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<SEC-DOCUMENT>0000891804-08-003040.txt : 20080929
<SEC-HEADER>0000891804-08-003040.hdr.sgml : 20080929
<ACCEPTANCE-DATETIME>20080929130950
ACCESSION NUMBER:		0000891804-08-003040
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080731
FILED AS OF DATE:		20080929
DATE AS OF CHANGE:		20080929
EFFECTIVENESS DATE:		20080929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN PENNSYLVANIA INVESTMENT QUALITY MUNICIPAL FUND INC
		CENTRAL INDEX KEY:			0000870780
		IRS NUMBER:				363743025
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06265
		FILM NUMBER:		081093325

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

	MAIL ADDRESS:	
		STREET 1:		333 W WACKER
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq1.htm
<DESCRIPTION>NQP
<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;811-6265
&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 Pennsylvania Investment Quality Municipal Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>(Exact name of
registrant as specified in charter)</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>Nuveen
Investments<BR><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West
Wacker Drive, Chicago, Illinois 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>(Address of
principal executive offices) (Zip code)</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B><BR>Kevin
J. McCarthy Vice President and
Secretary<BR><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker
Drive, Chicago, Illinois 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>(Name and address of
agent for service)</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Registrant's telephone
number, including area code:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312-917-7700&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Date of fiscal year
end:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/30&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Date of reporting
period:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/31/08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Form N-Q is to be used by
management investment companies, other than small business investment companies
registered on Form N-5 (&#167;&#167;  239.24 and 274.5 of this chapter), to file reports
with the Commission, not later than 60 days after the close of the first and
third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act
of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on
Form N-Q in its regulatory, disclosure review, inspection, and policymaking
roles. </FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>A registrant is required to
disclose the information specified by Form N-Q, and the Commission will make
this information public. A registrant is not required to respond to the
collection of information contained in Form N-Q unless the Form displays a
currently valid Office of Management and Budget ("OMB") control number. Please
direct comments concerning the accuracy of the information collection burden
estimate and any suggestions for reducing the burden to the Secretary,
Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC
20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. &#167; 3507. </FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 1. Schedule of
Investments</B></FONT></P>


<A name="page_1"></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=2>Portfolio of Investments (Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=2>Nuveen Pennsylvania Investment Quality Municipal Fund (NQP)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><I><FONT face=sans-serif size=2>July 31, 2008</FONT></I>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><B><FONT face=sans-serif size=2>Principal</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><B><FONT face=sans-serif size=2>Optional Call</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><B><FONT face=sans-serif size=2>Amount (000)</FONT></B>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=2>Description (1)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><B><FONT face=sans-serif size=2>Provisions (2)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=2>Ratings (3)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=2>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=2>Consumer Staples &#150; 0.5% (0.2% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;1,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%"><FONT face=sans-serif size=2>&nbsp;$</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,020,370</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Procter &amp; Gamble Paper Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=2>Education and Civic Organizations &#150; 30.6% (18.3% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/08 at 102.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,987,540</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Chatham College, Series 1998A, 5.250%, 9/01/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>200</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>198,492</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Bonds, Robert Morris College, Series 1998A, 6.000%, 5/01/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Carnegie</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>3/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,023,760</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Mellon University, Series 2002, 5.125%, 3/01/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,235</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,079,229</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Morris University, Series 2006A, 4.750%, 2/15/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Chester County Industrial Development Authority, Pennsylvania, Educational Facilities Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,008,020</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Bonds, Westtown School, Series 2002, 5.000%, 1/01/26 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Delaware County Authority, Pennsylvania, Revenue Bonds, Haverford College, Series 2000,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/10 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,164,040</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.750%, 11/15/29</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,710</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.000%, 8/01/23 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,735,907</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>840</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.000%, 8/01/24 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>849,383</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Erie Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Gannon</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>University, Series 2007-GG3:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>790</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.000%, 5/01/32 &#150; RAAI Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>679,005</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>250</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.000%, 5/01/35 &#150; RAAI Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>210,753</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Harveys Lake General Municipal Authority, Pennsylvania, College Revenue Bonds, College of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/09 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>N/R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,005,440</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Misericordia Project, Series 1999, 6.000%, 5/01/19 &#150; ACA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Indiana County Industrial Development Authority, Pennsylvania, Revenue Bonds, Student Cooperative</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Association Inc./Indiana University of Pennsylvania &#150; Student Union Project, Series 1999B:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>815</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>0.000%, 11/01/15 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>596,996</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>815</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>0.000%, 11/01/16 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>564,567</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>815</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>0.000%, 11/01/17 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>532,570</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>815</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>0.000%, 11/01/18 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>502,806</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>815</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>0.000%, 11/01/19 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>471,306</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,515</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,225,605</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>University, Series 2006, 4.500%, 4/01/30 &#150; RAAI Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>355</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>New Wilmington, Pennsylvania, Revenue, Westminster College, Series 2007G, 5.125%, 5/01/33 &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>308,605</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>RAAI Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>8,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Higher Education Assistance Agency, Capital Acquisition Revenue Refunding Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>7,830,798</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Series 2001, 5.000%, 12/15/30 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,135,050</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Higher Education, Series 2002W, 5.000%, 6/15/19 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,600</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/18 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,613,938</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Higher Education, Series 2008AH, 5.000%, 6/15/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,435</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Allegheny College, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,332,354</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>2006, 4.750%, 5/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,650</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,610,038</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>2007A, 5.000%, 5/01/37 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Moravian College, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,561,150</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>2001, 5.375%, 7/01/31 &#150; RAAI Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,870</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,959,513</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Series of 2006, 5.000%, 4/01/21 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>320</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>326,976</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>University, Series 2002, 5.000%, 1/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,002,280</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Pennsylvania, Series 2005C, 5.000%, 7/15/38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,945</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Ursinus College, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,983,521</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>2003, 5.375%, 1/01/20 &#150; RAAI Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>785</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, York College Project,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>787,748</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Series 2005EE1, 5.250%, 11/01/27 &#150; XLCA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,500</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,588,725</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>9/01/29 (UB)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Franklin Towne</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Charter High School, Series 2006A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>510</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.250%, 1/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>551,565</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>860</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.375%, 1/01/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>937,675</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,830</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Swarthmore Borough Authority, Pennsylvania, Swarthmore College Revenue Bonds, Series 1998,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/08 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,837,584</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.000%, 9/15/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,665</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Union County, Higher Education Facilities Financing Authority, Pennsylvania, Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,749,299</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Bucknell University, Series 2002A, 5.250%, 4/01/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>70,940</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Total Education and Civic Organizations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>68,952,238</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=2>Health Care &#150; 13.2% (7.9% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,555</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,327,410</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>General Hospital, Series 2005A, 5.125%, 4/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,115</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,167,048</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>2002, 5.250%, 11/01/15 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>280</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>258,583</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>2007, 5.000%, 11/01/37 &#150; CIFG Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,890</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Lancaster County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, The Lancaster</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>3/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,861,612</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>General Hospital Project, Series 2007A, 5.000%, 3/15/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>250</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/12 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>251,013</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Hospital Project, Series 2002, 5.800%, 11/15/22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,280</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/18 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,243,002</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Health Network, Series 2008A, 5.000%, 7/01/33 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,250</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,259,075</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Series 2004A, 5.500%, 11/01/24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,345</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,360,287</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Series 2007, 5.000%, 11/01/30 &#150; AGC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>710</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>623,969</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Series 2007, 5.125%, 1/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>9,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, UPMC Health System,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>9,474,658</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Series 2001A, 6.000%, 1/15/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,615</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Sayre Health Care Facility Authority, Pennsylvania, Revenue Bonds, Latrobe Area Hospital,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,710,269</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Series 2002A, 5.250%, 7/01/13 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,060</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Sayre Healthcare Facility Authority, Pennsylvania, Revenue Bonds, Guthrie Healthcare System,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>797,650</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Series 2007, 2.712%, 12/01/31 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2005:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>525</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.000%, 12/01/27 &#150; RAAI Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>476,522</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>370</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.000%, 12/01/29 &#150; RAAI Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>331,095</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,500</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>West Shore Area Hospital Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,509,045</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2001, 6.250%, 1/01/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>29,745</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Total Health Care</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>29,651,238</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=2>Housing/Multifamily &#150; 3.7% (2.2% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,202,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Foundation Inc., Series 2007A, 5.000%, 7/01/39 &#150; XLCA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,300</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,071,343</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Foundation Inc., Student Housing Project, Series 2005A, 5.000%, 7/01/37 &#150; XLCA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>800</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/15 at 102.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>731,344</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Bonds, Presbyterian Homes Germantown &#150; Morrisville Project, Series 2005A, 5.625%, 7/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>260</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pittsburgh Urban Redevelopment Authority, Pennsylvania, Mortgage Revenue Bonds, Series 1992C,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/08 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>260,317</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>7.125%, 8/01/13 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>9,360</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Total Housing/Multifamily</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>8,265,454</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=2>Housing/Single Family &#150; 8.5% (5.1% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>9,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 1995A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>7,578,540</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>4.900%, 10/01/37 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,750</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-93A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,477,970</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>4.950%, 10/01/26 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,495</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-94A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,059,733</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.150%, 10/01/37 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,355</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-97A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,147,387</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>4.600%, 10/01/27 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,130</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-98A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,804,174</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>4.850%, 10/01/31 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>960</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pittsburgh Urban Redevelopment Authority, Pennsylvania, Mortgage Revenue Bonds, Series 1997A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/08 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>972,816</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>6.250%, 10/01/28 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,140</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pittsburgh Urban Redevelopment Authority, Pennsylvania, Mortgage Revenue Bonds, Series 2001B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,000,986</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.450%, 10/01/32 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>21,830</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Total Housing/Single Family</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>19,041,606</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=2>Industrials &#150; 4.6% (2.8% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Amtrak</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,982,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Project, Series 2001A, 6.375%, 11/01/41 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Industrial Development Authority, Economic Development Revenue Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,385,650</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>2002, 5.500%, 7/01/12 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Total Industrials</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>10,367,900</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=2>Long-Term Care &#150; 2.6% (1.6% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,330</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>N/R</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,112,385</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Ministries, Series 2007, 5.000%, 1/01/36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,500</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Presbyterian Homes Inc.,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,400,820</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Series 2003A, 5.000%, 12/01/26 &#150; RAAI Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Homes</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Project, Series 2006:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,550</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.000%, 11/01/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,473,291</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>415</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.000%, 11/01/36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>374,953</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,500</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,498,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Corporation for the Aging Project, Series 2001B, 5.250%, 7/01/26 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,295</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Total Long-Term Care</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,859,649</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=2>Materials &#150; 1.2% (0.7% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,260</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Bradford County Industrial Development Authority, Pennsylvania, Solid Waste Disposal Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,135,840</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Bonds, International Paper Company, Series 2005B, 5.200%, 12/01/19 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,750</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/08 at 102.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>N/R</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,482,338</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>National Gypsum Company, Series 1997B, 6.125%, 11/01/27 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,010</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Total Materials</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,618,178</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=2>Tax Obligation/General &#150; 33.3% (19.8% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,800</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Allegheny County, Pennsylvania, General Obligation Bonds, Series 2000C-53, 5.250%, 11/01/20 &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,848,528</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,200</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Central Bucks County School District, Pennsylvania, General Obligation Bonds, Series 2003,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,251,524</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.000%, 5/15/23 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,699,720</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Series 2002, 5.750%, 7/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>7,350</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Erie City School District, Erie County, Pennsylvania, General Obligation Bonds, Series 2000,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,194,122</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>0.000%, 9/01/30 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,345</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Lower Merion School District, Montgomery County, Pennsylvania, General Obligation Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,454,699</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Series 2007, 5.000%, 9/01/24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>7,500</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Montgomery County, Pennsylvania, General Obligation Bonds, Series 1999, 5.000%, 7/15/24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/09 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>7,623,825</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>New Castle Area School District, Lawrence County, Pennsylvania, General Obligation Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>3/10 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,028,920</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Series 2000, 5.600%, 3/01/25 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,004,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Philadelphia, Series 2006B, 5.000%, 6/01/33 &#150; FSA Insured (UB)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,830</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania State, General Obligation Bonds, Series 2007, Residuals 1986, 9.292%, 3/01/27 (IF)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>3/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,951,523</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania, General Obligation Bonds, First Series 2006, 5.000%, 10/01/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,307,040</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,500</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania, General Obligation Bonds, Second Series 2005, 5.000%, 1/01/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,608,330</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,500</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,497,735</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>6/01/34 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,135</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pine-Richland School District, Pennsylvania, School Improvement General Obligation Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,144,511</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Series 2005, 5.000%, 7/15/35 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,350,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Bonds, Series 2002A, 5.500%, 9/01/15 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,070</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Schuylkill Valley School District, Berks County, Pennsylvania, General Obligation Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,084,210</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Series 2006A, 5.000%, 4/01/22 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>445</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>State Public School Building Authority, Pennsylvania, School Revenue Bonds, Conneaut School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>N/R</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>461,999</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>District, Series 2003, 5.250%, 11/01/21 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>21,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>State Public School Building Authority, Pennsylvania, School Revenue Bonds, Philadelphia School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>23,007,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>District, Series 2003, 5.500%, 6/01/28 &#150; FSA Insured (UB)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,465</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Stroudsburg Area School District, Monroe County, Pennsylvania, General Obligation Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,526,867</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Series 2001A, 5.000%, 4/01/18 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>76,140</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Total Tax Obligation/General</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>75,046,453</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=2>Tax Obligation/Limited &#150; 9.7% (5.8% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,500</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Allegheny County Port Authority, Pennsylvania, Special Transportation Revenue Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>3/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,360,770</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>2001, 5.000%, 3/01/29 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>8,725</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Intergovernmental Cooperative Authority, Special Tax Revenue Refunding Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/09 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>8,731,891</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Philadelphia Funding Program, Series 1999, 4.750%, 6/15/23 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,140</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Turnpike Commission, Oil Franchise Tax Senior Lien Revenue Bonds, Series 2003A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/18 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,136,854</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.000%, 12/01/32 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,700</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2003B, 5.250%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,886,489</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>11/15/17 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pittsburgh and Allegheny Counties Public Auditorium Authority, Pennsylvania, Sales Tax Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/09 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,899,880</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Bonds, Regional Asset District, Series 1999, 5.000%, 2/01/29 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,140</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>770,054</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>0.000%, 7/01/32 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>24,205</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Total Tax Obligation/Limited</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>21,785,938</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=2>Transportation &#150; 12.7% (7.6% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>630</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>660,939</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Series 2003, 5.250%, 7/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,035</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Lehigh-Northampton Airport Authority, Pennsylvania, Airport Revenue Bonds, Lehigh Valley</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/10 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,048,126</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Airport System, Series 2000A, 6.000%, 5/15/30 &#150; MBIA Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,400</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Economic Development Financing Authority, Revenue Bonds, Amtrak 30th Street</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/12 at 102.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,119,254</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Station Parking Garage, Series 2002, 5.800%, 6/01/23 &#150; ACA Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,200</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2001R, 5.000%, 12/01/30 &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,213,156</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,820</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.000%, 12/01/22 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,891,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,930</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.000%, 12/01/24 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,961,966</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Philadelphia Airport System, Pennsylvania, Revenue Bonds, Series 2001B, 5.250%, 6/15/31 &#150; FGIC</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,647,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,600</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Philadelphia Airport System, Pennsylvania, Revenue Bonds, Series 2005A, 4.750%, 6/15/35 &#150; MBIA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,105,756</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,250</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Philadelphia Parking Authority, Pennsylvania, Airport Parking Revenue Bonds, Series 1999,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/09 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,272,815</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.250%, 9/01/29 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>800</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Scranton Parking Authority, Pennsylvania , Guaranteed Revenue Bonds, Series 2007, 5.250%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>691,120</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>6/01/39 &#150; RAAI Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>29,665</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Total Transportation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>28,612,507</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=2>U.S. Guaranteed &#150; 32.2% (19.2% of Total Investments) (4)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,550</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Allegheny County, Pennsylvania, General Obligation Bonds, Series 2000C-52, 5.250%, 11/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A+ (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,791,649</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>(Pre-refunded 5/01/11) &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,320</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Allegheny County, Pennsylvania, General Obligation Refunding Bonds, Series 2000C-53, 5.250%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,406,592</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>11/01/20 (Pre-refunded 5/01/11) &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Delaware County Regional Water Quality Control Authority, Pennsylvania, Sewerage Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Bonds, Series 2001:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,325</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.100%, 5/01/20 (Pre-refunded 11/01/11) &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A3 (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,713,193</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,465</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.100%, 5/01/21 (Pre-refunded 11/01/11) &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A3 (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,571,799</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,400</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Delaware County Regional Water Quality Control Authority, Pennsylvania, Sewerage Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A2 (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,540,686</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Bonds, Series 2004, 5.250%, 5/01/20 (Pre-refunded 5/01/14) &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Erie, Pennsylvania, Water Authority, Water Revenue Bonds, Series 2001A, 5.200%, 12/01/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,387,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>(Pre-refunded 12/01/11) &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,275</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Hempfield Area School District, Westmoreland County, Pennsylvania, General Obligation Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,801,410</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Series 2002, 5.375%, 2/15/18 (Pre-refunded 2/15/12) &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,125</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, St. Luke&#146;s</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,237,748</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Hospital of Bethlehem, Series 2003, 5.375%, 8/15/33 (Pre-refunded 8/15/13)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>680</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A1 (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>733,074</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>University, Series 2002, 5.000%, 1/01/20 (Pre-refunded 1/01/13)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>10,935</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Philadelphia Authority for Industrial Development, Pennsylvania, Lease Revenue Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>11,825,544</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>2001B, 5.250%, 10/01/30 (Pre-refunded 10/01/11) &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>690</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>824,426</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>MBIA Insured (ETM)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,500</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2002B, 5.625%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aa3 (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,755,050</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>8/01/18 (Pre-refunded 8/01/12) &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2001A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,525</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.375%, 11/01/20 (Pre-refunded 11/01/12) &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A&#150; (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,059,710</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,185</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.000%, 11/01/31 (Pre-refunded 11/01/12) &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A&#150; (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,445,852</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,090</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pittsburgh Urban Redevelopment Authority, Pennsylvania, Tax Increment Financing District</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/09 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A1 (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,126,177</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Bonds, Center Triangle Project, Series 1999A, 6.100%, 5/01/19 (Pre-refunded 5/01/09)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,100</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Plum Borough School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,542,128</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>2001, 5.250%, 9/15/30 (Pre-refunded 9/15/11) &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>960</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A1 (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,063,910</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Series 2004B, 5.375%, 11/15/34 (Pre-refunded 11/15/14)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Sto Rox School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/10 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,153,760</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>2000, 5.800%, 6/15/30 (Pre-refunded 12/15/10) &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Warrington Township Municipal Authority, Bucks County, Pennsylvania, Water and Sewer Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>N/R (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,588,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Bonds, Series 1991, 7.100%, 12/01/21 (Pre-refunded 11/15/15) &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,975</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>West View Borough Municipal Authority, Allegheny County, Pennsylvania, Special Obligation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,917,194</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Bonds, Series 1985A, 9.500%, 11/15/14 (ETM)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>66,100</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Total U.S. Guaranteed</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>72,485,602</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=2>Utilities &#150; 6.8% (4.1% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,250</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Allegheny County Industrial Development Authority, Pennsylvania, Pollution Control Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,269,988</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Refunding Bonds, Duquesne Light Company, Series 1999A, 4.350%, 12/01/13 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,210</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Carbon County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>BBB&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,232,554</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Refunding Bonds, Panther Creek Partners Project, Series 2000, 6.650%, 5/01/10 (Alternative</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,430</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,323,522</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Pennsylvania Power and Light Company, Series 2005, 4.750%, 2/15/27 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>700</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>707,280</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.000%, 9/01/26 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Seventeenth Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,135,840</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>2003, 5.375%, 7/01/19 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,490</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh Series, 2007, 5.000%, 10/01/37 &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,093,018</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,700</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>York County Industrial Development Authority, Pennsylvania, Pollution Control Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>3/12 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,566,689</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Refunding Bonds, PSEG Power Project, Series 2001A, 5.500%, 9/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>15,780</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Total Utilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>15,328,891</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=2>Water and Sewer &#150; 7.3% (4.4% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,100</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,183,454</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>5.000%, 12/01/21 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,205</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,294,677</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Bonds, Series 2004, 5.000%, 11/15/20 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Delaware County Industrial Development Authority, Pennsylvania, Water Facilities Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,724,550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Bonds, Philadelphia Water Company, Series 2001, 5.350%, 10/01/31 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>(Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,056,960</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>2004, 5.000%, 7/15/22 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,250</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Lancaster Area Sewerage Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2004, 5.000%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,293,838</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>4/01/20 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,815</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2001A, 5.000%, 11/01/31 &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,759,061</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,150</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2005A, 5.000%, 7/01/23 &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,208,071</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>16,520</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Total Water and Sewer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>16,520,611</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380,590</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Total Long-Term Investments (cost $376,580,847) &#150; 166.9%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>375,556,635</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="5%">
<HR noShade SIZE=2>
</TD>
     <TD width="1%"></TD>
     <TD width="94%" background="" colSpan=7>
<HR noShade SIZE=1>
&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=2>Short-Term Investments &#150; 0.4% (0.3% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; 1,000</FONT>&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Lancaster County Hospital Authority, Pennsylvania, Lancaster General Hospital Auction Rate Reset</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=sans-serif size=2>Securities, Variable Rate Demand Obligations, Series 2006A, 5.240%, 7/01/41 &#150; CIFG Insured (5)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="5%">
<HR noShade SIZE=2>
</TD>
     <TD width="1%"></TD>
     <TD width="94%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Total Short-Term Investments (cost $1,000,000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="5%"></TD>
     <TD width="1%"></TD>
     <TD width="94%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Total Investments (cost $377,580,847) &#150; 167.3%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>376,556,635</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="5%"></TD>
     <TD width="1%"></TD>
     <TD width="94%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Floating Rate Obligations &#150; (9.6)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>(21,670,000)</FONT> </TD></TR>
<TR>
     <TD width="5%"></TD>
     <TD width="1%"></TD>
     <TD width="94%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Other Assets Less Liabilities &#150; 0.9%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,200,887</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="5%"></TD>
     <TD width="1%"></TD>
     <TD width="94%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Preferred Shares, at Liquidation Value &#150; (58.6)% (6)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>(132,000,000)</FONT> </TD></TR>
<TR>
     <TD width="5%"></TD>
     <TD width="1%"></TD>
     <TD width="94%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Net Assets Applicable to Common Shares &#150; 100%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="2%"><FONT face=sans-serif size=2>&nbsp;$</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>225,087,522</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="5%"></TD>
     <TD width="1%"></TD>
     <TD width="94%" colSpan=7>
<HR noShade SIZE=2>
</TD></TR></TABLE><BR>

<A name="page_7"></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>(1)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>unless otherwise noted.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>(2)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>subject to periodic principal paydowns.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>(3)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>Ratings: Using the higher of Standard &amp; Poor&#146;s Group (&#147;Standard &amp; Poor&#146;s&#148;) or Moody&#146;s Investor Service,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>(&#147;Moody&#146;s&#148;) rating. Ratings below BBB by Standard &amp; Poor&#146;s or Baa by Moody&#146;s are considered to be below</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>investment grade.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>The Portfolio of Investments may reflect the ratings on certain bonds insured by ACA, AMBAC, CIFG,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>FGIC, MBIA, RAAI and XLCA as of July 31, 2008. Subsequent to July 31, 2008, and during the period this</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>Portfolio of Investments was prepared, there may have been reductions to the ratings of certain bonds</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>resulting from changes to the ratings of the underlying insurers both during the period and after the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>period end. Such reductions would likely reduce the effective rating of many of the bonds insured by</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>that insurer or insurers presented at period end.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>(4)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>which ensure the timely payment of principal and interest. Such investments are normally considered to</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>equivalent to AAA rated securities.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>(5)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>Investment has a maturity of more than one year, but has a variable rate and demand features which</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>period. This rate changes periodically based on market conditions or a specified market index.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>(6)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>Preferred Shares, at Liquidation Value as a percentage of total investments is (35.1)%.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>N/R</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>Not rated.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>(ETM)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>Escrowed to maturity.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>(IF)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>Inverse floating rate investment.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>(UB)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=sans-serif size=2>provisions of SFAS No. 140.</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><B><FONT face=sans-serif size=2>Fair Value Measurements</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Standards No. 157, Fair Value Measurements (SFAS 157). SFAS 157 defines fair value, establishes a</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>framework for measuring fair value in generally accepted accounting principles, and expands disclosure</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>about fair value measurements. In determining the value of the Fund&#146;s investments various inputs are</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>used. These inputs are summarized in the three broad levels listed below:</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%">&nbsp; &nbsp;<FONT face=sans-serif size=2>Level 1 &#150; Quoted prices in active markets for identical securities.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%">&nbsp; &nbsp;<FONT face=sans-serif size=2>Level 2 &#150; Other significant observable inputs (including quoted prices for similar securities, interest rates,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>prepayment speeds, credit risk, etc.).</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%">&nbsp; &nbsp;<FONT face=sans-serif size=2>Level 3 &#150; Significant unobservable inputs (including management&#146;s assumptions in determining the fair</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>value of investments).</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>The inputs or methodology used for valuing securities are not an indication of the risk associated with</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>investing in those securities.</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>The following is a summary of the Fund&#146;s fair value measurements as of July 31, 2008:</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="13%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="9%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="9%"><B><FONT face=sans-serif size=2>Level 1</FONT></B>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="13%"><B><FONT face=sans-serif size=2>Level 2</FONT></B>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="9%"><B><FONT face=sans-serif size=2>&nbsp;Level 3</FONT></B>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="9%"><B><FONT face=sans-serif size=2>Total</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Investments</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>$ &#151;</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=2>&nbsp;$ 376,556,635</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>$ &#151;</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&nbsp;$ 376,556,635</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=2>
</TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1><FONT size=2>Income Tax Information</FONT></FONT></B></P>
<P align=left><FONT face=sans-serif size=1><FONT size=2>The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate transactions subject to SFAS No 140.</FONT></FONT></P>
<P align=left><FONT face=sans-serif size=1><FONT size=2>To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.</FONT></FONT></P>
<P align=left><FONT face=sans-serif size=1><FONT size=2>At July 31, 2008, the cost of investments was $356,016,415.</FONT></FONT></P>
<P align=left><FONT face=sans-serif size=1><FONT size=2>Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2008, were as follows:</FONT></FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0>
<TR>
     <TD align=left width="99%" background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=2>Gross unrealized:</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="36%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=2>&nbsp;Appreciation</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="36%"><FONT face=sans-serif size=2>$ 10,752,435</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=2>&nbsp;Depreciation</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="36%"><FONT face=sans-serif size=2>(11,882,304)</FONT></TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=2>Net unrealized appreciation (depreciation) of investments</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="36%"><FONT face=sans-serif size=2>$ (1,129,869)</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left width="99%" background="" colSpan=3>
<HR noShade SIZE=2>
</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=2>


<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 2. Controls and
Procedures.</B></FONT></P>
<OL type=a>
  <LI>The registrant's principal executive and principal financial officers, or
  persons performing similar functions, have concluded that the registrant's
  disclosure controls and procedures (as defined in Rule 30a-3(c) under the
  Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR
  270.30a-3(c))) are effective, as of a date within 90 days of the filing date
  of this report that includes the disclosure required by this paragraph, based
  on their evaluation of the controls and procedures required by Rule 30a-3(b)
  under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under
  the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
  <LI>There were no changes in the registrant's internal control over financial
  reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR
  270.30a-3(d)) that occurred during the registrant's last fiscal quarter that
  have materially affected, or are reasonably likely to materially affect, the
  registrant's internal control over financial reporting.</LI></OL>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 3.
Exhibits.</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>File as exhibits as part of
this Form a separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT
attached hereto. </FONT></P>
<CENTER>
<H3><BR>SIGNATURES<BR></H3></CENTER>
<P><FONT face="Times New Roman, Times, Serif" size=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized. </FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>(Registrant)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Pennsylvania Investment Quality Municipal Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>By (Signature and Title)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/&nbsp;Kevin J.
McCarthy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kevin
J.
McCarthy<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Vice President and Secretary</FONT></P>
<P><FONT face="Times New Roman, Times, Serif"
size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 29, 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated.
</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>By (Signature and Title)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R.
Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Gifford R.
Zimmerman<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Chief Administrative Officer (principal executive officer)&nbsp;</FONT></P>
<P><FONT face="Times New Roman, Times, Serif"
size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 29, 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>By (Signature and Title)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D.
Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen
D.
Foy<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Vice President and Controller (principal financial officer)&nbsp;</FONT></P>
<P><FONT face="Times New Roman, Times, Serif"
size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 29, 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification1.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML><HEAD><TITLE>Certifications</TITLE></HEAD>
<BODY>
<CENTER>
<H3><U>CERTIFICATIONS</U> </H3></CENTER>
<P>I, Gifford R. Zimmerman, certify that:</P>
<OL>
  <LI>I have reviewed this report on Form N-Q of Nuveen Pennsylvania Investment Quality Municipal Fund;
  <LI>Based on my knowledge, this report does not contain any untrue statement
  of a material fact or omit to state a material fact necessary to make the
  statements made, in light of the circumstances under which such statements
  were made, not misleading with respect to the period covered by this report;
  <LI>Based on my knowledge, the schedules of investments included in this
  report fairly present in all material respects the investments of the
  registrant as of the end of the fiscal quarter for which the report is filed;
  <LI>The registrant's other certifying officer and I are responsible for
  establishing and maintaining disclosure controls and procedures (as defined in
  Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
  over financial reporting (as defined in Rule 30a-3(d) under the Investment
  Company Act of 1940) for the registrant and have:
  <OL type=a>
    <LI>Designed such disclosure controls and procedures, or caused such
    disclosure controls and procedures to be designed under our supervision, to
    ensure that material information relating to the registrant, including its
    consolidated subsidiaries, is made known to us by others within those
    entities, particularly during the period in which this report is being
    prepared;
    <LI>Designed such internal control over financial reporting, or caused such
    internal control over financial reporting to be designed under our
    supervision, to provide reasonable assurance regarding the reliability of
    financial reporting and the preparation of financial statements for external
    purposes in accordance with generally accepted accounting principles;
    <LI>Evaluated the effectiveness of the registrant's disclosure controls and
    procedures and presented in this report our conclusions about the
    effectiveness of the disclosure controls and procedures, as of a date within
    90 days prior to the filing date of this report, based on such evaluation;
    and
    <LI>Disclosed in this report any change in the registrant's internal control
    over financial reporting that occurred during the registrant's most recent
    fiscal quarter that has materially affected, or is reasonably likely to
    materially affect, the registrant's internal control over financial
    reporting; and</LI></OL>
  <LI>The registrant's other certifying officer and I have disclosed to the
  registrant's auditors and the audit committee of the registrant's board of
  directors (or persons performing the equivalent functions):
  <OL type=a>
    <LI>All significant deficiencies and material weaknesses in the design or
    operation of internal control over financial reporting which are reasonably
    likely to adversely affect the registrant's ability to record, process,
    summarize, and report financial information; and
    <LI>Any fraud, whether or not material, that involves management or other
    employees who have a significant role in the registrant's internal control
    over financial reporting.</LI></OL></LI></OL>
<P>Date:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 29, 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<CENTER>
<H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R.
Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>Gifford R.
Zimmerman<BR>Chief Administrative Officer<BR>(principal executive
officer)<BR><BR></H4></CENTER>
<HR noShade SIZE=1>
<PAGE>
<CENTER>
<H3><BR><U>CERTIFICATIONS</U> </H3></CENTER>
<P>I, Stephen D. Foy, certify that:</P>
<OL>
  <LI>I have reviewed this report on Form N-Q of Nuveen Pennsylvania Investment Quality Municipal Fund;
  <LI>Based on my knowledge, this report does not contain any untrue statement
  of a material fact or omit to state a material fact necessary to make the
  statements made, in light of the circumstances under which such statements
  were made, not misleading with respect to the period covered by this report;
  <LI>Based on my knowledge, the schedules of investments included in this
  report fairly present in all material respects the investments of the
  registrant as of the end of the fiscal quarter for which the report is filed;
  <LI>The registrant's other certifying officer and I are responsible for
  establishing and maintaining disclosure controls and procedures (as defined in
  Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
  over financial reporting (as defined in Rule 30a-3(d) under the Investment
  Company Act of 1940) for the registrant and have:
  <OL type=a>
    <LI>Designed such disclosure controls and procedures, or caused such
    disclosure controls and procedures to be designed under our supervision, to
    ensure that material information relating to the registrant, including its
    consolidated subsidiaries, is made known to us by others within those
    entities, particularly during the period in which this report is being
    prepared;
    <LI>Designed such internal control over financial reporting, or caused such
    internal control over financial reporting to be designed under our
    supervision, to provide reasonable assurance regarding the reliability of
    financial reporting and the preparation of financial statements for external
    purposes in accordance with generally accepted accounting principles;
    <LI>Evaluated the effectiveness of the registrant's disclosure controls and
    procedures and presented in this report our conclusions about the
    effectiveness of the disclosure controls and procedures, as of a date within
    90 days prior to the filing date of this report, based on such evaluation;
    and
    <LI>Disclosed in this report any change in the registrant's internal control
    over financial reporting that occurred during the registrant's most recent
    fiscal quarter that has materially affected, or is reasonably likely to
    materially affect, the registrant's internal control over financial
    reporting; and</LI></OL>
  <LI>The registrant's other certifying officer and I have disclosed to the
  registrant's auditors and the audit committee of the registrant's board of
  directors (or persons performing the equivalent functions):
  <OL type=a>
    <LI>All significant deficiencies and material weaknesses in the design or
    operation of internal control over financial reporting which are reasonably
    likely to adversely affect the registrant's ability to record, process,
    summarize, and report financial information; and
    <LI>Any fraud, whether or not material, that involves management or other
    employees who have a significant role in the registrant's internal control
    over financial reporting.</LI></OL></LI></OL>
<P>Date:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 29, 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<CENTER>
<H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D.
Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>Stephen D.
Foy&nbsp;<BR>Vice President and Controller<BR>(principal financial
officer)<BR><BR></H4></CENTER>
<HR noShade SIZE=1>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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