Liabilities &#150; 1.1%&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>20,287,138&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Net Assets &#150; 100%&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$ 1,780,811,070&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<P style="TEXT-ALIGN: left"><B><FONT face='Arial Narrow' size=2>Fair Value Measurements</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face='Arial Narrow' size=2>During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 157
(SFAS No.157) &#147;Fair Value Measurements.&#148; SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally
accepted accounting principles and expands disclosure about fair value measurements. In determining the value of the Fund&#146;s investments various
inputs are used. These inputs are summarized in the three broad levels listed below: </FONT></P>
<P style="TEXT-ALIGN: left"><FONT face='Arial Narrow' size=2>Level 1 &#150; Quoted prices in active markets for identical securities.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face='Arial Narrow' size=2>Level 2 &#150; Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face='Arial Narrow' size=2>Level 3 &#150; Significant unobservable inputs (including management&#146;s assumptions in determining the fair value of investments).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face='Arial Narrow' size=2>The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the
Fund&#146;s fair value measurements as of July 31, 2009:</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial Narrow'" cellSpacing=0 width=864 border=0>
<TR>
     <TD width="34%"></TD>
     <TD width="29%"></TD>
     <TD width="14%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>Level 1</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>Level 2</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>Level 3</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>Total</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Investments:&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; Municipal Bonds&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$ &#151;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$1,798,773,932&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$ &#151;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$1,798,773,932&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><B><FONT face='Arial Narrow' size=2>Income Tax Information</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face='Arial Narrow' size=2>The following information is presented on an income tax basis. Differences between amounts for financial statement and
federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains
and losses on investment transactions and the treatment of investments in inverse floating rate transactions subject to Statement of Financial Accounting
Standards No. 140 (SFAS No. 140), if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital
accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not
require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face='Arial Narrow' size=2>At July 31, 2009, the cost of investments was $1,831,830,136.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face='Arial Narrow' size=2>Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2009, were as follows:</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial Narrow'" cellSpacing=0 width=864 border=0>
<TR>
     <TD width="62%"></TD>
     <TD width="37%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1px solid" align=left>Gross unrealized:&nbsp;</TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; Appreciation&nbsp;</TD>
     <TD align=right>$&nbsp;&nbsp; 93,351,187&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; Depreciation&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>(164,659,706)</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Net unrealized appreciation (depreciation) of investments&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$ (71,308,519)</TD></TR></TABLE><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial Narrow'" cellSpacing=0 width=864 border=0>
<TR vAlign=bottom>
     <TD align=right width="6%">(1)&nbsp;</TD>
     <TD align=left width="93%">All percentages shown in the Portfolio of Investments are based on net assets.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>(2)&nbsp;</TD>
     <TD align=left>Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>may be subject to periodic principal paydowns.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>(3)&nbsp;</TD>
     <TD align=left>Ratings: Using the higher of Standard &amp; Poor&#146;s Group (&#147;Standard &amp; Poor&#146;s&#148;) or Moody&#146;s Investor Service,&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>Inc. (&#147;Moody&#146;s&#148;) rating. Ratings below BBB by Standard &amp; Poor&#146;s or Baa by Moody&#146;s are considered to be&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>below investment grade.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>(4)&nbsp;</TD>
     <TD align=left>Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>which ensure the timely payment of principal and interest. Such investments are normally considered to&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>be equivalent to AAA rated securities.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>N/R&nbsp;</TD>
     <TD align=left>Not rated.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>(ETM)&nbsp;</TD>
     <TD align=left>Escrowed to maturity.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>(IF)&nbsp;</TD>
     <TD align=left>Inverse floating rate investment.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>(UB)&nbsp;</TD>
     <TD align=left>Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>provisions of SFAS No. 140.&nbsp;</TD></TR></TABLE><BR>

<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 2. Controls and
Procedures.</B></FONT></P>
<OL type=a>
  <LI>The registrant's principal executive and principal financial officers, or
  persons performing similar functions, have concluded that the registrant's
  disclosure controls and procedures (as defined in Rule 30a-3(c) under the
  Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR
  270.30a-3(c))) are effective, as of a date within 90 days of the filing date
  of this report that includes the disclosure required by this paragraph, based
  on their evaluation of the controls and procedures required by Rule 30a-3(b)
  under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under
  the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
  <LI>There were no changes in the registrant's internal control over financial
  reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR
  270.30a-3(d)) that occurred during the registrant's last fiscal quarter that
  have materially affected, or are reasonably likely to materially affect, the
  registrant's internal control over financial reporting.</LI></OL>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 3.
Exhibits.</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>File as exhibits as part of
this Form a separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT
attached hereto. </FONT></P>
<CENTER>
<H3><BR>SIGNATURES<BR></H3></CENTER>
<P><FONT face="Times New Roman, Times, Serif" size=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized. </FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>(Registrant)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen 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;Kevin
J.
McCarthy<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Vice President and Secretary</FONT></P>
<P><FONT face="Times New Roman, Times, Serif"
size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 29, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated.
</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>By (Signature and Title)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R.
Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Gifford R.
Zimmerman<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Chief Administrative Officer (principal executive officer)&nbsp;</FONT></P>
<P><FONT face="Times New Roman, Times, Serif"
size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 29, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>By (Signature and Title)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D.
Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen
D.
Foy<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Vice President and Controller (principal financial officer)&nbsp;</FONT></P>
<P><FONT face="Times New Roman, Times, Serif"
size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 29, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification1.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML><HEAD><TITLE>Certifications</TITLE></HEAD>
<BODY>
<CENTER>
<H3><U>CERTIFICATIONS</U> </H3></CENTER>
<P>I, Gifford R. Zimmerman, certify that:</P>
<OL>
  <LI>I have reviewed this report on Form N-Q of Nuveen 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;September 29, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<CENTER>
<H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R.
Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>Gifford R.
Zimmerman<BR>Chief Administrative Officer<BR>(principal executive
officer)<BR><BR></H4></CENTER>
<HR noShade SIZE=1>
<PAGE>
<CENTER>
<H3><BR><U>CERTIFICATIONS</U> </H3></CENTER>
<P>I, Stephen D. Foy, certify that:</P>
<OL>
  <LI>I have reviewed this report on Form N-Q of Nuveen 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;September 29, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<CENTER>
<H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D.
Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>Stephen D.
Foy&nbsp;<BR>Vice President and Controller<BR>(principal financial
officer)<BR><BR></H4></CENTER>
<HR noShade SIZE=1>
</BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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