PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MUNICIPAL BONDS & NOTES: 94.43%
CALIFORNIA: 91.22%
$ 305,000 ABAG FINANCIAL AUTHORITY FOR NONPROFIT CORPORATIONS
 CHILDREN'S HOSPITAL (HCFR) 4.25% 12/01/2016 $ 320,781
 530,000 ABAG FINANCIAL AUTHORITY FOR NONPROFIT CORPORATIONS
 KATHERINE DELMAR BRUKE SCHOOL (EDUCATION REVENUE, ALLIED
 IRISH BANKS PLC LOC)+/-SS. 2.95 10/01/2037 530,000
 355,000 ADELANTO CA SCHOOL DISTRICT SERIES A (PROPERTY TAX REVENUE,
 NATL-RE INSURED) 5.55 09/01/2011 362,292
 610,000 ALAMEDA CONTRA COSTA CA TRANSIT DISTRICT FHR COMPUTER
 SYSTEM PROJECT (LEASE REVENUE) 4.00 08/01/2012 624,433
 550,000 ALAMEDA COUNTY CA COP (LEASE REVENUE, AMBAC INSURED) 5.63 12/01/2015 646,492
 300,000 ALAMEDA COUNTY CA COP REFUNDING SERIES A (LEASE REVENUE,
 NATL-RE INSURED) 5.38 12/01/2010 301,860
 2,000,000 ALAMEDA COUNTY CA COP REFUNDING SERIES A (LEASE REVENUE,
 NATL-RE INSURED) 5.38 12/01/2014 2,100,160
 1,385,000 ALAMEDA COUNTY CA COP REFUNDING SERIES A (LEASE REVENUE,
 NATL-RE INSURED) 5.38 12/01/2015 1,447,547
 700,000 ALISAL CA USD 2006 ELECTION SERIES A (PROPERTY TAX REVENUE,
 ASSURED GUARANTY) 5.50 08/01/2013 789,117
 1,000,000 ALISAL CA USD CAPITAL APPRECIATION SERIES C (PROPERTY TAX
 REVENUE, NATL-RE INSURED)## 3.87 08/01/2017 767,630
 1,600,000 ANAHEIM CA PFA CONVENTION CENTER PROJECT SERIES A (LEASE
 REVENUE, AMBAC INSURED) 5.25 08/01/2013 1,682,176
 500,000 ANAHEIM CA PFA PUBLIC IMPROVEMENTS PROJECT SERIES C (LEASE
 REVENUE, AGM INSURED) 6.00 09/01/2014 581,240
 200,000 ANAHEIM CA PFA REFUNDING (LEASE REVENUE) 4.00 08/01/2011 205,332
 900,000 ANTELOPE VALLEY CA HEALTH CARE DISTRICT SERIES A (HCFR, AGM
 INSURED) 5.20 01/01/2017 901,188
 510,000 ANTIOCH CA DEVELOPMENT AGENCY TAX ALLOCATION PROJECT # 1
 (MISCELLANEOUS TAX REVENUE, AGM INSURED) 4.60 09/01/2011 511,617
 800,000 AUBURN CA USD TRAN (MISCELLANEOUS TAX REVENUE) 2.00 09/01/2011 809,888
 210,000 BAKERSFIELD CA COP CONVENTION CENTER SERIES A (LEASE
 REVENUE, AMBAC INSURED) 5.00 04/01/2017 229,988
 500,000 BALDWIN PARK CA USD BOND ANTICIPATION NOTES (PROPERTY TAX
 REVENUE)## 2.77 08/01/2014 449,550
 50,000 BALDWIN PARK CA USD CAPITAL APPRECIATION ELECTION OF 2006
 (PROPERTY TAX REVENUE, AGM INSURED)## 1.30 08/01/2012 48,810
 1,290,000 BAY AREA INFRASTRUCTURE FINANCING AUTHORITY OF CALIFORNIA
 STATE PAYMENT ACCELERATION NOTES (TRANSPORTATION REVENUE,
 AMBAC INSURED) 5.00 08/01/2017 1,318,083
 2,815,000 BAY AREA INFRASTRUCTURE FINANCING AUTHORITY OF CALIFORNIA
 STATE PAYMENT ACCELERATION NOTES (TRANSPORTATION REVENUE,
 NATL-RE INSURED) 5.00 08/01/2017 2,911,048
 500,000 BAY AREA INFRASTRUCTURE FINANCING AUTHORITY OF CALIFORNIA
 STATE PAYMENT ACCELERATION NOTES (TRANSPORTATION REVENUE,
 XLCA INSURED) 5.00 08/01/2014 515,395
 375,000 BELL GARDENS CA COMMUNITY DEVELOPMENT COMMISSION TAX
 ALLOCATION PROJECT #1 SERIES A (MISCELLANEOUS TAX REVENUE) 3.88 08/01/2011 380,340
 200,000 BERKELEY CA PENSION (MISCELLANEOUS REVENUE, AMBAC INSURED) 4.70 06/01/2011 201,218
 750,000 BREA CA PFA TAX ALLOCATION SERIES A (HOUSING REVENUE) 5.00 09/01/2012 769,845
 1,220,000 CALAVERAS COUNTY CA COMMUNITY FACILITIES DISTRICT # 2
 (MISCELLANEOUS REVENUE) 7.00 09/01/2026 1,309,731
 785,000 CALIFORNIA COMMUNITY COLLEGE FINANCING AUTHORITY MIRACOSTA
 PALOMAR (LEASE REVENUE) 3.00 10/01/2011 802,553
 715,000 CALIFORNIA COMMUNITY COLLEGE FINANCING AUTHORITY MIRACOSTA
 PALOMAR (LEASE REVENUE) 3.00 10/01/2012 742,663
 200,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY CALIFORNIA
 INSTITUTE OF TECHNOLOGY SERIES A (EDUCATION REVENUE) 5.00 10/01/2032 209,468
 300,000 CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY CEDARS
 SINAI MEDICAL CENTER (HCFR) 5.00 11/15/2011 312,147
 3,000,000 CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY PARADISE
 ESTATE (HCFR, CA MORTGAGE INSURED) 5.13 01/01/2022 3,086,190
 500,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES A (HOUSING REVENUE,
 AGM INSURED) 3.50 02/01/2012 504,790

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 400,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES A (HOUSING REVENUE,
 AGM INSURED) 3.60% 08/01/2012 $ 405,404
 1,000,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES B (HOUSING REVENUE) 3.95 08/01/2012 1,027,710
 1,285,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES E (HOUSING REVENUE) 4.65 08/01/2022 1,220,416
 770,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES E (HOUSING REVENUE) 5.00 02/01/2042 789,797
 2,610,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES G (HOUSING REVENUE) 5.50 08/01/2042 2,579,333
 1,495,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES H (HOUSING REVENUE,
 FGIC INSURED) 5.75 08/01/2030 1,525,752
 910,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES J (HOUSING REVENUE) 5.75 08/01/2047 910,828
 800,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES J (HOUSING REVENUE,
 AGM INSURED) 4.13 08/01/2011 812,600
 500,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES J (HOUSING REVENUE,
 AGM INSURED) 4.38 08/01/2012 514,090
 1,775,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES J (HOUSING REVENUE,
 FGIC INSURED) 4.05 08/01/2013 1,811,423
 1,655,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES K (HOUSING REVENUE) 4.55 08/01/2021 1,571,770
 1,150,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES L (HOUSING REVENUE) 3.95 08/01/2015 1,180,740
 500,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES L (HOUSING REVENUE,
 FGIC INSURED) 4.00 08/01/2013 509,590
 940,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES L (HOUSING REVENUE,
 FGIC INSURED) 4.05 02/01/2014 952,023
 545,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES M (HOUSING REVENUE) 4.55 08/01/2021 519,767
 1,790,000 CALIFORNIA HFA HOME MORTGAGE SERIES E (HOUSING REVENUE,
 FGIC INSURED) 5.00 02/01/2014 1,824,941
 330,000 CALIFORNIA HFFA CALIFORNIA-NEVADA METHODIST (HCFR,
 CALIFORNIA MORTGAGE INSURED) 4.25 07/01/2011 330,726
 850,000 CALIFORNIA HFFA CASA COLINA PROJECT (HCFR) 5.50 04/01/2013 881,059
 1,000,000 CALIFORNIA HFFA CATHOLIC HEALTHCARE WEST SERIES F
 (HCFR)+/-SS. 5.00 07/01/2027 1,098,020
 1,000,000 CALIFORNIA HFFA CATHOLIC HEALTHCARE WEST SERIES G
 (HCFR)+/-SS. 5.00 07/01/2028 1,056,280
 1,720,000 CALIFORNIA HFFA CATHOLIC HEALTHCARE WEST SERIES H
 UNREFUNDED BALANCE (HCFR)+/-SS. 4.45 07/01/2026 1,757,806
 1,450,000 CALIFORNIA HFFA CATHOLIC HEALTHCARE WEST SERIES I
 (HCFR)+/-SS. 4.95 07/01/2026 1,584,067
 500,000 CALIFORNIA HFFA CATHOLIC HEALTHCARE WEST SERIES L (HCFR) 5.13 07/01/2022 527,130
 85,000 CALIFORNIA HFFA CATHOLIC WEST SERIES H PREREFUNDED
 (HCFR)+/-SS. 4.45 07/01/2026 87,656
 250,000 CALIFORNIA HFFA CEDARS-SINAI MEDICAL CENTER (HCFR) 3.00 08/15/2011 253,553
 400,000 CALIFORNIA HFFA SCRIPPS HEALTH SERIES A (HCFR) 4.00 10/01/2014 431,988
 250,000 CALIFORNIA HFFA STANFORD HOSPITAL & CLINICS SERIES A (HCFR) 5.00 11/15/2013 275,443
 300,000 CALIFORNIA INDUSTRY PUBLIC FACILITIES AUTHORITY
 (MISCELLANEOUS TAX REVENUE, NATL-RE INSURED) 5.00 05/01/2011 306,702
 350,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK CLEAN
 WATER STATE REVOLVING FUND (MISCELLANEOUS REVENUE) 5.00 10/01/2010 350,046
 475,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK J.
 PAUL GETTY SERIES A (MISCELLANEOUS REVENUE)+/-SS. 4.00 10/01/2023 492,190
 270,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK KING
 CITY UNION HIGH SCHOOL (LEASE REVENUE) 2.00 08/15/2011 272,646
 1,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK LOS
 ANGELES COUNTY MUSEUM SERIES A (RECREATIONAL REVENUE,
 ALLIED IRISH BANK PLC LOC)+/-SS. 1.85 09/01/2037 1,000,000
 220,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
 WORKERS COMPENSATION RELIEF SERIES A (MISCELLANEOUS
 REVENUE, AMBAC INSURED) 5.00 10/01/2010 220,026
 395,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY COP COMMUNITY
 HOSPITALS CENTRAL CALIFORNIA (HCFR) 3.00 02/01/2011 396,608
 1,585,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY COP COMMUNITY
 HOSPITALS CENTRAL CALIFORNIA (HCFR) 5.00 02/01/2012 1,634,515
 5,000,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY REPUBLIC SERVICES
 REMARKETING (RESOURCE RECOVERY REVENUE)+/-SS. 0.88 09/01/2021 5,000,000
 3,000,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY SERRA CATHOLIC
 SCHOOL (EDUCATION REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 2.95 05/01/2039 3,000,000
 1,000,000 CALIFORNIA PCFA PACIFIC GAS & ELECTRIC SERIES A (IDR,
 NATL-RE INSURED)+/-SS. 5.35 12/01/2016 1,033,330
 1,000,000 CALIFORNIA PCFA SOLID WASTE DISPOSAL WASTE MANAGEMENT
 PROJECT SERIES A (PCR)+/-SS. 5.13 07/01/2031 1,060,730

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 350,000 CALIFORNIA SPECIAL DISTRICTS FINANCE PROGRAM COP SERIES 00
 (LEASE REVENUE, NATL-RE INSURED) 5.00% 12/01/2015 $ 351,582
 250,000 CALIFORNIA STATE (MISCELLANEOUS REVENUE) 3.30 02/01/2011 252,275
 100,000 CALIFORNIA STATE (MISCELLANEOUS REVENUE) 4.00 11/01/2010 100,294
 280,000 CALIFORNIA STATE (MISCELLANEOUS REVENUE) 5.00 02/01/2011 284,144
 100,000 CALIFORNIA STATE (MISCELLANEOUS REVENUE) 5.50 06/01/2011 103,263
 200,000 CALIFORNIA STATE (MISCELLANEOUS REVENUE) 6.60 02/01/2011 203,982
 135,000 CALIFORNIA STATE (MISCELLANEOUS REVENUE) 6.75 08/01/2011 141,803
 125,000 CALIFORNIA STATE (MISCELLANEOUS REVENUE, NATL-RE INSURED) 6.25 09/01/2012 132,093
 100,000 CALIFORNIA STATE (PROPERTY TAX REVENUE) 4.00 12/01/2011 103,193
 150,000 CALIFORNIA STATE (PROPERTY TAX REVENUE) 4.50 02/01/2011 151,970
 450,000 CALIFORNIA STATE (PROPERTY TAX REVENUE) 5.00 04/01/2011 459,950
 3,000,000 CALIFORNIA STATE (PROPERTY TAX REVENUE) 5.00 05/01/2020 3,287,130
 1,850,000 CALIFORNIA STATE (PROPERTY TAX REVENUE) 6.25 09/01/2012 1,955,173
 100,000 CALIFORNIA STATE COUPON MUNICIPAL SERIES 27 (PROPERTY TAX
 REVENUE) 1.75 03/01/2011 99,270
 200,000 CALIFORNIA STATE DEPARTMENT OF TRANSPORTATION COP SERIES A
 (LEASE REVENUE, NATL-RE INSURED) 5.25 03/01/2016 200,724
 1,995,000 CALIFORNIA STATE DEPARTMENT OF VETERANS AFFAIRS HOME
 PURCHASE AMT SERIES A (HOUSING REVENUE, AMBAC INSURED) 4.00 12/01/2013 2,070,132
 490,000 CALIFORNIA STATE DEPARTMENT OF VETERANS AFFAIRS HOME
 PURCHASE AMT SERIES A (HOUSING REVENUE, AMBAC INSURED) 4.90 12/01/2018 490,436
 175,000 CALIFORNIA STATE DWR CENTRAL PROJECT SERIES AE (UTILITIES
 REVENUE) 4.00 12/01/2010 176,115
 1,500,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES A
 (UTILITIES REVENUE) 6.00 05/01/2014 1,647,255
 2,465,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C-7
 (UTILITIES REVENUE, AGM INSURED)+/-SS. 0.27 05/01/2022 2,465,000
 1,535,000 CALIFORNIA STATE ECONOMIC RECOVERY SERIES A (SALES TAX
 REVENUE) 5.00 01/01/2011 1,552,576
 2,000,000 CALIFORNIA STATE ECONOMIC RECOVERY SERIES A (SALES TAX
 REVENUE) 5.00 07/01/2016 2,047,660
 1,175,000 CALIFORNIA STATE ECONOMIC RECOVERY SERIES A PREREFUNDED
 (SALES TAX REVENUE) 5.25 01/01/2011 1,189,770
 130,000 CALIFORNIA STATE ECONOMIC RECOVERY SERIES A UNREFUNDED
 BALANCE (SALES TAX REVENUE) 5.25 01/01/2011 131,570
 205,000 CALIFORNIA STATE ECONOMIC RECOVERY SERIES B (SALES TAX
 REVENUE) 5.00 07/01/2023 209,067
 1,000,000 CALIFORNIA STATE ECONOMIC RECOVERY SERIES B PUTABLE
 (PROPERTY TAX REVENUE)+/-SS. 4.00 07/01/2023 1,095,480
 155,000 CALIFORNIA STATE FSA (MISCELLANEOUS REVENUE, AGM INSURED) 5.50 03/01/2012 157,920
 275,000 CALIFORNIA STATE FSA (MISCELLANEOUS REVENUE, AGM INSURED) 5.75 12/01/2010 277,412
 200,000 CALIFORNIA STATE FSA (PROPERTY TAX REVENUE, AGM INSURED) 4.50 02/01/2011 202,646
 190,000 CALIFORNIA STATE PREREFUNDED (MISCELLANEOUS REVENUE) 5.00 10/01/2013 190,025
 100,000 CALIFORNIA STATE PREREFUNDED (MISCELLANEOUS REVENUE) 5.25 12/01/2023 100,830
 300,000 CALIFORNIA STATE PREREFUNDED (MISCELLANEOUS REVENUE, XLCA
 INSURED) 5.25 10/01/2023 300,042
 250,000 CALIFORNIA STATE PREREFUNDED (MISCELLANEOUS REVENUE, XLCA
 INSURED) 5.38 10/01/2028 250,035
 485,000 CALIFORNIA STATE PRINCIPAL MUNICIPAL SERIES 27
 (MISCELLANEOUS TAX REVENUE, NATL-RE INSURED) 1.00 09/01/2011 480,790
 1,020,000 CALIFORNIA STATE PUBLIC WORKS BOARD CALIFORNIA COMMUNITY
 COLLEGES SERIES A (LEASE REVENUE, AMBAC INSURED) 5.25 12/01/2012 1,026,293
 100,000 CALIFORNIA STATE PUBLIC WORKS BOARD CALIFORNIA COMMUNITY
 COLLEGES SERIES A (LEASE REVENUE, AMBAC INSURED) 5.50 04/01/2013 100,303
 1,930,000 CALIFORNIA STATE PUBLIC WORKS BOARD CALIFORNIA COMMUNITY
 COLLEGES SERIES B (LEASE REVENUE, NATL-RE INSURED) 5.10 09/01/2013 1,935,095
 525,000 CALIFORNIA STATE PUBLIC WORKS BOARD CALIFORNIA COMMUNITY
 COLLEGES SERIES D (LEASE REVENUE) 5.25 10/01/2011 547,612
 750,000 CALIFORNIA STATE PUBLIC WORKS BOARD CALIFORNIA COMMUNITY
 COLLEGES SERIES D (LEASE REVENUE, NATL-RE INSURED) 5.38 03/01/2012 752,490
 250,000 CALIFORNIA STATE PUBLIC WORKS BOARD CALIFORNIA COMMUNITY
 SERVICES (LEASE REVENUE, NATL-RE INSURED) 5.25 10/01/2011 260,768
 450,000 CALIFORNIA STATE PUBLIC WORKS BOARD CALIFORNIA STATE
 UNIVERSITY SERIES A (LEASE REVENUE, AMBAC INSURED) 5.00 10/01/2010 450,054
 365,000 CALIFORNIA STATE PUBLIC WORKS BOARD CALIFORNIA STATE
 UNIVERSITY TRUSTEES SERIES B (LEASE REVENUE) 5.00 09/01/2013 365,934
 760,000 CALIFORNIA STATE PUBLIC WORKS BOARD DEPARTMENT OF
 CORRECTIONS (LEASE REVENUE, AGM INSURED) 5.25 06/01/2015 834,890

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 200,000 CALIFORNIA STATE PUBLIC WORKS BOARD DEPARTMENT OF
 CORRECTIONS SERIES A (LEASE REVENUE, AMBAC INSURED) 4.75% 09/01/2012 $ 200,540
 845,000 CALIFORNIA STATE PUBLIC WORKS BOARD DEPARTMENT OF
 CORRECTIONS SERIES E (LEASE REVENUE, NATL-RE/IBC BANK
 INSURED) 5.50 06/01/2015 892,666
 640,000 CALIFORNIA STATE PUBLIC WORKS BOARD DEPARTMENT OF
 CORRECTIONS SERIES E (LEASE REVENUE, XLCA INSURED) 5.00 06/01/2015 689,261
 425,000 CALIFORNIA STATE PUBLIC WORKS BOARD DEPARTMENT OF
 CORRECTIONS SERIES F (LEASE REVENUE, NATL-RE INSURED) 5.00 11/01/2016 471,355
 1,830,000 CALIFORNIA STATE PUBLIC WORKS BOARD DEPARTMENT OF
 CORRECTIONS STATE PRISONS SERIES A (LEASE REVENUE, AMBAC
 INSURED) 5.25 12/01/2013 1,913,558
 100,000 CALIFORNIA STATE PUBLIC WORKS BOARD DEPARTMENT OF GENERAL
 SERVICES (LEASE REVENUE, AMBAC INSURED) 5.00 12/01/2011 104,668
 100,000 CALIFORNIA STATE PUBLIC WORKS BOARD DEPARTMENT OF HEALTH
 SERVICES SERIES A (LEASE REVENUE, NATL-RE INSURED) 5.00 11/01/2010 100,358
 500,000 CALIFORNIA STATE PUBLIC WORKS BOARD DEPARTMENT OF HEALTH
 SERVICES SERIES A (LEASE REVENUE, NATL-RE INSURED) 5.20 11/01/2012 506,500
 500,000 CALIFORNIA STATE PUBLIC WORKS BOARD DEPARTMENT OF HEALTH
 SERVICES SERIES A (LEASE REVENUE, NATL-RE INSURED) 5.50 11/01/2015 506,565
 520,000 CALIFORNIA STATE PUBLIC WORKS BOARD DEPARTMENT OF MENTAL
 HEALTH SERIES A (HCFR) 5.00 06/01/2011 531,794
 250,000 CALIFORNIA STATE PUBLIC WORKS BOARD OFFICE OF EMERGENCY
 SERVICES SERIES A (LEASE REVENUE) 5.00 03/01/2011 254,348
 2,500,000 CALIFORNIA STATE PUBLIC WORKS BOARD SERIES A
 (LEASE REVENUE) 6.50 09/01/2017 2,782,825
 850,000 CALIFORNIA STATE PUBLIC WORKS BOARD STATE ARCHIVES SERIES A
 (LEASE REVENUE, NATL-RE/IBC BANK INSURED) 5.38 12/01/2010 853,205
 250,000 CALIFORNIA STATE PUBLIC WORKS BOARD TRUSTEES CALIFORNIA
 STATE UNIVERSITY SERIES A (LEASE REVENUE) 5.25 10/01/2013 250,688
 150,000 CALIFORNIA STATE PUBLIC WORKS BOARD UNIVERSITY OF
 CALIFORNIA RESEARCH PROJECT SERIES L (EDUCATION REVENUE) 5.25 11/01/2010 150,627
 100,000 CALIFORNIA STATE PUBLIC WORKS BOARD VARIOUS PROJECT SERIES
 G-1 (LEASE REVENUE) 4.00 10/01/2011 103,062
 180,000 CALIFORNIA STATE REFUNDING (MISCELLANEOUS REVENUE, NATL-RE
 INSURED) 5.75 02/01/2011 183,105
 1,000,000 CALIFORNIA STATE VETERANS BONDS SERIES CA (MISCELLANEOUS
 TAX REVENUE) 4.45 12/01/2017 1,082,470
 2,760,000 CALIFORNIA STATEWIDE CDA AMERICAN BAPTIST HOMES WEST
 (HOUSING REVENUE) 4.25 10/01/2015 2,782,163
 2,000,000 CALIFORNIA STATEWIDE CDA CATHEDRAL HIGH SCHOOL PROJECT
 (EDUCATION REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 1.40 04/01/2033 2,000,000
 200,000 CALIFORNIA STATEWIDE CDA COP (MISCELLANEOUS REVENUE, ACA
 RADIAN INSURED)+/-SS.(A)(M)(N) 0.77 05/15/2029 190,525
 945,000 CALIFORNIA STATEWIDE CDA COP HEALTH FACILITIES SERIES A
 (LEASE REVENUE, NATL-RE INSURED) 5.50 09/01/2014 1,039,727
 1,000,000 CALIFORNIA STATEWIDE CDA DISPOSAL REPUBLIC SERVICES SERIES
 A (RESOURCE RECOVERY REVENUE) 4.95 12/01/2012 1,047,390
 1,515,000 CALIFORNIA STATEWIDE CDA HENRY MAYO MEMORIAL HOSPITAL
 SERIES B (HCFR, AMBAC INSURED) 4.00 10/01/2014 1,553,981
 250,000 CALIFORNIA STATEWIDE CDA HUNTINGTON MEMORIAL HOSPITAL (HCFR) 5.00 07/01/2013 271,103
 610,000 CALIFORNIA STATEWIDE CDA INTERNATIONAL SCHOOL PENINSULA
 PROJECT (EDUCATION REVENUE) 4.60 11/01/2013 607,377
 430,000 CALIFORNIA STATEWIDE CDA JOHN MUIR MT. DIABLO HEALTH
 SYSTEMS (HCFR, NATL-RE INSURED) 5.50 08/15/2012 450,760
 750,000 CALIFORNIA STATEWIDE CDA KAISER PERMANENTE SERIES B
 (HCFR)+/-SS. 3.90 08/01/2031 806,888
 725,000 CALIFORNIA STATEWIDE CDA KAISER PERMANENTE SERIES C
 (HCFR)+/-SS. 3.85 11/01/2029 755,682
 240,000 CALIFORNIA STATEWIDE CDA LODI MEMORIAL HOSPITAL (HCFR, CA
 MORTGAGE INSURED) 4.00 12/01/2010 240,790
 1,500,000 CALIFORNIA STATEWIDE CDA PROPOSITION 1A RECEIVABLES PROGRAM
 (OTHER REVENUE) 4.00 06/15/2013 1,603,800
 4,000,000 CALIFORNIA STATEWIDE CDA PROPOSITION 1A RECEIVABLES PROGRAM
 (OTHER REVENUE) 5.00 06/15/2013 4,382,760
 455,000 CALIFORNIA STATEWIDE CDA QUAIL RIDGE APARTMENTS SERIES E1
 (HOUSING REVENUE) 4.25 07/01/2012 454,518

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 100,000 CALIFORNIA STATEWIDE CDA REDLANDS COMMUNITY HOSPITAL SERIES
 A (HCFR, RADIAN INSURED) 5.00% 04/01/2011 $ 101,051
 1,390,000 CALIFORNIA STATEWIDE CDA SHERMAN OAKS PROJECT SERIES A
 (OTHER REVENUE, AMBAC INSURED) 5.50 08/01/2011 1,421,775
 700,000 CALIFORNIA STATEWIDE CDA SHERMAN OAKS PROJECT SERIES A
 (OTHER REVENUE, AMBAC INSURED) 5.50 08/01/2014 771,967
 1,335,000 CALIFORNIA STATEWIDE CDA ST. JOSEPH (HCFR, FSA INSURED) 4.50 07/01/2018 1,414,072
 150,000 CAPISTRANO CA USD SCHOOL FACILITIES IMPROVEMENT DISTRICT #1
 SERIES B (PROPERTY TAX REVENUE, AGM INSURED) 4.00 08/01/2011 154,466
 130,000 CARLSBAD CA USD SERIES A (LEASE REVENUE) 2.00 10/01/2011 131,374
 250,000 CASTAIC LAKE WATER AGENCY WATER SYSTEM IMPROVEMENT PROJECT
 SERIES A (LEASE REVENUE, NATL-RE INSURED) 7.00 08/01/2011 263,178
 375,000 CENTINELA VALLEY CA UNION HIGH SCHOOL DISTRICT CAPITAL
 APPRECIATION SERIES A (PROPERTY TAX REVENUE, FSA INSURED)## 3.29 08/01/2015 319,069
 430,000 CHULA VISTA CA COP (LEASE REVENUE, NATL-RE INSURED) 4.50 08/01/2016 444,173
 200,000 CITRUS HEIGHTS CA WATER DISTRICT (UTILITIES REVENUE) 2.00 10/01/2010 200,010
 500,000 COALINGA CA PFA SENIOR LIEN NOTES SERIES A (OTHER REVENUE,
 AMBAC INSURED) 5.85 09/15/2013 545,350
 250,000 COLTON CA JOINT USD ELECTION OF 2001 SERIES C (PROPERTY TAX
 REVENUE, NATL-RE INSURED) 3.75 02/01/2011 252,425
 705,000 COMPTON CA COMMUNITY RDA 2ND LIEN (MISCELLANEOUS TAX
 REVENUE) 3.00 08/01/2011 712,113
 830,000 COMPTON CA COMMUNITY RDA 2ND LIEN (MISCELLANEOUS TAX
 REVENUE) 3.00 08/01/2012 843,853
 855,000 COMPTON CA COMMUNITY RDA 2ND LIEN (MISCELLANEOUS TAX
 REVENUE) 3.00 08/01/2013 863,499
 1,130,000 COMPTON CA COMMUNITY RDA 2ND LIEN (MISCELLANEOUS TAX
 REVENUE) 3.50 08/01/2014 1,160,126
 215,000 COMPTON CA SOLID WASTE MANAGEMENT FACILITIES (RESOURCE
 RECOVERY REVENUE) 4.80 08/01/2020 218,700
 350,000 CONTRA COSTA COUNTY CA PFA PLEASANT HILL BART PROJECT
 (MISCELLANEOUS TAX REVENUE) 5.13 08/01/2011 354,452
 450,000 CONTRA COSTA COUNTY CA PFA SERIES B (LEASE REVENUE, NATL-RE
 INSURED) 4.00 06/01/2013 465,219
 1,205,000 CORONA CA PFA CITY HALL PROJECT SERIES B (LEASE REVENUE,
 NATL-RE INSURED) 5.38 09/01/2018 1,233,257
 170,000 CORONA CA REDEVELOPMENT AGENCY MERGED DOWNTOWN AMENDED
 SERIES A (MISCELLANEOUS TAX REVENUE, NATL-RE INSURED) 3.50 09/01/2011 172,351
 1,555,000 CULVER CITY CA RDFA (MISCELLANEOUS TAX REVENUE, AMBAC
 INSURED) 5.50 11/01/2014 1,604,760
 1,000,000 DINUBA CA MERGED CITY REDEVELOPMENT # 2 SUB NOTES
 (MISCELLANEOUS TAX REVENUE) 4.40 10/01/2011 1,000,950
 1,000,000 DRY CREEK CA JOINT ELEMENTARY SCHOOL DISTRICT TRAN
 (MISCELLANEOUS REVENUE) 2.00 09/01/2011 1,012,360
 1,500,000 DUARTE CA COP SERIES A (HCFR) 5.25 04/01/2019 1,511,085
 2,000,000 EL CAJON CA PFA SALES TAX SUPPORTED SERIES A
 (LEASE REVENUE) 4.00 08/01/2015 2,179,800
 500,000 EL DORADO CA IRRIGATION DISTRICT & EL DORADO WATER AGENCY
 SERIES A (LEASE REVENUE, NATL-RE INSURED) 5.00 03/01/2017 538,280
 1,265,000 EMERYVILLE CA PUBLIC FINANCING AUTHORITY EMERYVILLE
 REDEVELOPMENT PROJECT SERIES A (LEASE REVENUE, NATL-RE
 INSURED) 5.25 09/01/2015 1,333,930
 1,400,000 EMERYVILLE CA PUBLIC FINANCING AUTHORITY EMERYVILLE
 REDEVELOPMENT PROJECT SERIES A (LEASE REVENUE, NATL-RE
 INSURED) 5.25 09/01/2017 1,459,038
 250,000 ENCINITAS CA PUBLIC FINANCING AUTHORITY PARK PROJECT SERIES
 A (LEASE REVENUE) 2.00 04/01/2011 251,868
 200,000 FOLSOM CA REDEVELOPMENT AGENCY CENTRAL FOLSOM REDEVELOPMENT
 PROJECT (MISCELLANEOUS TAX REVENUE) 3.00 08/01/2011 201,802
 370,000 FOLSOM CORDOVA CA USD SCHOOL FACILITIES IMPROVEMENT
 DISTRICT # 1 SERIES A (PROPERTY TAX REVENUE, NATL-RE
 INSURED) 5.50 10/01/2015 391,282
 900,000 FOLSOM CORDOVA CA USD SCHOOL FACILITIES IMPROVEMENT
 DISTRICT # 1 SERIES A (PROPERTY TAX REVENUE, NATL-RE
 INSURED) 5.50 10/01/2016 951,768
 100,000 FOLSOM CORDOVA CA USD SCHOOL FACILITIES IMPROVEMENT
 DISTRICT # 4 SERIES A (PROPERTY TAX REVENUE, NATL-RE
 INSURED) 4.00 10/01/2010 100,008
 400,000 FONTANA CA PFA (LEASE REVENUE, AMBAC INSURED) 5.00 09/01/2012 423,724
 50,000 FONTANA CA RDA JURUPA HILLS REDEVELOPMENT PROJECT SERIES A
 (MISCELLANEOUS TAX REVENUE) 5.50 10/01/2017 50,691
 825,000 FONTANA CA RDA SIERRA CORRIDOR COMMERCIAL REDEVELOPMENT
 PROJECT (MISCELLANEOUS TAX REVENUE, NATL-RE FGIC INSURED) 4.50 09/01/2015 875,606
 1,500,000 FONTANA CA USD BOND ANTICIPATION NOTES (PROPERTY TAX
 REVENUE) 4.00 12/01/2012 1,591,320

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 580,000 FOOTHILL-EASTERN TRANSPORTATION CORRIDOR AGENCY
 (TRANSPORTATION REVENUE, NATL-RE INSURED)## 6.40% 01/15/2017 $ 390,207
 650,000 FRESNO CA JOINT POWERS FINANCING AUTHORITY (LEASE REVENUE,
 AGM INSURED) 5.00 06/01/2017 667,719
 100,000 FRESNO CA JOINT POWERS FINANCING AUTHORITY (MISCELLANEOUS
 TAX REVENUE, AMBAC INSURED) 4.10 08/01/2011 101,850
 200,000 FRESNO CA USD SERIES A (PROPERTY TAX REVENUE, NATL-RE
 INSURED) 6.55 08/01/2020 227,136
 460,000 FULLERTON CA PFA (MISCELLANEOUS TAX REVENUE, AMBAC INSURED) 5.00 09/01/2011 473,087
 600,000 GARDEN GROVE CA AGENCY FOR COMMUNITY DEVELOPMENT
 (MISCELLANEOUS TAX REVENUE, AMBAC INSURED) 5.25 10/01/2016 635,688
 1,000,000 GOLDEN EMPIRE SCHOOLS FINANCING AUTHORITY KERN HIGH SCHOOL
 DISTRICT PROJECT (LEASE REVENUE) 2.38 05/01/2012 1,021,170
 350,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION CA ENHANCED
 ASSET-BACKED SERIES A (TOBACCO REVENUE, AMBAC INSURED) 4.00 06/01/2012 361,417
 150,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION CA ENHANCED
 ASSET-BACKED SERIES A (TOBACCO REVENUE, AMBAC INSURED) 5.00 06/01/2011 153,164
 2,965,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION CA ENHANCED
 ASSET-BACKED SERIES A (TOBACCO REVENUE, AMBAC INSURED) 5.00 06/01/2013 3,168,103
 2,555,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION CA SERIES
 2003 A-1 (TOBACCO REVENUE) 6.25 06/01/2033 2,835,820
 300,000 GOLDEN WEST CA SCHOOLS FINANCING AUTHORITY CAPITAL
 APPRECIATION SERIES A (OTHER REVENUE, NATL-RE INSURED)## 2.14 08/01/2011 294,660
 360,000 GOLDEN WEST CA SCHOOLS FINANCING AUTHORITY CAPITAL
 APPRECIATION SERIES A (OTHER REVENUE, NATL-RE INSURED)## 2.59 02/01/2013 338,825
 235,000 GOLDEN WEST CA SCHOOLS FINANCING AUTHORITY CAPITAL
 APPRECIATION SERIES A (OTHER REVENUE, NATL-RE INSURED)## 3.12 02/01/2014 211,751
 335,000 HANFORD CA JOINT UNION HIGH SCHOOL DISTRICT (PROPERTY TAX
 REVENUE, AMBAC INSURED) 3.00 08/01/2011 340,708
 100,000 HAWTHORNE CA SCHOOL DISTRICT ELECTION 2008 SERIES A
 (PROPERTY TAX REVENUE, ASSURED GUARANTY)## 2.38 08/01/2013 93,460
 100,000 HAWTHORNE CA SCHOOL DISTRICT ELECTION 2008 SERIES A
 (PROPERTY TAX REVENUE, ASSURED GUARANTY)## 3.11 08/01/2015 86,062
 155,000 HAWTHORNE CA SCHOOL DISTRICT ELECTION 2008 SERIES A
 (PROPERTY TAX REVENUE, ASSURED GUARANTY)## 3.37 08/01/2016 127,367
 165,000 HAWTHORNE CA SCHOOL DISTRICT ELECTION 2008 SERIES A
 (PROPERTY TAX REVENUE, ASSURED GUARANTY)## 3.65 08/01/2017 128,655
 100,000 HIGHLAND CA COMMUNITY FACILITIES DISTRICT 90-1 SERIES A
 (PROPERTY TAX REVENUE, AMBAC INSURED) 4.25 09/01/2011 102,680
 240,000 HORICON CA ELEMENTARY SCHOOL DISTRICT (PROPERTY TAX
 REVENUE, AMBAC INSURED) 4.00 08/01/2011 246,348
 265,000 HORICON CA ELEMENTARY SCHOOL DISTRICT (PROPERTY TAX
 REVENUE, AMBAC INSURED) 4.00 08/01/2012 278,963
 280,000 HORICON CA ELEMENTARY SCHOOL DISTRICT (PROPERTY TAX
 REVENUE, AMBAC INSURED) 4.00 08/01/2013 300,605
 295,000 HORICON CA ELEMENTARY SCHOOL DISTRICT (PROPERTY TAX
 REVENUE, AMBAC INSURED) 4.00 08/01/2014 321,019
 250,000 INDUSTRY CA SERIES B (PROPERTY TAX REVENUE) 4.00 07/01/2011 256,305
 395,000 INGLEWOOD CA RDA SUB LIEN MERGED REDEVELOPMENT PROJECT
 (MISCELLANEOUS TAX REVENUE, ACA INSURED)## 4.53 05/01/2012 367,836
 150,000 INGLEWOOD CA RDA SUB LIEN MERGED REDEVELOPMENT PROJECT
 (MISCELLANEOUS TAX REVENUE, ACA INSURED)## 4.68 05/01/2013 133,032
 200,000 IRVINE RANCH CA WATER DISTRICT CONSOLIDATED BONDS (PROPERTY
 TAX REVENUE, LANDESBANK HESSEN THURINGEN LOC)+/-SS. 0.30 10/01/2010 200,000
 1,000,000 JURUPA CA PUBLIC FINANCING AUTHORITY SUPERIOR LIEN SERIES A
 (MISCELLANEOUS REVENUE, AGM INSURED) 2.00 09/01/2011 1,007,230
 2,500,000 KERN CA COMMUNITY COLLEGE DISTRICT COP (LEASE REVENUE) 4.00 04/01/2014 2,603,250
 145,000 KEYES CA USD CAPITAL APPRECIATION (PROPERTY TAX REVENUE,
 NATL-RE INSURED)## 2.84 08/01/2013 133,784
 150,000 KEYES CA USD CAPITAL APPRECIATION (PROPERTY TAX REVENUE,
 NATL-RE INSURED)## 3.59 08/01/2015 126,180
 155,000 KEYES CA USD CAPITAL APPRECIATION (PROPERTY TAX REVENUE,
 NATL-RE INSURED)## 3.85 08/01/2016 123,910

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 750,000 LANCASTER CA RDA COMBINED REDEVELOPMENT PROJECT AREAS
 (MISCELLANEOUS TAX REVENUE) 4.50% 08/01/2014 $ 800,805
 585,000 LANCASTER CA RDA COMBINED REDEVELOPMENT PROJECT AREAS
 (MISCELLANEOUS TAX REVENUE) 4.75 08/01/2015 634,614
 300,000 LIBERTY CA USD CAPITAL APPRECIATION SERIES B (PROPERTY TAX
 REVENUE, NATL-RE INSURED)## 4.80 08/01/2017 216,768
 340,000 LINDSAY CA USD COP (LEASE REVENUE, ASSURED GUARANTY) 5.00 10/01/2014 374,680
 495,000 LODI CA USD COP ASPIRE PROJECT SERIES A (LEASE REVENUE,
 NATL-RE FGIC INSURED) 4.00 08/01/2011 507,321
 1,535,000 LONG BEACH CA BOND FINANCE AUTHORITY AQUARIUM OF THE
 PACIFIC (LEASE REVENUE, AMBAC INSURED) 5.50 11/01/2012 1,584,274
 1,045,000 LONG BEACH CA BOND FINANCE AUTHORITY AQUARIUM OF THE
 PACIFIC (LEASE REVENUE, AMBAC INSURED) 5.50 11/01/2015 1,069,443
 1,080,000 LONG BEACH CA BOND FINANCE AUTHORITY PUBLIC SAFETY
 FACILITIES PROJECT (LEASE REVENUE, AMBAC INSURED) 5.25 11/01/2013 1,130,922
 4,205,000 LONG BEACH CA BOND FINANCE AUTHORITY SERIES A (UTILITIES
 REVENUE) 5.00 11/15/2011 4,358,356
 1,000,000 LONG BEACH CA COMMUNITY COLLEGE DISTRICT BOND ANTICIPATION
 NOTES SERIES A (EDUCATION REVENUE) 9.85 01/15/2013 1,196,910
 500,000 LONG BEACH CA HARBOR AMT SERIES A (TRANSPORTATION REVENUE,
 NATL-RE INSURED) 5.00 05/15/2016 558,340
 250,000 LONG BEACH CA PUBLIC SAFETY FACILITIES PROJECT (LEASE
 REVENUE, AMBAC INSURED) 5.25 11/01/2015 259,385
 995,000 LONG BEACH CA SENIOR SERIES B (TRANSPORTATION REVENUE) 4.00 06/01/2014 1,036,054
 210,000 LOOMIS CA UNION SCHOOL DISTRICT COP (LEASE REVENUE, AGM
 INSURED) 2.00 10/01/2010 210,006
 475,000 LOS ANGELES CA BUILDING AUTHORITY SERIES A (LEASE REVENUE) 5.20 10/01/2012 478,819
 255,000 LOS ANGELES CA CDA EARTHQUAKE DISASTER PROJECT SERIES D
 (MISCELLANEOUS TAX REVENUE) 5.00 09/01/2014 281,364
 375,000 LOS ANGELES CA CDA EARTHQUAKE DISASTER PROJECT SERIES D
 (MISCELLANEOUS TAX REVENUE) 5.00 09/01/2015 417,458
 300,000 LOS ANGELES CA CONVENTION & EXHIBIT CENTER AUTHORITY SERIES
 A (PROPERTY TAX REVENUE, NATL-RE INSURED) 6.13 08/15/2011 314,487
 230,000 LOS ANGELES CA COP HOLLYWOOD PRESBYTERIAN MEDICAL CENTER
 (LEASE REVENUE, INDLC INSURED ) 9.63 07/01/2013 262,757
 395,000 LOS ANGELES CA DW&P PREREFUNDED POWER SYSTEM SERIES A-2
 (UTILITIES REVENUE, NATL-RE INSURED) 5.38 07/01/2020 410,184
 100,000 LOS ANGELES CA DW&P UNREFUNDED POWER SYSTEM SERIES A-1
 (UTILITIES REVENUE, NATL-RE INSURED) 4.30 07/01/2012 102,701
 605,000 LOS ANGELES CA DW&P UNREFUNDED POWER SYSTEM SERIES A-2
 (UTILITIES REVENUE, NATL-RE INSURED) 5.38 07/01/2020 624,348
 230,000 LOS ANGELES CA DW&P PREREFUNDED MBIA (UTILITIES REVENUES,
 NATL-RE INSURED) 4.75 08/15/2011 230,819
 210,000 LOS ANGELES CA MUNICIPAL IMPROVEMENT CORPORATION SERIES A
 (LEASE REVENUE, NATL-RE INSURED) 4.25 08/01/2011 215,832
 100,000 LOS ANGELES CA SERIES A (PROPERTY TAX REVENUE, AGM INSURED) 4.40 09/01/2011 101,639
 2,000,000 LOS ANGELES CA SERIES A (PROPERTY TAX REVENUE, NATL-RE
 INSURED) 5.00 09/01/2019 2,245,960
 370,000 LOS ANGELES CA SERIES A (LEASE REVENUE, NATL-RE INSURED) 5.63 05/01/2011 379,579
 3,000,000 LOS ANGELES CA USD COP MULTIPLE PROPERTIES SERIES A (LEASE
 REVENUE) 3.00 12/01/2011 3,057,270
 1,750,000 LOS ANGELES CA USD COP MULTIPLE PROPERTIES SERIES A (LEASE
 REVENUE) 5.00 12/01/2015 1,947,208
 600,000 LOS ANGELES COUNTY CA ANTELOPE VALLEY COURTHOUSE SERIES A
 (LEASE REVENUE, AMBAC INSURED) 5.25 11/01/2033 602,562
 200,000 LOS ANGELES COUNTY CA CAPITAL ASSET LEASING CORPORATION
 SERIES B (LEASE REVENUE, AMBAC INSURED) 6.00 12/01/2014 218,346
 1,835,000 LOS ANGELES COUNTY CA CAPITAL ASSET LEASING CORPORATION
 SERIES B (LEASE REVENUE, AMBAC INSURED) 6.00 12/01/2015 2,017,601
 3,285,000 LOS ANGELES COUNTY CA CAPITAL ASSET LEASING CORPORATION
 SERIES B (LEASE REVENUE, AMBAC INSURED) 6.00 12/01/2016 3,633,276
 1,000,000 LOS ANGELES COUNTY CA COMMUNITY FACILITIES DISTRICT # 5
 ROWLAND HEIGHTS AREA (SPECIAL TAX REVENUE, AGM INSURED) 5.00 09/01/2019 1,015,280
 100,000 LOS ANGELES COUNTY CA COP CAPITAL APPRECIATION DISNEY
 PACKAGE PROJECTS (LEASE REVENUE)## 2.24 03/01/2014 92,594

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 100,000 LOS ANGELES COUNTY CA METROPOLITAN TRANSPORTATION AUTHORITY
 1ST TIER SENIOR (SALES TAX REVENUE) 5.00% 07/01/2011 $ 103,546
 1,225,000 LOS ANGELES COUNTY CA METROPOLITAN TRANSPORTATION AUTHORITY
 CAPITAL GRANT RECEIPTS GOLD LINE PROJECT SERIES A (SALES
 TAX REVENUE, NATL-RE INSURED) 5.00 10/01/2011 1,225,159
 250,000 LOS ANGELES COUNTY CA PUBLIC WORKS FINANCING AUTHORITY
 MASTER PROJECT SERIES A (LEASE REVENUE, NATL-RE INSURED) 5.00 09/01/2011 258,643
 640,000 LOS ANGELES COUNTY CA PUBLIC WORKS FINANCING AUTHORITY
 MASTER PROJECT SERIES A (LEASE REVENUE, NATL-RE INSURED) 5.00 09/01/2014 714,074
 2,875,000 LOS ANGELES COUNTY CA PUBLIC WORKS FINANCING AUTHORITY
 MASTER PROJECT SERIES A (LEASE REVENUE, NATL-RE INSURED) 5.00 09/01/2019 3,118,570
 1,800,000 LOS ANGELES COUNTY CA PUBLIC WORKS FINANCING AUTHORITY
 MASTER REFERENCE PROJECT SERIES A (LEASE REVENUE, MBIA
 INSURED) 5.00 12/01/2010 1,812,078
 560,000 LOS ANGELES COUNTY CA PUBLIC WORKS FINANCING AUTHORITY
 REGIONAL PARK & OPEN SPACE DISTRICT (MISCELLANEOUS REVENUE,
 AGM INSURED) 5.00 10/01/2010 560,073
 250,000 LOS ANGELES COUNTY CA SANITATION DISTRICTS FINANCING
 AUTHORITY CAPITAL PROJECT SERIES B (SEWER TAX REVENUE,
 NATL-RE INSURED) 3.00 10/01/2010 250,013
 850,000 LOS RIOS CA COMMUNITY COLLEGE DISTRICT (PROPERTY TAX
 REVENUE) 2.00 08/01/2011 861,994
 200,000 MADERA CA USD ELECTION OF 2006 (PROPERTY TAX REVENUE,
 NATL-RE INSURED) 4.00 08/01/2011 205,124
 650,000 MENDOTA CA USD (PROPERTY TAX REVENUE) 5.00 05/01/2011 666,263
 300,000 METROPOLITAN WATER DISTRICT OF SOUTHERN CA SERIES B-2
 (UTILITIES REVENUE)+/-SS. 0.28 07/01/2035 300,000
 2,000,000 METROPOLITAN WATER DISTRICT OF SOUTHERN CA WATERWORKS
 FLOATS SERIES C-1 (UTILITIES REVENUE)+/-SS. 0.26 07/01/2036 2,000,000
 1,000,000 MODESTO CA IRRIGATION DISTRICT COP CAPITAL IMPROVEMENTS
 SERIES A (LEASE REVENUE, AGM INSURED) 5.25 07/01/2016 1,048,010
 175,000 MODESTO CA IRRIGATION DISTRICT COP CAPITAL IMPROVEMENTS
 SERIES A (LEASE REVENUE, AMBAC INSURED)## 3.12 07/01/2011 170,956
 900,000 MODESTO CA IRRIGATION DISTRICT COP CAPITAL IMPROVEMENTS
 SERIES A (LEASE REVENUE, AMBAC INSURED)## 4.94 07/01/2016 679,401
 500,000 MOJAVE CA USD COP (LEASE REVENUE, AGM INSURED)## 1.81 09/01/2012 482,780
 1,000,000 MONROVIA CA REDEVELOPMENT AGENCY CENTURY REDEVELOPMENT
 PROJECT AREA # 1 (MISCELLANEOUS TAX REVENUE) 4.40 06/01/2012 1,000,950
 480,000 MORENO VALLEY CA PFA (LEASE REVENUE, AMBAC INSURED) 5.00 11/01/2013 519,178
 1,070,000 MOUNT PLEASANT CA ELEMENTARY SCHOOL DISTRICT CAPITAL
 APPRECIATION 1998 ELECTION SERIES S (PROPERTY TAX REVENUE,
 AMBAC INSURED)## 6.13 09/01/2014 952,760
 500,000 MOUNTAIN VIEW CA SHORELINE REGIONAL PARK COMMUNITY SERIES A
 (MISCELLANEOUS TAX REVENUE, NATL-RE INSURED) 5.50 08/01/2013 501,310
 1,000,000 NAPA-VALLEJO CA SOLID WASTE TRANSFER FACILITY (SOLID WASTE
 REVENUE) 5.10 02/15/2011 1,001,980
 990,000 NAPA-VALLEJO CA SOLID WASTE TRANSFER FACILITY (SOLID WASTE
 REVENUE) 5.30 02/15/2012 991,871
 905,000 NEW HAVEN CA USD REFUNDING (PROPERTY TAX REVENUE, AGM
 INSURED) 12.00 08/01/2013 1,183,251
 100,000 NORCO CA RDA REFUNDING REDEVELOPMENT PROJECT AREA #1
 (MISCELLANEOUS TAX REVENUE) 4.00 03/01/2014 104,347
 2,680,000 NORTHERN CA CALIFORNIA-OREGON TRANSMISSION PROJECT SERIES A
 (UTILITIES REVENUE, NATL-RE INSURED) 7.00 05/01/2013 2,895,043
 180,000 NORWALK CA COMMUNITY FACILITIES AUTHORITY REFUNDING PARKING
 & IMPROVEMENT PROJECT SERIES A (LEASE REVENUE, AMBAC
 INSURED) 3.90 04/01/2012 182,196
 390,000 OAK VALLEY CA HOSPITAL DISTRICT ELECTION OF 2004 (PROPERTY
 TAX REVENUE, NATL-RE INSURED) 5.00 07/01/2012 411,150
 225,000 OAKLAND CA COP OAKLAND MUSEUM SERIES A (LEASE REVENUE,
 AMBAC INSURED) 5.00 04/01/2012 231,782
 50,000 OAKLAND CA JOINT POWERS FINANCING AUTHORITY OAKLAND
 CONVENTION CENTERS (LEASE REVENUE, AMBAC INSURED) 5.50 10/01/2010 50,005
 1,125,000 OAKLAND CA JOINT POWERS FINANCING AUTHORITY OAKLAND
 CONVENTION CENTERS (LEASE REVENUE, AMBAC INSURED) 5.50 10/01/2011 1,162,991
 1,305,000 OAKLAND CA JOINT POWERS FINANCING AUTHORITY OAKLAND
 CONVENTION CENTERS (LEASE REVENUE, AMBAC INSURED) 5.50 10/01/2013 1,414,033
 580,000 OAKLAND CA JOINT POWERS FINANCING AUTHORITY OAKLAND
 CONVENTION CENTERS (LEASE REVENUE, AMBAC INSURED) 5.50 10/01/2014 638,563
 300,000 OAKLAND CA JOINT POWERS FINANCING AUTHORITY SERIES A-1
 (LEASE REVENUE, ASSURED GUARANTY) 3.50 01/01/2011 301,947

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 105,000 OAKLAND CA RDA SUB TAX ALLOCATION CENTRE DISTRIBUTION
 (MISCELLANEOUS TAX REVENUE, NATL-RE FGIC INSURED) 5.50% 09/01/2012 $ 111,176
 475,000 OAKLAND CA RDA SUB TAX ALLOCATION CENTRE DISTRIBUTION
 (MISCELLANEOUS TAX REVENUE, NATL-RE FGIC INSURED) 5.50 09/01/2015 500,864
 1,000,000 OAKLAND CA TRAN (MISCELLANEOUS TAX REVENUE) 2.00 06/15/2011 1,009,960
 500,000 OAKLAND CA USD ALAMEDA COUNTY (PROPERTY TAX REVENUE,
 NATL-RE INSURED) 3.75 08/01/2012 517,355
 530,000 OAKLAND CA USD ALAMEDA COUNTY ELECTION 2000 (PROPERTY TAX
 REVENUE, NATL-RE INSURED) 5.00 08/01/2016 574,907
 435,000 OAKLAND CA USD ALAMEDA COUNTY ELECTION 2006 SERIES A
 (PROPERTY TAX REVENUE) 4.00 08/01/2014 457,885
 3,000,000 ORANGE COUNTY CA LOCAL TRANSPORTATION AUTHORITY LINKED
 SAVERS & RIBS (SALES TAX REVENUE) 6.20 02/14/2011 3,038,310
 750,000 ORANGE COUNTY CA LOCAL TRANSPORTATION AUTHORITY LINKED
 SAVERS & RIBS (SALES TAX REVENUE) 6.20 02/14/2011 759,578
 250,000 ORANGE COUNTY CA PUBLIC FINANCING AUTHORITY (LEASE REVENUE,
 NATL-RE INSURED) 5.00 07/01/2011 258,258
 185,000 OXNARD CA COP (LEASE REVENUE, AMBAC INSURED) 4.45 06/01/2012 186,282
 200,000 PADRE DAM CA MUNICIPAL WATER DISTRICT COP CAPITAL
 IMPROVEMENT PROJECT SERIES A (LEASE REVENUE) 2.00 10/01/2010 200,008
 200,000 PALM DESERT CA FINANCING AUTHORITY HOUSING SET-ASIDE
 (MISCELLANEOUS TAX REVENUE, NATL-RE INSURED) 5.00 10/01/2013 215,098
 1,150,000 PALM DESERT CA FINANCING AUTHORITY PROJECT AREA # 1 SERIES
 A (MISCELLANEOUS TAX REVENUE, NATL-RE INSURED) 4.50 04/01/2011 1,166,388
 290,000 PALM SPRINGS CA AIRPORT SUB LIEN PALM SPRINGS INTERNATIONAL
 AIRPORT (TRANSPORTATION REVENUE) 5.10 07/01/2012 295,104
 410,000 PALM SPRINGS CA AIRPORT SUB LIEN PALM SPRINGS INTERNATIONAL
 AIRPORT (TRANSPORTATION REVENUE) 5.20 07/01/2013 413,079
 130,000 PALM SPRINGS CA AIRPORT SUB LIEN PALM SPRINGS INTERNATIONAL
 AIRPORT (TRANSPORTATION REVENUE) 5.30 07/01/2013 129,988
 430,000 PALM SPRINGS CA AIRPORT SUB LIEN PALM SPRINGS INTERNATIONAL
 AIRPORT (TRANSPORTATION REVENUE) 5.30 07/01/2014 424,651
 969,484 PALO VERDE CA USD FLEXFUND PROGRAM (EDUCATION REVENUE) 4.80 09/01/2027 975,902
 85,000 PALOMAR POMERADO HEALTH SYSTEM (HCFR, NATL-RE INSURED) 5.38 11/01/2011 85,175
 135,000 PALOS VERDES PENINSULA CA USD SERIES A (PROPERTY TAX
 REVENUE) 5.75 11/01/2018 136,989
 140,000 PATTERSON CA JOINT USD CAPITAL APPRECIATION SERIES A
 (PROPERTY TAX REVENUE, NATL-RE INSURED)## 3.53 08/01/2015 117,768
 1,830,000 POMONA CA PFA REDEVELOPMENT PROJECT SERIES AD
 (MISCELLANEOUS TAX REVENUE, NATL-RE INSURED) 4.75 02/01/2013 1,845,537
 1,145,000 POMONA CA USD SERIES A (PROPERTY TAX REVENUE, NATL-RE
 INSURED) 6.15 08/01/2015 1,225,024
 800,000 POMONA CA USD SERIES A (PROPERTY TAX REVENUE, NATL-RE
 INSURED) 6.50 08/01/2019 855,768
 105,000 PORT OF OAKLAND CA SERIES A (TRANSPORTATION REVENUE,
 NATL-RE INSURED) 5.00 11/01/2010 105,342
 2,430,000 PORT OF OAKLAND CA SERIES K UNREFUNDED (TRANSPORTATION
 REVENUE, NATL-RE FGIC INSURED) 5.75 11/01/2012 2,438,456
 1,000,000 PORT OF OAKLAND CA SERIES K UNREFUNDED (TRANSPORTATION
 REVENUE, NATL-RE FGIC INSURED) 5.75 11/01/2013 1,003,180
 995,000 PORT OF OAKLAND CA SERIES K UNREFUNDED (TRANSPORTATION
 REVENUE, NATL-RE FGIC INSURED) 5.75 11/01/2014 997,975
 500,000 PORT OF OAKLAND CA SERIES K UNREFUNDED (TRANSPORTATION
 REVENUE, NATL-RE FGIC INSURED) 5.88 11/01/2017 501,135
 1,000,000 PORT OF OAKLAND CA SERIES N (TRANSPORTATION REVENUE,
 NATL-RE INSURED) 5.00 11/01/2014 1,051,150
 1,100,000 POWAY CA COMMUNITY FACILITIES DISTRICT # 88-1 PARKWAY
 BUSINESS (OTHER REVENUE) 3.63 08/15/2014 1,117,600
 550,000 POWAY CA RDA PAGUAY REDEVELOPMENT PROJECT SERIES A (TAX
 ALLOCATION REVENUE, NATL-RE INSURED) 4.50 06/15/2014 575,933
 500,000 RANCHO CUCAMONGA CA REDEVELOPMENT AGENCY RANCHO
 REDEVELOPMENT PROJECT (MISCELLANEOUS TAX REVENUE, AGM
 INSURED) 5.00 09/01/2013 501,635
 350,000 RANCHO CUCAMONGA CA REDEVELOPMENT AGENCY RANCHO
 REDEVELOPMENT PROJECT (MISCELLANEOUS TAX REVENUE, AMBAC
 INSURED) 5.00 09/01/2011 360,217

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 915,000 RIDGECREST CA REDEVELOPMENT AGENCY RIDGECREST REDEVELOPMENT
 PROJECT (MISCELLANEOUS TAX REVENUE) 3.00% 06/30/2013 $ 922,686
 1,060,000 RIDGECREST CA REDEVELOPMENT AGENCY RIDGECREST REDEVELOPMENT
 PROJECT (MISCELLANEOUS TAX REVENUE) 3.38 06/30/2014 1,077,363
 630,000 RIDGECREST CA REDEVELOPMENT AGENCY RIDGECREST REDEVELOPMENT
 PROJECT (MISCELLANEOUS TAX REVENUE) 3.75 06/30/2015 646,563
 1,100,000 RIVERSIDE CA COMMUNITY FACILITIES DISTRICT # 90-1 SERIES A
 (SPECIAL TAX REVENUE, NATL-RE INSURED) 5.50 09/01/2013 1,128,908
 500,000 RIVERSIDE COUNTY CA ASSET LEASING CORP HOSPITAL PROJECT
 SERIES B (HCFR, NATL-RE INSURED) 5.70 06/01/2016 524,120
 1,200,000 RIVERSIDE COUNTY CA PALM DESERT FINANCING AUTHORITY SERIES
 A (LEASE REVENUE) 4.50 05/01/2012 1,259,748
 545,000 RIVERSIDE COUNTY CA PFA JURUPA VALLEY DESERT & INTERSTATE
 215 (MISCELLANEOUS TAX REVENUE, NATL-RE INSURED) 4.50 10/01/2015 564,745
 1,000,000 RIVERSIDE COUNTY CA PFA JURUPA VALLEY DESERT & INTERSTATE
 215 (MISCELLANEOUS TAX REVENUE, NATL-RE INSURED) 5.00 10/01/2014 1,055,690
 250,000 RIVERSIDE COUNTY CA PUBLIC SAFETY COMMUNICATION SERIES A
 (LEASE REVENUE, AMBAC INSURED) 4.00 11/01/2011 258,460
 200,000 RIVERSIDE COUNTY CA PUBLIC SAFETY COMMUNICATION SERIES A
 (LEASE REVENUE, AMBAC INSURED) 5.00 11/01/2013 220,076
 1,535,000 ROBLA CA SCHOOL DISTRICT SERIES B (PROPERTY TAX REVENUE,
 NATL-RE INSURED)## 4.37 08/01/2018 1,088,330
 500,000 ROSEVILLE CA NATURAL GAS FINANCING AUTHORITY (UTILITIES
 REVENUE) 5.00 02/15/2015 536,350
 500,000 ROSEVILLE CITY CA SCHOOL DISTRICT COP FINANCING PROJECT
 (LEASE REVENUE, AGM INSURED) 4.75 09/01/2016 501,090
 1,000,000 SACRAMENTO CA AIRPORT GRANT SERIES D (TRANSPORTATION
 REVENUE) 5.00 07/01/2014 1,122,750
 535,000 SACRAMENTO CA CITY FINANCING AUTHORITY BUILDING SERIES A
 (LEASE REVENUE, AMBAC INSURED) 5.25 05/01/2015 536,782
 1,250,000 SACRAMENTO CA CITY FINANCING AUTHORITY EPA BUILDING SERIES
 B (LEASE REVENUE, AMBAC INSURED) 5.00 05/01/2014 1,253,650
 455,000 SACRAMENTO CA CITY FINANCING AUTHORITY SERIES A (LEASE
 REVENUE, AMBAC INSURED) 5.38 11/01/2014 480,334
 1,185,000 SACRAMENTO CA CITY FINANCING AUTHORITY SERIES B (LEASE
 REVENUE) 5.00 11/01/2014 1,241,442
 445,000 SACRAMENTO CA MUD SERIES G (UTILITIES REVENUE, NATL-RE
 INSURED) 6.50 09/01/2013 482,674
 310,000 SACRAMENTO CA MUD SERIES O (UTILITIES REVENUE, NATL-RE
 INSURED) 5.25 08/15/2015 319,055
 250,000 SACRAMENTO CA MUD SERIES O (UTILITIES REVENUE, NATL-RE
 INSURED) 5.25 08/15/2016 257,303
 600,000 SACRAMENTO CA MUD SERIES S (UTILITIES REVENUE, AGM INSURED) 5.00 11/15/2010 603,480
 200,000 SACRAMENTO CA MUD SERIES S (UTILITIES REVENUE, NATL-RE
 INSURED) 5.00 11/15/2011 209,448
 150,000 SACRAMENTO CA REGIONAL ART FACILITIES FINANCING AUTHORITY
 COP (LEASE REVENUE, AMBAC INSURED) 4.10 09/01/2015 153,411
 1,000,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCING
 AUTHORITY SERIES A (SEWER TAX REVENUE) 6.00 12/01/2014 1,019,110
 985,000 SALINAS VALLEY CA SOLID WASTE AUTHORITY (SOLID WASTE
 REVENUE, AMBAC INSURED) 5.00 08/01/2012 1,024,420
 1,425,000 SAN BERNARDINO CA JOINT POWERS FINANCING AUTHORITY SERIES A
 (MISCELLANEOUS TAX REVENUE, AGM INSURED) 5.75 10/01/2014 1,613,257
 2,000,000 SAN BERNARDINO COUNTY CA COP ARROWHEAD PROJECT SERIES A
 (LEASE REVENUE) 5.50 08/01/2020 2,213,960
 720,000 SAN BERNARDINO COUNTY CA COP MEDICAL CENTRE FINANCING
 PROJECT (LEASE REVENUE, NATL-RE INSURED) 5.50 08/01/2017 752,040
 815,000 SAN BERNARDINO COUNTY CA FINANCING AUTHORITY FACILITIES
 PROJECT (OTHER REVENUE) 5.10 06/01/2017 783,223
 250,000 SAN BERNARDINO COUNTY CA TRANSPORTATION AUTHORITY COP
 SERIES A (SALES TAX REVENUE) 5.00 05/01/2012 266,448
 200,000 SAN BUENAVENTURA CA COP SERIES B (LEASE REVENUE, AMBAC
 INSURED) 5.00 01/01/2011 202,124
 1,825,000 SAN DIEGO CA PUBLIC FACILITIES FINANCING REFUNDING BALLPARK
 SERIES A (LEASE REVENUE, AMBAC INSURED) 5.00 02/15/2016 2,006,697
 310,000 SAN DIEGO CA RDA NAVAL TRAINING CENTER SERIES A
 (MISCELLANEOUS TAX REVENUE) 3.00 09/01/2011 314,941
 165,000 SAN DIEGO CA RDA NAVAL TRAINING CENTER SERIES A
 (MISCELLANEOUS TAX REVENUE) 3.00 09/01/2013 167,633

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 355,000 SAN DIEGO CA RDA NAVAL TRAINING CENTER SERIES A
 (MISCELLANEOUS TAX REVENUE) 3.00% 09/01/2014 $ 358,877
 365,000 SAN DIEGO CA RDA NAVAL TRAINING CENTER SERIES A
 (MISCELLANEOUS TAX REVENUE) 3.50 09/01/2015 379,728
 380,000 SAN DIEGO CA RDA NAVAL TRAINING CENTER SERIES A
 (MISCELLANEOUS TAX REVENUE) 4.00 09/01/2016 392,536
 345,000 SAN DIEGO CA RDA NAVAL TRAINING CENTER SERIES A
 (MISCELLANEOUS TAX REVENUE) 4.50 09/01/2017 364,510
 555,000 SAN DIEGO CA RDA NAVAL TRAINING CENTER SERIES A
 (MISCELLANEOUS TAX REVENUE, AMBAC INSURED) 4.50 09/01/2017 589,216
 375,000 SAN DIEGO CA RDA TAX ALLOCATION CENTRE CITY SERIES A
 (MISCELLANEOUS TAX REVENUE, AMBAC INSURED) 5.13 09/01/2011 379,583
 665,000 SAN DIEGO CA RDA TAX ALLOCATION CENTRE CITY SERIES A
 (MISCELLANEOUS TAX REVENUE, XLCA INSURED) 5.00 09/01/2014 727,550
 100,000 SAN DIEGO CA USD SERIES C (PROPERTY TAX REVENUE, AGM
 INSURED) 5.00 07/01/2021 105,109
 1,800,000 SAN DIEGO COUNTY CA COP (LEASE REVENUE, AMBAC INSURED) 5.63 09/01/2012 1,897,992
 250,000 SAN DIEGO COUNTY CA COP COUNTY JUSTICE FACILITIES (LEASE
 REVENUE, AGM INSURED) 4.25 11/15/2010 251,083
 390,000 SAN FRANCISCO CA AIRPORT IMPROVEMENT UNITED AIRLINES
 INCORPORATED PROJECT (TRANSPORTATION REVENUE) 8.00 07/01/2013 435,115
 535,000 SAN FRANCISCO CA BUILDING AUTHORITY DEPARTMENT OF GENERAL
 SERVICES SERIES A (LEASE REVENUE) 5.00 10/01/2013 554,249
 250,000 SAN FRANCISCO CA CITY & COUNTY AIRPORTS COMMISSION SECOND
 SERIES 37-D (OTHER REVENUE, AGM INSURED)+/-SS. 0.30 05/01/2030 250,000
 240,000 SAN FRANCISCO CA CITY & COUNTY AIRPORTS COMMISSION SECOND
 SERIES ISSUE 30 (TRANSPORTATION REVENUE, XLCA INSURED) 4.00 05/01/2014 254,923
 1,720,000 SAN FRANCISCO CA CITY & COUNTY CAPITAL APPRECIATION GEORGE
 R. MOSCONE CENTER (LEASE REVENUE)## 0.92 07/01/2011 1,708,029
 300,000 SAN FRANCISCO CA CITY & COUNTY RDA CAPITAL APPRECIATION
 REDEVELOPMENT PROJECT SERIES C (MISCELLANEOUS TAX REVENUE,
 NATL-RE INSURED)## 2.81 08/01/2013 277,017
 1,000,000 SAN FRANCISCO CA CITY & COUNTY RDFA GEORGE R. MOSCONE
 CENTER (LEASE REVENUE, AGM INSURED) 5.00 07/01/2017 1,040,570
 125,000 SAN FRANCISCO CA CITY & COUNTY RDFA MISSION BAY NORTH
 REDEVELOPMENT SERIES C (MISCELLANEOUS TAX REVENUE) 4.50 08/01/2014 133,468
 310,000 SAN FRANCISCO CA CITY & COUNTY RDFA MISSION BAY NORTH
 REDEVELOPMENT SERIES C (MISCELLANEOUS TAX REVENUE) 4.50 08/01/2016 331,815
 500,000 SAN FRANCISCO CA CITY & COUNTY RDFA MISSION BAY SOUTH
 REDEVELOPMENT SERIES D (MISCELLANEOUS TAX REVENUE) 4.00 08/01/2012 514,090
 500,000 SAN FRANCISCO CA CITY & COUNTY RDFA MISSION BAY SOUTH
 REDEVELOPMENT SERIES D (MISCELLANEOUS TAX REVENUE) 5.00 08/01/2014 541,435
 2,000,000 SAN FRANCISCO CA CITY & COUNTY RDFA SAN FRANCISCO
 REDEVELOPMENT PROJECT SERIES B (MISCELLANEOUS TAX REVENUE,
 NATL-RE FGIC INSURED) 5.25 08/01/2018 2,064,660
 1,060,000 SAN FRANCISCO CA COMMUNITY COLLEGE DISTRICT ELECTION OF
 2001 SERIES B (PROPERTY TAX REVENUE, NATL-RE INSURED) 5.00 06/15/2022 1,144,874
 250,000 SAN FRANCISCO CITY & COUNTY CA RDFA SAN FRANCISCO
 REDEVELOPMENT PROJECT SERIES B (MISCELLANEOUS TAX REVENUE,
 NATL-RE FGIC INSURED) 5.25 08/01/2013 267,403
 350,000 SAN JACINTO CA USD COP (LEASE REVENUE, AGM INSURED) 2.00 09/01/2011 353,784
 760,000 SAN JOAQUIN COUNTY CA ADMINISTRATION BUILDING (LEASE
 REVENUE, NATL-RE INSURED) 5.00 11/15/2014 831,790
 100,000 SAN JOAQUIN COUNTY CA TRANSPORTATION AUTHORITY MEASURE K
 SENIOR NOTES (SALES TAX REVENUE) 5.00 04/01/2011 102,313
 2,000,000 SAN JOAQUIN HILLS CA TRANSPORTATION CORRIDOR AGENCY CAPITAL
 APPRECIATION SERIES A (TRANSPORTATION REVENUE, NATL-RE
 INSURED)## 5.91 01/15/2015 1,557,200
 1,000,000 SAN JOSE CA FINANCING AUTHORITY CONVENTION CENTER PROJECT
 SERIES F (LEASE REVENUE, NATL-RE INSURED) 5.00 09/01/2015 1,032,320
 715,000 SAN JOSE CA LIBRARIES & PARKS PROJECT
 (PROPERTY TAX REVENUE) 5.00 09/01/2017 741,727
 675,000 SAN JOSE CA REDEVELOPMENT AGENCY SERIES A (MISCELLANEOUS
 TAX REVENUE) 5.25 08/01/2011 693,610
 550,000 SAN JOSE CA REDEVELOPMENT AGENCY SERIES A (MISCELLANEOUS
 TAX REVENUE) 6.13 08/01/2015 610,957

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 300,000 SAN JOSE CA REDEVELOPMENT AGENCY SERIES A (MISCELLANEOUS
 TAX REVENUE, NATL-RE INSURED) 5.00% 08/01/2017 $ 322,167
 250,000 SAN JOSE CA REDEVELOPMENT AGENCY SERIES A (TRANSPORTATION
 REVENUE, AGM INSURED) 4.38 03/01/2011 253,953
 1,000,000 SAN LUIS & DELTA MENDOTA CA WATER AUTHORITY DHCCP
 DEVELOPMENT PROJECT SERIES A (UTILITIES REVENUE) 4.50 03/01/2014 1,076,920
 200,000 SANTA ANA CA USD (PROPERTY TAX REVENUE, NATL-RE INSURED) 4.00 08/01/2011 205,196
 200,000 SANTA BARBARA COUNTY CA (LEASE REVENUE) 3.00 03/01/2011 202,108
 995,000 SANTA CLARA CA SUBSERIES B (POWER REVENUE, DEXIA CREDIT SA
 LOC)+/-SS. 0.28 07/01/2027 995,000
 200,000 SANTA CLARA COUNTY CA FINANCING AUTHORITY FACILITY
 REPLACEMENT PROJECT SERIES A (HCFR, AMBAC INSURED) 7.75 11/15/2011 216,110
 500,000 SANTA CLARA COUNTY CA FINANCING AUTHORITY MULTIPLE
 FACILITIES PROJECT (LEASE REVENUE) 3.00 11/15/2011 514,105
 200,000 SANTA CLARA COUNTY CA FINANCING AUTHORITY MULTIPLE
 FACILITIES PROJECT SERIES N (LEASE REVENUE) 4.00 05/15/2011 204,490
 1,090,000 SANTA CLARA VALLEY CA TRANSPORTATION AUTHORITY SERIES A
 (SALES TAX REVENUE)+/-SS. 0.30 06/01/2026 1,090,000
 120,000 SANTA CRUZ COUNTY CA RDA LIVE OAK SOQUEL COMMUNITY
 IMPROVEMENT SERIES A (MISCELLANEOUS TAX REVENUE) 4.20 09/01/2012 124,630
 1,170,000 SANTA MARIA CA WATER & WASTEWATER CAPITAL APPRECIATION SUB
 SERIES A (SEWER REVENUE, AMBAC INSURED)## 3.07 08/01/2014 1,040,083
 500,000 SIERRA CA JOINT COMMUNITY COLLEGE DISTRICT SCHOOL
 FACILITIES IMPROVEMENT DISTRICT # 2 CAPITAL APPRECIATION
 WESTERN NEVADA SERIES B (PROPERTY TAX REVENUE, NATL-RE
 INSURED)## 2.98 08/01/2015 432,920
 250,000 SIGNAL HILL CA REDEVELOPMENT PROJECT # 1 (MISCELLANEOUS TAX
 REVENUE) 3.00 10/01/2010 250,013
 550,000 SIGNAL HILL CA REDEVELOPMENT PROJECT # 1 (MISCELLANEOUS TAX
 REVENUE) 4.13 10/01/2016 575,812
 250,000 SONOMA COUNTY CA COP REFINANCING SERIES A (LEASE REVENUE,
 NATL-RE INSURED) 3.00 11/15/2010 250,720
 1,365,000 SOUTH GATE CA PFA SOUTHGATE REDEVELOPMENT PROJECT # 1
 (MISCELLANEOUS TAX REVENUE, AMBAC INSURED) 5.25 09/01/2019 1,415,983
 100,000 SOUTHERN CA PUBLIC POWER AUTHORITY MULTIPLE PROJECTS
 (UTILITIES REVENUE, AGM INSURED) 6.75 07/01/2011 104,799
 500,000 SOUTHERN CA PUBLIC POWER AUTHORITY NATIONAL GAS PROJECT # 1
 SERIES A (UTILITIES REVENUE) 5.00 11/01/2012 539,215
 100,000 SUNNYVALE CA (SOLID WASTE REVENUE, AMBAC INSURED) 5.00 10/01/2010 100,012
 180,000 SUSANVILLE CA PUBLIC FINANCING AUTHORITY UTILITY
 ENTERPRISES SERIES A (UTILITIES REVENUE, AGM INSURED) 0.60 06/01/2011 179,897
 250,000 SUSANVILLE CA PUBLIC FINANCING AUTHORITY UTILITY
 ENTERPRISES SERIES A (UTILITIES REVENUE, AGM INSURED) 1.00 06/01/2012 249,493
 1,980,000 TORRANCE CA RDA REFERENDUM SENIOR LIEN SERIES C
 (MISCELLANEOUS TAX REVENUE, NATL-RE INSURED) 5.45 09/01/2018 2,001,820
 315,000 TRACY CA JOINT USD ELECTION 2006 (PROPERTY TAX REVENUE, AGM
 INSURED) 6.00 08/01/2013 357,692
 345,000 TRACY CA JOINT USD ELECTION 2006 (PROPERTY TAX REVENUE, AGM
 INSURED) 8.00 08/01/2012 389,433
 2,000,000 TURLOCK CA IRRIGATION DISTRICT SENIOR NOTES (UTILITIES
 REVENUE) 0.75 08/12/2011 2,000,000
 400,000 TURLOCK CA IRRIGATION DISTRICT SERIES A (UTILITIES REVENUE,
 NATL-RE INSURED) 6.00 01/01/2011 405,016
 150,000 TUSTIN CA USD COMMUNITY DISTRICT # 88-1 (SPECIAL TAX
 REVENUE, AGM INSURED) 5.00 09/01/2011 152,550
 175,000 TWIN RIVERS USD (PROPERTY TAX REVENUE, AGM INSURED) 4.50 08/01/2011 180,940
 55,000 UNION CITY CA COMMUNITY REDEVELOPMENT AGENCY UNION CITY
 COMMUNITY REDEVELOPMENT PROJECT (MISCELLANEOUS TAX REVENUE,
 ASSURED GUARANTY) 3.00 10/01/2013 57,845
 740,000 UNIVERSITY OF CALIFORNIA GENERAL SERVICES SERIES A
 (EDUCATION REVENUE, AMBAC INSURED) 5.13 05/15/2016 814,037
 1,115,000 UNIVERSITY OF CALIFORNIA LIMITED PROJECT SERIES B
 (EDUCATION REVENUE) 2.00 05/15/2011 1,126,295
 1,000,000 UNIVERSITY OF CALIFORNIA LIMITED PROJECT SERIES B
 (EDUCATION REVENUE, AGM INSURED) 5.00 05/15/2019 1,101,650

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 500,000 VAL VERDE CA USD 2008 ELECTION SERIES B (PROPERTY TAX
 REVENUE, AGM INSURED) 3.00% 08/01/2011 $ 509,380
 545,000 VALLEJO CITY CA USD SERIES A (PROPERTY TAX REVENUE, NATL-RE
 INSURED) 5.00 02/01/2013 564,522
 1,230,000 VICTOR CA ELEMENTARY SCHOOL DISTRICT SCHOOL CONSTRUCTION
 PROJECT (LEASE REVENUE, NATL-RE INSURED) 6.45 05/01/2018 1,330,774
 280,000 VICTOR VALLEY CA JOINT USD CAPITAL APPRECIATION BONDS
 (PROPERTY TAX REVENUE, ASSURED GUARANTY)## 2.98 08/01/2015 242,435
 240,000 WALNUT VALLEY CA USD SERIES A (PROPERTY TAX REVENUE,
 NATL-RE INSURED) 7.20 02/01/2016 259,910
 465,000 WASHINGTON CA USD YOLO COUNTY COP NEW HIGH SCHOOL PROJECT
 (LEASE REVENUE, AMBAC INSURED) 4.25 08/01/2013 489,185
 500,000 WASHINGTON TOWNSHIP CA HEALTH CARE DISTRICT (HCFR) 5.00 07/01/2011 503,820
 1,000,000 WASHINGTON TOWNSHIP CA HEALTH CARE DISTRICT (HCFR) 5.00 07/01/2012 1,007,510
 905,000 WASHINGTON TOWNSHIP CA HEALTH CARE DISTRICT SERIES A (HCFR) 5.00 07/01/2013 971,038
 975,000 WASHINGTON TOWNSHIP CA HEALTH CARE DISTRICT SERIES A (HCFR) 5.00 07/01/2014 1,061,395
 1,040,000 WASHINGTON TOWNSHIP CA HEALTH CARE DISTRICT SERIES A (HCFR) 5.00 07/01/2021 1,082,827
 2,355,000 WEST CONTRA COSTA CA USD 2000 ELECTION SERIES C (PROPERTY
 TAX REVENUE, NATL-RE FGIC INSURED) 5.25 08/01/2018 2,413,169
 520,000 WEST CONTRA COSTA CA USD (PROPERTY TAX REVENUE, NATL-RE
 INSURED)## 2.64 08/01/2011 508,638
 415,000 WEST CONTRA COSTA CA USD ELECTION OF 2002 SERIES B
 (PROPERTY TAX REVENUE, AGM INSURED) 5.00 08/01/2018 431,305
 785,000 WEST CONTRA COSTA CA USD ELECTION OF 2002 SERIES C
 (PROPERTY TAX REVENUE, NATL-RE INSURED) 4.25 08/01/2017 815,364
 1,000,000 WHITTIER CA HCFR PRESBYTERIAN INTERCOMMUNITY HOSPITAL
 SERIES D (HCFR) 4.00 06/01/2013 1,052,650
 245,000 WHITTIER CA PFA GREENLEAF AVENUE WHITTIER RDA SERIES A
 (LEASE REVENUE) 5.00 11/01/2012 247,857
 200,000 WOODLAND CA FINANCE AUTHORITY EAST MAIN STREET ASSESSMENT
 DISTRICT (MISCELLANEOUS REVENUE) 5.20 09/02/2011 204,001
 336,923,333
 ------------------
GUAM: 0.15%
 520,000 GUAM GOVERNMENT LIMITED OBLIGATION SECTION 30 SERIES A
 (OTHER REVENUE) 5.00 12/01/2012 548,408
 ------------------
 PUERTO RICO: 2.59%
 2,000,000 PUERTO RICO ELECTRIC POWER AUTHORITY SERIES JJ (UTILITIES
 REVENUE, NATL-RE INSURED) 5.25 07/01/2013 2,185,920
 1,000,000 PUERTO RICO ELECTRIC POWER AUTHORITY SERIES KK (UTILITIES
 REVENUE, XLCA INSURED) 5.00 07/01/2011 1,029,560
 2,080,000 PUERTO RICO HFA VIVIENDA MODERNIZATION (HOUSING REVENUE) 4.75 10/01/2011 2,082,829
 860,000 PUERTO RICO HIGHWAY & TRANSPORTATION AUTHORITY (SALES TAX
 REVENUE, NATL-RE INSURED) 5.25 07/01/2014 865,667
 100,000 PUERTO RICO MUNICIPAL FINANCE AGENCY SERIES A FSA INSURED
 (PROPERTY TAX REVENUE, AGM INSURED) 5.75 08/01/2011 100,892
 1,125,000 PUERTO RICO MUNICIPAL FINANCING AGENCY SERIES C (PROPERTY
 TAX REVENUE, AGM INSURED) 5.00 08/01/2013 1,234,373
 2,000,000 PUERTO RICO SALES TAX FINANCING CORPORATION FIRST SUBSERIES
 A (SALES TAX REVENUE)+/-SS. 5.00 08/01/2039 2,079,300
 9,578,541
 ------------------
VIRGIN ISLANDS: 0.47%
 1,000,000 VIRGIN ISLANDS PFA GROSS RECEIPTS TAXES LOAN NOTES (OTHER
 REVENUE, AGM INSURED) 5.25 10/01/2016 1,110,580
 500,000 VIRGIN ISLANDS PFA GROSS RECEIPTS TAXES LOAN NOTES (SALES
 TAX REVENUE, NATL-RE FGIC INSURED) 5.00 10/01/2013 540,690

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
VIRGIN ISLANDS (continued)
$ 100,000 VIRGIN ISLANDS PFA GROSS RECEIPTS TAXES LOAN NOTES SERIES B
 (MISCELLANEOUS REVENUE) 5.00% 10/01/2010 $ 100,010
 1,751,280
 -----------------
TOTAL MUNICIPAL BONDS & NOTES (COST $343,408,865) 348,801,562
 -----------------

 SHARES YIELD
--------------- -------------
SHORT-TERM INVESTMENTS: 6.36%
INVESTMENT COMPANIES: 6.36%
 23,494,764 WELLS FARGO ADVANTAGE MONEY MARKET TRUST(L)(U) 0.25 23,494,764
TOTAL SHORT-TERM INVESTMENTS (COST $23,494,764) 23,494,764
 -----------------
TOTAL INVESTMENTS IN SECURITIES
(COST $366,903,629)* 100.79% $ 372,296,326
OTHER ASSETS AND LIABILITIES, NET (0.79) (2,934,941)
 ------ -----------------
TOTAL NET ASSETS 100.00% $ 369,361,385
 ------ -----------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MUNICIPAL BONDS & NOTES: 98.11%
CALIFORNIA: 97.08%
$ 1,500,000 ABC USD CA CAPITAL APPRECIATION SERIES B (PROPERTY TAX
 REVENUE, NATL-RE FGIC INSURED ) 0.00% 08/01/2018 $ 1,076,400
 3,660,000 ALAMEDA CORRIDOR TRANSPORTATION AUTHORITY CA CAPITAL
 APPRECIATION SUB LIEN SERIES A (TRANSPORTATION REVENUE,
 AMBAC INSURED) 0.00 10/01/2018 2,389,394
 3,000,000 ALAMEDA CORRIDOR TRANSPORTATION AUTHORITY CA CAPITAL
 APPRECIATION SUB LIEN SERIES A (TRANSPORTATION REVENUE,
 AMBAC INSURED)+/-SS. 0.00 10/01/2021 2,637,930
 1,105,000 ALISAL CA UNION SCHOOL DISTRICT CAPITAL APPRECIATION 2006
 ELECTION SERIES A (PROPERTY TAX REVENUE, ASSURED GUARANTY) 0.00 08/01/2017 848,231
 5,900,000 ANAHEIM CA PFA CAPITAL APPRECIATION SUB LIEN PUBLIC
 IMPROVEMENTS PROJECT SERIES C (LEASE REVENUE, AGM INSURED) 0.00 09/01/2018 4,355,321
 15,110,000 ANAHEIM CA PFA CAPITAL APPRECIATION SUB LIEN PUBLIC
 IMPROVEMENTS PROJECT SERIES C (LEASE REVENUE, AGM INSURED) 0.00 09/01/2025 6,676,656
 3,075,000 ANTELOPE VALLEY CA HEALTH CARE DISTRICT SERIES A (HCFR, AGM
 INSURED) 5.20 01/01/2017 3,079,059
 1,635,000 BAY AREA GOVERNMENTS ASSOCIATION CA STATE PAYMENT
 ACCELERATION NOTES (TRANSIT REVENUE, XLCA INSURED) 5.00 08/01/2017 1,723,110
 3,190,000 BELMONT CA COMMUNITY FACILITIES SPECIAL TAX DISTRICT #
 2000-1 LIBRARY PROJECT SERIES A (TAX INCREMENTAL REVENUE,
 AMBAC INSURED) 5.75 08/01/2030 3,557,265
 2,105,000 BREA CA PFA TAX ALLOCATION SERIES A (TAX INCREMENTAL
 REVENUE) 7.00 09/01/2023 2,287,525
 1,500,000 CABRILLO CA USD CAPITAL APPRECIATION SERIES A (PROPERTY TAX
 REVENUE, AMBAC INSURED) 0.00 08/01/2021 865,380
 65,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY PREREFUNDED
 POOLED COLLEGE PROJECT SERIES B (COLLEGE & UNIVERSITY
 REVENUE) 5.25 04/01/2024 65,413
 3,600,000 CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY PARADISE
 ESTATE (HCFR, CA MORTGAGE INSURED) 5.13 01/01/2022 3,703,428
 5,400,000 CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY PROVIDENCE
 HEALTH AND SERVICES SERIES C (HCFR) 6.50 10/01/2038 6,248,664
 2,000,000 CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY STANFORD
 HOSPITAL AND CLINICS SERIES A (HCFR) 5.00 11/15/2023 2,065,780
 6,000,000 CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY STANFORD
 HOSPITAL SERIES B (HCFR) 5.75 11/15/2031 6,676,500
 1,000,000 CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY SUTTER
 HEALTH SERIES A (HCFR) 5.25 08/15/2022 1,094,140
 6,700,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES E (HOUSING REVENUE) 4.65 08/01/2022 6,363,258
 3,615,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES E (HOUSING REVENUE) 5.00 02/01/2042 3,707,942
 6,935,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES G (HOUSING REVENUE) 5.50 08/01/2042 6,853,514
 2,235,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES H (HOUSING REVENUE,
 FGIC INSURED) 5.75 08/01/2030 2,280,974
 4,900,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES J (HOUSING REVENUE) 4.95 08/01/2022 4,805,087
 750,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES J (HOUSING REVENUE) 5.75 08/01/2047 750,683
 6,440,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES K (HOUSING REVENUE) 4.55 08/01/2021 6,116,132
 4,500,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES M (HOUSING REVENUE) 4.55 08/01/2021 4,291,650
 2,670,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES M (HOUSING REVENUE) 5.00 08/01/2037 2,729,808
 1,330,000 CALIFORNIA HFA MFHR SERIES B (HOUSING REVENUE, AMBAC & FHA
 INSURED) 6.05 08/01/2016 1,332,314
 3,000,000 CALIFORNIA HFFA CASA COLINA PROJECT (HCFR) 6.00 04/01/2022 3,047,910
 3,230,000 CALIFORNIA HFFA CATHOLIC HEALTHCARE WEST SERIES A (HCFR) 6.00 07/01/2029 3,609,267
 2,275,000 CALIFORNIA HFFA CATHOLIC HEALTHCARE WEST SERIES L (HCFR) 5.13 07/01/2022 2,398,442
 6,000,000 CALIFORNIA HFFA SUTTER HEALTH SERIES A (HCFR) 6.25 08/15/2031 6,067,200
 2,750,000 CALIFORNIA HFFA SUTTER HEALTH SERIES C (HCFR, AGM INSURED) 5.13 08/15/2022 2,753,878
 2,000,000 CALIFORNIA HFFA THE EPISCOPAL HOME (HCFR, CALIFORNIA
 MORTGAGE INSURED) 5.25 02/01/2021 2,024,660
 5,250,000 CALIFORNIA HOUSING FINANCE AGENCY HOME MORTGAGE SERIES K
 AMT (HOUSING REVENUE) 5.30 08/01/2023 5,264,543
 3,000,000 CALIFORNIA HOUSING FINANCING AGENCY HOME MORTGAGE SERIES K
 (HOUSING) 5.60 08/01/2038 2,913,330
 3,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
 INDEPENDENT SYSTEMS OPERATOR SERIES A (ELECTRIC REVENUE) 6.25 02/01/2039 3,211,710
 8,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK J.
 DAVID GLADSTONE INSTITUTE PROJECT (HCFR) 5.25 10/01/2034 7,978,320

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 3,500,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
 KAISER HOSPITAL LLC SERIES A (HOSPITAL) 5.55% 08/01/2031 $ 3,596,600
 1,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK LOS
 ANGELES COUNTY MUSEUM SERIES A (RECREATIONAL REVENUE,
 ALLIED IRISH BANK PLC LOC)+/-SS. 1.85 09/01/2037 1,000,000
 2,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK LOS
 ANGELES YMCA METROPOLITAN PROJECT (RECREATIONAL REVENUE,
 AMBAC INSURED) 5.25 02/01/2026 2,036,140
 1,750,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK ST
 SCHOOL KING CITY JT UNIFIED HIGH SCHOOL (LEASE) 5.75 08/15/2029 1,849,855
 2,500,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK THE
 SCRIPPS RESH INSTITUTE SERIES A (MISCELLANEOUS REVENUE) 5.00 07/01/2029 2,625,850
 1,000,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY COMMUNITY HOSPITALS
 CENTRAL CALIFORNIA (HOSPITAL REVENUE) 5.00 02/01/2020 1,031,130
 9,435,000 CALIFORNIA PCFA SOLID WASTE DISPOSAL SERIES A-RMKT 5/3/04
 (RESOURCE RECOVERY REVENUE)+/-SS. 5.00 01/01/2022 9,618,228
 3,950,000 CALIFORNIA RURAL HOME MORTGAGE FINANCE AUTHORITY MORTGAGE
 BACKED SECURITIES SERIES E PUTABLE (HOUSING REVENUE, GNMA
 INSURED) 6.10 02/01/2046 4,246,882
 60,000 CALIFORNIA RURAL HOME MORTGAGE FINANCE AUTHORITY
 MORTGAGE-BACKED SECURITIES SERIES B (HOUSING REVENUE, GNMA
 INSURED) 6.25 12/01/2031 60,663
 90,000 CALIFORNIA RURAL HOME MORTGAGE FINANCE AUTHORITY
 MORTGAGE-BACKED SECURITIES SERIES B5 (HOUSING REVENUE, GNMA
 INSURED) 6.35 12/01/2029 99,719
 3,550,000 CALIFORNIA RURAL HOME MORTGAGE FINANCE AUTHORITY
 MORTGAGE-BACKED SECURITIES SERIES C PUTABLE (HOUSING
 REVENUE, GNMA INSURED) 5.40 02/01/2046 3,625,260
 840,000 CALIFORNIA RURAL HOME MORTGAGE FINANCE AUTHORITY
 MORTGAGE-BACKED SECURITIES SERIES E PUTABLE (HOUSING
 REVENUE, GNMA INSURED) 5.80 08/01/2043 841,210
 1,090,000 CALIFORNIA SPECIAL DISTRICT ASSOCIATION FINANCE CORPORATION
 PROGRAM SERIES MM (LEASE REVENUE) 5.50 06/01/2021 1,091,188
 5,000,000 CALIFORNIA STATE (GENERAL FUND REVENUE) 5.00 08/01/2025 5,303,000
 7,000,000 CALIFORNIA STATE (GENERAL OBLIGATION) 5.00 10/01/2029 7,267,260
 5,000,000 CALIFORNIA STATE (GO STATE) 5.50 03/01/2040 5,281,900
 7,000,000 CALIFORNIA STATE (GO STATE) 5.60 03/01/2036 7,472,570
 4,930,000 CALIFORNIA STATE (HOUSING PROPERTY TAX) 4.90 12/01/2025 4,951,298
 2,000,000 CALIFORNIA STATE (MISCELLANEOUS TAXES) 5.75 04/01/2028 2,233,380
 2,520,000 CALIFORNIA STATE DEPARTMENT OF TRANSPORTATION COP SERIES A
 (LEASE REVENUE, NATL-RE INSURED) 5.25 03/01/2016 2,529,122
 3,000,000 CALIFORNIA STATE DEPARTMENT OF VETERAN AFFAIRS HOME
 PURCHASE SERIES A (HOUSING REVENUE, AMBAC INSURED) 5.30 12/01/2021 3,098,850
 1,960,000 CALIFORNIA STATE DEPARTMENT OF VETERANS AFFAIRS SERIES A
 (HOUSING REVENUE) 4.85 12/01/2022 1,994,888
 2,000,000 CALIFORNIA STATE DEPARTMENT OF VETERANS AFFAIRS SERIES A
 (HOUSING REVENUE) 5.35 12/01/2027 2,048,140
 2,880,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C-7
 (UTILITIES REVENUE, AGM INSURED)+/-SS. 0.27 05/01/2022 2,880,000
 2,000,000 CALIFORNIA STATE KINDERGARTEN SERIES A8 (GENERAL FUND
 REVENUE, CITIBANK NA LOC)+/-SS. 0.24 05/01/2034 2,000,000
 2,210,000 CALIFORNIA STATE PUBLIC WORK CALIFORNAI STATE UNIVERSITY
 PROJECT SERIES B-1 (LEASE) 5.70 03/01/2035 2,304,743
 2,400,000 CALIFORNIA STATE PUBLIC WORK DEPARTMENT GENERAL SERVICES
 BUTTERFIELD SERIES A (LEASE) 5.25 06/01/2024 2,485,320
 5,500,000 CALIFORNIA STATE PUBLIC WORK DEPARTMENT OF GENERAL SERVICES
 SERIES A (LEASE REVENUE, AMBAC INSURED) 5.00 12/01/2027 5,535,530
 2,000,000 CALIFORNIA STATE PUBLIC WORK DEPARTMENT OF MENTAL HEALTH
 COALING SERIES A-A (HEALTHCARE) 5.13 06/01/2029 2,012,140
 2,825,000 CALIFORNIA STATE PUBLIC WORKS BOARD DEPARTMENT OF HEALTH
 SERVICES SERIES K (LEASE REVENUE) 5.00 11/01/2018 3,001,167
 4,225,000 CALIFORNIA STATE PUBLIC WORKS BOARD UNIVERSITY OF
 CALIFORNIA RESEARCH PROJECT SERIES L (EDUCTATION REVENUE,
 NATL-RE INSURED) 5.25 11/01/2028 4,597,645
 3,200,000 CALIFORNIA STATE UNIVERSITY FRESNO ASSOCIATION INCORPORATED
 SENIOR AUXILIARY ORGANIZATION EVENT CENTER PREREFUNDED
 (COLLEGE & UNIVERSITY REVENUE) 6.00 07/01/2022 3,528,896
 5,000,000 CALIFORNIA STATE UNIVERSITY SYSTEMWIDE SERIES A (COLLEGE &
 UNIVERSITY REVENUE) 5.25 11/01/2038 5,393,700
 11,315,000 CALIFORNIA STATE VARIOUS PURPOSES (GENERAL FUND REVENUE) 5.75 04/01/2031 12,481,577

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 7,065,000 CALIFORNIA STATE VARIOUS PURPOSES (GENERAL FUND REVENUE) 6.00% 04/01/2038 $ 7,854,372
 5,540,000 CALIFORNIA STATE VARIOUS PURPOSES (PROPERTY TAX REVENUE) 5.25 10/01/2025 6,060,538
 835,000 CALIFORNIA STATE VETERANS SERIES BZ (GENERAL FUND REVENUE,
 NATL-RE INSURED) 5.35 12/01/2021 835,668
 45,000 CALIFORNIA STATE WATER DEPARTMENT (WATER REVENUE, AGM
 INSURED) 5.13 12/01/2029 47,542
 1,335,000 CALIFORNIA STATEWIDE CDA ASPIRE PUBLIC SCHOOLS (COLLEGE &
 UNIVERSITY REVENUE) 5.00 07/01/2020 1,395,489
 1,000,000 CALIFORNIA STATEWIDE CDA CATHEDRAL HIGH SCHOOL PROJECT
 (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC
 LOC)+/-SS. 1.40 04/01/2033 1,000,000
 990,000 CALIFORNIA STATEWIDE CDA COP CEDARS SINAI MEDICAL CENTER
 (LEASE REVENUE) 6.50 08/01/2012 1,038,500
 2,000,000 CALIFORNIA STATEWIDE CDA COP CHILDRENS HOSPITAL LOS ANGELES
 MBIA (HCFR, NATL-RE INSURED) 5.25 08/15/2029 2,006,140
 2,000,000 CALIFORNIA STATEWIDE CDA COP CHILDRENS HOSPITAL LOS ANGELES
 MBIA (HCFR, NATL-RE INSURED) 5.25 08/15/2029 2,006,140
 1,900,000 CALIFORNIA STATEWIDE CDA COP SAVRS TAX EXEMPT CONVERSION
 02/10/05 (MISCELLANEOUS REVENUE, ACA INSURED)+/-SS. 0.77 05/15/2029 1,809,989
 3,235,000 CALIFORNIA STATEWIDE CDA COP THE INTERNEXT GROUP (HCFR) 5.38 04/01/2017 3,254,572
 2,010,000 CALIFORNIA STATEWIDE CDA PIONEER PARK PROJECT SERIES T
 (HOUSING REVENUE, GNMA INSURED) 6.10 12/20/2035 2,052,049
 1,190,000 CALIFORNIA STATEWIDE CDA REFERENDUM INTERNATIONAL SCHOOL
 PENINSULA PROJECT (PRIVATE SCHOOLS REVENUE) 5.00 11/01/2016 1,162,523
 4,000,000 CALIFORNIA STATEWIDE CDA WATER & WASTEWATER POOLED SERIES B
 (WATER REVENUE, FSA INSURED) 5.25 10/01/2027 4,220,560
 1,620,000 CALIFORNIA STATEWIDE COMMUNITY DEVELOPMENT AUTHORITY
 (PRIVATE PRIMARY SCHOOLS) 6.00 08/01/2028 1,620,146
 2,000,000 CALIFORNIA STATEWIDE COMMUNITY DEVELOPMENT AUTHORITY HEALTH
 FACILITIES MEMORIAL HEALTH SERVICES SERIES A (HOSPITAL &
 NURSING HOME REVENUE) 5.50 10/01/2033 2,058,900
 595,000 CALIFORNIA STATEWIDE COMMUNITY DEVELOPMENT AUTHORITY SCHOOL
 FACILITIES ASPIRE PUBLIC SCHOOLS (COLLEGE & UNIVERSITY
 REVENUE) 5.20 07/01/2020 622,073
 1,000,000 CALIFORNIA STATEWIDE COMMUNITY DEVELOPMENT AUTHORITY
 VALLEYCARE HEALTH SYSTEM SERIES A (HOSPITAL & NURSING HOME) 5.00 07/15/2022 969,600
 10,000,000 CAMPBELL CALIFORNIA UNION SCHOOL DISTRICT CAPITAL
 APPRECIATION CONVERTIBLE INTEREST SERIES A (PROPERTY TAX
 REVENUE)+/-SS. 5.80 08/01/2035 5,637,900
 1,215,000 CAPISTRANO CALIFORNIA UNIVERSITY SCHOOL DISTRICT SCHOOL
 FACILITIES IMPROVEMENT DISTRICT NO.1 SERIES C (PROPERTY
 TAX, AGM INSURED) 5.50 08/01/2022 1,269,784
 60,000 CAPITOL AREA DEVELOPMENT AUTHORITY CA SERIES A (LEASE
 REVENUE, NATL-RE INSURED) 6.50 04/01/2012 60,260
 1,140,000 CARSON CA RDA TAX ALLOCATION SERIES A (TAX ALLOCATION
 REVENUE, NATL-RE INSURED) 5.25 10/01/2020 1,189,077
 1,075,000 CATHEDRAL CITY CA PFA CAPITAL APPRECIATION SERIES A (TAX
 INCREMENTAL REVENUE, NATL-RE INSURED) 0.00 08/01/2024 490,641
 1,085,000 CATHEDRAL CITY CA PFA CAPITAL APPRECIATION SERIES A (TAX
 INCREMENTAL REVENUE, NATL-RE INSURED) 0.00 08/01/2026 429,389
 5,000,000 CENTER CA USD CAPITAL APPRECIATION SERIES C (PROPERTY TAX
 REVENUE, NATL-RE INSURED) 0.00 09/01/2021 2,810,150
 3,600,000 CENTER CA USD ELECTION 1991 SERIES D (PROPERTY TAX REVENUE,
 NATL-RE INSURED) 0.00 08/01/2028 1,234,620
 2,645,000 CENTRAL VALLEY CA SCHOOL DISTRICT FINANCING AUTHORITY GO
 PROGRAM SERIES A (OTHER REVENUE, NATL-RE INSURED) 6.45 02/01/2018 3,041,829
 3,000,000 CHICO CA PFA REDEVELOPMENT PROJECT AREA (TAX INCREMENTAL
 REVENUE, NATL-RE INSURED) 5.13 04/01/2021 3,042,540
 1,500,000 CHULA VISTA CA IDR SAN DIEGO GAS SERIES D-RMKT 12/1/05 (GAS
 & ELECTRIC REVENUE) 5.00 12/01/2027 1,551,000
 1,000,000 COLLEGE OF THE SEQUOIAS TULARE AREA IMPROVEMENT DISTRICT #
 3 CA ELECTION 2008 SERIES A (PROPERTY TAX REVENUE, ASSURED
 GUARANTY) 0.00 08/01/2024 490,180
 1,355,000 COLLEGE OF THE SEQUOIAS TULARE AREA IMPROVEMENT DISTRICT #
 3 CA ELECTION 2008 SERIES A (PROPERTY TAX REVENUE, ASSURED
 GUARANTY) 0.00 08/01/2025 623,585
 3,000,000 COMMERCE CA JOINT POWER FINANCING AUTHORITY REDEVELOPMENT
 PROJECT # 1 SERIES A (TAX INCREMENTAL REVENUE, AMBAC
 INSURED) 5.00 08/01/2026 3,036,150
 270,000 COMPTON CA SOLID WASTE MANAGEMENT FACILITIES (RESOURCE
 RECOVERY REVENUE) 4.80 08/01/2020 274,647

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 6,895,000 COMPTON CALIFORNIA COMMUNITY REDEVELOPMENT AGENCY
 REDEVELOPMENT PROJECT 2ND LIEN SERIES B (TAX ALLOCATION
 REVENUE) 5.75% 08/01/2026 $ 7,319,939
 1,140,000 COMPTON CALIFORNIA COMMUNITY REDEVELOPMENT AGENCY
 REDEVELOPMENT PROJECT-2ND LIEN (TAX ALLOCATION REVENUE) 5.00 08/01/2020 1,175,956
 255,000 CONTRA COSTA COUNTY CA GNMA MORTGAGE BACKED SECURITIES
 PROGRAMME (HOUSING REVENUE, GNMA INSURED) 7.75 05/01/2022 333,790
 750,000 CONTRA COSTA COUNTY CA PFA UNREFUNDED 2007 PLEASANT HILL
 (TAX INCREMENTAL REVENUE) 5.25 08/01/2028 753,113
 5,510,000 DELANO CALIFORNIA UNION HIGH SCHOOL ELECTION 2010 SERIES B
 (AD VALOREM PROPERTY TAX REVENUE, AGM INSURED) 5.75 08/01/2035 6,010,969
 1,500,000 DUARTE CA COP SERIES A (HCFR) 5.25 04/01/2019 1,511,085
 6,515,000 DUARTE CA COP SERIES A (HCFR) 5.25 04/01/2024 6,533,894
 4,000,000 DUARTE CA RDA CAPITAL APPRECIATION SUB MERGED REDEVELOPMENT
 PROJECT (TAX INCREMENTAL REVENUE) 0.00 12/01/2016 3,057,000
 300,000 EAST BAY CA MUD SUBSERIES A3 (OTHER REVENUE, DEXIA CREDIT
 SA LOC)+/-SS. 0.30 06/01/2038 300,000
 4,430,000 EAST SIDE CA UNION HIGH SCHOOL DISTRICT SANTA CLARA COUNTY
 CAPITAL APPRECIATION SERIES A (PROPERTY TAX REVENUE,
 NATL-RE INSURED) 0.00 09/01/2018 3,113,493
 5,185,000 EAST SIDE CA UNION HIGH SCHOOL DISTRICT SANTA CLARA COUNTY
 CAPITAL APPRECIATION SERIES A (PROPERTY TAX REVENUE,
 NATL-RE INSURED) 0.00 09/01/2019 3,433,248
 5,420,000 EAST SIDE CA UNION HIGH SCHOOL DISTRICT SANTA CLARA COUNTY
 CAPITAL APPRECIATION SERIES A (PROPERTY TAX REVENUE,
 NATL-RE INSURED) 0.00 09/01/2020 3,377,907
 2,500,000 EL MONTE CA COP DEPARTMENT OF PUBLIC SERVICES FACILITIES
 PROJECT PHASE II (LEASE REVENUE, AMBAC INSURED) 5.25 01/01/2034 2,503,050
 1,500,000 ELK GROVE CA USD SPECIAL TAX REFUNDING COMMUNITY FACILITIES
 DISTRICT PROJECT (GO LOCAL, AMBAC INSURED) 6.50 12/01/2024 1,699,335
 500,000 EMERYVILLE CA PFA ASSESSMENT DISTRIBUTION REFINANCING
 (SPECIAL FACILITIES REVENUE) 5.75 09/02/2014 500,795
 1,750,000 EMERYVILLE CA PFA ASSESSMENT DISTRIBUTION REFINANCING
 (SPECIAL FACILITIES REVENUE) 5.90 09/02/2021 1,750,315
 360,000 ESCONDIDO CA JOINT POWERS FINANCING AUTHORITY CIVIC CENTER
 PROJECT SERIES B (LEASE REVENUE, AMBAC INSURED) 6.13 09/01/2011 377,568
 8,385,000 ESCONDIDO CA UNION HIGH SCHOOL CAPITAL APPRECIATION
 ELECTION 2008 SERIES A (PROPERTY TAX REVENUE, ASSURED
 GUARANTY) 0.00 08/01/2027 3,374,459
 2,000,000 ETIWANDA CA SCHOOL DISTRICT PFA LOAN AGENCY (OTHER REVENUE,
 ASSURED GUARANTY) 5.00 09/15/2032 2,089,360
 2,455,000 FONTANA CA RDA JURUPA HILLS REDEVELOPMENT PROJECT SERIES A
 (MISCELLANEOUS TAX REVENUE) 5.50 10/01/2017 2,488,928
 5,140,000 FONTANA CA RDA JURUPA HILLS REDEVELOPMENT PROJECT SERIES A
 (TAX INCREMENTAL REVENUE) 5.50 10/01/2027 5,150,331
 4,785,000 FONTANA CA RDA JURUPA HILLS REDEVELOPMENT PROJECT SERIES A
 (TAX INCREMENTAL REVENUE) 5.60 10/01/2027 4,808,542
 3,000,000 FOOTHILL EASTERN TRANSPORTATION CORRIDOR AGENCY CA CAPITAL
 APPRECIATION SENIOR LIEN SERIES A (TOLL ROAD REVENUE) 0.01 01/01/2025 1,886,850
 4,000,000 FOOTHILL/EASTERN CORRIDOR TRANSPORTATION AGENCY (HIGHWAY
 TOLLS REVENUE) 5.75 01/15/2040 3,905,520
 3,000,000 FOOTHILL/EASTERN CORRIDOR TRANSPORTATION AGENCY (HIGHWAY
 TOLLS REVENUE)+/-SS. 5.80 01/15/2020 3,067,470
 3,000,000 FOOTHILL/EASTERN CORRIDOR TRANSPORTATION AGENCY (HIGHWAY
 TOLLS REVENUE)+/-SS. 5.85 01/15/2023 3,074,310
 1,000,000 GILROY CA USD ELECTION 2008 SERIES A (PROPERTY TAX REVENUE,
 ASSURED GUARANTY) 6.00 08/01/2027 1,178,560
 585,000 GOLDEN WEST SCHOOLS FINANCING AUTHORITY CA CAPITAL
 APPRECIATION PG-A (OTHER REVENUE, NATL-RE INSURED) 0.00 08/01/2016 436,919
 2,000,000 GOLDEN WEST SCHOOLS FINANCING AUTHORITY CA CAPITAL
 APPRECIATION SERIES A (OTHER REVENUE, NATL-RE INSURED) 0.00 08/01/2015 1,684,140
 2,500,000 HAWAIIAN GARDENS CA RDA PROJECT # 1 (TAX INCREMENTAL
 REVENUE) 6.00 12/01/2013 2,557,875
 3,960,000 HAWTHORNE CA COP SCHOOL DISTRICT PREREFUNDED (LEASE
 REVENUE, AGM INSURED)+/-SS. 6.00 11/01/2025 4,018,568
 500,000 IRVINE RANCH CA WATER DISTRICT CONSOLIDATED BONDS (PROPERTY
 TAX REVENUE, LANDESBANK HESSEN THURINGEN LOC)+/-SS. 0.30 10/01/2010 500,000
 160,000 JAMUL-DULZURA CA UNION SCHOOL DISTRICT SERIES C (PROPERTY TAX
 REVENUE) 6.40 08/01/2016 160,731

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 5,370,000 KAWEAH DELTA HEALTH CARE DISTRICT CALIFORNIA ELECTION OF
 2003 (AD VALOREM PROPERTY TAX REVENUE, NATL-RE INSURED) 5.25% 08/01/2028 $ 5,459,035
 1,200,000 KERN CALIFORNIA HIGH SCHOOL DISTRICT SERIES C (AD VALOREM
 PROPERTY TAX REVENUE, NATL-RE INSURED) 6.25 08/01/2012 1,328,424
 1,000,000 LA QUINTA CALIFORNIA REDEVELOPMENT AGENCY TAX ALLOCATION
 REDEVELOPMENT PROJECT AREA NUMBER 1 (TAX INCREMENT
 ALLOCATION REVENUE) 5.00 09/01/2021 1,026,070
 4,000,000 LAKE ELSINORE CA PFA SERIES A (TAX INCREMENTAL REVENUE) 5.50 09/01/2030 4,000,800
 3,010,000 LAKE ELSINORE CA SCHOOL FINANCING AUTHORITY HORSETHIEF
 CANYON (SPECIAL TAX REVENUE) 5.63 09/01/2016 3,029,716
 2,000,000 LANCASTER CA REDEVELOPMENT AGENCY TAX COMB REDEVELOPMENT
 PROJECT AREAS (TAX INCREMENTAL REVENUE) 6.50 08/01/2029 2,268,540
 1,000,000 LIVE OAK SCHOOL DISTRICT SANTA CRUZ COUNTY CA COP (LEASE
 REVENUE, ASSURED GUARANTY) 5.50 08/01/2029 1,082,790
 4,195,000 LODI CALIFORNIA UNIFIED SCHOOL DISTRICT (AD VALOREM
 PROPERTY TAX) 5.00 08/01/2022 4,360,661
 1,500,000 LONG BEACH BOND FINANCE AUTHORITY CA (OTHER REVENUE, AMBAC
 INSURED) 6.00 11/01/2017 1,658,025
 5,000,000 LONG BEACH CALIFORNIA BD FINANCING AUTHORITY REDEVELOPMENT
 HOUSING & GAS UTILITIES FINANCING SERIES A-1 (UTILITIES
 REVENUE, AMBAC INSURED) 5.00 08/01/2030 4,822,850
 450,000 LONG BEACH CALIFORNIA HARBOR REVENUE REFUNDING SERIES A
 (HARBOR REVENUE, NATIONAL-RE FGIC INSURED) 6.00 05/15/2011 464,891
 2,310,000 LOS ANGELES CA COMMUNITY REDEVELOPMENT AGENCY MANCHESTER
 SOCIAL SERVICES PROJECT (LEASE REVENUE, AMBAC INSURED) 5.00 09/01/2025 2,341,046
 4,740,000 LOS ANGELES CA COMMUNITY REDEVELOPMENT AGENCY MFHR THE
 ALEXANDRIA (HOUSING REVENUE, FNMA INSURED)+/-SS. 4.90 08/15/2039 5,123,134
 395,000 LOS ANGELES CA DEPARTMENT OF WATER & POWER PREREFUNDED
 POWER SYSTEM SERIES A-2 (UTILITIES REVENUE, NATL-RE
 INSURED) 5.38 07/01/2020 410,184
 2,000,000 LOS ANGELES CA DEPARTMENT OF WATER & POWER SERIES B
 (ELECTRIC REVENUE) 5.25 07/01/2023 2,383,080
 605,000 LOS ANGELES CA DEPARTMENT OF WATER & POWER UNREFUNDED
 POWER SYSTEM SERIES A-2 (UTILITIES REVENUE, NATL-RE
 INSURED) 5.38 07/01/2020 624,348
 1,200,000 LOS ANGELES CA HOUSING AUTHORITY REFERENCE SERIES A
 (HOUSING REVENUE, FNMA) 4.88 08/15/2027 1,248,612
 2,000,000 LOS ANGELES CALIFORNIA CTFS PARTNER SR-SONNENBLICK DELAWARE
 RIO W (LEASE REVENUE, AMBAC INSURED) 6.00 11/01/2019 2,024,480
 2,000,000 LOS ANGELES CALIFORNIA DEPARTMENT AIRPORTS SERIES A
 (AIRPORT REVENUE) 5.25 05/15/2022 2,326,140
 95,000 LOS ANGELES CALIFORNIA HARBOR DEPARTMENT (AIRPORT & HARBOR
 REVENUE) 7.60 10/01/2018 115,411
 2,000,000 LOS ANGELES CALIFORNIA SERIES A (GENERAL OBLIGATION
 UNLIMITED, NATIONAL-RE INSURED) 5.00 09/01/2021 2,120,840
 1,000,000 LOS ANGELES COUNTY CA PUBLIC WORKS FINANCING AUTHORITY
 MASTER PROJECT SERIES B (LEASE REVENUE, NATL-RE FGIC
 INSURED) 5.00 09/01/2018 1,094,250
 470,000 MANTECA CA RDA AMENDED MERGED PROJECT AREA (TAX INCREMENTAL
 REVENUE, XLCA INSURED) 5.00 10/01/2014 514,063
 2,135,000 MERCED CA UNION HIGH SCHOOL DISTRICT CAPITAL APPRECIATION
 SERIES A (PROPERTY TAX REVENUE, NATL-RE FGIC INSURED) 0.00 08/01/2018 1,532,076
 95,000 MERCED COUNTY CA COP REFUNDED CONSTRUCTION CSAC LEASE
 (LEASE REVENUE, FSA INSURED) 6.00 10/01/2012 96,877
 1,000,000 METROPOLITAN WATER DISTRICT OF SOUTHERN CA WATERWORKS
 FLOATS SERIES C-1 (UTILITIES REVENUE)+/-SS. 0.26 07/01/2036 1,000,000
 1,000,000 METROPOLITAN WATER DISTRICT SOUTHERN CALIFORNIA WATERWORKS
 SERIES B-3 (WATER REVENUE, BNP PARIBAS LOC)+/-SS. 0.22 07/01/2035 1,000,000
 4,105,000 MONROVIA CA RDA CENTRAL REDEVELOPMENT PROJECT AREA 1 (TAX
 INCREMENTAL REVENUE, AMBAC INSURED) 5.00 05/01/2021 4,182,502
 1,435,000 MONTEBELLO CA USD CAPITAL APPRECIATION (PROPERTY TAX
 REVENUE, AGM INSURED) 0.00 08/01/2021 860,914
 2,000,000 MORONGO BAND OF MISSION INDIANS CALIFORNIA ENTERPRISE
 CASINO SERIES B (RECREATIONAL REVENUE) 6.50 03/01/2028 1,912,660
 4,000,000 MOUNTAIN VIEW LOS ALTOS CALIFORNIA UN HIGH SCHOOL DISTRICT
 CONVERTIBLE CAPITAL APPRECIATION ELECT SERIES 2010-A (AD
 VALOREM PROPERTY TAX)+/-SS. 0.00 08/01/2030 2,388,640
 350,000 MURRIETA VALLEY CA USD PFA CAPITAL APPRECIATION (PROPERTY
 TAX REVENUE, AGM INSURED) 0.00 09/01/2022 196,483

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 1,785,000 MURRIETA VALLEY CA USD PFA CAPITAL APPRECIATION (PROPERTY
 TAX REVENUE, AGM INSURED) 0.00% 09/01/2025 $ 831,078
 1,080,000 NAPA-VALLEJO CA WASTE MANAGEMENT AUTHORITY SOLID WASTE
 TRANSFER FACILITY (SOLID WASTE REVENUE) 5.50 02/15/2013 1,082,063
 1,000,000 NATOMAS UNIFIED SCHOOL DISTRICT CALIFORNIA SERIES 1999 (AD
 VALOREM PROPERTY TAX, NATIONAL-RE INSURED) 5.95 09/01/2021 1,178,370
 2,000,000 NORTHERN CA GAS AUTHORITY # 1 LIBOR (UTILITIES
 REVENUE)+/-SS. 0.99 07/01/2019 1,580,840
 5,000,000 NORTHERN CA GAS AUTHORITY # 1 LIBOR (UTILITIES
 REVENUE)+/-SS. 1.00 07/01/2027 3,497,700
 50,000 NORTHERN CALIFORNIA POWER AGENCY PUBLIC POWER PREREFUNDED
 (ELECTRIC POWER REVENUE, AMBAC INSURED) 7.50 07/01/2023 68,971
 2,000,000 NORTHERN INYO COUNTY CA LOCAL HOSPITAL DISTRICT (PROPERTY
 TAX REVENUE, AGC-ICC INSURED) 5.60 08/01/2035 2,111,960
 1,500,000 NORWALK-LA MIRADA CA USD ELECTION 2002 SERIES D (GO -
 SCHOOL DISTRICTS, FSA INSURED) 0.00 08/01/2023 783,210
 1,429,805 OAK GROVE CA UNION SCHOOL DISTRICT FLEXFUND PROGRAM (OTHER
 REVENUE) 4.75 08/01/2027 1,356,570
 2,970,000 OAKLAND CALIFORNIA SERIES A-MEASURE G (GENERAL OBLIGATION
 UNLIMITED, NATIONAL-RE FGIC INSURED) 5.00 01/15/2027 3,063,199
 1,130,000 ONTARIO CA RDA ONTARIO REDEVELOPMENT PROJECT # 1 (TAX
 INCREMENTAL REVENUE, NATL-RE INSURED) 6.00 08/01/2015 1,219,247
 1,110,000 ONTARIO CA RDFA ONTARIO REDEVELOPMENT PROJECT NUMBER 1 (TAX
 INCREMENTAL REVENUE, NATL-RE INSURED) 5.80 08/01/2023 1,229,603
 10,000,000 PALM SPRINGS CA CERTIFICATE ZERO SUB SERIES B (HOSPITAL
 REVENUE) 0.00 04/15/2021 7,351,600
 290,000 PALM SPRINGS CA PALM SPRINGS INTERNATIONAL AIRPORT (AIRPORT
 REVENUE) 6.00 07/01/2018 284,728
 500,000 PALM SPRINGS CA PALM SPRINGS INTERNATIONAL AIRPORT (AIRPORT
 REVENUE) 6.40 07/01/2023 478,015
 1,841,314 PALO VERDE CA USD FLEXFUND PROGRAM (EDUCATION REVENUE) 4.80 09/01/2027 1,853,503
 1,425,000 PALOMAR CA POMERADO HEALTH CAPITAL APPRECIATION (PROPERTY
 TAX REVENUE, NATL-RE INSURED) 0.00 08/01/2020 906,941
 4,950,000 PALOMAR CA POMERADO HEALTH CARE DISTRICT COP (OTHER
 REVENUE) 5.50 11/01/2019 5,408,271
 1,290,000 PASADENA CA OLD PASADENA PARKING FACILITIES PROJECT (LEASE
 REVENUE) 6.25 01/01/2018 1,503,005
 4,625,000 PASADENA CALIFORNIA ELECTRIC (ELECTRIC POWER & LIGHT
 REVENUE) 5.00 06/01/2019 4,976,454
 2,045,000 PERRIS CA PFA SERIES A (TAX INCREMENTAL REVENUE) 5.75 10/01/2031 2,170,093
 1,030,000 PERRIS CA PFA SERIES A (TAX INCREMENTAL REVENUE, NATL-RE
 INSURED) 5.25 10/01/2020 1,072,961
 5,500,000 PICO RIVERA CA WATER AUTHORITY SERIES A (WATER REVENUE) 6.25 12/01/2032 5,428,005
 2,000,000 PICO RIVERA CA WATER AUTHORITY SERIES A (WATER REVENUE,
 NATL-RE INSURED) 5.50 05/01/2019 2,205,700
 2,635,000 PIONEER CALIFORNIA UNION ELEMENTARY SCHOOL DISTRICT
 CERTIFICATES OF PARTICIPATION (LEASE REVENUE, NATL-RE
 INSURED) 5.00 08/01/2029 2,790,623
 2,515,000 PLACENTIA CA RDA SERIES A (TAX INCREMENTAL REVENUE) 5.85 08/01/2032 2,572,015
 2,480,000 POMONA CA USD SERIES A (PROPERTY TAX REVENUE, NATL-RE
 INSURED) 6.55 08/01/2029 3,084,723
 2,070,000 PORT OAKLAND CALIFORNIA REVENUE UNREFUNDED BALANCE AMT
 SERIES L (PORT, AIRPORT, & MARINA REVENUE, NATL-RE FGIC
 INSURED) 5.38 11/01/2027 2,106,411
 4,385,000 PORT OAKLAND CALIFORNIA REVENUE UNREFUNDED BALANCE SERIES M
 (PORT, AIRPORT, & MARINA REVENUE, NATL-RE-IBC FGIC INSURED) 5.38 11/01/2027 4,462,132
 9,035,000 PORT OF OAKLAND CA SERIES K UNREFUNDED (AIRPORT & MARINA
 REVENUE, NAT-RE FGIC INSURED) 5.75 11/01/2021 9,048,643
 1,775,000 PORT OF OAKLAND CA SERIES L UNREFUNDED (AIRPORT & MARINA
 REVENUE, NATL-RE FGIC INSURED) 5.50 11/01/2020 1,838,510
 3,600,000 PORT OF REDWOOD CITY CA (AIRPORT & MARINA REVENUE) 5.13 06/01/2030 3,604,536
 785,000 REDLANDS CA RDA PROJECT AREA SERIES A (TAX REVENUE, AMBAC
 INSURED) 4.63 08/01/2022 786,193
 1,000,000 RIALTO CA RDA MERGED PROJECT AREA SERIES A (TAX INCREMENTAL
 REVENUE) 5.00 09/01/2021 1,013,650
 5,000,000 RICHMOND CA JOINT POWERS FINANCING AUTHORITY CIVIC CENTER
 PROJECT SERIES A (LEASE REVENUE, ASSURED GUARANTY LOC) 5.88 08/01/2037 5,431,750
 165,000 RICHMOND CA JOINT POWERS FINANCING AUTHORITY LEASE & GAS
 TAX SERIES A (LEASE REVENUE) 5.25 05/15/2013 165,206
 7,500,000 RICHMOND CA JOINT POWERS FINANCING AUTHORITY POINT POTRERO
 SERIES A (LEASE REVENUE) 6.25 07/01/2024 8,433,375
 8,745,000 RIVERSIDE COUNTY CA ASSET LEASING CORPORATION RIVERSIDE
 COUNTY HOSPITAL PROJECT (HCFR, NATL-RE INSURED) 0.00 06/01/2026 3,564,637

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 1,250,000 RIVERSIDE COUNTY CA MORTGAGE SERIES A (HOUSING REVENUE,
 GNMA INSURED) 7.80% 05/01/2021 $ 1,788,163
 3,645,000 RIVERSIDE COUNTY CA PALM DESERT FINANCING AUTHORITY SERIES
 A (LEASE REVENUE) 6.00 05/01/2022 4,138,241
 2,500,000 SACRAMENTO CA CITY FINANCING AUTHORITY SERIES A (LEASE
 REVENUE, AMBAC INSURED) 5.40 11/01/2020 2,751,950
 1,985,000 SACRAMENTO CA GNMA MORTGAGE SERIES A (SFMR REVENUE) 8.25 01/01/2021 2,834,282
 525,000 SACRAMENTO CA MUD SERIES F (ELECTRIC REVENUE) 5.38 12/01/2013 560,921
 2,350,000 SACRAMENTO CALIFORNIA CITY FINANCING AUTHORITY CAPITAL
 APPRECIATION (TAX ALLOCATION REVENUE, NATL-RE FGIC INSURED) 0.01 12/01/2021 1,257,955
 1,085,000 SACRAMENTO COUNTY CA ANIMAL CARE YOUTH DETENTION (LEASE
 REVENUE, AMBAC INSURED) 5.00 10/01/2025 1,117,279
 2,000,000 SACRAMENTO COUNTY CALIFORNIA AIRPORT SYSTEM AMT SENIOR
 SERIES B (PORT, AIRPORT, MARINA REVENUE, AGM INSURED) 5.75 07/01/2024 2,229,780
 1,250,000 SACRAMENTO COUNTY CALIFORNIA SANITATION REFUNDING (SEWER
 REVENUE, AMBAC) 5.00 12/01/2027 1,273,175
 8,000,000 SAN BERNARDINO COUNTY CA COP ARROWHEAD PROJECT SERIES A
 (LEASE REVENUE) 5.50 08/01/2020 8,855,840
 3,285,000 SAN BERNARDINO COUNTY CA COP ARROWHEAD PROJECT SERIES B
 (LEASE REVENUE) 5.25 08/01/2019 3,633,276
 3,270,000 SAN BERNARDINO COUNTY CA FINANCING AUTHORITY CT HOUSING
 FACILITIES PROJECT (OTHER REVENUE, NATL-RE INSURED) 5.50 06/01/2037 3,254,631
 1,000,000 SAN BERNARDINO COUNTY CA FLOOD CONTROL DISTRICT (OTHER
 REVENUE, UBS AG LOC)+/-SS. 0.22 08/01/2037 1,000,000
 3,500,000 SAN BERNARDINO COUNTY CALIFORNIA CERTIFICATES MEDICAL
 CENTER FINANCING PROJECT (LEASE REVENUE, NATL-RE INSURED) 5.00 08/01/2028 3,499,860
 4,825,000 SAN DIEGO CA PUBLIC FACILITY FINANCING AUTHORITY BALL PARK
 SERIES A (LEASE REVENUE, AMBAC INSURED) 5.25 02/15/2032 4,884,637
 885,000 SAN DIEGO CA RDA CAPITAL APPRECIATION TAX ALLOCATION CENTRE
 (TAX INCREMENTAL REVENUE, AGM INSURED) 0.00 09/01/2023 459,979
 1,060,000 SAN DIEGO CA RDA CENTRE CITY SUB PARKING SERIES B (PARKING
 FACILITIES REVENUE) 5.30 09/01/2020 1,065,925
 4,950,000 SAN DIEGO CALIFORNIA PUBLIC FACILITIES FINANCING REFUNDING
 BALLPARK SERIES A (LEASE REVENUE, AMBAC INSURED) 5.25 02/15/2026 5,145,179
 5,000,000 SAN DIEGO CALIFORNIA PUBLIC FACILITIES FINANCING REFUNDING
 SENIOR SERIES A (SEWER REVENUE) 5.25 05/15/2029 5,635,500
 575,000 SAN DIEGO CALIFORNIA REDEVELOPMENT AGENCY (TAX ALLOCATION) 5.00 09/01/2025 589,444
 1,000,000 SAN DIEGO CALIFORNIA REDEVELOPMENT AGENCYY TAX NAVAL
 TRAINING CENTER SERIES A (ALLOCATION REVENUE BOND, INSURED
 BY U.S. BANK N.A) 5.50 09/01/2030 1,027,660
 1,865,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION COMMUNITY
 LIMITED TAX SERIES D (SALES TAX REVENUE)+/-SS. 0.26 04/01/2038 1,865,000
 3,000,000 SAN FRANCISCO CA CITY & COUNTY AIRPORT COMMISSION SERIES
 37-C (AIRPORT & MARINA REVENUE, FSA INSURED)+/-SS. 0.30 05/01/2029 3,000,000
 3,000,000 SAN FRANCISCO CA CITY & COUNTY COP MULTIPLE CAPITAL
 IMPROVEMENT PROJECTS SERIES A (LEASE REVENUE) 5.20 04/01/2026 3,325,710
 1,645,000 SAN FRANCISCO CA CITY AND MISSION BAY SOUTH REDEVELOPMENT D
 (TAX REVENUE) 6.25 08/01/2027 1,801,357
 2,500,000 SAN FRANCISCO CALIFORNIA CITY AND COUNTY AIRPORTS SECOND
 SERIES F (PORT, AIRPORT, & MARINA REVENUE) 5.00 05/01/2035 2,576,725
 1,000,000 SAN FRANCISCO CALIFORNIA CITY AND MISSION BAY SOUTH
 REDEVELOPMENT SERIES D (TAX ALLOCATION REVENUE) 6.63 08/01/2039 1,097,170
 100,000 SAN JOAQUIN COUNTY CALIFORNIA CERTIFICATES OF PARTICIPATION
 REFUNDING GENERAL HOSPITAL PROJECT (LEASE REVENUE, NATL-RE
 INSURED) 5.13 09/01/2011 100,770
 4,060,000 SAN JOAQUIN HILLS CA TRANSPORTATION CORRIDOR AGENCY CAPITAL
 APPRECIATION SERIES A (TRANSPORTATION REVENUE, NATL-RE
 INSURED) 0.01 01/15/2015 3,161,116
 8,000,000 SAN JOAQUIN HILLS CA TRANSPORTATION CORRIDOR AGENCY TOLL
 ROAD SENIOR LIEN (TOLL ROAD REVENUE) 0.01 01/01/2024 5,280,000
 2,040,000 SAN JOSE CA LIBRARIES & PARKS PROJECT (PROPERTY TAX
 REVENUE) 5.13 09/01/2031 2,095,121
 2,000,000 SAN JOSE CA RDA MERGED AREA REDEVELOPMENT PROJECT SERIES C
 (TAX INCREMENTAL REVENUE, NATL-RE INSURED) 5.00 08/01/2025 2,051,060
 1,650,000 SAN JOSE CA RDA MERGED AREA REDEVELOPMENT PROJECT SERIES C
 (TAX INCREMENTAL REVENUE, NATL-RE INSURED) 5.00 08/01/2026 1,683,380

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 8,320,000 SAN JOSE CA RDA MERGED AREA REDEVELOPMENT PROJECT SERIES D
 (TAX INCREMENTAL REVENUE, AMBAC INSURED) 5.00% 08/01/2023 $ 8,550,630
 1,205,000 SAN JOSE CA USD (LEASE REVENUE, AGM INSURED) 0.00 01/01/2021 802,048
 3,175,000 SAN JOSE CA USD (LEASE REVENUE, AGM INSURED) 0.00 01/01/2026 1,533,208
 3,000,000 SAN JOSE CALIFORNIA LIBRARY, PARKS, AND PUBLIC SAFETY
 PROJECTS (AD VALOREM PROPERTY TAX) 5.00 09/01/2021 3,204,990
 3,500,000 SAN JOSE CALIFORNIA REDEVELOPMENT AGENCY TAX REFUNDING
 MERGED AREA REDEVELOPMENT PROJECT HOUSING SERIES A-1
 (ALLOCATION REVENUE) 5.50 08/01/2035 3,615,185
 1,745,000 SAN JOSE CALIFORNIA UNIFIED SCHOOL DISTRICT SANTA CLARA
 COUNTY SERIES A (AD VALOREM PROPERTY TAX, AGM INSURED) 5.00 08/01/2021 1,818,360
 2,680,000 SAN JOSE CALIFORNIA UNIFIED SCHOOL DISTRICT SANTA CLARA
 COUNTY SERIES A (AD VALOREM PROPERTY TAX, AGM INSURED) 5.00 08/01/2022 2,790,657
 2,965,000 SAN JUAN CALIFORNIA UNIFIED SCHOOL DISTRICT CAPTIAL
 APPRECIATION ELECTION 2002 SERIES A (AD VALOREM PROPERTY
 TAX, NATL-RE INSURED) 0.01 08/01/2028 1,063,842
 1,360,000 SAN MARCOS CA PFA (STATE & LOCAL GOVERNMENTS REVENUE) 0.00 01/01/2019 1,118,763
 1,705,000 SAN RAFAEL CALIFORNIA CITY HIGH SCHOOL ELECTION OF 1999
 SERIES B (AD VALOREM PROPERTY TAX, AGM INSURED) 5.00 08/01/2027 1,763,192
 1,260,000 SAN RAFAEL CITY CA HIGH SCHOOL DISTRICT CAPITAL
 APPRECIATION ELECTION OF 2002 SERIES B (PROPERTY TAX
 REVENUE, NATL-RE FGIC INSURED) 0.00 08/01/2023 688,250
 2,530,000 SANGER CALIFORNIA UNIFIED SCHOOL DISTRICT (AD VALOREM
 PROPERTY TAX, NATL-RE INSURED) 5.60 08/01/2023 2,714,412
 3,000,000 SANTA ANA CA FINANCING AUTHORITY INNER CITY COMMUTER SERIES
 C (LEASE REVENUE) 5.60 09/01/2019 3,019,920
 20,495,000 SANTA ANA CA USD CAPITAL APPRECIATION ELECTION 2008 SERIES
 B (PROPERTY TAX REVENUE, ASSURED GUARANTY) 0.00 08/01/2038 3,879,294
 1,065,000 SANTA ANA CALIFORNIA UNIFIED SCHOOL DISTRICT (AD VALOREM
 PROPERTY TAX, NATL-RE INSURED) 5.38 08/01/2019 1,110,422
 6,685,000 SANTA BARBARA CA FINANCING AUTHORITY AIRPORT PROJECT
 (AIRPORT REVENUE) 5.00 07/01/2039 6,919,242
 4,975,000 SANTA CLARA CA SUBSERIES B (POWER REVENUE, DEXIA CREDIT SA
 LOC)+/-SS. 0.28 07/01/2027 4,975,000
 5,000,000 SANTA CLARA COUNTY CA FINANCING AUTHORITY EL CAMINO SERIES
 A (HCFR, AMBAC INSURED) 5.75 02/01/2041 5,258,800
 3,000,000 SANTA CLARA COUNTY CA HOUSING AUTHORITY BLOSSOM RIVER
 APARTMENTS SERIES A (HOUSING REVENUE) 6.50 09/01/2039 2,618,880
 2,100,000 SANTA CRUZ COUNTY CA RDA CALIFORNIA LIVE OAK SOQUEL
 COMMUNITY IMPROVEMENT (TAX INCREMENTAL REVENUE) 6.63 09/01/2029 2,375,331
 2,000,000 SANTA MARGARITA/DANA POINT IMPROVEMENT DISTRICTS 3-3A-4 AND
 4A SERIES B (MISCELLANEOUS REVENUE, NATL-RE INSURED) 7.25 08/01/2013 2,284,280
 1,505,000 SCHOOL FACILITIES FINANCING AUTHORITY CA GRANT JOINT UNION
 HIGH SCHOOL SERIES A (OTHER REVENUE, AGM INSURED) 0.00 08/01/2020 946,871
 1,970,000 SIMI VALLEY CA USD CAPITAL IMPROVEMENT PROJECTS (LEASE
 REVENUE, AMBAC INSURED) 5.25 08/01/2022 2,116,489
 3,000,000 SONOMA CA COMMUNITY RDA THE SPRINGS REDEVELOPMENT PROJECT
 (TAX ALLOCATION REVENUE, ASSURED GUARANTY) 6.50 08/01/2028 3,214,800
 1,765,000 SOUTH GATE CA PFA SOUTH GATE REDEVELOPMENT PROJECT # 1 (TAX
 INCREMENTAL REVENUE, XLCA INSURED) 5.25 09/01/2019 1,824,816
 935,000 SOUTH PASADENA CA USD SERIES A (PROPERTY TAX REVENUE, FGIC
 INSURED) 5.55 11/01/2020 1,123,421
 2,700,000 SOUTHERN CA LOGISTICS AIRPORT AUTHORITY HOUSING SET ASIDE
 REVENUE (AIRPORT REVENUE, XLCA INSURED) 5.00 12/01/2036 2,042,712
 1,270,000 SOUTHERN CA PUBLIC POWER AUTHORITY (ELECTRIC, POWER & LIGHT
 REVENUE) 6.75 07/01/2011 1,329,754
 3,515,000 SOUTHWEST COMMUNITY CA FINANCE AUTHORITY RIVERSIDE COUNTY
 (LEASE REVENUE) 6.38 05/01/2033 3,868,047
 5,690,000 SULPHUR SPRINGS CA UNION SCHOOL DISTRICT INTEREST ACCRUAL
 SERIES A (PROPERTY TAX REVENUE, NATL-RE INSURED) 0.00 09/01/2013 5,324,076
 2,185,000 SUSANVILLE CALIFORNIA PUBLIC FINANCING AUTHORITY REFUNDING
 SENIOR UTILITY ENTERPRISE SERIES A (WATER REVENUE, AGM
 INSURED) 4.75 06/01/2030 2,189,916
 2,590,000 SWEETWATER CA UNIFIED HIGH SCHOOL DISTRICT PFA SERIES A
 (SPECIAL TAX REVENUE, AGM INSURED) 5.00 09/01/2026 2,647,628
 1,310,000 TORRANCE CALIFORNIA CERTIFICATES OF PARTICIPATION REFUNDING
 AND PUBLIC IMPROVEMENT PROJECT SERIES A (LEASE REVENUE,
 AMBAC INSURED) 5.00 06/01/2034 1,323,021

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 2,690,000 TORRANCE CALIFORNIA CERTIFICATES OF PARTICIPATION
 REFUNDING AND PUBLIC IMPROVEMENT PROJECT SERIES A (LEASE
 REVENUE, AMBAC INSURED) 5.25% 06/01/2034 $ 2,720,182
 1,000,000 TRACY CA OPERATING PARTNERSHIP JOINT POWERS AUTHORITY
 CAPITAL IMPROVEMENT PROJECTS (LEASE REVENUE, ASSURED
 GUARANTY) 6.25 10/01/2033 1,122,230
 3,000,000 TULARE CA PFFA CAPITAL FACILITIES PROJECT (PROPERTY TAX
 REVENUE, ASSURED GUARANTY) 5.25 04/01/2027 3,259,230
 13,440,000 UNION CITY CA COMMUNITY RDA REDEVELOPMENT PROJECT (TAX
 INCREMENTAL REVENUE, ASSURED GUARANTY) 5.25 10/01/2033 13,894,406
 5,110,000 UNION CITY CA COMMUNITY RDA SERIES A (TAX INCREMENTAL
 REVENUE, AMBAC INSURED) 5.38 10/01/2034 5,072,544
 3,000,000 UNIVERSITY OF CALIFORNIA REGENTS MEDICAL CENTER SERIES D
 (HEALTH, HOSPITAL, NURSING HOME REVENUE) 5.00 05/15/2026 3,193,950
 465,000 UNIVERSITY OF CALIFORNIA REVENUES UNREFUNDED BALANCE UCLA
 MEDICAL CENTER SERIES A (HEALTH, HOSPITAL, & NURSING HOME
 REVENUE, AMBAC INSURED) 5.25 05/15/2030 469,390
 2,745,000 UPLAND CALIFORNIA CERTIFICATES OF PARTICIPATION SANITARY
 ANTONIO COMMUNITY HOSPITAL (HEALTH, HOSPITAL, & NURSING
 HOME REVENUE) 5.00 01/01/2018 2,748,294
 1,260,000 VACAVILLE CA USD (LEASE REVENUE, ASSURED GUARANTY) 6.50 12/01/2034 1,437,988
 1,000,000 VALLEJO CITY CALIFORNIA UNIFIED SCHOOL DISTRICT REFUNDING
 SERIES A (AD VALOREM PROPERTY TAX, NATL-RE INSURED) 5.90 02/01/2017 1,096,850
 1,000,000 VENTURA COUNTY CA MFHR MIRA VISTA SENIOR APARTMENTS SERIES
 A (HOUSING REVENUE, AMBAC INSURED) 5.05 12/01/2026 852,740
 2,500,000 VISTA CA COMMUNITY DEVELOPMENT COMMISSION VISTA
 REDEVELOPMENT PROJECT AREA (TAX INCREMENTAL REVENUE) 5.88 09/01/2037 2,501,325
 1,135,000 WALNUT VALLEY CA USD SERIES C (PROPERTY TAX REVENUE, FGIC
 INSURED) 5.75 08/01/2015 1,154,976
 1,080,000 WEST CONTRA COSTA CA USD ELECTION 2005 SERIES B (PROPERTY
 TAX REVENUE) 6.00 08/01/2027 1,240,628
 6,000,000 WEST CONTRA COSTA CA USD ELECTION 2005 SERIES C-1 (PROPERTY
 TAX, ASSURED GUARANTY) 0.00 08/01/2021 3,554,220
 2,000,000 WEST CONTRA COSTA CALIFORNIA (MISCELLANEOUS TAX REVENUE) 5.50 07/01/2029 2,068,900
 1,000,000 WEST FRESNO CALIFORNIA ELEMENTARY SCHOOL DISTRICT ELECTION
 1997 SERIES C (AD VALOREM PROPERTY TAX, AGM INSURED) 6.60 05/01/2035 1,148,560
 2,395,000 WINDSOR CA JOINT POWERS FINANCING AUTHORITY WINDSOR CIVIC
 CENTER SERIES A (LEASE REVENUE, AGM INSURED) 5.38 10/01/2018 2,511,852
 1,190,000 WISEBURN CA SCHOOL DISTRICT CAPITAL APPRECIATION (PROPERTY
 TAX REVENUE, ASSURED GUARANTY) 0.00 08/01/2024 583,314
 1,525,000 WISEBURN CA SCHOOL DISTRICT CAPITAL APPRECIATION (PROPERTY
 TAX REVENUE, ASSURED GUARANTY) 0.00 08/01/2027 613,721
 4,930,000 WOODLAND CALIFORNIA JOINT UNIFIED SCHOOL DISTRICT REFUNDING
 GO (AD VALOREM PROPERTY TAX, ASSURED GUARANTY INSURED) 4.75 08/01/2026 5,446,220
 1,810,000 YORBA LINDA CA RDA CAPITAL APPRECIATION REDEVELOPMENT
 SERIES A (TAX INCREMENTAL REVENUE, NATL-RE INSURED) 0.00 09/01/2019 1,203,596
 793,839,734
 ------------------
GUAM: 0.13%
 1,000,000 GUAM GOVERNMENT LIMITED OBLIGATION SECTION 30 SERIES A (OTHER
 REVENUE) 5.38 12/01/2024 1,056,610
 ------------------
VIRGIN ISLANDS: 0.90%
 5,000,000 VIRGIN ISLANDS PFA REVENUE (SALES TAX REVENUE) 5.00 10/01/2029 5,114,600
 2,000,000 VIRGIN ISLANDS PUBLIC FINANCE AUTHORITY SERIES A
 (MISCELLANEOUS REVENUE) 6.75 10/01/2037 2,257,109
 7,371,709
 ------------------
TOTAL MUNICIPAL BONDS & NOTES (COST $762,902,138) 802,268,053
 ------------------

 SHARES SECURITY NAME VALUE
--------------- ----------------------------------------------------------- ------------------
SHORT-TERM INVESTMENTS: 2.68%
 21,925,159 WELLS FARGO ADVANTAGE CALIFORNIA MUNICIPAL MONEY MARKET
 TRUST+(L)(U) $ 21,925,159
 -------------------
TOTAL SHORT-TERM INVESTMENTS (COST $21,925,159) 21,925,159
 -------------------
TOTAL INVESTMENTS IN SECURITIES
(COST $784,827,297)* 100.79% $ 824,193,212
OTHER ASSETS AND LIABILITIES, NET (0.79) (6,490,861)
 ------ -------------------
TOTAL NET ASSETS 100.00% $ 817,702,351
 ------ -------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MUNICIPAL BONDS & NOTES: 95.05%
ARIZONA: 1.75%
$ 2,000,000 SALT RIVER PROJECT AZ AGRICULTURAL IMPROVEMENT & POWER
 DISTRIBUTION ELECTRIC SYSTEMS SERIES A (ELECTRIC REVENUE) 5.00% 01/01/2038 $ 2,136,400
 ------------------
CALIFORNIA: 1.77%
 1,120,000 NORCO CA REDEVELOPMENT AGENCY PROJECT AREA #1 (TAX
 INCREMENT & ALLOCATION REVENUE) 6.00 03/01/2036 1,148,269
 1,000,000 SAN DIEGO CA PUBLIC FACILITY FINANCING AUTHORITY BALL PARK
 SERIES A (LEASE REVENUE, AMBAC INSURED) 5.25 02/15/2032 1,012,360
 2,160,629
 ------------------
COLORADO: 86.97%
 1,250,000 ADAMS & WELD COUNTIES CO SCHOOL DISTRICT # 27J BRIGHTON
 (PROPERTY TAX REVENUE, NATL-RE INSURED) 5.50 12/01/2019 1,325,625
 415,000 ARAPAHOE COUNTY CO CENTENNIAL 25 METROPOLITAN DISTRICT
 (PROPERTY TAX REVENUE) 6.38 12/01/2016 413,805
 200,000 ARAPAHOE COUNTY CO SCHOOL DISTRICT #006 (PROPERTY TAX
 REVENUE, NATL-RE & FGIC INSURED) 5.25 12/01/2021 220,622
 500,000 ARAPAHOE COUNTY CO WATER & WASTEWATER AUTHORITY (WATER
 REVENUE, AGM INSURED) 5.00 12/01/2033 527,365
 2,000,000 ARAPAHOE COUNTY CO WATER & WASTEWATER PUBLIC IMPROVEMENT
 DISTRICT PROJECT SERIES A (PROPERTY TAX REVENUE, NATL-RE
 INSURED) 5.13 12/01/2032 2,023,780
 750,000 ARAPAHOE COUNTY CO WATER & WASTEWATER PUBLIC IMPROVEMENT
 DISTRICT SERIES B (PROPERTY TAX REVENUE) 4.63 12/01/2034 771,135
 2,000,000 ARKANSAS CO RIVER POWER AUTHORITY (POWER REVENUE) 6.00 10/01/2040 2,095,660
 3,000,000 AURORA CO CHILDREN HOSPITAL ASSOCIATION (HCFR, HEALTH &
 HOSPITAL GUARANTY) 5.00 12/01/2040 3,052,770
 2,000,000 AURORA CO COP SERIES A (LEASE REVENUE) 5.00 12/01/2027 2,203,780
 2,000,000 BROOMFIELD CO REFUNDING COP (LEASE REVENUE) 5.00 12/01/2029 2,153,520
 150,000 CANON CITY CO FINANCE AUTHORITY COP (LEASE REVENUE,
 ASSURED GUARANTY) 5.00 12/01/2032 159,713
 1,000,000 CHERRY CREEK CO BUSINESS IMPROVEMENT DISTRICT # 1
 (PROPERTY TAX REVENUE) 5.00 12/01/2032 1,040,220
 1,250,000 COLORADO ECFA (OTHER REVENUE) 5.25 06/01/2021 1,290,675
 480,000 COLORADO ECFA ACADEMY CHARTER SCHOOL PROJECT (EDUCATIONAL
 FACILITIES REVENUE) 6.25 12/15/2012 489,902
 1,000,000 COLORADO ECFA ACADEMY CHARTER SCHOOL PROJECT (EDUCATIONAL
 FACILITIES REVENUE) 7.13 12/15/2030 1,022,440
 3,750,000 COLORADO ECFA ALEXANDER DAWSON SCHOOL PROJECT (EDUCATIONAL
 FACILITIES REVENUE) 5.30 02/15/2029 3,768,338
 750,000 COLORADO ECFA CHARTER SCHOOL TWIN PEAKS CHARTER (OTHER
 REVENUE) 6.75 11/15/2028 857,145
 1,000,000 COLORADO ECFA CHARTER SCHOOL AMERICAN ACADEMY PROJECT
 (LEASE REVENUE, MORAL OBLIGATION) 7.25 12/01/2028 1,192,480
 1,000,000 COLORADO ECFA CHARTER SCHOOL AMERICAN ACADEMY PROJECT
 (LEASE REVENUE, MORAL OBLIGATION) 7.38 12/01/2028 1,200,910
 485,000 COLORADO ECFA CHARTER SCHOOL BANNING LEWIS (EDUCATIONAL
 FACILITIES REVENUE) 6.13 12/15/2035 446,811
 1,040,000 COLORADO ECFA CHARTER SCHOOL COLLEGIATE PROJECT
 (EDUCATIONAL FACILITIES REVENUE, XLCA INSURED) 5.00 06/15/2019 1,084,886
 1,165,000 COLORADO ECFA CHARTER SCHOOL COLLEGIATE PROJECT
 (EDUCATIONAL FACILITIES REVENUE, XLCA INSURED) 5.25 06/15/2024 1,197,655
 750,000 COLORADO ECFA CHARTER SCHOOL COMMUNITY LEADERSHIP (LEASE
 REVENUE) 6.25 07/01/2028 739,635
 1,000,000 COLORADO ECFA CHARTER SCHOOL FLAGSTAFF SERIES A (LEASE
 REVENUE) 6.75 08/01/2028 1,024,590
 500,000 COLORADO ECFA CHARTER SCHOOL PINNACLE HIGH SCHOOL PROJECT
 (OTHER REVENUE) 5.13 12/01/2039 501,595
 1,000,000 COLORADO ECFA CHARTER SCHOOL UNIVERSITY LAB SCHOOL PROJECT
 (EDUCATIONAL FACILITIES REVENUE) 5.75 06/01/2016 1,035,330
 590,000 COLORADO ECFA CHEYENNE MOUNTAIN CHARTER SERIES A (LEASE
 REVENUE, MORAL OBLIGATION) 5.25 06/15/2029 606,390

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
COLORADO (continued)
$ 100,000 COLORADO ECFA JOHNSON & WALES UNIVERSITY PROJECT SERIES A
 (COLLEGE & UNIVERSITY REVENUE, XLCA INSURED) 5.00% 04/01/2023 $ 100,935
 1,445,000 COLORADO ECFA PARKER CORE CHARTER (OTHER REVENUE, XLCA
 INSURED) 5.00 11/01/2024 1,475,966
 1,500,000 COLORADO ECFA PINNACLE CHARTER SCHOOL PROJECT (LEASE
 REVENUE) 6.00 12/01/2021 1,595,985
 1,265,000 COLORADO ECFA REFUNDING UNIVERSITY CORPORATION ATMOSPHERE
 PROJECT (COLLEGE & UNIVERSITY REVENUE) 5.00 09/01/2032 1,329,591
 2,735,000 COLORADO ECFA STUDENT HOUSING CAMPUS VILLAGE APARTMENT
 (LEASE REVENUE) 5.50 06/01/2033 2,845,932
 2,305,000 COLORADO ECFA UNIVERSITY DENVER PROJECT (COLLEGE &
 UNIVERSITY REVENUE, NATL-RE & FGIC INSURED) 5.25 03/01/2026 2,668,798
 1,000,000 COLORADO HEALTH FACILITIES AUTHORITY ADVENTIST HEALTH
 SUNBELT SERIES D (HCFR)+/-SS. 5.25 11/15/2027 1,038,080
 1,000,000 COLORADO HEALTH FACILITIES AUTHORITY ADVENTIST HEALTH
 SUNBELT SERIES D (HCFR)+/-SS. 5.25 11/15/2035 1,024,110
 15,000 COLORADO HEALTH FACILITIES AUTHORITY CATHOLIC HEALTH D-2
 PROJECT PREREFUNDED (HCFR)+/-SS. 5.25 10/01/2038 17,099
 85,000 COLORADO HEALTH FACILITIES AUTHORITY CATHOLIC HEALTH D-2
 PROJECT UNREFUNDED BALANCE (HCFR)+/-SS. 5.25 10/01/2038 94,955
 1,000,000 COLORADO HEALTH FACILITIES AUTHORITY CATHOLIC HEALTH
 INITIATIVES SERIES D (HOSPITAL REVENUE) 6.25 10/01/2033 1,135,420
 990,000 COLORADO HEALTH FACILITIES AUTHORITY EXEMPLA INCORPORATED
 SERIES A (HCFR) 5.50 01/01/2023 1,061,706
 1,860,000 COLORADO HEALTH FACILITIES AUTHORITY HOSPITAL BOULDER
 COMMUNITY HOSPITAL SERIES B (HCFR, NATL-RE INSURED) 5.88 10/01/2023 1,861,990
 900,000 COLORADO HEALTH FACILITIES AUTHORITY HOSPITAL PARKVIEW
 MEDICAL CENTER INCORPORATION (HCFR) 5.00 09/01/2025 912,771
 2,000,000 COLORADO HEALTH FACILITIES AUTHORITY PARKVIEW MEDICAL
 CENTER PROJECT (HCFR) 6.50 09/01/2020 2,110,560
 1,250,000 COLORADO HEALTH FACILITIES AUTHORITY SISTERS CHARITY
 HEALTHCARE SERIES A (HCFR, AMBAC INSURED) 6.25 05/15/2011 1,296,525
 405,000 COLORADO HFA COMPANY SERIES E2 (HOUSING REVENUE, NATL-RE
 INSURED) 7.00 02/01/2030 422,889
 1,940,000 COLORADO HFA MULTIFAMILY PROJECT CLASS II SERIES A2 (MFHR) 5.40 10/01/2029 2,062,220
 180,000 COLORADO HFA SERIES E3 (HOUSING REVENUE) 6.60 08/01/2017 183,067
 750,000 COLORADO HFA SINGLE FAMILY MORTGAGE CLASS I SERIES A (SFMR,
 FHA INSURED LOCAL GUARANTEED HUD LOAN) 5.50 11/01/2029 797,400
 425,000 COLORADO HFA SINGLE FAMILY MORTGAGE CLASS III SERIES A3
 (SFMR) 5.25 05/01/2032 426,564
 1,950,000 COLORADO HFA SINGLE FAMILY MORTGAGE CLASS III SERIES A4
 (HOUSING REVENUE) 4.75 05/01/2030 1,945,964
 1,325,000 COLORADO HFA SINGLE FAMILY MORTGAGE CLASS III SERIES B3
 (HOUSING REVENUE) 5.25 05/01/2032 1,329,876
 1,950,000 COLORADO HFA SINGLE FAMILY PROGRAM SERIES A2 (SFHR)(H) 6.45 04/01/2030 2,089,523
 205,000 COLORADO HFA SINGLE FAMILY PROGRAM SERIES A2 (SFHR) 6.50 08/01/2031 217,759
 50,000 COLORADO HFA SINGLE FAMILY PROGRAM SERIES A3 (SFHR) 6.50 05/01/2016 52,058
 325,000 COLORADO HFA SINGLE FAMILY PROGRAM SERIES B2 (SFHR) 6.10 08/01/2023 343,402
 1,525,000 COLORADO HFA SINGLE FAMILY PROGRAM SERIES B2 (SFHR, NATL-RE
 INSURED) 6.80 02/01/2031 1,617,705
 530,000 COLORADO HFA SINGLE FAMILY PROGRAM SERIES B3 (SFHR) 6.70 08/01/2017 565,537
 240,000 COLORADO HFA SINGLE FAMILY PROGRAM SERIES B3 (SFHR) 6.55 08/01/2033 269,602
 245,000 COLORADO HFA SINGLE FAMILY PROGRAM SERIES C3 (SFHR, FHA
 INSURED) 6.38 08/01/2033 263,480
 2,975,000 COLORADO HOUSING & FINANCE AUTHORITY BIRCHWOOD MANOR
 PROJECT A (HOUSING REVENUE, GNMA INSURED) 5.50 09/20/2036 3,131,961
 1,320,000 COLORADO MOUNTAIN JUNIOR COLLEGE DISTRICT STUDENT HOUSING
 FACILITIES (COLLEGE & UNIVERSITY REVENUE, NATL-RE INSURED) 5.00 06/01/2023 1,393,590
 1,160,000 COLORADO SPRINGS CO PUBLIC FACILITIES AUTHORITY COP OLYMPIC
 COMMITTEE PROJECT (LEASE REVENUE, ASSURED GUARANTY) 5.00 11/01/2028 1,254,958
 1,325,000 COLORADO SPRINGS CO PUBLIC FACILITIES AUTHORITY COP OLYMPIC
 COMMITTEE PROJECT (LEASE REVENUE, ASSURED GUARANTY) 5.00 11/01/2029 1,422,971
 1,000,000 COLORADO STATE COP FITZSIMONS ACADEMIC SERIES B (LEASE
 REVENUE, NATL-RE INSURED) 5.00 11/01/2030 1,042,770
 1,810,000 COLORADO WATER RESERVE POWER DEVELOPMENT AUTHORITY CLEAN
 WATER SERIES A (WATER REVENUE) 4.88 09/01/2017 1,825,041

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
COLORADO (continued)
$ 1,000,000 COLORADO WATER RESERVE POWER DEVELOPMENT AUTHORITY CLEAN
 WATER SERIES A (WATER REVENUE) 5.00% 09/01/2019 $ 1,003,250
 1,000,000 COLORADO WATER RESERVE POWER DEVELOPMENT AUTHORITY CLEAN
 WATER SERIES A (WATER REVENUE) 4.50 09/01/2024 1,065,750
 55,000 COLORADO WATER RESERVE POWER DEVELOPMENT AUTHORITY CLEAN
 WATER SERIES A UNREFUNDED BALANCE (OTHER REVENUE) 5.13 09/01/2018 55,185
 30,000 COLORADO WATER RESERVE POWER DEVELOPMENT AUTHORITY CLEAN
 WATER SERIES B UNREFUNDED BALANCE (OTHER REVENUE) 5.00 09/01/2019 30,098
 1,000,000 DENVER CO CITY & COUNTY BETTER DENVER & ZOO SERIES A
 (PROPERTY TAX REVENUE) 5.00 08/01/2025 1,157,550
 1,000,000 DENVER CO CITY & COUNTY SERIES A (AIRPORT REVENUE, AMBAC
 INSURED) 6.00 11/15/2012 1,005,240
 1,250,000 DENVER CO CITY & COUNTY SERIES A (AIRPORT REVENUE, XLCA
 INSURED) 5.00 11/15/2022 1,357,825
 2,000,000 DENVER CO CITY & COUNTY SERIES A (TAX REVENUE, ASSURED
 GUARANTY) 6.00 09/01/2021 2,429,760
 1,205,000 DENVER CO CONVENTION CENTER (OTHER REVENUE, XLCA INSURED) 5.00 12/01/2030 1,120,927
 1,000,000 DOUGLAS COUNTY CO SCHOOL DISTRICT # 1 DOUGLAS & ELBERT
 COUNTIES (PROPERTY TAX REVENUE, NATL-RE INSURED, FGIC, STATE
 AID WITHHOLDING) 5.75 12/15/2022 1,196,030
 210,000 DOUGLAS COUNTY CO SCHOOL DISTRICT # 1 DOUGLAS & ELBERT
 COUNTIES SERIES B (PROPERTY TAX REVENUE, STATE AID
 WITHHOLDING)## 1.53 12/15/2014 196,837
 2,455,000 E-470 PUBLIC HIGHWAY AUTHORITY CO CAPITAL APPRECIATION SENIOR
 SERIES B (TOLL ROAD REVENUE, NATL-RE INSURED)## 5.50 09/01/2020 1,431,412
 6,000,000 E-470 PUBLIC HIGHWAY AUTHORITY CO CAPITAL APPRECIATION SERIES
 A (OTHER REVENUE, NATL-RE INSURED)## 6.61 09/01/2034 1,268,520
 780,000 E-470 PUBLIC HIGHWAY AUTHORITY CO SERIES B2 (TRANSPORTATION
 REVENUE, NATL-RE INSURED)+/-SS. 5.00 09/01/2039 803,291
 625,000 EAGLE RIVER WATER & SANITATION DISTRICT (WATER REVENUE,
 ASSURED GUARANTY) 5.13 12/01/2039 665,644
 1,000,000 FORT COLLINS CO COP SERIES A (LEASE REVENUE, AMBAC INSURED) 5.38 06/01/2025 1,108,700
 715,000 GARFIELD COUNTY CO PUBLIC LIBRARY DISTRICT LEASE PURCHASE
 FINANCING PROGRAM (LEASE REVENUE) 5.00 12/01/2026 767,124
 1,395,000 GARFIELD COUNTY CO SCHOOL DISTRICT SERIES RE 2 (PROPERTY TAX
 REVENUE, AGM INSURED, STATE AID WITHHOLDING) 5.25 12/01/2021 1,536,606
 1,000,000 GLENDALE CO COP (LEASE REVENUE, XLCA INSURED) 5.00 12/01/2025 1,054,140
 525,000 HIGHLANDS RANCH METROPOLITAN DISTRICT # 2 CO PREREFUNDED
 (PROPERTY TAX REVENUE, FSA INSURED) 6.50 06/15/2011 548,058
 475,000 HIGHLANDS RANCH METROPOLITAN DISTRICT # 2 CO UNREFUNDED
 BALANCE (PROPERTY TAX REVENUE, FSA INSURED) 6.50 06/15/2011 495,582
 500,000 INVERNESS WATER & SANITATION DISTRICT CO ARAPAHOE & DOUGLAS
 COUNTIES SERIES A (PROPERTY TAX REVENUE, RADIAN INSURED) 4.60 12/01/2019 500,205
 2,000,000 JEFFERSON COUNTY CO SCHOOL DISTRICT # R001 (PROPERTY TAX
 REVENUE, NATL-RE INSURED, STATE AID WITHHOLDINGS) 6.50 12/15/2011 2,145,220
 600,000 NORTH RANGE METROPOLITAN DISTRICT # 1 CO (PROPERTY TAX
 REVENUE, ACA INSURED) 5.00 12/15/2024 482,334
 375,000 PARK MEADOWS BUSINESS IMPROVEMENT DISTRICT CO SHARED SALES
 TAX REVENUE (SALES TAX REVENUE) 5.00 12/01/2017 376,320
 1,000,000 REGIONAL TRANSPORTATION DISTRICT CO COP TRANSIT VEHICLES-A
 (LEASE REVENUE, AMBAC INSURED) 5.00 12/01/2022 1,091,360
 1,000,000 STERLING HILLS WEST METROPOLITAN DISTRICT CO (PROPERTY TAX
 REVENUE, AGM INSURED) 5.00 12/01/2031 1,066,240
 1,000,000 SUPERIOR METROPOLITAN DISTRICT # 1 (WATER REVENUE, AMBAC
 INSURED) 5.00 12/01/2028 976,600
 2,000,000 UNIVERSITY OF COLORADO HOSPITAL AUTHORITY SERIES A (HCFR) 6.00 11/15/2029 2,164,780
 1,980,000 VISTA RIDGE METROPOLITAN DISTRICT CO SERIES A (PROPERTY TAX
 REVENUE, RADIAN INSURED) 5.00 12/01/2036 1,460,626
 106,236,751
 ------------------
GUAM: 0.43%
 500,000 GUAM GOVERNMENT LIMITED OBLIGATION SECTION 30 SERIES A (OTHER
 REVENUE) 5.75 12/01/2034 525,395
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
PUERTO RICO: 1.15%
$ 1,305,000 PUERTO RICO HIGHWAY & TRANSPORTATION AUTHORITY SERIES L
 (TOLL ROAD REVENUE, NATL-RE INSURED) 5.25% 07/01/2023 $ 1,410,300
 ------------------
VIRGIN ISLANDS: 2.98%
 1,000,000 VIRGIN ISLANDS PFA REVENUE (SALES TAX REVENUE) 5.00 10/01/2029 1,022,917
 2,500,000 VIRGIN ISLANDS PFA SUB MATCHING FUND LOAN NOTES SERIES A
 (MISCELLANEOUS REVENUE) 5.00 10/01/2025 2,614,150
 3,637,067
 ------------------
TOTAL MUNICIPAL BONDS & NOTES (COST $112,295,551) 116,106,542
 ------------------

 SHARES YIELD
--------------- -------------
SHORT-TERM INVESTMENTS: 6.13%
INVESTMENT COMPANIES: 6.13%
 7,494,318 WELLS FARGO ADVANTAGE NATIONAL TAX-FREE MONEY MARKET
 TRUST(U)(L) 0.13 7,494,318
 ------------------
TOTAL SHORT-TERM INVESTMENTS (COST $7,494,318) 7,494,318
 ------------------
TOTAL INVESTMENTS IN SECURITIES
(COST $119,789,869)* 101.18% 123,600,860
OTHER ASSETS AND LIABILITIES, NET (1.18) (1,441,287)
 ------ ------------------
TOTAL NET ASSETS 100.00% $ 122,159,573
 ------ ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MUNICIPAL BONDS & NOTES: 98.93%
GUAM: 0.27%
$ 500,000 TERRITORY OF GUAM LIMITED OBLIGATION SECTION 30 SERIES A
 (MISCELLANEOUS REVENUE) 5.00% 12/01/2013 $ 532,995
 ------------------
MICHIGAN: 0.73%
 1,550,000 FLINT MI INTERNATIONAL ACADEMY (EDUCATION REVENUE) 5.50 10/01/2027 1,469,679
 ------------------
MINNESOTA: 96.19%
 500,000 ANOKA COUNTY MN CAPITAL IMPROVEMENT SERIES A (PROPERTY TAX
 REVENUE) 5.00 02/01/2024 567,400
 2,845,000 ANOKA-HENNEPIN MN INDEPENDENT SCHOOL DISTRICT # 11 SERIES A
 PREREFUNDED (PROPERTY TAX REVENUE, AGM INSURED) 5.00 02/01/2018 2,885,086
 610,000 AUSTIN MN HOUSING & RDA COURTYARD RESIDENCE PROJECT SERIES
 A (HOUSING REVENUE) 7.15 01/01/2020 610,976
 1,500,000 AUSTIN MN HOUSING & RDA COURTYARD RESIDENCE PROJECT SERIES
 A (HOUSING REVENUE) 5.00 01/01/2031 1,578,585
 1,500,000 AUSTIN MN HOUSING & RDA COURTYARD RESIDENCE PROJECT SERIES
 A (HOUSING REVENUE) 7.25 01/01/2032 1,501,470
 2,150,000 BAYTOWN TOWNSHIP MN ST. CROIX PREPARATORY ACADEMY SERIES A
 (LEASE REVENUE) 7.00 08/01/2038 2,193,796
 2,150,000 BECKER MN PCR NORTHERN STATES POWER SERIES A (IDR)SS. 8.50 03/01/2019 2,434,940
 1,000,000 BECKER MN PCR NORTHERN STATES POWER SERIES B (IDR)SS. 8.50 09/01/2019 1,132,530
 185,000 BUFFALO MN HOUSING & RDA PUBLIC FACILITY BUFFALO WILD MARSH
 GOLF COURSE (LEASE REVENUE) 4.38 05/01/2024 189,534
 515,000 CUYUNA RANGE HOSPITAL DISTRICT MN (HCFR) 4.50 06/01/2011 519,650
 470,000 CUYUNA RANGE HOSPITAL DISTRICT MN (HCFR) 4.75 06/01/2013 483,315
 659,708 DAKOTA COUNTY MN COMMUNITY DEVELOPMENT AGENCY (SFMR, GNMA
 INSURED) 5.30 12/01/2039 700,973
 1,000,000 DULUTH MN DULUTH ENTERTAINMENT CONVENTION CENTER
 IMPROVEMENTS SERIES A (PROPERTY TAX REVENUE) 5.00 02/01/2034 1,067,570
 1,000,000 ELK RIVER MN INDEPENDENT SCHOOL DISTRICT # 728 SERIES A
 (PROPERTY TAX REVENUE, NATL-RE INSURED) 5.00 02/01/2018 1,014,090
 3,400,000 ELK RIVER MN INDEPENDENT SCHOOL DISTRICT # 728 SERIES A
 (PROPERTY TAX REVENUE, NATL-RE INSURED) 5.00 02/01/2021 3,788,756
 100,000 FALCON HEIGHTS MN KALEIDOSCOPE CHARTER SCHOOL SERIES A
 (LEASE REVENUE) 5.50 11/01/2017 99,014
 800,000 FALCON HEIGHTS MN KALEIDOSCOPE CHARTER SCHOOL SERIES A
 (LEASE REVENUE) 6.00 11/01/2027 749,640
 1,000,000 FERGUS FALLS MN HEALTH CARE FACILITIES PIONEER RETIREMENT
 COMMUNITY (HCFR) 4.00 11/15/2011 1,002,110
 580,000 FERGUS FALLS MN HOUSING & RDA LAKE REGION HEALTHCARE (HCFR) 5.10 09/01/2014 590,689
 605,000 FERGUS FALLS MN HOUSING & RDA LAKE REGION HEALTHCARE (HCFR) 5.20 09/01/2015 614,571
 560,000 FERGUS FALLS MN HOUSING & RDA LAKE REGION HEALTHCARE (HCFR) 5.30 09/01/2016 566,076
 700,000 GLENCOE MN GLENCOE REGIONAL HEALTH SERVICES PROJECT (HCFR) 7.20 04/01/2016 730,765
 600,000 GLENCOE MN GLENCOE REGIONAL HEALTH SERVICES PROJECT (HCFR) 7.40 04/01/2021 626,970
 585,000 GLENCOE MN GLENCOE REGIONAL HEALTH SERVICES PROJECT (HCFR) 7.50 04/01/2031 611,588
 1,075,000 HIBBING MN DULUTH CLINIC LIMITED PREREFUNDED (HCFR, AGM
 INSURED) 5.50 11/01/2016 1,179,028
 2,785,000 ITASCA COUNTY MN INDEPENDENT SCHOOL DISTRICT # 318
 (PROPERTY TAX REVENUE, AGM INSURED, SCHOOL DISTRICT CREDIT
 PROGRAM) 5.00 02/01/2017 2,927,926
 160,000 LAKEVILLE MN (TOBACCO REVENUE) 5.00 02/01/2013 164,029
 180,000 LAKEVILLE MN (TOBACCO REVENUE) 5.00 02/01/2016 181,665
 1,735,000 MAPLE GROVE MN MAPLE GROVE HOSPITAL CORPORATION (HCFR) 5.25 05/01/2024 1,827,580
 800,000 MEEKER COUNTY MN MEMORIAL HOSPITAL PROJECT (HCFR) 5.63 11/01/2022 829,968
 500,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA HEALTH PARTNERS
 OBLIGATION GROUP PROJECT (HCFR) 5.25 12/01/2016 524,555
 500,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA HEALTH PARTNERS
 OBLIGATION GROUP PROJECT (HCFR) 5.63 12/01/2022 511,690
 600,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA HEALTH PARTNERS
 OBLIGATION GROUP PROJECT (HCFR) 5.88 12/01/2029 609,192
 1,400,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA HEALTHSPAN SERIES B
 (HCFR, AMBAC INSURED)+/-SS.(M)(N)(A) 0.45 11/15/2017 1,323,390

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MINNESOTA (continued)
$ 1,000,000 MINNEAPOLIS & ST. PAUL MN METROPOLITAN AIRPORTS COMMISSION
 SENIOR SERIES A (TRANSPORTATION REVENUE, AMBAC INSURED) 5.00% 01/01/2018 $ 1,137,020
 320,000 MINNEAPOLIS & ST. PAUL MN METROPOLITAN AIRPORTS COMMISSION
 SERIES A (TRANSPORTATION REVENUE, NATL-RE INSURED) 5.25 01/01/2017 343,082
 2,000,000 MINNEAPOLIS & ST. PAUL MN METROPOLITAN AIRPORTS COMMISSION
 SERIES B (TRANSPORTATION REVENUE, AMBAC INSURED) 5.00 01/01/2020 2,087,720
 2,000,000 MINNEAPOLIS & ST. PAUL MN METROPOLITAN AIRPORTS COMMISSION
 SERIES C (TRANSPORTATION REVENUE, NATL-RE & FGIC INSURED) 5.00 01/01/2022 2,118,300
 1,000,000 MINNEAPOLIS & ST. PAUL MN METROPOLITAN AIRPORTS COMMISSION
 SUB SERIES B (TRANSPORTATION REVENUE, NATL-RE & FGIC INSURED) 5.00 01/01/2018 1,135,170
 1,000,000 MINNEAPOLIS & ST. PAUL MN METROPOLITAN AIRPORTS COMMISSION
 SUB SERIES D (TRANSPORTATION REVENUE, NATL-RE & FGIC INSURED) 5.75 01/01/2012 1,011,420
 1,000,000 MINNEAPOLIS & ST. PAUL MN RDA HEALTHCARE SYSTEM CHILDRENS
 SERIES A (HCFR) 5.25 08/15/2025 1,081,420
 1,000,000 MINNEAPOLIS MN FAIRVIEW HEALTH SERVICES SERIES A (HCFR) 6.63 11/15/2028 1,152,770
 1,900,000 MINNEAPOLIS MN FAIRVIEW HEALTH SERVICES SERIES B (HCFR,
 ASSURED GUARANTY) 6.50 11/15/2038 2,181,162
 500,000 MINNEAPOLIS MN ST. ANTHONY FALLS PROJECT (MISCELLANEOUS TAX
 REVENUE) 5.65 02/01/2027 469,515
 5,000 MINNEAPOLIS MN ST. MARY'S HOSPITAL & REHABILITATION (HCFR) 10.00 06/01/2013 5,717
 3,000,000 MINNEAPOLIS MN STATE SUPPORTED STADIUM DEBTS (EDUCATION
 REVENUE) 4.88 08/01/2025 3,053,580
 555,000 MINNEAPOLIS MN SUPPORTED DEVELOPMENT LIMITED TAX COMMON BOND
 FUND SERIES 1A (MISCELLANEOUS REVENUE) 4.80 12/01/2016 597,313
 1,115,000 MINNEAPOLIS MN SUPPORTED DEVELOPMENT LIMITED TAX COMMON BOND
 FUND SERIES 2A (MISCELLANEOUS REVENUE) 5.00 06/01/2028 1,126,262
 4,030,000 MINNESOTA AGRICULTURAL & ECONOMIC DEVELOPMENT BOARD ESSENTIA
 HEALTH SERIES E (ECONOMIC DEVELOPMENT REVENUE, ASSURED
 GUARANTY) 5.00 02/15/2037 4,209,053
 1,210,000 MINNESOTA AGRICULTURAL & ECONOMIC DEVELOPMENT BOARD
 EVANGELICAL LUTHERAN PROJECT (HCFR) 6.00 02/01/2022 1,246,796
 220,000 MINNESOTA AGRICULTURAL & ECONOMIC DEVELOPMENT BOARD HEALTH
 CARE ESSENTIA C1 RMKT 02 (HCFR, ASSURED GUARANTY) 4.00 02/15/2020 231,653
 1,000,000 MINNESOTA AGRICULTURAL & ECONOMIC DEVELOPMENT BOARD HEALTH
 CARE ESSENTIA C1 RMKT 02 (HCFR, ASSURED GUARANTY) 5.00 02/15/2030 1,050,340
 2,025,000 MINNESOTA AGRICULTURAL & ECONOMIC DEVELOPMENT BOARD HEALTH
 CARE SYSTEM SERIES A (HCFR) 5.88 11/15/2010 2,035,004
 935,000 MINNESOTA AGRICULTURAL & ECONOMIC DEVELOPMENT BOARD HEALTH
 CARE SYSTEM SERIES A PREREFUNDED (HCFR) 6.38 11/15/2022 951,493
 1,095,000 MINNESOTA AGRICULTURAL & ECONOMIC DEVELOPMENT BOARD HEALTH
 CARE SYSTEM SERIES A UNREFUNDED (HCFR, NATL-RE INSURED) 5.50 11/15/2017 1,098,329
 1,115,000 MINNESOTA STATE (PROPERTY TAX REVENUE) 5.00 06/01/2020 1,271,133
 1,535,000 MINNESOTA STATE HEFAR BETHEL UNIVERSITY SERIES 6R (EDUCATION
 REVENUE) 5.50 05/01/2025 1,580,144
 2,000,000 MINNESOTA STATE HEFAR CARLETON COLLEGE SERIES D ( EDUCATION
 REVENUE) 5.00 03/01/2030 2,220,160
 300,000 MINNESOTA STATE HEFAR HAMLINE UNIVERSITY SERIES SEVEN-E
 (EDUCATION REVENUE) 4.50 10/01/2021 308,721
 500,000 MINNESOTA STATE HEFAR HAMLINE UNIVERSITY SERIES SEVEN-E
 (EDUCATION REVENUE) 5.00 10/01/2029 515,485
 500,000 MINNESOTA STATE HEFAR ST. OLAF COLLEGE SERIES 7-F (EDUCATION
 REVENUE) 4.50 10/01/2030 517,215
 1,100,000 MINNESOTA STATE HEFAR ST. THOMAS UNIVERSITY SERIES 6W
 (EDUCATION REVENUE) 5.00 10/01/2018 1,230,284
 1,030,000 MINNESOTA STATE HEFAR ST. THOMAS UNIVERSITY SERIES 6W
 (EDUCATION REVENUE) 6.00 10/01/2025 1,132,629
 1,000,000 MINNESOTA STATE HEFAR ST. THOMAS UNIVERSITY SERIES 6W
 (EDUCATION REVENUE) 6.00 10/01/2030 1,090,760
 1,000,000 MINNESOTA STATE HEFAR ST. THOMAS UNIVERSITY SERIES 6X
 (EDUCATION REVENUE) 5.00 04/01/2029 1,063,830
 1,000,000 MINNESOTA STATE HEFAR ST. THOMAS UNIVERSITY SERIES 6X
 (EDUCATION REVENUE) 5.25 04/01/2039 1,055,130
 635,000 MINNESOTA STATE HEFAR STATE BENEDICT COLLEGE SERIES V
 (EDUCATION REVENUE) 5.00 03/01/2018 701,554

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MINNESOTA (continued)
$ 860,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING FINANCE AGENCY
 SERIES B (HOUSING REVENUE, GO OF AGENCY) 5.00% 07/01/2034 $ 882,403
 4,500,000 MINNESOTA STATE HIGHWAY AND VARIOUS PURPOSES (PROPERTY TAX
 REVENUE) 5.00 08/01/2022 5,181,705
 1,695,000 MINNESOTA STATE HOUSING FINANCE AGENCY (HOUSING REVENUE) 4.20 07/01/2021 1,781,750
 965,000 MINNESOTA STATE HOUSING FINANCE AGENCY RESIDENTIAL HOUSING
 FINANCE SERIES B (HOUSING REVENUE, GO OF AGENCY) 4.75 07/01/2026 972,894
 1,935,000 MINNESOTA STATE HOUSING FINANCE AGENCY RESIDENTIAL HOUSING
 FINANCE SERIES Q (HOUSING REVENUE, GO OF AGENCY) 5.25 07/01/2033 1,980,086
 535,000 MINNESOTA STATE HOUSING FINANCE AGENCY SERIES A (SFMR,
 NATL-RE INSURED) 5.35 07/01/2017 557,700
 885,000 MINNESOTA STATE HOUSING FINANCE AGENCY SERIES B (HOUSING
 REVENUE) 5.90 07/01/2028 944,968
 455,000 MINNESOTA STATE HOUSING FINANCE AGENCY SERIES D (SFMR,
 AMBAC INSURED, GO OF AGENCY) 5.80 07/01/2021 476,899
 5,000 MINNESOTA STATE HOUSING FINANCE AGENCY SERIES E (SFMR, GO
 OF AGENCY) 5.90 07/01/2025 5,007
 1,000,000 MINNESOTA STATE IRON RANGE RESOURCE & REHABILITATION GIANTS
 RIDGE RECREATION AREA (RECREATIONAL REVENUE) 7.25 11/01/2016 1,020,660
 1,100,000 MINNESOTA STATE MUNICIPAL POWER AGENCY (UTILITIES REVENUE) 5.00 10/01/2037 1,144,110
 1,500,000 MINNESOTA STATE PUBLIC FACILITIES AUTHORITY SERIES B
 (UTILITIES REVENUE) 5.00 03/01/2020 1,836,225
 3,775,000 MINNESOTA STATE PUBLIC SAFETY COMMISSION
 (TELECOMMUNICATIONS REVENUE, ASSURED GUARANTY) 5.00 06/01/2019 4,542,911
 1,000,000 MINNESOTA STATE SERIES H (PROPERTY TAX REVENUE) 5.00 11/01/2027 1,154,560
 1,890,000 MINNESOTA STATE TRUNK HIGHWAY SERIES E ( PROPERTY TAX
 REVENUE) 5.00 08/01/2016 2,258,285
 500,000 MONTGOMERY MN INDEPENDENT SCHOOL DISTRICT SCHOOL BUILDING
 #394 SERIES B (PROPERTY TAX REVENUE, AGM INSURED, SCHOOL
 DISTRICT CREDIT PROGRAM) 5.00 02/01/2025 548,435
 405,000 MOORHEAD MN (SFMR, FHA INSURED) 7.10 08/01/2011 424,562
 2,040,000 MOUNDS VIEW MN INDEPENDENT SCHOOL DISTRICT # 621 SERIES A
 (PROPERTY TAX REVENUE, SCHOOL DISTRICT CREDIT PROGRAM) 5.38 02/01/2019 2,071,314
 530,000 MOUNDS VIEW MN INDEPENDENT SCHOOL DISTRICT # 621 SERIES A
 (PROPERTY TAX REVENUE, SCHOOL DISTRICT CREDIT PROGRAM) 4.00 02/01/2022 576,852
 695,000 MOWER COUNTY MN HOUSING & RDA FACILITIES PROJECT SERIES A
 (LEASE REVENUE) 5.75 02/01/2027 745,290
 375,000 MOWER COUNTY MN HOUSING & RDA FACILITIES PROJECT SERIES A
 (LEASE REVENUE) 5.90 02/01/2029 400,991
 1,500,000 NORTHERN MN MUNICIPAL POWER AGENCY SERIES A (UTILITIES
 REVENUE, ASSURED GUARANTY) 5.00 01/01/2016 1,727,325
 820,000 NORTHERN MN MUNICIPAL POWER AGENCY SERIES A (UTILITIES
 REVENUE, GUARANTY AGREEMENT) 5.00 01/01/2018 949,880
 615,000 NORTHERN MN MUNICIPAL POWER AGENCY SERIES A (UTILITIES
 REVENUE, GUARANTY AGREEMENT) 5.00 01/01/2021 686,961
 360,000 OSSEO MN ECONOMIC DEVELOPMENT AUTHORITY SERIES B (LEASE
 REVENUE) 5.90 02/01/2018 365,152
 455,000 OSSEO MN ECONOMIC DEVELOPMENT AUTHORITY SERIES B (LEASE
 REVENUE) 6.00 02/01/2022 459,491
 1,000,000 PINE CITY MN LAKES INTERNATIONAL LANGUAGE ACADEMY SERIES A
 (LEASE REVENUE) 6.00 05/01/2026 958,940
 900,000 PINE CITY MN LAKES INTERNATIONAL LANGUAGE ACADEMY SERIES A
 (LEASE REVENUE) 6.25 05/01/2035 848,349
 1,475,000 PINE COUNTY MN HOUSING & RDA PUBLIC PROJECT SERIES A (LEASE
 REVENUE) 5.00 02/01/2028 1,502,538
 250,000 PLYMOUTH MN COP INTERMEDIATE SCHOOL DISTRICT # 287 SERIES A
 (LEASE REVENUE) 5.00 02/01/2024 279,505
 1,000,000 ROBBINSDALE MN INDEPENDENT SCHOOL DISTRICT # 281 (PROPERTY
 TAX REVENUE, AGM INSURED, SCHOOL DISTRICT CREDIT PROGRAM) 5.00 02/01/2019 1,050,150
 1,520,000 ROBBINSDALE MN INDEPENDENT SCHOOL DISTRICT #281 SERIES A
 (PROPERTY TAX REVENUE, SCHOOL DISTRICT CREDIT PROGRAM) 5.00 02/01/2018 1,831,737
 1,715,000 ROBBINSDALE MN INDEPENDENT SCHOOL DISTRICT #281 SERIES A
 (PROPERTY TAX REVENUE, SCHOOL DISTRICT CREDIT PROGRAM) 5.00 02/01/2019 2,070,314
 2,000,000 ROCHESTER MN MAYO CLINIC SERIES E (HCFR) 5.00 11/15/2038 2,128,780

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MINNESOTA (continued)
$ 2,000,000 ROCHESTER MN MAYO FOUNDATION MAYO MEDICAL CENTER SERIES I
 (HCFR) 5.90% 11/15/2010 $ 2,013,920
 1,000,000 ROCHESTER MN SERIES C (UTILITIES REVENUE) 5.00 12/01/2030 1,075,640
 2,000,000 ROSEMOUNT MN INDEPENDENT SCHOOL DISTRICT # 196 SERIES A
 (PROPERTY TAX REVENUE, SCHOOL DISTRICT CREDIT PROGRAM)## 0.38 04/01/2011 1,996,180
 1,150,000 ROSEVILLE MN PRIVATE SCHOOL FACILITIES REVENUE NORTHWESTERN
 COLLEGE PROJECT (EDUCATION REVENUE, MARSHALL & ILSLEY BANK
 LOC)SS. 1.48 11/01/2022 1,150,000
 3,900,000 SEAWAY PORT AUTHORITY OF DULUTH MN INDUSTRIAL DEVELOPMENT
 DOCK & WHARF REVENUE CARGILL INCORPORATED PROJECT (IDR) 4.20 05/01/2013 4,049,058
 950,000 SHAKOPEE MN ST. FRANCIS REGIONAL MEDICAL CENTER (HCFR) 5.25 09/01/2034 929,699
 1,500,000 SHAKOPEE MN ST. FRANCIS REGIONAL MEDICAL CENTER (HCHR) 5.00 09/01/2017 1,552,215
 605,000 SOUTH ST. PAUL MN HOUSING & RDA AIRPORT PROJECT (IDR,
 ASSURED GUARANTY) 4.70 09/01/2019 627,010
 500,000 SOUTH ST. PAUL MN HOUSING & RDA AIRPORT PROJECT (IDR,
 ASSURED GUARANTY) 5.13 09/01/2029 506,980
 1,030,000 SOUTHERN MN MUNICIPAL POWER AGENCY CAPITAL APPRECIATION
 SERIES A (UTILITIES REVENUE, NATL-RE INSURED)SS. 2.86 01/01/2015 952,008
 5,000,000 SOUTHERN MN MUNICIPAL POWER AGENCY CAPITAL APPRECIATION
 SERIES A (UTILITIES REVENUE, NATL-RE INSURED) 3.27 01/01/2020 3,696,900
 2,000,000 SOUTHERN MN MUNICIPAL POWER AGENCY SERIES A (UTILITIES
 REVENUE) 5.25 01/01/2030 2,171,200
 875,000 ST PAUL MN HOUSING & RDA (HCFR) 5.00 08/01/2035 902,388
 1,000,000 ST. CLOUD MN CENTRACARE HEALTH SYSTEM SERIES A (HCFR) 5.13 05/01/2030 1,052,170
 1,000,000 ST. LOUIS PARK MN NICOLLETT HEALTH SERVICES (HCFR) 5.50 07/01/2029 1,043,660
 1,000,000 ST. LOUIS PARK MN NICOLLETT HEALTH SERVICES (HCFR) 5.75 07/01/2039 1,040,330
 1,050,000 ST. MICHAEL MN INDEPENDENT SCHOOL DISTRICT # 885 (PROPERTY
 TAX REVENUE, AGM INSURED, SCHOOL DISTRICT CREDIT PROGRAM) 5.00 02/01/2018 1,104,957
 2,000,000 ST. MICHAEL MN INDEPENDENT SCHOOL DISTRICT # 885 (PROPERTY
 TAX REVENUE, AGM INSURED, SCHOOL DISTRICT CREDIT PROGRAM) 5.00 02/01/2019 2,104,680
 2,000,000 ST. PAUL MINNESOTA HOUSING & RDA ST. PAUL ACADEMY & SUMMIT
 (EDUCATION REVENUE) 5.00 10/01/2024 2,150,160
 2,000,000 ST. PAUL MN HOUSING & RDA ALLINA HEALTH SYSTEMS SERIES A 1
 (HCFR) 5.00 11/15/2024 2,135,780
 1,500,000 ST. PAUL MN HOUSING & RDA COMMUNITY OF PEACE ACADEMY
 PROJECT SERIES A (MISCELLANEOUS REVENUE) 5.00 12/01/2036 1,369,380
 2,000,000 ST. PAUL MN HOUSING & RDA COMMUNITY OF PEACE ACADEMY
 PROJECT SERIES A (MISCELLANEOUS TAX REVENUE) 7.88 12/01/2030 2,065,200
 225,000 ST. PAUL MN HOUSING & RDA GILLETTE CHILDRENS SPECIALTY
 (HCFR) 5.00 02/01/2012 229,145
 200,000 ST. PAUL MN HOUSING & RDA GILLETTE CHILDRENS SPECIALTY
 (HCFR) 5.00 02/01/2013 206,052
 225,000 ST. PAUL MN HOUSING & RDA GILLETTE CHILDRENS SPECIALTY
 (HCFR) 5.00 02/01/2014 233,523
 200,000 ST. PAUL MN HOUSING & RDA GILLETTE CHILDRENS SPECIALTY
 (HCFR) 5.00 02/01/2015 207,726
 650,000 ST. PAUL MN HOUSING & RDA HMONG ACADEMY PROJECT SERIES A
 (EDUCATION REVENUE) 5.75 09/01/2026 606,931
 500,000 ST. PAUL MN HOUSING & RDA HMONG ACADEMY PROJECT SERIES A
 (EDUCATION REVENUE) 6.00 09/01/2036 458,910
 1,715,000 ST. PAUL MN HOUSING & RDA PUBLIC RADIO PROJECT (MISCELLANEOUS
 REVENUE, ALLIED IRISH BANK PLC LOC)SS. 2.50 05/01/2022 1,715,000
 1,700,000 ST. PAUL MN HOUSING & RDA REGIONS HOSPITAL PROJECT (HCFR) 5.25 05/15/2018 1,701,683
 3,000,000 ST. PAUL MN HOUSING & RDA REGIONS HOSPITAL PROJECT (HCFR) 5.30 05/15/2028 3,000,300
 1,000,000 TODD MORRISON CASS & WADENA COUNTIES MN UNITED HOSPITAL
 DISTRICT LAKEWOOD (PROPERTY TAX REVENUE) 5.13 12/01/2024 1,057,710
 1,540,000 UNIVERSITY OF MINNESOTA SERIES A (EDUCATION REVENUE, GO OF
 UNIVERSITY) 5.75 07/01/2017 1,884,513
 1,180,000 UNIVERSITY OF MINNESOTA SERIES A (EDUCATION REVENUE, GO OF
 UNIVERSITY) 5.00 04/01/2021 1,385,450
 7,310,000 UNIVERSITY OF MINNESOTA SERIES A (EDUCATION REVENUE, GO OF
 UNIVERSITY) 5.50 07/01/2021 8,941,007
 1,000,000 UNIVERSITY OF MINNESOTA SERIES A (EDUCATION REVENUE, GO OF
 UNIVERSITY) 5.13 04/01/2034 1,094,900
 1,275,000 UNIVERSITY OF MINNESOTA SERIES C (EDUCATION REVENUE, GO OF
 UNIVERSITY) 5.00 12/01/2020 1,508,708
 5,000,000 UNIVERSITY OF MINNESOTA STATE SUPPORTED STADIUM DEBT
 (EDUCATION REVENUE) 5.00 08/01/2025 5,472,650
 2,085,000 VIRGINIA MN HOUSING & RDA HEALTHCARE FACILITY (LEASE
 REVENUE) 5.25 10/01/2025 2,117,484

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MINNESOTA (continued)
$ 2,495,000 WASHINGTON COUNTY MN CAPITAL IMPROVEMENT PLAN SERIES A
 (PROPERTY TAX REVENUE) 5.00% 02/01/2021 $ 2,868,576
 280,000 WESTERN MINNESOTA MUNICIPAL POWER AGENCY (UTILITIES REVENUE,
 NATL-RE INSURED) 9.75 01/01/2016 378,927
 500,000 WESTERN MINNESOTA MUNICIPAL POWER SERIES B (UTILITIES
 REVENUE, NATL-RE INSURED) 5.00 01/01/2015 565,430
 193,040,150
 ------------------
PUERTO RICO: 0.28%
 25,000 PUERTO RICO ELECTRIC POWER AUTHORITY SERIES II PREREFUNDED
 (UTILITIES REVENUE, XLCA INSURED) 5.25 07/01/2022 27,355
 500,000 UNIVERSITY OF PUERTO RICO SERIES Q (EDUCATION REVENUE) 5.00 06/01/2016 535,295
 562,650
 ------------------
VIRGIN ISLANDS: 1.46%
 750,000 VIRGIN ISLANDS PFA SENIOR LIEN MATCHING FUND LOAN NOTES
 SERIES A (SEWER TAX REVENUE) 5.00 10/01/2014 822,042
 1,000,000 VIRGIN ISLANDS PFA SUB MATCHING FUND LOAN NOTES SERIES A
 (MISCELLANEOUS REVENUE) 5.00 10/01/2025 1,045,660
 1,000,000 VIRGIN ISLANDS PFA SUB MATCHING FUND LOAN NOTES SERIES A
 (MISCELLANEOUS REVENUE) 6.00 10/01/2039 1,066,560
 2,934,262
 ------------------
TOTAL MUNICIPAL BONDS & NOTES (COST $187,426,594) 198,539,736
 ------------------

 SHARES YIELD
--------------- -------------
SHORT-TERM INVESTMENTS: 0.10%
INVESTMENT COMPANIES: 0.10%
 197,937 WELLS FARGO ADVANTAGE MINNESOTA MONEY MARKET
 FUND(L)(U) 0.01% 197,937
 ------------------
TOTAL SHORT-TERM INVESTMENTS (COST $197,937) 197,937
 ------------------
TOTAL INVESTMENTS IN SECURITIES
(COST $187,624,531)* 99.03% $ 198,737,673
OTHER ASSETS AND LIABILITIES, NET 0.97 1,941,459
 ------ ------------------
TOTAL NET ASSETS 100.00% $ 200,679,132
 ------ ------------------

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MUNICIPAL BONDS & NOTES: 98.47%
ALABAMA: 1.80%
$ 2,640,000 ALABAMA PUBLIC SCHOOL & COLLEGE AUTHORITY CAPITAL
 IMPROVEMENT (SALES TAX REVENUE) 5.00% 12/01/2017 $ 3,141,811
 2,650,000 ALABAMA PUBLIC SCHOOL & COLLEGE AUTHORITY SERIES A (SALES
 TAX REVENUE) 5.00 05/01/2017 3,132,327
 6,000,000 COURTLAND AL INDUSTRIAL DEVELOPMENT BOARD INTERNATIONAL
 PAPER COMPANY PROJECT SERIES A(IDR) 5.00 11/01/2013 6,417,780
 1,000,000 JEFFERSON COUNTY AL SCHOOL WARRANTS (LEASE REVENUE, AGM
 INSURED) 5.20 02/15/2012 996,010
 3,480,000 JEFFERSON COUNTY AL SERIES B8 (SEWER TAX REVENUE, AGM
 INSURED)+/-SS.(A)(M)(N) 5.25 02/01/2016 3,340,730
 500,000 JEFFERSON COUNTY AL SERIES C10 (SEWER TAX REVENUE, AGM
 INSURED)+/-SS.(A)(M)(N) 0.39 02/01/2042 230,000
 275,000 JEFFERSON COUNTY AL SERIES C2 (SEWER TAX REVENUE, FGIC
 INSURED)+/-SS.(A)(M)(N) 0.71 02/01/2042 126,500
 1,525,000 JEFFERSON COUNTY AL SERIES C5 (SEWER TAX REVENUE, XLCA
 INSURED)+/-SS.(A)(M)(N) 0.77 02/01/2040 701,500
 750,000 JEFFERSON COUNTY AL SERIES C9 (SEWER TAX REVENUE, AGM
 INSURED)+/-SS.(A)(M)(N) 0.38 02/01/2042 345,000
 1,025,000 JEFFERSON COUNTY AL SUBSERIES B1A (SEWERTAX REVENUE, FGIC
 INSURED)+/-SS.(A)(M)(N) 0.77 02/01/2042 471,500
 2,450,000 JEFFERSON COUNTY AL SUBSERIES B1C (SEWER TAX REVENUE, FGIC
 INSURED)+/-SS.(A)(M)(N) 0.77 02/01/2042 1,127,000
 250,000 JEFFERSON COUNTY AL SUBSERIES B1E (SEWER TAX REVENUE, FGIC
 INSURED)+/-SS.(A)(M)(N) 0.77 02/01/2042 115,000
 3,000,000 MOBILE AL INDUSTRIAL DEVELOPMENT BOARD ALABAMA POWER
 COMPANY BARRY SERIES C (IDR)+/-SS. 5.00 06/01/2034 3,368,460
 23,513,618
 ------------------
ALASKA: 0.04%
 350,000 ALASKA ENERGY AUTHORITY BRADLEY LAKE FOURTH SERIES
 (UTILITIES REVENUE, AGM INSURED) 6.00 07/01/2015 410,228
 55,000 NORTHERN TOBACCO SECURITIZATION CORPORATION AK TOBACCO
 SETTLEMENT REVENUE ASSET-BACKED (TOBACCO REVENUE) 4.80 06/01/2011 56,636
 466,864
 ------------------
ARIZONA: 2.43%
 2,750,000 ARIZONA HEALTH FACILITIES AUTHORITY PHOENIX CHILDREN'S
 HOSPITAL SERIES A (HCFR)+/-SS. 1.27 02/01/2042 2,514,188
 4,875,000 ARIZONA HEALTH FACILITIES AUTHORITY PHOENIX CHILDREN'S
 HOSPITAL SERIES B (HCFR)+/-SS. 1.12 02/01/2042 4,485,975
 5,000,000 ARIZONA LOTTERY SERIES A (MISCELLENEOUS REVENUE,
 AGM INSURED) 5.00 07/01/2027 5,359,200
 2,375,000 ARIZONA SCHOOL FACILITIES BOARD REVENUE REFUNDING STATE
 SCHOOL TRUST (MISCELLANEOUS REVENUE, AMBAC INSURED) 4.00 07/01/2015 2,536,928
 2,800,000 ARIZONA SCHOOL FACILITIES BOARD REVENUE REFUNDING STATE
 SCHOOL TRUST (MISCELLANEOUS REVENUE, AMBAC INSURED) 5.00 07/01/2018 3,105,956
 2,450,000 GOODYEAR AZ MCDOWELL ROAD COMMERCIAL CORRIDOR IMPROVEMENT
 DISTRICT (MISCELLANEOUS REVENUE, AMBAC INSURED) 5.25 01/01/2020 2,674,396
 5,000,000 PHOENIX AZ CIVIC IMPROVEMENT CORPORATION SERIES A
 (MISCELLANEOUS REVENUE) 5.00 07/01/2029 5,358,450
 915,000 PINAL COUNTY AZ ELECTRICAL DISTRICT # 4 (UTILITIES REVENUE) 4.75 12/01/2015 974,850
 2,160,000 TEMPE AZ SERIES A (PROPERTY TAX REVENUE) 4.00 07/01/2019 2,431,318
 1,450,000 UNIVERSITY AZ COP PROJECTS SERIES B (EDUCATION REVENUE,
 AMBAC INSURED) 5.00 06/01/2021 1,555,821
 430,000 VERRADO AZ COMMUNITY FACILITIES DISTRICT # 1 (PROPERTY TAX
 REVENUE) 4.85 07/15/2014 431,238
 205,000 VERRADO AZ COMMUNITY FACILITIES DISTRICT # 1 (PROPERTY TAX
 REVENUE) 6.00 07/15/2013 212,476
 31,640,796
 ------------------

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
ARKANSAS: 0.12%
$ 1,330,000 ROGERS AR CAPITAL IMPROVEMENT (PROPERTY TAX REVENUE, XLCA
 INSURED) 4.25% 03/01/2031 $ 1,511,239
 ------------------
CALIFORNIA: 14.06%
 5,590,000 ALAMEDA CORRIDOR TRANSPORTATION AUTHORITY CA CAPITAL
 APPRECIATION SUB LIEN SERIES A (TRANSPORTATION REVENUE,
 AMBAC INSURED)## 5.45 10/01/2018 3,649,376
 4,405,000 ALHAMBRA CA COP POLICE FACILITIES (LEASE REVENUE, AMBAC
 INSURED) 6.75 09/01/2023 5,192,922
 1,110,000 BASS LAKE CA ELEMENTARY SCHOOL DISTRICT APPRECIATION
 ELECTION 2006 PROJECT (MISCELLANEOUS REVENUEM, AGM LOC)## 0.01 08/01/2036 231,513
 5,000,000 CA GO (GO STATE) 5.25 03/01/2024 5,565,200
 13,000,000 CALIFORNIA DEPARTMENT OF WATER RESTORATION POWER SUPPLY
 PROJECT SERIES L (UTILITIES REVENUE) 5.00 05/01/2019 15,405,520
 1,800,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
 CALIFORNIA INDEPENDENT SYSTEM OPERATOR SERIES A (UTILITIES
 REVENUE) 5.25 02/01/2024 1,898,190
 1,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
 CALIFORNIA INDEPENDENT SYSTEM OPERATOR SERIES A (UTILITIES
 REVENUE) 5.75 02/01/2039 1,042,640
 7,685,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
 ORANGE COUNTY PERFORMING SERIES C (RECREATIONAL REVENUE,
 ALLIED IRISH BANK PLC LOC)+/-SS. 1.60 07/01/2034 7,685,000
 1,440,000 CALIFORNIA STATE (GO STATE) 5.25 03/01/2030 1,526,659
 1,865,000 CALIFORNIA STATE DWR CENTRAL VALLEY PROJECT SERIES AF
 (UTILITIES REVENUE) 5.00 12/01/2021 2,182,740
 1,500,000 CALIFORNIA STATE DWR POWER SUPPLY (UTILITIES REVENUE) 5.00 05/01/2021 1,722,660
 7,035,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES F-5 (UTILTIES
 REVENUE) 5.00 05/01/2022 8,017,438
 1,890,000 CALIFORNIA STATE PUBLIC WORKS BOARD UNIVERSITY OF
 CALIFORNIA RESEARCH PROJECT SERIES L (EDUCATION REVENUE,
 NATL-RE INSURED) 5.25 11/01/2028 2,056,698
 7,605,000 CALIFORNIA STATEWIDE CDA CULINARY INSTITUTE OF AMERICA
 (MISCELLANEOUS REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 2.20 10/01/2038 7,605,000
 5,000,000 CALIFORNIA STATEWIDE CDA WESTERN UNIVERSITY HEALTH
 SERIES A (MISCELLANEOUS REVENUE, BANK OF NEW YORK
 LOC)+/-SS. 2.40 06/01/2039 5,000,000
 8,495,000 CENTRAL BASIN CA MUNICIPAL WATER DISTRIBUTION SERIES B
 (UTILTIES REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 1.25 08/01/2037 8,495,000
 2,005,000 COLTON CA UNITED SCHOOL DISTRICT ELECTION 2208 PROJECT
 SERIES B (MISCELLANEOUS REVENUE, AGM LOC)@ 4.50 08/01/2029 680,477
 1,325,000 COLTON CA UNITED SCHOOL DISTRICT ELECTION 2208 PROJECT
 SERIES B (MISCELLANEOUS REVENUE, AGM LOC)@ 4.75 08/01/2027 521,149
 1,000,000 COLTON CA UNITED SCHOOL DISTRICT ELECTION 2208 PROJECT
 SERIES B (MISCELLANEOUS REVENUE, AGM LOC)@ 5.25 08/01/2030 315,560
 1,500,000 DINUBA CA REDEVELOPMENT AGENCY MERGED CITY REDEVELOPMENT
 PROJECT # 2 (MISCELLANEOUS TAX REVENUE) 4.45 10/01/2011 1,501,620
 2,000,000 GILROY CA UNITED SCHOOL DISTRICT APPRECIATION BOND ANTIC
 NOTES (GO LOCAL)## 4.74 04/01/2013 1,871,780
 2,100,000 GLENDORA CA UNITED SCHOOL DISTRICT APPRECIATION 2005
 ELECTION PROJECT SERIES B (GO LOCAL, ASSURED GUARANTY)## 6.00 08/01/2031 640,626
 5,470,000 GLENDORA CA UNITED SCHOOL DISTRICT APPRECIATION 2005
 ELECTION PROJECT SERIES B (GO LOCAL, ASSURED GUARANTY)## 6.00 08/01/2035 1,223,967
 2,565,000 LAKESIDE CA USD ELECTION 2008 SERIES A (PROPERTY TAX
 REVENUE)## 4.74 06/01/2014 2,278,156
 2,000,000 LONG BEACH CA COMMUNITY COLLEGE DISTRICT BOND ANTICIPATION
 NOTES SERIES A (EDUCATION REVENUE) 9.85 01/15/2013 2,393,820
 2,000,000 LOS ANGELES CA DEPARTMENT AIRPORTS SERIES A (TRANSPORTATION
 REVENUE) 4.00 05/15/2019 2,208,540
 3,000,000 LOS ANGELES CA HARBOR DEPARTMENT SERIES C (TRANSPORTATION
 REVENUE) 5.00 08/01/2021 3,574,410
 7,725,000 LOS ANGELES CA HARBOR DEPARTMENT SERIES C (TRANSPORTATION
 REVENUE) 5.25 08/01/2023 8,955,129
 1,925,000 LOS ANGELES CA MUNICIPAL IMPROVEMENT CORPORATION SERIES C
 (LEASE REVENUE) 4.50 09/01/2019 2,110,455
 2,380,000 LOS ANGELES CA MUNICIPAL IMPROVEMENT CORPORATION SERIES C
 (LEASE REVENUE) 5.00 09/01/2018 2,699,444
 1,790,000 LOS ANGELES CA USD ELECTION 2005 SERIES E (PROPERTY TAX
 REVENUE, AGM INSURED) 5.00 07/01/2022 1,998,589
 5,000,000 LOS ANGELES CA WASTEWATER SYSTEM REFUNDING (UTILITIES
 REVENUE, AGM INSURED) 5.00 06/01/2022 5,407,150

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 1,750,000 LOS ANGELES COUNTY CA METROPOLITAN TRANSPORTATION AUTHORITY
 SERIES A (SALES TAX REVENUE, AMBAC INSURED) 5.00% 07/01/2035 $ 1,830,360
 1,215,000 NEVADA COUNTY CA COP (LEASE REVENUE, NATL-RE INSURED) 5.25 10/01/2019 1,231,062
 1,000,000 NEW HAVEN CA UNITED SCHOOL DISTRICT CAPITAL APPRECIATION
 PROJECT (GO LOCAL, ASSURED GUARANTEED)## 5.95 08/01/2029 339,390
 6,000,000 NEW HAVEN CA UNITED SCHOOL DISTRICT CAPITAL APPRECIATION
 PROJECT (GO LOCAL, ASSURED GUARANTEED)## 6.03 08/01/2033 1,548,540
 2,000,000 NORTHERN CA GAS AUTHORITY # 1 LIBOR (UTILITIES
 REVENUE)+/-SS. 0.96 07/01/2017 1,711,100
 18,500,000 NORTHERN CA GAS AUTHORITY # 1 LIBOR (UTILITIES
 REVENUE)+/-SS. 0.99 07/01/2019 14,622,770
 5,150,000 NORTHERN CA POWER AGENCY SERIES A (UTILITIES REVENUE) 5.25 08/01/2023 5,722,217
 1,000,000 OAKLAND CA UNITED SCHOOL DISTRICT ALAMEDA COUNTY ELECTION
 2006 PROJECT SERIES A (GO LOCAL) 6.50 08/01/2020 1,186,280
 3,000,000 PATTERSON CA UNITED SCHOOL DISTRICT CAPITAL APPRECIATION
 2008 ELECTION PROJECT SERIES B (GO LOCAL, FSA LOC)## 6.13 08/01/2033 758,970
 2,000,000 RICHMOND CA JOINT POWERS FINANCING AUTHORITY POINT POTRERO
 SERIES A (LEASE REVENUE) 6.25 07/01/2024 2,248,900
 1,000,000 ROSEVILLE CA NATURAL GAS FINANCING AUTHORITY (UTILITIES
 REVENUE) 5.00 02/15/2015 1,072,700
 2,000,000 SACRAMENTO COUNTY CA AIRPORT SYSTEMS (MISCELLANEOUS
 REVENUE) 5.00 07/01/2025 2,161,760
 5,000,000 SAN DIEGO CA USD ELECTION 1998 SERIES E-2 (PROPERTY TAX
 REVENUE, FSA INSURED) 5.50 07/01/2027 6,018,250
 2,750,000 SAN JOAQUIN CA DELTA COMMUNITY COLLEGE DISTRICT ELECTION
 2004 CAPITAL APPRECIATION SERIES B (PROPERTY TAX REVENUE,
 AGM INSURED)## 4.75 08/01/2018 2,085,655
 6,110,000 SAN JOSE CA LIBRARIES & PARKS PROJECT (PROPERTY TAX
 REVENUE) 5.13 09/01/2031 6,275,092
 1,355,000 SAN JOSE CA REDEVELOPMENT AGENCY TAX ALLOCATION MERGED AREA
 REDEVELOPMENT PROJECT SERIES A-1 (TAX REVENUE) 5.50 08/01/2030 1,419,918
 2,060,000 SANTA MONICA CA COMMUNITY COLLEGE DISTRICT 2002 ELECTION
 SERIES E (PROPERTY TAX REVENUE) 4.99 08/01/2022 1,223,722
 700,000 SANTA MONICA CA COMMUNITY COLLEGE DISTRICT 2002 ELECTION
 SERIES E (PROPERTY TAX REVENUE) 5.00 08/01/2020 467,929
 115,000 SANTA ROSA CA RANCHERIA TACHI YOKUT TRIBE ENTERPRISE
 (MISCELLANEOUS REVENUE) 4.50 03/01/2011 115,038
 5,000,000 SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY MILFORD WIND
 CORRIDOR PROJECT 1 (UTILITIES REVENUE) 5.00 07/01/2024 5,687,700
 100,000 SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY PROJECTS
 (UTILITIES REVENUE) 6.75 07/01/2013 114,864
 2,000,000 SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY SOUTHERN
 TRANSMISSION PROJECT SERIES S (UTILITIES REVENUE) 5.75 07/01/2024 2,351,360
 2,590,000 SYLVAN CALIFORNIA UNITED SCHOOL DISTRICT CAPITAL
 APPRECIATION ELECTION 2006 (GO LOCAL) 5.89 08/01/2031 790,105
 2,800,000 SYLVAN CALIFORNIA UNITED SCHOOL DISTRICT CAPITAL
 APPRECIATION ELECTION 2006 (GO LOCAL) 5.97 08/01/2032 784,896
 2,155,000 UNIVERSITY OF CALIFORNIA REVENUES GENERAL SERIES Q
 (EDUCATION REVENUE) 5.25 05/15/2024 2,475,836
 300,000 WASHINGTON TOWNSHIP CA HEALTH CARE DISTRICT SERIES A (HCFR) 5.00 07/01/2016 326,016
 260,000 WASHINGTON TOWNSHIP CA HEALTH CARE DISTRICT SERIES A (HCFR) 5.13 07/01/2017 283,241
 2,560,000 WEST BASIN CA MUNICIPAL WATER DISTRICT COP REFUNDING
 SERIES B (UTILTIES REVENUE, ASSURED GUARANTY) 5.00 08/01/2022 2,849,818
 183,360,917
 ------------------
COLORADO: 1.11%
 1,185,000 COLORADO ECFA CHARTER SCHOOL MONUMENT ACADEMY PROJECT
 (MISCELLANEOUS REVENUE) 5.50 10/01/2017 1,226,013
 125,000 COLORADO HEALTH FACILITIES AUTHORITY CATHOLIC HEALTH D-2
 PROJECT PREREFUNDED (HCFR)+/-SS. 5.25 10/01/2038 142,490
 875,000 COLORADO HEALTH FACILITIES AUTHORITY CATHOLIC HEALTH D-2
 PROJECT UNREFUNDED BALANCE (HCFR)+/-SS. 5.25 10/01/2038 977,480
 8,000,000 COLORADO SPRINGS CO UTILITIES SERIES B (UTILTIES
 REVENUE)+/-SS. 0.37 11/01/2036 8,000,000
 1,500,000 E-470 PUBLIC HIGHWAY AUTHORITY CO SERIES B2 (TRANSPORTATION
 REVENUE, NATL-RE INSURED)+/-SS. 5.00 09/01/2039 1,544,790
 250,000 NORTH RANGE METROPOLITAN DISTRICT # 1 CO (PROPERTY TAX
 REVENUE, ACA INSURED) 5.00 12/15/2015 234,890

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
COLORADO (continued)
$ 2,150,000 PUBLIC AUTHORITY FOR CO ENERGY NATURAL GAS (UTILITIES
 REVENUE) 5.75% 11/15/2018 $ 2,317,270
 14,442,933
 ------------------
FLORIDA: 6.71%
 1,500,000 BOYNTON BEACH FL UTILITIES SYSTEMS (UTILITIES REVENUE, FGIC
 INSURED) 5.50 11/01/2016 1,664,685
 1,500,000 BROWARD COUNTY FL HEALTH FACILITIES AUTHORITY CATHOLIC
 HEALTH SERVICES (HCFR, SUNTRUST BANK LOC) 5.50 08/15/2014 1,518,885
 2,200,000 BROWARD COUNTY FL PROFESSIONAL SPORTS FACILITIES PROJECT
 SERIES A (MISCELLANEOUS REVENUE, AMBAC INSURED) 5.00 09/01/2021 2,309,780
 1,000,000 CAPE CORAL FL BOND ANTICIPATION NOTES (UTILTIES REVENUE) 6.00 10/01/2011 1,030,620
 1,325,000 CONNERTON WEST COMMUNITY DEVELOPMENT DISTRICT FL SERIES B
 (MISCELLANEOUS REVENUE)#### 5.13 05/01/2016 503,898
 1,000,000 FLORIDA STATE BOARD OF EDUCATION SERIES B (MISCELLANEOUS
 REVENUE, NATL-RE INSURED) 5.00 07/01/2017 1,173,410
 7,000,000 FLORIDA STATE BOARD OF EDUCATION SERIES C (MISCELLANEOUS
 REVENUE) 5.00 07/01/2017 8,213,870
 2,000,000 FLORIDA STATE BOARD OF EDUCATION SERIES D (PROPERTY TAX
 REVENUE) 5.00 06/01/2021 2,258,440
 1,665,000 GULF BREEZE FL CAPITAL FUNDING LOAN PORGRAM SERIES A
 (MISCELLANEOUS REVENUE AGM INSURED) 5.00 10/01/2017 1,881,217
 1,000,000 GULF BREEZE FL CAPITAL FUNDING LOAN PORGRAM SERIES B
 (MISCELLANEOUS REVENUE AGM INSURED) 4.00 10/01/2016 1,076,190
 1,000,000 GULF BREEZE FL CAPITAL FUNDING LOAN PORGRAM SERIES B
 (MISCELLANEOUS REVENUE AGM INSURED) 4.00 10/01/2017 1,066,970
 850,000 GULF BREEZE FL REVENUE LOCAL GOVERNMENT PUTABLE
 (MISCELLANEOUS REVENUE, FGIC INSURED)+/-SS. 5.50 12/01/2015 853,689
 655,000 GULF BREEZE FL REVENUE MIAMI BEACH LOCAL GOVERNMENT
 SERIES B (MISCELLANEOUS REVENUE, FGIC INSURED)+/-SS. 4.75 12/01/2015 674,008
 1,900,000 GULF BREEZE FL REVENUE VARIOUS LOCAL GOVERNMENT LOAN
 SERIES E (MISCELLANEOUS REVENUE, FGIC INSURED) 5.00 12/01/2020 1,978,299
 3,000,000 GULF BREEZE FL REVENUE VARIOUS LOCAL GOVERNMENT LOAN
 SERIES J (UTILITIES REVENUE)+/-SS. 4.10 12/01/2020 3,101,010
 2,290,000 GULF BREEZE FL REVENUE VARIOUS LOCAL GOVERNMENT LOAN
 SERIES J (UTILITIES REVENUE)+/-SS. 4.20 12/01/2020 2,384,875
 5,005,000 HILLSBOROUGH COUNTY FL IDA (RESOURCE RECOVERY REVENUE,
 AMBAC INSURED)+/-SS. 5.00 12/01/2034 5,230,525
 2,755,000 HILLSBOROUGH COUNTY FL SCHOOL BOARD COP (LEASE REVENUE,
 NATL-RE INSURED) 5.25 07/01/2017 3,180,372
 2,950,000 JEA FLORIDA ELECTRIC SYSTEMS SUBSERIES B (UTILITIES
 REVENUE) 5.00 10/01/2019 3,225,943
 1,500,000 JUPITER FL UTILITIES SYSTEMS (UTILTIES REVENUE) 5.00 10/01/2039 1,609,860
 6,000,000 LAKELAND FL ENERGY SYSTEM REVENUE (UTILITIES REVENUE)+/-SS. 1.37 10/01/2014 5,938,140
 1,100,000 MANATEE COUNTY FL SCHOOL DISTRICT SALES TAX (SALES TAX
 REVENUE, AGM INSURED) 5.00 10/01/2014 1,217,931
 3,000,000 MIAMI DADE COUNTY FL AVIATION SERIES A (TRANSPORTATION
 REVENUE) 5.50 10/01/2019 3,502,290
 1,000,000 MIAMI DADE COUNTY FL EDUCATIONAL FACILITIES AUTHORITY
 UNIVERSITY OF MIAMI SERIES A (EDUCATION REVENUE) 5.25 04/01/2016 1,132,860
 5,800,000 MIAMI DADE COUNTY FL IDR SERIES C (MISCELLANEOUS
 REVENUE)+/-SS. 3.20 07/01/2032 5,800,000
 3,000,000 MIAMI DADE COUNTY FL WATER & SEWER SERIES C (UTILITIES
 REVENUE) 5.25 10/01/2022 3,382,650
 2,950,000 MIAMI DADE COUNTY FL WATER AND SEWER REFUNDING SERIES C
 (UTILITIES REVENUE, BHAC INSURED) 5.00 10/01/2024 3,273,261
 865,000 NORTH BREVARD COUNTY FL HOSPITAL DISTRICT PARRISH MEDICAL
 CENTER PROJECT (HCFR) 4.75 10/01/2013 930,584
 1,030,000 NORTH BREVARD COUNTY FL HOSPITAL DISTRICT PARRISH MEDICAL
 CENTER PROJECT (HCFR) 5.00 10/01/2015 1,139,911
 3,600,000 ORLANDO FL HOUSING AUTHORITY WEST OAKS APARTMENTS PROJECTS
 PUTABLE (HOUSING REVENUE, FNMA INSURED) 5.05 08/01/2033 3,856,248
 1,250,000 PALM BEACH COUNTY FL BIOMEDICAL RESEARCH PARK PROJECT
 SERIES C (MISCELLANEOUS REVENUE, XLCA INSURED) 5.00 11/01/2017 1,450,263
 3,200,000 PUTNAM COUNTY FL DEVELOPMENT AUTHORITY PCR SEMINOLE PROJECT
 SERIES A (UTILITIES REVENUE, AMBAC INSURED)+/-SS. 5.35 03/15/2042 3,547,936
 1,180,000 SEMINOLE COUNTY FL SCHOOL BOART COP (EDUCATION REVENUE) 5.50 07/01/2014 1,334,049
 1,015,000 SOUTH LAKE COUNTY FL HOSPITAL DISTRICT SOUTH LAKE HOSPITAL
 INCORPORATED (HCFR, AGMT GTY) 5.00 10/01/2016 1,103,660

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
FLORIDA (continued)
$ 900,000 SOUTH LAKE COUNTY FL HOSPITAL DISTRICT SOUTH LAKE HOSPITAL
 INCORPORATED (HCFR, AGMT GTY) 5.00% 10/01/2017 $ 977,958
 2,515,000 UNIVERSITY OF NORTH FLORIDA FINANCING CORPORATION HOUSING
 PROJECT (LEASE REVENUE, NATL-RE INSURED) 5.00 11/01/2016 2,898,236
 1,000,000 USF FINANCING CORPORATION FL COP MASTER LEASE SERIES A
 (LEASE REVENUE, AMBAC INSURED) 5.00 07/01/2018 1,090,250
 87,512,773
 ------------------
GEORGIA: 4.01%
 30,000,000 BURKE COUNTY GA PCR DEVELOPMENT AUTHORITY GEORGIA POWER
 COMPANY VOGTLE (IDR)+/-SS. 0.42 07/01/2049 30,000,000
 845,000 FORSYTH COUNTY GA HOSPITAL AUTHORITY GEORGIA BAPTIST
 HEALTHCARE SYSTEMS PROJECT (HCFA REVENUE) 6.25 10/01/2018 989,005
 2,765,000 FULTON COUNTY GA TUFF ATLANTA HOUSING PROJECT SERIES A
 (EDUCATION REVENUE, AMBAC INSURED) 5.50 09/01/2018 2,888,015
 10,000 GEORGIA MUNICIPAL ELECTRIC AUTHORITY POWER REVENUE
 PREREFUNDED (UTILITIES REVENUE, NATL-RE INSURED) 6.50 01/01/2017 11,862
 955,000 GEORGIA MUNICIPAL ELECTRIC AUTHORITY POWER REVENUE
 UNREFUNDED (UTILITIES REVENUE, NATL-RE INSURED) 6.50 01/01/2017 1,125,353
 2,500,000 GEORGIA PUBLIC GAS PARTNERS INCORPORATED SERIES A
 (UTILITIES REVENUE) 5.00 10/01/2017 2,816,225
 3,335,000 MAIN STREET GA NATURAL GAS INCORPORATED SERIES B
 (UTILITIES REVENUE) 5.00 03/15/2015 3,578,789
 1,250,000 MAIN STREET NATURAL GAS INCORPORATED OF GEORGIA GAS
 PROJECT SERIES A (UTILITIES REVENUE) 5.00 03/15/2022 1,328,488
 1,000,000 MAIN STREET NATURAL GAS INCORPORATED OF GEORGIA GAS
 PROJECT SERIES A (UTILITIES REVENUE) 5.50 09/15/2022 1,064,790
 2,450,000 MUNICIPAL ELECTRIC AUTHORITY GA SERIES B (UTILITIES
 REVENUE) 5.00 01/01/2020 2,828,256
 5,000,000 PUBLIC GAS PARTNERS INCORPORATED GA SERIES A (UTILITIES
 REVENUE) 5.00 10/01/2019 5,590,050
 52,220,833
 ------------------
GUAM: 0.54%
 1,000,000 GUAM EDUCATION FINANCING FOUNDATION COP GUAM PUBLIC SCHOOL
 FACILITIES PROJECT SERIES A (LEASE REVENUE) 5.00 10/01/2015 1,034,300
 2,195,000 GUAM EDUCATION FINANCING FOUNDATION COP GUAM PUBLIC SCHOOL
 FACILITIES PROJECT SERIES A (LEASE REVENUE) 5.00 10/01/2017 2,265,569
 2,000,000 GUAM GOVERNMENT DEPARTMENT OF EDUCATION JOHN F KENNEDY HIGH
 SCHOOL SERIES A(EDUCATION REVENUE) 6.00 12/01/2020 2,030,220
 1,635,000 GUAM GOVERNMENT LIMITED OBLIGATION REVENUE SECTION 30
 SERIES A (MISCELLANEOUS REVENUE) 5.00 12/01/2014 1,753,963
 7,084,052
 ------------------
IDAHO: 0.25%
 3,000,000 UNIVERSITY OF IDAHO GENERAL SERIES 2011 (EDUCATION
 REVENUE)+/-SS. 5.25 04/01/2041 3,314,100
 ------------------
ILLINOIS: 9.20%
 135,000 AURORA IL SERIES B (MISCELLANEOUS TAX REVENUE) 4.90 12/30/2011 135,386
 1,015,000 CHAMPAIGN COLES IL ET AL COUNTIES COMMUNITY COLLEGE
 DISTRICT # 505 SERIES A (PROPERTY TAX REVENUE) 4.00 12/01/2018 1,130,974
 1,630,000 CHICAGO IL BOARD OF EDUCATION BENITO JUAREZ COMMUNITY
 ACADEMY SERIES G (PROPERTY TAX REVENUE, NATL-RE INSURED) 6.00 12/01/2022 1,842,682
 4,075,000 CHICAGO IL O' HARE INTERNATIONAL AIRPORT THIRD LIEN SERIES
 C (TRANSPORTATION REVENUE) 5.25 01/01/2025 4,532,093
 735,000 CHICAGO IL O' HARE INTERNATIONAL AIRPORT THIRD LIEN SERIES
 F (TRANSPORTATION REVENUE) 4.25 01/01/2021 786,016
 555,000 CHICAGO IL SERIES A PREREFUNDED (PROPERTY TAX REVENUE,
 NATL-RE INSURED) 3.96 01/01/2028 652,852
 3,180,000 CHICAGO IL SERIES C (PROPERTY TAX REVENUE) 5.00 01/01/2024 3,443,304
 1,135,000 CHICAGO IL TRANSIT AUTHORITY SALES TAX RECEIPTS SERIES A
 (SALES TAX REVENUE) 5.00 12/01/2018 1,314,375

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
ILLINOIS (continued)
$ 560,000 EUREKA IL EUREKA COLLEGE PROJECT 1998 SERIES B (EDUCATION
 REVENUE)+/-SS. 7.00% 01/01/2019 $ 566,994
 2,680,000 HAWTHORN WOODS IL AQUATIC CENTER PROJECT (MISCELLANEOUS
 REVENUE) 4.75 12/30/2017 2,443,865
 1,745,000 HUNTLEY IL SPECIAL SERVICE AREA # 9 (SPECIAL TAX REVENUE,
 ASSURED GUARANTY) 4.60 03/01/2017 1,885,717
 3,655,000 ILLINOIS DEVELOPMENT FINANCCE AUTHORITY ART INSTITUTION
 SERIES A (MISCELLANEOUS REVENUE)+/-SS. 2.13 01/01/2019 3,341,401
 4,560,000 ILLINOIS EDUCATION FACILITIES AUTHORITY FIELD MUSEUM
 (RECREATIONAL REVENUE)+/-SS. 4.13 11/01/2036 4,801,771
 9,050,000 ILLINOIS FINANCE AUTHORITY ADVENTIST HEALTH SYSTEMS SERIES
 B (MISCELLENEOUS REVENUE) 5.00 03/01/2015 10,243,605
 1,550,000 ILLINOIS FINANCE AUTHORITY DEPAUL UNIVERSITY SERIES A
 (EDUCATION REVENUE, XLCA INSURED) 5.00 10/01/2019 1,657,322
 1,840,000 ILLINOIS FINANCE AUTHORITY EAST ST. LOUIS PROJECT
 (MISCELLANEOUS REVENUE, XLCA INSURED) 5.00 11/15/2013 1,856,689
 5,000,000 ILLINOIS FINANCE AUTHORITY GAS SUPPLY PEOPLES GAS & COKE
 COMPANY SERIES A (UTILITIES REVENUE)+/-SS. 4.30 06/01/2035 5,279,750
 1,560,000 ILLINOIS FINANCE AUTHORITY NEW MONEY COMMUNITY
 REHABILITATION A (HCFR) 4.90 07/01/2013 1,575,475
 2,010,000 ILLINOIS FINANCE AUTHORITY NEW MONEY COMMUNITY
 REHABILITATION A (HCFR) 4.95 07/01/2014 2,026,281
 2,870,000 ILLINOIS HEALTH FACILITIES AUTHORITY MERCY HOSPITAL &
 MEDICAL CENTER (HCFR) 10.00 01/01/2015 3,454,217
 540,000 ILLINOIS HEALTH FACILITIES AUTHORITY MICHAEL REESE HOSPITAL
 SERIES A (HCFR, FSA INSURED) 7.60 02/15/2019 675,178
 1,000,000 ILLINOIS MUNICIPAL ELECTRIC AGENCY POWER (UTILITIES
 REVENUE, NATL-RE & FGIC INSURED) 5.00 02/01/2023 1,072,740
 1,100,000 ILLINOIS MUNICIPAL ELECTRIC AGENCY POWER SUPPLY SERIES A
 (UTILITIES REVENUE, NATL INSURED) 5.25 02/01/2023 1,193,973
 6,395,000 ILLINOIS REGIONAL TRANSPORTATION AUTHORITY (TRANSPORTATION
 REVENUE) 5.75 06/01/2018 7,683,784
 2,705,000 ILLINOIS SERIES A (GO STATE) 5.00 03/01/2016 2,919,912
 5,000,000 ILLINOIS SERIES A (GO STATE) 5.00 10/01/2016 5,335,800
 5,000,000 ILLINOIS SERIES A (GO STATE) 5.25 10/01/2015 5,419,250
 1,000,000 ILLINOIS SERIES B (GO STATE) 5.00 06/15/2018 1,157,250
 7,500,000 ILLINOIS STATE SALES TAX REVENUE (TAX REVENUE, NATL-RE &
 FGIC INSURED) 6.00 06/15/2026 9,177,150
 3,500,000 ILLINOIS TOLL HIGHWAY AUTHORITY SERIES A-1 (TRANSPORTATION
 REVENUE) 5.25 01/01/2026 3,832,500
 1,000,000 LAKE COUNTY IL COMMUNITY HIGH SCHOOL DISTRICT # 117 ANTIOCH
 CAPITAL APPRECIATION SERIES B (PROPERTY TAX REVENUE,
 NATL-RE INSURED)## 4.68 12/01/2016 784,400
 1,200,000 NORTHERN COOK COUNTY IL SOLID WASTE AGENCY SERIES A
 (RESOURCE RECOVERY REVENUE, NATL-RE INSURED) 5.00 05/01/2013 1,317,372
 7,725,000 REGIONAL TRANSPORTATION AUTHORITY GO OF AUTHORITY (SALES
 TAX REVENUE, NATL-RE INSURED) 6.50 07/01/2026 9,935,741
 1,975,000 SOUTHWESTERN ILLINOIS DEVELOPMENT AUTHORITY LOCAL
 GOVERNMENT PROGRAM COLLINSVILLE LIMITED (SALES TAX REVENUE) 5.00 03/01/2025 1,618,276
 5,000,000 STATE OF ILLINOIS (OTHER REVENUE) 3.00 05/20/2011 5,053,300
 455,000 TAZEWELL COUNTY IL SCHOOL DISTRICT # 51 (PROPERTY TAX
 REVENUE, NATL-RE & FGIC INSURED) 9.00 12/01/2017 631,040
 535,000 TAZEWELL COUNTY IL SCHOOL DISTRICT # 51 (PROPERTY TAX
 REVENUE, NATL-RE & FGIC INSURED) 9.00 12/01/2018 755,912
 1,000,000 UNIVERSITY OF IL AUXILIARY SYSTEM FACILITIES SERIES A
 (EDUCATION REVENUE, AMBAC INSURED) 5.50 04/01/2024 1,214,710
 9,730,000 WILL COUNTY IL COMMUNITY UNIT SCHOOL DISTRICT CAPITAL
 APPRECIATION (PROPERTY TAX REVENUE, NATL-RE & FGIC
 INSURED)## 7.59 11/01/2018 7,125,571
 119,874,628
 ------------------
INDIANA: 4.35%
 1,000,000 FORT WAYNE IN REDEVELOPMENT AUTHORITY GRAND WAYNE CENTER
 PROJECT (LEASE REVENUE) 5.00 02/01/2020 1,064,800
 100,000 HAMMOND IN MULTI-SCHOOL BUILDING CORPORATION FIRST MORTGAGE
 (LEASE REVENUE, NATL-RE FGIC INSURED) 5.00 07/15/2014 114,094
 5,750,000 HAMMOND IN PCR AMOCO OIL COMPANY PROJECT (IDR)+/-SS. 0.35 02/01/2022 5,750,000

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
INDIANA (continued)
$ 1,340,000 INDIANA BOND BANK HENDRICKS REGIONAL HEALTH A
 (MISCELLANEOUS REVENUE, INSURED BY MORAL OBLIGATION) 5.00% 08/01/2016 $ 1,514,602
 1,000,000 INDIANA BOND BANK HENDRICKS REGIONAL HEALTH SERIES A
 (MISCELLANEOUS REVENUE, INSURED BY MORAL OBLIGATION) 4.00 08/01/2017 1,083,230
 900,000 INDIANA BOND BANK SPECIAL PROGRAM BMA INDEX SERIES B2
 (UTILITIES REVENUE)+/-SS. 0.93 10/15/2022 746,307
 5,410,000 INDIANA BOND BANK SPECIAL PROGRAM SERIES A (UTILITIES GAS
 REVENUE) 5.00 10/15/2017 5,783,939
 500,000 INDIANA BOND BANK SPECIAL PROGRAM SERIES A (UTILITIES GAS
 REVENUE) 5.25 10/15/2016 545,195
 14,000,000 INDIANA FINANCE AUTHORITY CLARIAN HEALTH SERIES B (HCFR,
 ALLIED IRISH BANK PLC LOC)+/-SS. 1.50 03/01/2033 14,000,000
 15,000,000 INDIANA HEFA ASCENSION HEALTH SERIES B3 (HCFR)+/-SS. 1.93 11/15/2031 15,000,000
 1,150,000 INDIANA MUNICIPAL POWER AGENCY POWER SUPPLIES PROJECT
 SERIES B (UTILITIES REVENUE) 5.50 01/01/2016 1,292,577
 5,900,000 JASPER COUNTY IN PCR NORTHERN SERIES A (IDR, NATL-RE
 INSURED) 5.60 11/01/2016 6,631,423
 980,000 JEFFERSONVILLE IN BUILDING CORPORATION FIRST MORTGAGE
 SERIES C (LEASE REVENUE) 4.25 08/15/2017 1,047,640
 1,000,000 MT. VERNON IN SCHOOL BUILDING CORPORATION FIRST MORTGAGE
 SERIES 2007 (LEASE REVENUE, AGM INSURED) 5.00 07/15/2019 1,150,200
 270,000 PORTAGE REDEVELOPMENT DISTRICT (MISCELLANEOUS REVENUE, CIFG
 INSURED) 4.00 01/15/2015 286,060
 350,000 PORTAGE REDEVELOPMENT DISTRICT (MISCELLANEOUS REVENUE, CIFG
 INSURED) 4.00 01/15/2016 369,170
 360,000 PORTAGE REDEVELOPMENT DISTRICT (MISCELLANEOUS REVENUE, CIFG
 INSURED) 4.00 07/15/2016 379,858
 56,759,095
 ------------------
IOWA: 0.94%
 2,500,000 IOWA FINANCE AUTHORITY PCFA INTERSTATE POWER (IDR, FGIC
 INSURED) 5.00 07/01/2014 2,704,275
 3,000,000 IOWA STUDENT LOAN LIQUIDITY CORPORATION SERIES 1 (STUDENT
 LOAN REVENUE) 5.25 12/01/2017 3,336,840
 5,285,000 IOWA STUDENT LOAN LIQUIDITY CORPORATION SERIES 1 (STUDENT
 LOAN REVENUE) 5.25 12/01/2018 5,853,825
 385,000 TOBACCO SETTLEMENT AUTHORITY IA ASSET-BACKED SERIES B
 (TOBACCO REVENUE) 5.50 06/01/2012 401,905
 12,296,845
 ------------------
KANSAS: 1.28%
 6,200,000 BURLINGTON KS ENVIRONMENTAL IMPACT KANSAS CITY POWER &
 LIGHT SERIES A (IDR, XLCA INSURED)+/-SS. 5.25 12/01/2023 6,677,710
 55,000 KANSAS DEVELOPMENT FINANCE AUTHORITY HEALTH FACILITIES
 HARTFORD SERIES B-1 (HCFR, ACA INSURED) 6.13 04/01/2012 56,078
 280,000 OLATHE KS SPECIAL OBLIGATION WEST VILLAGE CENTER PROJECT
 (MISCELLANEOUS TAX REVENUE) 5.00 09/01/2013 253,635
 305,000 OLATHE KS SPECIAL OBLIGATION WEST VILLAGE CENTER PROJECT
 (MISCELLANEOUS TAX REVENUE) 5.00 09/01/2014 265,695
 235,000 OVERLAND PARK KS DEVELOPMENT CORPORATION FIRST TIER
 CONVENTION SERIES A (MISCELLANEOUS REVENUE, AMBAC INSURED) 4.00 01/01/2011 235,714
 300,000 OVERLAND PARK KS DEVELOPMENT CORPORATION SECOND TIER
 CONVENTION SERIES B (MISCELLANEOUS REVENUE, AMBAC INSURED) 4.00 01/01/2011 300,912
 9,000,000 WYANDOTTE COUNTY & KANSAS CITY KS UNITED GOVERNMENT
 SPECIAL OBLIGATION SALES TAX, SECOND LIEN SERIES A (SALES
 TAX REVENUE)## 6.05 06/01/2021 5,119,110
 2,500,000 WYANDOTTE COUNTY & KANSAS CITY KS UNITED GOVERNMENT SPECIAL
 OBLIGATION SALES TAX, SECOND LIEN SERIES B (SALES TAX
 REVENUE) 5.00 12/01/2020 2,619,150
 1,445,000 WYANDOTTE COUNTY KS CITY UNITED GOVERNMENT TRANSPORTATION
 DEVELOPMENT DISTRICT LEGENDS VILLAGE WEST PROJECT
 (MISCELLANEOUS REVENUE) 4.88 10/01/2028 1,137,807
 16,665,811
 ------------------

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
KENTUCKY: 1.50%
$ 5,020,000 KENTUCKY ASSET / LIABILITY COMMISSION GENERAL FUND SERIES A
 (MISCELLANEOUS REVENUE)+/-SS. 0.84% 11/01/2027 $ 4,226,137
 6,175,000 KENTUCKY ASSET / LIABILITY COMMISSION GENERAL FUND SERIES B
 (MISCELLANEOUS REVENUE)+/-SS. 0.86 11/01/2025 4,864,356
 1,265,000 KENTUCKY STATE PROPERTY & BUILDINGS COMMISSION SERIES A
 PROJECT # 95 (MISCELLANEOUS REVENUE) 5.00 08/01/2019 1,479,961
 8,599,931 UNIVERSITY OF KENTUCKY COP MASTER STREET LEASE # 4 (LEASE
 REVENUE)++ 4.45 06/18/2018 8,964,052
 19,534,506
 ------------------
LOUISIANA: 2.42%
 500,000 JEFFERSON PARISH LA HOSPITAL SERVICE DISTRICT # 001 WEST
 JEFFERSON MEDICAL CENTER SERIES A (HCFR, AGM INSURED) 5.25 01/01/2013 503,865
 2,510,000 LAFOURCHE PARISH LA HOUSING AUTHORITY CITY PLACE II PROJECT
 (HOUSING REVENUE, GNMA INSURED) 6.70 01/20/2040 2,647,448
 1,225,000 LOUISIANA LOCAL GOVERNMENT ENVIRONMENTAL FACILITIES &
 COMMUNITY DEVELOPMENT AUTHORITY (HOUSING REVENUE, FNMA
 INSURED)+/-SS. 4.25 04/15/2039 1,285,319
 200,000 LOUISIANA PUBLIC FACILITIES AUTHORITY ARCHDIOCESE OF NEW
 ORLEANS PROJECT (MISCELLANEOUS REVENUE, CFIG INSURED) 5.00 07/01/2014 216,564
 100,000 LOUISIANA PUBLIC FACILITIES AUTHORITY ARCHDIOCESE OF NEW
 ORLEANS PROJECT (MISCELLANEOUS REVENUE, CFIG INSURED) 5.00 07/01/2016 109,357
 150,000 LOUISIANA PUBLIC FACILITIES AUTHORITY ARCHDIOCESE OF NEW
 ORLEANS PROJECT (MISCELLANEOUS REVENUE, CFIG INSURED) 5.00 07/01/2017 163,514
 170,000 LOUISIANA PUBLIC FACILITIES AUTHORITY BLACK & GOLD
 FACILITIES PROJECT SERIES A (EDUCATION REVENUE, CIFG
 INSURED) 4.13 07/01/2016 178,150
 55,000 LOUISIANA PUBLIC FACILITIES AUTHORITY BLACK & GOLD
 FACILITIES PROJECT SERIES A (EDUCATION REVENUE, CIFG
 INSURED) 4.25 07/01/2017 57,493
 505,000 LOUISIANA PUBLIC FACILITIES AUTHORITY BLACK & GOLD
 FACILITIES PROJECT SERIES A (EDUCATION REVENUE, CIFG
 INSURED) 4.00 07/01/2015 529,821
 1,250,000 LOUISIANA PUBLIC FACILITIES AUTHORITY BLACK & GOLD
 FACILITIES PROJECT SERIES A (EDUCATION REVENUE, CIFG
 INSURED) 5.00 07/01/2022 1,295,538
 100,000 LOUISIANA PUBLIC FACILITIES AUTHORITY BLACK & GOLD
 FACILITIES PROJECT SERIES A (HOUSING REVENUE, CIFG INSURED) 5.00 07/01/2014 105,083
 740,000 LOUISIANA PUBLIC FACILITIES AUTHORITY BLACK & GOLD
 FACILITIES PROJECT SERIES A (HOUSING REVENUE, CIFG INSURED) 5.00 07/01/2016 771,465
 1,465,000 LOUISIANA PUBLIC FACILITIES AUTHORITY BLACK & GOLD
 FACILITIES PROJECT SERIES A (HOUSING REVENUE, CIFG INSURED) 5.00 07/01/2019 1,480,207
 500,000 LOUISIANA PUBLIC FACILITIES AUTHORITY BLACK & GOLD
 FACILITIES PROJECT SERIES A (HOUSING REVENUE, CIFG INSURED) 5.00 07/01/2020 502,195
 100,000 LOUISIANA PUBLIC FACILITIES AUTHORITY BLACK & GOLD
 FACILITIES PROJECT SERIES A (HOUSING REVENUE, CIFG INSURED) 5.00 07/01/2022 98,942
 3,600,000 LOUISIANA PUBLIC FACILITIES AUTHORITY THIBODAUX PROJECT
 (MISCELLANEOUS REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 2.76 12/01/2036 3,600,000
 1,945,000 LOUISIANA STATE CITIZENS PROPERTY INSURANCE CORPORATION
 SERIES B (MISCELLANEOUS REVENUE, AMBAC INSURED) 5.25 06/01/2013 2,084,457
 1,000,000 LOUISIANA STATE CORRECTIONAL FACILITIES CORPORATION (LEASE
 REVENUE, AMBAC INSURED) 5.00 09/01/2019 1,153,530
 800,000 LOUISIANA STATE SERIES A (FUEL SALES TAX REVENUE, AMBAC
 INSURED) 5.38 06/01/2016 852,808
 1,350,000 NEW ORLEANS LA (PROPERTY TAX REVENUE, FGIC INSURED) 5.50 12/01/2016 1,516,415
 690,000 NEW ORLEANS LA (UTILITIES REVENUE, ASSURED GUARANTY) 5.50 06/01/2016 754,398
 590,000 NEW ORLEANS LA (UTILITIES REVENUE, ASSURED GUARANTY) 5.63 06/01/2017 648,286
 740,000 NEW ORLEANS LA (UTILITIES REVENUE, FGIC INSURED) 5.50 06/01/2020 743,567
 925,000 NEW ORLEANS LA (UTILITIES REVENUE, NATL-RE INSURED) 5.00 06/01/2012 948,782
 100,000 NEW ORLEANS LA (UTILITIES REVENUE, NATL-RE INSURED) 5.00 06/01/2016 100,988
 1,365,000 NEW ORLEANS LA PUBLIC IMPROVEMENT SERIES A (PROPERTY TAX
 REVENUE, RADIAN INSURED) 5.00 12/01/2016 1,521,975
 1,345,000 NEW ORLEANS LA PUBLIC IMPROVEMENT SERIES A (PROPERTY TAX
 REVENUE, RADIAN INSURED) 5.00 12/01/2017 1,497,308
 5,000,000 PARISH OF DESOTO LA PCR SOUTHWESTERN ELECTRICAL POWER
 (UTILITIES REVENUE)+/-SS. 3.25 01/01/2019 5,107,700

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
LOUISIANA (continued)
$ 1,000,000 PORT OF NEW ORLEANS LA BOARD COMMERCE SPECIAL PROJECT CG
 RAILWAY INCORPORATED (TRANSPORTATION REVENUE, NATL-RE
 INSURED) 5.25% 08/15/2013 $ 1,072,630
 31,547,805
 ------------------
MASSACHUSETTS: 2.05%
 1,050,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY SABIS
 INTERNATIONAL CHARTER SERIES A (MISCELLANEOUS REVENUE) 6.50 04/15/2019 1,153,782
 615,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY SABIS
 INTERNATIONAL CHARTER SERIES A (MISCELLANEOUS REVENUE) 6.55 04/15/2020 671,531
 2,000,000 MASSACHUSETTS EDUCATIONAL FINANCING AUTHORITY ISSUE I
 SERIES A (EDUCATION REVENUE) 5.50 01/01/2017 2,289,180
 2,000,000 MASSACHUSETTS EDUCATIONAL FINANCING AUTHORITY SERIES I
 (EDUCATION REVENUE) 5.50 01/01/2018 2,251,420
 14,000,000 MASSACHUSETTS HEFA (HEALTH CARE REVENUE)+/-SS. 1.18 07/01/2038 14,056,000
 2,650,000 MASSACHUSETTS STATE FLOATING SERIES A (MISCELLANEOUS
 REVENUE)+/-SS. 0.77 11/01/2018 2,393,957
 4,175,000 MASSACHUSETTS STATE SERIES C (MISCELLANEOUS REVENUE, AGM
 INSURED)+/-SS. 2.12 11/01/2019 3,858,285
 26,674,155
 ------------------
MICHIGAN: 5.33%
 5,240,000 CLINTON TOWNSHIP BUILDING AUTHORITY MI MACOMB COUNTY
 (LEASE REVENUE, AMBAC INSURED) 5.50 11/01/2017 5,828,557
 4,235,000 DETROIT MI CAPITAL IMPROVEMENT LIMITED TAX SERIES A-1
 (PROPERTY TAX REVENUE) 5.00 04/01/2015 4,138,357
 8,000,000 DETROIT MI CITY SCHOOL DISTRICT SERIES A
 (EDUCATION REVENUE, AGM INSURED) 5.00 05/01/2019 8,431,280
 1,000,000 DETROIT MI DISTRICT AID (PROPERTY TAX REVENUE) 5.00 11/01/2014 1,121,100
 1,700,000 DETROIT MI DISTRICT AID (PROPERTY TAX REVENUE) 5.00 11/01/2020 1,889,567
 3,000,000 DETROIT MI DISTRICT AID(GO LOCAL) 5.00 11/01/2018 3,351,600
 3,130,000 DETROIT MI SENIOR LIEN SERIES A-1 (UTILITIES REVENUE, AGM
 INSURED) 5.50 07/01/2017 3,611,144
 100,000 DETROIT MI SERIES A-1 (PROPERTY TAX REVENUE, NATL-RE
 INSURED) 5.00 04/01/2019 94,625
 1,000,000 DETROIT MI WATER SUPPLY SYSTEM SERIES A (UTILITIES REVENUE,
 AGM INSURED) 5.00 07/01/2015 1,098,160
 590,000 FLINT MI INTERNATIONAL ACADEMY (EDUCATION REVENUE) 5.00 10/01/2017 588,277
 2,270,000 FLINT MI INTERNATIONAL ACADEMY (EDUCATION REVENUE) 5.38 10/01/2022 2,189,302
 435,000 FLINT MI INTERNATIONAL ACADEMY (EDUCATION REVENUE) 5.50 10/01/2027 412,458
 570,000 KENT COUNTY MI (PROPERTY TAX REVENUE) 5.00 01/01/2018 671,831
 1,000,000 KENT COUNTY MI (PROPERTY TAX REVENUE) 5.00 01/01/2025 1,121,890
 6,000,000 KENT MI HOSPITAL FINANCE AUTHORITY SPECTRUM HEALTH SERIES A
 (HCFR)+/-SS. 5.50 01/15/2047 6,914,100
 7,000,000 MICHIGAN FINANCE AUTHORITY LIMITED OBLIGATION SERIES E
 (OTHER REVENUE) 4.75 08/22/2011 7,055,720
 1,025,000 MICHIGAN MUNICIPAL BOND AUTHORITY LOCAL GOVERNMENT LOAN
 PROGRAM SERIES B GROUP A (MISCELLANEOUS REVENUE, AMBAC
 INSURED) 5.00 12/01/2018 1,042,599
 100,000 MICHIGAN MUNICIPAL BUILDING AUTHORITY GOVERNMENT LOAN
 PROGRAM SERIES A (MISCELLENEOUS REVENUE, AMBAC INSURED) 4.50 05/01/2016 102,932
 600,000 MICHIGAN MUNICIPAL BUILDING AUTHORITY SCHOOL DISTRICT
 CITY OF DETROIT (MISCELLENEOUS REVENUE) 5.00 06/01/2014 668,046
 1,555,000 MICHIGAN PUBLIC EDUCATIONAL FACILITIES AUTHORITY LIMITED
 OBLIGATION CHANDLER PARK ACADEMY (MISCELLANEOUS REVENUE) 5.60 11/01/2018 1,604,107
 1,075,000 MICHIGAN PUBLIC EDUCATIONAL FACILITIES AUTHORITY LIMITED
 OBLIGATION NATAKI TALIBAH (MISCELLANEOUS REVENUE) 6.25 10/01/2023 981,239
 2,750,000 MICHIGAN STATE COMPREHENSIVE TRANSPORTATION PROGRAM (SALES
 TAX REVENUE) 5.25 05/15/2017 3,212,303
 350,000 MICHIGAN STATE ENVIRONMENTAL PROTECTION PROGRAM
 (MISCELLANEOUS REVENUE) 6.25 11/01/2012 366,776
 2,000,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY HOSPITAL
 DAUGHTERS OF CHARITY (HCFR) 5.25 11/01/2015 2,140,820
 5,000,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY SERIES C
 (HCFR)+/-SS. 6.00 12/01/2034 6,094,250

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MICHIGAN (continued)
$ 2,235,000 MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY LIMITED
 GREENWOOD VILLA PROJECT (HOUSING REVENUE, AGM INSURED) 4.75% 09/15/2017 $ 2,426,607
 1,500,000 WESTERN TOWNSHIPS MI UTILITIES AUTHORITY (PROPERTY TAX
 REVENUE) 5.00 01/01/2017 1,730,790
 500,000 WYANDOTTE MI SERIES A (UTILITIES REVENUE, ASSURED GUARANTY) 4.00 10/01/2016 544,915
 69,433,352
 ------------------
MINNESOTA: 0.98%
 3,800,000 BECKER MN PCR NORTHERN STATES POWER SERIES B (IDR)+/-SS. 8.50 09/01/2019 4,303,614
 1,065,000 MINNEAPOLIS & ST. PAUL MN METROPOLITAN AIRPORTS COMMISSION
 SENIOR SERIES A (TRANSPORTATION REVENUE) 4.00 01/01/2019 1,165,951
 4,555,000 MINNEAPOLIS & ST. PAUL MN METROPOLITAN AIRPORTS COMMISSION
 SUB SERIES B (TRANSPORTATION REVENUE, NATL-RE & FGIC INSURED) 5.00 01/01/2018 5,170,699
 120,000 MINNEAPOLIS MN ST. MARY'S HOSPITAL & REHABILITATION (HCFR) 10.00 06/01/2013 137,210
 1,365,000 NORTHERN MN MUNICIPAL POWER AGENCY SERIES A (UTILITIES
 REVENUE, ASSURED GUARANTY) 5.00 01/01/2016 1,571,866
 500,000 ST. PAUL MN HOUSING & REDEVELOPMENT AUTHORITY HMONG ACADEMY
 PROJECT SERIES A (EDUCATION REVENUE) 5.50 09/01/2018 491,490
 12,840,830
 ------------------
MISSISSIPPI: 0.39%
 2,745,000 MISSISSIPPI BUSINESS FINANCE CORPORATION ANDREWS EPISCOPAL
 SCHOOL PROJECT(EDUCATION REVENUE, ALLIED IRISH BANK PLC
 LOC)+/-SS. 1.52 07/01/2025 2,745,000
 1,810,000 MISSISSIPPI BUSINESS FINANCE CORPORATION ANDREWS EPISCOPAL
 SCHOOL PROJECT(EDUCATION REVENUE, ALLIED IRISH BANK PLC
 LOC)+/-SS. 1.52 07/01/2025 1,810,000
 505,000 MISSISSIPPI DEVELOPMENT BANK SPECIAL OBLIGATION MUNICIPAL
 ENERGY AGENCY POWER SUPPLY PROJECT (UTILITIES REVENUE, XLCA
 INSURED) 5.00 03/01/2013 534,941
 5,089,941
 ------------------
MISSOURI: 1.24%
 1,500,000 CHESTERFIELD VALLEY MO TRANSPORTATION DEVELOPMENT DISTRICT
 (SALES TAX REVENUE, CIFG INSURED) 4.00 04/15/2026 1,158,690
 1,245,000 FENTON MO GRAVOIS BLUFFS REDEVELOPMENT PROJECT
 (MISCELLANEOUS TAX REVENUE) 4.50 04/01/2021 1,247,403
 415,000 LAKE OF THE OZARKS MO COMMUNITY BRIDGE CORPORATION
 (MISCELLANEOUS REVENUE) 5.25 12/01/2014 386,531
 1,000,000 MANCHESTER MO HIGHWAY 141 MANCHESTER ROAD PROJECT
 (MISCELLANEOUS TAX REVENUE) 6.00 11/01/2025 1,029,560
 1,245,000 MARYLAND HEIGHTS MO SOUTH HEIGHTS REDEVELOPMENT PROJECT A
 (MISCELLANEOUS TAX REVENUE) 5.50 09/01/2018 1,199,321
 10,000,000 MISSOURI STATE HEFA MOTHER OF GOOD COUNSEL HOME PROJECT
 (HCFR, ALLIED IRISH BANK PLC LOC)+/-SS. 2.76 07/01/2037 10,000,000
 100,000 OZARK MO COP COMMUNITY CENTER PROJECT (LEASE REVENUE) 4.50 09/01/2011 101,921
 145,000 OZARK MO COP COMMUNITY CENTER PROJECT (LEASE REVENUE) 4.50 09/01/2013 152,349
 170,000 OZARK MO COP COMMUNITY CENTER PROJECT (LEASE REVENUE) 4.50 09/01/2014 180,005
 225,000 OZARK MO COP COMMUNITY CENTER PROJECT (LEASE REVENUE) 4.55 09/01/2016 233,827
 415,000 ST. LOUIS MO LAMBERT ST. LOUIS INTERNATIONAL AIRPORT SERIES
 A-1 (TRANSPORTATION REVENUE) 6.00 07/01/2019 479,238
 16,168,845
 ------------------
NEBRASKA: 0.06%
 500,000 MUNICIPAL ENERGY AGENCY OF NEBRASKA SERIES A (UTILITIES
 REVENUE, BHAC INSURED) 5.00 04/01/2019 596,270
 225,000 O'NEILL NE ST. ANTHONY'S PROJECT (HCFR) 6.25 09/01/2012 235,316
 831,586
 ------------------

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
NEVADA: 2.20%
$ 5,000,000 CLARK COUNTY NV AIRPORT REVENUE SERIES C (TRANSPORTATION
 REVENUE, AGM INSURED) 5.00% 07/01/2023 $ 5,497,650
 2,750,000 CLARK COUNTY NV AIRPORT REVENUE SERIES D (TRANSPORTATION
 REVENUE) 5.00 07/01/2024 3,023,268
 3,000,000 CLARK COUNTY NV LAS VEGAS MCCARRAN INTERNATIONAL SERIES A
 (TRANSPORTATION REVENUE) 5.00 07/01/2016 3,390,000
 3,500,000 CLARK COUNTY NV LAS VEGAS MCCARRAN INTERNATIONAL SERIES A-2
 (TRANSPORTATION REVENUE, AMBAC INSURED) 5.00 07/01/2027 3,692,395
 7,500,000 CLARK COUNTY NV SCHOOL DISTRICT SERIES A (GO LOCAL, NATL-RE
 INSURED) 5.00 06/15/2019 8,329,500
 905,000 CLARK COUNTY NV SPECIAL IMPROVEMENT DISTRICT # 121A
 (MISCELLANEOUS REVENUE, AMBAC INSURED) 4.25 12/01/2013 935,598
 1,030,000 RENO NV WASHOE MEDICAL CENTER SERIES A (HCFR, AMBAC INSURED) 5.50 06/01/2016 1,160,027
 2,580,000 RENO-SPARKS INDIAN COLONY NV GOVERNMENTAL (MISCELLANEOUS
 REVENUE, US BANK NA LOC) 5.00 06/01/2021 2,634,696
 28,663,134
 ------------------
NEW HAMPSHIRE: 0.26%
 1,000,000 NEW HAMPSHIRE HEFA COLBY SAWYER COLLEGE (EDUCATION REVENUE,
 ALLIED IRISH BANK PLC LOC)+/-SS. 2.60 09/01/2036 1,000,000
 2,240,000 NEW HAMPSHIRE HEFA EXETER PROJECT (HCFR) 6.00 10/01/2016 2,331,146
 3,331,146
 ------------------
NEW JERSEY: 4.04%
 2,000,000 GLOUCESTER COUNTY NJ IMPROVEMENT AUTHORITY WASTE MANAGEMENT
 INCORPORATED PROJECT SERIES A (RESOURCE RECOVERY
 REVENUE)+/-SS. 2.63 12/01/2029 2,021,540
 1,500,000 NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY CIGARETTE TAX
 (TOBACCO REVENUE, FGIC INSURED) 5.00 06/15/2012 1,544,475
 2,385,000 NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY MOTOR VEHICLE
 SERIES A (MISCELLANEOUS REVENUE, NATL-RE INSURED) 5.25 07/01/2016 2,632,873
 2,000,000 NEW JERSEY HEFAR STUDENT LOAN SERIES 1A (EDUCATION REVENUE) 5.00 12/01/2016 2,221,660
 14,000,000 NEW JERSEY HEFAR STUDENT LOAN SERIES 2 (EDUCATION REVENUE) 4.50 12/01/2029 14,402,500
 500,000 NEW JERSEY HEFAR STUDENT LOAN SERIES A (EDUCATION REVENUE) 5.00 06/01/2016 553,490
 1,585,000 NEW JERSEY HFFA ATLANTIC CITY MEDICAL CENTER PROJECT (HCFR) 6.00 07/01/2012 1,660,763
 765,000 NEW JERSEY HOUSING & MORTGAGE FINANCE AGENCY SERIES AA
 (HOUSING REVENUE) 5.25 10/01/2016 860,028
 1,755,000 NEW JERSEY SPORTS & EXPOSITION AUTHORITY (RECREATIONAL
 REVENUE, NATL-RE INSURED) 5.50 03/01/2022 1,963,599
 4,000,000 NEW JERSEY STATE HEFAR SERIES 1A (EDUCATION REVENUE) 4.75 12/01/2029 4,090,280
 2,000,000 NEW JERSEY STATE HEFAR SERIES A (EDUCATION REVENUE) 5.00 06/01/2017 2,212,560
 1,010,000 NEW JERSEY STATE HEFAR SERIES A (EDUCATION REVENUE) 5.00 06/01/2019 1,108,374
 3,400,000 NEW JERSEY STATE HEFAR SERIES A (EDUCATION REVENUE) 5.00 06/01/2027 3,523,012
 8,010,000 NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY FACILITIES
 CENTER SERIES A (TRANSPORTATION REVENUE, AGM-CR INSURED) 5.50 12/15/2022 9,619,289
 2,590,000 NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY
 TRANPORTATION SYSTEMS PROJECT SERIES C (TRANSPORTATION
 REVENUE, AGM INSURED) 5.50 12/15/2018 3,096,397
 1,000,000 TRENTON NJ (GO LOCAL) 5.00 07/15/2020 1,147,250
 52,658,090
 ------------------
NEW MEXICO: 0.28%
 2,475,000 NEW MEXICO MORTGAGE FINANCE AUTHORITY SFMR CLASS I SERIES A
 (HCFR, GNMA INSURED) 4.63 09/01/2025 2,613,155
 1,030,000 OTERO COUNTY NM JAIL PROJECT (MISCELLANEOUS REVENUE) 5.50 04/01/2013 1,017,908
 3,631,063
 ------------------
NEW YORK: 4.38%
 165,000 BROOKHAVEN NY IDAG METHODIST PROJECT (HOUSING REVENUE,
 NORTH FORK BANK LOC)+/-SS. 4.25 11/01/2037 165,079

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
NEW YORK (continued)
$ 615,000 GENESEE COUNTY NY IDA UNITED MEMORIAL MEDICAL CENTER
 PROJECT (HCFR) 4.75% 12/01/2014 $ 618,868
 8,915,000 METROPOLITAN NY TRANSPORTATION AUTHORITY SERIES A
 (TRANSPORTATION REVENUE) 5.00 11/15/2020 9,868,727
 2,725,000 METROPOLITAN NY TRANSPORTATION AUTHORITY SERIES B-2
 (MISCELLANEOUS REVENUE, AGM INSURED)+/-SS.(A)(M)(N) 0.39 11/01/2022 2,644,130
 275,000 NEW YORK CITY NY IDAG 2006 PROJECT SAMARITAN AIDS SERVICES
 (MISCELLANEOUS REVENUE, CITIBANK NA LOC) 4.50 11/01/2015 310,544
 2,875,000 NEW YORK CITY NY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX
 SERIES A (INCOME TAX REVENUE) 5.00 05/01/2023 3,319,101
 11,410,000 NEW YORK NY IDA AMERICAN SOCIETY TECHNION PROJECT (IDR,
 ALLIED IRISH BANK PLC LOC)+/-SS. 1.60 10/01/2033 11,410,000
 5,000 NEW YORK NY UNREFUNDED BALANCE SERIES F (GO LOCAL, NATL-RE
 INSURED) 5.13 08/01/2013 5,018
 275,000 NEW YORK STATE DORMITORY AUTHORITY HOSPITAL SERIES A (HCFR,
 FHA INSURED) 6.00 08/15/2015 296,051
 880,000 NEW YORK STATE DORMITORY AUTHORITY MONTEFIORE MEDICAL
 CENTER (HCFR, NATL-RE FGIC FHA INSURED) 5.00 02/01/2014 972,479
 2,000,000 NEW YORK STATE DORMITORY AUTHORITY MOUNT SINAI SCHOOL OF
 MEDICINE (EDUCATION REVENUE) 5.50 07/01/2022 2,211,800
 3,650,000 NEW YORK STATE DORMITORY AUTHORITY NORTH SHORE JEWISH
 SERIES B (HCFR)+/-SS. 1.04 05/01/2018 3,248,099
 1,500,000 NEW YORK STATE DORMITORY AUTHORITY UNITED HEALTH HOSPITALS
 (HCFR, FHA INSURED) 4.50 08/01/2018 1,668,660
 8,500,000 NEW YORK URBAN DEVELOPMENT CORPORATION
 (MISCELLANEOUS REVENUE) 5.88 02/01/2013 8,604,975
 3,000,000 NEW YORK URBAN DEVELOPMENT CORPORATION SERIES D
 (IDR, AGC INSURED) 5.50 01/01/2019 3,647,280
 2,000,000 NEWBURGH NY BOND ANTIC NOTES (GO LOCAL) 5.15 08/30/2011 2,024,880
 3,000,000 TOBACCO SETTLEMENT FINANCING CORPORATION NY SERIES A
 (TOBACCO REVENUE) 5.50 06/01/2018 3,182,580
 100,000 TOBACCO SETTLEMENT FINANCING CORPORATION NY SERIES B
 (TOBACCO REVENUE, XLCA INSURED) 4.00 06/01/2012 105,246
 1,430,000 TROY NY CAPITAL RESOURCE CORPORATION RENSSELAER POLYTECHNIC
 SERIES B (RESOURCE REVENUE) 5.00 09/01/2020 1,617,387
 1,000,000 UPPER MOHAWK VALLEY NY REGIONAL WATER FINANCE AUTHORITY
 SERIES A (UTILITIES REVENUE, ASSURED GUARANTY) 5.00 04/01/2018 1,157,840
 57,078,744
 ------------------
NORTH CAROLINA: 0.86%
 90,000 CHARLOTTE NC COP SERIES E (LEASE REVENUE) 4.00 06/01/2017 100,553
 4,400,000 CRAVEN COUNTY NC COP (MISCELLANEOUS REVENUE,
 NATL-RE INSURED) 5.00 06/01/2023 4,825,832
 1,600,000 NASH NC HEALTH CARE SYSTEM (HCFR, AGM INSURED) 5.00 11/01/2014 1,771,024
 225,000 NORTH CAROLINA EASTERN MUNICPAL POWER AGENCY PRE-REFUNDED
 SERIES B (UTILITIES REVENUE) 5.50 01/01/2017 225,682
 1,000,000 NORTH CAROLINA EASTERN MUNICPAL POWER AGENCY SERIES B
 (UTILITIES REVENUE) 5.00 01/01/2017 1,141,360
 95,000 NORTH CAROLINA EASTERN MUNICPAL POWER AGENCY UNREFUNDED
 SERIES B (UTILITIES REVENUE) 5.50 01/01/2017 95,229
 2,755,000 PITT COUNTY NC COP SCHOOL FACILITIES PROJECT
 (EDUCATION REVENUE, NATL-RE INSURED) 5.00 04/01/2023 3,013,584
 11,173,264
 ------------------
NORTH DAKOTA: 0.11%
 1,320,000 MERCER COUNTY ND PCR ANTELOPE VALLEY STATION
 (UTILITIES REVENUE, AMBAC INSURED) 7.20 06/30/2013 1,426,867
 ------------------
OHIO: 1.09%
 500,000 AKRON BATH COPLEY OH JOINT TOWNSHIP AKRON GENERAL HEALTH
 SYSTEMS SERIES A (HCFR) 5.00 01/01/2014 530,590

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
OHIO (continued)
$ 1,500,000 AMERICAN MUNICIPAL POWER OHIO INCORPORATED SERIES A
 (UTILITIES REVENUE) 5.00% 02/01/2012 $ 1,580,130
 675,000 FRANKLIN COUNTY OH CHILDREN'S HOSPITAL PROJECT (HCFR) 10.38 06/01/2013 728,386
 5,000,000 HAMILTON COUNTY OH SEWER SYSTEMS SERIES A
 (UTILITIES REVENUE, NATL-RE INSURED) 5.00 12/01/2016 5,542,200
 1,040,000 OHIO STATE WATER DEVELOPMENT AUTHORITY FRESH WATER
 (UTILITIES REVENUE) 5.50 06/01/2021 1,314,414
 3,000,000 OHIO STATE WATER DEVELOPMENT AUTHORITY FRESH WATER SERIES B
 (UTILITIES REVENUE) 5.00 06/01/2016 3,547,980
 950,000 RIVERSOUTH OH AUTHORITY LAZARUS BUILDING REDEVELOPMENT
 SERIES A (LEASE REVENUE) 5.75 12/01/2027 909,473
 14,153,173
 -------------------
OKLAHOMA: 0.23%
 400,000 MCCLAIN COUNTY OK ECONOMIC DEVELOPMENT AUTHORITY BLANCHARD
 PUBLIC SCHOOLS PROJECT (LEASE REVENUE) 4.50 09/01/2016 439,736
 350,000 MCCLAIN COUNTY OK ECONOMIC DEVELOPMENT AUTHORITY NEWCASTLE
 PUBLIC SCHOOLS PROJECT (LEASE REVENUE) 5.00 09/01/2012 369,604
 1,500,000 MCGEE CREEK AUTHORITY OK WATER REVENUE (WATER REVENUE,
 NATL-RE INSURED) 6.00 01/01/2023 1,698,630
 425,000 OKMULGEE OK MUNICIPAL AUTHORITY SERIES A (SALES TAX REVENUE) 5.00 12/01/2024 472,940
 2,980,910
 -------------------
PENNSYLVANIA: 4.47%
 1,500,000 ADAMS COUNTY PA IDA GETTYSBURG COLLEGE PROJECT (IDR) 5.00 08/15/2024 1,667,895
 1,500,000 ADAMS COUNTY PA IDA GETTYSBURG COLLEGE PROJECT (IDR) 5.00 08/15/2025 1,657,395
 10,000,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY
 UNIVERSITY OF PITTSBURGH MEDICAL CENTER SERIES A-1
 (HCFR)+/-SS. 1.03 02/01/2021 8,903,400
 3,000,000 ALLEGHENY COUNTY PA SERIES C-59B (PROPERTY TAX REVENUE, AGM
 INSURED)+/-SS. 0.86 11/01/2026 2,402,790
 2,600,000 BEAVER COUNTY PA IDA PCR FIRSTENERGY SERIES B (IDR)+/-SS. 3.00 10/01/2047 2,628,080
 880,000 CHESTER COUNTY PA AVON GROVE CHARTER SCHOOL PROJECT
 SERIES A (MISCELLANEOUS REVENUE) 5.65 12/15/2017 901,454
 350,000 CHESTER COUNTY PA IDA RENAISSANCE ACADEMY PROJECT SERIES A
 (PRIVATE SCHOOLS REVENUE) 5.63 10/01/2015 343,217
 1,380,000 DELAWARE COUNTY PA IDA RESOURCE RECOVERY FACILITY SERIES A
 (RESOURCE RECOVERY REVENUE) 6.10 07/01/2013 1,381,697
 1,500,000 HARRISBURG PA AUTHORITY CAPITAL APPRECIATION LIMITED
 OBLIGATION SERIES C (RESOURCE RECOVERY REVENUE)## 3.25 12/15/2010 1,486,185
 3,750,000 HARRISBURG PA AUTHORITY RESOURCES GUARANTEED SUBORDINATED
 SERIES D-2 (HCFR, NATL-RE INSURED)+/-SS. 5.00 12/01/2033 3,777,038
 565,000 MILLCREEK RICHLAND JOINT AUTHORITY PA SERIES B (SEWER TAX
 REVENUE, RADIAN INSURED) 4.70 08/01/2017 591,244
 1,170,000 NORTHAMPTON COUNTY PA GENERAL PURPOSE HOSPITAL AUTHORITY
 SAINT LUKES HOSPITAL PROJECT SERIES C (HCFR)+/-SS. 4.50 08/15/2032 1,205,755
 5,000,000 NORWIN PA SCHOOL DISTRICT SERIES A (EDUCATION REVENUE,
 NATL-RE INSURED) 5.00 04/01/2030 5,056,050
 1,500,000 PENNSYLVANIA EDFA WASTE MANAGEMENT INCORPORATED PROJECT
 (RESOURCE RECOVERY REVENUE)+/-SS. 2.63 12/01/2033 1,513,695
 985,000 PENNSYLVANIA STATE DEPARTMENT OF GENERAL SERVICES (LEASE
 REVENUE, AGM INSURED) 5.25 05/01/2016 1,020,312
 5,000,000 PENNSYLVANIA STATE TURNPIKE COMMISSION SERIES C
 (TRANSPORTATION REVENUE)+/-SS. 1.32 12/01/2014 4,951,100
 1,085,000 PHILADELPHIA IDA FIRST PHILADELPHIA CHARTER HIGH SERIES A
 (MISCELLANEOUS REVENUE) 5.30 08/15/2017 1,118,950
 1,195,000 PHILADELPHIA PA EIGHTEENTH SERIES AGC (UTILITIES REVENUE,
 ASSURED GUARANTY) 5.25 08/01/2016 1,316,615
 1,000,000 PHILADELPHIA PA GAS WORKS 1998 GENERAL ORDINANCE SERIES A
 (UTILITIES REVENUE) 5.00 08/01/2015 1,103,010

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
PENNSYLVANIA (continued)
$ 1,000,000 PHILADELPHIA PA GAS WORKS 1998 GENERAL ORDINANCE SERIES A
 (UTILITIES REVENUE) 5.00% 08/01/2016 $ 1,111,450
 1,225,000 PHILADELPHIA PA GAS WORKS REVENUE REFUNDING 8TH-1998
 GENERAL ORDINANCE SERIES A (UTILITIES REVENUE) 5.25 08/01/2017 1,378,689
 915,000 PHILADELPHIA PA IDR MASTER CHARTER SCHOOL (MISCELLANEOUS
 REVENUE) 5.00 08/01/2020 936,493
 6,000,000 PHILADELPHIA PA SCHOOL DISTRICT REFUNDING SERIES 2010C
 (GO LOCAL) 5.00 09/01/2018 6,768,000
 5,000,000 PHILADELPHIA PA SCHOOL DISTRICT TAX & REVENUE ANTIC NOTES
 SERIES A (EDUCATION REVENUE) 2.50 06/30/2011 5,055,600
 58,276,114
 ------------------
PUERTO RICO: 2.02%
 5,000,000 COMMONWEALTH OF PUERTO RICO HIGHWAY & TRANSPORTATION
 AUTHORITY SERIES AA-1 (TRANSPORTATION REVENUE) 4.95 07/01/2026 5,382,250
 3,000,000 PUERTO RICO ELECTIC POWER AUTHORITY SERIES ZZ (UTILITIES
 REVENUE) 5.25 07/01/2019 3,419,400
 1,800,000 PUERTO RICO ELECTRIC POWER AUTHORITY MUNI SECURITIES TRUST
 RECEIPTS-SGC-36-CLASS A (UTILITIES REVENUE, SOCIETE GENERAL
 LOC)+/-SS. 0.27 07/01/2032 1,800,000
 4,000,000 PUERTO RICO ELECTRIC POWER AUTHORITY SERIES UU (ELECTRIC
 REVENUE, AGM INSURED)+/-SS. 0.88 07/01/2029 3,113,680
 2,000,000 PUERTO RICO HFA SUB-CAPITAL FUND MODERNIZATION (HOUSING
 REVENUE) 5.50 12/01/2017 2,287,280
 10,000,000 PUERTO RICO SALES TAX FINANCING CORPORATION FIRST
 SUBSERIES A (SALES TAX REVENUE)+/-SS. 5.00 08/01/2039 10,396,500
 26,399,110
 ------------------
RHODE ISLAND: 0.38%
 2,060,000 RHODE ISLAND HEALTH & EDUCATIONAL BUILDING CORPORATION
 PROVIDENCE PUBLIC SCHOOLS FINANCING PROGRAM SERIES A
 (MISCELLANEOUS REVENUE, AGM INSURED) 5.00 05/15/2015 2,339,377
 2,425,000 RHODE ISLAND HEALTH & EDUCATIONAL BUILDING CORPORATION
 PROVIDENCE PUBLIC SCHOOLS FINANCING PROJECT SERIES A
 (EDUCATION REVENUE) 5.00 05/15/2022 2,636,533
 4,975,910
 ------------------
SOUTH CAROLINA: 1.82%
 1,000,000 BERKELEY COUNTY SC POLLUTION CONTROL FACILITIES GENERATING
 COMPANY PROJECT (MISCELLANEOUS REVENUE) 4.88 10/01/2014 1,075,500
 1,130,000 CONNECTOR 2000 ASSOCIATION INCORPORATED CAPITAL
 APPRECIATION SERIES B (TOLL ROAD REVENUE)## 8.75 01/01/2032 52,285
 2,000,000 CONNECTOR 2000 ASSOCIATION INCORPORATED CAPITAL
 APPRECIATION SERIES B (TOLL ROAD REVENUE)## 8.75 01/01/2038 65,480
 2,000,000 CONNECTOR 2000 ASSOCIATION INCORPORATED CAPITAL
 APPRECIATION SERIES B (TRANSPORTATION REVENUE)## 7.35 01/01/2035 77,840
 500,000 CONNECTOR 2000 ASSOCIATION INCORPORATED CAPITAL
 APPRECIATION SERIES B (TRANSPORTATION REVENUE)## 7.45 01/01/2036 18,370
 100,000 CONNECTOR 2000 ASSOCIATION INCORPORATED CAPITAL
 APPRECIATION SERIES B (TRANSPORTATION REVENUE)## 8.20 01/01/2033 4,368
 1,750,000 CONNECTOR 2000 ASSOCIATION INCORPORATED CAPITAL
 APPRECIATION SERIES B (TRANSPORTATION REVENUE)## 8.30 01/01/2037 60,690
 1,000,000 KERSHAW COUNTY SC PUBLIC SCHOOLS FOUNDATION INSTALLMENT
 POWER REVENUE (LEASE REVENUE, CIFG INSURED) 5.00 12/01/2020 1,065,680
 740,000 LEE COUNTY SC SCHOOL FACILITIES INCORPORATED SERIES 2006
 (LEASE REVENUE, RADIAN INSURED) 6.00 12/01/2016 821,015
 1,365,000 MCCORMICK COUNTY SC HEALTH CARE CENTER PROJECT PREREFUNDED
 (HCFR) 8.00 03/01/2019 1,640,798
 3,500,000 PIEDMONT MUNICIPAL POWER AGENCY SERIES A-3
 (UTILITIES REVENUE) 5.25 01/01/2019 3,977,925
 1,990,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY PALMETTO
 HEALTH (HCFR)+/-SS. 1.02 08/01/2039 1,887,376
 3,750,000 SOUTH CAROLINA STATE EDUCATION ASSISTANCE AUTHORITY STUDENT
 LOAN SERIES I (STUDENT LOAN REVENUE) 5.00 10/01/2024 3,949,950
 6,450,000 SOUTH CAROLINA TRANSPORTATION INFRASTRUCTURE SERIES A
 (TRANSPORTATION REVENUE, XLCA INSURED) 5.00 10/01/2022 7,144,472

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
SOUTH CAROLINA (continued)
$ 1,000,000 SOUTH CAROLINA TRANSPORTATION INFRASTRUCTURE SERIES A
 (TRANSPORTATION REVENUE, XLCA INSURED) 5.25% 10/01/2022 $ 1,091,290
 745,000 TOBACCO SETTLEMENT REVENUE MANAGEMENT AUTHORITY SC
 (TOBACCO SETTLEMENT FUNDED) 5.00 06/01/2018 745,633
 23,678,672
 ------------------
SOUTH DAKOTA: 0.03%
 500,000 LOWER BRULE SIOUX TRIBE SD SERIES B (PROPERTY TAX REVENUE) 5.25 05/01/2015 450,675
 ------------------
TENNESSEE: 2.05%
 2,000,000 ELIZABETHTON TN HEALTH & EDUCATIONAL DEVELOPMENT FACILITIES
 SERIES B (HCFR, NATL-RE INSURED) 6.25 07/01/2015 2,226,720
 1,250,000 LEWISBURG TN INDUSTRIAL DEVELOPMENT BOARD WASTE MANAGEMENT
 INCORPORATED PROJECT (RESOURCE RECOVERY REVENUE)+/-SS. 2.50 07/01/2012 1,253,288
 725,000 SHELBY COUNTY TN HEALTH EDUCATIONAL & HOUSING FACILITIES
 BOARD LE BONHUER CHILDREN'S MEDICAL CENTER SERIES D (HCFR,
 NATL-RE INSURED) 5.50 08/15/2019 855,014
 1,000,000 TENNESSEE ENERGY ACQUISITION CORPORATION GAS SERIES 2006A
 (UTILITIES REVENUE) 5.25 09/01/2019 1,051,340
 4,250,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES A
 (NATURAL GAS REVENUE) 5.00 09/01/2015 4,499,645
 2,000,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES A
 (NATURAL GAS REVENUE) 5.00 09/01/2016 2,095,080
 1,600,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES A
 (NATURAL GAS REVENUE) 5.25 09/01/2017 1,693,712
 1,875,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES A
 (UTILITIES REVENUE) 5.00 09/01/2012 1,982,269
 635,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES A
 (UTILITIES REVENUE) 5.00 09/01/2013 681,584
 1,115,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES C
 (UTILITIES REVENUE) 5.00 02/01/2015 1,189,560
 1,820,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES C
 (UTILITIES REVENUE) 5.00 02/01/2016 1,925,214
 7,030,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES C
 (UTILTIES REVENUE) 5.00 02/01/2019 7,296,437
 26,749,863
 ------------------
TEXAS: 8.66%
 6,000,000 ARLINGTON TX SPECIAL OBLIGATION DALLAS COWBOYS SERIES A
 (SALES TAX REVENUE, NATL-RE INSURED) 5.00 08/15/2034 6,002,940
 1,520,000 AUSTIN TX AIRPORT SYSTEM PRIOR LIEN (TRANSPORTATION
 REVENUE, NATL-RE INSURED) 5.25 11/15/2017 1,622,554
 1,370,000 AUSTIN TX ELECTRIC UTILITIES SYSTEMS (UTILITIES REVENUE) 5.00 11/15/2024 1,540,140
 1,310,000 CENTRAL TX REGIONAL MOBILITY AUTHORITY
 (MISCELLENEOUS REVENUE) 5.75 01/01/2019 1,447,406
 1,640,000 EAGLE PASS TX INTERNATIONAL BRIDGES (MISCELLANEOUS REVENUE,
 AMBAC INSURED) 5.25 02/15/2014 1,726,018
 1,000,000 GARZA COUNTY TX PUBLIC FACILITIES CORPORATION
 (LEASE REVENUE) 5.25 10/01/2014 1,064,450
 1,000,000 GARZA COUNTY TX PUBLIC FACILITIES CORPORATION
 (LEASE REVENUE) 5.50 10/01/2016 1,124,710
 1,000,000 HOUSTON TX AIRPORT SENIOR LIEN SERIES A
 (TRANSPORTATION REVENUE) 5.00 07/01/2025 1,093,210
 775,000 HOUSTON TX AIRPORT SENIOR LIEN SERIES A
 (TRANSPORTATION REVENUE) 5.00 07/01/2026 842,324
 2,125,000 HOUSTON TX AIRPORT SYSTEMS SERIES A (TRANSPORTATION REVENUE) 5.00 07/01/2020 2,401,250
 1,035,000 LONE STAR COLLEGE SYSTEM TX MAINTENANCE TAX NOTES
 (PROPERTY TAX REVENUE) 4.00 09/15/2017 1,170,057
 1,005,000 LUBBOCK TX WATERWORKS SYSTEM SERIES A (MISCELLANEOUS TAX
 REVENUE, AGM INSURED) 5.00 02/15/2018 1,170,403
 1,495,000 MIDTOWN REDEVELOPMENT AUTHORITY TEXAS (MISCELLANEOUS TAX
 REVENUE, AMBAC INSURED) 5.00 01/01/2020 1,600,517
 1,135,000 NORTH TEXAS HEALTH FACILITIES DEVELOPMENT CORPORATION
 UNITED REGIONAL HEALTH CARE SYSTEM (HCFR, AGM INSURED) 5.00 09/01/2016 1,254,856
 10,395,000 NORTH TEXAS HIGHER EDUCATION AUTHORITY INCOMING STUDENT
 LOAN SERIES A-2 (STUDENT LOAN REVENUE)+/-SS. 1.46 07/01/2030 10,386,580

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
TEXAS (continued)
$ 5,000,000 NORTH TEXAS TOLLWAY AUTHORITY FIRST TIER PUTTABLE
 SERIES L-2 (TRANSPORTATION REVENUE)+/-SS. 6.00% 01/01/2038 $ 5,487,050
 4,100,000 NORTH TEXAS TOLLWAY AUTHORITY FIRST TIER SERIES E-3
 (MISCELLANEOUS REVENUE)+/-SS. 5.75 01/01/2038 4,732,302
 1,000,000 ROUND ROCK TX TRANPORTATION SYSTEMS DEVELOPMENT CORPORATION
 (TRANPORTATION REVENUE, NATL-RE INSURED) 4.50 08/15/2020 1,050,830
 1,115,000 SA ENERGY ACQUISITION PUBLIC FACILITY CORPORATION TX
 (UTILITIES REVENUE) 5.25 08/01/2015 1,203,643
 55,000 SACHSE TX REFUNDING & IMPROVEMENTS (PROPERTY TAX REVENUE,
 ASSURED GUARANTY) 5.00 02/15/2025 61,577
 15,825,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORPORATION I
 SENIOR LIEN SERIES D (NATURAL GAS REVENUE) 5.63 12/15/2017 17,036,562
 735,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORPORATION I SUB
 LIEN SERIES C (NATURAL GAS REVENUE)+/-SS. 1.65 12/15/2026 527,774
 7,035,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORPORATION
 SERIES A (MISCELLANEOUS REVENUE)+/-SS. 0.90 09/15/2017 6,663,271
 10,930,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORPORATION
 SERIES B (UTILITIES REVENUE)+/-SS. 0.74 09/15/2017 10,432,576
 2,000,000 TEXAS PRIVATE ACTIVITY SURFACE TRANSPORTATION CORPORATION
 LBJ INFRASTRUCTURE PROJECT (TRASNPORTATION REVENUE) 7.50 06/30/2032 2,293,640
 2,000,000 TEXAS PRIVATE ACTIVITY SURFACE TRANSPORTATION CORPORATION
 LBJ INFRASTRUCTURE PROJECT (TRASNPORTATION REVENUE) 7.50 06/30/2033 2,290,380
 3,500,000 TEXAS PRIVATE ACTIVITY SURFACE TRANSPORTATION CORPORATION
 SENIOR LIEN NOTE MOBILITY (TRANSPORTATION REVENUE) 7.50 12/31/2031 4,037,495
 855,000 TEXAS STATE PFA CHARTER SCHOOL KIPP INCORPORATED SERIES A
 (EDUCATION REVENUE, ACA INSURED) 4.50 02/15/2016 870,501
 960,000 TEXAS STATE PFA COSMOS FOUNDATION SERIES A (MISCELLANEOUS
 REVENUE) 5.00 02/15/2018 977,674
 425,000 TEXAS STATE PFA UPLIFT EDUCATION SERIES A (MISCELLANEOUS
 REVENUE) 5.00 12/01/2012 443,071
 2,000,000 TITUS FRESH WATER SUPPLY DISTRICT TX FRESH WATER SUPPLY
 DISTRICT # 1 POWER COMPANY (UTILITIES REVENUE) 4.50 07/01/2011 2,040,900
 825,000 TOMBALL TX INDEPENDENT SCHOOL DISTRICT REFUNDING SCHOOL
 BUILDING (PROPERTY TAX REVENUE, PERMANENT SCHOOL FUND
 GUARANTEED)## 4.98 02/15/2015 766,871
 2,600,000 UNIVERSITY OF HOUSTON TX (EDUCATION REVENUE) 5.00 02/15/2024 2,963,064
 1,115,000 UNIVERSITY OF HOUSTON TX SERIES A (EDUCATION REVENUE) 5.00 02/15/2018 1,320,026
 10,000,000 UNIVERSITY OF HOUSTON TX SERIES B (EDUCATION REVENUE) 5.25 07/01/2026 12,492,300
 670,000 WACO TX HEALTH FACILITIES DEVELOPMENT CORPORATION HILLCREST
 SYSTEM PROJECT SERIES A (HCFR, NATL-RE INSURED) 5.00 08/01/2016 742,628
 112,881,550
 ------------------
UTAH: 0.47%
 3,700,000 INTERMOUNTAIN POWER AGENCY UTAH SERIES A (UTILITIES REVENUE,
 AGM INSURED) 5.00 07/01/2018 4,019,606
 900,000 UTAH COUNTY UT LAKEVIEW ACADEMY SERIES A (MISCELLANEOUS
 REVENUE) 5.35 07/15/2017 871,569
 400,000 UTAH COUNTY UT LINCOLN ACADEMY SERIES A (MISCELLANEOUS
 REVENUE) 5.45 06/15/2017 389,676
 985,000 WEST VALLEY CITY UT CHARTER SCHOOL MONTICELLO ACADEMY
 (PRIVATE SCHOOL REVENUE) 6.38 06/01/2037 902,684
 6,183,535
 ------------------
VIRGIN ISLANDS: 1.28%
 500,000 VIRGIN ISLANDS PFA MATCHING FUND LOAN NOTES DIAGO SERIES A
 (MISCELLANEOUS REVENUE) 6.00 10/01/2014 546,270
 5,000,000 VIRGIN ISLANDS PFA SUB LIEN SERIES C (MISCELLANEOUS REVENUE) 5.00 10/01/2017 5,481,750
 5,000,000 VIRGIN ISLANDS PFA SUB MATCHING FUND LOAN NOTES SERIES A
 (MISCELLANEOUS REVENUE) 5.00 10/01/2025 5,228,300
 1,890,000 VIRGIN ISLANDS PUBLIC FINANCE AUTHORITY (MISCELLENEOUS
 REVENUE) 5.25 10/01/2029 1,952,389
 3,000,000 VIRGIN ISLANDS PUBLIC FINANCE AUTHORITY (MISCELLENEOUS
 REVENUE) 6.75 10/01/2019 3,450,810
 16,659,519
 ------------------

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
VIRGINIA: 0.43%
$ 2,000,000 CHESTERFIELD COUNTY VA IDA PCR SERIES A (IDR)+/-SS. 5.88% 06/01/2017 $ 2,046,400
 1,800,000 MARQUIS CDA VA (SPECIAL ASSESSMENT REVENUE) 5.63 09/01/2018 1,453,086
 750,000 REYNOLDS CROSSING CDA VA REYNOLDS CROSSING PROJECT (SPECIAL
 ASSESSMENT REVENUE) 5.10 03/01/2021 727,800
 55,000 VIRGINIA COLLEGE BUILDING AUTHORITY VA REGENT UNIVERSITY
 PROJECT (EDUCATION REVENUE) 5.00 06/01/2013 57,800
 210,000 VIRGINIA COLLEGE BUILDING AUTHORITY VA REGENT UNIVERSITY
 PROJECT (EDUCATION REVENUE) 5.00 06/01/2015 223,173
 1,100,000 WATKINS CENTRE CDA VA (SPECIAL ASSESSMENT REVENUE) 5.40 03/01/2020 1,092,740
 5,600,999
 ------------------
WASHINGTON: 1.67%
 5,000,000 ENERGY NORTHWEST WA ELECTRIC PROJECT SERIES A (UTILITIES
 REVENUE) 5.00 07/01/2017 5,967,350
 1,410,000 GOAT HILL PROPERTIES WA GOVERNMENT OFFICE BUILDING PROJECT
 (LEASE REVENUE, NATL-RE INSURED, COUNTY GUARANTEED) 5.00 12/01/2021 1,525,155
 695,000 GRANT COUNTY WA PUBLIC UTILITY DISTRICT # 2 PRIEST RAPIDS
 SERIES A (UTILITIES REVENUE, NATL-RE FGIC INSURED) 5.00 01/01/2023 744,936
 2,225,000 QUINAULT INDIAN NATION WA QUINAULT BEACH SERIES A
 (MISCELLANEOUS REVENUE, ACA INSURED) 5.80 12/01/2015 1,968,346
 1,480,000 TES PROPERTIES WA (LEASE REVENUE) 5.00 12/01/2024 1,641,202
 1,400,000 TES PROPERTIES WA (LEASE REVENUE) 5.50 12/01/2029 1,551,410
 250,000 TOBACCO SETTLEMENT AUTHORITY WA ASSET-BACKED (TOBACCO
 SETTLEMENT FUNDED REVENUE) 5.50 06/01/2012 260,213
 4,850,000 TOBACCO SETTLEMENT AUTHORITY WA ASSET-BACKED (TOBACCO
 SETTLEMENT FUNDED REVENUE) 6.50 06/01/2026 5,010,910
 800,000 WASHINGTON STATE HEFAR PACIFIC LUTHERAN UNIVERSITY
 (EDUCATION REVENUE, RADIAN INSURED) 5.00 11/01/2013 843,176
 1,105,000 WASHINGTON STATE HEFAR PACIFIC LUTHERAN UNIVERSITY
 (EDUCATION REVENUE, RADIAN INSURED) 5.00 11/01/2014 1,171,886
 1,010,000 WASHINGTON STATE HEFAR WHITWORTH UNIVERSITY PROJECT
 (EDUCATION REVENUE) 5.00 10/01/2015 1,100,254
 21,784,838
 ------------------
WEST VIRGINIA: 0.26%
 2,000,000 WEST VIRGINIA ECONOMIC DEVELOPMENT AUTHORITY PCR
 APPALACHIAN POWER COMPANY AMOS SERIES C
 (UTILITIES REVENUE)+/-SS. 4.85 05/01/2019 2,140,520
 1,100,000 WEST VIRGINIA SCHOOL BUILDING AUTHORITY (MISCELLANEOUS
 REVENUE) 5.25 07/01/2020 1,276,616
 3,417,136
 ------------------
WISCONSIN: 0.67%
 1,620,000 KENOSHA WI USD # 1 SERIES A (PROPERTY TAX REVENUE) 4.50 04/01/2015 1,803,611
 75,000 ST. CROIX FALLS WI CDA (LEASE REVENUE) 4.40 12/01/2010 75,305
 3,000,000 WISCONSIN HEFA MERCY ALLIANCE INCORPORATED PROJECT SERIES A
 (EDUCATION REVENUE) 5.00 06/01/2019 3,169,200
 20,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT AUTHORITY SERIES E
 (HOUSING REVENUE, GO OF AUTHORITY) 4.00 05/01/2013 21,204
 210,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT AUTHORITY SERIES E
 (HOUSING REVENUE, GO OF AUTHORITY) 4.15 05/01/2015 227,329
 890,000 WISCONSIN STATE HEFA BELL TOWER RESIDENCE PROJECT (HCFR,
 ALLIED IRISH BANK PLC LOC) 4.75 07/01/2015 938,274
 2,650,000 WISCONSIN STATE HEFA SERIES M
 (HCFR, NATL-RE INSURED)+/-SS.(A) 0.77 06/01/2019 2,495,817
 8,730,740
 ------------------
TOTAL MUNICIPAL BONDS & NOTES (COST $1,234,968,811) 1,283,670,576
 ------------------

SHARES SECURITY NAME YIELD VALUE
--------------- ----------------------------------------------------------- ------------- ------------------
SHORT-TERM INVESTMENTS: 0.61%
INVESTMENT COMPANIES: 0.61%
 7,917,438 WELLS FARGO ADVANTAGE NATIONAL TAX-FREE MONEY MARKET
 TRUST(L)(U) 0.13 $ 7,917,438
 ------------------
TOTAL SHORT-TERM INVESTMENTS (COST $7,917,438) 7,917,438
 ------------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,242,886,249)* 99.08% 1,291,588,014
OTHER ASSETS AND LIABILITIES, NET 0.92 12,043,950
 ------ ------------------
TOTAL NET ASSETS 100.00% $ 1,303,631,964
 ------ ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MUNICIPAL BONDS & NOTES: 100.89%
ALABAMA: 0.65%
$ 1,075,000 ALABAMA DRINKING WATER FINANCE AUTHORITY SERIES A
 (WATER & SEWER TAX REVENUE, AMBAC INSURED) 5.13% 08/15/2016 $ 1,113,474
 800,000 ALABAMA DRINKING WATER FINANCE REVOLVING FEDERAL LOAN
 SERIES A (WATER REVENUE, AMBAC INSURED) 4.85 08/15/2022 800,720
 3,000,000 JEFFERSON COUNTY AL LIMITED OBLIGATION SCHOOL
 DISTRICT SERIES A (SPECIAL TAX REVENUE) 5.25 01/01/2020 2,781,360
 775,000 JEFFERSON COUNTY AL LIMITED OBLIGATION SERIES A
 (SALES TAX REVENUE, AGM INSURED) 5.25 01/01/2018 763,468
 1,675,000 JEFFERSON COUNTY AL LIMITED OBLIGATION SUBSERIES A 1
 (LICENSING FEES REVENUE, AMBAC INSURED)+/-SS.(A)(M)(N) 0.71 01/01/2027 1,122,250
 2,350,000 JEFFERSON COUNTY AL LIMITED OBLIGATION SUBSERIES A 2
 (LICENSING FEES REVENUE, AMBAC INSURED)+/-SS.(A)(M)(N) 0.71 01/01/2027 1,574,500
 2,175,000 JEFFERSON COUNTY AL LIMITED OBLIGATION SUBSERIES A 3
 (LICENSING FEES REVENUE, AMBAC INSURED)+/-SS.(A)(M)(N) 0.71 01/01/2027 1,457,250
 150,000 JEFFERSON COUNTY AL LIMITED OBLIGATION SUBSERIES A 4
 (LICENSING FEES REVENUE, AMBAC INSURED)+/-SS.(A)(M)(N) 0.71 01/01/2027 100,500
 2,860,000 JEFFERSON COUNTY AL SERIES B8 (SEWER TAX REVENUE, AGM
 INSURED) 5.25 02/01/2014 2,723,321
 460,000 JEFFERSON COUNTY AL SERIES B8 (SEWER TAX REVENUE, AGM
 INSURED) 5.25 02/01/2015 434,948
 475,000 JEFFERSON COUNTY AL SERIES C10 (SEWER TAX REVENUE,
 AGM INSURED)+/-SS.(A)(M)(N) 0.39 02/01/2042 218,500
 350,000 JEFFERSON COUNTY AL SERIES C2 (SEWER TAX REVENUE,
 FGIC INSURED)+/-SS.(A)(M)(N) 0.71 02/01/2042 161,000
 800,000 JEFFERSON COUNTY AL SERIES C4 (SEWER TAX REVENUE,
 FGIC INSURED)+/-SS.(A)(M)(N) 0.71 02/01/2042 368,000
 1,875,000 JEFFERSON COUNTY AL SERIES C5 (SEWER TAX REVENUE,
 XLCA INSURED)+/-SS.(A)(M)(N) 0.77 02/01/2040 862,500
 325,000 JEFFERSON COUNTY AL SERIES C7 (SEWER TAX REVENUE,
 FGIC INSURED)+/-SS.(A)(M)(N) 0.71 02/01/2042 149,500
 600,000 JEFFERSON COUNTY AL SERIES C8 (SEWER TAX REVENUE,
 FGIC INSURED)+/-SS.(A)(M)(N) 0.71 02/01/2042 276,000
 300,000 JEFFERSON COUNTY AL SERIES C9 (SEWER TAX REVENUE, AGM
 INSURED)+/-SS.(A)(M)(N) 0.38 02/01/2042 138,000
 275,000 JEFFERSON COUNTY AL SEWER REVIVAL PROJECT SERIES C-3
 (WATER & SEWER TAX REVENUE, FGIC INSURED)+/-SS.(A)(M)(N) 0.71 02/01/2042 126,500
 500,000 JEFFERSON COUNTY AL SUBSERIES B1B (SEWER TAX REVENUE,
 FGIC INSURED)+/-SS.(A)(M)(N) 0.78 02/01/2042 230,000
 2,975,000 JEFFERSON COUNTY AL SUBSERIES B1C (SEWER TAX REVENUE,
 FGIC INSURED)+/-SS.(A)(M)(N) 0.77 02/01/2042 1,368,500
 16,770,291
 ------------------
ALASKA: 0.72%
 12,900,000 ALASKA ENERGY AUTHORITY UTILITIES (POWER REVENUE, FSA
 INSURED) 6.60 07/01/2015 14,666,139
 3,000,000 ALASKA INDUSTRIAL DEVELOPMENT & EXPORT AUTHORITY LAKE
 DOROTHY HYDRO-ELECTRIC PROJECT (IDR, AMBAC INSURED) 5.25 12/01/2021 3,004,500
 985,000 ANCHORAGE AK ELECTRIC UTILITIES SENIOR LIEN (POWER
 REVENUE, NATL-RE INSURED) 8.00 12/01/2010 997,037
 18,667,676
 ------------------
ARIZONA: 3.38%
 66,495,000 ARIZONA HEALTH FACILITIES AUTHORITY BANNER HEALTH
 SERIES B (HCFR)+/-SS. 1.17 01/01/2037 43,934,576
 5,000,000 ARIZONA HEALTH FACILITIES AUTHORITY PHOENIX
 CHILDREN'S HOSPITAL SERIES A (HCFR)+/-SS. 1.27 02/01/2042 4,571,250
 4,045,000 ARIZONA HEALTH FACILITIES AUTHORITY PHOENIX
 CHILDREN'S HOSPITAL SERIES B (HCFR)+/-SS. 1.12 02/01/2042 3,722,209
 1,100,000 ARIZONA SCHOOL FACILITIES BOARD REVENUE REFUNDING
 STATE SCHOOL TRUST (MISCELLANEOUS REVENUE, AMBAC
 INSURED) 4.00 07/01/2015 1,174,998
 3,400,000 ARIZONA SCHOOL FACILITIES BOARD REVENUE REFUNDING
 STATE SCHOOL TRUST (MISCELLANEOUS REVENUE, AMBAC
 INSURED) 5.00 07/01/2016 3,790,932

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
ARIZONA (continued)
$ 1,000,000 ARIZONA SCHOOL FACILITIES BOARD REVENUE REFUNDING
 STATE SCHOOL TRUST (MISCELLANEOUS REVENUE, AMBAC
 INSURED) 5.00% 07/01/2017 $ 1,114,920
 1,690,000 ARIZONA SCHOOL FACILITIES BOARD REVENUE REFUNDING
 STATE SCHOOL TRUST (MISCELLANEOUS REVENUE, AMBAC
 INSURED) 5.00 07/01/2018 1,874,666
 7,000,000 ARIZONA SPORTS & TOURISM AUTHORITY (MISCELLANEOUS
 REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 2.00 07/01/2036 7,000,000
 3,275,000 ARIZONA SPORTS & TOURISM AUTHORITY MULTIPURPOSE
 STADIUM FACILITY PROJECT A (INCOME TAX REVENUE,
 NATL-RE INSURED) 5.00 07/01/2019 3,581,376
 2,875,000 MARANA AZ MUNICIPAL PROPERTY CORPORATION SERIES B
 (LEASE REVENUE) 5.13 07/01/2028 2,884,919
 800,000 PIMA COUNTY AZ IDA ACCLAIM CHARTER SCHOOL PROJECT
 (EDUCATIONAL FACILITIES REVENUE) 5.60 12/01/2016 791,648
 2,000,000 PIMA COUNTY AZ IDA CONSTELLATION SCHOOL PROJECT
 (LEASE REVENUE) 7.00 01/01/2038 1,959,220
 100,000 PIMA COUNTY AZ IDA GLOBAL WATER RESOURCES LLC PROJECT
 (WATER & SEWER TAX REVENUE) 5.45 12/01/2017 98,249
 4,750,000 PIMA COUNTY AZ IDA LEGACY TRADITIONAL SCHOOL PROJECT
 (EDUCATION REVENUE) 8.50 07/01/2039 5,154,605
 1,375,000 TUCSON AZ AIRPORT AUTHORITY INCORPORATED (AIRPORT
 REVENUE, NATL-RE INSURED) 5.00 12/01/2017 1,464,293
 2,000,000 UNIVERSITY MEDICAL CENTER CORPORATION ARIZONA
 HOSPITAL (HOSPITAL REVENUE) 6.50 07/01/2039 2,179,300
 1,875,000 VERRADO AZ COMMUNITY FACILITIES DISTRICT # 1
 (PROPERTY TAX REVENUE) 6.00 07/15/2013 1,943,381
 87,240,542
 ------------------
CALIFORNIA: 11.28%
 2,500,000 ACCESS TO LOANS FOR LEARNING STUDENT LOAN CORPORATION
 CA STUDENT LOAN PROGRAM SERIES D2 (STUDENT LOAN
 REVENUE, GUARANTEED STUDENT LOANS) 7.85 07/01/2025 2,334,550
 8,445,000 ALAMEDA CORRIDOR TRANSPORTATION AUTHORITY CA CAPITAL
 APPRECIATION SUB LIEN SERIES A (TRANSPORTATION
 REVENUE, AMBAC INSURED)## 5.39 10/01/2018 5,513,234
 1,605,000 ALAMEDA CORRIDOR TRANSPORTATION AUTHORITY CA CAPITAL
 APPRECIATION SUB LIEN SERIES A (TRANSPORTATION
 REVENUE, AMBAC INSURED)## 5.66 10/01/2020 917,643
 7,500,000 ALHAMBRA CA USD CAPITAL APPRECIATION SERIES B (GO
 LOCAL, ASSURED GUARANTY LOC)## 5.96 08/01/2031 2,206,050
 1,175,000 ALISAL CA USD CAPITAL APPRECIATION SERIES B (GO
 LOCAL, ASSURED GUARANTY LOC)## 5.96 08/01/2030 366,530
 1,305,000 BASS LAKE CA UNIFIED ELEMENTARY SCHOOL DISTRICT
 CAPITAL APPRECIATION (GO LOCAL, AGM LOC)## 6.21 08/01/2037 252,844
 1,900,000 BASS LAKE CA UNIFIED ELEMENTARY SCHOOL DISTRICT
 CAPITAL APPRECIATION (GO LOCAL, AGM LOC)## 6.25 08/01/2038 342,570
 2,005,000 BASS LAKE CA UNIFIED ELEMENTARY SCHOOL DISTRICT
 CAPITAL APPRECIATION (GO LOCAL, AGM LOC)## 6.26 08/01/2039 338,985
 21,690,000 CALIFORNIA CDA AZUSA PACIFIC UNIVERSITY PROJECT
 SERIES 2007 (EDUCATION REVENUE, ALLIED IRISH BANK PLC
 LOC)+/-SS. 2.60 04/01/2039 21,690,000
 10,000,000 CALIFORNIA CDA KAISER PERMANENTE SERIES B (HOSPITAL
 REVENUE BHAC LOC)+/-SS. 1.14 04/01/2036 6,439,700
 10,025,000 CALIFORNIA HFFA PROVIDENCE HEALTH SERVICES SERIES C
 (HOSPITAL REVENUE)(H) 5.00 10/01/2016 11,629,458
 660,000 CALIFORNIA HFA MFHR SERIES B (HOUSING REVENUE, AMBAC
 & FHA INSURED) 6.05 08/01/2016 661,148
 3,365,000 CALIFORNIA HFFA CALIFORNIA PRESBYTERIAN HOMES
 (HCFR)+/-SS. 1.60 07/01/2034 3,365,000
 4,425,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
 CALIFORNIA INDEPENDENT SYSTEM OPERATOR SERIES A
 (UTILITIES REVENUE) 5.75 02/01/2039 4,613,682
 2,100,000 CALIFORNIA PCFA REPUBLIC SERVICES INCORPORATED
 PROJECT SERIES B (RESOURCE RECOVERY REVENUE)+/-SS. 5.25 06/01/2023 2,177,889
 1,230,000 CALIFORNIA STATE (GO STATE) 5.30 03/01/2029 1,313,000
 2,500,000 CALIFORNIA STATE (GO STATE) 5.25 03/01/2030 2,650,450
 2,000,000 CALIFORNIA STATE (GO STATE) 5.00 06/01/2032 2,031,600
 5,000,000 CALIFORNIA STATE (GO STATE) 6.00 03/01/2033 5,694,000
 3,850,000 CALIFORNIA STATE (GO STATE) 5.60 03/01/2036 4,109,914
 5,000,000 CALIFORNIA STATE (GO STATE) 5.50 03/01/2040 5,281,900
 1,000,000 CALIFORNIA STATEWIDE CDA ASPIRE PUBLIC SCHOOLS
 (EDUCATION REVENUE) 5.00 07/01/2020 1,045,310

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 2,000,000 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
 AUTHORITY CATHOLIC HEALTH CARE WEST SERIES D (HCFR) 5.50% 07/01/2031 $ 2,098,580
 1,950,000 CALIFORNIA STATEWIDE CDA COP SAVRS TAX EXEMPT
 CONVERSION 02/10/05 (MISCELLANEOUS REVENUE, ACA
 INSURED)+/-SS. 0.77 05/15/2029 1,857,620
 10,000,000 CALIFORNIA STATEWIDE CDA WESTERN UNIVERSITY HEALTH
 SERIES A (MISCELLANEOUS REVENUE, BANK OF NEW YORK
 LOC)+/-SS. 2.40 06/01/2039 10,000,000
 1,000,000 COLTON CA USD CAPITAL APPRECIATION SERIES B (GO
 LOCAL, AGM LOC)## 5.96 08/01/2031 294,140
 1,000,000 COLTON CA USD CAPITAL APPRECIATION SERIES B (GO
 LOCAL, AGM LOC)## 6.00 08/01/2032 275,020
 1,000,000 COLTON CA USD CAPITAL APPRECIATION SERIES B (GO
 LOCAL, AGM LOC)## 6.03 08/01/2033 257,520
 15,000,000 COLTON CA USD CAPITAL APPRECIATION SERIES B (GO
 LOCAL, AGM LOC)## 6.08 08/01/2037 3,006,300
 35,000,000 COLTON CA USD CAPITAL APPRECIATION SERIES B (GO
 LOCAL, AGM LOC)## 6.12 08/01/2042 5,135,550
 2,920,000 CORONA-NORCA USD CAPITAL APPRECIATION ELECTION 2006
 SERIES C (PROPERTY TAX REVENUE, AGM INSURED)SS.## 0.88 08/01/2039 2,256,576
 1,225,000 DINUBA CA REDEVELOPMENT AGENCY MERGED CITY
 REDEVELOPMENT PROJECT # 2 (MISCELLANEOUS TAX REVENUE) 4.45 10/01/2011 1,226,323
 500,000 ELK GROVE CA USD SPECIAL TAX REFUNDING COMMUNITY
 FACILITIES DISTRICT PROJECT (GO LOCAL, AMBAC INSURED) 6.50 12/01/2024 566,445
 5,340,000 ESCONDIDO CA USD CAPITAL APPRECIATION SERIES A (GO
 LOCAL, AGM LOC)## 5.68 08/01/2029 1,859,388
 2,570,000 EVERGREEN CA UNIFIED ELEMENTARY SCHOOL DISTRICT
 CAPITAL APPRECIATION (GO LOCAL, ASSURED GUARANTY
 LOC)## 5.18 08/01/2025 1,201,706
 6,635,000 EVERGREEN CA UNIFIED ELEMENTARY SCHOOL DISTRICT
 CAPITAL APPRECIATION (GO LOCAL, ASSURED GUARANTY
 LOC)## 5.24 08/01/2026 2,920,329
 6,130,000 EVERGREEN CA UNIFIED ELEMENTARY SCHOOL DISTRICT
 CAPITAL APPRECIATION (GO LOCAL, ASSURED GUARANTY
 LOC)## 5.36 08/01/2027 2,511,829
 9,800,000 GILROY CA USD CAPITAL APPRECIATION SERIES A (GO
 LOCAL, ASSURED GUARANTY LOC)## 5.99 08/01/2032 2,700,978
 1,265,000 HAWTHORNE CA SCHOOL DISTRICT CAPITAL APPRECIATION
 SERIES C (GO LOCAL, NATL-RE LOC)## 6.16 11/01/2025 506,658
 1,265,000 LITTLE LAKE CA CITY SCHOOL DISTRICT CAPITAL
 APPRECIATION SERIES D (GO LOCAL)## 5.53 07/01/2027 506,405
 1,470,000 LITTLE LAKE CA CITY SCHOOL DISTRICT CAPITAL
 APPRECIATION SERIES D (GO LOCAL)## 5.75 07/01/2029 507,723
 400,000 LOS ANGELES CA HARBOR DEPARTMENT (AIRPORT & MARINA
 REVENUE, NATL-RE INSURED) 5.00 08/01/2018 434,952
 7,000,000 M-S-R ENERGY AUTHORITY CA SERIES B (ENERGY REVENUE) 6.50 11/01/2039 8,111,390
 725,000 MADERA COUNTY CA COP VALLEY CHILDREN'S HOSPITAL
 (HCFR, NATL-RE INSURED) 6.50 03/15/2015 782,964
 2,000,000 MORONGO BAND OF MISSION INDIANS ENTERPRISE CASINO
 SERIES B (CASINO REVENUE) 6.50 03/01/2028 1,912,660
 41,660,000 NORTHERN CA GAS AUTHORITY # 1 (UTILITIES REVENUE)+/-SS. 1.08 07/01/2027 29,142,836
 13,560,000 NORTHERN CA GAS AUTHORITY # 1 LIBOR (UTILITIES
 REVENUE)+/-SS. 0.96 07/01/2017 11,601,258
 13,265,000 NORTHERN CA GAS AUTHORITY # 1 LIBOR (UTILITIES
 REVENUE)+/-SS. 0.99 07/01/2019 10,484,921
 30,000,000 NORWALK-LA MIRADA CA USD CAPITAL APPRECIATION
 ELECTION 2002 SERIES E (PROPERTY TAX REVENUE, ASSURED
 GUARANTEE)## 6.09 08/01/2038 5,647,800
 6,250,000 OAK GROVE CA SCHOOL DISTRICT CAPITAL APPRECIATION
 SERIES A (GO LOCAL)## 5.47 08/01/2027 2,515,250
 6,650,000 OAK GROVE CA SCHOOL DISTRICT CAPITAL APPRECIATION
 SERIES A (GO LOCAL)## 5.68 08/01/2029 2,315,530
 5,000,000 OAKLAND CA UNIVERSITY SCHOOL DISTRICT ALAMEDA COUNTY
 ELECTION OF 2006 SERIES A (GO LOCAL) 6.13 08/01/2029 5,442,100
 1,000,000 OAKLAND CA USD ALAMEDA COUNTY ELECTION 2006 SERIES A
 (PROPERTY TAX REVENUE) 6.50 08/01/2024 1,145,590
 2,000,000 ONTARIO MONTCLAIR CA SCHOOL DISTRICT (PROPERTY TAX
 REVENUE, ASSURED GUARANTY LOC)## 5.59 08/01/2030 668,700
 1,500,000 ONTARIO MONTCLAIR CA SCHOOL DISTRICT CAPITAL
 APPRECIATION (GO LOCAL, ASSURED GUARANTY LOC)## 5.41 08/01/2028 577,875
 9,325,000 PALO ALTO CA USD CAPITAL APPRECIATION (GO LOCAL)## 5.36 08/01/2031 3,091,238
 360,000 PICO RIVERA CA WATER AUTHORITY SERIES A (WATER
 REVENUE) 5.75 12/01/2012 376,520
 1,190,000 PORT HUENEME CA REDEVELOPMENT AGENCY CENTRAL
 COMMUNITY PROJECT (TAX ALLOCATION REVENUE, AMBAC
 INSURED) 5.50 05/01/2014 1,209,195
 3,995,000 RICHMOND CA JOINT POWERS FINANCING AUTHORITY CIVIC
 CENTER PROJECT SERIES A (LEASE REVENUE, ASSURED
 GUARANTY LOC) 5.88 08/01/2037 4,339,968

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 5,420,000 RICHMOND CA JOINT POWERS FINANCING AUTHORITY POINT
 POTRERO SERIES A (LEASE REVENUE) 6.25% 07/01/2024 $ 6,094,519
 20,600,000 ROWLAND CA USD CAPITAL APPRECIATION SERIES B (GO
 LOCAL)## 6.09 08/01/2039 3,652,380
 10,000,000 SACRAMENTO CA HOUSING AUTHORITY MFHR NORTHPOINTE
 PROJECT (HOUSING REVENUE, FHLMC INSURED)+/-SS. 5.00 06/01/2037 10,059,200
 2,350,000 SAN DIEGO CA USD CAPITAL APPRECIATION SERIES A (GO
 LOCAL)## 5.36 07/01/2027 967,213
 2,800,000 SAN DIEGO CA USD CAPITAL APPRECIATION SERIES A (GO
 LOCAL)## 5.45 07/01/2028 1,076,068
 1,830,000 SAN DIEGO CA USD CAPITAL APPRECIATION SERIES A (GO
 LOCAL)## 5.56 07/01/2029 653,164
 3,085,000 SAN DIEGO CA USD CAPITAL APPRECIATION SERIES A (GO
 LOCAL)## 5.65 07/01/2030 1,026,349
 2,750,000 SAN DIEGO CA USD CAPITAL APPRECIATION SERIES C (GO
 LOCAL)## 5.65 07/01/2030 914,898
 2,000,000 SAN DIEGO CA USD CAPITAL APPRECIATION SERIES C (GO
 LOCAL)## 5.71 07/01/2031 621,740
 1,500,000 SAN DIEGO CA USD CAPITAL APPRECIATION SERIES C (GO
 LOCAL)## 5.75 07/01/2032 437,070
 1,000,000 SAN DIEGO CA USD CAPITAL APPRECIATION SERIES C (GO
 LOCAL)## 5.79 07/01/2033 272,890
 2,000,000 SAN DIEGO CA USD CAPITAL APPRECIATION SERIES C (GO
 LOCAL)## 5.82 07/01/2034 511,940
 1,500,000 SAN DIEGO CA USD CAPITAL APPRECIATION SERIES C (GO
 LOCAL)## 5.83 07/01/2035 361,680
 14,395,000 SAN DIEGO CA USD CAPITAL APPRECIATION SERIES C (GO
 LOCAL)## 5.84 07/01/2036 3,268,961
 4,440,000 SAN FRANCISCO CA CITY & COUNTY INTERNATIONAL AIRPORT
 SERIES 34E (AIRPORT REVENUE, AGM INSURED) 5.75 05/01/2024 4,907,221
 4,500,000 SAN FRANCISCO CA CITY & COUNTY INTERNATIONAL AIRPORT
 SERIES A (AIRPORT REVENUE) 4.90 05/01/2029 4,699,080
 1,000,000 SAN JOSE CA MFHR LENZEN HOUSING SERIES B (MFHR, GNMA
 INSURED) 5.45 02/20/2043 1,012,710
 2,905,000 SAN RAFAEL CA CITY HIGH SCHOOL DISTRICT CAPITAL
 APPRECIATION SERIES B (GO LOCAL, GNMA & FHA
 INSURED))## 5.18 08/01/2025 1,358,349
 300,000 SANTA ANA CA FINANCE AUTHORITY LEASE POLICE
 ADMINISTRATION & HOLDING FACILITIES PROJECT SERIES A
 (LEASE REVENUE, NATL-RE INSURED) 6.25 07/01/2015 345,555
 2,285,000 SANTA MONICA CA COMMUNITY COLLEGE DISTRICT 2002
 ELECTION SERIES E (PROPERTY TAX REVENUE)## 4.64 08/01/2023 1,265,479
 2,265,000 SANTA MONICA CA COMMUNITY COLLEGE DISTRICT 2002
 ELECTION SERIES E (PROPERTY TAX REVENUE)## 4.74 08/01/2024 1,182,987
 2,165,000 SANTA MONICA CA COMMUNITY COLLEGE DISTRICT 2002
 ELECTION SERIES E (PROPERTY TAX REVENUE)## 4.85 08/01/2025 1,061,846
 1,525,000 SANTA MONICA CA COMMUNITY COLLEGE DISTRICT 2002
 ELECTION SERIES E (PROPERTY TAX REVENUE)## 4.92 08/01/2026 705,206
 205,000 SANTA ROSA CA RANCHERIA TACHI YOKUT TRIBE ENTERPRISE
 (MISCELLANEOUS REVENUE)++ 4.50 03/01/2011 205,068
 925,000 SOUTH PASADENA CA USD CAPITAL APPRECIATION (GO
 LOCAL)## 5.38 08/01/2029 339,669
 640,000 SOUTH PASADENA CA USD CAPITAL APPRECIATION SERIES C
 (PROPERTY TAX REVENUE, NATL-RE & FGIC INSURED)## 4.51 11/01/2021 389,715
 4,975,000 STUDENT EDUCATION LOAN MARKETING CORPORATION CA
 SERIES IV D1 (HEFAR, GUARANTEED STUDENT LOANS) 5.88 01/01/2018 4,380,985
 1,085,000 SYLVAN CA USD CAPITAL APPRECIATION (GO LOCAL, AGM
 INSURED)## 6.21 08/01/2037 210,219
 1,610,000 UNION ELEMENTARY SCHOOL DISTRICT CA CAPITAL
 APPRECIATION SERIES A (PROPERTY TAX REVENUE, NATL-RE
 FGIC INSURED)## 4.54 09/01/2022 941,415
 2,800,000 UNION ELEMENTARY SCHOOL DISTRICT CA CAPITAL
 APPRECIATION SERIES A (PROPERTY TAX REVENUE, NATL-RE
 FGIC INSURED)## 4.97 09/01/2024 1,411,872
 25,650,000 UNIVERSITY OF CALIFORNIA REGENTS MEDICAL CENTER
 SERIES C2 (HOSPITAL REVENUE)+/-SS. 1.04 05/15/2047 13,629,641
 20,000,000 WEST CONTRA COSTA CA USD CAPITAL APPRECIATION SERIES
 D-2 (GO LOCAL, AGM INSURED)## 6.24 08/01/2036 4,088,600
 11,355,000 WEST CONTRA COSTA CA USD SERIES C-1 (GO LOCAL,
 ASSURED GUARANTY LOC)## 5.71 08/01/2028 4,159,904
 290,678,887
 ------------------
COLORADO: 2.13%
 3,800,000 AURORA CO HOUSING AUTHORITY MFHR 6TH AVENUE PROJECT
 SERIES A (HOUSING REVENUE, U.S. BANCORP LOC) 5.70 12/01/2018 3,810,830
 2,200,000 COLORADO ECFA CHARTER SCHOOL AMERICAN ACADEMY PROJECT
 (LEASE REVENUE) 7.13 12/01/2033 2,564,012
 3,385,000 COLORADO ECFA CHARTER SCHOOL BANNING LEWIS (EDUCATION
 REVENUE)++ 6.13 12/15/2035 3,118,465
 1,420,000 COLORADO ECFA CHARTER SCHOOL COMMUNITY LEADERSHIP
 (LEASE REVENUE) 5.75 07/01/2019 1,406,411

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
COLORADO (continued)
$ 500,000 COLORADO ECFA CHARTER SCHOOL MONUMENT ACADEMY SERIES
 A (LEASE REVENUE) 7.25% 10/01/2039 $ 514,795
 410,000 COLORADO ECFA CHARTER SCHOOL MONUMENT ACADEMY PROJECT
 (MISCELLANEOUS REVENUE) 5.50 10/01/2017 424,190
 2,165,000 COLORADO ECFA UNION COLONY CHARTER SCHOOL PROJECT
 (MISCELLANEOUS REVENUE)++ 5.75 12/01/2037 1,828,581
 4,000,000 COLORADO HEALTH FACILITIES AUTHORITY CATHOLIC HEALTH
 INITIATIVES SERIES D (HOSPITAL REVENUE) 6.25 10/01/2033 4,541,680
 565,000 COLORADO HFA SERIES A2 (SFHR, NATL-RE INSURED) 6.50 08/01/2031 600,166
 140,000 COLORADO HFA SERIES B2 (SFHR) 7.10 04/01/2017 145,027
 575,000 COLORADO HFA SERIES B3 (SFHR, AGM INSURED) 6.70 08/01/2017 613,554
 270,000 COLORADO HFA SFHR SERIES D-2 (HOUSING REVENUE) 6.90 04/01/2029 292,267
 3,655,000 DENVER CO HEALTH & HOSPITAL AUTHORITY HEALTH CARE
 SERIES A (HOSPITAL REVENUE) 5.00 12/01/2017 3,784,131
 3,730,000 DENVER CO HEALTH & HOSPITAL AUTHORITY HEALTH CARE
 SERIES A (HOSPITAL REVENUE) 5.00 12/01/2020 3,771,179
 4,365,000 E-470 PUBLIC HIGHWAY AUTHORITY CO CAPITAL
 APPRECIATION SENIOR LIEN SERIES B (TRANSPORTATION
 REVENUE, NATL-RE INSURED)## 4.38 09/01/2016 3,373,621
 2,290,000 EAGLE COUNTY CO AIRPORT TERMINAL CORPORATION AIRPORT
 TERMINAL IMPROVEMENT PROJECT SERIES A (AIRPORT
 REVENUE) 5.15 05/01/2017 2,213,835
 405,000 EAGLE COUNTY CO AIRPORT TERMINAL CORPORATION AIRPORT
 TERMINAL IMPROVEMENT PROJECT SERIES B (AIRPORT
 REVENUE) 5.05 05/01/2015 395,458
 390,000 EAGLE COUNTY CO AIRPORT TERMINAL CORPORATION AIRPORT
 TERMINAL IMPROVEMENT PROJECT SERIES B (AIRPORT
 REVENUE) 5.25 05/01/2020 375,012
 15,700,000 FITZSIMONS CO REDEVELOPMENT AUTHORITY RB UNIVERSITY
 PHYSICIANS INCORPORATED PROJECT (EDUCATION REVENUE,
 ALLIED IRISH BANK PLC LOC)+/-SS. 3.00 01/01/2025 15,700,000
 2,250,000 LARIMER COUNTY CO SCHOOL DISTRICT # 1 (GO LOCAL,
 NATL-RE INSURED) 7.00 12/15/2016 2,778,750
 2,500,000 PUBLIC AUTHORITY FOR CO ENERGY NATURAL GAS (UTILITIES
 REVENUE) 5.75 11/15/2018 2,694,500
 54,946,464
 ------------------
CONNECTICUT: 0.71%
 1,000,000 CONNECTICUT DEVELOPMENT AUTHORITY WATER FACILITIES
 (WATER & SEWER TAX REVENUE, AMBAC INSURED) 6.15 04/01/2035 1,003,420
 900,000 CONNECTICUT HEFA EASTERN CONNECTICUT HEALTH NETWORK
 SERIES A (PRE-REFUNDED REVENUE) 6.38 07/01/2016 910,359
 1,000,000 CONNECTICUT HEFA UNIVERSITY OF HARTFORD SERIES G
 (EDUCATION REVENUE) 5.25 07/01/2026 1,024,840
 2,000,000 CONNECTICUT HFA SPECIAL NEEDS HOUSING SERIES 2
 (HOUSING REVENUE, AMBAC INSURED) 5.25 06/15/2022 2,042,980
 1,390,000 CONNECTICUT HFA SPECIAL NEEDS HOUSING SERIES 7
 (HOUSING REVENUE, AGM INSURED) 5.00 06/15/2019 1,604,922
 6,790,000 EASTERN CONNECTICUT RESOURCE RECOVERY AUTHORITY SOLID
 WASTE WHEELABRATOR LISBON INCORPORATED PROJECT SERIES
 A (IDR) 5.50 01/01/2014 6,811,932
 5,000,000 EASTERN CONNECTICUT RESOURCE RECOVERY AUTHORITY SOLID
 WASTE WHEELABRATOR LISBON INCORPORATED PROJECT SERIES
 A (IDR) 5.50 01/01/2015 5,007,900
 5,000 NEW HAVEN CT ETM SERIES C (PRE-REFUNDED REVENUE,
 NATL-RE INSURED) 5.00 11/01/2019 5,482
 18,411,835
 ------------------
DISTRICT OF COLUMBIA: 0.40%
 665,000 DISTRICT OF COLUMBIA HFA SFHR SERIES B (HOUSING
 REVENUE, FNMA & GNMA INSURED) 5.85 12/01/2018 696,455
 2,000,000 DISTRICT OF COLUMBIA WATER & SEWER AUTHORITY PUBLIC
 UTILITIES SERIES A (WATER & SEWER TAX REVENUE) 6.00 10/01/2035 2,299,680
 205,000 DISTRICT OF COLUMBIA TOBACCO SETTLEMENT FINANCING
 CORPORATION ASSET-BACKED BONDS (TOBACCO SETTLEMENT
 FUNDED REVENUE) 5.70 05/15/2012 210,189
 6,680,000 METROPOLITAN WASHINGTON DC AIRPORT AUTHORITY SYSTEMS
 SERIES A (AIRPORT REVENUE, NATL-RE & FGIC INSURED) 5.75 10/01/2018 7,217,406
 10,423,730
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
FLORIDA: 5.33%
$ 4,000,000 ALACHUA COUNTY FL HEALTH FACILITIES AUTHORITY SHANDS
 TEACHING HOSPITAL SERIES A (HOSPITAL REVENUE, NATL-RE
 INSURED) 6.25% 12/01/2016 $ 4,622,200
 2,200,000 BROWARD COUNTY FL PROFESSIONAL SPORTS FACILITIES
 PROJECT SERIES A (MISCELLANEOUS REVENUE, AMBAC
 INSURED) 5.00 09/01/2021 2,309,780
 2,265,000 CAPE CORAL FL BOND ANTICIPATION NOTES (UTILTIES
 REVENUE) 6.00 10/01/2011 2,334,354
 2,245,000 CHAMPIONSGATE FL COMMUNITY DEVELOPMENT DISTRICT
 CAPITAL IMPROVEMENT SERIES A (TAX REVENUE) 6.25 05/01/2020 2,061,135
 1,000,000 COLLIER COUNTY FL SCHOOL BOARD REFUNDING COP (LEASE
 REVENUE, AGM INSURED) 5.25 02/15/2021 1,147,640
 3,275,000 CONNERTON WEST COMMUNITY DEVELOPMENT DISTRICT FL
 SERIES B (MISCELLANEOUS REVENUE) 5.13 05/01/2016 1,245,483
 5,000,000 ESCAMBIA COUNTY FL HEALTH FACILITIES AUTHORITY
 ASCENSION HEALTH SERIES C (HOSPITAL REVENUE) 5.75 11/15/2032 5,198,400
 4,185,000 FLORIDA PORT FINANCE COMMISSION TRANSPORTATION
 INTERMODAL PROGRAM (TRANSPORTATION REVENUE, FGIC
 INSURED) 5.75 10/01/2014 4,218,145
 205,000 GULF BREEZE FL REVENUE MIAMI BEACH LOCAL GOVERNMENT
 SERIES B (MISCELLANEOUS REVENUE, FGIC INSURED)+/-SS. 4.75 12/01/2015 210,949
 595,000 HERITAGE HARBOR FL COMMUNITY DEVELOPMENT DISTRICT
 (HOUSING REVENUE) 7.75 05/01/2023 478,892
 2,150,000 HERITAGE ISLES FL COMMUNITY DEVELOPMENT DISTRICT
 (HOUSING REVENUE) 7.10 10/01/2023 864,064
 75,000 HILLSBOROUGH COUNTY FL PORT DISTRICT TAMPA PORT
 AUTHORITY PROJECT SERIES A PREREFUNDED (AIRPORT
 REVENUE, NATL-RE INSURED) 5.75 06/01/2018 79,843
 2,750,000 HOLLYWOOD FL COMMUNITY REDEVELOPMENT AGENCY
 (MISCELLANEOUS REVENUE) 5.13 03/01/2014 2,858,515
 480,000 INDIAN TRACE FL COMMUNITY DEVELOPMENT DISTRICT SERIES
 B (IDR) 8.25 05/01/2011 483,010
 2,800,000 INDIGO FL COMMUNITY DEVELOPMENT DISTRICT SERIES C
 (IDR) 7.00 05/01/2030 2,800,476
 10,000,000 JACKSONVILLE FL ECONOMIC DEVELOPMENT COMMISSION ID
 METROPOLITAN PARKING SOLUTIONS PROJECT
 (TRANSPORTATION REVENUE, ACA INSURED) 5.75 10/01/2024 10,346,200
 5,000,000 JACKSONVILLE FL ECONOMIC DEVELOPMENT COMMISSION ID
 METROPOLITAN PARKING SOLUTIONS PROJECT
 (TRANSPORTATION REVENUE, ACA INSURED) 5.88 06/01/2025 5,210,750
 3,565,000 JACKSONVILLE FL HCFR JACKSONVILLE MEDICAL CENTER
 SERIES A (HOSPITAL REVENUE) 7.00 10/01/2029 3,570,348
 5,000,000 JACKSONVILLE FL PORT AUTHORITY (PORT AUTHORITY
 REVENUE, ASSURED GUARANTY LOC) 6.00 11/01/2038 5,144,500
 1,406,585 LAKESIDE PLANTATION FL COMMUNITY DEVELOPMENT DISTRICT
 SERIES A 6.95 05/01/2031 1,406,627
 350,000 LEE COUNTY FL IDA SERIES A (IDR) 6.25 10/01/2017 321,591
 5,575,000 LEE COUNTY FL IDA SERIES A (IDR) 6.38 10/01/2025 4,857,442
 2,755,000 MARSHALL CREEK FL COMMUNITY DEVELOPMENT DISTRICT 6.63 05/01/2032 2,455,972
 1,810,000 MARSHALL CREEK FL COMMUNITY DEVELOPMENT DISTRICT
 SERIES A 7.65 05/01/2032 1,813,385
 3,575,000 MIAMI-DADE COUNTY FL IDA AIRIS MIAMI II LLC PROJECT
 (IDR, AMBAC INSURED) 6.00 10/15/2025 3,361,537
 5,000,000 MIAMI-DADE COUNTY FL IDR SERIES C (MISCELLANEOUS
 REVENUE)+/-SS. 3.20 07/01/2032 5,000,000
 1,200,000 MIAMI-DADE COUNTY FL EDUCATIONAL FACILITIES
 UNIVERSITY OF MIAMI SERIES A (EDUCATION REVENUE) 5.75 04/01/2028 1,289,928
 5,000,000 MIAMI-DADE COUNTY FL WATER & SEWER SERIES C (WATER &
 SEWER TAX REVENUE) 5.50 10/01/2025 5,633,250
 1,217,000 NORTH SPRINGS FL IMPROVEMENT DISTRICT SERIES B
 (SPECIAL TAX REVENUE, NATL-RE INSURED) 7.00 05/01/2019 1,218,034
 1,335,000 NORTH SPRINGS FL WATER & SEWER SERIES B (WATER &
 SEWER TAX REVENUE, NATL-RE INSURED) 6.50 10/01/2016 1,335,214
 2,310,000 ORANGE COUNTY FL HEALTH FACILITIES AUTHORITY ORLANDO
 REGIONAL HEALTH CARE SYSTEMS SERIES C (HOSPITAL
 REVENUE, NATL-RE INSURED) 6.25 10/01/2016 2,657,332
 610,000 ORANGE COUNTY FL HEALTH FACILITIES AUTHORITY SERIES C
 (PRE-REFUNDED REVENUE, NATL-RE INSURED) 6.25 10/01/2016 741,284
 2,960,000 ORLANDO & ORANGE COUNTY FL EXPRESSWAY AUTHORITY
 JUNIOR LIEN (TRANSPORTATION REVENUE, FGIC INSURED) 8.25 07/01/2015 3,760,858
 3,210,000 ORLANDO FL HOUSING AUTHORITY WEST OAKS APARTMENTS
 PROJECTS PUTABLE (HOUSING REVENUE, FNMA INSURED) 5.05 08/01/2033 3,438,488
 3,000,000 PALM BEACH COUNTY FL CRIMINAL JUSTICE FACILITIES
 (MISCELLANEOUS REVENUE, FGIC INSURED) 7.20 06/01/2015 3,727,170
 905,000 PALM BEACH COUNTY FL HEALTH FACILITIES AUTHORITY JOHN
 F. KENNEDY MEMORIAL HOSPITAL INCORPORATED PROJECT
 SERIES C (PRE-REFUNDED REVENUE) 9.50 08/01/2013 1,029,247

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
FLORIDA (continued)
$ 2,000,000 PALM BEACH COUNTY FL PUBLIC IMPROVEMENT SERIES 2
 (MISCELLANEOUS REVENUE) 5.38% 11/01/2028 $ 2,245,580
 2,860,000 POINCIANA FL COMMUNITY DEVELOPMENT DISTRICT SERIES A
 (MISCELLANEOUS REVENUE) 7.13 05/01/2031 2,860,744
 5,000,000 PORTICO FL COMMUNITY DEVELOPMENT DISTRICT
 (MISCELLANEOUS REVENUE) 5.45 05/01/2037 2,416,700
 4,750,000 PUTNAM COUNTY FL DEVELOPMENT AUTHORITY PCR SEMINOLE
 PROJECT SERIES A (UTILITIES REVENUE, AMBAC
 INSURED)+/-SS. 5.35 03/15/2042 5,266,468
 5,000,000 SEMINOLE TRIBE FL SPECIAL OBLIGATION SERIES A
 (MISCELLANEOUS REVENUE) 5.75 10/01/2022 5,020,250
 7,605,000 STONEYBROOK FL COMMUNITY DEVELOPMENT DISTRICT
 (HOUSING REVENUE) 7.00 10/01/2022 3,073,028
 1,000,000 SAINTT JOHN'S COUNTY FL IDA HEALTH CARE GLENMOOR
 PROJECT SERIES B (CONTINUING CARE RETIREMENT
 COMMUNITY REVENUE)+/-SS. 4.75 01/01/2041 1,021,940
 5,500,000 SAINT PETERSBURG FL HEALTH FACILITIES AUTHORITY ALL
 CHILDREN'S PROJECT SERIES A (HOSPITAL REVENUE) 6.50 11/15/2039 6,196,960
 3,965,000 SUNRISE FL CAP APPRECIATION SERIES B (TAX REVENUE,
 NATL-RE INSURED)## 3.36 10/01/2016 3,241,427
 2,020,000 VIERA EAST FL COMMUNITY DEVELOPMENT DISTRICT WATER
 MANAGEMENT PROJECT (WATER & SEWER TAX REVENUE,
 NATL-RE INSURED) 5.75 05/01/2020 2,138,433
 2,140,000 VIERA EAST FL COMMUNITY DEVELOPMENT DISTRICT WATER
 MANAGEMENT PROJECT (WATER & SEWER TAX REVENUE,
 NATL-RE INSURED) 5.75 05/01/2021 2,263,371
 2,265,000 VIERA EAST FL COMMUNITY DEVELOPMENT DISTRICT WATER
 MANAGEMENT PROJECT (WATER & SEWER TAX REVENUE,
 NATL-RE INSURED) 5.75 05/01/2022 2,374,286
 137,351,230
 ------------------
GEORGIA: 1.98%
 1,315,000 ATHENS GA HOUSING AUTHORITY STUDENT HOUSING LEASE
 UNIVERSITY OF GEORGIA EAST CAMPUS (EDUCATION REVENUE,
 AMBAC INSURED) 5.25 12/01/2020 1,440,767
 2,640,000 ATLANTA GA DEVELOPMENT AUTHORITY TUFF ADVANCED
 TECHNOLOGY DEVELOPMENT CENTER PROJECT SERIES A
 (EDUCATION REVENUE) 5.63 07/01/2018 2,750,431
 510,000 BRUNSWICK & GLYNN COUNTY GA MEMORIAL HOSPITAL
 AUTHORITY 2005 ANTICIPATION CERTIFICATES SOUTHEAST
 GEORGIA HEALTH SYSTEMS INCORPORATED PROJECT (HOSPITAL
 REVENUE, NATL-RE INSURED) 6.00 08/01/2016 510,995
 55,000 CARTERSVILLE GA (GO LOCAL) 6.70 01/01/2012 57,290
 1,120,000 CARTERSVILLE GA DEVELOPMENT AUTHORITY WATER &
 WASTEWATER FACILITIES (IDR) 7.40 11/01/2010 1,125,264
 1,000,000 CHATHAM COUNTY GA HOSPITAL AUTHORITY MEMORIAL HEALTH
 MEDICAL CENTER SERIES A (HOSPITAL REVENUE) 6.13 01/01/2024 1,012,870
 655,000 COBB & MARIETTA GA COLISEUM & EXHIBIT HALL AUTHORITY
 (PUBLIC FACILITIES REVENUE, NATL-RE INSURED) 5.50 10/01/2012 675,836
 465,000 FORSYTH COUNTY GA HOSPITAL AUTHORITY ANTICIPATION
 CERTIFICATES GEORGIA BAPTIST HEALTH CARE SYSTEM
 PROJECT (HCFR) 6.38 10/01/2028 599,134
 6,000,000 GAINESVILLE & HALL COUNTY GA DEVELOPMENT AUTHORITY
 SENIOR LIVING FACILITIES, LANIER VILLAGE ESTATES
 SERIES C (CONTINUING CARE RETIREMENT COMMUNITY
 REVENUE) 7.25 11/15/2029 6,109,860
 5,450,000 GEORGIA HFA SFHR SERIES A-2 (HOUSING REVENUE, GO OF
 AUTHORITY) 5.45 12/01/2022 5,631,485
 2,085,000 GEORGIA HFA SFHR SERIES B-2 (HOUSING REVENUE, GO OF
 AUTHORITY) 5.35 12/01/2022 2,109,582
 2,175,000 GEORGIA MUNICIPAL ASSOCIATION COP CITY COURT ATLANTA
 PROJECT (LEASE REVENUE, AMBAC INSURED) 5.50 12/01/2016 2,284,729
 2,220,000 GEORGIA MUNICIPAL ASSOCIATION COP CITY COURT ATLANTA
 PROJECT (LEASE REVENUE, AMBAC INSURED) 5.50 12/01/2017 2,321,898
 2,500,000 GEORGIA MUNICIPAL ASSOCIATION COP CITY COURT ATLANTA
 PROJECT (LEASE REVENUE, AMBAC INSURED) 5.50 12/01/2018 2,604,975
 450,000 GEORGIA MUNICIPAL ELECTRIC AUTHORITY POWER REVENUE
 UNREFUNDED (UTILITIES REVENUE, NATL-RE INSURED) 6.50 01/01/2017 530,271
 1,000,000 GEORGIA MUNICIPAL ELECTRIC AUTHORITY POWER SERIES B
 (UTLITIES REVENUE, NATL-RE INSURED) 6.25 01/01/2017 1,217,070
 400,000 GEORGIA MUNICIPAL ELECTRIC AUTHORITY POWER SERIES EE
 (UTLITIES REVENUE, AMBAC INSURED) 7.25 01/01/2024 549,188
 5,000 GEORGIA STATE SERIES B PREREFUNDED (MISCELLANEOUS
 REVENUE) 6.25 03/01/2011 5,125
 245,000 HENRY COUNTY GA SCHOOL DISTRICT SERIES A (GO LOCAL) 6.45 08/01/2011 254,712
 1,750,000 MAIN SAINT NATURAL GAS INCORPORATED OF GEORGIA GAS
 PROJECT SERIES A (UTILITIES REVENUE) 5.00 03/15/2018 1,849,838

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
GEORGIA (continued)
$ 4,675,000 MAIN SAINT NATURAL GAS INCORPORATED OF GEORGIA GAS
 PROJECT SERIES A (UTILITIES REVENUE) 5.00% 03/15/2022 $ 4,968,543
 3,230,000 MAIN SAINT NATURAL GAS INCORPORATED OF GEORGIA GAS
 PROJECT SERIES A (UTILITIES REVENUE) 5.50 09/15/2022 3,439,272
 1,685,000 MAIN SAINT NATURAL GAS INCORPORATED OF GEORGIA GAS
 PROJECT SERIES B (UTILITIES REVENUE) 5.00 03/15/2016 1,800,591
 3,000,000 MAIN SAINT NATURAL GAS INCORPORATED OF GEORGIA GAS
 PROJECT SERIES B (UTILITIES REVENUE) 5.00 03/15/2018 3,150,300
 3,870,000 RICHMOND COUNTY GA DEVELOPMENT AUTHORITY STUDENT
 HOUSING FACILITIES AUGUSTA STATE UNIVERSITY PROJECT
 SERIES A (HOUSING REVENUE) 5.38 02/01/2025 3,943,530
 50,943,556
 ------------------
GUAM: 0.17%
 2,000,000 GUAM DEPARTMENT OF EDUCATION COP JOHN F KENNEDY HIGH
 SCHOOL SERIES A (EDUCATION REVENUE) 6.63 12/01/2030 2,037,820
 2,000,000 GUAM DEPARTMENT OF EDUCATION COP JOHN F KENNEDY HIGH
 SCHOOL SERIES A (EDUCATION REVENUE) 6.88 12/01/2040 2,042,560
 280,000 GUAM EDUCATION FINANCING FOUNDATION COP GUAM PUBLIC
 SCHOOL FACILITIES PROJECT SERIES B (LEASE REVENUE,
 ACA INSURED) 4.50 10/01/2026 242,774
 60,000 GUAM HOUSING CORPORATION GUARANTEED MORTGAGE-BACKED
 SECURITIES SERIES A (SFMR, FHLMC INSURED) 5.75 09/01/2031 67,984
 4,391,138
 ------------------
HAWAII: 0.22%
 5,000,000 HAWAII DEPARTMENT OF BUDGET AND FINANCE SPECIAL
 PURPOSE HAWAIIAN ELECTRIC COMPANY PROJECT (GO STATE) 6.50 07/01/2039 5,555,900
 40,000 HAWAII STATE HOUSING FINANCE & DEVELOPMENT
 CORPORATION SERIES A (SFMR, FNMA INSURED) 5.75 07/01/2030 40,510
 5,596,410
 ------------------
IDAHO: 0.89%
 6,300,000 BOISE-KUNA ID IRRIGATION DISTRICT ARROWROCK
 HYDROELECTRIC PROJECT (UTILITIES REVENUE) 7.38 06/01/2040 7,264,530
 3,000,000 IDAHO HEALTH FACILITIES AUTHORITY TRINITY HEALTH
 CREDIT GROUP SERIES B (HOSPITAL REVENUE) 6.25 12/01/2033 3,377,400
 1,650,000 IDAHO HOUSING & FINANCE ASSOCIATION IDAHO ARTS
 CHARTER SCHOOL INCORPORATED SERIES A (MISCELLANEOUS
 REVENUE) 6.50 12/01/2038 1,652,904
 500,000 IDAHO HOUSING & FINANCE ASSOCIATION LIBERTY CHARTER
 SCHOOL SERIES A (MISCELLANEOUS REVENUE) 6.00 06/01/2038 507,000
 2,500,000 IDAHO HOUSING & FINANCE ASSOCIATION NORTH STAR
 CHARTER SCHOOL PROJECT SERIES A (MISCELLANEOUS
 REVENUE) 9.50 07/01/2039 2,926,675
 1,500,000 IDAHO HOUSING & FINANCE ASSOCIATION SERIES A
 (MISCELLANEOUS REVENUE) 6.13 07/01/2038 1,506,705
 55,000 IDAHO HOUSING & FINANCE ASSOCIATION SERIES C2 (SFMR) 6.35 07/01/2015 55,107
 290,000 IDAHO HOUSING & FINANCE ASSOCIATION SERIES E CLASS I
 (SFMR) 3.60 07/01/2033 293,674
 90,000 IDAHO HOUSING & FINANCE ASSOCIATION SERIES H2 (SFMR,
 FHA INSURED) 6.15 01/01/2028 90,436
 325,000 IDAHO HOUSING & FINANCE ASSOCIATION SFHR SERIES B-2
 (HOUSING REVENUE) 6.00 07/01/2014 330,915
 470,000 IDAHO HOUSING & FINANCE ASSOCIATION SFHR SERIES D
 (HOUSING REVENUE) 6.30 07/01/2025 470,743
 4,000,000 UNIVERSITY OF IDAHO GENERAL SERIES 2011 (EDUCATION
 REVENUE)+/-SS. 5.25 04/01/2041 4,418,800
 22,894,889
 ------------------
ILLINOIS: 5.29%
 2,740,000 AURORA IL SERIES B (TAX/ALLOCATION REVENUE) 5.85 12/30/2013 2,795,649
 3,060,000 CHICAGO IL HFA CAPITAL APPRECIATION BOND SERIES A
 (HOUSING REVENUE, NATL-RE INSURED)SS. 0.00 01/01/2021 3,323,711

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
ILLINOIS (continued)
$ 190,000 DUPAGE COUNTY IL SPECIAL SERVICE AREA # 31MONARCH
 LANDING PROJECT (SPECIAL TAX REVENUE) 5.40% 03/01/2016 $ 186,240
 2,390,000 EUREKA IL EUREKA COLLEGE PROJECT 1998 SERIES B
 (EDUCATION REVENUE)+/-SS. 7.00 01/01/2019 2,419,851
 136,056 ILLINOIS DEVELOPMENT FINANCE AUTHORITY BALANCE
 COMMUNITY REHABILITATION SERIES A (HCFR) 7.88 07/01/2020 98,312
 5,000,000 ILLINOIS FINANCE AUTHORITY ADVOCATE HEALTHCARE
 NETWORK SERIES D (HOSPITAL REVENUE) 6.50 11/01/2038 5,700,400
 305,000 ILLINOIS FINANCE AUTHORITY NEW MONEY COMMUNITY
 REHABILITATION SERIES A (HCFR, GO OF PARTICIPANTS) 5.35 07/01/2027 268,919
 5,000,000 ILLINOIS FINANCE AUTHORITY NORTHWESTERN MEMORIAL
 HOSPITAL PROJECT SERIES A (HOSPITAL REVENUE) 6.00 08/15/2039 5,593,950
 1,470,000 ILLINOIS FINANCE AUTHORITY REVENUE IL MEDICAL
 DISTRICT COMMISSION PROJECT A (HCFR, CIFG INSURED) 4.13 09/01/2018 1,506,838
 2,830,000 ILLINOIS HEALTH FACILITIES AUTHORITY EDWARD HOSPITAL
 OBLIGATED GROUP A SERIES 2001-A (HOSPITAL REVENUE,
 AGM LOC) 5.50 02/15/2014 2,892,741
 1,730,000 ILLINOIS HEALTH FACILITIES AUTHORITY EDWARD HOSPITAL
 OBLIGATED GROUP A SERIES 2001-A (HOSPITAL REVENUE,
 AGM LOC) 5.50 02/15/2015 1,765,898
 1,000,000 ILLINOIS HOUSING DEVELOPMENT AUTHORITY GNMA
 COLLATERIZED SERIES A (HOUSING REVENUE, GNMA INSURED) 5.05 12/20/2020 1,002,340
 2,000,000 ILLINOIS HOUSING DEVELOPMENT AUTHORITY MULTI HOUSING
 SERIES A-1 (MFHR, GNMA INSURED) 5.75 12/20/2032 2,022,700
 3,100,000 ILLINOIS HOUSING DEVELOPMENT AUTHORITY CAPITAL
 DEVELOPMENT (HOUSING REVENUE, AGGM INSURED) 4.60 09/01/2025 3,130,659
 6,520,000 ILLINOIS HOUSING DEVELOPMENT AUTHORITY MULTI HOUSING
 (HOUSING REVENUE, GNMA INSURED) 5.80 12/20/2041 6,587,091
 9,595,000 ILLINOIS SPORTS FACILITIES AUTHORITY (IDR, AMBAC
 INSURED) ## 4.63 06/15/2021 5,869,933
 4,900,000 ILLINOIS STATE (GO STATE, AMBAC INSURED) 5.00 11/01/2025 5,056,751
 7,475,000 ILLINOIS STATE (GO STATE, AMBAC INSURED) 5.00 04/01/2027 7,696,410
 6,705,000 ILLINOIS STATE (GO STATE, AMBAC INSURED) 5.00 04/01/2028 6,884,225
 5,000,000 ILLINOIS STATE SALES TAX REVENUE (TAX REVENUE,
 NATL-RE & FGIC INSURED) 6.00 06/15/2026 6,118,100
 1,265,000 KANE & DE KALB COUNTY IL COMMUNITY UNIT SCHOOL
 DISTRICT # 302 SCHOOL BUILDING (GO LOCAL, AGM
 INSURED)## 4.13 02/01/2025 1,468,931
 3,610,000 KANE & DE KALB COUNTY IL COMMUNITY UNIT SCHOOL
 DISTRICT # 302 SCHOOL BUILDING (GO LOCAL, AGM
 INSURED)## 4.52 02/01/2026 4,167,528
 23,450,000 KANE, COOK & DU PAGE COUNTY IL COMMUNITY UNIT SCHOOL
 DISTRICT # 46 SCHOOL BUILDING (GO LOCAL, AMBAC
 INSURED)## 4.62 01/01/2023 14,176,463
 5,000,000 KENDALL KANE & WILL COUNTY CAPITAL APPRECIATION BONDS
 #308 (PROPERTY TAX REVENUE, AGM INSURED)## 2.88 02/01/2026 2,511,700
 11,050,000 KENDALL KANE & WILL COUNTY CAPITAL APPRECIATION BONDS
 #308 (PROPERTY TAX REVENUE, AGM INSURED)## 5.72 02/01/2027 5,223,114
 1,745,000 LAKE COUNTY IL COMMUNITY CONSOLIDATED SCHOOL DISTRICT
 # 24 MILLBURN CAPITAL APPRECIATION BONDS (PROPERTY
 TAX REVENUE, NATL-RE INSURED) ## 3.57 12/01/2015 1,503,527
 5,435,000 LAKE COUNTY IL COMMUNITY CONSOLIDATED SCHOOL DISTRICT
 # 38 CAPITAL APPRECIATION BONDS (PROPERTY TAX
 REVENUE, NATL-RE INSURED)## 3.95 02/01/2024 2,558,581
 3,080,000 LAKE COUNTY IL COMMUNITY HIGH SCHOOL DISTRICT # 117
 ANTIOCH CAPITAL APPRECIATION SERIES B (PROPERTY TAX
 REVENUE, NATL-RE INSURED)## 4.42 12/01/2016 2,415,952
 675,000 LAKE COUNTY IL SCHOOL DISTRICT # 38 BIG HOLLOW
 CAPITAL APPRECIATION (PROPERTY TAX REVENUE, AMBAC
 INSURED)## 5.13 02/01/2019 442,186
 715,000 LAKE COUNTY IL SCHOOL DISTRICT # 38 BIG HOLLOW
 CAPITAL APPRECIATION (PROPERTY TAX REVENUE, AMBAC
 INSURED) ## 4.58 02/01/2016 565,787
 910,000 LAKE COUNTY IL TOWNSHIP HIGH SCHOOL DISTRICT # 126
 ZION-BENTON CAPITAL APPRECIATION (PROPERTY TAX
 REVENUE, NATL-RE FGIC INSURED)## 5.12 02/01/2020 631,950
 600,000 MCHENRY & KANE COUNTYS IL COMMUNITY CONSOLIDATED
 SCHOOL DISTRICT # 158 HUNTLEY CAPITAL APPRECIATION
 (PROPERTY TAX REVENUE, NATL-RE FGIC INSURED)## 4.28 01/01/2019 422,346
 6,600,000 METROPOLITAN PIER & EXPOSITION AUTHORITY
 (MISCELLANEOUS REVENUE, NATL-RE INSURED)## 4.84 12/15/2025 3,059,364
 5,675,000 MONMOUTH IL INDUSTRIAL PROJECT MONMOUTH COLLEGE
 PROJECT (EDUCATION REVENUE, ALLIED IRISH BANK PLC
 LOC)+/-SS. 2.25 06/01/2035 5,675,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
ILLINOIS (continued)
$ 1,500,000 SOUTHWESTERN IL DEVELOPMENT FINANCE AUTHORITY LOCAL
 GOVERNMENT PROGRAM COLLINSVILLE LIMITED (SALES TAX
 REVENUE) 5.35% 03/01/2031 $ 1,186,545
 2,525,000 SOUTHWESTERN IL DEVELOPMENT AUTHORITY LOCAL
 GOVERNMENT PROGRAM COLLINSVILLE LIMITED (SALES TAX
 REVENUE) 5.00 03/01/2025 2,068,935
 605,000 TAZEWELL COUNTY IL SCHOOL DISTRICT # 51 (PROPERTY TAX
 REVENUE, NATL-RE FGIC INSURED) 9.00 12/01/2023 916,563
 2,000,000 TOWN OF CICERO IL SERIES A (PROPERTY TAX REVENUE,
 XLCA INSURED) 5.25 01/01/2016 2,103,140
 5,000,000 UNIVERSITY OF ILLINOIS AUXILIARY FACILITIES SYSTEMS
 SERIES A (EDUCATION REVENUE) 5.75 04/01/2038 5,598,650
 7,370,000 WILL COUNTY IL COMMUNITY USD # 201 U CRETE-MONEE
 (PROPERTY TAX REVENUE, NATL-RE FGIC INSURED)## 5.12 11/01/2019 5,055,452
 1,500,000 WILL COUNTY IL COMMUNITY USD # 201 U CRETE-MONEE
 (PROPERTY TAX REVENUE, NATL-RE FGIC INSURED)## 3.25 11/01/2023 800,700
 3,680,000 WILL COUNTY IL COMMUNITY USD # 201 U CRETE-MONEE
 CAPITAL APPRECIATION (PROPERTY TAX REVENUE, NATL-RE
 FGIC INSURED)## 5.31 11/01/2016 3,020,765
 136,493,897
 ------------------
INDIANA: 2.62%
 1,450,000 INDIANA BOARD BANK SPECIAL PROGRAM GAS SERIES A
 (UTILITIES REVENUE) 5.25 10/15/2015 1,579,398
 3,600,000 INDIANA BOND BANK SPECIAL PROGRAM BMA INDEX SERIES B2
 (UTILITIES REVENUE)+/-SS. 0.93 10/15/2022 2,985,228
 2,000,000 INDIANA FINANCE AUTHORITY ENVIROMENTAL DUKE ENERGY
 SERIES B (UTLITIES REVENUE) 6.00 08/01/2039 2,232,040
 55,710,000 INDIANA HEFA ASCENSION HEALTH SERIES B3 (HCFR)+/-SS. 1.93 11/15/2031 55,710,000
 3,050,000 INDIANA HEFA CLARIAN HEALTH SERIES B (HCFR) 5.00 02/15/2022 3,155,500
 240,000 INDIANAPOLIS IN LOCAL PUBLIC IMPROVEMENT SERIES B
 (MISCELLANEOUS REVENUE) 6.00 01/10/2020 283,495
 400,000 LAWRENCE TOWNSHIP, IN METROPOLITAN SCHOOL DISTRICT
 (LEASE REVENUE, NATL-RE INSURED) 6.88 07/05/2011 409,876
 1,450,000 VALPARAISO IN ECONOMIC DEVELOPMENT VALPARAISO FAMILY
 YMCA (MISCELLANEOUS REVENUE) 6.00 12/01/2036 1,266,778
 67,622,315
 ------------------
IOWA: 0.23%
 295,000 XENIA RURAL WATER DISTRICT IA WATER (WATER REVENUE,
 CIFG INSURED) 3.70 12/01/2010 289,587
 1,620,000 XENIA RURAL WATER DISTRICT IA WATER (WATER REVENUE,
 CIFG INSURED) 5.00 12/01/2017 1,088,186
 500,000 XENIA RURAL WATER DISTRICT IA WATER (WATER REVENUE,
 CIFG INSURED) 4.25 12/01/2019 315,700
 1,400,000 XENIA RURAL WATER DISTRICT IA WATER (WATER REVENUE,
 CIFG INSURED) 4.50 12/01/2031 763,462
 6,420,000 XENIA RURAL WATER DISTRICT IA WATER (WATER REVENUE,
 CIFG INSURED) 5.00 12/01/2041 3,596,291
 6,053,226
 ------------------
KANSAS: 1.39%
 150,000 KANSAS DEVELOPMENT FINANCE AUTHORITY HEALTH
 FACILITIES HARTFORD SERIES B-1 (HCFR, ACA INSURED) 6.13 04/01/2012 152,940
 1,165,000 OLATHE KS SPECIAL OBLIGATION WEST VILLAGE CENTER
 PROJECT (TAX INCREMENTAL/ALLOCATION REVENUE) 5.50 09/01/2026 777,766
 295,000 SEDGWICK & SHAWNEE COUNTIES KS MORTGAGE-BACKED
 SECURITIES SERIES A2 (SFMR, GNMA INSURED)+/-SS. 6.70 06/01/2029 300,278
 475,000 SEDGWICK & SHAWNEE COUNTIES KS MORTGAGE-BACKED
 SECURITIES SERIES A5 (SFMR, GNMA/FNMA INSURED) 5.70 12/01/2036 509,471
 25,900,000 WYANDOTTE COUNTY & KANSAS CITY KS UNITED GOVERNMENT
 SPECIAL OBLIGATION SALES TAX, SECOND LIEN SERIES A
 (SALES TAX REVENUE) ## 5.89 06/01/2021 14,731,661
 16,050,000 WYANDOTTE COUNTY & KANSAS CITY KS UNITED GOVERNMENT
 SPECIAL OBLIGATION SALES TAX, SECOND LIEN SERIES B
 (SALES TAX REVENUE) 5.00 12/01/2020 16,814,943
 3,320,000 WYANDOTTE COUNTY KS CITY UNITED GOVERNMENT
 TRANSPORTATION DEVELOPMENT DISTRICT LEGENDS VILLAGE
 WEST PROJECT (MISCELLANEOUS REVENUE) 4.88 10/01/2028 2,614,201
 35,901,260
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
KENTUCKY: 1.63%
$ 22,910,000 KENTUCKY ASSET LIABILITY COMMISSION GENERAL FUND
 SERIES A (MISCELLANEOUS REVENUE, NATL-RE FGIC
 INSURED)+/-SS. 0.84% 11/01/2027 $ 19,287,013
 16,825,000 KENTUCKY ASSET LIABILITY COMMISSION GENERAL FUND
 SERIES B (MISCELLANEOUS REVENUE, NATL-RE FGIC
 INSURED)+/-SS. 0.86 11/01/2025 13,253,894
 4,320,000 KENTUCKY EDFA BALANCE NORTON SERIES B (HCFR, NATL-RE
 INSURED)## 5.84 10/01/2023 2,181,859
 940,000 KENTUCKY EDFA BALANCE NORTON SERIES B (HCFR, NATL-RE
 INSURED)## 5.71 10/01/2028 341,154
 4,580,000 KENTUCKY EDFA UNREFUNDED BALANCE NORTON SERIES C
 (HCFR, NATL-RE INSURED)+/-SS. 5.95 10/01/2017 4,924,874
 2,000,000 KENTUCKY HOUSING CORPORATION AMT SERIES H (HOUSING
 REVENUE) 4.80 07/01/2022 2,048,680
 42,037,474
 ------------------
LOUISIANA: 0.88%
 3,925,000 LOUISIANA LOCAL GOVERNMENT ENVIROMENTAL FACILITIES
 (MISCELLANEOUS REVENUE, AMBAC INSURED) 5.25 12/01/2018 4,047,735
 2,500,000 LOUISIANA PFA BLACK & GOLD FACILITIES PROJECT SERIES
 A (EDUCATION REVENUE, CIFG INSURED) 5.00 07/01/2032 2,397,400
 700,000 LOUISIANA PFA BLACK & GOLD FACILITIES PROJECT SERIES
 A (HEFAR, CIFG INSURED) 5.00 07/01/2030 651,714
 255,000 LOUISIANA PFA BLACK & GOLD FACILITIES PROJECT SERIES
 A (HOUSING REVENUE, CIFG INSURED) 4.50 07/01/2038 207,116
 925,000 LOUISIANA STATE CITIZENS PROPERTY INSURANCE
 CORPORATION SERIES B (MISCELLANEOUS REVENUE, AMBAC
 INSURED) 5.00 06/01/2019 971,167
 345,000 LOUISIANA STATE CITIZENS PROPERTY INSURANCE
 CORPORATION SERIES B (MISCELLANEOUS REVENUE, AMBAC
 INSURED) 5.00 06/01/2020 356,402
 2,275,000 LOUISIANA STATE TOBACCO SETTLEMENT FINANCING
 CORPORATION SERIES 2001B (TOBACCO SETTLEMENT FUNDED) 5.50 05/15/2030 2,289,014
 1,700,000 NEW ORLEANS LA (PROPERTY TAX REVENUE, FGIC INSURED) 5.50 12/01/2021 1,861,670
 5,950,000 NEW ORLEANS LA AVIATION BOARD GULF OPPORTUNITY ZONE
 CONSOLIDATED RENTAL CAR SERIES A (AIRPORT REVENUE) 6.50 01/01/2040 6,347,936
 1,100,000 NEW ORLEANS LA AVIATION BOARD RESTRUCTURING SERIES
 A-1 (AIRPORT REVENUE, ASSURED GUARANTY) 6.00 01/01/2023 1,282,699
 770,000 NEW ORLEANS LA SEWER SERVICE (SEWER TAX REVENUE,
 ASSURED GUARANTY) 5.75 06/01/2018 848,579
 320,000 NEW ORLEANS LA SEWER SERVICE (SEWER TAX REVENUE,
 ASSURED GUARANTY) 6.00 06/01/2019 361,347
 1,000,000 NEW ORLEANS LA SEWER SERVICE (SEWER TAX REVENUE,
 ASSURED GUARANTY) 6.00 06/01/2024 1,104,360
 22,727,139
 ------------------
MAINE: 0.49%
 11,650,000 MAINE EDUCATIONAL LOAN AUTHORITY STUDENT LOAN SERIES
 A-3, CLASS A (EDUCATION REVENUE, ASSURED GUARANTY,
 LIMITED INSURED) 5.88 12/01/2039 12,623,241
 ------------------
MARYLAND: 1.24%
 270,000 ANNAPOLIS MD EDFASAINT JOHN'S COLLEGE FACILITIES
 (EDUCATION REVENUE) 5.50 10/01/2018 270,996
 8,780,000 FREDERICK COUNTY MD SPECIAL OBLIGATION CDA (COMMUNITY
 DEVELOPMENT DISTRICT REVENUE) 6.63 07/01/2025 8,805,550
 1,900,000 FREDERICK COUNTY MD SPECIAL OBLIGATION CDA (COMMUNITY
 DEVELOPMENT DISTRICT REVENUE) 5.00 07/01/2040 1,951,528
 302,000 HOWARD COUNTY MD COP, AGRICULTURAL LAND PRESERVATION
 # 90-23 SERIES A (LEASE REVENUE) 8.00 08/15/2020 413,477
 500,000 MARYLAND CDA DEPARTMENT OF HOUSING & COMMUNITY
 DEVELOPMENT SERIES A (HOUSING REVENUE) 5.88 07/01/2021 500,665
 1,000,000 MARYLAND CDA DEPARTMENT OF HOUSING & COMMUNITY
 DEVELOPMENT SERIES A (HOUSING REVENUE) 5.50 07/01/2022 1,020,490
 4,900,000 MARYLAND CDA DEPARTMENT OF HOUSING & COMMUNITY
 DEVELOPMENT SERIES A (HOUSING REVENUE) 4.55 09/01/2022 5,071,500
 630,000 MARYLAND CDA DEPARTMENT OF HOUSING & COMMUNITY
 DEVELOPMENT SERIES B (HOUSING REVENUE) 5.50 09/01/2031 667,088

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MARYLAND (continued)
$ 1,500,000 MARYLAND CDA DEPARTMENT OF HOUSING & COMMUNITY
 DEVELOPMENT SERIES P (HOUSING REVENUE) 4.45% 09/01/2021 $ 1,526,190
 2,760,000 MARYLAND ENERGY FINANCE ADMINISTRATION RECYCLING
 OFFICE PAPERSYSTEMS PROJECT SERIES A (MISCELLANEOUS
 REVENUE) 7.50 09/01/2015 2,883,703
 2,500,000 MARYLAND HEALTH & HIGHER EDUCATIONAL FACILITIES
 AUTHORITY ANNE ARUNDEL HTLH. SYSTEMS SERIES A
 (HOSPITAL REVENUE) 6.75 07/01/2039 2,879,575
 1,200,000 MARYLAND HEALTH & HIGHER EDUCATIONAL FACILITIES
 AUTHORITY CATHOLIC HEALTH INITIATIVES (HOSPITAL
 REVENUE) 6.00 12/01/2013 1,216,272
 4,000,000 MARYLAND HEALTH & HIGHER EDUCATIONAL FACILITIES
 AUTHORITY WASHINGTON COUNTY HOSPITAL (CONTINUING CARE
 RETIREMENT COMMUNITY REVENUE) 6.00 01/01/2043 4,129,960
 500,000 MONTGOMERY COUNTY MD HOUSING OPPORTUNITIES MFHR
 COMMUNITY HOUSING SERIES A (HOUSING REVENUE) 5.35 07/01/2021 504,240
 31,841,234
 ------------------
MASSACHUSETTS: 2.29%
 2,660,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY REVENUE
 SABIS INTERNATIONAL CHARTER SERIES A (MISCELLANEOUS
 REVENUE) 8.00 04/15/2031 3,089,537
 3,900,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY REVENUE
 SABIS INTERNATIONAL CHARTER SERIES A (MISCELLANEOUS
 REVENUE) 8.00 04/15/2039 4,479,189
 7,995,000 MASSACHUSETTS EDUCATIONAL FINANCE AUTHORITY
 EDUCATIONAL LOAN REVENUE ISSUE SERIES A (STUDENT LOAN
 REVENUE) 5.15 01/01/2026 8,292,254
 4,015,000 MASSACHUSETTS EDUCATIONAL FINANCE AUTHORITY
 EDUCATIONAL LOAN REVENUE ISSUE SERIES B (STUDENT LOAN
 REVENUE) 5.38 01/01/2020 4,331,784
 1,315,000 MASSACHUSETTS EDUCATIONAL FINANCE AUTHORITY
 EDUCATIONAL LOAN REVENUE ISSUE SERIES E (STUDENT LOAN
 REVENUE, AMBAC INSURED) 5.30 01/01/2016 1,317,288
 4,000,000 MASSACHUSETTS EDUCATIONAL FINANCE AUTHORITY SERIES
 (EDUCATION REVENUE) 6.00 01/01/2028 4,342,440
 25,000,000 MASSACHUSETTS HEALTH & EDUCATIONAL AUTHORITY (HEALTH
 CARE REVENUE)+/-SS. 1.18 07/01/2038 25,100,000
 100,000 MASSACHUSETTS HOUSING FINANCE AGENCY MFHR SERIES F
 (HOUSING REVENUE) 5.13 12/01/2034 100,042
 1,000,000 MASSACHUSETTS INDUSTRIAL FINANCE AGENCY SERIES A (IDR) 5.50 12/01/2013 1,004,820
 1,825,000 MASSACHUSETTS MUNICIPAL WHOLESALE ELECTRIC COMPANY
 NUCLEAR MIX # 4 SERIES 1 (UTLITIES REVENUE, NATL-RE
 INSURED)+/-SS.(A) 0.28 07/01/2017 1,662,493
 800,000 MASSACHUSETTS STATE PORT AUTHORITY DELTA AIRLINES
 INCORPORATED PROJECT SERIES A (LEASE REVENUE, AMBAC
 INSURED) 5.50 01/01/2013 786,008
 1,200,000 MASSACHUSETTS STATE SERIES C (MISCELLANEOUS REVENUE,
 AGM INSURED)+/-SS. 2.13 11/01/2020 1,103,856
 3,870,000 MASSACHUSETTS STATE WATER POLLUTION ABATEMENT POOL
 PROGRAM (WATER REVENUE)+/-SS. 3.01 08/01/2022 3,491,088
 59,100,799
 ------------------
MICHIGAN: 3.49%
 1,400,000 CESAR CHAVEZ ACADEMY MI INCORPORATED COP (LEASE
 REVENUE) 8.00 02/01/2033 1,477,182
 1,955,000 DETROIT MI (PROPERTY TAX REVENUE, NATL-RE INSURED) 4.00 04/01/2011 1,954,218
 5,855,000 DETROIT MI CAPITAL IMPROVEMENT LIMITED TAX SERIES A-1
 (PROPERTY TAX REVENUE) 5.00 04/01/2015 5,721,389
 7,765,000 DETROIT MI CITY SCHOOL DISTRICT SERIES A (EDUCATION
 REVENUE, AGM INSURED) 5.00 05/01/2019 8,183,611
 3,190,000 DETROIT MI CONVENTION FACILITY COBO HALL (TAX
 REVENUE, NATL-RE INSURED) 5.00 09/30/2013 3,379,263
 3,150,000 DETROIT MI DISTRICT AID (GO LOCAL) 5.00 11/01/2030 3,268,692
 1,355,000 DETROIT MI SEWAGE DISPOSAL REVENUE REFUNDING SENIOR
 LIEN SERIES C (SEWER TAX REVENUE, NATL-RE & FGIC
 INSURED) 5.25 07/01/2016 1,531,733
 2,710,000 JACKSON MI CAPITAL APPRECIATION DOWNTOWN DEVELOPMENT
 (PROPERTY TAX REVENUE, AGM INSURED) ## 6.21 06/01/2026 1,098,634
 1,000,000 MICHIGAN FINANCE AUTHORITY EDUCATIONAL FACILITIES
 SERIES A (EDUCATIONAL FACILITIES REVENUE) 7.38 10/01/2020 998,810
 1,000,000 MICHIGAN FINANCE AUTHORITY EDUCATIONAL FACILITIES
 SERIES A (EDUCATIONAL FACILITIES REVENUE) 8.00 10/01/2030 1,001,900

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MICHIGAN (continued)
$ 8,000,000 MICHIGAN FINANCE AUTHORITY EDUCATIONAL FACILITIES
 SERIES A (EDUCATIONAL FACILITIES REVENUE) 8.50% 10/01/2045 $ 8,084,880
 490,000 MICHIGAN FINANCE AUTHORITY LIMITED OBLIGATION SERIES
 A (MISCELLANEOUS REVENUE) 7.50 12/01/2020 500,045
 1,135,000 MICHIGAN FINANCE AUTHORITY LIMITED OBLIGATION SERIES
 A (MISCELLANEOUS REVENUE) 8.00 12/01/2030 1,160,923
 2,220,000 MICHIGAN FINANCE AUTHORITY LIMITED OBLIGATION SERIES
 A (MISCELLANEOUS REVENUE) 8.25 12/01/2039 2,274,790
 6,000,000 MICHIGAN FINANCE AUTHORITY LIMITED OBLIGATION SERIES
 E (MISCELLANEOUS REVENUE) 4.75 08/22/2011 6,047,760
 150,000 MICHIGAN MUNICIPAL BOND AUTHORITY REVENUE LOCAL
 GOVERNMENT LOAN PROGRAM SERIES A (MISCELLANEOUS
 REVENUE, AMBAC INSURED) 4.80 11/01/2015 151,602
 450,000 MICHIGAN MUNICIPAL BOND AUTHORITY REVENUE LOCAL
 GOVERNMENT LOAN PROGRAM SERIES A (MISCELLANEOUS
 REVENUE, AMBAC INSURED) 5.00 05/01/2017 459,855
 150,000 MICHIGAN MUNICIPAL BOND AUTHORITY REVENUE LOCAL
 GOVERNMENT LOAN PROGRAM SERIES A (MISCELLANEOUS
 REVENUE, AMBAC INSURED) 4.00 11/01/2021 139,796
 565,000 MICHIGAN MUNICIPAL BOND AUTHORITY REVENUE LOCAL
 GOVERNMENT LOAN PROGRAM SERIES B-GROUP A
 (MISCELLANEOUS REVENUE, AMBAC INSURED) 5.00 12/01/2015 596,600
 2,770,000 MICHIGAN MUNICIPAL BOND AUTHORITY REVENUE LOCAL
 GOVERNMENT LOAN PROGRAM SERIES B-GROUP A
 (MISCELLANEOUS REVENUE, AMBAC INSURED) 4.25 12/01/2016 2,810,414
 2,275,000 MICHIGAN MUNICIPAL BOND AUTHORITY REVENUE LOCAL
 GOVERNMENT LOAN PROGRAM SERIES B-GROUP A
 (MISCELLANEOUS REVENUE, AMBAC INSURED) 5.00 12/01/2017 2,327,666
 1,185,000 MICHIGAN MUNICIPAL BOND AUTHORITY REVENUE LOCAL
 GOVERNMENT LOAN PROGRAM SERIES B-GROUP A
 (MISCELLANEOUS REVENUE, AMBAC INSURED) 5.25 12/01/2023 1,191,126
 1,000,000 MICHIGAN MUNICIPAL BOND AUTHORITY REVENUE LOCAL
 GOVERNMENT LOAN PROGRAM SERIES C (MISCELLANEOUS
 REVENUE, AMBAC INSURED) 3.63 05/01/2016 993,080
 450,000 MICHIGAN MUNICIPAL BOND AUTHORITY REVENUE LOCAL
 GOVERNMENT LOAN PROGRAM SERIES C (MISCELLANEOUS
 REVENUE, AMBAC INSURED) 3.75 05/01/2017 443,120
 100,000 MICHIGAN MUNICIPAL BOND AUTHORITY REVENUE LOCAL
 GOVERNMENT LOAN PROGRAM SERIES C (MISCELLANEOUS
 REVENUE, AMBAC INSURED) 4.00 05/01/2019 97,232
 100,000 MICHIGAN MUNICIPAL BOND AUTHORITY REVENUE LOCAL
 GOVERNMENT LOAN PROGRAM SERIES G (MISCELLANEOUS
 REVENUE, AMBAC INSURED)## 3.84 05/01/2016 80,770
 110,000 MICHIGAN MUNICIPAL BOND AUTHORITY REVENUE LOCAL
 GOVERNMENT LOAN PROGRAM SERIES G (MISCELLANEOUS
 REVENUE, AMBAC INSURED)## 4.17 05/01/2017 83,749
 75,000 MICHIGAN MUNICIPAL BOND AUTHORITY REVENUE LOCAL
 GOVERNMENT LOAN PROGRAM SERIES G (MISCELLANEOUS
 REVENUE, AMBAC INSURED)## 4.63 05/01/2019 50,559
 50,000 MICHIGAN MUNICIPAL BOND AUTHORITY REVENUE LOCAL
 GOVERNMENT LOAN PROGRAM SERIES G (MISCELLANEOUS
 REVENUE, AMBAC INSURED)## 4.81 05/01/2020 31,652
 2,500,000 MICHIGAN PUBLIC EDUCATIONAL FACILITIES AUTHORITY
 BRADFORD ACADEMY PROJECT (EDUCATION REVENUE) ++ 8.75 09/01/2039 2,871,325
 2,445,000 MICHIGAN PUBLIC EDUCATIONAL FACILITIES AUTHORITY
 LIMITED OBLIGATION BRADFORD ACADEMY PROJECT
 (EDUCATIONAL FACILITIES REVENUE) ++ 6.50 09/01/2037 2,497,885
 1,242,500 MICHIGAN PUBLIC EDUCATIONAL FACILITIES AUTHORITY
 LIMITED OBLIGATION CRESCENT (PRIVATE SCHOOL REVENUE) 7.00 10/01/2036 1,210,617
 1,055,000 MICHIGAN PUBLIC EDUCATIONAL FACILITIES AUTHORITY
 LIMITED OBLIGATION NATAKI TALIBAH (MISCELLANEOUS
 REVENUE) 6.25 10/01/2023 962,983
 2,085,000 MICHIGAN PUBLIC EDUCATIONAL FACILITIES AUTHORITY
 MADISON ACADEMY PROJECT (EDUCATION REVENUE) 8.38 12/01/2030 2,181,890
 4,170,000 MICHIGAN PUBLIC EDUCATIONAL FACILITIES AUTHORITY
 MADISON ACADEMY PROJECT (EDUCATION REVENUE) 8.63 12/01/2039 4,337,968
 2,450,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY SERIES C
 (HCFR)+/-SS. 6.00 12/01/2034 2,986,183
 500,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY TRINITY
 HEALTH SERIES A (HCFR) 5.00 12/01/2014 558,365
 850,000 MICHIGAN STATE STRATEGIC FUND LIMITED OBLIGATION
 ADJUSTED REFUNDING DOW CHEMICAL PROJECT SERIES J-A-2
 (IDR)+/-SS. 5.50 12/01/2028 880,532
 40,000 MICHIGAN STATE STRATEGIC FUND SERIES A (HOUSING
 REVENUE, GUARANTEE AGREEMENT) 5.25 10/15/2021 45,237
 10,000,000 MONROE COUNTY MI ECONOMIC DEVELOPMENT CORPORATION
 DETROIT EDISON COMPANY SERIES AA (IDR, FGIC INSURED) 6.95 09/01/2022 12,600,700
 1,390,000 STAR INTERNATIONAL ACADEMY MI COP FULL TERM (LEASE
 REVENUE) 6.13 03/01/2037 1,401,398

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MICHIGAN (continued)
$ 1,115,000 WAYNE COUNTY MI AIRPORT AUTHORITY JUNIOR LIEN
 (AIRPORT REVENUE, NATL-RE) 5.00% 12/01/2016 $ 1,176,615
 89,852,749
 ------------------
MINNESOTA: 0.68%
 500,000 AUSTIN MN HOUSING & RDA COURTYARD RESIDENCE PROJECT
 SERIES A (HOUSING REVENUE) 7.25 01/01/2032 500,490
 750,000 BAYTOWN TOWNSHIP MN ST. CROIX PREPARATORY ACADEMY
 SERIES A (LEASE REVENUE) 7.00 08/01/2038 765,278
 550,000 BECKER MN PCR NORTHERN STATES POWER SERIES A (IDR)+/-SS. 8.50 09/01/2019 625,246
 900,000 FALCON HEIGHT MN KALEIDOSCOPE CHARTER SCHOOL SERIES A
 (LEASE REVENUE) 6.00 11/01/2037 802,242
 500,000 FERGUS FALLS MN HEALTH CARE FACILITIES PIONEER
 RETIREMENT COMMUNITY (HCFR) 4.00 11/15/2011 501,055
 3,000,000 ST PAUL MN HFA AND RDA (HOUSING REVENUE) 6.00 11/15/2035 2,905,290
 6,750,000 ST. LOUIS PARK MN CATHOLIC FINANCE CORPORATION
 (EDUCATIONAL FACILITIES REVENUE, ALLIED IRISH BANK
 PLC LOC)+/-SS. 2.10 10/01/2025 6,750,000
 3,130,000 ST. PAUL MN HOUSING & RDA PUBLIC RADIO PROJECT
 (MISCELLANEOUS REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 2.50 10/01/2025 3,130,000
 1,500,000 WOODBURY MN MATH SCIENCE ACADEMY PROJECT SERIES A
 (MISCELLANEOUS REVENUE) 7.50 12/01/2031 1,541,175
 17,520,776
 ------------------
MISSISSIPPI: 0.03%
 450,000 GULFPORT-BILOXI REGIONAL AIRPORT AUTHORITY MS
 PASSENGER FACILITIES SERIES A (AIRPORT REVENUE, ACA
 INSURED) 5.00 10/01/2022 379,998
 400,000 MISSISSIPPI HOME CORPORATION SFHR SERIES B (HOUSING
 REVENUE, FNMA & GNMA INSURED) 6.20 06/01/2030 407,868
 787,866
 ------------------
MISSOURI: 1.22%
 2,000,000 CHESTERFIELD VALLEY MO TRANSPORTATION DEVELOPMENT
 DISTRICT (SALES TAX REVENUE, CIFG INSURED) 4.00 04/15/2026 1,544,920
 315,000 DESLOGE MO US HIGHWAY 67 STATE SAINT REDEVELOPMENT
 PROJECT (TAX INCREMENTAL REVENUE) 5.20 04/15/2020 294,453
 455,000 FENTON MO GRAVOIS BLUFFS REDEVELOPMENT PROJECT
 (MISCELLANEOUS TAX REVENUE) 4.50 04/01/2021 455,878
 4,300,000 INDEPENDENCE MO THIRTY-NINTH SAINT TRANSPORTATION
 DISTRICT IMPROVEMENT DEVELOPMENT ROAD IMPROVEMENT
 PROJECT (SALES TAX REVENUE) 6.88 09/01/2032 4,329,627
 3,030,000 LAKE OF THE OZARKS MO COMMUNITY BRIDGE CORPORATION
 (MISCELLANEOUS REVENUE) 5.25 12/01/2014 2,822,142
 3,000,000 MANCHESTER MO HIGHWAY 141 MANCHESTER ROAD PROJECT
 (MISCELLANEOUS TAX REVENUE) 6.00 11/01/2025 3,088,680
 35,000 MISSOURI HOUSING DEVELOPMENT COMMISSION MORTGAGE SFHR
 SERIES B (HOUSING REVENUE, FNMA & GNMA INSURED) 6.25 09/01/2015 35,065
 165,000 MISSOURI HOUSING DEVELOPMENT COMMISSION MORTGAGE SFHR
 SERIES B (HOUSING REVENUE, FNMA & GNMA INSURED) 6.45 09/01/2027 165,233
 460,000 OZARK MO COP COMMUNITY CENTER PROJECT (LEASE REVENUE) 5.00 09/01/2026 461,766
 1,500,000 SIKESTON MO (UTILITIES REVENUE, NATL-RE INSURED) 6.00 06/01/2016 1,656,345
 500,000 SIKESTON MO ELECTRIC (UTLITIES REVENUE, NATL-RE
 INSURED) 6.00 06/01/2015 545,600
 5,000,000 ST LOUIS MO MUNICIPAL FINANCE CORPORATION LEASEHOLD
 CONVENTION CENTER PROJECT SERIES A (LEASE REVENUE,
 AGM INSURED) 5.93 07/15/2031 1,483,500
 6,250,000 ST LOUIS MO MUNICIPAL FINANCE CORPORATION LEASEHOLD
 CONVENTION CENTER PROJECT SERIES A (LEASE REVENUE,
 AGM INSURED) 6.00 07/15/2033 1,624,500
 5,790,000 ST LOUIS MO MUNICIPAL FINANCE CORPORATION LEASEHOLD
 CONVENTION CENTER PROJECT SERIES A (LEASE REVENUE,
 AGM INSURED)## 6.03 07/15/2035 1,327,473
 3,500,000 ST LOUIS MO MUNICIPAL FINANCE CORPORATION LEASEHOLD
 CONVENTION CENTER PROJECT SERIES A (LEASE REVENUE,
 AGM INSURED)## 6.02 07/15/2036 758,065

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MISSOURI (continued)
$ 2,000,000 ST. LOUIS MO LAMBERT ST. LOUIS INTERNATIONAL AIRPORT
 SERIES A-1 (AIRPORT REVENUE) 6.25% 07/01/2029 $ 2,178,240
 2,000,000 ST. LOUIS MO LAMBERT ST. LOUIS INTERNATIONAL AIRPORT
 SERIES A-1 (AIRPORT REVENUE) 6.63 07/01/2034 2,176,160
 2,555,000 ST. LOUIS MO LAMBERT ST. LOUIS INTERNATIONAL AIRPORT
 SERIES B (AIRPORT REVENUE, NATL-RE FGIC INSURED) 6.00 07/01/2013 2,787,071
 5,000,000 ST. LOUIS MO MUNICIPAL FINANCE CORPORATION CONVENTION
 CENTRE SERIES A (LEASE REVENUE, AGM INSURED)## 5.97 07/15/2032 1,387,500
 6,750,000 ST. LOUIS MO MUNICIPAL FINANCE CORPORATION CONVENTION
 CENTRE SERIES A (LEASE REVENUE, AGM INSURED)## 6.02 07/15/2034 1,646,123
 3,000,000 ST. LOUIS MO MUNICIPAL FINANCE CORPORATION CONVENTION
 CENTRE SERIES A (LEASE REVENUE, AGM INSURED)## 6.04 07/15/2037 609,180
 31,377,521
 ------------------
NEVADA: 0.88%
 3,000,000 CLARK COUNTY NV AIRPORT JET PROJECT SERIES C (AIRPORT
 REVENUE, AMBAC INSURED) 5.38 07/01/2019 3,147,420
 4,750,000 CLARK COUNTY NV IDA (SPECIAL TAX REVENUE) 5.00 06/01/2033 4,968,168
 3,000,000 CLARK COUNTY NV NEVADA POWER COMPANY PCR PROJECT
 SERIES D (IDR, ACA INSURED) 5.30 10/01/2011 3,000,600
 300,000 DIRECTOR OF THE STATE OF NEVADA DEPARTMENT OF
 BUSINESS & INDUSTRY SOLID WASTE DISPOSAL REPUBLIC
 SERVICES INCORPORATE PROJECT (RESOURCE RECOVERY
 REVENUE)+/-SS. 5.63 12/01/2026 316,890
 2,465,000 HENDERSON NV LOCAL IMPROVEMENT DISTRICT (COMMUNITY
 DEVELOPMENT DISTRICT REVENUE) 5.05 09/01/2017 1,221,925
 2,500,000 HENDERSON NV LOCAL IMPROVEMENT DISTRICT (COMMUNITY
 DEVELOPMENT DISTRICT REVENUE) 5.10 09/01/2018 1,238,975
 2,975,000 HENDERSON NV LOCAL IMPROVEMENT DISTRICT (COMMUNITY
 DEVELOPMENT DISTRICT REVENUE) 5.13 09/01/2019 1,474,113
 2,105,000 HENDERSON NV LOCAL IMPROVEMENT DISTRICT (COMMUNITY
 DEVELOPMENT DISTRICT REVENUE) 5.15 09/01/2020 1,042,859
 3,500,000 HENDERSON NV LOCAL IMPROVEMENT DISTRICT (COMMUNITY
 DEVELOPMENT DISTRICT REVENUE) 5.25 09/01/2026 1,733,095
 2,500,000 RENO-SPARKS NV INDIAN COLONY GOVERNMENTAL
 (MISCELLANEOUS REVENUE, US BANK NA LOC) 5.00 06/01/2024 2,520,700
 1,900,000 RENO-SPARKS NV INDIAN COLONY GOVERNMENTAL
 (MISCELLANEOUS REVENUE, US BANK NA LOC) 5.13 06/01/2027 1,901,254
 22,565,999
 ------------------
NEW HAMPSHIRE: 1.16%
 2,375,000 MANCHESTER NH HOUSING & REDEVELOPMENT AUTHORITY
 CAPITAL APPRECIATION SERIES B (MISCELLANEOUS REVENUE,
 ACA INSURED)## 7.98 01/01/2021 1,067,895
 250,000 MANCHESTER NH HOUSING & REDEVELOPMENT AUTHORITY
 CAPITAL APPRECIATION SERIES B (MISCELLANEOUS REVENUE,
 ACA INSURED)## 8.20 01/01/2025 79,960
 1,300,000 NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY PC CENTRAL
 MAINE POWER COMPANY (IDR) 5.38 05/01/2014 1,433,523
 1,400,000 NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY WASTE
 MANAGEMENT INCORPORATED PROJECT (IDR)+/-SS. 5.20 05/01/2027 1,421,756
 13,660,000 NEW HAMPSHIRE HEALTH & EDUCATION FACILITIES AUTHORITY
 BREWSTER ACADEMY (EDUCATION REVENUE, ALLIED IRISH
 BANK PLC LOC)+/-SS. 2.40 09/01/2031 13,660,000
 6,100,000 NEW HAMPSHIRE HEFA CROTCHED MOUNTAIN REHABILITATION
 (HFFA REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 2.40 01/01/2037 6,100,000
 5,940,000 NEW HAMPSHIRE HFA MFHR SERIES (HOUSING REVENUE,
 MERRILL LYNCH & COMPANY INCORPORATED LOC)+/-SS. 5.50 07/01/2017 6,029,100
 29,792,234
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
NEW JERSEY: 4.19%
$ 5,000,000 CAMDEN COUNTY NJ IMPROVEMENT AUTHORITY HEALTH CARE
 REDEVELOPMENT COOPER HEALTH SYSTEMS OBLIGATION GROUP
 A (HOSPITAL REVENUE) 5.25% 02/15/2020 $ 5,159,150
 6,000,000 CAMDEN COUNTY NJ IMPROVEMENT AUTHORITY HEALTH CARE
 REDEVELOPMENT COOPER HEALTH SYSTEMS OBLIGATION SERIES
 A (HOSPITAL REVENUE) 5.75 02/15/2034 6,095,160
 400,000 LAKEWOOD TOWNSHIP NJ SCHOOL DISTRICT (GO LOCAL, AMBAC
 INSURED) 6.25 02/15/2012 429,284
 385,000 MERCER COUNTY NJ IMPROVEMENT AUTHORITY SPECIAL
 SERVICES SCHOOL DISTRICT SERIES A (LEASE REVENUE) 5.95 12/15/2012 428,563
 7,000,000 NEW JERSEY COP, EQUIPMENT LEASE PURCHASE SERIES A
 (MISCELLANEOUS REVENUE) 5.25 06/15/2027 7,621,530
 710,000 NEW JERSEY EDFA DEPARTMENT OF HUMAN SERVICES SERIES A
 (LEASE REVENUE) 5.70 07/01/2012 726,721
 2,825,000 NEW JERSEY HEALTH CARE FACILITIES FINANCE AUTHORITY
 BURDETTE TOMLIN MEMORIAL HOSPITAL (HOSPITAL REVENUE) 5.60 07/01/2019 2,829,238
 50,000 NEW JERSEY HEALTH CARE FACILITIES FINANCE AUTHORITY
 BURLINGTON COUNTY MEMORIAL HOSPITAL PROJECT SERIES C
 (PRE-REFUNDED REVENUE) 6.00 07/01/2012 53,228
 6,235,000 NEW JERSEY HEALTH CARE FACILITIES FINANCE AUTHORITY
 MERIDIAN HEALTH SYSTEMS OBLIGATION GROUP (HOSPITAL
 REVENUE, AGM INSURED) 5.63 07/01/2011 6,257,446
 17,000,000 NEW JERSEY HIGHER EDUCATION ASSISTANCE AUTHORITY
 STUDENT LOAN SERIES A-2 (STUDENT LOAN REVENUE)+/-SS. 1.25 06/01/2036 16,916,700
 1,275,000 NEW JERSEY HOUSING & MORTGAGE FINANCE AGENCY MFHR
 SERIES A (HOUSING REVENUE, AMBAC INSURED) 5.40 11/01/2017 1,276,454
 815,000 NEW JERSEY HOUSING & MORTGAGE FINANCE AGENCY MFHR
 SERIES B (HOUSING REVENUE, AGM INSURED) 6.05 11/01/2017 816,744
 2,710,000 NEW JERSEY HOUSING & MORTGAGE FINANCE AGENCY MFHR
 SERIES E-1 (HOUSING REVENUE, AGM INSURED) 5.35 11/01/2013 2,716,829
 900,000 NEW JERSEY HOUSING & MORTGAGE FINANCE AGENCY MFHR
 SERIES E-1 (HOUSING REVENUE, AGM INSURED) 5.45 11/01/2014 902,097
 200,000 NEW JERSEY HOUSING & MORTGAGE FINANCE AGENCY MFHR
 SERIES E-1 (HOUSING REVENUE, AGM INSURED) 5.70 05/01/2020 200,294
 340,000 NEW JERSEY HOUSING & MORTGAGE FINANCE AGENCY MFHR
 SERIES E-2 (HOUSING REVENUE, AGM INSURED) 5.70 11/01/2020 340,500
 1,550,000 NEW JERSEY HOUSING & MORTGAGE FINANCE AGENCY MFHR
 SERIES F (HOUSING REVENUE, AGM INSURED) 5.05 11/01/2013 1,610,032
 5,000,000 NEW JERSEY HOUSING & MORTGAGE FINANCE AGENCY SFHR
 SERIES T (HOUSING REVENUE) 4.55 10/01/2022 5,095,250
 4,000,000 NEW JERSEY STATE HIGHER EDUCATION ASSISTANCE
 AUTHORITY SERIES 1A (STUDENT LOAN REVENUE) 4.75 12/01/2029 4,090,280
 2,900,000 NEW JERSEY STATE HIGHER EDUCATION ASSISTANCE
 AUTHORITY SERIES A (EDUCATION REVENUE) 5.63 06/01/2030 3,142,701
 10,000,000 NEW JERSEY STATE HIGHER EDUCATION ASSISTANCE
 AUTHORITY SERIES A (EDUCATION REVENUE) 5.00 06/01/2027 10,361,800
 16,000,000 NEW JERSEY TTFA TRANSPORTATION SYSTEMS SERIES A
 (TRANSPORTATION REVENUE) 6.00 12/15/2038 18,207,200
 10,000,000 NEW JERSEY TTFA TRANSPORTATION SYSTEMS SERIES A
 (TRANSPORTATION REVENUE, NATL-RE INSURED) 5.75 06/15/2025 12,017,800
 165,000 NEW JERSEY TURNPIKE AUTHORITY SERIES C (TOLL
 COLLECTION REVENUE, NATL-RE INSURED) 6.50 01/01/2016 207,182
 315,000 STONY BROOK REGIONAL SEWER AUTHORITY NEW JERSEY
 SERIES B (WATER & SEWER TAX REVENUE) 5.45 12/01/2012 330,237
 50,000 WEST WINDSOR TOWNSHIP NJ PARKING AUTHORITY
 (MISCELLANEOUS REVENUE) 6.10 12/01/2012 50,237
 107,882,657
 ------------------
NEW MEXICO: 0.04%
 1,060,000 OTERO COUNTY NM JAIL PROJECT (MISCELLANEOUS REVENUE) 5.50 04/01/2013 1,047,556
 ------------------
NEW YORK: 7.54%
 2,555,000 GENESEE COUNTY NY IDA UNITED MEMORIAL MEDICAL CENTER
 PROJECT (HCFR) 4.75 12/01/2014 2,571,071

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
NEW YORK (continued)
$ 100,000 ISLIP NY RESOURCE RECOVERY AGENCY 1985 FACILITIES
 SERIES B (RESOURCE RECOVERY REVENUE, AMBAC INSURED) 7.25% 07/01/2011 $ 104,512
 4,000,000 LONG ISLAND NY POWER AUTHORITY ELECTRIC SYSTEMS
 SERIES A (UTLITIES REVENUE, BHAC LOC) 5.50 05/01/2033 4,509,680
 10,000,000 METROPOLITAN TRANSPORTATION AUTHORITY NEW YORK
 SERVICES CONTRACT SERIES 7 (PRE-REFUNDED REVENUE) 5.63 07/01/2016 10,694,300
 8,000,000 METROPOLITAN TRANSPORTATION AUTHORITY SERIES 2008-C
 (TRANSPORTATION REVENUE) 6.50 11/15/2028 9,571,520
 1,220,000 NEW YORK CITY NY IDA AMERICAN AIRLINES JFK
 INTERNATIONAL AIRPORT (AIRPORT REVENUE) 7.13 08/01/2011 1,225,173
 30,000,000 NEW YORK DORMATORY AUTHORITY AUSTIN TRUST VARIABLE
 CERTIFICATES SERIES 2008-1148 (SPECIAL TAX REVENUE)(H) 5.00 03/15/2035 31,475,700
 10,000,000 NEW YORK DORMATORY AUTHORITY PERSONAL INCOME TAX
 SERIES B (EDUCATION REVENUE) 5.75 03/15/2036 11,634,800
 11,625,000 NEW YORK NY MUNICIPAL WATER & SEWERSYSTEMS FINANCE
 AUTHORITY 2ND GENERAL RESOLUTION SERIES DD (WATER &
 SEWER TAX REVENUE) 6.00 06/15/2040 13,641,589
 10,000,000 NEW YORK NY MUNICIPAL WATER & SEWERSYSTEMS FINANCE
 AUTHORITY SERIES 2009-A (WATER & SEWER TAX REVENUE) 5.75 06/15/2040 11,515,300
 20,000,000 NEW YORK NY SUBSERIES J3 (PROPERTY TAX REVENUE,
 ALLIED IRISH BANK PLC LOC)+/-SS. 1.70 08/01/2023 20,000,000
 2,500,000 NEW YORK NY TRANSITIONAL FINANCE AUTHORITY BUILDING
 AID FISCAL YEAR 2009 SERIES S-4 (MISCELLANEOUS
 REVENUE, STATE AID WITHHOLDING) 5.75 01/15/2039 2,884,150
 6,465,000 NEW YORK STATE DORMITORY AUTHORITY NORTH SHORE JEWISH
 SERIES B (HCFR)+/-SS. 1.04 05/01/2018 5,753,139
 4,300,000 NEW YORK STATE ENERGY R&D AUTHORITY GAS FACILITIES
 REVENUE BROOKLYN UNION GAS COMPANY SERIES B
 (UTILITIES REVENUE)+/-SS. 13.08 07/01/2026 4,317,544
 2,600,000 NEW YORK STATE ENERGY R&D AUTHORITY GAS FACILITIES
 REVENUE LINKED SAVERS & RIBS BROOKLYN (UTILITIES
 REVENUE) 6.95 07/01/2026 2,605,304
 12,000,000 NEW YORK URBAN DEVELOPMENT CORPORATION (MISCELLANEOUS
 REVENUE) 5.88 02/01/2013 12,148,200
 8,520,000 NEW YORK URBAN DEVELOPMENT CORPORATION SUB LIEN
 (MISCELLANEOUS REVENUE) 5.50 07/01/2016 8,552,120
 2,500,000 NIAGARA COUNTY NY IDAG SOLID WASTE DISPOSAL SERIES C
 (RESOURCE RECOVERY REVENUE)+/-SS. 5.63 11/15/2024 2,563,750
 915,000 NIAGARA FALLS NY PUBLIC IMPROVEMENT PROJECT (GO
 LOCAL, NATL-RE INSURED) 7.50 03/01/2014 1,084,376
 685,000 NIAGARA FALLS NY PUBLIC IMPROVEMENT PROJECT (GO
 LOCAL, NATL-RE INSURED) 7.50 03/01/2016 857,051
 65,000 NIAGARA FALLS NY PUBLIC IMPROVEMENT PROJECT (GO
 LOCAL, NATL-RE INSURED) 7.50 03/01/2016 85,730
 5,000,000 PORT AUTHORITY OF NEW YORK & NEW JERSEY SERIES 37
 (PORT AUTHORITY REVENUE, AGM INSURED) 5.50 07/15/2019 5,636,300
 4,000,000 PORT AUTHORITY OF NEW YORK & NEW JERSEY SPECIAL
 OBLIGATION JFK INTERNATIONAL AIRPORT TERMINAL 6
 (MISCELLANEOUS REVENUE, NATL-RE INSURED) 5.75 12/01/2025 4,006,880
 10,000,000 SENECA COUNTY NY IDA SOLID WASTE DISPOSAL SENECA
 MEADOWS INCORPORATED PROJECT (IDR)+/-SS. ++ 6.63 10/01/2035 10,111,500
 11,000,000 TOBACCO SETTLEMENT FINANCE CORPORATION OF NEW YORK
 SERIES C-1 (TOBACCO REVENUE) 5.50 06/01/2021 11,926,750
 2,380,000 YONKERS NY IDA CIVIC FACILITIES SARAH LAWRENCE
 COLLEGE PROJECT SERIES A (EDUCATION REVENUE) 5.75 06/01/2024 2,645,584
 1,000,000 YONKERS NY IDA CIVIC FACILITIES SARAH LAWRENCE
 COLLEGE PROJECT SERIES A (EDUCATION REVENUE) 6.00 06/01/2029 1,096,840
 1,000,000 YONKERS NY IDA CIVIC FACILITIES SARAH LAWRENCE
 COLLEGE PROJECT SERIES A (EDUCATION REVENUE) 6.00 06/01/2041 1,069,570
 194,288,433
 ------------------
NORTH CAROLINA: 1.06%
 1,250,000 NORTH CAROLINA EASTERN MUNICIPAL POWER AGENCY SERIES
 A (UTLITIES REVENUE) 5.50 01/01/2026 1,389,888
 2,000,000 NORTH CAROLINA EASTERN MUNICIPAL POWER AGENCY SERIES
 C (UTLITIES REVENUE) 6.75 01/01/2024 2,439,820

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
NORTH CAROLINA (continued)
$ 1,000,000 NORTH CAROLINA EASTERN MUNICIPAL POWER AGENCY SERIES
 C (POWER REVENUE) 5.38% 01/01/2017 $ 1,081,780
 3,500,000 NORTH CAROLINA HOUSING FINANCE AGENCY HOMEOWNERSHIP
 SFHR SERIES 28-A (HOUSING REVENUE)+/-SS. 4.65 07/01/2023 3,557,890
 2,000,000 NORTH CAROLINA MEDICAL CARE COMMISSION FIRST MORTGAGE
 SERIES A (HCFR) 5.75 10/01/2037 1,857,620
 4,400,000 NORTH CAROLINA MEDICAL CARE COMMISSION NOVANT HEALTH
 SERIES A (HCFR)+/-SS.(A) 0.37 11/01/2028 4,400,000
 4,000,000 NORTH CAROLINA TURNPIKE AUTHORITY TRIANGLE EXPRESSWAY
 SYSTEMS SERIES A (TRANSPORTATION REVENUE, ASSURED
 GUARANTY LOC) 5.75 01/01/2039 4,375,800
 7,600,000 UNIVERSITY OF NORTH CAROLINA CHAPEL HILL AUSTIN TRUST
 VARIABLE CERTIFICATES (EDUCATION REVENUE)(H) 5.25 12/01/2036 8,147,580
 27,250,378
 ------------------
NORTH DAKOTA: 0.01%
 340,000 THREE AFFILIATED TRIBES OF THE FORT BERTHOLD
 RESERVATION ND (RECREATIONAL REVENUE) 6.30 11/15/2010 339,327
 ------------------
OHIO: 0.73%
 2,000,000 ADAMS & HIGHLAND COUNTY OH VALLEY LOCAL SCHOOL
 DISTRICT (GO LOCAL, NATL-RE INSURED) 7.00 12/01/2015 2,271,420
 1,500,000 AKRON OH SEWER SYSTEM (SEWER TAX REVENUE, AMBAC
 INSURED) 5.00 12/01/2016 1,658,235
 250,000 JOHNSTOWN OH WATERWORKS SYSTEM MORTGAGE (SEWER TAX
 REVENUE) 6.00 12/01/2017 250,483
 1,000,000 KINGS OH LOCAL SCHOOL DISTRICT (GO LOCAL, FGIC
 INSURED) 7.50 12/01/2016 1,187,010
 2,500,000 MONTGOMERY COUNTY OH HOSPITAL KETTERING MEDICAL
 CENTER (HOSPITAL REVENUE, NATL-RE INSURED) 6.25 04/01/2020 2,973,200
 4,200,000 OHIO ENTERPRISE BOND TOLEDO SERIES 2A (ECONOMIC
 DEVELOPMENT REVENUE) 5.50 12/01/2019 4,397,022
 4,020,000 OHIO MUNICIPAL ELECTRIC GENERATION AGENCY REFUNDING
 JOINT VENTURE 5 CERTIFICATES OF BENEFICIAL INTEREST
 (ELECTRIC, POWER & LIGHT REVENUE, AMBAC INSURED) 5.00 02/15/2018 4,330,103
 1,900,000 RIVERSOUTH OH AUTHORITY LAZARUS BUILDING
 REDEVELOPMENT SERIES A (LEASE REVENUE) 5.75 12/01/2027 1,818,946
 18,886,419
 ------------------
OKLAHOMA: 1.08%
 2,652,748 COMANCHE COUNTY OK INDEPENDENT SCHOOL DISTRICT # 4
 GERONIMO (EDUCATIONAL FACILITIES REVENUE) 6.25 08/15/2014 2,792,469
 7,970,000 EDMOND OK ECONOMIC DEVELOPMENT AUTHORITY EDMOND
 PROJECT SERIES A (EDUCATION REVENUE, ALLIED IRISH
 BANK PLC LOC)+/-SS. 1.50 06/01/2031 7,970,000
 1,110,000 MCALESTER OK PUBLIC WORKS AUTHORITY SERIES A (WATER
 REVENUE, FSA INSURED) 5.75 02/01/2020 1,169,274
 5,000,000 MCGEE CREEK AUTHORITY OK WATER REVENUE (WATER
 REVENUE, NATL-RE INSURED) 6.00 01/01/2023 5,662,100
 4,850,000 OKLAHOMA CITY OK INDUSTRIAL & CULTURAL FACILITIES
 SERIES B (HCFR, NATL-RE INSURED)+/-SS.(A) 0.77 06/01/2019 4,567,417
 2,500,000 OKLAHOMA DELOPMENT FINANCE AUTHORITY SOLID WASTE
 MANAGEMENT SERIES A (IDR)+/-SS. 7.00 12/01/2021 2,514,425
 1,150,000 OKLAHOMA DEVELOPMENT FINANCE AUTHORITY PCR PUBLIC
 SERVICE COMPANY OKLAHOMA PROJECT (IDR) 5.25 06/01/2014 1,265,702
 1,400,000 OKLAHOMA WATER RESOURCE BOARD REVOLVING FUND (WATER &
 SEWER TAX REVENUE) 5.00 04/01/2028 1,590,764
 375,000 OKMULGEE OK MUNICIPAL AUTHORITY SERIES A (SALES TAX
 REVENUE) 5.00 12/01/2024 417,300
 27,949,451
 ------------------
OREGON: 0.23%
 1,370,000 OREGON STATE HEALTH HOUSING ECFA ASPEN FOUNDATION II
 SERIES A (HOUSING REVENUE) 6.13 04/15/2029 738,882

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
OREGON (continued)
$ 365,000 OREGON STATE HOUSING & COMMUNITY SERVICES DEPARTMENT
 SERIES N (HOUSING REVENUE) 3.90% 07/01/2029 $ 370,555
 760,000 WESTERN GENERATION AGENCY OF OREGON WAUNA
 COGENERATION PROJECT SERIES B (UTLITIES REVENUE) 5.00 01/01/2012 765,928
 2,855,000 WESTERN GENERATION AGENCY OF OREGON WAUNA
 COGENERATION PROJECT SERIES B (UTLITIES REVENUE) 5.00 01/01/2013 2,874,785
 1,100,000 WESTERN GENERATION AGENCY OF OREGON WAUNA
 COGENERATION PROJECT SERIES B (UTLITIES REVENUE) 5.00 01/01/2014 1,099,747
 5,849,897
 ------------------
OTHER: 1.74%
 40,000,000 FHLMC (MORTGAGE-BACKED SECURITIES REVENUE)+/-SS. 5.50 08/15/2051 44,855,600
 ------------------
PENNSYLVANIA: 5.82%
 1,410,000 ALLEGHENY COUNTY PA AIRPORT AUTHORITY PITTSBURG
 INTERNATIONAL AIRPORT NATL-RE (AIRPORT REVENUE,
 NATL-RE INSURED)+/-SS. 5.00 01/01/2016 1,499,465
 9,620,000 ALLEGHENY COUNTY PA AIRPORT AUTHORITY SERIES A
 (AIRPORT REVENUE, FSA INSURED) 5.00 01/01/2015 10,612,880
 5,000,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY
 UNIVERSITY OF PITTSBURGH MEDICAL CENTER SERIES A
 (HOSPITAL REVENUE) 5.00 05/15/2018 5,743,000
 5,000,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY
 UNIVERSITY OF PITTSBURGH MEDICAL CENTER SERIES A
 (HOSPITAL REVENUE) 5.63 08/15/2039 5,247,050
 9,000,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY
 UNIVERSITY OF PITTSBURGH MEDICAL CENTER SERIES A-1
 (HCFR)+/-SS. 1.03 02/01/2021 8,013,060
 1,500,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY
 WEST PENNYSYLVANIA SERIES A (HCFR) 5.00 11/15/2011 1,503,495
 2,235,000 ALLEGHENY COUNTY PA IDA PROPEL SCHOOLS HOMESTEAD
 PROJECT SERIES A (MISCELLANEOUS REVENUE) 7.50 12/15/2029 2,284,550
 14,675,000 ALLEGHENY COUNTY PA SERIES C-59B (PROPERTY TAX
 REVENUE, AGM INSURED)+/-SS. 0.86 11/01/2026 11,753,648
 175,000 CAMBRIA COUNTY PA (PROPERTY TAX REVENUE, FGIC INSURED) 5.50 08/15/2016 175,257
 1,520,000 CHESTER COUNTY PA IDA RENAISSANCE ACADEMY PROJECT
 SERIES A (EDUCATION REVENUE) 5.63 10/01/2015 1,490,542
 1,245,000 DELAWARE COUNTY PA IDA RESOURCE RECOVERY FACILITY
 SERIES A (RESOURCE RECOVERY REVENUE) 6.10 07/01/2013 1,246,531
 2,110,000 DELAWARE COUNTY PA IDA RESOURCE RECOVERY FACILITY
 SERIES A (RESOURCE RECOVERY REVENUE) 6.20 07/01/2019 2,110,063
 12,500,000 DELAWARE VALLEY PA REGIONAL FINANCIAL AUTHORITY LOCAL
 GOVERNMENT PUBLIC IMPROVEMENTS PROJECT (MISCELLANEOUS
 REVENUE) 5.75 07/01/2032 14,109,500
 1,400,000 DELAWARE VALLEY PA REGIONAL FINANCIAL AUTHORITY LOCAL
 GOVERNMENT SERIES A (MISCELLANEOUS REVENUE, AMBAC
 INSURED) 5.50 08/01/2028 1,553,916
 2,070,000 DELAWARE VALLEY PA REGIONAL FINANCIAL AUTHORITY LOCAL
 GOVERNMENT SERIES C (MISCELLANEOUS REVENUE, AMBAC
 INSURED) 7.75 07/01/2027 2,840,454
 5,100,000 DELAWARE VALLEY PA REGIONAL FINANCIAL AUTHORITY
 SERIES C (MISCELLANEOUS REVENUE)+/-SS. 0.85 06/01/2027 3,759,516
 1,000,000 GROVE CITY PA AREA HOSPITAL AUTHORITY JOHN XXIII HOME
 PROJECT (HCFR, ALLIED IRISH BANK PLC LOC)+/-SS. 2.80 02/01/2030 1,000,000
 4,625,000 HARRISBURG PA AUTHORITY RESOURCES GUARANTEED
 SUBORDINATED SERIES D-2 (HCFR, NATL-RE INSURED)+/-SS. 5.00 12/01/2033 4,658,346
 1,165,000 LATROBE PA IDA COLLEGE SAINT VINCENT COLLEGE PROJECT
 (EDUCATION REVENUE) 5.35 05/01/2015 1,192,226
 825,000 LUZERNE COUNTY PA SERIES C (PROPERTY TAX REVENUE, FSA
 INSURED) 7.00 11/01/2018 1,011,788
 135,000 LUZERNE COUNTY PA SERIES E (PROPERTY TAX REVENUE, FSA
 INSURED) 8.00 11/01/2027 164,878
 7,000,000 MONTGOMERY COUNTY PA IDA (PROPERTY TAX REVENUE, FHA
 INSURED) 5.38 08/01/2038 7,407,820
 1,000,000 PENN HILLS MUNICIPALITY PA COMPOUND INTEREST BONDS
 SERIES B (PROPERTY TAX REVENUE, AMBAC INSURED)## 3.55 12/01/2017 776,100
 4,250,000 PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCE AUTHORITY
 SOLID WASTE DISPOSAL WASTE MANAGEMENT INCORPORATED
 PROJECT (SOLID WASTE REVENUE)+/-SS. 2.75 09/01/2013 4,302,828
 4,000,000 PENNSYLVANIA EDFA COLVER PROJECT SERIES F (RESOURCE
 RECOVERY REVENUE, AMBAC INSURED) 5.00 12/01/2012 4,061,320

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
PENNSYLVANIA (continued)
$ 5,750,000 PENNSYLVANIA EDFA COLVER PROJECT SERIES F (RESOURCE
 RECOVERY REVENUE, AMBAC INSURED) 5.00% 12/01/2015 $ 5,739,248
 5,000,000 PENNSYLVANIA EDFA WATER FACILITIES
 PENNSYLVANNIA-AMERICAN WATER COMPANY PROJECT (WATER &
 SEWER TAX REVENUE) 6.20 04/01/2039 5,531,800
 4,900,000 PENNSYLVANIA HEFAR UNIVERSITY OF PENNSYLVANIA MEDICAL
 CENTER HEALTH SYSTEMS SERIES A (HOSPITAL REVENUE) 6.00 01/15/2022 5,029,948
 8,560,000 PENNSYLVANIA STATE HEFAR HONEYSUCKLE STUDENT HOLDING
 SERIES A (EDUCATION REVENUE, ALLIED IRISH BANK PLC
 LOC)+/-SS. 1.40 07/01/2034 8,560,000
 1,625,000 PHILADELPHIA PA AUTHORITY FOR INDUSTRIAL DEVELOPMENT
 CULTURAL & COMMERCIAL CORRIDORS SERIES PG A
 (MISCELLANEOUS REVENUE, NATL-RE FGIC INSURED) 5.00 12/01/2015 1,771,689
 680,000 PHILADELPHIA PA AUTHORITY FOR INDUSTRIAL DEVELOPMENT
 CULTURAL & COMMERCIAL CORRIDORS SERIES PG A
 (MISCELLANEOUS REVENUE, NATL-RE FGIC INSURED) 5.00 12/01/2016 740,615
 1,410,000 PHILADELPHIA PA AUTHORITY FOR INDUSTRIAL DEVELOPMENT
 MAST CHARTER SCHOOL (MISCELLANEOUS REVENUE) 6.00 08/01/2035 1,457,475
 6,140,000 PHILADELPHIA PA AUTHORITY FOR INDUSTRIAL DEVELOPMENT
 PHILADELPHIA AIRPORT SYSTEM PROJECT SERIES A (AIRPORT
 REVENUE, NATL-RE FGIC INSURED) 5.30 07/01/2018 6,148,166
 3,340,000 PHILADELPHIA PA GAS WORKS REVENUE REFUNDING 8TH-1998
 GENERAL ORDINANCE SERIES A (UTILITIES REVENUE) 5.25 08/01/2017 3,759,036
 1,270,000 PHILADELPHIA PA MUNICIPAL AUTHORITY (LEASE REVENUE) 4.70 04/01/2015 1,374,102
 1,860,000 PHILADELPHIA PA SCHOOL DISTRICT REFUNDING SERIES
 2010C (GO LOCAL) 5.00 09/01/2018 2,098,080
 6,300,000 SCHUYLKILL COUNTY IDA PINE GROVE LANDFILL
 INCORPORATED (IDR)+/-SS. 4.25 10/01/2019 6,404,580
 2,155,000 SCRANTON PA SCHOOL DISTRICT PREREFUNDED (PROPERTY
 TAX, AMBAC INSURED) 5.00 04/01/2017 2,162,930
 750,000 WASHINGTON COUNTY PA HOSPITAL AUTHORITY MONONGAHELA
 VALLEY HOSPITAL PROJECT (HOSPITAL REVENUE) 6.25 06/01/2022 777,938
 150,073,840
 ------------------
PUERTO RICO: 0.77%
 2,000,000 PUERTO RICO HIGHWAY & TRANSPORTATION AUTHORITY SERIES
 Z (TRANSPORTATION REVENUE, AGM INSURED) 6.00 07/01/2018 2,375,640
 4,235,000 PUERTO RICO ELECTRIC POWER AUTHORITY REFUNDING LIBOR
 SERIES UU (UTILITIES REVENUE)+/-SS. 1.06 07/01/2031 2,997,110
 14,000,000 PUERTO RICO ELECTRIC POWER AUTHORITY SERIES UU
 (UTLITIES REVENUE, AGM INSURED)+/-SS. 0.88 07/01/2029 10,897,880
 1,000,000 PUERTO RICO HFA CAPITAL FUNDING MODERNIZATION
 (HOUSING REVENUE) 5.13 12/01/2027 1,036,730
 1,845,000 PUERTO RICO SALES TAX FINANCING CORPORATION FIRST
 SUBSERIES A (SALES TAX REVENUE) 6.38 08/01/2039 2,106,344
 460,000 UNIVERSITY OF PUERTO RICO SERIES Q (EDUCATION REVENUE) 5.00 06/01/2016 492,471
 19,906,175
 ------------------
RHODE ISLAND: 0.13%
 3,295,000 RHODE ISLAND CLEAN WATER FINANCE AGENCY CRANSTON
 WASTEWATER TREATMENT SYSTEM (LEASE REVENUE, NATL-RE
 INSURED) 5.80 09/01/2022 3,296,549
 ------------------
SOUTH CAROLINA: 4.29%
 1,050,000 ALLENDALE COUNTY SC SCHOOL DISTRICT ENERGY SAVINGS
 SPECIAL OBLIGATION (LEASE REVENUE, STATE AID
 WITHHOLDING) 7.00 12/01/2013 1,099,791
 1,780,000 ALLENDALE COUNTY SC SCHOOL DISTRICT ENERGY SAVINGS
 SPECIAL OBLIGATION (LEASE REVENUE, STATE AID
 WITHHOLDING) 8.50 12/01/2018 1,893,279
 1,760,000 BERKELEY COUNTY SC SCHOOL DISTRICT INSTALLMENT LEASE
 SECURING ASSETS FOR EDUCATION (EDUCATION REVENUE) 5.25 12/01/2024 1,842,931
 400,000 CALHOUN COUNTY SC SOLID WASTE DISPOSAL FACILITIES
 EASTMAN KODAK COMPANY PROJECT (PRE-REFUNDED REVENUE) 6.75 05/01/2017 510,756
 7,500,000 CHARLESTON SC EDUCATIONAL EXCELLENCE FINANCE
 CORPORATION CHARLESTON COUNTY SCHOOL DISTRICT PROJECT
 (EDUCATION REVENUE)+/-SS. 9.85 12/01/2013 9,075,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
SOUTH CAROLINA (continued)
$ 9,105,000 CHARLESTON SC EDUCATIONAL EXCELLENCE FINANCE
 CORPORATION CHARLESTON COUNTY SCHOOL DISTRICT PROJECT
 (EDUCATION REVENUE) 5.00% 12/01/2023 $ 10,108,644
 2,295,000 CHEROKEE COUNTY SC SCAGO EDUCATIONAL FACILITIES
 CORPORATION CHEROKEE SCHOOL DISTRICT # 1 SERIES B
 (EDUCATION REVENUE, FSA INSURED) 5.00 12/01/2026 2,424,576
 2,000,000 COLUMBIA SC PARKING FACILITIES (TRANSPORTATION
 REVENUE, AMBAC INSURED) 5.88 12/01/2013 2,007,420
 5,000,000 CONNECTOR 2000 ASSOCIATION INCORPORATED CAPITAL
 APPRECIATION SERIES B (TRANSPORTATION
 REVENUE)##(I)#### 18.37 01/01/2027 309,600
 400,000 CONNECTOR 2000 ASSOCIATION INCORPORATED CAPITAL
 APPRECIATION SERIES B (TRANSPORTATION
 REVENUE)##(I)#### 17.61 01/01/2028 23,388
 10,350,000 CONNECTOR 2000 ASSOCIATION INCORPORATED CAPITAL
 APPRECIATION SERIES B (TRANSPORTATION
 REVENUE)##(I)#### 15.32 01/01/2032 478,895
 7,800,000 CONNECTOR 2000 ASSOCIATION INCORPORATED CAPITAL
 APPRECIATION SERIES B (TRANSPORTATION
 REVENUE)##(I)#### 14.47 01/01/2034 321,594
 4,350,000 CONNECTOR 2000 ASSOCIATION INCORPORATED CAPITAL
 APPRECIATION SERIES B (TRANSPORTATION
 REVENUE)##(I)#### 13.16 01/01/2038 142,419
 2,075,000 FORT MILL SC FORT MILL SCHOOL FACILITIES CORPORATION
 (LEASE REVENUE) 5.25 12/01/2019 2,274,345
 4,335,000 GRAND STRAND SC WATER & SEWER AUTHORITY (WATER &
 SEWER TAX REVENUE, AGM INSURED) 5.38 06/01/2018 4,627,136
 1,995,000 GRAND STRAND SC WATER & SEWER AUTHORITY (WATER &
 SEWER TAX REVENUE, NATL-RE INSURED) 6.38 06/01/2012 2,089,822
 1,080,000 GREENVILLE SC SEWER SYSTEMS (WATER & SEWER TAX
 REVENUE, NATL-RE INSURED) 5.50 04/01/2019 1,142,759
 85,000 HORRY COUNTY SC AIRPORT SERIES A (AIRPORT REVENUE,
 AGM INSURED) 5.60 07/01/2017 85,180
 7,415,000 KERSHAW COUNTY SC PUBLIC SCHOOL DISTRICT KERSHAW
 COUNTY SCHOOL DISTRICT INSTALLMENT PURCHASE PROJECT
 (EDUCATION REVENUE, CIFG INSURED) 5.00 12/01/2024 7,701,367
 3,420,000 KERSHAW COUNTY SC PUBLIC SCHOOL DISTRICT KERSHAW
 COUNTY SCHOOL DISTRICT INSTALLMENT PURCHASE PROJECT
 (EDUCATION REVENUE, CIFG INSURED) 5.00 12/01/2026 3,512,887
 250,000 KERSHAW COUNTY SC PUBLIC SCHOOLS FOUNDATION
 INSTALLMENT POWER REVENUE (LEASE REVENUE, CIFG
 INSURED) 5.00 12/01/2018 271,748
 1,340,000 KERSHAW COUNTY SC PUBLIC SCHOOLS FOUNDATION
 INSTALLMENT POWER REVENUE (LEASE REVENUE, CIFG
 INSURED) 5.00 12/01/2020 1,428,011
 2,870,000 KERSHAW COUNTY SC PUBLIC SCHOOLS KERSHAW COUNTY
 SCHOOL DISTRICT PROJECT (LEASE REVENUE, CIFG INSURED) 5.00 12/01/2021 3,034,049
 1,405,000 KERSHAW COUNTY SC PUBLIC SCHOOLS KERSHAW COUNTY
 SCHOOL DISTRICT PROJECT (LEASE REVENUE, CIFG INSURED) 5.00 12/01/2022 1,472,061
 6,950,000 KERSHAW COUNTY SC PUBLIC SCHOOLS KERSHAW COUNTY
 SCHOOL DISTRICT PROJECT (LEASE REVENUE, CIFG INSURED) 5.00 12/01/2023 7,265,530
 4,000,000 LANCASTER COUNTY SC EDUCATIONAL ASSISTANCE PROGRAM
 SCHOOL DISTRICT LANCASTER COUNTY PROJECT (EDUCATION
 REVENUE) 5.00 12/01/2026 4,099,480
 1,070,000 LAURENS COUNTY SC SCHOOL DISTRICT # 055 (LEASE
 REVENUE) 5.25 12/01/2030 1,088,308
 2,890,000 LEE COUNTY SC SCHOOL FACILITIES INCORPORATED SERIES
 2006 (LEASE REVENUE, RADIAN INSURED) 6.00 12/01/2031 3,017,883
 1,000,000 LEXINGTON COUNTY SC HEALTH SERVICES DISTRICT
 INCORPORATED (LEASE REVENUE) 5.00 11/01/2016 1,118,740
 2,110,000 LEXINGTON COUNTY SC ONE SCHOOL FACILITIES CORPORATION
 INSTALLMENT PURCHASE LEXINGTON COUNTY SCHOOL DISTRICT
 # 1 (EDUCATION REVENUE) 5.25 12/01/2024 2,320,916
 2,340,000 LEXINGTON COUNTY SC ONE SCHOOL FACILITIES CORPORATION
 INSTALLMENT PURCHASE LEXINGTON COUNTY SCHOOL DISTRICT
 # 1 (EDUCATION REVENUE) 5.25 12/01/2026 2,539,930
 2,000,000 LEXINGTON SC WATER & SEWER (WATER & SEWER TAX
 REVENUE, NATL-RE INSURED) 5.50 04/01/2029 2,258,940
 500,000 LEXINGTON SC WATER & SEWER SERIES A (WATER & SEWER
 TAX REVENUE, NATL-RE INSURED) 5.75 04/01/2020 506,970
 1,460,000 MYRTLE BEACH SC TAX INCREMENT MYRTLE BEACH AIR FORCE
 BASE REDEVELOPMENT PROJECT SERIES A (SPECIAL TAX
 REVENUE) 5.25 10/01/2026 1,070,530
 2,500,000 MYRTLE BEACH SC TAX INCREMENT MYRTLE BEACH AIR FORCE
 BASE REDEVELOPMENT PROJECT SERIES A (SPECIAL TAX
 REVENUE) 5.30 10/01/2035 1,641,000
 760,000 NEWBERRY SC NEWBERRY COUNTY SCHOOL DISTRICT PROJECT
 (LEASE REVENUE) 5.25 12/01/2017 834,412

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
SOUTH CAROLINA (continued)
$ 1,630,000 NORTH CHARLESTON SC SEWER DISTRICT SERIES A (WATER &
 SEWER TAX REVENUE, NATL-RE INSURED) 6.38% 07/01/2012 $ 1,702,274
 210,000 PIEDMONT SC MUNICIPAL POWER AGENCY (PRE-REFUNDED
 REVENUE, FGIC INSURED) 6.75 01/01/2019 277,643
 290,000 PIEDMONT SC MUNICIPAL POWER AGENCY SERIES A
 (PRE-REFUNDED REVENUE, FGIC INSURED) 6.50 01/01/2014 341,426
 590,000 SCAGO EDUCATIONAL FACILITIES CORPORATION FOR CALHOUN
 SCHOOL DISTRICT SC SCHOOL PROJECT (LEASE REVENUE,
 RADIAN INSURED) 5.00 12/01/2012 615,341
 150,000 SCAGO EDUCATIONAL FACILITIES CORPORATION FOR COLLETON
 SCHOOL DISTRICT SC SCHOOL PROJECT (LEASE REVENUE,
 ASSURED GUARANTY) 5.00 12/01/2015 169,434
 5,000,000 SOUTH CAROLINA EDUCATION ASSISTANCE AUTHORITY STUDENT
 LOAN SERIES I (STUDENT LOAN REVENUE) 5.10 10/01/2029 5,223,850
 3,500,000 SOUTH CAROLINA HOUSING FINANCE & DEVELOPMENT
 AUTHORITY MORTGAGE SERIES A-2 (HOUSING REVENUE) 5.30 07/01/2023 3,692,500
 535,000 SOUTH CAROLINA HOUSING FINANCE & DEVELOPMENT
 AUTHORITY MORTGAGE SERIES A-2 (HOUSING REVENUE, FSA
 INSURED) 6.35 07/01/2019 542,779
 280,000 SOUTH CAROLINA HOUSING FINANCE & DEVELOPMENT
 AUTHORITY MORTGAGE SERIES B-1 (HOUSING REVENUE, FSA
 INSURED) 5.75 07/01/2015 281,358
 1,600,000 SOUTH CAROLINA JOBS EDFA HOSPITAL FACILITIES
 GEORGETOWN MEMORIAL HOSPITAL (HOSPITAL REVENUE) 6.00 11/01/2014 1,620,112
 7,500,000 SOUTH CAROLINA STATE EDUCATION ASSISTANCE AUTHORITY
 STUDENT LOAN SERIES I (STUDENT LOAN REVENUE) 5.00 10/01/2024 7,899,900
 1,530,000 THREE RIVERS SC SOLID WASTE AUTHORITY CAPITAL
 APPRECIATION LANDFILL GAS PROJECT (RESOURCE RECOVERY
 REVENUE)## 5.70 10/01/2030 497,112
 1,835,000 THREE RIVERS SC SOLID WASTE AUTHORITY CAPITAL
 APPRECIATION LANDFILL GAS PROJECT (RESOURCE RECOVERY
 REVENUE)## 5.64 10/01/2031 570,575
 1,300,000 UNIVERSITY OF SOUTH CAROLINA ATHLETIC FACILITIES
 (EDUCATION REVENUE, AMBAC INSURED) 5.50 05/01/2018 1,404,871
 110,479,472
 ------------------
SOUTH DAKOTA: 0.41%
 2,000,000 LOWER BRULE SIOUX TRIBE SD SERIES B (PROPERTY TAX
 REVENUE) 5.50 05/01/2019 1,680,020
 1,440,000 LOWER BRULE SIOUX TRIBE SD SERIES B (PROPERTY TAX
 REVENUE) 5.60 05/01/2020 1,190,362
 315,000 SISSETON-WAHPETON SIOUX TRIBE LAKE TRAVERSE
 RESERVATION SD (MISCELLANEOUS REVENUE) 7.00 11/01/2013 293,013
 1,290,000 SISSETON-WAHPETON SIOUX TRIBE LAKE TRAVERSE
 RESERVATION SD (MISCELLANEOUS REVENUE) 7.00 11/01/2023 997,351
 285,000 SOUTH DAKOTA EDFA POOLED LOAN PROGRAM ANGUS
 INCORPORATED PROJECT SERIES A (UTLITIES REVENUE,
 LASALLE BANK NA LOC) 5.00 04/01/2011 290,498
 300,000 SOUTH DAKOTA EDFA POOLED LOAN PROGRAM ANGUS
 INCORPORATED PROJECT SERIES A (UTLITIES REVENUE,
 LASALLE BANK NA LOC) 5.25 04/01/2012 315,759
 320,000 SOUTH DAKOTA EDFA POOLED LOAN PROGRAM ANGUS
 INCORPORATED PROJECT SERIES A (UTLITIES REVENUE,
 LASALLE BANK NA LOC) 5.25 04/01/2013 345,795
 370,000 SOUTH DAKOTA EDFA POOLED LOAN PROGRAM MCELEEG PROJECT
 SERIES B (IDR) 5.00 04/01/2014 404,780
 595,000 SOUTH DAKOTA EDFA POOLED LOAN PROGRAM MIDSTATES PRINT
 SERIES A (IDR) 5.50 04/01/2018 607,769
 3,310,000 SOUTH DAKOTA EDFA POOLED LOAN PROGRAM SPEARFISH
 FOREST SERIES A (MISCELLANEOUS REVENUE) 5.88 04/01/2028 3,475,401
 1,000,000 SOUTH DAKOTA HEFA SANFORD HEALTH (HOSPITAL REVENUE) 5.50 11/01/2040 1,042,780
 10,643,528
 ------------------
TENNESSEE: 1.94%
 2,000,000 CLARKSVILLE TN NATURAL GAS ACQUISITION CORPORATION
 (UTILITIES REVENUE) 5.00 12/15/2015 2,114,560
 9,055,000 SEVIER COUNTY TN PUBLIC BUILDING AUTHORITY
 (MISCELLANEOUS REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 1.20 06/01/2032 9,055,000
 9,200,000 TENNESSEE ENERGY ACQUISITION CORPORATION GAS SERIES
 2006A (UTILITIES REVENUE) 5.25 09/01/2019 9,672,328

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
TENNESSEE (continued)
$ 3,000,000 TENNESSEE ENERGY ACQUISITION CORPORATION GAS SERIES A
 (UTILITIES REVENUE) 5.25% 09/01/2018 $ 3,166,170
 7,000,000 TENNESSEE ENERGY ACQUISITION CORPORATION GAS SERIES C
 (UTILITIES REVENUE) 5.00 02/01/2021 7,269,290
 5,000,000 TENNESSEE ENERGY ACQUISITION CORPORATION GAS SERIES C
 (UTILITIES REVENUE) 5.00 02/01/2025 5,139,050
 2,085,000 TENNESSEE ENERGY ACQUISITION CORPORATION GAS SERIES C
 (UTILITIES REVENUE) 5.25 09/01/2026 2,146,299
 500,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES A
 (UTLITIES REVENUE) 5.00 09/01/2015 529,370
 3,015,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES A
 (UTLITIES REVENUE) 5.00 09/01/2016 3,158,333
 1,935,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES A
 (UTLITIES REVENUE) 5.25 09/01/2017 2,048,333
 2,000,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES A
 (UTLITIES REVENUE) 5.00 02/01/2022 2,071,720
 3,500,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES C
 (UTLITIES REVENUE) 5.00 02/01/2018 3,665,340
 50,035,793
 ------------------
TEXAS: 12.26%
 5,000,000 ALLIANCE AIRPORT AUTHORITY INCORPORATED SPECIAL
 OBLIGATION (AIRPORT REVENUE) 4.85 04/01/2021 5,065,000
 11,500,000 ARLINGTON TX SPECIAL OBLIGATION DALLAS COWBOYS SERIES
 A (SALES TAX REVENUE, NATL-RE INSURED) 5.00 08/15/2034 11,505,635
 1,005,000 AUSTIN TX CONVENTION ENTERPRISES INCORPORATED
 CONVENTION CENTER SECOND TIER SERIES B (IDR) ++ 6.00 01/01/2011 1,007,050
 5,000,000 AUSTIN TX LOWER COLORADO RIVER AUTHORITY SERIES A
 (MISCELLANEOUS REVENUE) 7.25 05/15/2037 5,632,450
 3,000,000 CENTRAL TEXAS REGIONAL MOBILITY AUTHORITY CAPITAL
 APPRECIATION (TOLL ROADS REVENUE)## 5.93 01/01/2026 1,230,330
 3,000,000 CENTRAL TEXAS REGIONAL MOBILITY AUTHORITY CAPITAL
 APPRECIATION (TOLL ROADS REVENUE)## 6.03 01/01/2027 1,142,310
 4,000,000 CENTRAL TEXAS REGIONAL MOBILITY AUTHORITY CAPITAL
 APPRECIATION (TOLL ROADS REVENUE)## 6.46 01/01/2031 1,105,840
 1,250,000 CENTRAL TEXAS REGIONAL MOBILITY AUTHORITY CAPITAL
 APPRECIATION (TOLL ROADS REVENUE)## 6.75 01/01/2035 250,438
 1,000,000 CENTRAL TEXAS REGIONAL MOBILITY AUTHORITY CAPITAL
 APPRECIATION (TOLL ROADS REVENUE)## 6.81 01/01/2040 141,410
 400,000 CENTRAL TEXAS REGIONAL MOBILITY AUTHORITY SENIOR LIEN
 (TOLL ROADS REVENUE, NATL-RE & FGIC INSURED)+/-SS.## 2.82 01/01/2016 344,812
 2,000,000 CENTRAL TEXAS REGIONAL MOBILITY AUTHORITY SENIOR LIEN
 (TRANSPORTATION REVENUE) 5.75 01/01/2025 2,131,220
 2,225,000 CENTRAL TEXAS REGIONAL MOBILITY AUTHORITY SENIOR LIEN
 (TRANSPORTATION REVENUE)## 6.09 01/01/2028 790,365
 4,000,000 CENTRAL TEXAS REGIONAL MOBILITY AUTHORITY SENIOR LIEN
 (TRANSPORTATION REVENUE)## 6.17 01/01/2029 1,319,320
 150,000 CLIFTON TX HIGHER EDUCATION FINANCE CORPORATION
 TEJANO CENTER COMMUNITY RAUL SERIES A (MISCELLANEOUS
 REVENUE) 7.75 02/15/2018 177,455
 10,000,000 DALLAS TX AUSTIN TRUST VARIABLE CERTIFICATES SERIES
 08-1163-1 (SPECIAL TAX REVENUE)(H) 5.25 12/01/2038 10,950,800
 10,000,000 DALLAS TX AUSTIN TRUST VARIABLE CERTIFICATES SERIES
 08-1163-2 (SPECIAL TAX REVENUE)(H) 5.25 12/01/2043 10,769,300
 10,000,000 DALLAS TX AUSTIN TRUST VARIABLE CERTIFICATES SERIES
 08-1163-3 (SPECIAL TAX REVENUE)(H) 5.25 12/01/2048 10,706,300
 10,000,000 DALLAS TX INDEPENDENT SCHOOL DISTRICT SCHOOL BUILDING
 (GO LOCAL) 6.38 02/15/2034 12,425,700
 11,300,000 DALLAS-FORT WORTH TX INTERNATIONAL AIRPORT SERIES A
 (AIRPORT REVENUE, NATL-RE INSURED) 5.50 11/01/2020 11,997,097
 5,000,000 DALLAS-FORT WORTH TX INTERNATIONAL AIRPORT SERIES B
 (AIRPORT REVENUE, NATL-RE INSURED) 6.25 11/01/2028 5,018,500
 1,200,000 GARZA COUNTY TX PUBLIC FACILITIES CORPORATION (LEASE
 REVENUE) 5.25 10/01/2016 1,272,780
 825,000 GARZA COUNTY TX PUBLIC FACILITIES CORPORATION (LEASE
 REVENUE) 5.50 10/01/2016 927,886
 755,000 GARZA COUNTY TX PUBLIC FACILITIES CORPORATION (LEASE
 REVENUE) 5.25 10/01/2017 792,388
 1,400,000 GARZA COUNTY TX PUBLIC FACILITIES CORPORATION (LEASE
 REVENUE) 5.50 10/01/2019 1,459,388
 1,750,000 GARZA COUNTY TX PUBLIC FACILITIES CORPORATION (LEASE
 REVENUE) 5.75 10/01/2025 1,855,455
 4,575,000 GULF COAST TX WASTE DISPOSAL AUTHORITY ENVIROMENTAL
 IMPROVEMENT INTERNATIONAL PAPER SERIES A (IDR) 6.10 08/01/2024 4,643,442

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
TEXAS (continued)
$ 11,000,000 HARRIS COUNTY TX HEALTH FACILITIES DEVELOPMENT
 CORPORATION HOSPITAL MEMORIAL HERMANN HEALTH CARE
 SYSTEMS SERIES B (HOSPITAL REVENUE) 7.25% 12/01/2035 $ 12,706,100
 500,000 HARRIS COUNTY TX HEALTH FACILITIES DEVELOPMENT
 CORPORATION MEMORIAL HOSPITAL SYSTEMS PROJECT SERIES
 A (HCFR, NATL-RE INSURED) 6.00 06/01/2013 549,460
 1,400,000 HOUSTON TX WATER CONVEYANCE COP SERIES H (LEASE
 REVENUE, AMBAC INSURED) 7.50 12/15/2015 1,709,232
 7,725,000 HOUSTON TX AIRPORT SYSTEM SERIES C (AIRPORT REVENUE,
 XLCA INSURED)+/-SS.(A) 0.51 07/01/2032 6,910,024
 1,000,000 HOUSTON TX WATER CONVEYANCE SYSTEMS COP SERIES H
 (LEASE REVENUE, AMBAC INSURED) 7.50 12/15/2014 1,194,430
 750,000 LA VERNIA TX HIGHER EDUCATION FINANCE CORPORATION
 SERIES A (MISCELLANEOUS REVENUE) 6.25 02/15/2017 827,670
 2,415,000 LEWISVILLE TX COMBINATION CONTRACT (SPECIAL
 ASSESSMENT REVENUE) 6.75 10/01/2032 2,531,910
 5,000,000 LOWER COLORADO RIVER TEXAS AUTHORITY SERIES A
 (MISCELLANEOUS REVENUE) 6.50 05/15/2037 5,480,750
 1,000,000 MISSION TX ECONOMIC DEVELOPMENT CORPORATION SOLID
 WASTE DISPOSAL ALLIED WASTE INCORPORATED PROJECT
 SERIES A (IDR) 5.20 04/01/2018 1,008,690
 24,500,000 NORTH TEXAS HIGHER EDUCATION AUTHORITY INCOMING
 STUDENT LOAN SERIES A-2 (STUDENT LOAN REVENUE)+/-SS. 1.46 07/01/2030 24,480,155
 4,000,000 RED RIVER TX EDUCATION FINANCE CORPORATION RB PARISH
 DAY SCHOOL PROJECT SERIES 2001-A (EDUCATION REVENUE,
 ALLIED IRISH BANK PLC LOC)+/-SS. 1.85 12/01/2031 4,000,000
 4,640,000 RED RIVER TX EDUCATION FINANCE CORPORATION RB PARISH
 EPISCOPAL SCHOOL PROJECT SERIES 2004 (EDUCATION
 REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 1.85 12/01/2034 4,640,000
 7,865,000 SABINE RIVER TX AUTHORITY PCR TXU ELECTRIC COMPANY
 PROJECT SERIES B (RESOURCE RECOVERY REVENUE)+/-SS. 5.75 05/01/2030 7,491,413
 1,735,000 SAN LEANNA TX EDUCATION FACILITIES CORPORATION SAINT
 EDWARDS UNIVERSITY PROJECT (EDUCATION REVENUE) 5.13 06/01/2022 1,795,257
 1,000,000 SAN LEANNA TX EDUCATION FACILITIES CORPORATION SAINT
 EDWARDS UNIVERSITY PROJECT (EDUCATION REVENUE) 5.13 06/01/2023 1,029,390
 750,000 SAN LEANNA TX EDUCATION FACILITIES CORPORATION SAINT
 EDWARDS UNIVERSITY PROJECT (EDUCATION REVENUE) 5.13 06/01/2024 766,298
 415,754 SOUTHEAST TEXAS HOUSING FINANCE CORPORATION
 MORTGAGE-BACKED SECURITIES PG SERIES B (HOUSING
 REVENUE, GNMA/FNMA INSURED) 6.30 10/01/2035 433,149
 773,699 SOUTHEAST TEXAS HOUSING FINANCE CORPORATION
 MORTGAGE-BACKED SECURITIES SERIES B (HOUSING REVENUE,
 GNMA/FNMA INSURED) 6.00 02/01/2036 824,670
 8,400,000 TARRANT COUNTY TX CULTURAL EDUCATION FACILITIES
 FINANCE CORPORATION (CONTINUING CARE RETIREMENT
 COMMUNITY REVENUE) 6.38 11/01/2036 3,250,548
 1,400,000 TARRANT COUNTY TX CULTURAL EDUCATION FACILITIES
 FINANCE CORPORATION AIR FORCE VILLAGE OBLIGATION
 GROUP (CONTINUING CARE RETIREMENT COMMUNITY REVENUE) 5.00 05/15/2017 1,429,190
 9,900,000 TARRANT COUNTY TX CULTURAL EDUCATION FACILITIES
 FINANCE CORPORATION TEXAS HEALTH RESOURCES SERIES A
 (HOSPITAL REVENUE) 5.00 02/15/2023 10,372,329
 5,915,000 TEXAS GAS SUPPLY SA ENERGY ACQUISITION PUBLIC
 FACILITIES CORPORATION (UTILITIES REVENUE) 5.50 08/01/2021 6,404,821
 7,810,000 TEXAS GAS SUPPLY SA ENERGY ACQUISITION PUBLIC
 FACILITIES CORPORATION (UTILITIES REVENUE) 5.50 08/01/2023 8,483,613
 4,760,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORPORATION
 BMA INDEX RATE (UTILITIES REVENUE) 5.25 12/15/2024 4,840,825
 18,610,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORPORATION
 I SENIOR LIEN SERIES D (UTLITIES REVENUE) 5.63 12/15/2017 20,034,782
 4,000,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORPORATION
 I SERIES D (UTILITIES REVENUE) 6.25 12/15/2026 4,474,560
 1,250,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORPORATION
 I SUB LIEN SERIES C (UTLITIES REVENUE)+/-SS. 1.65 12/15/2026 897,575
 6,945,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORPORATION
 SERIES A (MISCELLANEOUS REVENUE)+/-SS. 0.90 09/15/2017 6,578,026

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
TEXAS (continued)
$ 5,000,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORPORATION
 SERIES A (UTILITIES REVENUE)+/-SS. 0.82% 09/15/2027 $ 3,920,950
 33,500,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORPORATION
 SERIES B (UTILITIES REVENUE)+/-SS. 0.74 09/15/2017 31,975,415
 3,500,000 TEXAS MUNICIPAL GAS ACQUISITION & VARIOUS SENIOR LIEN
 SERIES B (UTLITIES REVENUE)+/-SS. 0.90 12/15/2026 2,412,970
 40,000 TEXAS MUNICIPAL POWER AGENCY (PRE-REFUNDED REVENUE,
 NATL-RE INSURED)## 1.46 09/01/2015 37,212
 7,450,000 TEXAS PRIVATE ACTIVITY SURFACE TRANSPORTATION
 CORPORATION LBJ INFRASTRUCTURE PROJECT(TRASNPORTATION
 REVENUE) 7.50 06/30/2032 8,543,809
 12,450,000 TEXAS PRIVATE ACTIVITY SURFACE TRANSPORTATION
 CORPORATION LBJ INFRASTRUCTURE PROJECT(TRASNPORTATION
 REVENUE) 7.50 06/30/2033 14,257,616
 965,000 TEXAS STATE PFA CHARTER SCHOOL FINANCE CORPORATION
 UPLIFT EDUCATION SERIES A (MISCELLANEOUS REVENUE) 5.75 12/01/2027 977,912
 880,000 TEXAS STATE PFA CHARTER SCHOOL FINANCE CORPORATION
 UPLIFT EDUCATION SERIES A (MISCELLANEOUS REVENUE) 5.88 12/01/2036 886,310
 2,260,000 TEXAS STATE PFA COSMOS FOUNDATION SERIES A
 (MISCELLANEOUS REVENUE) 5.00 02/15/2018 2,301,607
 981,783 TRAVIS COUNTY TX HOUSING FINANCE CORPORATION SERIES A
 (SFMR, GNMA INSURED)+/-SS. 6.35 10/01/2034 986,594
 316,107,933
 ------------------
UTAH: 0.21%
 1,000,000 CARBON COUNTY UT SOLID WASTE DISPOSAL LAIDLAW
 ENVIROMENTAL PROJECT SERIES A (SOLID WASTE REVENUE) 7.45 07/01/2017 1,002,200
 1,665,000 SPANISH FORK CITY UT CHARTER SCHOOL AMERICAN
 LEADERSHIP ACADEMY (MISCELLANEOUS REVENUE) ++ 5.55 11/15/2021 1,568,597
 950,000 UTAH COUNTY UT CHARTER SCHOOL RONALD WILSON REAGAN
 SERIES A (PRIVATE SCHOOL REVENUE) 5.75 02/15/2022 899,090
 30,000 UTAH HOUSING FINANCE AGENCY SFHR SERIES C-2 (HOUSING
 REVENUE, FHA INSURED) 5.75 07/01/2021 30,290
 35,000 UTAH HOUSING FINANCE AGENCY SFHR SERIES E-1 (HOUSING
 REVENUE, FHA INSURED) 5.38 07/01/2018 35,258
 1,975,000 WEST VALLEY CITY UT CHARTER SCHOOL MONTICELLO ACADEMY
 (PRIVATE SCHOOL REVENUE) ++ 6.38 06/01/2037 1,809,949
 5,345,384
 ------------------
VIRGIN ISLANDS: 1.36%
 435,000 VIRGIN ISLANDS PFA SENIOR LIEN MATCHING FUND LOAN
 NOTE SERIES A (SEWER TAX REVENUE) 5.25 10/01/2018 465,015
 300,000 VIRGIN ISLANDS PFA SENIOR LIEN MATCHING FUND LOAN
 NOTE SERIES A (SEWER TAX REVENUE) 5.25 10/01/2019 318,300
 2,000,000 VIRGIN ISLANDS PFA SUB LIEN SERIES C (MISCELLANEOUS
 REVENUE) 5.00 10/01/2017 2,192,700
 5,500,000 VIRGIN ISLANDS PFA SUB LIEN SERIES C (MISCELLANEOUS
 REVENUE) 5.00 10/01/2022 5,770,215
 4,000,000 VIRGIN ISLANDS PFA SUB MATCHING FUND LOAN NOTES
 SERIES A (MISCELLANEOUS REVENUE) 5.00 10/01/2025 4,182,640
 5,750,000 VIRGIN ISLANDS PUBLIC FINANCE AUTHORITY SERIES A
 (MISCELLANEOUS REVENUE) 6.75 10/01/2037 6,489,220
 1,500,000 VIRGIN ISLANDS PUBLIC FINANCE AUTHORITY SERIES B
 (MISCELLANEOUS REVENUE) 5.00 10/01/2025 1,545,240
 8,860,000 VIRGIN ISLANDS PUBLIC FINANCE AUTHORITY SERIES C
 (MISCELLANEOUS REVENUE) 5.00 10/01/2018 9,657,932
 4,040,000 VIRGIN ISLANDS PUBLIC FINANCE AUTHORITY SERIES C
 (SPECIAL TAX REVENUE) 5.00 10/01/2016 4,444,040
 35,065,302
 ------------------
VIRGINIA: 2.17%
 1,765,000 ARLINGTON COUNTY VA IDA MFHR PATRICK HENRY APARTMENTS
 PROJECT (HOUSING REVENUE, FNMA INSURED) 6.05 11/01/2032 1,769,024

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
VIRGINIA (continued)
$ 3,810,000 ARLINGTON COUNTY VA IDA OGDEN MARTIN SYSTEMS OF
 ALEXANDRIA & ARLINGTON PROJECT (RESOURCE RECOVERY
 REVENUE, AGM INSURED) 5.38% 01/01/2013 $ 3,820,897
 90,000 BUENA VISTA VA IDA WATER & SEWER FACILITIES ROUTE 60
 PROJECT (WATER & SEWER TAX REVENUE) 6.25 07/15/2011 90,159
 8,705,000 DULLES VA CDA SPECIAL ASSESSMENT DULLES TOWN CENTER
 PROJECT (COMMUNITY DEVELOPMENT DISTRICT REVENUE) 6.25 03/01/2026 8,602,803
 500,000 FAIRFAX COUNTY VA REDEVELOPMENT & HOUSING AUTHORITY
 HOUSING FOR THE ELDERLY SERIES A (HOUSING REVENUE,
 FHA INSURED) 6.00 09/01/2016 501,240
 500,000 HARRISONBURG VA REDEVELOPMENT & HOUSING AUTHORITY
 MFHR GREENS OF SALEM RUN PROJECT (HOUSING REVENUE,
 FSA INSURED) 6.20 04/01/2017 500,830
 3,750,000 HENRICO COUNTY VA IDA SOLID WASTE BROWNING FERRIS
 INDUSTRIAL SOUTH ATLANTIC INCORPORATED SERIES A (IDR) 5.88 03/01/2017 3,753,713
 1,000,000 KING & QUEEN COUNTY VA IDA AUTHORITY PUBLIC
 FACILITIES LEASE KING & QUEEN COURTS COMPLEX SERIES A
 (PUBLIC FACILITIES REVENUE) 5.63 07/15/2017 1,000,930
 245,000 LOUISA VA IDA ELECTRIC & POWER COMPANY PROJECT SERIES
 A (UTILITIES REVENUE)+/-SS. 2.50 03/01/2031 246,899
 1,855,000 MARQUIS CDA VA (SPECIAL ASSESSMENT REVENUE) 5.63 09/01/2018 1,497,486
 1,120,000 MONTGOMERY COUNTY VA IDA LEASE (LEASE REVENUE, AMBAC
 INSURED) 5.50 01/15/2020 1,186,976
 2,794,000 REYNOLDS CROSSING CDA VA REYNOLDS CROSSING PROJECT
 (SPECIAL ASSESSMENT REVENUE) 5.10 03/01/2021 2,711,298
 1,000,000 RICHMOND VA IDA STUDENT HOUSING UNIVERSITY REAL
 ESTATE FOUNDATION (EDUCATION REVENUE) 5.45 01/01/2021 1,023,820
 3,670,000 ROANOKE VA IDA HOSPITAL CARILION HEALTH SYSTEMS
 SERIES A (HOSPITAL REVENUE, NATL-RE INSURED) 5.50 07/01/2018 3,842,013
 605,000 SUFFOLK VA REDEVELOPMENT & HOUSING AUTHORITY MFHR
 HOPE VILLAGE APARTMENTS PROJECT (HOUSING REVENUE,
 FNMA INSURED) 5.10 02/01/2014 621,075
 1,125,000 VIRGINIA BIOTECHNOLOGY RESEARCH PARK IDA BIOTECH FIVE
 PROJECT SERIES A (LEASE REVENUE, BRANCH BANK & TRUST
 COMPANY LOC) 5.25 10/01/2014 1,140,649
 1,300,000 VIRGINIA COLLEGE BUILDING AUTHORITY EDUCATIONAL
 FACILITIES HAMPTON UNIVERSITY PROJECT (EDUCATION
 REVENUE) 5.00 04/01/2018 1,302,353
 3,000,000 VIRGINIA HDA COMMONWEALTH MORTGAGE SERIES A1 (HOUSING
 REVENUE) 4.80 10/01/2018 3,141,900
 3,100,000 VIRGINIA HDA COMMONWEALTH MORTGAGE SERIES A1 (HOUSING
 REVENUE) 4.85 04/01/2019 3,243,189
 3,100,000 VIRGINIA HDA COMMONWEALTH MORTGAGE SERIES A1 (HOUSING
 REVENUE) 4.85 10/01/2019 3,239,469
 2,225,000 VIRGINIA HDA RENTAL HOUSING SERIES D (HOUSING REVENUE) 4.50 07/01/2023 2,248,719
 3,000,000 VIRGINIA PORT AUTHORITY COMMONWEALTH PORT FUNDING
 PROJECT (TRANSPORTATION REVENUE) 5.50 07/01/2018 3,190,830
 210,000 VIRGINIA RESOURCE AUTHORITY INFRASTRUCTURE LOAN BOND
 PROGRAM SERIES A (PRE-REFUNDED REVENUE, NATL-RE
 INSURED) 5.50 05/01/2016 217,755
 1,150,000 WATKINS CENTRE CDA VA (SPECIAL ASSESSMENT REVENUE) 5.40 03/01/2020 1,142,410
 2,300,000 WINCHESTER VA IDA WINCHESTER MEDICAL CENTER
 INCORPORATED (HOSPITAL REVENUE, AMBAC INSURED)+/-SS. 5.50 01/01/2015 2,493,016
 3,200,000 WINCHESTER VA IDA WINCHESTER MEDICAL CENTER
 INCORPORATED (HOSPITAL REVENUE, AMBAC INSURED)+/-SS. 5.50 01/01/2015 3,468,544
 55,997,997
 ------------------
WASHINGTON: 1.92%
 7,500,000 CHELAN COUNTY WA DEVELOPMENT CORPORATION PC ALCOA
 INCORPORATED PROJECT (IDR) 5.85 12/01/2031 7,571,700
 2,250,000 PORT OF SUNNYSIDE WA (AIRPORT REVENUE) 6.63 12/01/2021 2,452,230
 605,000 QUINAULT INDIAN NATION WA QUINAULT BEACH SERIES A
 (MISCELLANEOUS REVENUE, ACA INSURED) 5.80 12/01/2015 535,213
 250,000 TOBACCO SETTLEMENT AUTHORITY WA ASSET-BACKED (TOBACCO
 SETTLEMENT FUNDED REVENUE) 5.50 06/01/2012 260,213
 19,865,000 TOBACCO SETTLEMENT AUTHORITY WA ASSET-BACKED (TOBACCO
 SETTLEMENT FUNDED REVENUE) 6.50 06/01/2026 20,524,121
 16,000,000 WASHINGTON HEALTH CARE FACILITIES AUTHORITY CATHOLIC
 HEALTH INITIATIVES SERIES D (HOSPITAL REVENUE)(H) 6.38 10/01/2016 18,158,400
 49,501,877
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
WEST VIRGINIA: 0.01%
$ 215,000 OHIO COUNTY WV FORT HENRY CENTER FINANCING DISTRICT
 SERIES A (TAX INCREMENTAL REVENUE) 5.00% 06/01/2015 $ 212,872
 ------------------
WISCONSIN: 1.38%
 470,000 MILWAUKEE WI RDA SCIENCE EDUCATION CONSORTIUM PROJECT
 SERIES A (MISCELLANEOUS REVENUE) 5.13 08/01/2015 471,095
 1,500,000 MILWAUKEE WI RDA SCIENCE EDUCATION CONSORTIUM PROJECT
 SERIES A (MISCELLANEOUS REVENUE) 5.63 08/01/2025 1,475,445
 800,000 MILWAUKEE WI RDA SCIENCE EDUCATION CONSORTIUM PROJECT
 SERIES A (MISCELLANEOUS REVENUE) 5.75 08/01/2035 767,304
 1,500,000 MONROE WI REDEVELOPMENT AUTHORITY MONROE CLINIC
 INCORPORATED (HCFR) 5.88 02/15/2039 1,559,670
 5,000,000 SUPERIOR WI LIMITED OBLIGATION MIDWEST ENERGY SERIES
 E (TRANSPORTATION REVENUE, FGIC INSURED) 6.90 08/01/2021 6,621,950
 2,800,000 WAUKESHA COUNTY WI HOUSING AUTHORITY THE ARBORETUM
 PROJECT (HOUSING REVENUE)+/-SS. 5.00 12/01/2027 2,894,752
 3,715,000 WISCONSIN HEALTH & EDUCATIONAL FACILITIES AUTHORITY
 FORT HEALTH CARE INCORPORATED PROJECT (HOSPITAL
 REVENUE) 6.10 05/01/2034 3,756,385
 2,400,000 WISCONSIN STATE HEFA ALVERNO COLLEGE PROJECT
 (EDUCATION REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS.(A) 2.50 11/01/2017 2,400,000
 1,000,000 WISCONSIN STATE HEFA AURORA HEALTH CARE INCORPORATED
 A (HCFR) 5.25 04/15/2024 1,052,090
 6,400,000 WISCONSIN STATE HEFA AURORA HEALTH CARE INCORPORATED
 B (HCFR)+/-SS. 5.13 08/15/2027 7,039,360
 800,000 WISCONSIN STATE HEFA CHILDREN'S HOSPITAL WISCONSIN B
 (HCFR) 5.38 08/15/2024 895,208
 7,000,000 WISCONSIN STATE HEFA SERIES M (HCFR, NATL-RE
 INSURED)+/-SS. 0.77 06/01/2019 6,592,725
 35,525,984
 ------------------
WYOMING: 0.22%
 5,280,000 EVANSVILLE WY POLYPIPE INCORPORATED PROJECT (IDR,
 JPMORGAN CHASE BANK LOC) 4.65 12/01/2016 5,548,171
 ------------------
TOTAL MUNICIPAL BONDS & NOTES (COST $2,523,037,711) 2,600,704,973
 ------------------

 SHARES YIELD
--------------- -------------
SHORT-TERM INVESTMENTS: 1.04%
INVESTMENT COMPANIES: 0.94%
 24,195,312 WELLS FARGO ADVANTAGE NATIONAL TAX-FREE MONEY MARKET
 TRUST(L)(U) 0.13 24,195,312
 ------------------

 PRINCIPAL MATURITY DATE
--------------- -------------
US TREASURY BILLS: 0.10%
 100,000 US TREASURY BILL### 0.15 12/23/2010 99,965
 2,600,000 US TREASURY BILL### 0.15 12/23/2010 2,599,074
 2,699,039
 ------------------
TOTAL SHORT-TERM INVESTMENTS (COST $26,894,351) 26,894,351
 ------------------
TOTAL INVESTMENTS IN SECURITIES
(COST $2,549,932,062)* 101.93% $ 2,627,599,324
OTHER ASSETS AND LIABILITIES, NET (1.93) (49,827,294)
 ------ ------------------
TOTAL NET ASSETS 100.00% $ 2,577,772,030
 ------ ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MORTGAGE-BACKED SECURITIES: 1.96%
$ 44,675,000 FHLMC MULTIFAMILY VRD CERTIFICATES (TE) SERIES M012 CLASS
 A1A+/-SS. 5.50% 08/15/2051 $ 50,098,098
 24,000,000 FHLMC MULTIFAMILY VRD CERTIFICATES (TE) SERIES M012 CLASS
 A1A1+/-(A) 5.50% 08/15/2051 26,940,000
TOTAL MORTGAGE-BACKED SECURITIES (COST $74,881,427) 77,038,098
 ------------------
MUNICIPAL BONDS & NOTES: 96.52%
ALABAMA: 1.81%
 3,410,000 CHATOM AL INDUSTRIAL DEVELOPMENT BOARD PCR ALABAMA
 ELECTRIC COOPERATIVE INCORPORATE PROJECT SERIES C
 (ELECTRIC REVENUE, AMBAC INSURED)+/-SS.(A) 0.70 08/01/2016 3,264,772
 22,265,000 CHATOM AL INDUSTRIAL DEVELOPMENT BOARD POWERSOUTH ENERGY
 COOPERATIVE PROJECTS SERIES A (ELECTRIC REVENUE, AMBAC
 INSURED)+/-SS. 0.90 11/15/2038 22,265,000
 4,000,000 COURTLAND AL INDUSTRIAL DEVELOPMENT BOARD INTERNATIONAL
 PAPER COMPANY PROJECT SERIES A(IDR) 5.00 11/01/2013 4,278,520
 1,150,000 EAST AL HEALTH CARE AUTHORITY SERIES B (HCFR REVENUE) 4.63 09/01/2012 1,184,995
 3,000,000 HUNTSVILLE AL SOLID WASTE DISPOSAL AUTHORITY (OTHER
 REVENUE, NATL-RE INSURED) 5.75 10/01/2012 3,009,750
 450,000 JEFFERSON COUNTY AL BOARD OF EDUCATION SERIES A (PROPERTY
 TAX REVENUE, AGM INSURED) 4.63 02/15/2012 444,825
 500,000 JEFFERSON COUNTY AL SERIES B8 (SEWER TAX REVENUE, AGM
 INSURED) 5.25 02/01/2016 479,990
 975,000 JEFFERSON COUNTY AL SERIES C10 (SEWER TAX REVENUE, AGM
 INSURED)+/-SS.(A) 0.39 02/01/2042 448,500
 2,650,000 JEFFERSON COUNTY AL SERIES C2 (SEWER TAX REVENUE, FGIC
 INSURED)+/-SS.(A) 0.71 02/01/2042 1,219,000
 8,750,000 JEFFERSON COUNTY AL SERIES C5 (SEWER TAX REVENUE, XLCA
 INSURED)+/-SS.(A) 0.77 02/01/2040 4,025,000
 525,000 JEFFERSON COUNTY AL SERIES C9 (SEWER TAX REVENUE, AGM
 INSURED)+/-SS.(A) 0.38 02/01/2042 241,500
 7,875,000 JEFFERSON COUNTY AL SUBSERIES B1C (SEWER TAX REVENUE, FGIC
 INSURED)+/-SS.(A) 0.77 02/01/2042 3,622,500
 9,755,000 MOBILE AL INDUSTRIAL DEVELOPMENT BOARD PCR ALABAMA POWER
 COMPANY BARRY SERIES A (POWER REVENUE)+/-SS. 4.75 06/01/2034 10,259,919
 1,500,000 MOBILE AL INDUSTRIAL DEVELOPMENT BOARD PCR ALABAMA POWER
 COMPANY BARRY SERIES B (POWER REVENUE)+/-SS. 4.88 06/01/2034 1,618,935
 1,000,000 UNIVERSITY OF ALABAMA AT BIRMINGHAM HOSPITAL SERIES A
 (HCFR) 4.00 09/01/2011 1,021,990
 800,000 UNIVERSITY OF ALABAMA AT BIRMINGHAM HOSPITAL SERIES A
 (HCFR) 5.00 09/01/2012 847,592
 380,000 UNIVERSITY OF ALABAMA AT BIRMINGHAM HOSPITAL SERIES A
 (HCFR) 5.00 09/01/2013 409,651
 10,030,000 UNIVERSITY OF ALABAMA AT BIRMINGHAM SERIES B (HCFR,
 REGIONS BANK LOC)+/-SS. 1.08 09/01/2031 10,030,000
 3,245,000 WEDOWEE CHIMNEY COVE AL IMPROVEMENT DISTRICT CHIMNEY COVE
 PROJECT (OTHER REVENUE, WEST GEORGIA NATIONAL BANK
 LOC)+/-SS. 5.00 07/01/2037 2,107,628
 70,780,067
 ------------------
ALASKA: 0.23%
 460,000 ALASKA INDUSTRIAL DEVELOPMENT & EXPORT AUTHORITY
 UNREFUNDED BALANCE SNETTISHAM 1ST (UTILITIES REVENUE,
 AMBAC INSURED) 6.00 01/01/2015 463,059
 500,000 ALASKA STUDENT LOAN CORPORATION (STUDENT LOAN REVENUE) 5.00 06/01/2014 537,580
 8,080,000 PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS 4018
 (PROPERTY TAX REVENUE, NATL-RE INSURED)+/-SS. 0.40 04/01/2021 8,080,000
 9,080,639
 ------------------
ARIZONA: 2.37%
 1,000,000 ARIZONA HEALTH FACILITIES AUTHORITY BANNER HEALTH SERIES D
 (HCFR) 5.00 01/01/2012 1,044,400
 2,570,000 ARIZONA HEALTH FACILITIES AUTHORITY PHOENIX CATHOLIC
 HEALTHCARE WEST SERIES E (HCFR)+/-SS. 5.00 07/01/2029 2,696,804
 21,500,000 ARIZONA HEALTH FACILITIES AUTHORITY PHOENIX CHILDREN'S
 HOSPITAL SERIES A (HCFR)+/-SS. 1.27 02/01/2042 19,656,375

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
ARIZONA (continued)
$ 15,175,000 ARIZONA HEALTH FACILITIES AUTHORITY PHOENIX CHILDREN'S
 HOSPITAL SERIES B (HCFR)+/-SS. 1.12% 02/01/2042 $ 13,964,035
 4,050,000 ARIZONA SCHOOL FACILITIES BOARD STATE SCHOOL TRUST (OTHER
 REVENUE, AMBAC INSURED) 4.25 07/01/2015 4,371,287
 3,840,000 ARIZONA SCHOOL FACILITIES BOARD STATE SCHOOL TRUST SERIES
 A (OTHER REVENUE, AMBAC INSURED) 5.50 07/01/2014 4,297,613
 15,000,000 ARIZONA SPORTS & TOURISM AUTHORITY (MISCELLANEOUS REVENUE,
 ALLIED IRISH BANK PLC LOC)+/-SS. 2.00 07/01/2036 15,000,000
 2,300,000 ARIZONA SPORTS & TOURISM AUTHORITY MULTIPURPOSE STADIUM
 FACILITY PROJECT (INCOME TAX REVENUE) 5.25 07/01/2015 2,469,073
 3,000,000 GILBERT AZ WATER RESERVE MUNICIPAL PROPERTY CORPORATION
 SUB LIEN (WATER REVENUE) 4.75 10/01/2032 3,007,230
 10,635,000 MARICOPA COUNTY AZ IDA CATHOLIC HEALTH CARE WEST SERIES B
 (HCFR)+/-SS. 5.00 07/01/2025 11,201,101
 2,000,000 MARICOPA COUNTY AZ IDA CATHOLIC HEALTHCARE WEST SERIES A
 (HCFR) 5.00 07/01/2013 2,163,220
 1,310,000 MARICOPA COUNTY AZ IDA CATHOLIC HEALTHCARE WEST SERIES A
 (HCFR) 5.00 07/01/2016 1,312,332
 2,955,000 PIMA COUNTY AZ IDA CONSTELLATION SCHOOLS PROJECT (LEASE
 REVENUE) 6.38 01/01/2019 2,970,780
 1,635,000 PIMA COUNTY AZ IDA GLOBAL WATER RESEARCH LLC PROJECT
 (WATER REVENUE) 5.50 12/01/2013 1,637,207
 1,000,000 SCOTTSDALE AZ IDA (HCFR)+/-SS. 1.42 05/01/2041 999,220
 1,540,000 VERRADO AZ COMMUNITY FACILITIES DISTRICT # 1 (PROPERTY TAX
 REVENUE) 4.85 07/15/2014 1,544,435
 1,177,000 WATSON AZ COMMUNITY FACILITIES DISTRIBUTION (OTHER REVENUE) 5.10 07/01/2012 1,174,258
 1,244,000 WATSON AZ COMMUNITY FACILITIES DISTRIBUTION (OTHER REVENUE) 5.20 07/01/2013 1,230,042
 1,412,000 WATSON AZ COMMUNITY FACILITIES DISTRIBUTION (OTHER REVENUE) 5.30 07/01/2014 1,390,693
 886,076 WHITE MOUNTAIN AZ APACHE TRIBE FORT APACHE INDIAN
 RESERVATION FORT APACHE TIMBER EQUIPMENT LEASE (OTHER
 REVENUE) 6.95 03/04/2012 862,541
 92,992,646
 ------------------
ARKANSAS: 0.01%
 355,000 ARKANSAS STATE DEVELOPMENT FINANCIAL AUTHORITY PUBLIC
 HEALTH LABORATORY PROJECT (HCFR, AMBAC INSURED) 3.90 12/01/2024 355,007
 40,000 FAYETTEVILLE AR CAPITAL IMPROVEMENTS (SALES TAX REVENUE,
 AGM INSURED) 4.13 11/01/2026 40,426
 395,433
 ------------------
CALIFORNIA: 12.09%
 1,300,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION
 CALIFORNIA BRANSON SCHOOL (OTHER REVENUE, ALLIED IRISH
 BANK PLC LOC)+/-SS. 2.95 07/01/2038 1,300,000
 2,190,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION
 CALIFORNIA GEORGIANA BRUCE KIRBY PREPARATORY SCHOOL
 (PRIVATE SCHOOL REVENUE, COMMERCIAL BANK CA LOC)+/-SS. 3.85 02/01/2037 2,216,652
 3,000,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
 CALIFORNIA MARIN ACADEMY PROJECT (PRIVATE SCHOOL REVENUE,
 ALLIED IRISH BANK PLC LOC)+/-SS. 1.55 07/01/2029 3,000,000
 2,185,000 ALAMEDA COUNTY CA COP CAPITAL APPRECIATION (LEASE REVENUE,
 NATL-RE INSURED)## 3.20 06/15/2014 1,940,848
 3,500,000 ALAMEDA COUNTY CA COP REFUNDING SERIES A (LEASE REVENUE,
 NATL-RE INSURED) 5.38 12/01/2014 3,675,280
 37,675,000 CALIFORNIA CDA AZUSA PACIFIC UNIVERSITY PROJECT SERIES
 2007 (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC
 LOC)+/-SS. 2.60 04/01/2039 37,675,000
 22,500,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY UNIVERSITY OF
 LA VERNE (EDUCATIONAL FACILITIES REVENUE, ALLIED IRISH
 BANK PLC LOC)+/-SS. 2.40 03/01/2038 22,500,000
 1,000,000 CALIFORNIA HFA AMT HOME MORTGAGE SERIES L (HOUSING
 REVENUE, FGIC INSURED) 4.05 02/01/2014 1,012,790
 10,975,000 CALIFORNIA HFFA CALIFORNIA PRESBYTERIAN HOMES (HCFR)+/-SS. 1.60 07/01/2034 10,975,000
 4,000,000 CALIFORNIA HFFA CATHOLIC HEALTHCARE WEST SERIES F
 (HCFR)+/-SS. 5.00 07/01/2027 4,392,080
 3,000,000 CALIFORNIA HFFA CATHOLIC HEALTHCARE WEST SERIES G
 (HCFR)+/-SS. 5.00 07/01/2028 3,168,840
 2,500,000 CALIFORNIA HFFA CEDARS-SINAI MEDICAL CENTER (HCFR) 5.00 08/15/2012 2,658,875
 21,910,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
 CALIFORNIA ACADEMY SERIES B (OTHER REVENUE, ALLIED IRISH
 BANK PLC LOC)+/-SS. 1.85 09/01/2038 21,910,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 33,620,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
 COLBURN SCHOOL SERIES B (OTHER REVENUE, ALLIED IRISH BANK
 PLC LOC)+/-SS. 1.60% 08/01/2037 $ 33,620,000
 7,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK LOS
 ANGELES COUNTY MUSEUM SERIES A (RECREATIONAL REVENUE,
 ALLIED IRISH BANK PLC LOC)+/-SS. 1.85 09/01/2037 7,000,000
 7,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
 PACIFIC GAS & ELECTRIC SERIES E (ELECTRIC REVENUE)+/-SS. 2.25 11/01/2026 7,033,460
 10,625,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK ST.
 MARGARET EPISCOPAL SCHOOL SERIES 2008 (PRIVATE SCHOOLS
 REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 2.95 01/01/2038 10,625,000
 3,500,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY SERRA CATHOLIC
 SCHOOL (EDUCATION REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 2.95 05/01/2039 3,500,000
 3,750,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY WASTE MANAGEMENT
 INCORPORATED PROJECT (LEASE REVENUE)+/-SS. 3.00 09/01/2014 3,838,575
 10,000,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY WASTE MANAGEMENT
 INCORPORATED PROJECT SERIES A (RESOURCE RECOVERY
 REVENUE)+/-SS. 2.38 02/01/2039 10,102,900
 7,700,000 CALIFORNIA PCFA PACIFIC GAS & ELECTRIC SERIES A (IDR,
 NATL-RE INSURED)+/-SS. 5.35 12/01/2016 7,956,641
 2,670,000 CALIFORNIA PCFA SOLID WASTE DISPOSAL BROWNING FERRIS
 INDUSTRIES (IDR, NATL-RE INSURED) 4.55 02/01/2015 2,728,126
 5,000,000 CALIFORNIA PCFA WASTE MANAGEMENT INCORPORATED PROJECT
 SERIES A (RESOURCE RECOVERY REVENUE)+/-SS. 5.00 11/01/2038 5,295,200
 1,000,000 CALIFORNIA PCFA WASTE MANAGEMENT INCORPORATED PROJECT
 SERIES C (IDR)+/-SS. 6.75 12/01/2027 1,007,730
 820,000 CALIFORNIA PCFA WEST COMPANY SERIES A (RESOURCE RECOVERY
 REVENUE, BANK OF AMERICA NA LOC) 5.13 01/01/2014 821,648
 95,000 CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY (RESOURCE
 RECOVERY REVENUE) 6.75 07/01/2011 99,107
 10,000,000 CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY (RESOURCE
 RECOVERY REVENUE)+/-SS. 1.30 08/01/2023 9,999,600
 8,500,000 CALIFORNIA STATE ECONOMIC RECOVERY SERIES A (SALES TAX
 REVENUE) 5.00 07/01/2016 8,702,555
 4,070,000 CALIFORNIA STATEWIDE CDA ARCHER SCHOOL FOR GIRLS
 INCORPORATED (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK
 PLC LOC)+/-SS. 2.95 05/01/2035 4,070,000
 18,660,000 CALIFORNIA STATEWIDE CDA CATHEDRAL HIGH SCHOOL PROJECT
 (ALLIED IRISH BANK PLC LOC)+/-SS. 1.40 04/01/2033 18,660,000
 5,250,000 CALIFORNIA STATEWIDE CDA DISPOSAL REPUBLIC SERVICES SERIES
 A (RESOURCE RECOVERY REVENUE) 4.95 12/01/2012 5,498,798
 3,000,000 CALIFORNIA STATEWIDE CDA DISPOSAL WASTE MANAGEMENT
 INCORPORATED PROJECT (RESOURCE RECOVERY REVENUE)+/-SS. 1.88 04/01/2011 3,004,140
 720,000 CALIFORNIA STATEWIDE CDA INTERNATIONAL SCHOOL PENINSULA
 PROJECT (EDUCATION REVENUE) 4.60 11/01/2013 716,904
 6,135,000 CALIFORNIA STATEWIDE CDA MARIN HORIZON SCHOOL (PRIVATE
 SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 2.95 07/01/2036 6,135,000
 5,000,000 CALIFORNIA STATEWIDE CDA WESTERN UNIVERSITY HEALTH SERIES
 A (MISCELLANEOUS REVENUE, BANK OF NEW YORK LOC)+/-SS. 2.40 06/01/2039 5,000,000
 1,850,000 CALIFORNIA STATEWIDE COMMUNITIES AUTHORITY CENTER FOR
 EARLY EDUCATION (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK
 PLC LOC)+/-SS. 2.95 09/01/2031 1,850,000
 750,000 CHINO ONTARIO UPLAND CA WATER FACILITIES AUTHORITY COP
 AGUA DE LEJOS PROJECT (WATER REVENUE) 5.20 10/01/2015 765,083
 14,765,000 CITY OF FREMONT CA (LEASE REVENUE, ALLIED IRISH BANK PLC
 LOC)+/-SS. 3.00 08/01/2038 14,765,000
 2,305,000 CULVER CITY CA RDFA (MISCELLANEOUS TAX REVENUE, AMBAC
 INSURED) 5.50 11/01/2014 2,378,760
 3,300,000 DINUBA CA REDEVELOPMENT AGENCY MERGED CITY REDEVELOPMENT
 PROJECT # 2 (MISCELLANEOUS TAX REVENUE) 4.45 10/01/2011 3,303,564
 7,325,000 EUREKA CA USD SERIES A (NATL-RE FGIC INSURED)## 4.06 08/01/2018 5,338,973
 8,500,000 GILROY CA SCHOOL DISTRICT MEASURE P (EDUCATION REVENUE) 5.00 04/01/2013 9,105,455
 15,000,000 GOLDEN EMPIRE SCHOOLS FINANCING AUTHORITY (LEASE REVENUE) 4.00 05/01/2012 15,699,900
 5,575,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION CA
 ENHANCED ASSET-BACKED SERIES A (TOBACCO REVENUE, AMBAC
 INSURED) 5.00 06/01/2013 5,956,888
 15,000,000 KERN CA COMMUNITY COLLEGE DISTRICT COP (LEASE REVENUE) 4.00 04/01/2014 15,619,500
 6,000,000 LAKESIDE CA USD ELECTION 2008 SERIES A (PROPERTY TAX
 REVENUE) 0.00 06/01/2014 5,329,020
 500,000 LONG BEACH CA BOND FINANCE AUTHORITY SERIES A (NATURAL GAS
 REVENUE) 5.00 11/15/2012 528,330

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 800,000 LONG BEACH CA BOND FINANCE AUTHORITY SERIES A (NATURAL GAS
 REVENUE) 5.00% 11/15/2014 $ 862,072
 18,000,000 LONG BEACH CA COMMUNITY COLLEGE DISTRICT BOND ANTICIPATION
 NOTES SERIES A (EDUCATION REVENUE) 9.85 01/15/2013 21,544,380
 5,685,000 LOS ANGELES CA COP LOYOLA HIGH SCHOOL SERIES A (LEASE
 REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 2.95 12/01/2035 5,685,000
 2,675,000 LOS ANGELES CA COP WINDWARD SERIES A (PRIVATE SCHOOL
 REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 2.95 07/01/2037 2,675,000
 800,000 MONTEREY COUNTY CA COP REFINANCING PROJECT (AGM INSURED) 4.00 08/01/2013 861,104
 16,745,000 NORTHERN CA GAS AUTHORITY # 1 LIBOR (UTILITIES
 REVENUE)+/-SS. 0.96 07/01/2017 14,326,185
 15,600,000 NORTHERN CA GAS AUTHORITY # 1 LIBOR (UTILITIES
 REVENUE)+/-SS. 0.99 07/01/2019 12,330,552
 10,000,000 PITTSBURG CA PUBLIC FINANCE AUTHORITY WATER RRB SERIES
 2008 (WATER REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 1.90 06/01/2035 10,000,000
 1,645,000 PORT HUENEME CA REDEVELOPMENT AGENCY CENTRAL COMMUNITY
 PROJECT (TAX ALLOCATION REVENUE, AMBAC INSURED) 5.50 05/01/2014 1,671,534
 2,485,000 PORT OF OAKLAND CA SERIES K UNREFUNDED (TRANSPORTATION
 REVENUE, NATL-RE FGIC INSURED) 5.75 11/01/2014 2,492,430
 2,975,000 PORT OF OAKLAND CA SERIES K UNREFUNDED (TRANSPORTATION
 REVENUE, NATL-RE FGIC INSURED) 5.88 11/01/2017 2,981,753
 4,090,000 PORT OF OAKLAND CA SERIES N (TRANSPORTATION REVENUE,
 NATL-RE INSURED) 5.00 11/01/2014 4,299,204
 3,070,000 POWAY CA COMMUNITY FACILITIES DISTRICT # 88-1 PARKWAY
 BUSINESS (SPECIAL ASSESSMENT REVENUE) 3.50 08/15/2013 3,113,103
 6,915,000 SACRAMENTO CA CITY FINANCING AUTHORITY SERIES A (LEASE
 REVENUE, AMBAC INSURED) 5.38 11/01/2014 7,300,027
 2,725,000 SACRAMENTO CA CITY FINANCING AUTHORITY SERIES B (LEASE
 REVENUE) 5.00 11/01/2014 2,854,792
 7,640,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCING
 AUTHORITY SUBORDINATE LIEN SACRAMENTO REGULATION SERIES C
 (SEWER REVENUE, CREDIT AGRICOLE INDOSUEZ LOC)+/-SS. 0.25 12/01/2030 7,640,000
 4,310,000 SAN DIEGO CA PFFA BALLPARK SERIES A (LEASE REVENUE, AMBAC
 INSURED) 5.00 02/15/2014 4,661,050
 4,525,000 SAN DIEGO CA PFFA BALLPARK SERIES A (LEASE REVENUE, AMBAC
 INSURED) 5.00 02/15/2015 4,959,264
 550,000 SANTA ROSA CA RANCHERIA TACHI YOKUT TRIBE ENTERPRISE
 (MISCELLANEOUS REVENUE) 4.50 03/01/2011 550,182
 900,000 SAVANNA CA ELEMENTARY SCHOOL DISTRICT BOND ANTICIPATION
 NOTES (PROPERTY TAX REVENUE) 4.00 05/01/2012 932,544
 2,000,000 SAVANNA CA ELEMENTARY SCHOOL DISTRICT CAPITAL APPRECIATION
 (PROPERTY TAX REVENUE)## 2.80 05/01/2012 1,913,240
 500,000 SIERRA CA JOINT COMMUNITY COLLEGE DISTRICT SCHOOL
 FACILITIES IMPROVEMENT DISTRICT # 2 CAPITAL APPRECIATION
 WESTERN NEVADA SERIES B (PROPERTY TAX REVENUE, NATL-RE
 INSURED) 3.36 08/01/2015 432,920
 1,000,000 SOUTHERN CA PUBLIC POWER AUTHORITY NATIONAL GAS PROJECT
 REVENUE SERIES A (NATURAL GAS REVENUE) 5.00 11/01/2013 1,087,450
 750,000 WASHINGTON TOWNSHIP CA HEALTH CARE DISTRICT ELECTION 2004
 SERIES A (PROPERTY TAX REVENUE) 6.50 08/01/2013 854,715
 1,000,000 WASHINGTON TOWNSHIP CA HEALTH CARE DISTRICT ELECTION 2004
 SERIES A (PROPERTY TAX REVENUE) 6.50 08/01/2014 1,177,460
 775,000 WASHINGTON TOWNSHIP CA HEALTH CARE DISTRICT SERIES A (HCFR) 4.25 07/01/2011 789,229
 300,000 WASHINGTON TOWNSHIP CA HEALTH CARE DISTRICT SERIES A (HCFR) 5.00 07/01/2012 315,789
 3,000,000 WHITTIER CA HEALTH FACILITY REVENUE PRESBYTERIAN
 INTERCOMMUNITY HOSPITAL D (HOSPITAL REVENUE) 5.00 06/01/2013 3,239,640
 474,031,841
 ------------------
COLORADO: 1.62%
 195,000 COLORADO ECFA TWIN PEAKS CHARTER SCHOOL (OTHER REVENUE) 5.75 11/15/2018 210,263
 3,000,000 COLORADO HEALTH FACILITIES AUTHORITY CATHOLIC HEALTH
 SERIES C-2 (HCFR)+/-SS. 4.00 10/01/2040 3,298,680
 4,900,000 COLORADO HEALTH FACILITIES AUTHORITY CATHOLIC HEALTH
 SERIES C-8 (HCFR)+/-SS. 4.10 09/01/2036 5,073,215
 125,000 COLORADO HEALTH FACILITIES PREREFUNDED HEALTH EVANGELICAL
 (HCFR) 6.25 12/01/2010 126,241
 12,150,000 COLORADO SPRINGS CO UTILITIES SERIES B (UTILTIES
 REVENUE)+/-SS. 0.37 11/01/2036 12,150,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
COLORADO (continued)
$ 2,000,000 CONFLUENCE METROPOLITAN DISTRICT (PROPERTY TAX REVENUE) 5.25% 12/01/2017 $ 1,782,260
 1,600,000 DENVER CO CITY & COUNTY AIRPORT SERIES A (AIRPORT REVENUE,
 AMBAC INSURED) 6.00 11/15/2016 1,608,800
 1,975,000 DENVER CO CITY & COUNTY AIRPORT SERIES D (AIRPORT REVENUE,
 AMBAC-TCRS INSURED) 7.75 11/15/2013 2,144,909
 1,500,000 E-470 PUBLIC HIGHWAY AUTHORITY CO SERIES A2 (TOLL ROAD
 REVENUE, NATL-RE INSURED)+/-SS. 5.00 09/01/2039 1,537,065
 7,685,000 E-470 PUBLIC HIGHWAY AUTHORITY CO SERIES B (TOLL ROAD
 REVENUE, NATL-RE INSURED) 3.21 09/01/2011 7,471,126
 9,500,000 E-470 PUBLIC HIGHWAY AUTHORITY CO SERIES B2
 (TRANSPORTATION REVENUE, NATL-RE INSURED)+/-SS. 5.00 09/01/2039 9,783,670
 1,115,000 MERIDIAN METROPOLITAN DISTRICT CO SERIES A (PROPERTY TAX
 REVENUE, RADIAN INSURED) 5.38 12/01/2013 1,162,622
 9,415,000 PUBLIC AUTHORITY FOR CO ENERGY NATURAL GAS (UTILITIES
 REVENUE) 5.75 11/15/2018 10,147,487
 6,820,000 UNIVERSITY OF COLORADO ENTERPRISE SYSTEMS RRB SERIES
 2007-A (COLLEGE & UNIVERSITY REVENUE, NATL-RE
 INSURED)+/-SS. 0.47 06/01/2026 6,820,000
 63,316,338
 ------------------
CONNECTICUT: 0.08%
 3,000,000 EASTERN CONNECTICUT RESOURCE RECOVERY AUTHORITY SOLID
 WASTE WHEELABRATOR LISBON INCORPORATED PROJECT SERIES A
 (IDR) 5.50 01/01/2014 3,009,690
 305,000 NAUGATUCK CT COP INCINERATION FACILITY PROJECT SERIES A
 (LEASE REVENUE, AMBAC INSURED) 5.00 06/15/2015 316,935
 3,326,625
 ------------------
DISTRICT OF COLUMBIA: 1.42%
 2,900,000 DISTRICT OF COLUMBIA BOND ANTICIPATION NOTES PILOT ARTHUR
 (OTHER REVENUE) 4.00 12/01/2012 3,034,328
 6,400,000 DISTRICT OF COLUMBIA CHILDREN'S RESEARCH CENTER (OTHER
 REVENUE, SUNTRUST BANK LOC)+/-SS. 0.67 04/01/2038 6,400,000
 1,980,000 DISTRICT OF COLUMBIA CONVENTION CENTER AUTHORITY SERIES A
 (OTHER REVENUE, AMBAC INSURED) 5.00 10/01/2012 2,133,034
 7,300,000 DISTRICT OF COLUMBIA GEORGETOWN DAY SCHOOL ISSUES (PRIVATE
 SCHOOLS REVENUE, SUNTRUST BANK LOC)+/-SS. 0.62 07/01/2040 7,300,000
 1,150,000 DISTRICT OF COLUMBIA HFA SERIES B (HOUSING REVENUE) 5.63 06/01/2035 1,202,670
 7,400,000 DISTRICT OF COLUMBIA JEWISH CAMPUS LIFE (OTHER REVENUE,
 SUNTRUST BANK LOC)+/-SS. 0.62 05/01/2027 7,400,000
 10,000,000 DISTRICT OF COLUMBIA POPULATION SERVICES INTERNATIONAL
 (OTHER REVENUE, SUNTRUST BANK NA LOC)+/-SS. 0.62 11/01/2042 10,000,000
 13,000,000 DISTRICT OF COLUMBIA SIDWELL FRIENDS SCHOOL (COLLEGE &
 UNIVERSITY REVENUE, SUNTRUST BANK LOC)+/-SS. 0.62 04/01/2035 13,000,000
 5,000,000 DISTRICT OF COLUMBIA TOBACCO SETTLEMENT FINANCING
 CORPORATION ASSET-BACKED BONDS (TOBACCO SETTLEMENT FUNDED
 REVENUE) 5.70 05/15/2012 5,126,550
 55,596,582
 ------------------
FLORIDA: 5.50%
 2,800,000 ARCADIA FL HOUSING AUTHORITY ARCADIA OAKS ASSOCIATION
 LIMITED PROJECT (MFHR) 4.25 01/01/2012 2,803,276
 270,000 BOYNTON BEACH FL UTILITY SYSTEM REFUNDING (WATER REVENUE,
 NATL-RE FGIC INSURED) 5.00 11/01/2012 277,055
 95,000 BREVARD COUNTY FL HFA SERIES B (HOUSING REVENUE, GNMA
 INSURED) 6.50 09/01/2022 106,230
 500,000 BROWARD COUNTY FL HEALTH FACILITIES AUTHORITY CATHOLIC
 HEALTH SERVICES (HCFR, SUNTRUST BANK LOC) 5.50 08/15/2014 506,295
 5,000,000 BROWARD COUNTY FL SERIES E (AIRPORT REVENUE, NATL-RE
 INSURED) 5.25 10/01/2011 5,016,850
 6,000,000 CAPE CORAL FL BOND ANTICIPATION NOTES (UTILTIES REVENUE) 6.00 10/01/2011 6,183,720
 2,170,000 CITRUS COUNTY FL COP (OTHER REVENUE) 4.00 04/01/2013 2,301,676
 1,400,000 CONNERTON WEST COMMUNITY DEVELOPMENT DISTRICT FL SERIES B
 (MISCELLANEOUS REVENUE) 5.13 05/01/2016 532,420
 1,290,000 COOPER CITY FL UTILITY SYSTEM (ELECTRIC REVENUE) 6.92 10/01/2013 1,047,957

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
FLORIDA (continued)
$ 1,000,000 EMERALD COAST FL UTILITIES AUTHORITY REVENUE SERIES B
 (UTILITIES REVENUE, NATL-RE FGIC INSURED) 6.25% 01/01/2013 $ 1,101,870
 420,000 ESCAMBIA COUNTY FL HFA MULTI COUNTY PROGRAM SERIES A2
 (HOUSING REVENUE, GNMA INSURED) 6.95 04/01/2024 433,373
 1,010,000 ESCAMBIA COUNTY FL UTILITIES AUTHORITY (UTILITIES REVENUE) 6.25 01/01/2015 1,128,392
 2,820,000 FLORIDA HOUSING FINANCE CORPORATION SERIES 2 (HOUSING
 REVENUE) 5.00 01/01/2035 2,860,411
 1,500,000 FLORIDA STATE BOARD OF EDUCATION SERIES B (OTHER REVENUE,
 NATL-RE FGIC INSURED) 5.50 07/01/2014 1,573,680
 1,000,000 FLORIDA STATE DEPARTMENT OF CORRECTIONS COP OKEECHOBEE
 CORRECTIONAL FACILITY PROJECT (LEASE REVENUE, AMBAC
 INSURED) 5.00 03/01/2014 1,094,810
 6,030,000 GULF BREEZE FL LOCAL GOVERNMENT LOAN SERIES FG & H (OTHER
 REVENUE)+/-SS. 5.00 12/01/2020 6,053,457
 100,000 GULF BREEZE FL LOCAL GOVERNMENT SERIES B (OTHER REVENUE,
 FGIC INSURED)+/-SS. 5.30 12/01/2015 100,478
 1,135,000 GULF BREEZE FL LOCAL GOVERNMENT SERIES B (OTHER REVENUE,
 FGIC INSURED)+/-SS. 4.00 12/01/2020 1,120,801
 290,000 GULF BREEZE FL REVENUE LOCAL GOVERNMENT LOAN E TEND
 12/01/15 (OTHER REVENUE, FGIC INSURED)+/-SS. 5.55 12/01/2020 293,358
 2,000,000 GULF BREEZE FL SERIES B (OTHER REVENUE, FGIC INSURED)+/-SS. 4.25 12/01/2020 1,993,860
 2,225,000 GULF BREEZE FL SERIES C (OTHER REVENUE, FGIC INSURED)+/-SS. 4.00 12/01/2020 2,227,359
 1,070,000 GULF BREEZE FL SERIES C (OTHER REVENUE, FGIC INSURED)+/-SS. 4.00 12/01/2020 1,072,044
 1,000,000 HALIFAX HOSPITAL MEDICAL CENTER (HOSPITAL REVENUE) 5.25 06/01/2016 1,091,220
 4,625,000 HIGHLANDS COUNTY FL HEALTH FACILITIES AUTHORITY HEALTH
 SERIES I (HCFR) 4.50 11/15/2015 5,126,674
 15,000 HIGHLANDS COUNTY FL HFA ADVENTIST HEALTH SYSTEM SERIES G
 (HCFR) 5.00 11/15/2010 15,082
 385,000 HIGHLANDS COUNTY FL HFA ADVENTIST HEALTH SYSTEM SERIES G
 (HCFR) 5.00 11/15/2010 387,214
 2,045,000 HIGHLANDS COUNTY FL HOSPITAL ADVENTIST HEALTH SYSTEM D
 PREREFUNDED (HCFR) 5.38 11/15/2035 2,299,030
 4,575,000 HILLSBOROUGH COUNTY FL IDA (RESOURCE RECOVERY REVENUE) 5.00 10/01/2016 4,872,741
 2,225,000 HILLSBOROUGH COUNTY FL IDA (RESOURCE RECOVERY REVENUE,
 AMBAC INSURED)+/-SS. 5.00 12/01/2034 2,325,259
 1,060,000 HILLSBOROUGH COUNTY FL PORT DISTRICT SERIES A (AIRPORT &
 MARINA REVENUE, NATL-RE INSURED) 5.75 06/01/2016 1,128,444
 42,000,000 LAKELAND FL ENERGY SYSTEM REVENUE (UTILITIES REVENUE)+/-SS. 1.37 10/01/2014 41,566,980
 3,000,000 LEE COUNTY FL AIRPORT REFUNDING SERIES A (AIRPORT REVENUE) 5.00 10/01/2014 3,308,910
 2,700,000 LEE COUNTY FL MEMORIAL HEALTH SYSTEM SERIES A
 (NURSINGHOME REVENUE, AGM INSURED) 5.75 04/01/2013 2,864,673
 750,000 LEE COUNTY FL SOLID WASTE SYSTEM REFUNDING (OTHER REVENUE,
 NATL-RE INSURED) 5.63 10/01/2013 777,090
 100,000 MANATEE COUNTY FL HFA SINGLE FAMILY SUB-SERIES 2 (HOUSING
 REVENUE, GNMA INSURED) 6.50 11/01/2023 101,826
 325,000 MARION COUNTY FL SCHOOL BOARD SERIES B (LEASE REVENUE,
 AMBAC INSURED) 5.00 06/01/2014 363,087
 1,000,000 MIAMI DADE COUNTY FL AVIATION (AIRPORT REVENUE) 5.25 10/01/2014 1,002,420
 1,000,000 MIAMI DADE COUNTY FL EDUCATIONAL FACILITIES AUTHORITY
 UNIVERSITY OF MIAMI SERIES A (EDUCATION REVENUE) 5.25 04/01/2016 1,132,860
 1,650,000 MIAMI DADE COUNTY FL HEALTH FACILITIES AUTHORITY MIAMI
 CHILDRENS SERIES A-2 (HCFR, NATL-RE INSURED)+/-SS. 4.55 08/01/2046 1,739,678
 17,000,000 MIAMI DADE COUNTY FL IDA DOLPHINS STADIUM PROJECT SERIES D
 (IDR)+/-SS. 3.20 07/01/2032 17,000,000
 1,000,000 MIAMI DADE COUNTY FL IDR SERIES C (MISCELLANEOUS
 REVENUE)+/-SS. 3.20 07/01/2032 1,000,000
 4,000,000 MIAMI DADE COUNTY FL SCHOOL BOARD COP (LEASE REVENUE,
 NATL-RE FGIC INSURED) 5.25 10/01/2015 4,394,120
 4,530,000 MIAMI DADE COUNTY FL SCHOOL BOARD COP SERIES A (LEASE
 REVENUE, AMBAC INSURED) 5.00 08/01/2011 4,666,308
 1,600,000 MIAMI DADE COUNTY FL SCHOOL BOARD COP SERIES A (LEASE
 REVENUE, AMBAC INSURED) 5.00 08/01/2012 1,698,048
 7,760,000 MIAMI DADE COUNTY FL SCHOOL BOARD COP SERIES A (LEASE
 REVENUE, NATL-RE FGIC INSURED) 5.00 05/01/2012 8,186,567
 2,750,000 MIAMI DADE COUNTY FL SCHOOL BOARD COP SERIES B (LEASE
 REVENUE, NATL-RE INSURED)+/-SS. 5.50 05/01/2030 2,810,280
 13,051,819 MIAMI DADE COUNTY FL SCHOOL BOARD MASTER EQUIPMENT LEASE 2
 (LEASE REVENUE) 3.59 03/03/2016 13,608,479

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
FLORIDA (continued)
$ 1,450,000 ORANGE COUNTY FL HEALTH FACILITIES AUTHORITY ORLANDO
 HEALTH INCORPORATED (HCFR) 5.00% 10/01/2013 $ 1,570,423
 1,000,000 ORANGE COUNTY FL HEALTH FACILITIES AUTHORITY ORLANDO
 HEALTH INCORPORATED (HCFR) 5.00 10/01/2014 1,092,070
 2,000,000 ORANGE COUNTY FL SALES TAX REVENUE REFUNDING SERIES A
 (SALES TAX REVENUE, NATL-RE INSURED) 5.13 01/01/2016 2,149,340
 7,000,000 ORLANDO & ORANGE COUNTY FL EXPRESSWAY AUTHORITY SUB SERIES
 B-2 (TOLL ROAD REVENUE, SUNTRUST BANK LOC)+/-SS. 0.38 07/01/2040 7,000,000
 2,215,000 PALM BEACH COUNTY FL SCHOOL BOARD SERIES B (LEASE REVENUE,
 FGIC INSURED)+/-SS. 5.00 08/01/2025 2,290,930
 535,000 POLK COUNTY FL SCHOOL BOARD COP SERIES A (LEASE REVENUE,
 AGM INSURED) 3.00 01/01/2014 556,395
 1,935,000 POLK COUNTY FL SCHOOL BOARD COP SERIES A (LEASE REVENUE,
 AGM INSURED) 3.00 01/01/2015 2,007,059
 1,235,000 POLK COUNTY FL SCHOOL BOARD COP SERIES B (LEASE REVENUE,
 AGM INSURED) 3.00 01/01/2015 1,280,991
 1,000,000 SARASOTA COUNTY FL EDUCATIONAL FACILITIES SCHOOL ARTS &
 SCIENCES PROJECT 5.20 07/01/2017 1,033,710
 835,000 SOUTH LAKE COUNTY HOSPITAL DISTRICT (HOSPITAL REVENUE) 4.00 10/01/2014 874,470
 920,000 SOUTH LAKE COUNTY HOSPITAL DISTRICT (HOSPITAL REVENUE) 5.00 10/01/2015 1,001,098
 12,225,000 SOUTHEAST VOLUSIA FL HOSPITAL DISTRICT BERT FISH MEDICAL
 CENTER ISSUE (HCFR, BANK OF AMERICA NA LOC)+/-SS. 0.40 05/01/2022 12,225,000
 1,920,000 ST. JOHNS COUNTY FL IDA FLAGLER HOSPITAL INCORPORATED
 SERIES A (HCFR, NATL-RE INSURED, SUNTRUST BANK LOC)+/-SS. 0.62 12/15/2026 1,920,000
 2,600,000 ST. JOHNS COUNTY FL WATER AND SEWER AUTHORITY SERIES A
 (WATER & SEWER REVENUE)## 2.05 06/01/2013 2,461,056
 1,500,000 ST. JOHNS COUNTY FL WATER AND SEWER AUTHORITY SERIES A
 (WATER & SEWER REVENUE)## 2.30 06/01/2014 1,378,110
 8,530,000 SUNSHINE STATE GOVERNMENTAL FINANCING COMMISSION (OTHER
 REVENUE)+/-SS. 0.38 07/01/2016 8,530,000
 4,885,000 UNIVERSITY OF SOUTH FLORIDA COLLEGE MEDICINE HEALTH
 FACILITIES LEASE PROGRAM SERIES A-1 (LEASE REVENUE,
 SUNTRUST BANK LOC)+/-SS. 0.62 07/01/2036 4,885,000
 215,552,014
 ------------------
GEORGIA: 2.17%
 1,000,000 ATLANTA GA SERIES A (WATER REVENUE, NATL-RE FGIC INSURED) 5.50 11/01/2011 1,047,870
 8,500,000 ATLANTA GA SERIES A (WATER REVENUE, NATL-RE FGIC INSURED) 5.50 11/01/2012 9,247,915
 8,000,000 ATLANTA GA SERIES A (WATER REVENUE, NATL-RE FGIC INSURED) 5.50 11/01/2013 8,946,480
 5,000,000 ATLANTA GA SERIES B-2 (AIRPORT REVENUE, NATL-RE
 INSURED)+/-SS. 2.27 01/01/2030 5,000,000
 2,500,000 ATLANTA GA SERIES C (AIRPORT REVENUE, NATL-RE FGIC INSURED) 6.13 01/01/2012 2,533,375
 1,145,422 DALTON GA SCHOOL DISTRICT EQUIPMENT LEASE PURCHASE #
 996-021203 4.20 08/01/2013 1,153,497
 439,968 DALTON GA SCHOOL DISTRICT EQUIPMENT LEASE PURCHASE #
 996-021203 SERIES B 4.20 08/01/2013 440,606
 2,500,000 FULTON COUNTY GA RESIDENTIAL CARE FACILITIES AUTHORITY
 LENBROOK PROJECT SERIES A (HFRC) 5.00 07/01/2017 2,420,500
 332,521 GAINESVILLE GA SCHOOL DISTRICT EQUIPMENT LEASE PURCHASE 4.20 03/01/2013 333,043
 5,000,000 GEORGE L SMITH II GA DOMED STADIUM PROJECT (RECREATIONAL
 REVENUE, NATL-RE INSURED) 5.75 07/01/2014 5,064,750
 6,000,000 GEORGE L SMITH II GA DOMED STADIUM PROJECT (RECREATIONAL
 REVENUE, NATL-RE INSURED) 5.75 07/01/2015 6,076,260
 4,710,952 HENRY COUNTY GA MASTER STATE MUNICIPAL LOAN 144A (OTHER
 REVENUE) 4.09 04/24/2016 4,763,903
 4,000,000 MAIN STREET GA NATURAL GAS INCORPORATED SERIES A
 (UTILITIES REVENUE) 5.00 03/15/2014 4,301,240
 820,000 MAIN STREET GA NATURAL GAS INCORPORATED SERIES B (ELECTRIC
 REVENUE) 5.00 03/15/2012 855,112
 5,825,000 MAIN STREET GA NATURAL GAS INCORPORATED SERIES B
 (UTILITIES REVENUE) 5.00 03/15/2013 6,166,636
 5,050,000 MAIN STREET GA NATURAL GAS INCORPORATED SERIES B
 (UTILITIES REVENUE) 5.00 03/15/2015 5,419,155
 15,000,000 MONROE COUNTY GA DEVELOPMENT AUTHORITY (IDR)+/-SS. 0.42 10/01/2048 15,000,000
 1,000,000 PIKE COUNTY GA SCHOOL DISTRICT (PROPERTY TAX REVENUE,
 AMBAC INSURED) 5.70 02/01/2016 1,088,840
 1,525,000 PUBLIC GAS PARTNERS INCORPORATED GA SERIES A (NATURAL GAS
 REVENUE) 5.00 10/01/2013 1,682,563
 3,000,000 PUBLIC GAS PARTNERS INCORPORATED GA SERIES A (NATURAL GAS
 REVENUE) 5.00 10/01/2014 3,370,020

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
GEORGIA (continued)
$ 196,064 PUTNAM COUNTY GA SCHOOL DISTRICT (LEASE REVENUE) 4.20% 03/01/2013 $ 196,372
 85,108,137
 ------------------
GUAM: 0.01%
 500,000 GUAM GOVERNMENT LIMITED OBLIGATION SECTION 30 SERIES A
 (OTHER REVENUE) 5.00 12/01/2012 527,315
 ------------------
HAWAII: 0.20%
 645,000 HAWAII STATE HARBOR SYSTEMS SERIES A (MARINA REVENUE) 5.00 01/01/2013 688,725
 2,250,000 STATE OF HAWAII AIRPORTS SYSTEM REFUNDING SERIES B
 (AIRPORT REVENUE) 5.00 07/01/2012 2,385,878
 4,545,000 STATE OF HAWAII DEPARTMENT OF BUDGET & FINANCE HAWAIIAN
 ELECTRIC COMPANY SERIES A (ELECTRIC REVENUE, NATL-RE
 INSURED) 4.95 04/01/2012 4,723,619
 7,798,222
 ------------------
IDAHO: 0.06%
 2,130,000 IDAHO HOUSING & FINANCE ASSOCIATION SERIES A (HOUSING
 REVENUE) 6.25 07/01/2038 2,237,459
 ------------------
ILLINOIS: 5.86%
 1,050,000 AURORA IL (TAX INCREMENT REVENUE) 5.00 12/30/2010 1,052,258
 1,560,000 AURORA IL SERIES B (MISCELLANEOUS TAX REVENUE) 4.90 12/30/2011 1,564,462
 70,000 CHICAGO IL (AIRPORT REVENUE, AMBAC INSURED) 5.50 01/01/2016 70,000
 9,125,000 CHICAGO IL BOARD OF EDUCATION FLOATS PAYMENTS 3624
 (PROPERTY TAX REVENUE, AMBAC INSURED)+/-SS. 0.47 12/01/2027 9,125,000
 600,000 CHICAGO IL CHARTER SCHOOL PROJECT (PRIVATE SCHOOLS REVENUE) 4.50 12/01/2012 616,452
 360,000 CHICAGO IL CHARTER SCHOOL PROJECT (PRIVATE SCHOOLS REVENUE) 5.00 12/01/2014 373,680
 9,120,000 CHICAGO IL DEVELOPMENT FINANCE AUTHORITY PEOPLES GAS LIGHT
 COKE SERIES B (IDR)+/-SS. 3.75 02/01/2033 9,169,886
 2,580,000 CHICAGO IL HOUSING AUTHORITY (HOUSING REVENUE, AGM HUD
 LOAN) 5.00 07/01/2013 2,836,529
 2,265,000 CHICAGO IL HOUSING AUTHORITY (HOUSING REVENUE, AGM HUD
 LOAN) 5.00 07/01/2014 2,542,145
 385,000 CHICAGO IL JUNIOR LIEN NEAR SOUTH REDEVELOPMENT PROJECT
 SERIES A (TAX REVENUE, ACA INSURED) 5.00 11/15/2010 386,070
 1,230,000 CHICAGO IL MOTOR FUEL TAX REVENUE (FUEL SALES TAX REVENUE,
 AMBAC INSURED) 5.38 01/01/2014 1,314,218
 15,875,000 CHICAGO IL O'HARE INTERNATIONAL AIRPORT SECOND LIEN
 GENERAL AIRPORT (AIRPORT & MARINA REVENUE, AMBAC INSURED) 5.50 01/01/2018 16,079,153
 1,500,000 CHICAGO IL O'HARE INTERNATIONAL AIRPORT (AIRPORT REVENUE) 5.00 01/01/2016 1,653,930
 2,000,000 CHICAGO IL O'HARE INTERNATIONAL AIRPORT (AIRPORT REVENUE) 5.00 01/01/2017 2,280,240
 1,785,000 CHICAGO IL SERIES A (PROPERTY TAX REVENUE, NATL-RE INSURED) 5.38 01/01/2013 1,881,658
 1,335,000 CICERO IL SERIES A (PROPERTY TAX REVENUE, XLCA INSURED) 5.00 01/01/2014 1,405,234
 2,725,000 CICERO IL SERIES A (PROPERTY TAX, XLCA INSURED) 5.00 01/01/2015 2,878,445
 380,000 COOK & WILL IL COUNTY HIGH SCHOOL DISTRICT 206 (PROPERTY
 TAX, ASSURED GTY) 4.00 12/15/2012 396,196
 4,195,000 COOK & WILL IL COUNTY HIGH SCHOOL DISTRICT 206 (PROPERTY
 TAX, ASSURED GTY) 4.00 12/15/2013 4,417,838
 2,540,000 COOK & WILL IL COUNTY HIGH SCHOOL DISTRICT 206 (PROPERTY
 TAX, ASSURED GTY) 4.50 12/15/2014 2,736,266
 2,000,000 COOK COUNTY IL SERIES A (PROPERTY TAX REVENUE, NATL-RE
 INSURED) 6.25 11/15/2012 2,187,940
 2,535,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY ADVENTIST HEALTH
 (OTHER REVENUE) 4.00 02/15/2013 2,608,363
 200,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY ADVENTIST HEALTH
 (OTHER REVENUE)+/-SS. 5.50 11/15/2013 221,194
 4,500,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY ADVENTIST HEALTH
 (OTHER REVENUE) 5.00 05/15/2014 4,866,300
 2,500,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY ADVENTIST HEALTH
 (OTHER REVENUE) 5.00 02/15/2015 2,680,150
 3,500,000 ILLINOIS FINANCE AUTHORITY ADVOCATE HEALTH SUBSERIES C3B
 (HCFR)+/-SS. 4.38 11/01/2038 3,745,245
 2,225,000 ILLINOIS FINANCE AUTHORITY DEPAUL UNIVERSITY SERIES B
 (COLLEGE & UNIVERSITY REVENUE, XLCA INSURED)+/-SS. 3.50 10/01/2026 2,239,997
 7,000,000 ILLINOIS FINANCE AUTHORITY GAS SUPPLY PEOPLES GAS & COKE
 COMPANY SERIES A (UTILITIES REVENUE)+/-SS. 4.30 06/01/2035 7,391,650

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
ILLINOIS (continued)
$ 1,425,000 ILLINOIS FINANCE AUTHORITY NEW MONEY COMMUNITY
 REHABILITATION SERIES A (HCFR, GO OF PARTICIPANTS) 4.80% 07/01/2011 $ 1,423,746
 990,000 ILLINOIS FINANCE AUTHORITY NEW MONEY COMMUNITY
 REHABILITATION SERIES A (HCFR, GO OF PARTICIPANTS) 4.85 07/01/2012 995,544
 670,000 ILLINOIS FINANCE AUTHORITY REVENUE MEMORIAL HEALTH SYSTEM
 (HCFR) 4.00 04/01/2013 704,820
 655,000 ILLINOIS FINANCE AUTHORITY REVENUE MEMORIAL HEALTH SYSTEM
 (HCFR) 4.00 04/01/2014 692,381
 555,000 ILLINOIS FINANCE AUTHORITY REVENUE MEMORIAL HEALTH SYSTEM
 (HCFR) 4.00 04/01/2015 588,783
 8,000,000 ILLINOIS FINANCE AUTHORITY REVENUE RESURRECTION HEALTH
 (HCFR) 5.00 05/15/2013 8,336,560
 3,250,000 ILLINOIS FINANCE AUTHORITY REVENUE RESURRECTION HEALTH
 (HCFR) 5.00 05/15/2014 3,394,203
 900,000 ILLINOIS FINANCE AUTHORITY REVENUE ROOSEVELT UNIVERSITY
 PROJECT (COLLEGE & UNIVERSITY REVENUE) 5.00 04/01/2015 942,417
 1,430,000 ILLINOIS FINANCE AUTHORITY REVENUE UNIVERSITY OF CHICAGO
 SYSTEM (HCFR, NATL-RE INSURED) 5.00 08/15/2015 1,473,629
 1,050,000 ILLINOIS HEALTH FACILITIES AUTHORITY DECATUR MEMORIAL
 HOSPITAL (HCFR) 5.50 10/01/2010 1,050,105
 500,000 ILLINOIS METHODIST MEDICAL CENTER (HFFA REVENUE, NATL-RE
 INSURED) 5.50 11/15/2010 501,395
 5,000,000 ILLINOIS SERIES A (GO STATE) 5.00 10/01/2016 5,335,800
 5,000,000 ILLINOIS STATE (OTHER REVENUE) 5.38 12/01/2014 5,393,200
 4,500,000 ILLINOIS STATE (OTHER REVENUE) 5.50 05/01/2015 5,082,885
 10,000,000 ILLINOIS STATE (OTHER REVENUE) 5.00 09/01/2015 11,117,500
 10,000,000 ILLINOIS STATE (OTHER REVENUE) 5.00 09/01/2016 10,871,500
 11,000,000 ILLINOIS STATE SERIES B (OTHER REVENUE)+/-SS. 2.75 10/01/2033 11,000,000
 1,800,000 LAKE COUNTY IL FOREST PRESERVATION DISTRICT SERIES A
 (PROPERTY TAX REVENUE)+/-SS. 0.65 12/15/2016 1,661,814
 18,720,000 REGIONAL TRANSPORTATION AUTHORITY (SALES TAX REVENUE, GO
 OF AUTHORITY INSURED)+/-SS. 1.40 06/01/2025 18,720,000
 14,000,000 STATE OF ILLINOIS (OTHER REVENUE) 3.00 04/15/2011 14,119,700
 20,000,000 STATE OF ILLINOIS (OTHER REVENUE) 3.00 05/20/2011 20,213,200
 5,800,000 UNIVERSITY OF ILLINOIS COP INFRASTRUCTURE PROJECT (LEASE
 REVENUE, AMBAC INSURED) 5.00 08/15/2013 6,325,306
 6,275,000 UNIVERSITY OF ILLINOIS COP INFRASTRUCTURE PROJECT (LEASE
 REVENUE, AMBAC INSURED) 5.00 08/15/2014 6,970,207
 150,000 UPPER IL RIVER VALLEY DEVELOPMENT AUTHORITY MORRIS
 HOSPITAL (HCFR) 6.05 12/01/2011 155,511
 500,000 WINNEBAGO & BOONE COUNTIES IL SCHOOL DISTRICTS (OTHER
 REVENUE)## 2.65 02/01/2015 445,700
 3,600,000 WINNEBAGO COUNTY IL SCHOOL DISTRICT #122 CAPITAL
 APPRECIATION (PROPERTY TAX REVENUE, AGM INSURED)## 2.39 01/01/2014 3,330,144
 229,566,549
 ------------------
INDIANA: 3.28%
 765,000 BEECH GROVE IN SCHOOL BUILDING CORPORATION FIRST MORTGAGE
 (LEASE REVENUE, NATL-RE INSURED) 6.25 07/05/2016 871,565
 4,325,000 BOONE COUNTY IN REDEVELOPMENT DISTRICT BOND ANTICIPATION
 NOTES (PUBLIC FACILITIES REVENUE) 4.00 05/15/2013 4,327,076
 4,040,000 INDIANA BOND BANK BMA INDEX SERIES B (OTHER REVENUE)+/-SS. 0.77 10/15/2010 4,034,829
 2,000,000 INDIANA BOND BANK COMMON FUND FDG-B (OTHER REVENUE,
 NATL-RE INSURED) 5.00 02/01/2013 2,124,100
 2,000,000 INDIANA BOND BANK COMMON SCHOOL FUND ADVANCE PURCHASE
 FUNDING SERIES B (OTHER REVENUE, NATL-RE INSURED) 5.00 08/01/2013 2,147,560
 4,810,000 INDIANA BOND BANK SPECIAL PROGRAM SERIES A (UTILITIES GAS
 REVENUE) 5.25 10/15/2016 5,244,776
 1,250,000 INDIANA DEVELOPMENT FINANCE AUTHORITY WASTE MANAGEMENT
 INCORPORATED PROJECT (OTHER REVENUE)+/-SS. 4.70 10/01/2031 1,307,838
 10,000,000 INDIANA FINANCE AUTHORITY CLARIAN HEALTH SERIES B (HCFR,
 ALLIED IRISH BANK PLC LOC)+/-SS. 1.50 03/01/2033 10,000,000
 1,895,000 INDIANA FINANCE AUTHORITY HEALTH & EDUCATION FACILITIES
 FINANCING AUTHORITY ASCENSION HEALTH SERIES B-2 (HOSPITAL
 REVENUE) 5.00 03/01/2015 2,057,591
 1,810,000 INDIANA FINANCE AUTHORITY HOSPITAL FLOYD MEMORIAL HOSPITAL
 & HEALTH REFUNDING (HOSPITAL REVENUE) 5.00 03/01/2014 1,952,881
 15,000,000 INDIANA HEFA ASCENSION HEALTH SERIES B3 (HCFR)+/-SS. 1.93 11/15/2031 15,000,000
 135,000 INDIANA HFFA (OTHER REVENUE) 5.50 11/15/2010 135,863
 56,940,000 INDIANA HFFA ASCENSION HEALTH SERIES B2 (OTHER
 REVENUE)+/-SS. 1.93 11/15/2046 56,940,000
 2,000,000 INDIANA PORT COMMISSION CARGILL INCORPORATED PROJECT (IDR) 4.10 05/01/2012 2,063,420
 4,500,000 JASPER COUNTY IN PCR NORTHERN SERIES B (IDR, NATL-RE
 INSURED) 5.20 06/01/2013 4,806,045
 280,000 JEFFERSONVILLE IN BUILDING CORPORATION SERIES A (LEASE
 REVENUE) 4.00 08/15/2012 291,250

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
INDIANA (continued)
$ 135,000 JEFFERSONVILLE IN BUILDING CORPORATION SERIES B (LEASE
 REVENUE) 4.00% 08/15/2012 $ 140,424
 10,000,000 PLAINFIELD IN REDEVELOPMENT DISTRICT RONALD REAGAN
 CORRIDOR PROJECT (OTHER REVENUE)+/-SS. 4.88 02/01/2035 10,083,500
 5,000,000 UNIVERSITY OF SOUTHERN INDIANA AUXILARY SYSTEM (COLLEGE &
 UNIVERSITY REVENUE) 5.50 10/01/2015 5,180,250
 128,708,968
 ------------------
IOWA: 0.82%
 4,300,000 IOWA STUDENT LOAN LIQUIDITY CORPORATION SERIES 1 (STUDENT
 LOAN REVENUE) 4.00 12/01/2013 4,511,732
 20,000,000 IOWA STUDENT LOAN LIQUIDITY CORPORATION SERIES 3 (STUDENT
 LOAN REVENUE 5.25 12/01/2024 21,567,600
 180,000 TOBACCO SETTLEMENT AUTHORITY IA ASSET-BACKED SERIES B
 (TOBACCO REVENUE) 5.50 06/01/2012 187,904
 460,000 TOBACCO SETTLEMENT AUTHORITY IA ASSET-BACKED SERIES B
 (TOBACCO SETTLEMENT FUNDED REVENUE) 5.50 06/01/2014 480,199
 5,000,000 WATERLOO IA COMMUNITY SCHOOL DISTRICT BOND ANTICIPATION
 NOTES (SALES TAX REVENUE) 3.75 05/01/2012 5,085,000
 500,000 XENIA RURAL WATER DISTRICT IA (WATER REVENUE, CIFG
 INSURED) 4.00 12/01/2015 346,265
 32,178,700
 ------------------
KANSAS: 0.78%
 12,500,000 BURLINGTON KS ENVIRONMENTAL IMPACT KANSAS CITY POWER &
 LIGHT SERIES A (IDR, XLCA INSURED)+/-SS. 5.25 12/01/2023 13,463,125
 5,000,000 BURLINGTON KS ENVIRONMENTAL IMPACT KANSAS CITY POWER &
 LIGHT SERIES B (IDR, FGIC INSURED)+/-SS. 5.38 09/01/2035 5,400,400
 225,000 OLATHE KS SPECIAL OBLIGATION WEST VILLAGE CENTER PROJECT
 (TAX INCREMENTAL REVENUE) 5.00 03/01/2011 222,278
 200,000 OLATHE KS SPECIAL OBLIGATION WEST VILLAGE CENTER PROJECT
 (TAX INCREMENTAL REVENUE) 5.00 09/01/2011 194,854
 100,000 OLATHE KS SPECIAL OBLIGATION WEST VILLAGE CENTER PROJECT
 (TAX INCREMENTAL REVENUE) 5.00 03/01/2012 95,442
 100,000 OLATHE KS SPECIAL OBLIGATION WEST VILLAGE CENTER PROJECT
 (TAX INCREMENTAL REVENUE) 5.00 09/01/2012 93,963
 20,000 SEDWICK & SHAWNEE COUNTIES KS MORTGAGE BACKED SECURITIES
 PROGRAM SERIES B5 (HOUSING REVENUE, GNMA INSURED) 4.10 12/01/2023 20,057
 1,750,000 WICHITA KS FACILITIES IMPROVEMENT SERIES III A (HCFR) 5.00 11/15/2013 1,914,640
 2,280,000 WICHITA KS HOSPITAL REVENUE VIA CHRISTI HEALTH SYSTEM
 (HCFR) 5.00 11/15/2013 2,494,502
 3,950,000 WYANDOTTE COUNTY & KANSAS CITY KS UNITED GOVERNMENT
 SPECIAL OBLIGATION SALES TAX, SECOND LIEN SERIES B (SALES
 TAX REVENUE) 5.00 12/01/2020 4,138,257
 2,365,000 WYANDOTTE COUNTY KS CITY UNITED GOVERNMENT SPECIAL
 OBLIGATION SALES TAX SECOND LIEN AREA B (SALES TAX REVENUE) 4.75 12/01/2016 2,518,559
 30,556,077
 ------------------
KENTUCKY: 1.75%
 8,000,000 ALLEN COUNTY KY CAMP COURAGEOUS PROJECT (OTHER REVENUE,
 SUNTRUST BANK LOC)+/-SS. 0.62 12/01/2025 8,000,000
 1,000,000 ASHLAND KY ASHLAND HOSPITAL CORPORATION SERIES B (HCFR) 4.00 02/01/2014 1,056,740
 20,000,000 JEFFERSON COUNTY KY POLLUTION (OTHER REVENUE) 1.15 10/05/2010 20,000,000
 1,975,000 KENTON COUNTY KY AIRPORT BOARD CINCINNATI NORTHERN
 KENTUCKY SERIES A (AIRPORT REVENUE, NATL-RE INSURED) 5.63 03/01/2014 2,069,642
 1,710,000 KENTON COUNTY KY AIRPORT BOARD CINCINNATI NORTHERN
 KENTUCKY SERIES A (AIRPORT REVENUE, NATL-RE INSURED) 5.63 03/01/2015 1,781,444
 2,740,000 KENTON COUNTY KY AIRPORT BOARD CINCINNATI NORTHERN
 KENTUCKY SERIES A (AIRPORT REVENUE, XLCA INSURED) 5.00 03/01/2013 2,937,198
 9,000,000 KENTUCKY EDFA CATHOLIC HEALTH SERIES B (HCFR)+/-SS. 5.00 05/01/2039 10,173,960
 1,500,000 KENTUCKY EDFA SERIES SAINT ELIZABETH SERIES A (HCFR) 4.00 05/01/2013 1,586,910
 20,000,000 KENTUCKY HIGHER EDUCATION STUDENT LOAN CORPORATION SERIES
 1 CLASS A-1 (STUDENT LOAN REVENUE)+/-SS. 0.95 05/01/2020 19,933,600

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
KENTUCKY (continued)
$ 1,000,000 LOUISVILLE & JEFFERSON COUNTY KY METRO GOVERNMENT
 ENVIRONMENTAL FACILITIES LOUISVILLE GAS & ELECTRIC COMPANY
 PROJECT (OTHER REVENUE)+/-SS. 5.63% 06/01/2033 $ 1,065,230
 68,604,724
 ------------------
LOUISIANA: 4.40%
 1,130,000 ENGLAND LA SUB DISTRICT NUMBER 1 (OTHER REVENUE) 5.00 08/15/2013 1,244,390
 14,250,000 LOUISIANA LOCAL GOVERNMENT ENVIRONMENTAL FACILITIES CDA
 LASHIP LLC PROJECT (IDR, REGIONS BANK LOC)+/-SS. 1.08 09/01/2036 14,250,000
 1,500,000 LOUISIANA LOCAL GOVERNMENT ENVIRONMENTAL FACILITIES
 CORPORATION PROJECT SERIES A (COLLEGE & UNIVERSITY REVENUE) 4.00 10/01/2013 1,617,510
 1,500,000 LOUISIANA LOCAL GOVERNMENT ENVIRONMENTAL FACILITIES
 CORPORATION PROJECT SERIES A (COLLEGE & UNIVERSITY REVENUE) 4.00 10/01/2014 1,636,485
 5,500,000 LOUISIANA PFA AIR PRODUCTS CHEMICAL PROJECT SERIES A
 (IDR)+/-SS. 0.46 08/01/2043 5,500,000
 4,445,000 LOUISIANA PFA CHRISTUS HEALTH C3 (OTHER REVENUE, AGM
 INSURED) 5.00 07/01/2013 4,804,023
 3,000,000 LOUISIANA PFA CLECO POWER LLC PROJECT (IDR)+/-SS. 7.00 12/01/2038 3,151,020
 2,830,000 LOUISIANA PFA FRANCISCAN SERIES B (HCFR) 5.00 07/01/2013 3,017,742
 11,805,000 LOUISIANA PFA GCGK INVESTMENTS LLC PROJECT (IDR, AMSOUTH
 BANK LOC)+/-SS. 1.08 05/01/2026 11,805,000
 22,000,000 LOUISIANA PUBLIC FACILITIES AUTHORITY AIR PRODUCTS
 CHEMICALS PROJECT SERIES A (IDR)+/-SS. 0.50 08/01/2049 22,000,000
 3,750,000 LOUISIANA STATE CITIZENS PROPERTY INSURANCE CORPORATION
 SERIES B (PROPERTY TAX REVENUE, AMBAC INSURED) 5.00 06/01/2012 3,925,988
 40,500,000 LOUISIANA STATE GAS & FUELS TAX SECOND LIEN SERIES A-1
 (FUELS SALES TAX REVENUE)+/-SS. 1.02 05/01/2043 40,479,750
 17,000,000 LOUISIANA STATE OFFSHORE TERMINAL AUTHORITY DEEPWATER PORT
 LOOP LLC PROJECT SERIES C (MARINA REVENUE, SUNTRUST BANK
 LOC)+/-SS. 0.57 09/01/2027 17,000,000
 1,120,000 NEW ORLEANS LA AVIATION BOARD GULF OPPORTUNITY ZONE
 CONSOLIDATED RENTAL CAR-A (AIRPORT & MARINA REVENUE) 4.63 01/01/2015 1,187,973
 1,000,000 NEW ORLEANS LA AVIATION BOARD SERIES A REFUNDING (AIRPORT
 REVENUE) 5.00 01/01/2015 1,109,190
 1,845,000 NEW ORLEANS LA AVIATION BOARD SERIES B-2 REFUNDING
 (AIRPORT REVENUE) 5.00 01/01/2015 2,046,456
 54,000 NEW ORLEANS LA HOME MORTGAGE AUTHORITY SPECIAL OBLIGATIONS
 (OTHER REVENUE) 6.25 01/15/2011 54,825
 28,000,000 PARISH OF DESOTO LA PCR SOUTHWESTERN ELECTRICAL POWER
 (UTILITIES REVENUE)+/-SS. 3.25 01/01/2019 28,603,120
 910,000 PORT OF NEW ORLEANS LA BOARD COMMERCE SPECIAL PROJECT CG
 RAILWAY INCORPORATED (TRANSPORTATION REVENUE, NATL-RE
 INSURED) 5.25 08/15/2013 976,093
 2,000,000 RAPIDES FINANCE AUTHORITY REVENUE LA CLECO POWER LLC
 PROJECT (RESOURCE RECOVERY REVENUE)+/-SS. 6.00 10/01/2038 2,068,280
 5,000,000 ST. TAMMANY PARISH LA SLIDELL DEVELOPMENT COMPANY LLC
 PROJECT A (IDR, REGIONS BANK LOC)+/-SS. 1.08 05/01/2038 5,000,000
 1,000,000 TANGIPAHOA PARISH LA HOSPITAL SERVICE DISTRICT # 1 NORTH
 OAKS MEDICAL CENTER PROJECT A (HCFR) 5.00 02/01/2012 1,027,660
 172,505,505
 ------------------
MAINE: 0.20%
 1,320,000 BUCKSPORT ME SOLID WASTE DISPOSAL INTERNATIONAL PAPER
 SERIES A (IDR) 4.00 03/01/2014 1,369,051
 3,440,000 MAINE EDUCATIONAL LOAN AUTHORITY CLASS A SERIES A-1 (OTHER
 REVENUE, ASSURED GUARANTY) 4.63 12/01/2013 3,688,162
 2,220,000 MAINE EDUCATIONAL LOAN AUTHORITY CLASS A SERIES A-1 (OTHER
 REVENUE, ASSURED GUARANTY) 4.95 12/01/2014 2,429,968
 285,000 MAINE STATE HOUSING AUTHORITY SERIES A2 (HOUSING REVENUE) 4.55 11/15/2026 295,696
 7,782,877
 ------------------
MARYLAND: 0.87%
 400,000 MARYLAND COMMUNITY DEVELOPMENT ADMINISTRATION RESIDENTIAL
 SERIES H (HOUSING REVENUE) 4.55 09/01/2012 400,668

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MARYLAND (continued)
$ 1,420,000 MARYLAND INDUSTRIAL DEVELOPMENT FINANCING AUTHORITY SERIES
 A (SALES TAX REVENUE) 5.13% 12/01/2011 $ 1,445,730
 15,060,000 MARYLAND STATE HEFA KENNEDY (HCFR, RADIAN INSURED,
 SUNTRUST BANK LOC)+/-SS. 0.62 07/01/2036 15,060,000
 17,040,000 MARYLAND STATE HEFA SHEPPARD PRATT SERIES B (HCFR,
 SUNTRUST BANK LOC)+/-SS. 0.62 07/01/2028 17,040,000
 33,946,398
 ------------------
MASSACHUSETTS: 3.05%
 4,000,000 MASSACHUSETTS BAY TRANSPORTATION AUTHORITY (SALES TAX
 REVENUE)+/-SS. 0.28 07/01/2026 4,000,000
 225,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY DEVENS ELECTRIC
 SYSTEMS (ELECTRIC REVENUE) 5.13 12/01/2011 231,422
 3,530,000 MASSACHUSETTS EDUCATIONAL FINANCING AUTHORITY ISSUE I
 SERIES A (STUDENT LOAN REVENUE) 2.25 01/01/2013 3,559,017
 3,000,000 MASSACHUSETTS EDUCATIONAL FINANCING AUTHORITY ISSUE I
 SERIES A (STUDENT LOAN REVENUE) 2.75 01/01/2014 3,061,800
 2,500,000 MASSACHUSETTS EDUCATIONAL FINANCING AUTHORITY ISSUE I
 SERIES A (STUDENT LOAN REVENUE) 3.15 01/01/2015 2,586,600
 40,000,000 MASSACHUSETTS HEALTH & EDUCATIONAL AUTHORITY (HEALTH CARE
 REVENUE)+/-SS. 1.18 07/01/2038 40,160,000
 1,500,000 MASSACHUSETTS HEFA CARE GROUP SERIES E-2 (HCFR) 5.00 07/01/2012 1,577,355
 1,165,000 MASSACHUSETTS HEFA CARITAS CHRISTIAN OBLIGATION SERIES B
 (HCFR) 6.50 07/01/2012 1,195,640
 1,680,000 MASSACHUSETTS HEFA HEALTH SYSTEM CATHOLIC EAST (HCFR) 5.00 11/15/2013 1,831,099
 700,000 MASSACHUSETTS STATE HEFA MASS EYE & EAR INFIRMARY SERIES C
 (OTHER REVENUE) 5.00 07/01/2015 749,049
 3,000,000 MASSACHUSETTS HEFA NORTHEASTERN UNIVERSITY SERIES T-2
 (COLLEGE & UNIVERSITY REVENUE)+/-SS. 4.10 10/01/2037 3,125,010
 1,000,000 MASSACHUSETTS HEFA SERIES T-1 NORTHEASTERN UNIVERSITY
 (COLLEGE & UNIVERSITY REVENUE)+/-SS. 4.13 10/01/2037 1,031,720
 1,870,000 MASSACHUSETTS HFA SERIES A (HOSPITAL REVENUE, AGM INSURED) 4.45 07/01/2011 1,901,192
 5,700,000 MASSACHUSETTS HFA CONSTRUCTION LOAN NOTES SERIES A
 (HOUSING REVENUE, GO OF AGENCY) 2.45 06/01/2013 5,774,442
 1,440,000 MASSACHUSETTS INDUSTRIAL FINANCE AGENCY OGDEN HAVERHILL
 SERIES A (OTHER REVENUE) 5.35 12/01/2010 1,445,760
 3,770,000 MASSACHUSETTS MUNICIPAL WHOLESALE ELECTRIC COMPANY NUCLEAR
 MIX # 1 SERIES 1 (ELECTRIC REVENUE, NATL-RE
 INSURED)+/-SS.(A) 0.32 07/01/2014 3,463,825
 6,500,000 MASSACHUSETTS MUNICIPAL WHOLESALE ELECTRIC COMPANY PROJECT
 # 6 SERIES 1 (ELECTRIC REVENUE, NATL-RE INSURED)+/-SS.(A) 0.28 07/01/2019 5,904,820
 25,000,000 MASSACHUSETTS STATE SERIES A (GENERAL FUND REVENUE)+/-SS. 0.65 02/01/2013 24,852,750
 11,170,000 MASSACHUSETTS STATE SERIES A (GENERAL FUND REVENUE)+/-SS. 0.80 02/01/2014 11,098,512
 1,840,000 MASSACHUSETTS WATER RESOURCES AUTHORITY SERIES B (WATER &
 SEWER REVENUE) 5.25 12/01/2015 2,061,444
 119,611,457
 ------------------
MICHIGAN: 5.44%
 400,000 COMSTOCK PARK MI PUBLIC SCHOOLS SCHOOL BUILDING & SITE
 (PROPERTY TAX REVENUE, FGIC INSURED) 7.88 05/01/2011 415,172
 4,500,000 DETROIT MI CAPITAL IMPROVEMENT LIMITED TAX SERIES A-1
 (PROPERTY TAX REVENUE) 5.00 04/01/2013 4,498,965
 10,350,000 DETROIT MI CITY SCHOOL DISTRICT (PROPERTY TAX REVENUE, FSA
 INSURED)+/-SS. 0.27 05/01/2029 10,350,000
 2,750,000 DETROIT MI CITY SCHOOL DISTRICT SCHOOL BUILDING & SITE
 IMPROVEMENT SERIES A (PRIVATE SCHOOL REVENUE, FGIC INSURED) 5.00 05/01/2013 2,964,830
 2,540,000 DETROIT MI COBO HALL (TAX REVENUE, NATL-RE INSURED) 5.00 09/30/2011 2,602,840
 4,350,000 DETROIT MI CONVENTION FACILITIES COBO HALL (OTHER REVENUE,
 NATL-RE INSURED) 5.00 09/30/2012 4,538,355
 4,320,000 DETROIT MI CONVENTION FACILITY COBO HALL (TAX REVENUE,
 NATL-RE INSURED) 5.00 09/30/2013 4,576,306
 2,655,000 DETROIT MI SEWER DISPOSAL SYSTEM SENIOR LIEN A REFUNDING
 (WATER & SEWER REVENUE)+/-SS. 5.50 07/01/2013 2,836,788

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MICHIGAN (continued)
$ 450,000 DETROIT MI SEWER DISPOSAL SYSTEM SENIOR LIEN A REFUNDING
 (WATER & SEWER REVENUE)+/-SS. 5.50% 07/01/2013 $ 480,812
 6,290,000 DETROIT MI WATER SUPPLY FLOATS PT-2587 (WATER REVENUE,
 FGIC INSURED)+/-SS. 0.47 07/01/2015 6,290,000
 980,000 DETROIT MI WATER SUPPLY SYSTEM (WATER & SEWER REVENUE) 5.00 07/01/2013 1,055,323
 1,265,000 DETROIT MI WATER SUPPLY SYSTEM (WATER & SEWER REVENUE) 5.00 07/01/2013 1,357,307
 2,505,000 DETROIT MI WATER SUPPLY SYSTEMS SENIOR LIEN SERIES B
 (WATER REVENUE, NATL-RE INSURED)+/-SS. 5.00 07/01/2013 2,685,009
 1,605,000 FLINT MI INTERNATIONAL ACADEMY (EDUCATION REVENUE) 5.00 10/01/2017 1,600,313
 2,965,000 HURON VALLEY MI SCHOOL DISTRICT (PROPERTY TAX REVENUE,
 NATL-RE INSURED) 5.00 05/01/2015 3,358,456
 8,125,000 KALAMAZOO MI ECONOMIC DEVELOPMENT CORPORATION FRIENDSHIP
 VLG (HCFR, FIFTH THIRD BANK LOC)+/-SS. 0.42 05/01/2027 8,125,000
 3,445,000 KENT MI HOSPITAL FINANCE AUTHORITY SPECTRUM HEALTH SERIES
 A (HCFR)+/-SS. 5.00 01/15/2047 3,623,382
 3,000,000 KENT MI HOSPITAL FINANCE AUTHORITY SPECTRUM HEALTH SERIES
 A (HCFR)+/-SS. 5.25 01/15/2047 3,360,150
 8,450,000 KENT MI HOSPITAL FINANCE AUTHORITY SPECTRUM HEALTH SERIES
 A (HCFR)+/-SS. 5.50 01/15/2047 9,737,358
 32,150,000 KENT MI HOSPITAL FINANCE AUTHORITY SPECTRUM HEALTH SERIES
 B2 (HCFR)+/-SS. 0.31 01/15/2047 32,150,000
 6,000,000 MICHIGAN FINANCE AUTHORITY LIMITED OBLIGATION SERIES E
 (OTHER REVENUE) 4.75 08/22/2011 6,047,760
 9,500,000 MICHIGAN MUNICIPAL BOARD AUTHORITY SERIES B (OTHER REVENUE) 5.00 03/21/2011 9,506,365
 275,000 MICHIGAN MUNICIPAL BOND AUTHORITY LOCAL GOVERNMENT LOAN
 PROGRAM SERIES A (HCFR, AMBAC INSURED) 5.00 05/01/2013 286,006
 100,000 MICHIGAN MUNICIPAL BOND AUTHORITY LOCAL GOVERNMENT LOAN
 PROGRAM SERIES A (OTHER REVENUE, AMBAC INSURED) 4.25 05/01/2015 102,285
 105,000 MICHIGAN MUNICIPAL BOND AUTHORITY LOCAL GOVERNMENT LOAN
 PROGRAM SERIES A (OTHER REVENUE, AMBAC INSURED) 5.00 05/01/2016 110,045
 200,000 MICHIGAN MUNICIPAL BOND AUTHORITY LOCAL GOVERNMENT LOAN
 PROGRAM SERIES B (OTHER REVENUE, AMBAC INSURED) 5.00 12/01/2013 209,284
 1,300,000 MICHIGAN MUNICIPAL BOND AUTHORITY LOCAL GOVERNMENT LOAN
 PROGRAM SERIES B GROUP A (OTHER REVENUE, AMBAC INSURED) 5.00 12/01/2012 1,353,274
 3,535,000 MICHIGAN MUNICIPAL BOND AUTHORITY LOCAL GOVERNMENT LOAN
 PROGRAM SERIES B GROUP A (OTHER REVENUE, AMBAC INSURED) 5.75 12/01/2014 3,833,884
 300,000 MICHIGAN MUNICIPAL BOND AUTHORITY LOCAL GOVERNMENT LOAN
 PROGRAM SERIES C (OTHER REVENUE, AMBAC INSURED) 5.00 05/01/2013 312,006
 80,000 MICHIGAN MUNICIPAL BOND AUTHORITY LOCAL GOVERNMENT LOAN
 PROGRAM SERIES C (OTHER REVENUE, AMBAC INSURED) 3.50 05/01/2014 79,694
 3,605,000 MICHIGAN PUBLIC EDUCATIONAL FACILITIES AUTHORITY LIMITED
 OBLIGATION MICHIGAN TECHNICAL (OTHER REVENUE, FIFTH THIRD
 BANK LOC)+/-SS. 0.44 02/01/2038 3,605,000
 2,500,000 MICHIGAN STATE BUILDING AUTHORITY SERIES I (LEASE REVENUE,
 AGM INSURED) 5.25 10/15/2014 2,788,400
 5,000,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY HEALTHCARE
 EQUIPMENT LOAN PROGRAM (HCFR, FIFTH THIRD BANK LOC)+/-SS. 0.42 12/01/2032 5,000,000
 1,435,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY MCLAREN HEALTH
 CARE (HCFR) 5.00 05/15/2013 1,535,120
 1,000,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY SPARROW HOSPITAL
 OBLIGATED (HCFR) 5.00 11/15/2015 1,089,760
 4,020,000 MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY LIMITED
 GREENWOOD VILLA PROJECT (HOUSING REVENUE, AGM INSURED) 4.75 09/15/2017 4,364,635
 640,000 MICHIGAN STATE STRATEGIC FUND LIMITED OBLIGATION ADJUSTED
 REFUNDING DOW CHEMICAL PROJECT SERIES J-A-2 (IDR)+/-SS. 5.50 12/01/2028 662,989
 4,000,000 MICHIGAN STATE STRATEGIC FUND LIMITED OBLIGATION DETROIT
 EDITION (ELECTRICAL POWER REVENUE)+/-SS. 3.05 08/01/2024 4,098,440
 5,000,000 MICHIGAN STATE STRATEGIC FUND LIMITED OBLIGATION WASTE
 MANAGEMENT (RESOURCE RECOVERY REVENUE)+/-SS. 4.50 12/01/2013 5,190,400
 1,250,000 MICHIGAN STATE STRATEGIC FUND OBLIGATION DOW CHEMICAL A-1
 (IDR)+/-SS. 6.75 12/01/2028 1,387,588
 2,000,000 MICHIGAN STATE STRATEGIC FUND OBLIGATION DOW CHEMICAL B-1
 (IDR) 6.25 06/01/2014 2,255,400
 250,000 MICHIGAN STATE STRATEGIC FUND OBLIGATION DOW CHEMICAL B-2
 (IDR) 6.25 06/01/2014 280,285
 12,500,000 WAYNE CHARTER COUNTY MI DETROIT METROPOLITAN WAYNE COUNTY
 SERIES A (AIRPORT REVENUE, NATLE-RE INSURED) 5.25 12/01/2013 12,540,625

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MICHIGAN (continued)
$ 10,170,000 WAYNE CHARTER COUNTY MI DETROIT METROPOLITAN WAYNE COUNTY
 SERIES A (AIRPORT REVENUE, NATLE-RE INSURED) 5.25% 12/01/2014 $ 10,203,053
 13,825,000 WAYNE CHARTER COUNTY MI ECONOMIC DEVELOPMENT CORPORATION
 RB UNIVERSITY OF DETROIT JESUIT HIGH SCHOOL PROJECT
 (PRIVATE SCHOOLS REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 2.80 12/01/2031 13,825,000
 1,500,000 WAYNE COUNTY MI DETROIT METROPOLITAN AIRPORT JUNIOR LIEN
 (AIRPORT REVENUE, NATL-RE FGIC INSURED) 5.00 12/01/2012 1,561,470
 3,365,000 WAYNE COUNTY MI DETROIT METROPOLITAN AIRPORT JUNIOR LIEN
 (AIRPORT REVENUE, NATL-RE FGIC INSURED) 5.00 12/01/2013 3,521,203
 1,110,000 WAYNE COUNTY MI DETROIT METROPOLITAN AIRPORT MBIA (AIRPORT
 & MARINA REVENUE, AGC-ICC, MBIA-RE, FGIC INSURED) 5.00 12/01/2015 1,234,520
 7,045,000 WAYNE COUNTY MI DETROIT METROPOLITAN WAYNE COUNTY AIRPORT
 (AIRPORT & MARINA REVENUE, NATL-RE INSURED) 5.25 12/01/2016 7,458,964
 1,075,000 WESTERN TOWNSHIPS MI UTILITIES AUTHORITY SEWAGE DISPOSAL
 SYSTEMS (PROPERTY TAX REVENUE) 4.00 01/01/2013 1,145,907
 1,100,000 WESTERN TOWNSHIPS MI UTILITIES AUTHORITY SEWAGE DISPOSAL
 SYSTEMS (PROPERTY TAX REVENUE) 4.00 01/01/2014 1,192,807
 213,388,535
 ------------------
MINNESOTA: 0.91%
 4,745,000 BECKER MN PCR NORTHERN STATES POWER SERIES A (IDR)+/-SS. 8.50 03/01/2019 5,373,855
 8,400,000 BECKER MN PCR NORTHERN STATES POWER SERIES B (IDR)+/-SS. 8.50 09/01/2019 9,513,252
 500,000 CHASKA MN INDEPENDENT SCHOOL DISTRICT # 112 COP SERIES B
 (LEASE REVENUE) 3.00 12/01/2012 517,650
 515,000 CHASKA MN INDEPENDENT SCHOOL DISTRICT # 112 COP SERIES B
 (LEASE REVENUE) 3.00 12/01/2013 536,635
 530,000 CHASKA MN INDEPENDENT SCHOOL DISTRICT # 112 COP SERIES B
 (LEASE REVENUE) 3.00 12/01/2014 553,559
 290,000 MARSHALL MN MEDICAL CENTER AVERA MARSHALL REGIONAL MEDICAL
 CENTER PROJECT (HCFR) 4.50 11/01/2011 301,171
 1,200,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDRENS HEALTH
 CARE FACILITIES SERIES A (HCFR) 4.00 08/15/2014 1,280,844
 750,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDRENS HEALTH
 CARE FACILITIES SERIES A1 (HCFR, AGM INSURED) 4.00 08/15/2015 813,623
 600,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDRENS HEALTH
 CARE FACILITIES SERIES B (HCFR, AGM INSURED)+/-SS. 5.00 08/15/2015 679,710
 9,900,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA HEALTHSPAN SERIES
 B (HCFR, AMBAC INSURED)+/-SS.(A) 0.45 11/15/2017 9,358,256
 1,275,000 MINNEAPOLIS & ST. PAUL MN METROPOLITAN AIRPORT SERIES A
 (HCFR) 4.00 01/01/2015 1,399,746
 1,935,000 MINNEAPOLIS MN FAIRVIEW HEALTH SERVICES SERIES A (HCFR) 5.13 11/15/2013 2,123,740
 2,200,000 MINNEAPOLIS MN HEALTH CARE SYSTEM FAIRVIEW HEALTH SERVICES
 SERIES B (HCFR, NATL-RE INSURED) 5.50 05/15/2016 2,324,894
 900,000 SEAWAY PORT AUTHORITY OF DULUTH MN INDUSTRIAL DEVELOPMENT
 DOCK & WHARF REVENUE CARGILL INCORPORATED PROJECT (IDR) 4.20 05/01/2013 934,398
 35,711,333
 ------------------
MISSISSIPPI: 0.85%
 1,895,000 JACKSON STATE UNIVERSITY MS EDUCATIONAL BUILDING
 CORPORATION CAMPUS FACILITIES PROJECT (LEASE REVENUE)+/-SS. 5.00 03/01/2034 1,931,971
 15,000,000 MISSISSIPPI BUSINESS FINANCE CORPORATION HATTIESBURG
 PROJECT A (IDR, MARSHALL & ILSLEY BANK LOC)+/-SS. 1.48 10/01/2033 15,000,000
 3,580,000 MISSISSIPPI BUSINESS FINANCE CORPORATION SERIES A
 (ELECTRICAL POWER) 3.25 05/01/2014 3,616,301
 10,340,000 MISSISSIPPI BUSINESS FINANCE CORPORATION VY SERVICES
 INCORPORATED SERIES A (IDR, REGIONS BANK LOC)+/-SS. 1.08 07/01/2023 10,340,000
 1,360,000 MISSISSIPPI DEVELOPMENT BANK SPECIAL OBLIGATION SERIES B1
 (HCFR, ASSURED GUARANTY) 2.00 07/01/2012 1,385,350
 1,000,000 MISSISSIPPI HOSPITAL EQUIPMENT & FACILITIES AUTHORITY
 MISSISSIPPI BAPTIST HEALTH SYSTEM INCORPORATED SERIES A
 (HCFR REVENUE) 5.00 08/15/2012 1,054,590
 33,328,212
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MISSOURI: 0.69%
$ 4,250,000 CHESTERFIELD VALLEY MO TRANSPORTATION DEVELOPMENT DISTRICT
 (SALES TAX REVENUE, CIFG INSURED) 4.00% 04/15/2026 $ 3,282,955
 770,000 FENTON MO GRAVOIS BLUFFS REDEVELOPMENT PROJECT
 (MISCELLANEOUS TAX REVENUE) 4.50 04/01/2021 771,486
 3,485,000 JACKSON COUNTY MO SPECIAL OBLIGATION (SALES TAX REVENUE,
 NATL-RE) 5.50 12/01/2015 3,810,952
 1,745,000 LAKE OF THE OZARKS MO COMMUNITY BRIDGE CORPORATION
 (MISCELLANEOUS REVENUE) 5.25 12/01/2014 1,625,293
 475,000 MISSOURI DEVELOPMENT FINANCE BOARD INDEPENDENCE MISSOURI
 CENTERPOINT SERIES F (LEASE REVENUE) 4.00 04/01/2012 491,141
 500,000 MISSOURI DEVELOPMENT FINANCE BOARD INDEPENDENCE MISSOURI
 CENTERPOINT SERIES F (LEASE REVENUE) 4.25 04/01/2013 528,965
 1,000,000 MISSOURI STATE ENVIRONMENTAL IMPROVEMENT & ENERGY
 RESOURCES AUTHORITY KANSAS CITY POWER & LIGHT (IDR, XLCA
 INSURED)+/-SS. 5.25 07/01/2017 1,064,060
 2,000,000 MISSOURI STATE ENVIRONMENTAL IMPROVEMENT & ENERGY
 RESOURCES AUTHORITY KANSAS CITY POWER & LIGHT CORPORATION
 PROJECT (IDR)+/-SS. 4.90 05/01/2038 2,122,620
 1,530,000 MISSOURI STATE HOUSING DEVELOPMENT SINGLE FAMILY HOME
 OWNERSHIP SERIES B (HOUSING REVENUE) 5.80 09/01/2035 1,597,427
 2,145,000 SIKESTON MO ELECTRICAL REVENUE (ELECTRICAL POWER, NATL-RE
 INSURED) 6.00 06/01/2013 2,279,856
 1,390,000 ST. LOUIS MO LAMBERT ST. LOUIS INTERNATIONAL AIRPORT
 SERIES A-2 (AIRPORT REVENUE) 4.25 07/01/2012 1,412,268
 2,750,000 ST. LOUIS MO LAMBERT ST. LOUIS INTERNATIONAL AIRPORT
 SERIES B (AIRPORT REVENUE, NATL-RE FGIC INSURED) 6.00 07/01/2013 2,999,783
 5,835,000 ST. LOUIS MO MUNICIPAL FINANCE CORPORATION CONVENTION
 CENTRE SERIES B (LEASE REVENUE, AGM INSURED)## 2.85 07/15/2014 5,238,371
 27,225,177
 ------------------
MONTANA: 0.48%
 45,000 FLATHEAD MT MUNICIPAL AIRPORT AUTHORITY MONTANA GLACIER
 PARK INTERNATIONAL AIRPORT SERIES A (AIRPORT REVENUE) 5.00 06/01/2011 45,747
 310,000 FLATHEAD MT MUNICIPAL AIRPORT AUTHORITY MONTANA GLACIER
 PARK INTERNATIONAL AIRPORT SERIES A (AIRPORT REVENUE) 5.00 06/01/2012 321,256
 150,000 FLATHEAD MT MUNICIPAL AIRPORT AUTHORITY MONTANA GLACIER
 PARK INTERNATIONAL AIRPORT SERIES B (AIRPORT REVENUE) 5.00 06/01/2012 155,447
 350,000 MONTANA HEALTH FACILITIES AUTHORITY BENEFITS HEALTH CARE
 PROJECT (HCFR, AMBAC INSURED) 5.38 09/01/2011 364,581
 190,000 MONTANA STATE BOARD HOUSING SERIES A2 (SFMR, GO OF BOARD) 4.20 12/01/2013 198,155
 17,800,000 MONTANA STATE HEALTH FACILITY FINANCE AUTHORITY LINKED
 SAVERS & RIBS (HCFR, AMBAC INSURED) 6.51 03/08/2016 17,809,968
 18,895,154
 ------------------
NEBRASKA: 0.26%
 2,000,000 CENTRAL PLAINS NE ENERGY PROJECT # 1 SERIES A (NATURAL GAS
 REVENUE) 5.00 12/01/2014 2,164,160
 7,340,000 CENTRAL PLAINS NE ENERGY PROJECT # 1 SERIES A (NATURAL GAS
 REVENUE) 5.00 12/01/2015 7,775,629
 325,000 O'NEILL NE ST. ANTHONY'S PROJECT (HCFR) 6.25 09/01/2012 339,901
 10,279,690
 ------------------
NEVADA: 0.36%
 2,460,000 CLARK COUNTY NV JET AVIATION FUEL TAX SERIES C (AIRPORT
 REVENUE, AMBAC INSURED) 5.00 07/01/2013 2,660,072
 2,000,000 HENDERSON NV HEALTH CARE FACILITIES CATHOLIC HEALTHCARE
 WEST SERIES B (HEALTH CARE REVENUE) 5.00 07/01/2013 2,151,500
 1,755,000 HENDERSON NV LOCAL IMPROVEMENT DISTRICT (COMMUNITY
 DEVELOPMENT DISTRICT REVENUE) 4.70 09/01/2012 1,172,989
 2,215,000 HENDERSON NV LOCAL IMPROVEMENT DISTRICT (COMMUNITY
 DEVELOPMENT DISTRICT REVENUE) 5.00 09/01/2013 1,110,446
 220,000 NEVADA HOUSING DIVISION SERIES A (SFHR) 5.75 04/01/2031 230,899
 295,000 NEVADA HOUSING DIVISION SERIES C (SFHR) 5.40 04/01/2031 312,396

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
NEVADA (continued)
$ 1,145,000 RENO NV WASHOE MEDICAL CENTER SERIES A (HOSPITAL REVENUE,
 AMBAC INSURED) 5.25% 06/01/2011 $ 1,171,965
 1,195,000 RENO NV WASHOE MEDICAL CENTER SERIES A (HOSPITAL REVENUE,
 AMBAC INSURED) 5.25 06/01/2012 1,260,163
 1,225,000 RENO NV WASHOE MEDICAL CENTER SERIES A (HOSPITAL REVENUE,
 AMBAC INSURED) 5.25 06/01/2013 1,319,889
 1,260,000 SPARKS NV REDEVEOPMENT AGENCY TAX INCREMENT AREA NUMBER 1
 (TAX REVENUE) 4.00 01/15/2014 1,307,263
 1,520,000 SPARKS NV REDEVEOPMENT AGENCY TAX INCREMENT AREA NUMBER 1
 (TAX REVENUE) 4.00 01/15/2015 1,573,413
 14,270,995
 ------------------
NEW HAMPSHIRE: 0.66%
 8,610,000 NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY THE UNITED
 ILLUMINATING COMPANY PROJECT (PCR)+/-SS. 7.13 07/01/2027 9,013,034
 6,450,000 NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY UNITED
 ILLUMINATING SERIES A (UTLITIES REVENUE)+/-SS. 4.50 07/01/2027 6,749,990
 4,000,000 NEW HAMPSHIRE HEFA COLBY SAWYER COLLEGE (EDUCATION
 REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 2.60 09/01/2036 4,000,000
 5,635,000 NEW HAMPSHIRE HOUSING FINANCE AUTHORITY SFMR SERIES B
 (HOUSING REVENUE) 5.00 07/01/2027 6,006,685
 25,769,709
 ------------------
NEW JERSEY: 2.24%
 2,700,000 GLOUCESTER COUNTY NJ IMPROVEMENT AUTHORITY WASTE
 MANAGEMENT INCORPORATED PROJECT SERIES A (RESOURCE
 RECOVERY REVENUE)+/-SS. 2.63 12/01/2029 2,729,079
 2,000,000 NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY CIGARETTE TAX
 (TOBACCO REVENUE, FGIC INSURED) 5.00 06/15/2012 2,059,300
 1,810,000 NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY MOTOR VEHICLE
 COMMISSION SERIES A (OTHER REVENUE)## 2.36 07/01/2014 1,656,222
 20,440,000 NEW JERSEY HIGHER EDUCATION ASSISTANCE AUTHORITY STUDENT
 LOAN SERIES 2 (EDUCATION REVENUE) 4.50 12/01/2029 21,027,650
 2,000,000 NEW JERSEY STATE HFFA CATHOLIC HEALTH EAST (HCFR) 5.00 11/15/2013 2,139,080
 2,000,000 NEW JERSEY STATE HIGHER EDUCATION ASSISTANCE AUTHORITY
 SERIES 1A (STUDENT LOAN REVENUE) 4.75 12/01/2029 2,045,140
 10,340,000 NEW JERSEY STATE HIGHER EDUCATION ASSISTANCE AUTHORITY
 SERIES 1B (STUDENT LOAN REVENUE) 3.00 12/01/2013 10,659,092
 5,000,000 NEW JERSEY STATE HIGHER EDUCATION ASSISTANCE AUTHORITY
 SERIES 1B (STUDENT LOAN REVENUE) 5.00 12/01/2013 5,425,850
 1,285,000 NEW JERSEY STATE HIGHER EDUCATION ASSISTANCE AUTHORITY
 SERIES A (STUDENT LOAN REVENUE) 5.00 06/01/2013 1,379,448
 5,555,000 NEW JERSEY STATE HIGHER EDUCATION ASSISTANCE AUTHORITY
 SERIES A (STUDENT LOAN REVENUE) 5.00 06/01/2014 6,064,560
 995,000 NEW JERSEY STATE HIGHER EDUCATION ASSISTANCE AUTHORITY
 SERIES A (STUDENT LOAN REVENUE, AMBAC INSURED) 5.20 06/01/2013 997,199
 14,270,000 NEW JERSEY STATE HIGHER EDUCATION ASSISTANCE AUTHORITY
 STUDENT LOAN SERIES FFELP-CLASS A-1 (STUDENT LOAN
 REVENUE)+/-SS. 0.60 06/01/2020 14,213,063
 17,500,000 NEWARK NJ TAX ANTICIPATION NOTES SERIES H (OTHER REVENUE) 4.00 03/15/2011 17,587,850
 87,983,533
 ------------------
NEW MEXICO: 0.81%
 1,250,000 CLAYTON NM JAIL PROJECT REVENUE (OTHER REVENUE, CIFG
 INSURED) 5.00 11/01/2014 1,341,100
 10,685,000 FARMINGTON NM PCR SOUTHERN CALIFORNIA EDISON SERIES A
 (OTHER REVENUE)+/-SS. 2.88 04/01/2029 10,948,706
 17,050,000 NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION SERIES A-2
 (EDUCATION REVENUE)+/-SS. 0.94 12/01/2028 17,025,107
 890,000 NEW MEXICO MORTGAGE FINANCE AUTHORITY SFMR CLASS IA2
 (SFMR, FNMA INSURED) 5.60 01/01/2039 968,017

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
NEW MEXICO (continued)
$ 355,000 NEW MEXICO MORTGAGE FINANCE AUTHORITY SFMR CLASS ID2
 (HOUSING REVENUE, GNMA INSURED) 4.05% 07/01/2026 $ 352,664
 940,000 NEW MEXICO MORTGAGE FINANCE AUTHORITY SFMR CLASS ID2
 (HOUSING REVENUE, GNMA INSURED) 4.38 07/01/2033 951,947
 31,587,541
 ------------------
NEW YORK: 3.42%
 1,005,000 BUFFALO NY SEWER AUTHORITY SERIES F (SEWER REVENUE,
 NATL-RE FGIC INSURED) 6.00 07/01/2013 1,068,355
 1,000,000 LONG ISLAND POWER NY AUTHORITY ELECTRICAL SYSTEM SERIES D
 (ELECTRICAL POWER, NATL-RE INSURED)+/-SS. 1.82 09/01/2015 980,350
 4,010,000 MONROE COUNTY NY AIRPORT AUTHORITY GREATER ROCHESTER
 INTERNATIONAL AIRPORT (AIRPORT REVENUE, NATL-RE INSURED) 5.75 01/01/2014 4,333,607
 5,030,000 MONROE COUNTY NY AIRPORT AUTHORITY GREATER ROCHESTER
 INTERNATIONAL AIRPORT (AIRPORT REVENUE, NATL-RE INSURED) 5.75 01/01/2015 5,527,517
 3,830,000 MONROE COUNTY NY AIRPORT AUTHORITY GREATER ROCHESTER
 INTERNATIONAL AIRPORT (AIRPORT REVENUE, NATL-RE INSURED) 5.88 01/01/2016 4,254,058
 135,000 NASSAU COUNTY NY IDAG NORTH SHORE HEALTH SYSTEMS PROJECTS
 C (HCFR) 5.63 11/01/2010 135,340
 13,000,000 NEW YORK CITY NY HOUSING DEVELOPMENT CORPORATION MFHR
 SERIES L-2 (HOUSING REVENUE)+/-SS. 2.00 05/01/2045 13,082,810
 4,685,000 NEW YORK CITY NY IDA AMERICAN AIRLINES JFK INTERNATIONAL
 AIRPORT (AIRPORT REVENUE) 7.13 08/01/2011 4,704,864
 250,000 NEW YORK CITY NY IDAG TERMINAL ONE GROUP ASSOCIATION
 PROJECT (LEASE REVENUE) 5.00 01/01/2011 251,870
 6,935,000 NEW YORK CITY NY IDAG TERMINAL ONE GROUP ASSOCIATION
 PROJECT (LEASE REVENUE) 5.00 01/01/2012 7,162,052
 2,745,000 NEW YORK CITY NY IDAG TERMINAL ONE GROUP ASSOCIATION
 PROJECT (LEASE REVENUE) 5.50 01/01/2014 2,981,784
 2,000,000 NEW YORK CITY NY IDAG TERMINAL ONE GROUP ASSOCIATION
 PROJECT (LEASE REVENUE) 5.50 01/01/2015 2,192,280
 1,070,000 NEW YORK CITY NY IDAG YANKEE STADIUM (RECREATIONAL
 REVENUE, GUARANTEE AGREEMENT)## 1.64 03/01/2012 1,045,283
 2,755,000 NEW YORK CITY NY IDAG YANKEE STADIUM (RECREATIONAL
 REVENUE, GUARANTEE AGREEMENT)## 1.92 03/01/2013 2,629,703
 1,000,000 NEW YORK CITY NY TRANSIT AUTHORITY TRIBOROUGH BRIDGE &
 TUNNEL (LEASE REVENUE, AMBAC INSURED) 5.30 01/01/2012 1,009,930
 15,000,000 NEW YORK NY SUBSERIES J3 (PROPERTY TAX REVENUE, ALLIED
 IRISH BANK PLC LOC)+/-SS. 1.70 08/01/2023 15,000,000
 9,935,000 NEW YORK STATE DORMITORY AUTHORITY NORTH SHORE JEWISH
 SERIES B (HCFR)+/-SS. 1.04 05/01/2018 8,841,057
 7,995,000 NEW YORK STATE ENERGY R&D AUTHORITY NY STATE ELECTRICAL &
 GAS D (ELECTRICAL POWER, NATL-RE INSURED)+/-SS. 4.10 12/01/2015 8,015,547
 8,600,000 NEW YORK STATE ENERGY R&D AUTHORITY PCR NEW YORK STATE
 ELECTRICAL & GAS (IDR, NATL-RE INSURED)+/-SS. 4.10 03/15/2015 8,658,910
 3,000,000 NEW YORK STATE ENVIRONMENTAL FACILITIES CORPORATION WASTE
 MANAGEMENT PROJECT SERIES A (IDR)+/-SS. 4.55 05/01/2012 3,060,900
 14,000,000 NEW YORK URBAN DEVELOPMENT CORPORATION (MISCELLANEOUS
 REVENUE) 5.88 02/01/2013 14,172,900
 2,000,000 NEWBURGH NY BOND ANTIC NOTES (GO LOCAL) 5.15 08/30/2011 2,024,880
 1,245,000 NIAGARA FALLS NY BRIDGE COMMISSION SERIES B (TOLL ROAD
 REVENUE, NATL-RE INSURED) 5.25 10/01/2015 1,317,907
 520,000 NIAGARA NY BUFFALO NIAGARA INTERNATIONAL AIRPORT SERIES A
 (AIRPORT REVENUE, NATL-RE INSURED) 5.75 04/01/2011 524,280
 325,000 ORANGE COUNTY NY IDAG SPECIAL NEEDS FACILITIES POOLED
 PROGRAM G1 (ECONOMIC DEVELOPMENT REVENUE, ACA INSURED) 4.35 07/01/2011 323,021
 10,450,000 SENECA COUNTY NY IDA SOLID WASTE DISPOSAL SENECA MEADOWS
 INCORPORATED PROJECT (IDR)+/-SS. 6.63 10/01/2035 10,566,518
 2,395,000 ST. LAWRENCE COUNTY NY INDUSTRIAL DEVELOPMENT AGENCY
 POSTDAM AUXILIARY (OTHER REVENUE)+/-SS. 0.39 07/01/2037 2,395,000
 3,145,000 TOBACCO SETTLEMENT FINANCING CORPORATION NY ASSET BACKED
 SERIES A-1 CALLABLE (TOBACCO SETTLEMENT REVENUE) 5.50 06/01/2016 3,155,504
 2,000,000 TROY NY CAPITAL RESOURCE CORPORATION SERIES B (OTHER
 REVENUE) 5.00 09/01/2015 2,257,720

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
NEW YORK (continued)
$ 2,310,000 UTICA NY INDUSTRIAL DEVELOPMENT AGENCY UTICA COLLEGE
 PROJECT (COLLEGE & UNIVERSITY REVENUE)+/-SS. 0.39% 10/01/2025 $ 2,310,000
 133,983,947
 ------------------
NORTH CAROLINA: 0.88%
 4,470,000 NORTH CAROLINA EASTERN MUNICIPAL POWER AGENCY SERIES C
 (ELECTRIC REVENUE, NATL-RE INSURED) 7.00 01/01/2013 4,773,558
 5,000,000 NORTH CAROLINA MEDICAL CARE COMMISSION NOVANT HEALTH
 SERIES A (HCFR)+/-SS. 0.37 11/01/2028 5,000,000
 8,980,000 NORTH CAROLINA MEDICAL CARE COMMISSION UNIVERSITY HEALTH
 SYSTEM SERIES E1 (HCFR)+/-SS. 5.75 12/01/2036 9,836,333
 11,000,000 NORTH CAROLINA MEDICAL CARE COMMONWEALTH HEALTH CARE
 FACILITIES DUKE UNIVERSITY HEALTH SYSTEM SERIES A
 (HOSPITAL REVENUE)+/-SS. 0.57 06/01/2039 11,000,000
 1,250,000 PITT COUNTY NC MEMORIAL HOSPITAL (HCFR) 5.38 12/01/2010 1,257,525
 2,465,000 RALEIGH DURHAM NC AIRPORT AUTHORITY SERIES A (AIRPORT
 REVENUE, NATL-RE FGIC INSURED) 5.25 11/01/2013 2,560,691
 34,428,107
 ------------------
NORTH DAKOTA: 0.07%
 355,000 FARGO ND MERITCARE OBLIGATED GROUP SERIES A (HCFR, NATL-RE
 INSURED) 5.50 06/01/2011 357,265
 1,025,000 GRAND FORKS ND ALTRU HEALTH SYSTEM OBLIGATION GROUP (HCFR,
 NATL-RE INSURED) 5.40 08/15/2011 1,027,942
 1,310,000 GRAND FORKS ND ALTRU HEALTH SYSTEM OBLIGATION GROUP (HCFR,
 NATL-RE INSURED) 5.40 08/15/2012 1,313,419
 2,698,626
 ------------------
OHIO: 2.09%
 50,000 BUCKEYE OH TOBACCO SETTLEMENT FINANCING AUTHORITY SERIES
 A-1 (TOBACCO SETTLEMENT REVENUE) 4.25 06/01/2011 50,446
 4,000,000 BUCKEYE OH TOBACCO SETTLEMENT FINANCING AUTHORITY SERIES
 A-1 (TOBACCO SETTLEMENT REVENUE) 5.00 06/01/2011 4,055,400
 5,000,000 CLEVELAND OH WATER RESOURCES SERIES S (WATER & SEWER
 REVENUE)+/-SS. 2.00 01/01/2033 5,000,000
 9,850,000 CUYAHOGA COUNTY OH ECONOMIC DEVELOPMENT CLEVELAND
 BOTANICAL GARDENS PROJECT (COLLEGE & UNIVERSITY REVENUE,
 ALLIED IRISH BANK PLC LOC)+/-SS. 2.80 07/01/2031 9,850,000
 4,120,000 GEAUGA COUNTY OH SISTERS OF NOTRE DAME PROJECT (OTHER
 REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 2.80 08/01/2016 4,120,000
 1,805,000 LAKE COUNTY OH LAKE HOSPITAL SYSTEM SERIES C (HCFR) 4.00 08/15/2011 1,827,779
 1,625,000 MONTGOMERY COUNTY OH WATER REVENUE GREATER MORAINE BEAVER
 (WATER REVENUE, AMBAC INSURED) 4.00 05/01/2015 1,723,979
 5,500,000 MONTGOMERY COUNTY OH CATHOLIC HEALTH INITIATIVES SERIES D2
 (HCFR)+/-SS. 5.25 10/01/2038 6,144,160
 2,650,000 MONTGOMERY COUNTY OH WATER REVENUE REFUNDING SYSTEM
 GREATER MORAINE BEAVER (WATER REVENUE, AMBAC INSURED) 5.38 11/15/2015 2,790,132
 2,000,000 OHIO STATE AIR QUALITY DEVELOPMENT AUTHORITY COLUMBUS
 SOUTHERN POWER CORPORATION SERIES A (ELECTRIC, POWER &
 LIGHT REVENUE)+/-SS. 3.88 12/01/2038 2,094,140
 2,900,000 OHIO STATE AIR QUALITY DEVELOPMENT AUTHORITY FIRST ENERGY
 SERIES B (IDR)+/-SS. 3.00 10/01/2033 2,940,368
 15,000,000 OHIO STATE AIR QUALITY DEVELOPMENT AUTHORITY POLLUTION
 CONTROL SERIES A (ELECTRIC, POWER & LIGHT REVENUE)+/-SS. 2.25 12/01/2023 15,012,900
 1,750,000 OHIO STATE HIGHER EDUCATIONAL FACILITY COMMISSION HOSPITAL
 CLEVELAND CLINIC HEALTH SERIES A (HCFR) 4.00 01/01/2013 1,857,748
 1,000,000 OHIO STATE HIGHER EDUCATIONAL FACILITY COMMISSION HOSPITAL
 CLEVELAND CLINIC HEALTH SERIES A (HCFR) 5.00 01/01/2014 1,115,080
 7,500,000 OHIO STATE HIGHER EDUCATIONAL FACILITY COMMISSION SERIES B
 UNIVERSITY HOSPITAL HEALTH SYSTEM (HCFR)+/-SS. 3.75 01/15/2025 7,751,925
 150,000 OHIO STATE HIGHER EDUCATIONAL FACILITY COMMISSION
 UNIVERSITY HOSPITAL HEALTH SYSTEM SERIES A (HCFR) 4.00 01/15/2013 157,280

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
OHIO (continued)
$ 1,750,000 OHIO STATE HIGHER EDUCATIONAL FACILITY COMMISSION
 UNIVERSITY HOSPITAL HEALTH SYSTEM SERIES A (HCFR) 5.00% 01/15/2014 $ 1,898,208
 2,050,000 OHIO STATE HIGHER EDUCATIONAL FACILITY COMMISSION
 UNIVERSITY HOSPITAL HEALTH SYSTEM SERIES C (HCFR)+/-SS. 4.88 01/15/2039 2,227,243
 7,700,000 OHIO STATE SOLID WASTE REPUBLIC SERVICES PROJECT
 (IDR)+/-SS. 4.25 04/01/2033 7,871,710
 3,300,000 OHIO STATE WATER DEVELOPMENT AUTHORITY WASTE MANAGEMENT
 PROJECT (RESOURCE RECOVERY REVENUE)+/-SS. 2.63 07/01/2021 3,322,308
 81,810,806
 ------------------
OKLAHOMA: 1.48%
 5,000,000 CLEVELAND COUNTY OK PUBLIC FACILITIES AUTHORITY
 EDUCATIONAL FACILITIES NORMAN PUBLIC SCHOOLS PROJECT
 (LEASE REVENUE) 4.00 06/01/2014 5,390,300
 607,376 COMANCHE COUNTY OK INDEPENDENT SCHOOL DISTRICT # 4
 GERONIMO (EDUCATIONAL FACILITIES REVENUE) 6.25 08/15/2014 639,367
 3,065,000 KINGFISHER OK PUBLIC SCHOOLS PROJECT (EDUCATION REVENUE) 4.50 09/01/2016 3,290,216
 1,865,000 MCCLAIN COUNTY OK ECONOMIC DEVELOPMENT AUTHORITY
 EDUCATIONAL FACILITIES BLANCHARD PUBLIC SCHOOLS PROJECT
 (LEASE REVENUE) 4.25 09/01/2014 2,021,679
 4,490,000 MUSKOGEE OK INDUSTRIAL TRUST EDUCATIONAL FACILITIES PUBLIC
 SCHOOLS PROJECT (LEASE REVENUE, ASSURED GUARANTY) 4.25 09/01/2012 4,769,907
 5,905,000 OKLAHOMA CITY OK AIRPORT TRUST JUNIOR LIEN SERIES B
 (AIRPORT REVENUE, ACA INSURED) 5.75 07/01/2015 5,922,892
 12,650,000 OKLAHOMA CITY OK INDUSTRIAL & CULTURAL FACILITIES SERIES B
 (HCFR, NATL-RE INSURED)+/-SS.(A) 0.77 06/01/2019 11,912,955
 235,000 OKLAHOMA COUNTY OK FINANCE AUTHORITY JONES PUBLIC SCHOOL
 PROJECT (LEASE REVENUE) 4.00 09/01/2014 250,125
 2,590,000 OKLAHOMA COUNTY OK FINANCE AUTHORITY PUTNAM CITY PUBLIC
 SCHOOLS PROJECT (LEASE REVENUE) 4.00 03/01/2013 2,735,713
 3,405,000 OKLAHOMA COUNTY OK FINANCE AUTHORITY PUTNAM CITY PUBLIC
 SCHOOLS PROJECT (LEASE REVENUE) 4.00 03/01/2014 3,644,814
 840,000 OKLAHOMA COUNTY OK FINANCE AUTHORITY WESTERN HEIGHTS
 PUBLIC SCHOOLS PROJECT (LEASE REVENUE) 3.25 09/01/2012 862,067
 1,090,000 OKLAHOMA DEVELOPMENT FINANCE AUTHORITY LEASE REVENUE
 DEPARTMENT OF HUMAN SERVICES COMMUNITY OFFICE (LEASE
 REVENUE, AMBAC INSURED) 5.25 02/01/2015 1,120,771
 8,000,000 OKLAHOMA DEVELOPMENT FINANCE AUTHORITY PCR PUBLIC SERVICE
 COMPANY OKLAHOMA PROJECT (IDR) 5.25 06/01/2014 8,804,880
 1,130,000 OKMULGEE OK MUNICIPAL UTILITY SYSTEM & SALES TAX REVENUE
 SERIES A (OTHER REVENUE) 2.00 12/01/2012 1,154,702
 1,000,000 OKMULGEE OK MUNICIPAL UTILITY SYSTEM & SALES TAX REVENUE
 SERIES A (OTHER REVENUE) 2.25 12/01/2013 1,031,790
 1,035,000 TULSA OK AIRPORTS IMPROVEMENT TRUST SERIES A (AIRPORT &
 MARINA REVENUE) 3.00 06/01/2012 1,056,145
 2,250,000 TULSA OK AIRPORTS IMPROVEMENT TRUST SERIES A (AIRPORT &
 MARINA REVENUE) 3.00 06/01/2013 2,299,253
 1,035,000 WOODWARD COUNTY OK PFA (SALES TAX REVENUE) 4.00 04/01/2014 1,091,470
 57,999,046
 ------------------
OREGON: 0.21%
 1,000,000 OREGON STATE FACILITIES AUTHORITY LEGACY HEALTH SYSTEM
 (HCFR) 5.00 03/15/2013 1,075,200
 750,000 OREGON STATE FACILITIES AUTHORITY LEGACY HEALTH SYSTEM
 (HCFR) 5.00 03/15/2014 819,240
 20,000 OREGON STATE HOUSING & COMMUNITY SERVICES DEPARTMENT
 SERIES H (SFMR) 5.13 01/01/2029 21,052
 240,000 OREGON STATE HOUSING & COMMUNITY SERVICES DEPARTMENT
 SERIES J (SFMR) 4.70 07/01/2030 241,838
 6,000,000 SALEM OR HOSPITAL FACILITY AUTHORITY SALEM HOSPITAL
 PROJECT SERIES C (OTHER REVENUE, ALLIED IRISH BANK PLC
 LOC)+/-SS. 1.75 08/15/2036 6,000,000
 8,157,330
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
PENNSYLVANIA: 9.21%
$ 1,775,000 ALLEGHENY COUNTY PA AIRPORT AUTHORITY PITTSBURGH
 INTERNATIONAL AIRPORT (AIRPORT REVENUE, NATL-RE INSURED) 4.00% 01/01/2012 $ 1,809,346
 1,410,000 ALLEGHENY COUNTY PA AIRPORT AUTHORITY PITTSBURGH
 INTERNATIONAL AIRPORT (AIRPORT REVENUE, NATL-RE INSURED) 5.00 01/01/2013 1,480,994
 700,000 ALLEGHENY COUNTY PA AIRPORT AUTHORITY PITTSBURGH
 INTERNATIONAL AIRPORT (AIRPORT REVENUE, NATL-RE INSURED) 5.75 01/01/2013 737,989
 1,350,000 ALLEGHENY COUNTY PA AIRPORT AUTHORITY PITTSBURGH
 INTERNATIONAL AIRPORT (AIRPORT REVENUE, NATL-RE INSURED) 5.00 01/01/2014 1,440,801
 1,000,000 ALLEGHENY COUNTY PA AIRPORT AUTHORITY PITTSBURGH
 INTERNATIONAL AIRPORT (AIRPORT REVENUE, NATL-RE INSURED) 5.75 01/01/2014 1,066,960
 1,000,000 ALLEGHENY COUNTY PA AIRPORT AUTHORITY PITTSBURGH
 INTERNATIONAL AIRPORT (AIRPORT REVENUE, NATL-RE INSURED) 5.00 01/01/2015 1,081,740
 29,405,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY
 UNIVERSITY OF PITTSBURGH MEDICAL CENTER SERIES A-1
 (HCFR)+/-SS. 1.03 02/01/2021 26,180,448
 1,475,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY
 UNIVERSITY OF PITTSBURGH MEDICAL CENTER SERIES B (HCFR) 5.00 06/15/2014 1,655,968
 10,560,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY
 UNIVERSITY OF PITTSBURGH MEDICAL CENTRE SERIES A (HCFR) 5.00 05/15/2014 11,834,909
 9,000,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY
 UNIVERSITY OF PITTSBURGH MEDICAL CENTRE SERIES A (HCFR) 5.00 05/15/2015 10,205,190
 13,000,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY
 UNIVERSITY OF PITTSBURGH MEDICAL CENTRE SERIES F
 (HCFR)+/-SS. 1.32 05/15/2038 12,871,300
 1,090,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY WEST
 PENNYSYLVANIA SERIES A (HCFR) 5.00 11/15/2011 1,092,540
 1,000,000 ALLEGHENY COUNTY PA IDAG DUQUESNE LIGHT PCR SERIES A
 (ELECTRIC REVENUE, AMBAC INSURED)+/-SS. 4.35 12/01/2013 1,058,290
 500,000 ALLEGHENY COUNTY PA SANITATION AUTHORITY (SEWER REVENUE,
 NATL-RE INSURED) 5.00 12/01/2012 528,170
 4,070,000 ALLEGHENY COUNTY PA SANITATION AUTHORITY (SEWER REVENUE,
 NATL-RE INSURED) 5.38 12/01/2013 4,300,403
 2,585,000 ALLEGHENY COUNTY PA UNIVERSITY OF PITTSBURGH MEDICAL
 CENTER SERIES B (HCFR) 5.00 06/15/2014 2,902,154
 5,100,000 BEAVER COUNTY PA IDA PCR FIRSTENERGY SERIES B (IDR)+/-SS. 3.00 10/01/2047 5,155,080
 6,500,000 BUCKS COUNTY PA INDUSTRIAL DEVELOPMENT AUTHORITY (OTHER
 REVENUE)+/-SS. 1.60 05/01/2033 6,500,000
 765,000 CHESTER COUNTY PA IDA RENAISSANCE ACADEMY PROJECT SERIES A
 (PRIVATE SCHOOLS REVENUE) 5.25 10/01/2010 765,000
 1,870,000 CHESTER COUNTY PA IDA RENAISSANCE ACADEMY PROJECT SERIES A
 (PRIVATE SCHOOLS REVENUE) 5.63 10/01/2015 1,833,759
 650,000 CUMBERLAND COUNTY PA MUNICIPAL AUTHORITY DIAKON LUTHERAN
 (HCFR) 3.75 01/01/2013 657,826
 2,310,000 CUMBERLAND COUNTY PA MUNICIPAL AUTHORITY DIAKON LUTHERAN
 (HCFR) 5.00 01/01/2015 2,450,379
 3,315,000 DELAWARE COUNTY PA IDA RESOURCE RECOVERY FACILITY SERIES A
 (RESOURCE RECOVERY REVENUE) 6.10 07/01/2013 3,319,077
 200,000 DELAWARE VALLEY PA REGIONAL FINANCIAL AUTHORITY SERIES
 1985 B (OTHER REVENUE, BAYERISCHE LANDESBANK LOC)+/-SS. 0.32 12/01/2020 200,000
 1,100,000 DELAWARE VALLEY PA REGIONAL FINANCIAL AUTHORITY SERIES A
 (OTHER REVENUE, BAYERISCHE LANDESBANK LOC)+/-SS. 0.32 12/01/2019 1,100,000
 1,725,000 GALLERY CERTIFICATE TRUST PA (AUTO PARKING REVENUE, FSA
 INSURED) 4.50 02/15/2013 1,729,727
 3,250,000 HARRISBURG PA AUTHORITY CAPITAL APPRECIATION LIMITED
 OBLIGATION SERIES C (RESOURCE RECOVERY REVENUE)## 4.48 12/15/2010 3,220,068
 8,080,000 HARRISBURG PA AUTHORITY RESOURCE RECOVERY FACILITY SERIES
 D-1 (OTHER REVENUE, AGM INSURED)+/-SS. 6.75 12/01/2033 8,117,087
 13,500,000 HARRISBURG PA AUTHORITY RESOURCES GUARANTEED SUBORDINATED
 SERIES D-2 (HCFR, NATL-RE INSURED)+/-SS. 5.00 12/01/2033 13,597,335
 2,365,000 LUZERNE COUNTY PA SERIES C (PROPERTY TAX REVENUE, FSA
 INSURED) 7.00 11/01/2018 2,900,460
 2,000,000 LYCOMING COUNTY PA HEALTH SYSTEM SUSQUEHANNA HEALTH SYSTEM
 PROJECT A (HCFR, ACA INSURED) 5.00 07/01/2014 2,149,720
 850,000 MCKEAN COUNTY PA BRADFORD HOSPITAL PROJECT (HCFR, ACA
 INSURED) 5.00 10/01/2010 850,009
 2,000,000 MCKEESPORT PA AREA SCHOOL DISTRICT (PROPERTY TAX REVENUE,
 AMBAC INSURED)## 3.32 10/01/2014 1,751,300
 1,880,000 MONTGOMERY COUNTY PA IDA (OTHER REVENUE) 5.00 02/01/2014 2,071,403
 2,955,000 MONTGOMERY COUNTY PA IDA (OTHER REVENUE) 5.00 08/01/2014 3,287,999
 2,505,000 MONTGOMERY COUNTY PA IDA (OTHER REVENUE) 5.00 08/01/2015 2,806,477

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
PENNSYLVANIA (continued)
$ 1,425,000 NORTHAMPTON COUNTY PA GENERAL PURPOSE HOSPITAL AUTHORITY
 SAINT LUKES HOSPITAL PROJECT SERIES C (HCFR)+/-SS. 4.50% 08/15/2032 $ 1,468,548
 4,250,000 PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCE AUTHORITY SOLID
 WASTE DISPOSAL WASTE MANAGEMENT INCORPORATED PROJECT
 (SOLID WASTE REVENUE)+/-SS. 2.75 09/01/2013 4,302,828
 455,000 PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCE AUTHORITY SOLID
 WASTE DISPOSAL WASTE MANAGEMENT INCORPORATED PROJECT
 (SOLID WASTE REVENUE) 5.13 12/01/2015 438,761
 6,135,000 PENNSYLVANIA EDFA ALBERT EINSTEIN HEALTHCARE SERIES A
 (HCFR) 5.00 10/15/2013 6,415,370
 900,000 PENNSYLVANIA EDFA ALBERT EINSTEIN HEALTHCARE SERIES A
 (HCFR) 5.25 10/15/2014 958,131
 4,215,000 PENNSYLVANIA EDFA COLVER PROJECT SERIES F (RESOURCE
 RECOVERY REVENUE, AMBAC INSURED) 5.00 12/01/2013 4,256,518
 2,250,000 PENNSYLVANIA EDFA COLVER PROJECT SERIES F (RESOURCE
 RECOVERY REVENUE, AMBAC INSURED) 5.00 12/01/2014 2,264,130
 1,675,000 PENNSYLVANIA EDFA COLVER PROJECT SERIES F (RESOURCE
 RECOVERY REVENUE, AMBAC INSURED) 5.00 12/01/2015 1,671,868
 5,000,000 PENNSYLVANIA EDFA COLVER PROJECT SERIES F REFUNDING
 (RESOURCE RECOVERY REVENUE) 4.50 12/01/2011 5,031,450
 11,785,000 PENNSYLVANIA EDFA MAIN LINE HEALTH (OTHER REVENUE)+/-SS. 0.67 10/01/2027 11,596,558
 6,500,000 PENNSYLVANIA EDFA WASTE MANAGEMENT INCORPORATED PROJECT
 (RESOURCE RECOVERY REVENUE)+/-SS. 2.63 12/01/2033 6,559,345
 1,590,000 PENNSYLVANIA STATE FINANCE AUTHORITY COMMUNITY COLLEGE
 BEAVER COUNTY PROJECT (COLLEGE & UNIVERSITY REVENUE,
 NATL-RE INSURED) 4.65 12/01/2013 1,594,834
 4,855,000 PENNSYLVANIA STATE HEFAR FOUNDATION INDIANA UNIVERSITY PA
 SERIES A (COLLEGE & UNIVERSITY REVENUE, XLCA INSURED)+/-SS. 0.81 07/01/2017 4,340,321
 3,970,000 PENNSYLVANIA STATE HEFAR UNIVERSITY OF PITTSBURGH MEDICAL
 CENTER SERIES E (HCFR) 5.00 05/15/2014 4,449,298
 3,750,000 PENNSYLVANIA STATE HEFAR UNIVERSITY OF PITTSBURGH MEDICAL
 CENTER SERIES E (HCFR) 5.00 05/15/2015 4,252,163
 1,375,000 PENNSYLVANIA STATE HEFAR UNIVERSITY OF THE ARTS (COLLEGE &
 UNIVERSITY REVENUE, RADIAN INSURED) 5.50 03/15/2013 1,377,668
 1,455,000 PENNSYLVANIA STATE ST. JOSEPHS UNIVERSITY SERIES A
 (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC)+/-SS. 1.75 07/15/2036 1,455,000
 15,000,000 PENNSYLVANIA STATE TURNPIKE COMMISSION SERIES C (TOLL ROAD
 REVENUE)+/-SS. 1.17 12/01/2013 14,859,750
 20,000,000 PENNSYLVANIA STATE TURNPIKE COMMISSION SERIES C
 (TRANSPORTATION REVENUE)+/-SS. 1.32 12/01/2014 19,804,400
 1,000,000 PHILADELPHIA PA 16TH SERIES (NATURAL GAS REVENUE, AGM
 INSURED) 5.50 07/01/2013 1,003,570
 1,150,000 PHILADELPHIA PA 4TH SERIES 1998 GENERAL ORDINANCE (NATURAL
 GAS REVENUE, AGM INSURED) 5.25 08/01/2015 1,248,831
 3,225,000 PHILADELPHIA PA 7TH SERIES 1998 GENERAL ORDINANCE
 (UTILITIES REVENUE, AMBAC INSURED) 5.00 10/01/2013 3,501,673
 1,000,000 PHILADELPHIA PA 8TH SERIES 1998 GENERAL ORDINANCE (NATURAL
 GAS REVENUE) 5.00 08/01/2013 1,081,710
 4,045,000 PHILADELPHIA PA 8TH SERIES GENERAL ORDINANCE (NATURAL GAS
 REVENUE) 5.00 08/01/2014 4,445,738
 2,450,000 PHILADELPHIA PA AUTHORITY FOR INDUSTRIAL DEVELOPMENT
 PHILADELPHIA AIRPORT SERIES A (AIRPORT REVENUE, NATL-RE
 FGIC INSURED) 5.00 07/01/2015 2,454,606
 4,675,000 PHILADELPHIA PA AUTHORITY FOR INDUSTRIAL DEVELOPMENT
 SERIES A (AIRPORT REVENUE) 5.50 07/01/2013 4,854,240
 8,000,000 PHILADELPHIA PA AUTHORITY FOR INDUSTRIAL DEVELOPMENT
 SERIES A (LEASE REVENUE, NATL-RE FGIC INSURED) 5.00 10/01/2012 8,469,200
 5,625,000 PHILADELPHIA PA AUTHORITY FOR INDUSTRIAL DEVELOPMENT
 SERIES A (LEASE REVENUE, NATL-RE FGIC INSURED) 5.00 10/01/2013 6,061,500
 2,320,000 PHILADELPHIA PA CITY OF PHILADELPHIA (PROPERTY TAX
 REVENUE, CIFG INSURED) 5.00 08/01/2014 2,562,695
 2,000,000 PHILADELPHIA PA GAS WORKS 18TH SERIES (OTHER REVENUE) 5.00 08/01/2014 2,198,140
 2,000,000 PHILADELPHIA PA GAS WORKS 1998 GENERAL ORDINANCE SERIES A
 (UTILITIES REVENUE) 5.00 08/01/2015 2,206,020
 780,000 PHILADELPHIA PA MUNICIPAL AUTHORITY (LEASE REVENUE) 4.00 04/01/2012 801,809
 1,290,000 PHILADELPHIA PA MUNICIPAL AUTHORITY (LEASE REVENUE) 4.00 04/01/2013 1,345,277
 1,365,000 PHILADELPHIA PA MUNICIPAL AUTHORITY (LEASE REVENUE) 5.25 05/15/2013 1,488,341
 2,265,000 PHILADELPHIA PA PARKING AUTHORITY (AIRPORT REVENUE) 5.00 09/01/2012 2,400,221

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
PENNSYLVANIA (continued)
$ 10,105,000 PHILADELPHIA PA SCHOOL DISTRICT SERIES A (PROPERTY TAX
 REVENUE, AMBAC INSURED, STATE AID WITHHOLDING) 5.00% 08/01/2015 $ 11,392,074
 7,500,000 PHILADELPHIA PA SCHOOL DISTRICT SERIES C (PROPERTY TAX
 REVENUE, STATE AID WITHHOLDING) 5.00 09/01/2013 8,231,175
 2,405,000 PHILADELPHIA PA SCHOOL DISTRICT SERIES E (PROPERTY TAX
 REVENUE, STATE AID WITHHOLDING) 5.00 09/01/2011 2,491,748
 36,500,000 PHILADELPHIA PA SCHOOL DISTRICT TAX & REVENUE ANTIC NOTES
 SERIES A (EDUCATION REVENUE) 2.50 06/30/2011 36,905,880
 6,250,000 PITTSBURGH PA WATER & SEWER AUTHORITY SERIES C (WATER
 REVENUE, ASSURED GTY)+/-SS. 2.63 09/01/2035 6,315,250
 2,400,000 SCHUYLKILL COUNTY IDA PINE GROVE LANDFILL INCORPORATED
 (IDR)+/-SS. 4.25 10/01/2019 2,439,840
 2,000,000 ST MARY HOSPITAL AUTHORITY PA CALTHOLIC HEALTHCARE EAST
 SERIES B (HCFR) 5.00 11/15/2013 2,164,700
 1,380,000 WESTMORELAND COUNTY PA IDA EXCELA HEALTH PROJECT (HCFR) 4.00 07/01/2014 1,449,621
 1,435,000 WESTMORELAND COUNTY PA IDA EXCELA HEALTH PROJECT (HCFR) 4.00 07/01/2015 1,506,520
 360,827,228
 ------------------
PUERTO RICO: 0.85%
 2,740,000 PUERTO RICO COMMONWEALTH (OTHER REVENUE, FGIC INSURED) 5.50 07/01/2011 2,829,571
 250,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION
 AUTHORITY SERIES 2447 (OTHER REVENUE, ASSURED
 GUARANTY)+/-SS. 0.28 07/01/2036 250,000
 4,120,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION
 AUTHORITY SERIES W MBIA (FUEL SALES TAX REVENUE, NATL-RE
 IBC INSURED) 5.50 07/01/2013 4,356,735
 1,500,000 PUERTO RICO ELECTRIC POWER AUTHORITY SERIES WW (POWER
 REVENUE) 5.00 07/01/2011 1,544,340
 4,125,000 PUERTO RICO GOVERNMENT FACILITIES SERIES M (LEASE REVENUE,
 COMMONWEALTH GUARANTEED) 5.50 07/01/2011 4,245,780
 4,625,000 PUERTO RICO HFA VIVIENDA MODERNIZATION (HOUSING REVENUE) 4.75 10/01/2011 4,631,290
 2,470,000 PUERTO RICO HIGHWAY & TRANSPORTATION SERIES W (FUEL SALES
 TAX REVENUE) 5.50 07/01/2013 2,692,078
 1,820,000 PUERTO RICO HIGHWAY & TRANSPORTATION SERIES X (FUEL SALES
 TAX REVENUE) 5.50 07/01/2013 1,933,149
 5,550,000 PUERTO RICO SALES TAX FINANCING CORPORATION FIRST
 SUBSERIES A (SALES TAX REVENUE)+/-SS. 5.00 08/01/2039 5,770,058
 4,875,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS (OTHER
 REVENUE)+/-SS. 0.46 07/01/2030 4,875,000
 33,128,001
 ------------------
RHODE ISLAND: 0.03%
 1,175,000 RHODE ISLAND HEALTH & EDUCATIONAL BUILDING CORPORATION
 PROVIDENCE PUBLIC SCHOOLS PROGRAM SERIES A (OTHER REVENUE,
 AGM INSURED) 5.00 05/15/2014 1,316,235
 ------------------
SOUTH CAROLINA: 0.70%
 2,860,000 BERKELEY COUNTY SC POLLUTION CONTROL FACILITIES GENERATING
 COMPANY PROJECT (MISCELLANEOUS REVENUE) 4.88 10/01/2014 3,075,930
 1,350,000 CONNECTOR 2000 ASSOCIATION INCORPORATED CAPITAL
 APPRECIATION SERIES B (TOLL ROAD REVENUE)## 18.37 01/01/2027 83,592
 3,435,000 CONNECTOR 2000 ASSOCIATION INCORPORATED CAPITAL
 APPRECIATION SERIES B (TOLL ROAD REVENUE)## 17.61 01/01/2028 200,844
 14,500,000 CONNECTOR 2000 ASSOCIATION INCORPORATED CAPITAL
 APPRECIATION SERIES B (TOLL ROAD REVENUE)## 13.16 01/01/2038 474,730
 18,250,000 CONNECTOR 2000 ASSOCIATION INCORPORATED CAPITAL
 APPRECIATION SERIES B (TRANSPORTATION REVENUE) 13.45 01/01/2037 632,910
 65,000 GREENVILLE COUNTY SC DONALDSON INDUSTRIAL AIR PARK PROJECT
 A (AIRPORT REVENUE) 5.50 04/01/2011 64,286
 500,000 LEXINGTON COUNTY SC HEALTH SERVICES INCORPORATE (HOSPITAL
 REVENUE) 5.00 11/01/2014 553,030
 1,000,000 NEWBERRY INVESTING IN NEWBERRY COUNTY SCHOOL DISTRICT
 PROJECT (EDUCATION REVENUE) 5.25 12/01/2014 1,113,540
 1,100,000 ORANGEBURG COUNTY SC JOINT GOVERNMENT ACTION AUTHORITY
 (SALES TAX REVENUE, NATL-RE INSURED) 5.00 10/01/2013 1,165,648
 2,010,000 ORANGEBURG SC JOINT GOVERNMENTAL ACTION AUTHORITY (SALES
 TAX REVENUE, NATL-RE INSURED) 5.00 04/01/2011 2,040,532

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
SOUTH CAROLINA (continued)
$ 1,860,000 PIEDMONT MUNICIPAL POWER AGENCY SC UNREFUNDED BALANCE 2004
 SERIES A (ELECTRICAL POWER REVENUE, FGIC INSURED) 6.50% 01/01/2016 $ 2,232,130
 1,500,000 RICHLAND COUNTY SC SERIES A (ENVIRONMENTAL REVENUE) 4.60 09/01/2012 1,579,455
 1,520,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY ANMED
 HEALTH PROJECT (HCFR 5.00 02/01/2014 1,667,911
 225,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY ANMED
 HEALTH PROJECT (HCFR) 3.00 02/01/2015 231,095
 1,145,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY ANMED
 HEALTH PROJECT (HCFR) 5.00 02/01/2015 1,269,908
 9,445,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY
 PALMETTO HEALTH (HCFR)+/-SS. 1.02 08/01/2039 8,957,921
 1,985,000 TOBACCO SETTLEMENT REVENUE MANAGEMENT AUTHORITY SC
 (TOBACCO SETTLEMENT FUNDED) 5.00 06/01/2018 1,986,687
 27,330,149
 ------------------
SOUTH DAKOTA: 0.36%
 830,000 LOWER BRULE SIOUX TRIBE OF SOUTH DAKOTA SERIES B (PROPERTY
 TAX REVENUE) 5.15 05/01/2014 763,144
 120,000 SOUTH DAKOTA EDFA POOLED LOAN PROGRAM MCELEEG SD PROJECT-B
 (IDR) 4.38 04/01/2011 121,939
 1,910,000 SOUTH DAKOTA HOUSING DEVELOPMENT AUTHORITY SERIES F
 (HOUSING REVENUE) 5.25 05/01/2028 1,982,752
 10,000,000 SOUTH DAKOTA STATE HEALTH & EDUCATIONAL FACILITIES
 AUTHORITY ARERA HEALTH SERIES C (HOSPITAL REVENUE, ALLIED
 IRISH BANKS PLC LOC)+/-SS. 2.50 07/01/2033 10,000,000
 1,200,000 SOUTH DAKOTA STATE HEFA SANFORD HEALTH (HCFR) 4.00 11/01/2013 1,272,684
 14,140,519
 ------------------
TENNESSEE: 3.99%
 6,900,000 CHATTANOOGA TN INDUSTRIAL BOARD (RECREATIONAL REVENUE,
 SUNTRUST BANK LOC)+/-SS. 0.62 07/01/2026 6,900,000
 1,850,000 CHATTANOOGA-HAMILTON COUNTY TN HOSPITAL AUTHORITY (HCFR,
 AGM INSURED) 5.00 10/01/2013 2,020,589
 4,200,000 CHATTANOOGA-HAMILTON COUNTY TN HOSPITAL AUTHORITY (HCFR,
 AGM INSURED) 5.00 10/01/2013 4,587,282
 1,650,000 CHATTANOOGA-HAMILTON COUNTY TN HOSPITAL AUTHORITY (HCFR,
 AGM INSURED) 5.00 10/01/2014 1,823,762
 4,085,000 CHATTANOOGA-HAMILTON COUNTY TN HOSPITAL AUTHORITY (HCFR,
 AGM INSURED) 5.00 10/01/2014 4,515,191
 2,785,000 CLARKSVILLE TN NATURAL GAS ACQUISITION CORPORATION
 (NATURAL GAS REVENUE) 5.00 12/15/2012 2,943,689
 2,395,000 ELIZABETHTON TN HEALTH & EDUCATIONAL FACILITIES BOARD
 HOSPITAL 1ST MORTGAGE SERIES B (HCFR, NATL-RE INSURED) 6.25 07/01/2014 2,635,219
 13,070,000 ELIZABETHTON TN HEALTH & EDUCATIONAL FACILITIES BOARD
 HOSPITAL 1ST MORTGAGE SERIES B (HCFR) 8.00 07/01/2033 14,667,415
 1,200,000 ELIZABETHTON TN HEALTH & EDUCATIONAL FACILITIES BOARD
 HOSPITAL SERIES B MBIA (HCFR, NATL-RE IBC INSURED) 7.75 07/01/2029 1,337,340
 3,535,000 JOHNSON CITY TN HEALTH & EDUCATIONAL FACILITIES BOARD 1ST
 MORTGAGE MOUNTAIN STATES (HCFR) 3.00 07/01/2013 3,536,768
 10,700,000 JOHNSON CITY TN HEALTH & EDUCATIONAL FACILITIES BOARD 1ST
 MORTGAGE MOUNTAIN STATES (HCFR) 7.50 07/01/2033 11,940,451
 8,750,000 JOHNSON CITY TN HEALTH & EDUCATIONAL FACILITIES BOARD 1ST
 MORTGAGE MOUNTAIN STATES SERIES A MBIA (HCFR, NATL-RE IBC
 INSURED) 7.50 07/01/2033 9,764,388
 7,000,000 KNOX COUNTY TN HEALTH EDUCATIONAL & HOUSING FACILITIES
 BOARD FORT SANDERS ALLIANCE (HCFR, NATL-RE INSURED) 5.75 01/01/2012 7,322,000
 1,135,000 KNOX COUNTY TN HEALTH EDUCATIONAL & HOUSING FACILITIES
 BOARD UNIVERSITY HEALTH SYSTEM (HCFR) 4.13 04/01/2011 1,145,124
 1,750,000 LEWISBURG TN INDUSTRIAL DEVELOPMENT BOARD WASTE MANAGEMENT
 INCORPORATED PROJECT (RESOURCE RECOVERY REVENUE)+/-SS. 2.50 07/01/2012 1,754,603
 1,795,000 MEMPHIS SHELBY COUNTY TN AIRPORT AUTHORITY REFUNDING
 SERIES B (AIRPORT REVENUE) 4.00 07/01/2014 1,913,398

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
TENNESSEE (continued)
$ 1,200,000 METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON COUNTY TN
 COUNTY HEFA MEHARRY MEDICAL COLLEGE (HCFR, AMBAC INSURED) 6.00% 12/01/2012 $ 1,242,084
 9,130,000 SEVIER COUNTY TN PUBLIC BUILDING AUTHORITY GO LOCAL
 GOVERNMENT PUBLIC IMPROVEMENT SERIES B-2 (OTHER REVENUE,
 ALLIED IRISH BANK PLC LOC)+/-SS. 1.20 06/01/2039 9,130,000
 2,750,000 SHELBY COUNTY TN HEALTH, EDUCATIONAL & HOUSING FACILITIES
 SERIES 2004A (OTHER REVENUE) 5.00 09/01/2015 3,113,000
 680,000 SULLIVAN COUNTY TN HEALTH EDUCATIONIONAL & HOUSING
 FACILITIES BOARD WELLMONT HEALTH SYSTEMS (HCFR, RADIAN
 INSURED) 5.00 09/01/2011 686,011
 3,000,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES A (NATURAL
 GAS REVENUE) 5.00 02/01/2013 3,203,280
 9,210,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES A (NATURAL
 GAS REVENUE) 5.00 09/01/2014 9,939,248
 23,790,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES A (NATURAL
 GAS REVENUE) 5.00 09/01/2015 25,187,425
 7,130,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES A (NATURAL
 GAS REVENUE) 5.00 09/01/2016 7,468,960
 4,185,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES A
 (UTILITIES REVENUE) 5.00 09/01/2013 4,492,012
 12,135,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES C
 (UTILITIES REVENUE) 5.00 02/01/2015 12,946,467
 156,215,706
 ------------------
TEXAS: 6.98%
 3,155,000 AMARILLO TX HEALTH FACILITIES CORPORATION EVANGELICAL
 (HCFR)+/-SS. 2.50 11/01/2017 3,155,000
 10,000,000 ARLINGTON TX SPECIAL OBLIGATION DALLAS COWBOYS SERIES A
 (SALES TAX REVENUE, NATL-RE INSURED) 5.00 08/15/2034 10,004,900
 165,000 BEXAR COUNTY TX HEALTH FACILITIES (HEALTH CARE REVENUE) 5.00 07/01/2011 167,703
 3,000,000 BRAZOS RIVER TX HARBOR NAVIGATION DISTRICT BRAZORIA COUNTY
 DOW CHEMICAL COMPANY PROJECT SERIES A-1 (IDR)+/-SS. 6.25 05/15/2033 3,166,320
 1,300,000 BRAZOS RIVER TX HARBOR NAVIGATION DISTRICT THE DOW
 CHEMICAL COMPANY (OTHER REVENUE) 5.25 10/01/2011 1,317,134
 500,000 CENTRAL TEXAS REGIONAL MOBILITY AUTHORITY (OTHER REVENUE) 5.75 01/01/2017 551,730
 3,000,000 DALLAS FORT WORTH TX INTERNATIONAL AIRPORT SERIES B
 (AIRPORT REVENUE) 5.75 11/01/2018 3,009,600
 1,220,000 GARZA COUNTY TX PUBLIC FACILITIES CORPORATION (LEASE
 REVENUE) 5.00 10/01/2011 1,245,998
 10,000 GARZA COUNTY TX PUBLIC FACILITIES CORPORATION (LEASE
 REVENUE) 5.00 10/01/2012 10,364
 3,000,000 HARRIS COUNTY TX CULTURAL EDUCATION FACILITIES FINANCE
 CORPORATION METHODIST HOSPITAL SYSTEM SERIES B (HCFR) 5.25 12/01/2013 3,354,990
 8,900,000 HARRIS COUNTY TX CULTURAL EDUCATION FACILITIES FINANCE
 CORPORATION YMCA GREATER HOUSTON SERIES B (RECREATIONAL
 REVENUE, ALLIED IRISH BANK LOC)+/-SS. 2.23 06/01/2038 8,900,000
 1,525,000 HARRIS COUNTY TX HEALTH FACILITIES CHRISTUS HEALTH SERIES
 A-5 (HCFR, AGM INSURED)+/-SS. 1.00 07/01/2036 1,525,000
 1,250,000 HARRIS COUNTY TX HEALTH FACILITIES DEVELOPMENT CORPORATION
 MEMORIAL HOSPITAL SYSTEMS PROJECT SERIES A (HCFR, NATL-RE
 INSURED) 6.00 06/01/2012 1,336,400
 3,345,000 HARRIS COUNTY TX SPORTS AUTHORITY CAPITAL APPRECIATION
 JUNIOR LIEN SERIES B (HOTEL OCCUPANCY TAX, NATL-RE
 INSURED)## 5.50 11/15/2011 3,146,575
 5,940,000 HOUSTON TX AIRPORT SYSTEM SUB LIEN SERIES A (AIRPORT
 REVENUE, NATL-RE FGIC INSURED) 5.50 07/01/2017 5,951,642
 4,000,000 HOUSTON TX AIRPORT SYSTEM SUB LIEN SERIES B (AIRPORT
 REVENUE, NATL-RE FGIC INSURED) 5.25 07/01/2015 4,009,120
 1,548,000 HOUSTON TX BENEFICIAL OWNERSHIP SERIES 14 PUTABLE (HOUSING
 REVENUE) 5.75 11/01/2034 1,555,322
 3,000,000 HOUSTON TX FIRST LIEN SERIES C (UTILITIES REVENUE, AMBAC
 INSURED)+/-SS. 5.00 05/15/2034 3,080,280
 2,500,000 HOUSTON TX FIRST LIEN SERIES C1 (UTILITIES REVENUE, AMBAC
 INSURED)+/-SS. 5.00 05/15/2034 2,566,900
 2,930,000 HOUSTON TX HOTEL OCCUPANCY REFUNDING CONVENTION &
 ENTERTAINMENT (HOTEL OCCUPANCY TAX REVENUE, AMBAC INSURED) 5.38 09/01/2014 2,982,213
 3,505,000 HOUSTON TX HOTEL OCCUPANCY TAX & SUPPLEMENT SERIES B
 (HOTEL OCCUPANCY TAX REVENUE, AMBAC INSURED) 5.75 09/01/2015 3,591,574
 760,000 HOUSTON TX HOUSING FINANCE CORPORATION SERIES A (HOUSING
 REVENUE, GNMA INSURED) 6.75 06/01/2033 786,228

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
TEXAS (continued)
$ 5,080,000 LAREDO TX PUBLIC PROPERTY FINANCE CONTRACTUAL OBLIGATION
 (OTHER REVENUE) 3.88% 02/15/2018 $ 5,339,334
 240,000 LEWISVILLE TX REFINANCING & CAPITAL IMPROVEMENT SPECIAL
 ASSESSMENT (PROPERTY TAX REVENUE, ACA INSURED) 5.75 09/01/2012 246,382
 3,260,000 LOWER COLORADO RIVER AUTHORITY TX (OTHER REVENUE, AMBAC
 INSURED) 5.00 05/15/2017 3,329,145
 1,510,000 LOWER COLORADO RIVER AUTHORITY TX UNREFUNDED BALANCE 2010
 SERIES A (OTHER REVENUE, AGM INSURED) 5.88 05/15/2015 1,516,025
 3,415,000 LUBBOCK TX HEALTH FACILITIES DEVELOPMENT CORPORATION ST.
 JOSEPH HEALTH SYSTEMS SERIES A (HCFR)+/-SS. 3.05 07/01/2030 3,483,095
 3,765,000 MATAGORDA COUNTY TX PCR AEP TEXAS CENTER PROJECT
 NAVIGATION DISTRICT # 1 (IDR)+/-SS. 5.13 06/01/2030 3,847,642
 2,850,000 MISSION TX ECONOMIC DEVELOPMENT CORPORATION SOLID WASTE
 DISPOSAL ALLIED WASTE INCORPORATED PROJECT SERIES A (IDR) 5.20 04/01/2018 2,874,767
 5,000,000 MISSION TX ECONOMIC DEVELOPMENT CORPORATION SOLID WASTE
 DISPOSAL REPUBLIC SERVICES INCORPORATED SERIES A (RESOURCE
 RECOVERY REVENUE)+/-SS. 0.95 01/01/2020 5,000,000
 850,000 NORTH TEXAS HEALTH FACILITIES DEVELOPMENT CORPORATION TX
 UNITED REGIONAL HEALTH CARE SYSTEM (HFFA REVENUE, FIRST
 SECURITY BANK LOC) 5.00 09/01/2017 938,885
 26,335,000 NORTH TEXAS HIGHER EDUCATION AUTHORITY INCORPORATED
 STUDENT LOAN SERIES 1 CLASS A-1 (STUDENT LOAN
 REVENUE)+/-SS. 0.96 07/01/2019 26,298,131
 17,395,000 NORTH TEXAS TOLLWAY AUTHORITY FIRST TIER PUTTABLE SERIES
 L-2 (TRANSPORTATION REVENUE)+/-SS. 6.00 01/01/2038 19,089,447
 2,000,000 NORTH TEXAS TOLLWAY AUTHORITY SERIES A (TOLL ROAD REVENUE) 3.00 01/01/2012 2,045,620
 430,000 ODESSA TX HOUSING AUTHORITY SECTION 8 ASSISTANCE PROJECT
 SERIES B (HOUSING REVENUE, HUD INSURED) 6.38 10/01/2011 430,133
 11,360,000 SABINE RIVER TX AUTHORITY PCR TXU ELECTRIC COMPANY PROJECT
 SERIES B (RESOURCE RECOVERY REVENUE)+/-SS. 5.75 05/01/2030 10,820,400
 1,315,000 SAN ANTONIO TX HOTEL OCCUPANCY (OTHER REVENUE, NATL-RE
 INSURED)## 0.85 08/15/2011 1,305,216
 1,000,000 TARRANT COUNTY TX CULTURAL EDUCATION FACILITIES (EDUCATION
 REVENUE) 5.00 05/15/2013 1,032,950
 37,245,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORPORATION I
 SENIOR LIEN SERIES D (NATURAL GAS REVENUE) 5.63 12/15/2017 40,096,477
 6,080,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORPORATION I
 SERIES A (UTILITIES REVENUE) 5.00 12/15/2015 6,428,262
 9,265,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORPORATION
 SERIES A (MISCELLANEOUS REVENUE)+/-SS. 0.90 09/15/2017 8,775,437
 600,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORPORATION
 SERIES A (NATURAL GAS REVENUE) 5.00 12/15/2012 634,188
 55,850,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORPORATION
 SERIES B (UTILITIES REVENUE)+/-SS. 0.74 09/15/2017 53,308,267
 1,500,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORPORATION
 SERIES B (UTILITIES REVENUE)+/-SS. 0.75 12/15/2017 1,331,955
 2,785,000 TEXAS MUNICIPAL POWER AGENCY UNREFUNDED BALANCE
 (ELECTRICAL POWER, AMBAC INSURED)## 1.43 09/01/2012 2,709,137
 8,000,000 TEXAS MUNICIPAL POWER AGENCY UNREFUNDED BALANCE
 (ELECTRICAL POWER, NATL-RE INSURED) 2.23 09/01/2015 7,167,200
 310,000 TEXAS STATE AFFORDABLE HOUSING CORPORATION (HOUSING
 REVENUE, GNMA INSURED) 5.50 09/01/2038 322,536
 273,785,624
 ------------------
UTAH: 0.04%
 770,000 UTAH STATE CHARTER SCHOOL FINANCE AUTHORITY NORTH DAVIS
 PREPARATORY (OTHER REVENUE) 5.00 07/15/2015 783,390
 670,000 UTAH STATE CHARTER SCHOOL FINANCE AUTHORITY SUMMIT ACADEMY
 SERIES A (OTHER REVENUE) 5.13 06/15/2017 677,906
 1,461,296
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
VIRGIN ISLANDS: 0.67%
$ 2,100,000 VIRGIN ISLANDS PFA MATCHING FUND LOAN NOTES DIAGO SERIES A
 (MISCELLANEOUS REVENUE) 6.00% 10/01/2014 $ 2,294,334
 645,000 VIRGIN ISLANDS PFA SENIOR LIEN MATCHING FUND LOAN NOTES
 SERIES A (SEWER TAX REVENUE) 5.00 10/01/2014 706,959
 2,500,000 VIRGIN ISLANDS PFA SENIOR LIEN SERIES B (OTHER REVENUE) 5.00 10/01/2013 2,703,450
 500,000 VIRGIN ISLANDS PFA SENIOR LIEN SERIES B (OTHER REVENUE) 5.00 10/01/2014 548,030
 3,250,000 VIRGIN ISLANDS PFA SUB LIEN SERIES C (OTHER REVENUE) 5.00 10/01/2013 3,506,133
 2,250,000 VIRGIN ISLANDS PFA SUB LIEN SERIES C (OTHER REVENUE) 5.00 10/01/2014 2,462,715
 400,000 VIRGIN ISLANDS PFA SUB MATCHING FUND LOAN NOTES DIAGO
 SERIES A (OTHER REVENUE) 3.00 10/01/2010 400,016
 465,000 VIRGIN ISLANDS PFA SUB MATCHING FUND LOAN NOTES DIAGO
 SERIES A (OTHER REVENUE) 3.00 10/01/2011 470,101
 465,000 VIRGIN ISLANDS PFA SUB MATCHING FUND LOAN NOTES DIAGO
 SERIES A (OTHER REVENUE) 3.00 10/01/2012 472,779
 605,000 VIRGIN ISLANDS PFA SUB MATCHING FUND LOAN NOTES DIAGO
 SERIES A (OTHER REVENUE) 5.00 10/01/2013 653,448
 600,000 VIRGIN ISLANDS PFA SUB MATCHING FUND LOAN NOTES DIAGO
 SERIES A (OTHER REVENUE) 4.00 10/01/2014 633,072
 620,000 VIRGIN ISLANDS PFA SUB MATCHING FUND LOAN NOTES DIAGO
 SERIES A (OTHER REVENUE) 5.00 10/01/2015 683,872
 4,000,000 VIRGIN ISLANDS PUBLIC FINANCE AUTHORITY SERIES C (SPECIAL
 TAX REVENUE) 5.00 10/01/2016 4,400,040
 3,500,000 VIRGIN ISLANDS WATER & POWER AUTHORITY SERIES A
 (ELECTRICAL, POWER & LIGHT REVENUE) 4.00 07/01/2013 3,671,115
 2,500,000 VIRGIN ISLANDS WATER & POWER AUTHORITY SERIES A
 (ELECTRICAL, POWER & LIGHT REVENUE) 4.00 07/01/2014 2,641,825
 26,247,889
 ------------------
VIRGINIA: 0.72%
 3,000,000 CHESTERFIELD COUNTY VA IDA PCR SERIES A (IDR)+/-SS. 5.88 06/01/2017 3,069,600
 2,425,000 CHESTERFIELD COUNTY VA IDA PCR SERIES B (IDR)+/-SS. 5.88 06/01/2017 2,481,260
 2,375,000 HARRISONBURG VA IDA ROCKINGHAM MEMORIAL HOSPITAL (HCFR,
 SUNTRUST BANK LOC)+/-SS. 0.62 12/01/2021 2,375,000
 6,095,000 LOUISA VA IDA ELECTRIC & POWER COMPANY PROJECT SERIES A
 (UTILITIES REVENUE)+/-SS. 2.50 03/01/2031 6,142,236
 2,000,000 LOUISA VA IDA ELECTRIC & POWER COMPANY PROJECT SERIES A
 (UTILITIES REVENUE)+/-SS. 5.38 11/01/2035 2,193,740
 3,072,000 MARQUIS COUNTY VA IDA (OTHER REVENUE) 5.10 09/01/2013 2,785,382
 360,000 RICHMOND VA GOVERNMENT FACILITIES REVENUE BONDS (LEASE
 REVENUE, AMBAC INSURED) 5.00 07/15/2013 391,446
 3,670,000 SMYTH COUNTY VA IDA MOUNTAIN STATES HEALTH ALLIANCE (HCFR) 5.00 07/01/2013 3,889,319
 395,000 VIRGINIA COLLEGE BUILDING AUTHORITY REGENT UNIVERSITY
 PROJECT (COLLEGE & UNIVERSITY REVENUE) 4.50 06/01/2012 405,361
 535,000 VIRGINIA COLLEGE BUILDING AUTHORITY REGENT UNIVERSITY
 PROJECT (COLLEGE & UNIVERSITY REVENUE) 5.00 06/01/2014 567,116
 750,000 VIRGINIA STATE HOUSING DEVELOPMENT AUTHORITY SERIES A-5
 (HOUSING REVENUE, GO OF AUTHORITY) 3.90 01/01/2013 769,185
 600,000 VIRGINIA STATE HOUSING DEVELOPMENT AUTHORITY SERIES A-5
 (HOUSING REVENUE, GO OF AUTHORITY) 3.90 07/01/2013 618,312
 750,000 VIRGINIA STATE HOUSING DEVELOPMENT AUTHORITY SERIES A-5
 (HOUSING REVENUE, GO OF AUTHORITY) 4.20 07/01/2014 782,640
 1,500,000 VIRGINIA STATE HOUSING DEVELOPMENT AUTHORITY SUB SERIES C
 (HOUSING REVENUE) 4.25 07/01/2013 1,559,610
 28,030,207
 ------------------
WASHINGTON: 1.99%
 5,000,000 CLARK COUNTY WA SCHOOL DISTRICT NUMBER 114 (EDUCATION
 REVENUE) 5.25 12/01/2012 5,510,750
 1,070,000 KING COUNTY WA PUBLIC HOSPITAL DISTRICT NUMBER 001 SERIES
 A (HOSPITAL REVENUE) 5.00 06/15/2013 1,130,252

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
WASHINGTON (continued)
$ 1,520,000 KING COUNTY WA PUBLIC HOSPITAL DISTRICT NUMBER 001 SERIES
 A (HOSPITAL REVENUE) 5.00% 06/15/2014 $ 1,623,330
 500,000 PORT KALAMA WA SERIES B (AIRPORT REVENUE) 5.25 12/01/2015 551,715
 260,000 PORT MOSES LAKE WA SERIES A (PROPERTY TAX REVENUE, XLCA
 INSURED) 4.25 12/01/2011 269,342
 200,000 PORT MOSES LAKE WA SERIES A (PROPERTY TAX REVENUE, XLCA
 INSURED) 4.25 12/01/2012 211,588
 185,000 PORT MOSES LAKE WA SERIES A (PROPERTY TAX REVENUE, XLCA
 INSURED) 4.25 12/01/2013 199,262
 395,000 QUINAULT INDIAN NATION WA QUINAULT BEACH SERIES A
 (MISCELLANEOUS REVENUE, ACA INSURED) 5.80 12/01/2015 349,437
 500,000 SKAGIT COUNTY PUBLIC HOSPITAL DISTRICT #1 (HOSPITAL
 REVENUE) 5.50 12/01/2013 534,810
 965,000 SPOKANE WA PUBLIC FACILITIES DISTRICT SERIES A (TAX
 REVENUE, NATL-RE INSURED) 5.00 12/01/2011 1,007,614
 16,655,000 TOBACCO SETTLEMENT AUTHORITY WA ASSET-BACKED (TOBACCO
 SETTLEMENT FUNDED REVENUE) 6.50 06/01/2026 17,207,613
 790,000 WASHINGTON SATE HEFAR WHITWORTH UNIVERSITY PROJECT
 (COLLEGE & UNIVERSITY REVENUE) 4.00 10/01/2014 826,885
 25,230,000 WASHINGTON STATE COP CONVENTION & TRADE CENTER (LEASE
 REVENUE, NATL-RE) 5.25 07/01/2015 25,314,773
 2,000,000 WASHINGTON STATE HEALTH CARE FACILITIES AUTHORITY SERIES A
 (HCFR) 5.00 08/15/2012 2,127,100
 1,250,000 WASHINGTON STATE HEALTH CARE FACILITIES AUTHORITY SERIES A
 (HCFR) 5.00 08/15/2013 1,356,613
 1,500,000 WASHINGTON STATE HEALTH CARE FACILITIES AUTHORITY SERIES A
 (HCFR) 5.00 08/15/2014 1,651,215
 13,980,000 WASHINGTON STATE HEALTH CARE FACILITIES AUTHORITY SERIES A
 (HCFR)+/-SS. 2.00 09/01/2034 13,980,000
 710,000 WASHINGTON STATE HEFAR WHITWORTH UNIVERSITY PROJECT
 (COLLEGE & UNIVERSITY REVENUE) 4.00 10/01/2012 732,365
 630,000 WASHINGTON STATE HEFAR WHITWORTH UNIVERSITY PROJECT
 (COLLEGE & UNIVERSITY REVENUE) 4.00 10/01/2013 654,765
 3,000,000 WASHINGTON STATE HOUSING AUTHORITY (HOUSING REVENUE) 5.10 01/01/2013 2,886,540
 78,125,969
 ------------------
WEST VIRGINIA: 0.22%
 545,000 BERKELEY COUNTY WV PUBLIC SEWER SERIES A (OTHER REVENUE) 4.55 10/01/2014 576,152
 200,000 KANAWHA COUNTY WV RESIDENTIAL MORTGAGE (HOUSING REVENUE,
 FGIC INSURED) 7.38 09/01/2011 212,892
 95,000 OHIO COUNTY WV BUILDING COMMISSION MEDICAL CENTER (HCFR) 7.00 10/01/2010 95,016
 7,400,000 WEST VIRGINIA ECONOMIC DEVELOPMENT AUTHORITY PCR SERIES D
 (UTILITIES REVENUE)+/-SS. 4.85 05/01/2019 7,919,924
 8,803,984
 ------------------
WISCONSIN: 1.30%
 7,575,000 BADGER WI TOBACCO ASSET SECURITIZATION CORPORATION
 ASSET-BACKED PREREFUNDED (OTHER REVENUE) 6.13 06/01/2027 8,099,645
 2,130,000 KENOSHA WI USD # 1 SERIES A (PROPERTY TAX REVENUE) 4.00 04/01/2013 2,276,608
 1,000,000 KIMBERLY WI AREA SCHOOL DISTRICT REFUDNING (OTHER REVENUE) 4.35 03/01/2013 1,039,030
 6,000,000 WISCONSIN HEALTH & EDUCATIONAL FACILITIES AUTHORITY MERCY
 ALLIANCE INCORPORATED PROJECT SERIES A (EDUCATION REVENUE) 5.00 06/01/2019 6,338,400
 825,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT AUTHORITY SERIES
 A (HOUSING REVENUE, AMBAC INSURED, GO OF AUTHORITY) 5.88 11/01/2016 826,865
 130,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT AUTHORITY SERIES
 F (HOUSING REVENUE) 5.20 07/01/2018 133,969
 555,000 WISCONSIN STATE HEFA AURORA HEALTHCARE INCORPORATED SERIES
 A (HCFR) 5.00 04/15/2012 581,307
 1,500,000 WISCONSIN STATE HEFA AURORA HEALTHCARE INCORPORATED SERIES
 A (HCFR) 5.00 04/15/2014 1,614,870
 1,250,000 WISCONSIN STATE HEFA FROEDTERT & COMMUNITY HEALTHCARE
 (HCFR) 4.00 04/01/2014 1,336,350
 6,645,000 WISCONSIN STATE HEFA MARQUETTE UNIVERSITY (COLLEGE &
 UNIVERSITY REVENUE, NATL-RE INSURED) 5.25 06/01/2013 6,664,935
 1,000,000 WISCONSIN STATE HEFA MINISTRY HEALTHCARE SERIES A (HCFR) 4.00 08/15/2014 1,060,480
 1,750,000 WISCONSIN STATE HEFA MINISTRY HEALTHCARE SERIES A (HCFR) 5.00 08/15/2015 1,937,968
 1,060,000 WISCONSIN STATE HEFA THEDACARE INCORPORATED (HCFR) 5.00 12/15/2014 1,169,615
 1,730,000 WISCONSIN STATE HEFA THEDACARE INCORPORATED SERIES A (HCFR) 5.00 12/15/2014 1,910,854
 3,405,000 WISCONSIN STATE HEFA THEDACARE INCORPORATED SERIES B (HCFR) 4.00 12/15/2014 3,625,406

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
WISCONSIN (continued)
$ 860,000 WISCONSIN STATE HEFA WHEATON HEALTHCARE SERIES B (HCFR) 5.00% 08/15/2012 $ 897,238
 10,750,000 WISCONSIN STATE HEFA WHEATON HEALTHCARE SERIES B
 (HCFR)+/-SS. 4.75 08/15/2025 11,553,240
 51,066,780
 ------------------
WYOMING: 0.03%
 1,000,000 LINCOLN COUNTY WY ENVIRONMENTAL CORPORATION (RESOURCE
 RECOVERY REVENUE)+/-SS. 4.13 11/01/2025 1,038,970
 ------------------
TOTAL MUNICIPAL BONDS & NOTES (COST $3,733,959,915) 3,783,240,871
 ------------------

 SHARES YIELD
--------------- -------------
INVESTMENT COMPANIES: 0.78%
 30,548,573 WELLS FARGO ADVANTAGE NATIONAL TAX-FREE MONEY MARKET
 TRUST(L)(U) 0.13 30,548,574
 ------------------

 PRINCIPAL INTEREST RATE MATURITY DATE
--------------- ------------- -------------
US TREASURY SECURITIES: 0.3%
$ 200,000 US TREASURY BILL## 0.15% 12/23/2010 199,929
 1,100,000 US TREASURY BILL## 0.15% 12/23/2010 1,099,608
 1,299,537
 ------------------
TOTAL SHORT-TERM INVESTMENTS (COST $31,848,111) 31,848,111
 ------------------
TOTAL INVESTMENTS IN SECURITIES
(COST $3,840,689,453)* 99.29% $ 3,892,127,080
OTHER ASSETS AND LIABILITIES, NET 0.71 27,644,438
 ------ ------------------
TOTAL NET ASSETS 100.00% $ 3,919,771,518
 ------ ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MUNICIPAL BONDS & NOTES: 97.26%
ALABAMA: 2.57%
$ 1,100,000 ALABAMA 21ST CENTURY AUTHORITY (TOBACCO REVENUE) 5.50% 12/01/2011 $ 1,135,310
 3,000,000 CHATOM AL INDUSTRIAL DEVELOPMENT BOARD ALABAMA ELECTRIC
 SERIES A (ELECTRIC REVENUE, GUARANTEE AGREEMENT)+/-SS. 1.20 08/01/2037 3,000,000
 3,585,000 CHATOM AL INDUSTRIAL DEVELOPMENT BOARD PCR ALABAMA
 ELECTRIC COOPERATIVE INCORPORATE PROJECT SERIES C
 (ELECTRIC REVENUE, AMBAC INSURED)+/-SS. 0.70 08/01/2016 3,432,319
 8,600,000 CHATOM AL INDUSTRIAL DEVELOPMENT BOARD PCR ELECTRIC
 SERIES C (RESOURCE RECOVERY REVENUE)+/-SS. 1.05 12/01/2024 8,600,258
 49,035,000 CHATOM AL INDUSTRIAL DEVELOPMENT BOARD POWERSOUTH ENERGY
 COOPERATIVE PROJECTS SERIES A (ELECTRIC REVENUE, AMBAC
 INSURED)+/-SS. 0.90 11/15/2038 49,035,000
 2,380,000 COUNTY OF JEFFERSON AL SERIES B-8 (OTHER REVENUE, FIRST
 SECURITY BANK INSURED) 5.25 02/01/2012 2,322,737
 4,360,000 GULF SHORES AL MEDICAL CLINIC BOARD COLONIAL PINNACLE MOB
 PROJECT (HCFR, REGIONS BANK LOC)+/-SS. 1.08 07/01/2034 4,360,000
 2,900,000 HEALTH CARE AUTHORITY FOR BAPTIST HEALTH (HCFR)+/-SS. 6.13 11/15/2036 3,038,852
 10,675,000 HEALTH CARE AUTHORITZ FOR BAPTIST HEALTH (HCFR)+/-SS. 0.80 11/15/2037 10,675,000
 3,550,000 HUNTSVILLE AL SOLID WASTE DISPOSAL AUTHORITY (OTHER
 REVENUE, NATL-RE INSURED) 5.75 10/01/2012 3,561,538
 5,030,000 HUNTSVILLE AL SOLID WASTE DISPOSAL AUTHORITY (OTHER
 REVENUE, NATL-RE INSURED) 5.50 10/01/2014 5,043,128
 2,225,000 HUNTSVILLE MADISON COUNTY AL AIRPORT AUTHORITY (AIRPORT
 REVENUE, AGM INSURED) 5.00 07/01/2011 2,281,404
 500,000 INFIRMARY HEALTH SYSTEM SPECIAL CARE FACILITIES FINANCING
 AUTHORITY OF MOBILE AL SERIES A ( HCFR) 5.00 02/01/2012 520,600
 1,000,000 INFIRMARY HEALTH SYSTEM SPECIAL CARE FACILITIES FINANCING
 AUTHORITY OF MOBILE AL SERIES A ( HCFR) 5.00 02/01/2013 1,063,270
 4,810,000 JEFFERSON COUNTY AL YMCA PROJECT (OTHER REVENUE, AMSOUTH
 BANK LOC)+/-SS. 1.13 09/01/2025 4,810,000
 20,500,000 MOBILE AL EDUCATIONAL BUILDING AUTHORITY SPRING HILL
 COLLEGE PROJECT (OTHER REVENUE, REGIONS BANK LOC)+/-SS. 1.21 09/01/2037 20,500,000
 775,000 MOBILE AL INDUSTRIAL DEVELOPMENT BOARD PCR ALABAMA POWER
 COMPANY BARRY SERIES B (POWER REVENUE)+/-SS. 4.88 06/01/2034 836,450
 500,000 MONTGOMERY AL MEDICAL CLINIC BOARD JACKSON HOSPITAL &
 CLINIC (HCFR) 5.00 03/01/2011 505,105
 1,960,000 ORANGE BEACH AL REFUNDING (PROPERTY TAX REVENUE) 3.00 10/01/2011 2,001,885
 3,205,000 TUSCALOOSA COUNTY AL BOARD OF EDUCATION SERIES B (SALES
 TAX REVENUE, REGIONS BANK LOC)+/-SS. 1.13 02/01/2017 3,205,000
 57,900,000 UNIVERSITY OF ALABAMA AT BIRMINGHAM SERIES B (HCFR,
 REGIONS BANK LOC)+/-SS. 1.08 09/01/2031 57,900,000
 187,827,856
 ------------------
ALASKA: 0.97%
 37,035,000 ALASKA SATE HOUSING FINANCE CORPORATION SERIES A (HOUSING
 REVENUE, AGM GO)+/-SS. 0.38 06/01/2032 37,035,000
 2,000,000 ALASKA STATE INTERNATIONAL AIRPORT SYSTEMS SERIES A
 (AIRPORT REVENUE, AMBAC INSURED) 5.13 10/01/2010 2,000,260
 1,000,000 ALASKA STATE INTERNATIONAL AIRPORTS SYSTEM SERIES A
 (AIRPORT REVENUE, NATL-RE INSURED) 5.00 10/01/2010 1,000,120
 1,000,000 ALASKA STUDENT LOAN CORPORATION SERIES A-3 (STUDENT LOAN
 REVENUE) 5.00 06/01/2011 1,019,330
 29,800,000 VALDEZ AK MARINE TERMINAL REVENUE BP PIPELINES
 INCORPORATED PROJECT SERIES B (IDR)+/-SS. 0.33 07/01/2037 29,800,000
 70,854,710
 ------------------
ARIZONA: 3.23%
 9,000,000 ARIZONA HEALTH FACILITIES AUTHORITY PHOENIX CATHOLIC
 HEALTHCARE WEST SERIES E (HCFR)+/-SS. 5.00 07/01/2029 9,444,060
 64,410,000 ARIZONA HEALTH FACILITIES AUTHORITY PHOENIX CHILDREN'S
 HOSPITAL SERIES A (HCFR)+/-SS. 1.27 02/01/2042 58,886,843

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
ARIZONA (continued)
$ 43,300,000 ARIZONA HEALTH FACILITIES AUTHORITY PHOENIX CHILDREN'S
 HOSPITAL SERIES B (HCFR)+/-SS. 1.12% 02/01/2042 $ 39,844,660
 3,195,000 ARIZONA SCHOOL FACILITIES BOARD STATE SCHOOL TRUST SERIES
 A (OTHER REVENUE, AMBAC INSURED) 5.25 07/01/2012 3,397,978
 2,275,000 ARIZONA SCHOOL FACILITIES BOARD STATE SCHOOL TRUST SERIES
 A (OTHER REVENUE, AMBCA INSURED) 5.25 07/01/2011 2,341,089
 27,650,000 ARIZONA SPORTS & TOURISM AUTHORITY (MISCELLANEOUS
 REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 2.00 07/01/2036 27,650,000
 1,500,000 CHANDLER AZ INDUSTRIAL DEVELOPMENT AUTHORITY (IDA)+/-SS. 4.38 12/01/2035 1,509,465
 8,500,000 COCONINO COUNTY AZ POLLUTION CONTROL CORPORATION
 (ELECTRIC, POWER, & LIGHT REVENUES)+/-SS. 3.63 10/01/2029 8,581,685
 4,210,000 MARICOPA COUNTY AZ IDA CATHOLIC HEALTH CARE WEST SERIES A
 (HCFR, NATL-RE INSURED) 5.75 07/01/2011 4,225,324
 5,400,000 MARICOPA COUNTY AZ IDA CATHOLIC HEALTH CARE WEST SERIES B
 (HCFR)+/-SS. 5.00 07/01/2025 5,687,442
 2,000,000 MARICOPA COUNTY AZ IDA SOLID WASTE DISPOSAL WASTE
 MANAGEMENT INCOME PROJECT (SOLID WASTE REVENUE)+/-SS. 7.00 12/01/2031 2,011,540
 5,000,000 MOHAVE COUNTY AZ IDA MOHAVE PRISON LLC EXPANSION PROJECT
 (OTHER REVENUE) 6.75 05/01/2012 5,260,450
 2,250,000 NAVAJO COUNTY AZ POLLUTUION CONTROL CORPORATION(IDA)+/-SS. 5.00 06/01/2034 2,329,470
 30,350,000 SCOTTSDALE AZ INDUSTRIAL DEVELOPMENT AUTHORITY
 (HCFR)+/-SS. 1.42 05/01/2041 30,326,327
 34,825,000 SCOTTSDALE AZ INDUSTRIAL DEVELOPMENT AUTHORITY (HCFR,
 FIRST SECURITY BANK INSURED)+/-SS. 0.97 09/01/2045 34,825,000
 236,321,333
 ------------------
ARKANSAS: 0.05%
 525,000 CITY OF SPRINGDALE AR (SALES TAX REVENUE, AGM INSURED) 4.00 07/01/2027 521,682
 520,000 COUNTY OF BAXTER AR (HCFR) 3.00 09/01/2011 525,169
 1,555,000 COUNTY OF BAXTER AR (HCFR) 3.00 09/01/2012 1,579,414
 1,260,000 NORTH LITTLE ROCK AR HEALTH FACILITIES BOARD BAPTIST
 HEALTH SERIES B (HCFR) 5.00 12/01/2010 1,267,497
 3,893,762
 ------------------
CALIFORNIA: 11.51%
 14,320,000 ABAG FINANCIAL AUTHORITY FOR NONPROFIT CORPORATIONS
 KATHERINE DELMAR BRUKE SCHOOL (EDUCATION REVENUE, ALLIED
 IRISH BANKS PLC LOC)+/-SS. 2.95 10/01/2037 14,320,000
 5,638,000 AUSTIN CA TRUST SERIES 2008-1182 (HOUSING REVENUE)+/-SS. 2.52 02/01/2042 5,638,000
 66,490,000 CALIFORNIA CDA AZUSA PACIFIC UNIVERSITY PROJECT SERIES
 2007 (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC
 LOC)+/-SS. 2.60 04/01/2039 66,490,000
 13,890,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY (COLLEGE &
 UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 1.40 05/01/2033 13,890,000
 3,400,000 CALIFORNIA HFA HOME MORTGAGE SERIES E (HOUSING REVENUE,
 FGIC INSURED) 5.00 02/01/2014 3,466,368
 23,760,000 CALIFORNIA HFFA CALIFORNIA PRESBYTERIAN HOMES (HCFR)+/-SS. 1.60 07/01/2034 23,760,000
 3,000,000 CALIFORNIA HFFA CATHOLIC HEALTHCARE WEST SERIES G
 (HCFR)+/-SS. 5.00 07/01/2028 3,168,840
 1,630,000 CALIFORNIA HFFA CATHOLIC HEALTHCARE WEST SERIES H
 UNREFUNDED BALANCE (HCFR)+/-SS. 4.45 07/01/2026 1,665,827
 2,000,000 CALIFORNIA HFFA CEDARS-SINAI MEDICAL CENTER (HCFR) 5.00 08/15/2011 2,063,080
 6,500,000 CALIFORNIA HFFA SAN DIEGO HOSPITAL SERIES A (HCFR,
 NATL-RE INSURED)+/-SS. 0.49 07/15/2018 5,994,877
 25,520,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
 COLBURN SCHOOL SERIES B (OTHER REVENUE, ALLIED IRISH BANK
 PLC LOC)+/-SS. 1.60 08/01/2037 25,520,000
 8,835,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
 FLOATERS PT 3689 (TOLL ROAD REVENUE, AMBAC INSURED)+/-SS. 0.39 07/01/2036 8,835,000
 9,200,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
 FLOATERS PT 3701 (TOLL ROAD REVENUE, AMBAC INSURED)+/-SS. 0.46 07/01/2036 9,200,000
 10,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK LOS
 ANGELES COUNTY MUSEUM SERIES A (RECREATIONAL REVENUE,
 ALLIED IRISH BANK PLC LOC)+/-SS. 1.85 09/01/2037 10,000,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 45,570,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
 ORANGE COUNTY PERFORMING SERIES C (RECREATIONAL REVENUE,
 ALLIED IRISH BANK PLC LOC)+/-SS. 1.60% 07/01/2034 $ 45,570,000
 13,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
 PACIFIC GAS & ELECTRIC SERIES E (ELECTRIC REVENUE)+/-SS. 2.25 11/01/2026 13,062,140
 44,900,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK SAN
 FRANCISCO BALLET (OTHER REVENUE, ALLIED IRISH BANK PLC
 LOC)+/-SS. 2.23 08/01/2038 44,900,000
 22,500,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY REPUBLIC SERVICES
 REMARKETING (RESOURCE RECOVERY REVENUE)+/-SS. 1.20 09/01/2021 22,500,000
 5,000,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY WASTE MANAGEMENT
 INCORPORATED PROJECT SERIES A (RESOURCE RECOVERY
 REVENUE)+/-SS. 1.63 02/01/2019 4,996,700
 6,000,000 CALIFORNIA PCFA WASTE MANAGEMENT INCORPORATED PROJECT
 SERIES A (RESOURCE RECOVERY REVENUE)+/-SS. 5.00 11/01/2038 6,354,240
 2,500,000 CALIFORNIA PCFA WASTE MANAGEMENT INCORPORATED PROJECT
 SERIES A 1 (RESOURCE RECOVERY REVENUE)+/-SS. 4.70 04/01/2025 2,579,250
 6,000,000 CALIFORNIA PCFA WASTE MANAGEMENT INCORPORATED PROJECT
 SERIES C (IDR)+/-SS. 6.75 12/01/2027 6,046,380
 20,000,000 CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY
 (RESOURCE RECOVERY REVENUE)+/-SS. 1.30 08/01/2023 19,999,200
 17,720,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G-5 (WATER
 REVENUE, AGM INSURED)+/-SS. 0.27 05/01/2016 17,720,000
 18,775,000 CALIFORNIA STATE FLOATERS DCL-049 (GENERAL FUND REVENUE,
 FSA INSURED, DEXIA CREDIT LOCAL LOC)+/-SS. 0.46 08/01/2032 18,775,000
 4,885,000 CALIFORNIA STATE FLOATERS PT-2266 (GENERAL FUND REVENUE,
 AMBAC INSURED)+/-SS. 0.46 04/01/2017 4,885,000
 5,270,000 CALIFORNIA STATE FLOATERS PT-2272 (GENERAL FUND REVENUE,
 FSA CR INSURED)+/-SS. 0.46 02/01/2015 5,270,000
 4,385,000 CALIFORNIA STATE FLOATERS PT-2831 (GENERAL FUND REVENUE,
 AMBAC INSURED)+/-SS. 0.46 02/01/2028 4,385,000
 9,340,000 CALIFORNIA STATEWIDE CDA CULINARY INSTITUTE OF AMERICA
 (MISCELLANEOUS REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 2.20 10/01/2038 9,340,000
 1,250,000 CALIFORNIA STATEWIDE CDA DISPOSAL REPUBLIC SERVICES
 SERIES A (RESOURCE RECOVERY REVENUE) 4.95 12/01/2012 1,309,238
 8,700,000 CALIFORNIA STATEWIDE CDA HEALTH FACILITIES CATHOLIC
 SERIES E (HCFR, AGM INSURED)+/-SS. 0.68 07/01/2040 8,700,000
 50,200,000 CALIFORNIA STATEWIDE CDA WESTERN UNIVERSITY HEALTH SERIES
 A (MISCELLANEOUS REVENUE, BANK OF NEW YORK LOC)+/-SS. 2.40 06/01/2039 50,200,000
 1,000,000 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
 (LOCAL OR GTD HOUSING REVENUE, FREDDIE MAC INSURED) 1.88 12/01/2012 1,001,720
 14,435,000 CALIFORNIA TRANSPORTATION FINANCING AUTHORITY (TRANSIT
 REVENUE, AGM INSURED)+/-SS. 0.34 10/01/2027 14,435,000
 9,290,000 CITY OF FREMONT CA (LEASE REVENUE, ALLIED IRISH BANK PLC
 LOC)+/-SS. 3.00 08/01/2038 9,290,000
 8,570,000 CITY OF LOS ANGELES CA (PRIVATE SCHOOL REVENUE, ALLIED
 IRISH BANK PLC LOC)+/-SS. 2.37 02/01/2034 8,570,000
 20,000,000 GOLDEN EMPIRE SCHOOLS FINANCING AUTHORITY (LEASE REVENUE) 4.00 05/01/2012 20,933,200
 27,965,000 IRWINDALE CA CDA FLOATERS PT-3542 (TAX ALLOCATION
 REVENUE, FSA INSURED)+/-SS. 0.46 07/15/2026 27,965,000
 2,340,000 LONG BEACH CA BOND FINANCE AUTHORITY SERIES A (NATURAL
 GAS REVENUE) 5.00 11/15/2014 2,521,561
 6,305,000 LONG BEACH CA BOND FINANCE AUTHORITY SERIES A (NAUTRAL
 GAS REVENUE) 5.00 11/15/2013 6,755,177
 19,800,000 LONG BEACH CA COMMUNITY COLLEGE DISTRICT BOND
 ANTICIPATION NOTES SERIES A (EDUCATION REVENUE) 9.85 01/15/2013 23,698,818
 455,000 LONG BEACH CA SERIES B (AIRPORT REVENUE) 3.00 06/01/2011 458,722
 1,475,000 LONG BEAH CA HARBOR FLOATS -PT-3876 (OTHER REVENUE)+/-SS. 0.53 05/15/2014 1,475,000
 10,000,000 LOS ANGELES COUNTY SCHOOLS POOLED FINANCING PROGRAM COP
 SERIES E-2 (OTHER REVENUE, GO OF PARTICIPANTS) 2.00 03/31/2011 10,044,300
 5,500,000 NEWPORT BEACH CA HOAG MEMORIAL PRESBYTERIAN HOSPITAL
 SERIES C (HCFR)+/-SS. 4.00 12/01/2038 5,563,140
 10,000,000 NORTHERN CA GAS AUTHORITY # 1 LIBOR (UTILITIES
 REVENUE)+/-SS. 0.81 07/01/2013 9,558,800
 5,225,000 NORTHERN CA GAS AUTHORITY # 1 LIBOR (UTILITIES
 REVENUE)+/-SS. 0.96 07/01/2017 4,470,249
 2,750,000 ORANGE COUNTY CA LOCAL TRANSPORTATION AUTHORITY LINKED
 SAVERS & RIBS (SALES TAX REVENUE) 6.20 02/14/2011 2,785,118

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
CALIFORNIA (continued)
$ 31,675,000 PALOMAR POMERADO HEALTH CARE DISTRICT COP SERIES A (HCFR,
 AGM INSURED)+/-SS. 0.95% 11/01/2036 $ 31,675,000
 24,650,000 PALOMAR POMERADO HEALTH CARE DISTRICT COP SERIES B (HCFR,
 AGM INSURED)+/-SS. 0.90 11/01/2036 24,650,000
 11,825,000 PALOMAR POMERADO HEALTH CARE DISTRICT COP SERIES C (HCFR,
 AGM INSURED)+/-SS. 0.90 11/01/2036 11,825,000
 8,965,000 PITTSBURG CA PUBLIC FINANCE AUTHORITY WATER RRB SERIES
 2008 (WATER REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 1.90 06/01/2035 8,965,000
 1,225,000 PORT OF OAKLAND CA SERIES K UNREFUNDED (MARINA REVENUE,
 NATL-RE FGIC INSURED) 5.50 11/01/2010 1,229,435
 8,240,000 PORT OF OAKLAND CA SERIES K UNREFUNDED (TRANSPORTATION
 REVENUE, NATL-RE FGIC INSURED) 5.75 11/01/2013 8,266,203
 2,590,000 POWAY CA COMMUNITY FACILITIES DISTRICT # 88-1 PARKWAY
 BUSINESS (SPECIAL ASSESSMENT TAX) 3.00 08/15/2011 2,604,452
 2,980,000 POWAY CA COMMUNITY FACILITIES DISTRICT # 88-1 PARKWAY
 BUSINESS (SPECIAL ASSESSMENT TAX) 3.25 08/15/2012 3,011,081
 8,915,000 PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS 4011 (SEWER
 REVENUE, FGIC INSURED)+/-SS. 0.46 12/01/2023 8,915,000
 9,635,000 PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS 4043 (TAX
 REVENUE, FSA GO OF DISTRICT INSURED)+/-SS. 0.46 10/15/2023 9,635,000
 9,790,000 PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS 4166
 (PROPERTY TAX REVENUE, DEXIA CREDIT LOCAL LOC)+/-SS. 0.46 03/01/2016 9,790,000
 27,550,000 PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS 4211
 (PROPERTY TAX REVENUE,)+/-SS. 0.46 02/01/2025 27,550,000
 10,635,000 PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS 4369 (FSA
 INSURED)+/-SS. 0.46 08/01/2032 10,635,000
 1,215,000 ROSEVILLE CA NATURAL GAS FINANCE AUTHORITY (NATURAL GAS
 REVENUE) 5.00 02/15/2012 1,264,572
 8,630,000 SACRAMENTO COUNTY CA SFMR FLOATERS 2327 (GOVERNMENT
 SECURITIES REVENUE, FNMA/GNMA INSURED)+/-SS. 0.53 10/01/2023 8,630,000
 1,000,000 SAN DIEGO CA PFFA BALLPARK SERIES A (LEASE REVENUE, AMBAC
 INSURED) 5.00 02/15/2012 1,042,040
 4,110,000 SAN DIEGO CA PFFA BALLPARK SERIES A (LEASE REVENUE, AMBAC
 INSURED) 5.00 02/15/2013 4,367,409
 9,220,000 STATE OF CALIFORNIA (PROPERTY TAX REVENUE) 4.15 12/01/2012 9,726,639
 7,250,000 TURLOCK CA IRRIGATION DISTRICT SENIOR NOTES (UTILITIES
 REVENUE) 0.75 08/12/2011 7,250,000
 5,045,000 TUSTIN CA COMMUNITY REDEVELOPMENT AGENCY+/-SS. 0.41 02/03/2011 5,045,000
 1,730,000 WASHINGTON TOWNSHIP CA HEALTH CARE DISTRICT 2004 ELECTION
 SERIES A (PROPERTY TAX REVENUE) 6.00 08/01/2012 1,883,866
 315,000 WASHINGTON TOWNSHIP CA HEALTH CARE DISTRICT SERIES A (HCFR) 4.50 07/01/2011 321,369
 285,000 WASHINGTON TOWNSHIP CA HEALTH CARE DISTRICT SERIES A (HCFR) 4.50 07/01/2012 297,557
 290,000 WASHINGTON TOWNSHIP CA HEALTH CARE DISTRICT SERIES A (HCFR) 4.50 07/01/2013 307,313
 305,000 WASHINGTON TOWNSHIP CA HEALTH CARE DISTRICT SERIES A (HCFR) 5.00 07/01/2014 332,026
 1,500,000 WILLIAM S. HART CA USD BOND ANTICIPATION NOTES
 (PROPERTY TAX REVENUE) 3.00 12/01/2011 1,511,760
 1,000,000 WILLIAM S. HART CA USD BOND ANTICIPATION NOTES
 (PROPERTY TAX REVENUE) 4.00 12/01/2011 1,019,300
 8,550,000 WILLIAM S. HART CA USD BOND ANTICIPATION NOTES
 (PROPERTY TAX REVENUE) 5.00 12/01/2011 8,813,084
 840,693,051
 ------------------
COLORADO: 1.87%
 62,162 ARAPAHOE COUNTY CO IDK PARTNERS I TRUST SERIES A CLASS A
 (SFMR, GNMA COLLATERAL) 5.25 11/01/2019 62,728
 9,615,000 ARKANSAS RIVER POWER AUTHORITY CO FLOATERS PT-3550
 (UTILITIES REVENUE, XLCA INSURED)+/-SS. 0.47 10/01/2026 9,615,000
 6,000,000 COLORADO ECFA NORTHWESTERN COLLEGE SERIES A (COLLEGE &
 UNIVERSITY REVENUE, MARSHALL & ILSLEY LOC)+/-SS. 1.48 08/01/2038 6,000,000
 2,495,000 COLORADO HEALTH FACILITIES AUTHORITY CATHOLIC HEALTH
 SERIES C-6 (HCFR)+/-SS. 3.95 09/01/2036 2,503,982
 500,000 COLORADO HEALTH FACILITIES AUTHORITY COVENANT RETIREMENT
 COMMUNITIES INCORPORATED (HCFR) 5.00 12/01/2010 501,940
 1,000,000 COLORADO HEALTH FACILITIES AUTHORITY COVENANT RETIREMENT
 COMMUNITIES INCORPORATED (HCFR) 5.00 12/01/2011 1,025,920

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
COLORADO (continued)
$ 1,555,000 COLORADO HEALTH FACILITIES AUTHORITY LONGMONT UNITED
 HOSPITAL SERIES B (HCFR, RADIAN INSURED) 5.25% 12/01/2011 $ 1,598,835
 14,675,000 COLORADO SPRINGS CO SUB LIEN IMPROVEMENTS SERIES A
 (UTTILITIES REVENUE)+/-SS. 0.32 11/01/2025 14,675,000
 5,000,000 COLORADO SPRINGS CO UTILITIES SERIES B (UTILTIES
 REVENUE)+/-SS. 0.37 11/01/2036 5,000,000
 10,750,000 DENVER CO CITY & COUNTY (AIRPORT REVENUE, NATL-RE
 INSURED)+/-SS. 0.54 11/15/2012 10,750,000
 1,370,000 DENVER CO CITY & COUNTY RENTAL CAR PROJECT SERIES A
 (OTHER REVENUE, NATL-RE INSURED) 6.00 01/01/2011 1,382,563
 10,000,000 DENVER CO CITY & COUNTY SERIES A (AIRPORT REVENUE, AMBAC
 INSURED) 6.00 11/15/2013 10,051,100
 2,950,000 DENVER CO CITY & COUNTY SUBSERIES F2 (AIRPORT REVENUE,
 ASSURED GUARANTY)+/-SS. 0.75 11/15/2025 2,950,000
 2,650,000 DENVER CO CITY & COUNTY SUBSERIES F3 (AIRPORT REVENUE,
 ASSURED GUARANTEE)+/-SS. 0.59 11/15/2025 2,650,000
 1,500,000 E-470 PUBLIC HIGHWAY AUTHORITY CO SERIES A2 (TOLL ROAD
 REVENUE, NATL-RE INSURED)+/-SS. 5.00 09/01/2039 1,537,065
 10,000,000 E-470 PUBLIC HIGHWAY AUTHORITY CO SERIES B (TOLL ROAD
 REVENUE, NATL-RE INSURED)## 3.07 09/01/2011 9,721,700
 4,715,000 E-470 PUBLIC HIGHWAY AUTHORITY CO SERIES B2
 (TRANSPORTATION REVENUE, NATL-RE INSURED)+/-SS. 5.00 09/01/2039 4,855,790
 1,535,000 FITZSIMONS CO REDEVELOPMENT AUTHORITY RB UNIVERSITY
 PHYSICIANS INCORPORATED PROJECT (COLLEGE & UNIVERSITY
 REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 3.00 01/01/2025 1,535,000
 50,000,000 UNIVERSITY OF COLORADO HOSPITAL AUTHORITY SERIES B
 (COLLEGE & UNIVERSITY REVENUE)+/-SS. 1.05 11/15/2035 50,000,000
 136,416,623
 ------------------
CONNECTICUT: 0.29%
 11,250,000 CAPITAL CITY CT EDFA SERIES B (AUTO PARKING REVENUE)+/-SS. 0.36 06/15/2034 11,250,000
 9,800,000 CONNECTICUT STATE DEVELOPMENT AUTHORITY CONNECTICUT LIGHT
 & POWER SERIES A (PCR)+/-SS. 1.40 05/01/2031 9,804,116
 21,054,116
 ------------------
DISTRICT OF COLUMBIA: 1.00%
 12,000,000 DISTRICT OF COLUMBIA AMERICAN COLLEGE CARDIOLOGY (COLLEGE
 & UNIVERSITY REVENUE, SUNTRUST BANK NA LOC)+/-SS. 0.62 06/01/2040 12,000,000
 6,000,000 DISTRICT OF COLUMBIA BOND ANTICIPATION NOTES PILOT ARTHUR
 (OTHER REVENUE) 4.00 12/01/2012 6,277,920
 8,000,000 DISTRICT OF COLUMBIA GEORGETOWN DAY SCHOOL ISSUES
 (PRIVATE SCHOOLS REVENUE, SUNTRUST BANK LOC)+/-SS. 0.62 07/01/2040 8,000,000
 6,750,000 DISTRICT OF COLUMBIA INCOME TAX SERIES C+/-SS. 0.45 12/01/2011 6,719,153
 18,200,000 DISTRICT OF COLUMBIA POPULATION SERVICES INTERNATIONAL
 (OTHER REVENUE, SUNTRUST BANK NA LOC)+/-SS. 0.62 11/01/2042 18,200,000
 22,000,000 DISTRICT OF COLUMBIA SIDWELL FRIENDS SCHOOL (COLLEGE &
 UNIVERSITY REVENUE, SUNTRUST BANK LOC)+/-SS. 0.62 04/01/2035 22,000,000
 73,197,073
 ------------------
FLORIDA: 7.74%
 1,000,000 ALACHUA COUNTY FL HEALTH FACILITIES AUTHORITY (HCFR) 3.00 12/01/2011 1,013,230
 4,340,000 ALACHUA COUNTY FL HEALTH FACILITIES AUTHORITY SHANDS
 HEALTHCARE SERIES B (HEALTHCARE REVENUE) 5.00 12/01/2013 4,666,585
 500,000 ALACHUA COUNTY FL HEALTH FACILITIES AUTHORITY SHANDS
 HEALTHCARE SERICES B (HEALTHCARE REVENUE) 3.00 12/01/2012 508,685
 2,000,000 ARCADIA FL HOUSING AUTHORITY ARCADIA OAKS ASSOCIATION
 LIMITED PROJECT (MFHR) 4.25 01/01/2012 2,002,340
 1,525,000 BROWARD COUNTY FL PASSENGER FINANCIAL CONVENTION LIEN
 SERIES H-1 (AIRPORT REVENUE, AMBAC INSURED) 5.25 10/01/2011 1,530,139
 3,100,000 BROWARD COUNTY FL SERIES C (AIRPORT REVENUE, NATL-RE
 INSURED) 5.38 09/01/2011 3,110,726
 5,665,000 BROWARD COUNTY FL SERIES C (AIRPORT REVENUE, NATL-RE
 INSURED) 5.38 09/01/2012 5,681,712
 4,700,000 BROWARD COUNTY FL SERIES E (AIRPORT REVENUE, NATL-RE
 INSURED) 5.25 10/01/2011 4,715,839

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
FLORIDA (continued)
$ 1,300,000 BROWARD COUNTY FL SERIES E (AIRPORT REVENUE, NATL-RE
 INSURED) 5.25% 10/01/2012 $ 1,303,822
 4,900,000 BROWARD COUNTY SCHOOL BOARD/FL (LEASE REVENUE, AGM
 INSURED)+/-SS. 0.27 07/01/2031 4,900,000
 21,455,000 CAPE CORAL FL BOND ANTICIPATION NOTES (UTILTIES REVENUE) 6.00 10/01/2011 22,111,952
 2,180,000 CITRUS COUNTY FL COP SERIES B (OTHER REVENUE, ASSURED
 GUARANTEE) 4.00 04/01/2012 2,266,088
 1,260,000 CITY OF MIAMI FL (PROPERTY TAX REVENUE) 3.00 01/01/2011 1,265,783
 2,000,000 COUNTY OF POLK FL (SALES TAX REVENUE, AGM INSURED)+/-SS. 5.50 12/01/2021 2,015,600
 6,900,000 ESCAMBIA COUNTY FL SOLID WASTE DISPOSAL SYSTEM GULF POWER
 COMPANY PROJECT 2ND SERIES (RESOURCE RECOVERY
 REVENUE)+/-SS. 0.43 04/01/2039 6,900,000
 10,500,000 ESCAMBIA COUNTY FL SOLID WASTE DISPOSAL SYSTEM GULF POWER
 COMPANY PROJECT FIRST SERIES (POWER REVENUE)+/-SS. 2.00 04/01/2039 10,578,645
 4,020,000 FLORIDA HOUSING FINANCE CORPORATION BRIARWOOD APARTMENTS
 SERIES E (MFMR) 4.00 10/01/2010 4,020,201
 1,315,000 FLORIDA RURAL UTILITY FINANCING COMMISSION PUBLIC
 CONSTRUCTION PROJECTS (OTHER REVENUE) 3.25 11/01/2011 1,316,354
 1,350,000 FLORIDA RURAL UTILITY FINANCING COMMISSION PUBLIC
 CONSTRUCTION PROJECTS (OTHER REVENUE) 3.50 11/01/2011 1,351,526
 1,650,000 FLORIDA RURAL UTILITY FINANCING COMMISSION PUBLIC
 CONSTRUCTION PROJECTS (OTHER REVENUE) 4.00 11/01/2011 1,652,756
 3,095,000 FLORIDA STATE BOARD OF EDUCATION SERIES A (PARIMUTUEL
 BETTING REVENUE) 5.00 07/01/2012 3,325,547
 5,350,000 FLORIDA STATE BOARD OF EDUCATION SERIES C (PARIMUTUEL
 BETTING REVENUE) 3.00 07/01/2012 5,562,502
 1,215,000 FLORIDA STATE BOARD OF EDUCATION SERIES C (PARIMUTUEL
 BETTING REVENUE) 5.00 07/01/2012 1,305,505
 2,335,000 FLORIDA STATE DEPARTMENT OF CORRECTIONS COP IKEECHOBEE
 CORRECTIONAL (LEASE REVENUE AMBAC INSURED) 5.00 03/01/2011 2,370,889
 7,940,000 GREATER ORLANDO AVIATION AUTHORITY ORLANDO FL AIRPORT
 FANILITIES SERIES B (AIRPORT REVENUE) 3.00 10/01/2011 8,106,343
 12,270,000 GULF BREEZE FL LOCAL GOVERNMENT LOAN SERIES FG & H (OTHER
 REVENUE)+/-SS. 5.00 12/01/2020 12,317,730
 1,330,000 GULF BREEZE FL MIAMI BEACH LOCAL GOVERNMENT SERIES E
 (OTHER REVENUE, FGIC INSURED)+/-SS. 5.00 12/01/2020 1,346,452
 2,805,000 HIGHLANDS COUNTY FL HFA ADVENTIST HEALTH SUNBELT SERIES E
 (HCFR) 3.00 11/15/2011 2,871,759
 1,395,000 HIGHLANDS COUNTY FL HFA ADVENTIST HEALTH SUNBELT SERIES E
 (HCFR) 4.50 11/15/2012 1,487,279
 1,850,000 HILLSBOROUGH COUNTY FL AVIATION AUTHORITY TAMPA
 INTERNATIONAL AIRPORT SERIES A (AIRPORT REVENUE, AMBAC
 INSURED) 5.25 10/01/2012 1,985,679
 2,045,000 HILLSBOROUGH COUNTY FL SCHOOL BOARD COP MASTER LEASE
 PROGRAM SERIES A (LEASE REVENUE, NATL-RE INSURED) 5.50 07/01/2012 2,188,334
 1,200,000 JACKSONVILLE FL (SALES TAX REVENUE, AMBAC INSURED) 5.50 10/01/2014 1,250,316
 27,600,000 JACKSONVILLE FL SERIES CAP PROJECT REVENUE B (WATER
 REVENUE, SUNTRUST BANK LOC)+/-SS. 0.62 10/01/2034 27,600,000
 2,990,000 KEY WEST FL UTILITY BOARD (UTILITIES REVENUE, AMBAC
 INSURED) 6.00 10/01/2011 3,137,467
 35,000,000 LAKELAND FL ENERGY SYSTEM REVENUE (ELECTRIC REVENUE)+/-SS. 1.02 10/01/2012 34,905,150
 10,975,000 LAKELAND FL ENERGY SYSTEM REVENUE (UTILITIES
 REVENUE)+/-SS. 1.37 10/01/2014 10,861,848
 500,000 LEE COUNTY FL FEFUNDING SERIES A (AIRPORT REVENUE, AGM
 INSURED) 5.00 10/01/2012 531,285
 4,140,000 LEE COUNTY FL REFUNDING SERIES A (AIRPORT REVENUE, AGM
 INSURED) 5.00 10/01/2013 4,504,651
 5,850,000 LEE COUNTY FL SOLID WASTE SYSTEM REVENUE (OTHER REVENUE,
 NATL-RE INSURED) 5.50 10/01/2011 6,046,326
 1,000,000 LEE COUNTY FL SOLID WASTE SYSTEM SERIES R (RESOURCE
 RECOVERY REVENUE) 5.00 10/01/2011 1,026,110
 16,795,000 LEESBURG FL LEESBURG REGIONAL SERIES A (HCFR, REGIONS
 BANK LOC)+/-SS. 1.08 07/01/2031 16,795,000
 980,000 MARION COUNTY FL IDA WASTE 2 WATER INCORPORATED PROJECT
 (IDR, SUNTRUST BANK LOC)+/-SS. 0.87 10/01/2026 980,000
 2,000,000 MIAMI DADE COUNTY FL AVIATION REVENUE SERIES C (AIRPORT
 REVENUE, NATL-RE INSURED) 5.25 10/01/2010 2,000,240
 6,250,000 MIAMI DADE COUNTY FL HEALTH FACILITIES AUTHORITY MIAMI
 CHILDREN'S SERIES A (HCFR, NATL-RE INSURED)+/-SS. 4.13 08/01/2046 6,369,688
 605,000 MIAMI DADE COUNTY FL HFA SIESTA POINTE APARTMENTS SERIES
 A (MFHR) 5.50 09/01/2012 606,355
 19,075,000 MIAMI DADE COUNTY FL IDA DOLPHINS STADIUM PROJECT SERIES
 A+/-SS. 3.17 07/01/2032 19,075,000
 19,075,000 MIAMI DADE COUNTY FL IDA DOLPHINS STADIUM PROJECT SERIES
 B+/-SS. 3.20 07/01/2032 19,075,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
FLORIDA (continued)
$ 5,730,000 MIAMI DADE COUNTY FL IDA GOODWILL INDUSTRIES SOUTH
 FLORIDA PROJECT (IDR, SUNTRUST BANK LOC)+/-SS. 0.62% 05/01/2028 $ 5,730,000
 2,800,000 MIAMI DADE COUNTY FL IDA WASTE MANAGEMENT INCORPORATED
 FLORIDA PROJECT (OTHER REVENUE)+/-SS. 5.40 08/01/2023 2,868,684
 6,850,000 MIAMI DADE COUNTY FL IDR SERIES C (MISCELLANEOUS
 REVENUE)+/-SS. 3.20 07/01/2032 6,850,000
 4,005,000 MIAMI DADE COUNTY FL SCHOOL BOARD COP SERIES B (LEASE
 REVENUE, NATL-RE INSURED)+/-SS. 5.50 05/01/2030 4,092,790
 2,770,000 MIAMI DADE COUNTY FL SCHOOL BOARD COP SERIES B (LEASE
 REVENUE, NATL-RE INSURED)+/-SS. 5.00 05/01/2031 2,821,522
 14,476,552 MIAMI DADE COUNTY FL SCHOOL BOARD MASTER EQUIPMENT LEASE
 1 (LEASE REVENUE) 3.59 03/03/2016 14,859,457
 3,350,000 MIAMI DADE COUNTY FL SCHOOL BOARD SERIES A (LEASE
 REVENUE, NATL-RE FGIC INSURED) 5.00 05/01/2011 3,422,327
 2,000,000 MIAMI- DADE COUNTY FL EXPRESSWAY AUTHORITY
 (TRANSPORTATION REVENUE, ASSURED GUARANTEE INSURED)+/-SS. 0.35 07/01/2018 2,000,000
 1,385,000 NORTH MIAMI FL JOHNSTON & WALES UNIVERSITY PROJECT SERIES
 A (COLLEGE AND UNIVERSITY REVENUE, XLCA INSURED) 5.00 04/01/2011 1,405,193
 1,455,000 NORTH MIAMI FL JOHNSTON & WALES UNIVERSITY PROJECT SERIES
 A (COLLEGE AND UNIVERSITY REVENUE, XLCA INSURED) 5.00 04/01/2012 1,514,131
 6,690,000 OKEECHOBEE COUNTY FL DISPOSAL WASTE MANAGEMENT LANDFILL A
 (RESOURCE RECOVERY REVENUE)+/-SS. 2.63 07/01/2039 6,735,224
 6,300,000 ORANGE COUNTY FL HEALTH FACILITIES AUTHORITY SCOOL
 SERVICES INCORPORATED PROJECT (HCFR, SUNTRUST BANK
 LOC)+/-SS. 0.62 12/01/2023 6,300,000
 12,860,000 ORANGE COUNTY FL INDEPENDENT BLOOD & TISSUE SERVICES
 (IDR, SUNTRUST BANK LOC)+/-SS. 0.62 10/01/2027 12,860,000
 2,300,000 ORLANDO & ORANGE COUNTY FL EXPRESSWAY AUTHORITY SUB
 SERIES B-2 (TOLL ROAD REVENUE, SUNTRUST BANK LOC)+/-SS. 0.38 07/01/2040 2,300,000
 6,525,000 PALM BEACH COUNTY FL SOUTH FLORIDA BLOOD BANKS PROJECT
 (IDR, SUNTRUST BANK LOC)+/-SS. 0.62 12/01/2022 6,525,000
 24,086,148 PALM BEACH COUNTY PUBLIC IMPROVEMENT COP (OTHER REVENUE) 3.04 02/01/2014 24,385,780
 900,000 PINELLAS COUNTY FL FAMILY RESOURCES INCORPORATED PROJECT
 (IDR, SUNTRUST BANK LOC)+/-SS. 0.67 07/01/2024 900,000
 5,640,000 PINELLAS COUNTY FL YMCA SUNCOAST INCORPORATED PROJECT
 (IDR, SUNTRUST BANK LOC)+/-SS. 0.62 05/01/2027 5,640,000
 10,300,000 POLK COUNTY FL TRANSPORTATION IMPROVEMENT REFUNDING
 (OTHER REVENUE, AGM INSURED)+/-SS. 5.00 12/01/2025 10,365,302
 15,035,000 PORT OF ST. JOE FL WATER & SEWERE SYSTEM (WATER REVENUE,
 REGIONS BANK LOC)+/-SS. 1.08 12/01/2038 15,035,000
 20,000,000 PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS 4615 (LEASE
 REVENUE)+/-SS. 0.47 08/01/2029 20,000,000
 43,560,000 PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS 4638+/-SS. 0.47 07/01/2036 43,560,000
 500,000 REEDY CREEK FL IMPROVEMENT DISTRICT SERIES 2 (OTHER
 REVENUE, NATL-RE INSURED) 5.25 10/01/2010 500,060
 900,000 SOUTH LAKE COUNTY FL HOSPITAL DISTRICT SOUTH LAKE
 HOSPITAL INCORPORATED (HOSPITAL REVENUE, ORLANDO HEALTH
 INCORPORATED GUARANTEE) 4.00 10/01/2013 940,950
 455,000 SOUTH LAKE COUNTY HOSPITAL DISTRICT FL SOUTH LAKE
 HOSPITAL INCORPORATED (HOSPITAL REVENUE, ORLANDO HEALTH
 INCORPORATED GUARANTEE) 4.00 10/01/2012 472,185
 965,000 SOUTH LAKE COUNTY HOSPITAL DISTRICT FL SOUTH LAKE
 HOSPITAL INCORPORATED (HOSPITAL REVENUE, ORLANDO HEALTH
 INCORPORATED GUARANTEE) 5.50 10/01/2013 993,323
 22,200,000 ST. JOHNS COUNTY FL FLAGLER HOSPITAL INCORPORATED SERIES
 B (HCFR, NATL-RE INSURED, SUNTRUST BANK LOC)+/-SS. 0.62 12/15/2026 22,200,000
 20,180,000 ST. JOHNS COUNTY FL IDA FLAGLER HOSPITAL INCORPORATED
 SERIES A (HCFR, NATL-RE INSURED, SUNTRUST BANK LOC)+/-SS. 0.62 12/15/2026 20,180,000
 2,830,000 TAMPA FL SOLID WASTE SYSTEM REVENUE SERIES A (OTHER
 REVENUE, AMBAC INSURED) 4.55 10/01/2010 2,830,283
 2,855,000 UNIVERSITY ATHLETIC ASSOCIATION INCORPORATED (COLLEGE &
 UNIVERSITY REVENUE, SUNTRUST BANK LOC)+/-SS. 3.75 10/01/2027 2,930,401
 2,500,000 UNIVERSITY ATHLETIC ASSOCIATION INCORPORATED (COLLEGE &
 UNIVERSITY REVENUE, SUNTRUST BANK LOC)+/-SS. 3.80 10/01/2031 2,567,250

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
FLORIDA (continued)
$ 17,615,000 UNIVERSITY OF SOUTH FLORIDA COLLEGE MEDICINE HEALTH
 FACILITIES LEASE PROGRAM SERIES A-1 (LEASE REVENUE,
 SUNTRUST BANK LOC)+/-SS. 0.62% 07/01/2036 $ 17,615,000
 11,350,000 UNIVERSITY OF SOUTH FLORIDA FINANCING CORPORATION FLORIDA
 COP COLLEGE OF MEDICINE HEALTH SERIES A-2 (LEASE REVENUE,
 SUNTRUST BANK LOC)+/-SS. 0.37 07/01/2036 11,350,000
 1,905,000 VOLUSIA COUNTY FL SCHOOL BOARD (SALES TAX REVENUE) 5.25 10/01/2012 2,024,482
 565,318,782
 ------------------
GEORGIA: 4.34%
 7,900,000 APPLING COUNTY GA DEVELOPMENT AUTHORITY GEORGIA POWER
 COMPANY PLANT HATCH PROJECT (PCR, AMBAC INSURED) 4.40 07/01/2016 8,109,271
 7,810,000 ATLANTA GA SERIES A (SEWER REVENUE) 3.00 11/01/2010 7,824,527
 2,250,000 ATLANTA GA SERIES A (SEWER REVENUE) 4.00 11/01/2011 2,321,348
 52,690,000 ATLANTA GA SERIES B-2 (AIRPORT REVENUE, NATL-RE
 INSURED)+/-SS. 2.27 01/01/2030 52,690,000
 4,000,000 ATLANTA GA SERIES C (AIRPORT REVENUE, NATL-RE FGIC INSURED) 6.25 01/01/2013 4,051,680
 73,900,000 ATLANTA GA SERIES C-1 (AIRPORT REVENUE, NATL-RE
 INSURED)+/-SS. 2.27 01/01/2030 73,900,000
 650,000 ATLANTA GA SERIES F (AIRPORT REVENUE, FIRST SECURITY BANK
 INSURED) 5.25 01/01/2011 657,579
 525,000 CARTERSVILLE GA (WATER REVENUE, AMBAC INSURED) 5.00 01/01/2011 530,129
 14,495,000 CLAYTON COUNTY GA HOUSING AUTHORITY VILLAGES AT LAKE
 RIDGE APARTMENTS PROJECT (MFHR, AMSOUTH BANK LOC)+/-SS. 1.28 02/01/2032 14,495,000
 1,000,000 COBB COUNTY DEVELOPMENT AUTHORITY (RESOURCE RECOVERY
 REVENUE)+/-SS. 1.40 04/01/2033 1,000,000
 8,400,000 COBB COUNTY GA DEVELOPMENT AUTHORITY BOY SCOUTS OF AMERICA
 ATLANTA PROJECT (RECREATIONAL REVENUE, SUNTRUST BANK
 LOC)+/-SS. 0.62 05/01/2026 8,400,000
 9,455,000 COLUMBUS GA ST. FRANCIS HOSPITAL INCORPORATED PROJECT
 (HCFR, SUNTRUST BANK LOC)+/-SS. 0.62 01/01/2018 9,455,000
 2,500,000 FULTON COUNTY GA DEVELOPMENT AUTHORITY HEALTHCARE SYSTEM
 CATHOLIC EAST (HCFR) 2.00 11/15/2011 2,518,350
 5,180,000 FULTON COUNTY GA DEVELOPMENT AUTHORITY HEALTHCARE SYSTEM
 CATHOLIC EAST (HCFR) 5.00 11/15/2013 5,645,889
 3,270,000 FULTON COUNTY GA DEVELOPMENT AUTHORITY THE EPSTEIN SCHOOL
 PROJECT (OTHER REVENUE, SUNTRUST BANK LOC)+/-SS. 0.82 01/01/2017 3,270,000
 1,500,000 GEORGIA PUBLIC GAS PARTNERS INCORPORATED GEORGIA SERIES A
 (NATURAL GAS REVENUE) 5.00 10/01/2011 1,559,670
 2,050,000 GEORGIA PUBLIC GAS PARTNERS INCORPORATED GEORGIA SERIES A
 (NATURAL GAS REVENUE) 5.00 10/01/2012 2,204,837
 2,810,000 GWINNETT COUNTY GA HOSPITAL AUTHORITY KMD GROUP LLC PROJECT
 (IDR, SUNTRUST BANK LOC)+/-SS. 0.72 02/01/2032 2,810,000
 1,100,000 HENRY COUNTY GA PUTTABLE FLOATING OPTION TAX-EXEMPT
 RECEIPTS 2583 (WATER REVENUE, NATL-RE INSURED)+/-SS. 0.47 02/01/2030 1,100,000
 1,325,000 METROPOLITAN ATLANTA RAPID TRANSIT AUTHORITY GA SERIES P
 (SALES TAX REVENUE, AMBAC INSURED) 6.00 07/01/2013 1,457,195
 64,200,000 MONROE COUNTY GA DEVELOPMENT AUTHORITY (IDR)+/-SS. 0.42 10/01/2048 64,200,000
 6,000,000 MONROE COUNTY GA DEVELOPMENT AUTHORITY (UTILITIES
 REVENUE)+/-SS. 0.80 11/01/2048 5,997,000
 26,000,000 MONROE COUNTY GA DEVELOPMENT AUTHORITY GEORGIA POWER
 COMPANY SCHERER 1ST SERIES (IDR)+/-SS. 0.42 07/01/2049 26,000,000
 3,510,000 MUNICIPAL ELECTRIC AUTHORITY OF GA PROJECT ONE SERIES D
 (ELECTRIC REVENUE, FSA INSURED)+/-SS. 0.31 01/01/2022 3,510,000
 9,990,000 PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS 4174
 (COLLEGE & UNIVERSITY REVENUE, AMBAC INSURED)+/-SS. 0.47 10/01/2024 9,990,000
 3,100,000 UNION COUNTY GA BOY SCOUTS OF AMERICA ATLANTA PROJECT
 (RECREATIONAL REVENUE, SUNTRUST BANK LOC)+/-SS. 0.62 04/01/2026 3,100,000
 316,797,475
 ------------------
GUAM: 0.08%
 6,050,000 GUAM INTERNATIONAL AIRPORT AUTHORITY SERIES C
 (AIRPORT REVENUE, NATL-RE INSURED) 5.00 10/01/2010 6,050,484
 ------------------
HAWAII: 0.06%
 1,000,000 HAWAII STATE AIRPORT SYSTEMS (AIRPORT REVENUE, NATL-RE
 FGIC INSURED) 5.75 07/01/2013 1,032,210

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
HAWAII (continued)
$ 3,135,000 HAWAII STATE HARBOR SYSTEMS SERIES A (MARINA REVENUE, AGM
 INSURED) 6.00% 07/01/2012 $ 3,176,946
 4,209,156
 ------------------
IDAHO: 0.03%
 2,050,000 BOISE ID CITY HOUSING AUTHORITY CIVIC PLAZA HOUSING
 PROJECT SERIES C (OTHER REVENUE, KEYBANK NA LOC)+/-SS. 0.95 03/01/2033 2,050,000
 ------------------
ILLINOIS: 5.20%
 3,591,000 AUSTIN TRUST VARIOUS VERTIFICATES SERIES 2008-1060
 (OTHER REVENUE, BANK OF AMERICA LOC)+/-SS. 0.36 06/01/2039 3,591,000
 1,660,000 BROADVIEW IL TAX INCREMENT REVENUE (SALES TAX REVENUE) 5.25 07/01/2012 1,660,548
 4,945,000 CHICAGO IL DCL 2008-068 (PROPERTY TAX REVENUE, AMBAC
 INSURED, DEXIA CREDIT LOCAL LOC)+/-SS. 0.37 01/01/2022 4,945,000
 2,325,000 CHICAGO IL DEVELOPMENT FINANCE AUTHORITY PEOPLES GAS LIGHT
 COKE SERIES B (IDR)+/-SS. 3.75 02/01/2033 2,337,718
 22,265,000 CHICAGO IL O'HARE INTERNATIONAL AIRPORT REVENUE (AIRPORT
 REVENUE, NATL-RE INSURED)+/-SS. 0.47 01/01/2018 22,265,000
 2,640,000 CHICAGO IL O'HARE INTERNATIONAL AIRPORT REVENUE SERIES C
 (AIRPORT REVENUE, NATL-RE INSURED) 5.00 01/01/2011 2,664,842
 3,900,000 CHICAGO IL O'HARE INTERNATIONAL AIRPORT SECOND LIEN
 SERIES B (AIRPORT REVENUE, BAYERISCHE LANDESBANK LOC)+/-SS. 0.30 01/01/2018 3,900,000
 1,400,000 CHICAGO IL SERIES D (OTHER REVENUE, AGM INSURED)+/-SS. 0.32 01/01/2040 1,400,000
 1,465,000 CHICAGO IL WASTEWATER TRANMISSION REFUNDING
 (SEWER REVENUE, NATL-RE INSURED) 5.38 01/01/2013 1,523,292
 3,785,000 DAVIS JUNCTION IL (PROPERTY TAX REVENUE, FIFTH THIRD BANK
 LOC)+/-SS. 0.44 06/01/2021 3,785,000
 16,860,000 DEXIA CREDIT LOCAL CERTIFICATES TRUST BOA 2008 058
 (PROPERTY TAX REVENUE)+/-SS. 0.37 01/01/2030 16,860,000
 1,500,000 ILLINOIS FINANCE AUTHORITY (HCFR, FIFTH THIRD BANK
 LOC)+/-SS. 0.38 01/01/2048 1,500,000
 1,750,000 ILLINOIS FINANCE AUTHORITY (RESOURCE RECOVERY REVENUE)+/-SS. 1.45 04/01/2013 1,750,000
 2,675,000 ILLINOIS FINANCE AUTHORITY DEPAUL UNIVERSITY SERIES B
 (COLLEGE & UNIVERSITY REVENUE, XLCA INSURED)+/-SS. 3.50 10/01/2026 2,693,030
 500,000 ILLINOIS FINANCE AUTHORITY MEMORIAL HEIGHTS SYSTEM (HCFR) 3.00 04/01/2011 504,145
 875,000 ILLINOIS FINANCE AUTHORITY MEMORIAL HEIGHTS SYSTEM (HCFR) 4.00 04/01/2012 907,323
 1,610,000 ILLINOIS FINANCE AUTHORITY PROVENA HEALTH SERIES A (HCFR) 5.00 05/01/2011 1,639,399
 8,980,000 ILLINOIS FINANCE AUTHORITY RESURRECTION HEALTH (HCFR) 3.00 05/15/2011 9,042,052
 9,315,000 ILLINOIS FINANCE AUTHORITY RESURRECTION HEALTH (HCFR) 4.00 05/15/2012 9,531,853
 1,170,000 ILLINOIS FINANCE AUTHORITY SWEDISH AMERICAN HOSPITAL
 (HCFR, AMBAC INSURED) 5.00 11/15/2011 1,208,832
 1,270,000 ILLINOIS FINANCE AUTHORITY SWEDISH COVENANT SERIES A (HCFR) 4.00 08/15/2012 1,313,713
 1,200,000 ILLINOIS FINANCE AUTHORIZTY ALEXION BROTHERS HEALTH
 SYSTEM (HCFR) 4.00 02/15/2012 1,226,244
 45,000 ILLINOIS HEALTH FACILITIES AUTHORITY ADVOCATE NETWORK
 PREREFUNDED (HCFR) 6.00 11/15/2010 45,321
 900,000 ILLINOIS FINANCE AUTHORITY INSURED COVENANT SERIES A
 (LOCAL OR GTD HOUSING REVENUE, RADIAN INSURED) 4.60 12/01/2012 908,415
 300,000 ILLINOIS HEALTH FACILITIES AUTHORITY REVENUE MEMORIAL
 MEDICAL CENTER SERIES C KREDIETBANK NV LOC (HCFR LOC)+/-SS. 0.27 01/01/2016 300,000
 2,830,000 ILLINOIS HEALTH FACILITIES AUTHORITY UNREFUND BALANCE
 ADVOCATE NETWORK (HCFR) 6.00 11/15/2010 2,849,357
 10,510,000 ILLINOIS STATE SERIES B (OTHER REVENUE)+/-SS. 2.75 10/01/2033 10,510,000
 3,215,000 ILLINOIS STATE TOLL HIGHWAY AUTHORITY SERIES A-2 (TOLL
 ROAD REVENUE, AGM INSURED)+/-SS. 0.29 01/01/2031 3,215,000
 2,000,000 LAKE COUNTY IL COMMUNITY HIGH SCHOOL DISTRICT # 117
 ANTIOCH CAPITAL APPRECIATION BONDS SERIES B (PROPERTY TAX
 REVENUE, NATL-RE FGIC INSURED)## 2.46 12/01/2010 1,991,660
 9,030,000 LAKE COUNTY IL COMMUNITY HIGH SCHOOL DISTRICT # 127
 GRAYSLAKE (PROPERTY TAX REVENUE, FSA INSURED)+/-SS. 0.47 02/01/2017 9,030,000
 2,295,000 LAKE COUNTY IL COMMUNITY UNIT SCHOOL DISTRICT # 60
 WAUKEGAN SERIES C (PROPERTY TAX REVENUE) 2.00 12/01/2011 2,318,363

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
ILLINOIS (continued)
$ 1,405,000 LLINOIS FINANCE AUTHORITY SWEDISH COVENANT SERIES A (HCFR) 4.00% 08/15/2013 $ 1,456,156
 15,000 MCHENRY & LAKE COUNTIES IL COMMUNITY CONSOLIDATED SCHOOL
 DISTRICT # 15 (PROPERTY TAX REVENUE, NATL-RE INSURED) 4.40 01/01/2012 15,135
 1,985,000 MCHENRY & LAKE COUNTIES ILLINOIS COMMUNITY CONSOLIDATED
 SCHOOL DISTRICT #15 (PROPERTY TAX REVENUE, NATL-RE FGIC
 INSURED) 4.40 01/01/2012 2,004,731
 605,000 QUINCY IL BLESSING HOSPITAL (HCFR) 5.00 11/15/2011 622,134
 50,000,000 REGIONAL TRANSPORTATIOIN AUTHORITY IL (SALES TAX REVENUE,
 GO OF AUTHORITY INSURED)+/-SS. 1.40 06/01/2025 50,000,000
 12,315,000 REGIONAL TRANSPORTATION AUTHORITY IL FLOATERS 2886 (TAX
 REVENUE, NATL-RE GO OF AUTHORITY INSURED)+/-SS. 0.47 06/01/2033 12,315,000
 17,975,000 REGIONAL TRANSPORTATION AUTHORITY IL FLOATERS SERIES DCL
 020 (TRANSPORTATION REVENUE, FSA GO OF AUTHORITY INSURED,
 DEXIA CREDIT LOCAL LOC)+/-SS. 0.40 06/01/2034 17,975,000
 3,280,000 ROCK ISLAND COUNTY IL METROPOLITAN AIRPORT AUTHORITY
 REFUNDING SERIES A (AIRPORT REVENUE, ASSURED GUARANTEE) 3.80 12/01/2015 3,438,030
 30,000,000 STATE OF ILLINOIS (OTHER REVENUE) 3.00 04/15/2011 30,256,500
 119,000,000 STATE OF ILLINOIS (OTHER REVENUE) 3.00 05/20/2011 120,268,540
 4,475,000 UNIVERSITY OF ILLINIOS COP UTILITIES INFRASTRUCTURE
 PROJECTS (LEASE REVENUE, AMBAC INSURED) 5.00 08/15/2012 4,782,030
 5,990,000 UNIVERSITY OF ILLINOIS (EDUCATION REVENUE)## 1.16 04/01/2012 5,885,894
 3,170,000 WILL & KENDALL COUNTIES IL COMMUNITY CONSOLIDATED SCHOOL
 DISTRICT # 202 PLAINFIELD (PROPERTY TAX REVENUE) 3.00 01/01/2013 3,225,380
 379,661,637
 ------------------
INDIANA: 1.40%
 4,000,000 CITY OF WHITING ENVIRONMENTAL FACILITIES PRODUCTS NORTH
 AMERICA PROJECT (OTHER REVENUE, BANK OF NEW YORK LOC)+/-SS. 0.33 07/01/2040 4,000,000
 2,200,000 DELAWARE COUNTY IN BALL MEMORIAL HOSPITAL INCORPORATED
 (HCFR) 5.00 08/01/2011 2,229,392
 7,100,000 DEXIA CREDIT LOCAL CERTIFICATES TRUST BOA 2008 060
 (COLLEGE & UNIVERSITY REVENUE)+/-SS. 0.37 07/01/2029 7,100,000
 3,420,000 INDIANA FINANCE AUTHORITY CLARIAN HEALTH SERIES B (HCFR,
 ALLIED IRISH BANK PLC LOC)+/-SS. 1.50 03/01/2033 3,420,000
 1,660,000 INDIANA FINANCE AUTHORITY FLOYD MEMORIAL HOSPITAL & HEALTH
 REFUNDING (HOSPITAL REVENUE) 4.00 03/01/2012 1,709,684
 1,730,000 INDIANA FINANCE AUTHORITY FLOYD MEMORIAL HOSPITAL HEALTH
 REFUNDING (HOSPITAL REVENUE) 4.00 03/01/2013 1,804,252
 1,555,000 INDIANA FINANCE AUTHORITY FLOYD MENORIAL HOSPITAL & HEALTH
 REFUNDING (HOSPITAL REVENUE) 3.00 03/01/2011 1,563,848
 8,585,000 INDIANA HFFA ASCENSION HEALTH CREDIT GROUP SERIES A1
 (HCFR)+/-SS. 3.63 11/15/2036 8,811,043
 500,000 INDIANA HFFA ASCENSION HEALTH SUBORDINATE CREDIT SERIES A
 (HCFR)+/-SS. 5.00 10/01/2027 511,465
 10,000,000 INDIANA STATE DEVELOPMENT FINANCE AUTHORITY INLAND STEEL
 (IDR) 5.75 10/01/2011 10,174,500
 1,325,000 INDIANA STATE DEVELOPMENT FINANCE AUTHORITY USX
 CORPORATION PROJECT (IDR)+/-SS. 5.25 12/01/2022 1,386,599
 5,025,000 INDIANAPOLIS IN LOCAL PUBLIC IMPROVEMENT BOARD
 FLOATER-PT-3390 (OTHERE REVENUE, DEXIA SA SPA)+/-SS. 0.47 01/10/2020 5,025,000
 10,265,000 INDIANAPOLIS IN LOCAL PUBLIC IMROVEMENT BOND BANK
 (AIRPORT REVENUE, AMBAC INSURED)+/-SS. 0.54 01/01/2019 10,265,000
 12,805,000 INDIANAPOLIS PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS
 396 (OTHER REVENUE, NATL-RE INSURED)+/-SS. 0.47 01/01/2024 12,805,000
 8,214,000 MISHAWAKA IN SCHOOL CITY TAX ANTICIPATION WARRANTS 2.25 12/31/2010 8,231,085
 2,500,000 ROCKPORT IN PCR AEP GENERAL CORPORATION SERIES A (IDR,
 AMBAC INSURED)+/-SS. 4.15 07/01/2025 2,543,425
 8,500,000 ROCKPORT IN PCR AEP GENERAL CORPORATION SERIES B (IDR,
 AMBAC INSURED)+/-SS. 4.15 07/01/2025 8,647,645
 705,000 UNIVERSITY OF SOUTHERN INDIANA AUXILIARY SYSTEMS SERIES A
 (COLLEGE & UNIVERSITY REVENUE, AMBAC INSURED) 5.00 10/01/2011 714,588
 200,000 VINCENNES UNIVERSITY INDIANA AUXILIARY FACILITIES SYSTEM
 (EDUCATION REVENUE, AMBAC INSURED) 4.00 10/01/2010 200,014

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
INDIANA (continued)
$ 11,500,000 ZIONSVILLE IN COMMUNITY SCHOOLS BUILDING CORPORATION
 FLOATERS SERIES DCL 047 (LEASE REVENUE, FSA STATE AID
 WITHHOLDING INSURED, DEXIA CREDIT LOCAL LOC)+/-SS. 0.40% 01/15/2025 $ 11,500,000
 102,642,540
 ------------------
IOWA: 0.51%
 8,000,000 DES MOINES IA GRAND OFFICE PARK PROJECT SERIES E
 (IDR)+/-SS. 2.05 04/01/2015 8,000,000
 10,000,000 IOWA FINANCE AUTHORITY SERIES F (HCFR)+/-SS. 5.00 08/15/2039 10,711,600
 500,000 IOWA HIGHER EDUCATION LOAN AUTHORITY MAHARISHI SERIES E
 (STUDENT LOAN REVENUE, GO OF INSTITUTION INSURED) 3.84 05/20/2011 504,830
 5,000,000 IOWA STUDENT LOAN LIQUIDITY CORPORATION SERIES 1
 (STUDENT LOAN REVENUE) 3.00 12/01/2010 5,014,300
 1,650,000 IOWA STUDENT LOAN LIQUIDITY CORPORATION SERIES 1
 (STUDENT LOAN REVENUE) 2.50 12/01/2011 1,661,897
 1,000,000 IOWA STUDENT LOAN LIQUIDITY CORPORATION SERIES 1
 (STUDENT LOAN REVENUE) 4.00 12/01/2011 1,024,470
 1,650,000 IOWA STUDENT LOAN LIQUIDITY CORPORATION SERIES 1
 (STUDENT LOAN REVENUE) 3.25 12/01/2012 1,688,874
 1,500,000 IOWA STUDENT LOAN LIQUIDITY CORPORATION SERIES 1
 (STUDENT LOAN REVENUE) 4.00 12/01/2012 1,559,055
 6,875,000 WATERLOO IA COMMUNITY SCHOOL DISTRICT BOND ANTICIPATION
 NOTES (SALES TAX REVENUE) 3.75 05/01/2012 6,991,875
 37,156,901
 ------------------
KANSAS: 0.67%
 10,000,000 BURLINGTON KS KANSAS CITY POWER & LIGHT SERIES A2
 (OTHER REVENUE, FGIC INSURED)+/-SS. 2.63 09/01/2035 10,004,800
 5,000,000 BURLINGTON KS KANSAS CITY POWER & LIGHT SERIES B
 (OTHER REVENUE, XLCA INSURED)+/-SS. 5.00 12/01/2023 5,090,650
 1,000,000 KANSAS STATE DEVELOPMENT FINANCE AUTHORITY ADVENTIST
 HEALTH (HCFR) 4.00 11/15/2011 1,037,610
 7,555,000 KANSAS STATE DEVELOPMENT FINANCE AUTHORITY HAYS MEDICAL
 CENTER (HCFR, NATL-RE INSURED)+/-SS. 3.75 05/15/2026 7,571,848
 3,000,000 KANSAS STATE INDEPENDENT COLLEGE FINANCE AUTHORITY
 MIDAMERICA NAZARENE UNIVERSITY SERIES D (COLLEGE &
 UNIVERSITY REVENUE) 5.50 05/01/2011 3,009,030
 3,150,000 KANSAS STATE INDEPENDENT COLLEGE FINANCE AUTHORITY OTTAWA
 UNIVERSITY SERIES F (COLLEGE & UNIVERSITY REVENUE) 5.50 05/01/2011 3,159,482
 6,170,000 MERRIAM KS HOUSING PINEGATE APARTMENTS PROJECT
 (MFHR, MARSHALL & ILSLEY BANK LOC)+/-SS. 1.50 12/01/2026 6,170,000
 11,075,000 SHAWNEE KS HOUSING PINEGATE APARTMENTS PROJECT
 (MFHR, MARSHALL & ILSLEY BANK LOC)+/-SS. 1.48 03/01/2029 11,075,000
 1,820,000 WYANDOTTE COUNTY KS CITY UNITED GOVERNMENT SPECIAL
 OBLIGATION SALES TAX SECOND LIEN AREA B (SALES TAX REVENUE) 4.75 12/01/2016 1,938,173
 49,056,593
 ------------------
KENTUCKY: 0.67%
 10,000,000 ALLEN COUNTY KY CAMP COURAGEOUS PROJECT (OTHER REVENUE,
 SUNTRUST BANK LOC)+/-SS. 0.62 12/01/2025 10,000,000
 3,650,000 COUNTY OF PULASKI KY (RESOURCE RECOVERY REVENUE)+/-SS. 1.25 08/15/2023 3,649,854
 2,075,000 JEFFERSON COUNTY KY UNIVERSITY MEDICAL CENTER
 INCORPORATED PROJECT (HCFR, NATL-RE INSURED) 5.25 07/01/2011 2,080,727
 2,000,000 KENTON COUNTY KY AIRPORT BOARD CINCINNATI NORTHERN
 KENTUCKY REFUNDING SERIES A (AIRPORT REVENUE, NATL-RE
 INSURED) 5.63 03/01/2013 2,102,940
 6,000,000 KENTON COUNTY KY AIRPORT BOARD CINCINNATI NORTHERN KY
 SERIES B (AIRPORT REVENUE, XLCA INSURED) 5.00 03/01/2011 6,096,540
 20,000,000 KENTUCKY HIGHER EDUCATION STUDENT LOAN CORPORATION SERIES 1
 CLASS A-1 (STUDENT LOAN REVENUE)+/-SS. 0.95 05/01/2020 19,933,600

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
KENTUCKY (continued)
$ 5,000,000 LOUISVILLE & JEFFERSON COUNTY METROPOLITAN GOVERNMENT
 LOUISVILLE GAS & ELECTRIC COMPANY SERIES A (OTHER
 REVENUE)+/-SS. 5.38% 05/01/2027 $ 5,151,450
 49,015,111
 ------------------
LOUISIANA: 3.91%
 2,070,000 JEFFERSON LA PARISH HOSPITAL SERVICE DISTRICT # 001 WEST
 JEFFERSON MEDICAL CENTER SERIES A (HCFR, AGM INSURED) 5.25 01/01/2011 2,087,222
 2,140,000 LOUISIANA LOCAL GOVERNMENT ENVIRONMENTAL FACILITIES &
 COMMUNITY DEVELOPMENT MID SOUTH EXTRUSION INCORPORATED
 PROJECT (IDR, REGIONS BANK LOC)+/-SS. 1.33 12/01/2017 2,140,000
 4,000,000 LOUISIANA OFFSHORE TERMINAL AUTHORITY (TRANSPORTATION
 REVENUE)+/-SS. 1.60 10/01/2037 4,001,160
 29,500,000 LOUISIANA PFA AIR PRODUCTS CHEMICAL PROJECT SERIES A
 (IDR)+/-SS. 0.46 08/01/2043 29,500,000
 6,575,000 LOUISIANA PFA CLECO POWER LLC PROJECT (IDR)+/-SS. 7.00 12/01/2038 6,905,986
 5,000,000 LOUISIANA PUBLIC FACILITIES AUTHORITY (RESOURCE RECOVERY
 REVENUE)+/-SS. 0.50 12/01/2038 5,000,000
 11,750,000 LOUISIANA PUBLIC FACILITIES AUTHORITY AIR PRODUCTS
 CHEMICALS PROJECT SERIES A (IDR)+/-SS. 0.50 08/01/2049 11,750,000
 30,000,000 LOUISIANA PUBLIC FACILITIES AUTHORITY AIR PRODUCTS
 CHEMICALS PROJECT SERIES B (RESOURCE RECOVERY REVENUE)+/-SS. 0.50 12/01/2043 30,000,000
 8,705,000 LOUISIANA PUBLIC FACILITIES AUTHORITY CENTURY WILSHIRE
 INCORPORATED PROJECT (IDR, REGIONS BANK LOC)+/-SS. 1.08 02/01/2033 8,705,000
 3,550,000 LOUISIANA PUBLIC FACILITIES AUTHORITY CHRISTUS HEALTHCARE
 (HCFR, AGM INSURED) 5.00 07/01/2012 3,752,634
 36,125,000 LOUISIANA PUBLIC FACILITIES AUTHORITY COCA COLA BOTTLING
 COMPANY PROJECT (IDR, REGIONS BANK LOC)+/-SS. 1.08 04/01/2023 36,125,000
 2,100,000 LOUISIANA PUBLIC FACILITIES AUTHORITY FRANCISCAN SERIES B
 (HCFR) 5.00 07/01/2011 2,148,846
 2,185,000 LOUISIANA PUBLIC FACILITIES AUTHORITY FRANCISCAN SERIES B
 (HCFR) 5.00 07/01/2012 2,294,578
 9,745,000 LOUISIANA PUBLIC FACILITIES AUTHORITY THIBODAUX PROJECT
 (MISCELLANEOUS REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 2.76 12/01/2036 9,745,000
 21,050,000 LOUISIANA STATE GAS & FUELS TAX SECOND LIEN SERIES A-1
 (FUELS SALES TAX REVENUE)+/-SS. 1.02 05/01/2043 21,039,475
 73,125,000 LOUISIANA STATE GAS & FUELS TAX SECOND LIEN SERIES A-1
 (FUELS SALES TAX REVENUE)+/-SS. 1.02 05/01/2043 73,088,438
 5,000,000 LOUISIANA STATE OFFSHORE TERMINAL AUTHORITY DEEPWATER
 PORT LOOP LLC PROJECT SERIES B-1 (OTHER REVENUE)+/-SS. 4.25 10/01/2037 5,000,100
 6,000,000 RAPIDES FINANCE AUTHORITY REVENUE LA CLECO POWER LLC
 PROJECT (RESOURCE RECOVERY REVENUE)+/-SS. 6.00 10/01/2038 6,204,840
 1,665,000 REGIONAL TRANSPORTATION AUTHORITY SERIES A (SALES TAX
 REVENUE, NATL-RE FGIC INSURED) 8.00 12/01/2010 1,681,600
 3,590,000 ST. TAMMANY PARISH LA DEVELOPMENT DISTRICT GULF
 OPPORTUNITY ZONE REVENUE (OTHER REVENUE, REGIONS BANK
 LOC)+/-SS. 1.10 04/01/2034 3,590,000
 2,195,000 ST. TAMMANY PARISH LA DEVELOPMENT DISTRICT GULF OPPORTUNITY
 ZONE REVENUE (OTHER REVENUE, REGIONS BANK LOC)+/-SS. 1.13 04/01/2034 2,195,000
 3,230,000 ST. TAMMANY PARISH LA DEVELOPMENT DISTRICT GULF OPPORTUNITY
 ZONE REVENUE (OTHER REVENUE, REGIONS BANK LOC)+/-SS. 1.13 04/01/2034 3,230,000
 5,400,000 ST. TAMMANY PARISH LA DEVELOPMENT DISTRICT GULF OPPORTUNITY
 ZONE REVENUE (OTHER REVENUE, REGIONS BANK LOC)+/-SS. 1.08 12/01/2036 5,400,000
 10,000,000 ST. TAMMANY PARISH LA DEVELOPMENT DISTRICT ROOMS TO GO
 ST. TAMMANY (ECONOMIC DEVELOPMENT REVENUE, SUNTRUST BANK
 LOC)+/-SS. 0.62 07/01/2038 10,000,000
 285,584,879
 ------------------
MAINE: 0.09%
 2,485,000 MAINE EDUCATIONAL LOAN AUTHORITY CLASS A SERIES A-1
 (STUDENT LOAN REVENUE, ASSURED GUARANTY) 4.30 12/01/2012 2,621,228
 50,000 MAINE STATE HOUSING AUTHORITY SERIES G-2 (HOUSING REVENUE) 4.00 11/15/2024 50,048
 3,780,000 SOUTH BERWICK ME BERWICK ACADEMY ISSUE (PRIVATE SCHOOL
 REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 2.37 08/01/2024 3,780,000
 6,451,276
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MARYLAND: 0.84%
$ 3,755,000 MARYLAND STATE ECONOMIC DEVELOPMENT CORPORATION AMERICAN
 URLOGICAL ASSOCIATION (OTHER REVENUE, SUNTRUST BANK
 LOC)+/-SS. 0.62% 09/01/2032 $ 3,755,000
 34,565,000 MARYLAND STATE HEFA KENNEDY (HCFR, RADIAN INSURED, SUNTRUST
 BANK LOC)+/-SS. 0.62 07/01/2036 34,565,000
 23,235,000 MARYLAND STATE HEFA SHEPPARD PRATT SERIES B (HCFR, SUNTRUST
 BANK LOC)+/-SS. 0.62 07/01/2028 23,235,000
 61,555,000
 ------------------
MASSACHUSETTS: 1.58%
 2,260,100 CITY OF GLOUCESTER MA (PROPERTY TAX REVENUE) 1.50 09/16/2011 2,277,322
 7,000,000 MASSACHUSETTS BAY TRANSPORTATION AUTHORITY (SALES TAX
 REVENUE)+/-SS. 0.28 07/01/2026 7,000,000
 4,795,000 MASSACHUSETTS HEFA (HCFR, AMBAC INSURED) 3.00 07/01/2011 4,829,476
 3,800,000 MASSACHUSETTS HEFA (HCFR, AMBAC INSURED) 4.00 07/01/2013 3,930,074
 9,800,000 MASSACHUSETTS HEFA (HCFR, AMBAC INSURED)+/-SS. 5.00 08/01/2035 9,987,670
 1,880,000 MASSACHUSETTS HEFA CARITAS CHRISTIAN OBLIGATION SERIES B
 (HCFR) 6.50 07/01/2012 1,929,444
 5,250,000 MASSACHUSETTS HEFA NORTHEASTERN UNIVERSITY SERIES T-2
 (COLLEGE & UNIVERSITY REVENUE)+/-SS. 4.10 10/01/2037 5,468,768
 4,250,000 MASSACHUSETTS INDUSTRIAL FINANCE AGENCY OGDEN HAVERHILL
 SERIES A (OTHER REVENUE) 5.35 12/01/2010 4,267,000
 19,125,000 MASSACHUSETTS MUNICIPAL WHOLESALE ELECTRIC COMPANY
 NUCLEAR MIX # 3 SERIES 1 (ELECTRIC REVENUE, NATL-RE
 INSURED)+/-SS. 0.32 07/01/2018 17,395,127
 1,950,000 MASSACHUSETTS MUNICIPAL WHOLESALE ELECTRIC COMPANY
 NUCLEAR MIX # 4 SERIES 1 (ELECTRIC REVENUE, NATL-RE
 INSURED)+/-SS. 0.28 07/01/2017 1,776,362
 4,775,000 MASSACHUSETTS MUNICIPAL WHOLESALE ELECTRIC COMPANY PROJECT
 # 6 SERIES 1 (ELECTRIC REVENUE, NATL-RE INSURED)+/-SS. 0.28 07/01/2019 4,337,771
 305,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY SABIS
 INTERNATIONAL CHARTER SERIES A (OTHER REVENUE) 4.13 04/15/2011 307,080
 390,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY SABIS
 INTERNATIONAL CHARTER SERIES A (OTHER REVENUE) 4.65 04/15/2012 402,121
 1,490,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY SEMASS
 SYSTEMS SERIES A (RESOURCE RECOVERY REVENUE, NATL-RE
 INSURED) 5.50 01/01/2011 1,501,562
 2,900,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY SEMASS
 SYSTEMS SERIES A (RESOURCE RECOVERY REVENUE, NATL-RE
 INSURED) 5.63 01/01/2012 3,010,229
 750,000 MASSACHUSETTS STATE HEFA HEALTHCARE SYSTEMS CATHOLIC EAST
 (HCFR) 2.50 11/15/2011 760,350
 2,670,000 MASSACHUSETTS STATE INDUSTRIAL FINANCE AGENCY BARBOUR
 CORPORATE ISSUE (IDR, FLEET NATIONAL BANK LOC)+/-SS. 0.55 08/01/2018 2,670,000
 31,000,000 MASSACHUSETTS STATE SERIES A (GENERAL FUND REVENUE)+/-SS. 0.51 02/01/2012 30,939,550
 13,100,000 MASSACHUSETTS STATE SERIES A (GENERAL FUND REVENUE)+/-SS. 0.65 02/01/2013 13,022,841
 115,812,747
 ------------------
MICHIGAN: 3.83%
 700,000 DETROIT MI CAPITAL IMPROVEMENT LIMITED TAX SERIES A-1
 (PROPERTY TAX REVENUE) 5.00 04/01/2013 699,839
 1,100,000 DETROIT MI CONVENTION FACILITIES COBO HALL (OTHER REVENUE,
 NATL-RE INSURED) 5.00 09/30/2012 1,147,630
 2,000,000 DETROIT MI SECOND LIEN SERIES C (SEWER REVENUE, NATL-RE
 INSURED) 5.00 07/01/2011 2,043,480
 11,615,000 DETROIT MI SEWAGE DISPOSAL (SEWER REVENUE, NATL-RE
 INSURED)+/-SS. 0.47 07/01/2021 11,615,000
 3,000,000 DETROIT MI SEWER DISPOSAL SENIOR LIEN SERIES A (OTHER
 REVENUE, AGM INSURED) 5.00 07/01/2012 3,166,440
 2,010,000 DETROIT MI WATER SUPPLY SYSTEM SENIOR LIEN SERIES A
 (WATER REVENUE, RATL-RE-INSURED) 5.75 07/01/2012 2,137,675
 250,000 DETROIT MI WATER SUPPLY SYSTEM SENIOR LIEN SERIES B
 (WATER REVENUE, NATL-RE INSURED)+/-SS. 4.00 07/01/2012 257,863
 2,735,000 KENT MI HOSPITAL FINANCE AUTHORITY PINE REST CHRISTIAN
 HEALTH (HCFR, FIFTH THIRD BANK LOC)+/-SS. 0.44 10/01/2041 2,735,000
 45,750,000 KENT MI HOSPITAL FINANCE AUTHORITY SPECTRUM HEALTH SERIES
 B 2 (HCFR)+/-SS. 0.31 01/15/2047 45,750,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MICHIGAN (continued)
$ 10,500,000 MICHIGAN FINANCE AUTHORITY LIMITED OBLIGATION SERIES E
 (OTHER REVENUE) 4.75% 08/22/2011 $ 10,583,580
 5,640,000 MICHIGAN HEFA LIMITED OBLIGATION DAVENPORT UNIVERSITY
 (COLLEGE & UNIVERSITY REVENUE, FIFTH THIRD BANK LOC)+/-SS. 0.44 06/01/2034 5,640,000
 850,000 MICHIGAN HEFA LIMITED OBLIGATION DAVENPORT UNIVERSITY
 (COLLEGE & UNIVERSITY REVENUE, FIFTH THIRD BANK LOC)+/-SS. 0.44 01/01/2036 850,000
 22,000,000 MICHIGAN MUNICIPAL BOARD AUTHORITY SERIES B (OTHER REVENUE) 5.00 03/21/2011 22,014,740
 1,000,000 MICHIGAN STATE BUILDING AUTHORITY SERIES 1 (LEASE REVENUE,) 5.00 10/15/2010 1,001,810
 250,000 MICHIGAN STATE BUILDING AUTHORITY SERIES 1 (LEASE REVENUE,) 3.00 10/15/2011 255,150
 6,675,000 MICHIGAN STATE BUILDING AUTHORITY SERIES 1 (LEASE REVENUE,) 5.00 10/15/2011 6,950,477
 7,100,000 MICHIGAN STATE COMPREHENSIVE TRANSITION (FSA INSURED)+/-SS. 0.42 05/15/2023 7,100,000
 1,900,000 MICHIGAN STATE COP SERIES A (LEASE REVENUE, NATL-RE
 INSURED)+/-SS. 4.25 09/01/2031 1,905,662
 3,250,000 MICHIGAN STATE COP SERIES A (LEASE REVENUE, NATL-RE
 INSURED)+/-SS. 5.00 09/01/2031 3,281,460
 3,000,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY (HCFR REVENUE,
 FIFTH THIRD BANK LOC) 5.50 11/01/2012 3,186,120
 4,715,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY (HCFR REVENUE,
 FIFTH THIRD BANK LOC)+/-SS. 0.42 12/01/2032 4,715,000
 15,000,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY HEALTHCARE
 EQUIPMENT LOAN PROGRAM SERIES C SUBSERIES C-12 (HCFR,
 FIFTH THIRD BANK LOC)+/-SS. 0.42 12/01/2032 15,000,000
 800,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY HEALTHCARE
 EQUIPMENT LOAN PROGRAM SERIES C SUBSERIES C-16 (HCFR,
 FIFTH THIRD BANK LOC)+/-SS. 0.42 12/01/2032 800,000
 7,500,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY HEALTHCARE
 EQUIPMENT LOAN PROGRAM SERIES C SUBSERIES C-17 (HCFR,
 FIFTH THIRD BANK LOC)+/-SS. 0.42 12/01/2032 7,500,000
 4,000,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY HEALTHCARE
 EQUIPMENT LOAN PROGRAM SERIES C SUBSERIES C-18 (HCFR,
 FIFTH THIRD BANK LOC)+/-SS. 0.42 12/01/2032 4,000,000
 7,500,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY HEALTHCARE
 EQUIPMENT LOAN PROGRAM SERIES C SUBSERIES C-22 (HCFR,
 FIFTH THIRD BANK LOC)+/-SS. 0.42 12/01/2032 7,500,000
 7,500,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY HEALTHCARE
 EQUIPMENT LOAN PROGRAM SERIES C SUBSERIES C-24 (HCFR,
 FIFTH THIRD BANK LOC)+/-SS. 0.42 12/01/2032 7,500,000
 12,785,000 MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY (HOUSING
 REVENUE, AGM GO OF AUTHORITY INSURED)+/-SS. 1.45 04/01/2040 12,785,000
 4,000,000 MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY SERIES C
 (HOUSING REVENUE) 3.15 12/01/2010 4,008,200
 7,750,000 MICHIGAN STATE STRATEGIC FUND LIMITED OBLIGATION DETROIT
 EDITION (ELECTRICAL POWER REVENUE)+/-SS. 3.05 08/01/2024 7,940,728
 3,320,000 MICHIGAN STATE STRATEGIC FUND LIMITED OBLIGATION ADJUSTED
 REFUNDING DOW CHEMICAL PROJECT SERIES J-A-2 (IDR)+/-SS. 5.50 12/01/2028 3,439,254
 5,000,000 MICHIGAN STATE STRATEGIC FUND LIMITED OBLIGATION DETROIT
 FUND POLLUTION SERIES AA (UTILITIES REVENUE, NATL-RE FIGC
 INSURED) 6.95 05/01/2011 5,165,500
 1,000,000 MICHIGAN STATE STRATEGIC FUND WASTE MANAGEMENT
 INCORPORATED PROJECT (RESOURCE RECOVERY REVENUE)+/-SS. 4.63 12/01/2012 1,032,000
 1,500,000 MICHIGAN STRATEGIC FUND (IDR, FIFTH THIRD BANK LOC)+/-SS. 0.44 07/01/2028 1,500,000
 7,000,000 MICHIGAN STRATEGIC FUND (RESOURCE RECOVERY REVENUE)+/-SS. 3.20 08/01/2027 7,022,470
 23,755,000 PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS 4098 (FUEL
 SALES TAX REVENUE, FSA INSURED)+/-SS. 0.47 11/01/2020 23,755,000
 1,845,000 SAGINAW VALLEY STATE UNIVERSITY MICHIGAN SERIES A
 (COLLEGE & UNIVERSITY REVENUE) 4.00 07/01/2011 1,886,734
 2,255,000 WAYNE CHARTER COUNTY MI DETROIT METROPOLITAN WAYNE COUNTY
 AIRPORT (AIRPORT REVENUE, NATL-RE INSURED) 5.00 12/01/2011 2,313,089
 12,000,000 WAYNE CHARTER COUNTY MI DETROIT METROPOLITAN WAYNE COUNTY
 AIRPORT SERIES A (AIRPORT REVENUE, NATL-RE INSURED) 5.25 12/01/2010 12,068,280
 9,370,000 WAYNE CHARTER COUNTY MI DETROIT METROPOLITAN WAYNE COUNTY
 AIRPORT SERIES A (AIRPORT REVENUE, NATL-RE INSURED) 5.25 12/01/2011 9,400,453
 5,500,000 WAYNE CHARTER COUNTY MI DETROIT METROPOLITAN WAYNE COUNTY
 AIRPORT SERIES A (AIRPORT REVENUE, NATL-RE INSURED) 5.25 12/01/2012 5,517,875
 1,000,000 WAYNE CHARTER COUNTY MI DETROIT METROPOLITAN WAYNE COUNTY
 AIRPORT SERIES B (AIRPORT REVENUE, NATL-RE INSURED) 5.25 12/01/2010 1,005,690
 1,000,000 WESTERN TOWNSHIPS MI UTILITIES AUTHORITY SEWAGE DISPOSAL
 SYSTEM (PROPERTY TAX REVENUE) 3.00 01/01/2011 1,005,840
 1,000,000 WESTERN TOWNSHIPS MI UTILITIES AUTHORITY SEWAGE DISPOSAL
 SYSTEM (PROPERTY TAX REVENUE) 3.00 01/01/2012 1,026,220
 280,209,259
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MINNESOTA: 0.83%
$ 6,900,000 CENTER CITY MN HEALTH CARE FACILITIES HAZELDEN FOUNDATION
 PROJECT (HCFR, ALLIED IRISH BANK PLC LOC)+/-SS. 2.25% 11/01/2020 $ 6,900,000
 4,500,000 CENTER CITY MN HEALTH CARE FACILITIES HAZELDEN FOUNDATION
 PROJECT (HOSPITAL REVENUE, ALLIED IRISH BANK PLC
 LOC)+/-SS. 2.25 11/01/2027 4,500,000
 10,900,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA HEALTHSPAN SERIES
 B (HCFR, AMBAC INSURED)+/-SS. 0.45 11/15/2017 10,303,534
 3,000,000 MINNEAPOLIS & ST. PAUL MN METROPOLITAN AIRPORTS COMMISSION
 SERIES B (AIRPORT REVENUE) 5.00 01/01/2012 3,136,650
 4,765,000 MINNEAPOLIS & ST. PAUL MN METROPOLITAN AIRPORTS COMMISSION
 SERIES B (AIRPORT REVENUE) 5.00 01/01/2013 5,119,754
 465,000 MINNEAPOLIS & ST. PAUL MN METROPOLITAN AIRPORTS COMMISSION
 SERIES D (AIRPORT REVENUE, NATL-RE FGIC INSURED) 5.75 01/01/2013 469,906
 13,520,000 MINNESOTA AGRICULTURE & ECONOMIC DEVELOPMENT BOARD
 EVANGELICAL LUTHERAN PROJECT (HCFR, ALLIED IRISH BANK PLC
 LOC)+/-SS. 2.00 09/01/2021 13,520,000
 3,060,000 ROSEVILLE MN PRIVATE SCHOOL FACILITIES REVENUE NORTHWESTERN
 COLLEGE PROJECT (EDUCATION REVENUE, MARSHALL & ILSLEY BANK
 LOC)+/-SS. 1.48 11/01/2022 3,060,000
 1,500,000 ROSEVILLE MN ROSEPOINTE I PROJECT SERIES C (HOUSING REVENUE) 8.00 12/01/2033 1,518,585
 1,100,000 ST. PAUL MN HOUSING & RDA ALLINA HEALTH SYSTEM SERIES A-1
 (HCFR) 4.00 11/15/2010 1,104,103
 1,300,000 ST. PAUL MN HOUSING & RDA ALLINA HEALTH SYSTEM SERIES A-1
 (HCFR) 4.00 11/15/2011 1,341,132
 1,400,000 ST. PAUL MN HOUSING & RDA ALLINA HEALTH SYSTEM SERIES A-1
 (HCFR) 5.00 11/15/2012 1,502,942
 1,500,000 ST. PAUL MN HOUSING & RDA ALLINA HEALTH SYSTEM SERIES A-1
 (HCFR) 5.00 11/15/2013 1,643,520
 2,960,000 ST. PAUL MN PORT AUTHORITY SERIES N-1 (IDR, US BANK NA
 LOC)+/-SS. 3.25 02/01/2028 2,984,302
 3,290,000 ST. PAUL MN PUBLIC RADIO PROJECT SERIES 7 (OTHER REVENUE,
 ALLIED IRISH BANK PLC LOC)+/-SS. 2.50 05/01/2025 3,290,000
 60,394,428
 ------------------
MISSISSIPPI: 1.12%
 3,225,000 JACKSON STATE UNIVERSITY MI EDUCATIONAL BUILDING
 CORPORATION CAMPUS FACILITIES PROJECT (LEASE REVENUE)+/-SS. 5.00 03/01/2034 3,287,920
 14,500,000 MISSISSIPPI BUSINESS FINANCE CORPORATION COAST ELECTRIC
 POWER ASSOCIATION SERIES C (ELECTRIC REVENUE)+/-SS. 1.25 05/01/2037 14,500,145
 12,000,000 MISSISSIPPI BUSINESS FINANCE CORPORATION DDR GULF SHIP
 LLC PROJECT (OTHER REVENUE, REGIONS BANK LOC)+/-SS. 1.08 06/01/2026 12,000,000
 9,355,000 MISSISSIPPI BUSINESS FINANCE CORPORATION DDR GULF SHIP
 LLC PROJECT PHASE III (IDR, REGIONS BANK LOC)+/-SS. 1.08 06/01/2028 9,355,000
 6,495,000 MISSISSIPPI BUSINESS FINANCE CORPORATION HATTIESBURG
 CLINIC (HCFR, REGIONS BANK LOC)+/-SS. 1.08 11/01/2026 6,495,000
 30,400,000 MISSISSIPPI BUSINESS FINANCE CORPORATION HATTIESBURG
 PROJECT A (IDR, JP MORGAN CHASE BANK LOC)+/-SS. 1.48 10/01/2033 30,400,000
 5,400,000 MISSISSIPPI BUSINESS FINANCE CORPORATION TRI STATE TRUCK
 CENTER INCORPORATED PROJECT (OTHER REVENUE, REGIONS BANK
 LOC)+/-SS. 1.08 03/01/2033 5,400,000
 750,000 MISSISSIPPI DEVELOPMENT BANK SPECIAL OBLIGATION LIMITED
 TAX NOTE SERIES B-1 (HCFR, ASSURED GUARANTY) 3.00 07/01/2011 762,668
 82,200,733
 ------------------
MISSOURI: 0.89%
 995,000 KANSAS CITY MO SCHOOL DISTRICT BUILDING CORPORATION
 SERIES A (LEASE REVENUE, NATL-RE FGIC INSURED) 5.00 02/01/2011 1,004,582
 1,000,000 KANSAS CITY MO SERIES E (TAX REVENUE)## 0.40 02/01/2012 973,450
 21,600,000 MISSOURI STATE HIGHWAY & TRANSPORTATION COMMISSION MULTI
 MODAL THIRD LIEN B2 (TOLL ROAD REVENUE, STATE STREET B&T
 COMPANY LOC)+/-SS. 0.24 05/01/2015 21,600,000
 995,000 MISSOURI STATE SINGLE FAMILY HOMEOWNER LOAN SERIES C1
 (HOUSING REVENUE LOC, GNMA/FNMA INSURED) 7.15 03/01/2032 1,022,890
 470,000 ST. LOUIS MO FLOATERS SERIES 004 (AIRPORT REVENUE, FSA
 INSURED, DEXIA CREDIT LOCAL LOC)+/-SS. 0.40 07/01/2026 470,000
 37,775,000 ST. LOUIS MO FLOATERS SERIES 3431(AIRPORT REVENUE,
 NATL-RE INSURED)+/-SS. 0.47 07/01/2017 37,775,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MISSOURI (continued)
$ 2,000,000 ST. LOUIS MO LAMBERT ST. LOUIS INTERNATIONAL AIRPORT
 SERIES A 2 (AIRPORT REVENUE) 4.00% 07/01/2011 $ 2,035,820
 64,881,742
 ------------------
NEBRASKA: 0.50%
 975,000 CENTRAL PLAINS NE ENERGY PROJECT # 1 SERIES A (NATURAL GAS
 REVENUE)+/-SS. 0.51 12/01/2010 971,666
 7,140,000 CENTRAL PLAINS NE ENERGY PROJECT # 1 SERIES A (NATURAL GAS
 REVENUE) 5.00 12/01/2012 7,577,896
 19,280,000 CENTRAL PLAINS NE ENERGY PROJECT # 1 SERIES A (NATURAL GAS
 REVENUE) 5.00 12/01/2013 20,793,673
 6,600,000 CENTRAL PLAINS NE ENERGY PROJECT # 1 SERIES A (NATURAL GAS
 REVENUE) 5.00 12/01/2014 7,141,728
 36,484,963
 ------------------
NEVADA: 0.74%
 200,000 CLARK COUNTY NV AIRPORT IMPROVEMENT REVENUE SERIES A
 (AIRPORT REVENUE, NATL-RE INSURED)+/-SS. 1.50 07/01/2012 200,000
 8,250,000 CLARK COUNTY NV AIRPORT ROCS-RR-II-R-11823 (AIRPORT
 REVENUE)+/-SS. 0.35 01/01/2018 8,250,000
 7,500,000 CLARK COUNTY NV AIRPORT SUB LIEN SERIES A-1 (AIRPORT
 REVENUE, AGM INSURED) 5.00 07/01/2012 7,954,950
 3,000,000 CLARK COUNTY NV AIRPORT SUB LIEN SERIES B-1 (AIRPORT
 REVENUE, AGM INSURED)+/-SS. 0.32 07/01/2022 3,000,000
 9,400,000 CLARK COUNTY NV LUTHERAN SECONDARY SCHOOL ASSOCIATION
 PROJECT (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC
 LOC)+/-SS. 2.12 02/01/2030 9,400,000
 2,650,000 CLARK COUNTY NV NEVADA POWER COMPANY PCR PROJECT SERIES D
 (IDR, ACA INSURED) 5.30 10/01/2011 2,650,530
 1,960,000 CLARK COUNTY NV PASSENGER FACILITIES CHARGE LAS
 VEGAS-MCCARRAN AIRPORT (AIRPORT REVENUE, NATL-RE-INSURED) 5.25 07/01/2011 2,018,447
 1,000,000 CLARK COUNTY NV SUB LIEN SERIES A-1 (AIRPORT REVENUE, AMBAC
 INSURED) 5.00 07/01/2012 1,055,830
 1,000,000 CLARK COUNTY NV SUB LIEN SERIES A-1 (AIRPORT REVENUE,
 NATL-RE FGIC INSURED) 5.25 07/01/2012 1,060,130
 14,285,000 COUNTY OF CLARK NV (EDUCATION REVENUE, ALLIED IRISH BANK
 PLC LOC)+/-SS. 2.37 02/01/2036 14,285,000
 850,000 NEVADA HOUSING DIVISION SERIES B (SFHR) 4.80 10/01/2031 886,780
 750,000 SPARKS NV REDEVELOPMENT AGENCY TAX INCREMENT AREA NUMBER 1
 (TAX REVENUE) 4.00 01/15/2011 753,533
 1,405,000 SPARKS NV REDEVELOPMENT AGENCY TAX=INCREMENT AREA NUMBER 1
 (TAX REVENUE) 4.00 01/15/2013 1,448,218
 750,000 SPARKS NV REDEVEOPMENT AGENCY TAX INCREMENT AREA NUMBER 1
 (TAX REVENUE) 4.00 01/15/2012 764,933
 53,728,351
 ------------------
NEW HAMPSHIRE: 0.38%
 2,410,000 MANCHESTER NH SERIES B (AIRPORT REVENUE) 5.00 01/01/2011 2,430,943
 6,000,000 NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY REFUNDING THE
 UNITED ILLUMINATING SERIES A (PCR)+/-SS. 6.88 12/01/2029 6,340,080
 13,165,000 NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY THE UNITED
 ILLUMINATING COMPANY PROJECT (PCR)+/-SS. 7.13 07/01/2027 13,781,254
 3,995,000 NEW HAMPSHIRE HEFA PROCTER ACADEMY (OTHER REVENUE, ALLIED
 IRISH BANK PLC LOC)+/-SS. 2.40 07/01/2038 3,995,000
 930,000 NEW HAMPSHIRE HEFA SOUTHEASTERN REGIONAL EDUCATIONAL
 SERVICES (PRIVATE SCHOOLS REVENUE, OCEAN NATIONAL BANK
 LOC)+/-SS. 3.95 11/01/2036 953,427
 27,500,704
 ------------------
NEW JERSEY: 2.81%
 2,075,000 CAMDEN COUNTY NJ IMPROVEMENT AUTHORITY SERIES A (LEASE
 REVENUE, ASSURED GUARANTY) 4.00 12/01/2012 2,224,857
 9,727,800 CITY OF CAMDEN NJ (PROPERTY TAX REVENUE) 2.50 08/23/2011 9,832,471
 1,210,000 GLOUCESTER COUNTY NJ IMPROVEMENT AUTHORITY WASTE
 MANAGEMENT INCORPORATED PROJECT B (RESOURCE RECOVERY
 REVENUE)+/-SS. 3.38 12/01/2029 1,229,287

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
NEW JERSEY (continued)
$ 8,560,000 NEW JERSEY EDA CIGARETTE TAX (TOBACCO & LIQUOR TAXES
 REVENUE, FGIC INSURED) 5.00% 06/15/2011 $ 8,672,650
 6,000,000 NEW JERSEY EDA EL DORADO SERIES A (OTHER REVENUE)+/-SS. 1.05 12/01/2021 6,000,000
 2,000,000 NEW JERSEY HFFA CATHOLIC HEALTHCARE EAST (HCFR) 2.00 11/15/2010 2,000,160
 2,000,000 NEW JERSEY HFFA CATHOLIC HEALTHCARE EAST (HCFR) 2.00 11/15/2011 2,000,640
 1,490,000 NEW JERSEY HFFA CATHOLIC HEALTHCARE EAST (HCFR) 5.00 11/15/2012 1,573,500
 1,970,000 NEW JERSEY STATE EDUCATIONAL FACILITIES AUTHORITY RIDER
 UNIVERSITY (COLLEGE & UNIVERSITY REVENUE, RADIAN LOC) 5.00 07/01/2011 2,018,147
 33,295,000 NEW JERSEY STATE HIGHER EDUCATION ASSISTANCE AUTHORITY
 STUDENT LOAN SERIES FFELP-CLASS A-1 (STUDENT LOAN
 REVENUE)+/-SS. 0.60 06/01/2020 33,162,153
 1,000,000 NEW JERSEY STATE TURNPIKE AUTHORITY SERIES C-2 (TOLL ROAD
 REVENUE, AGM INSURED)+/-SS. 0.35 01/01/2024 1,000,000
 2,230,000 NEW JERSEY STATE TURNPIKE AUTHORITY SERIES D (TOLLS ROAD
 REVENUE, NATL-RE INSURED, SOCIETE GENERALE LOC)+/-SS. 0.29 01/01/2018 2,230,000
 9,100,000 NEW JERSEY TRANSPORTATION AUTHORITY RB SERIES A (OTHER
 REVENUE, FGIC INSURED)+/-SS. 0.46 06/15/2023 9,100,000
 1,055,000 NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY PUTTABLE
 FLOATING OPTION TAX-EXEMPT RECEIPTS 109 (FGIC INSURED)+/-SS. 0.49 12/15/2030 1,055,000
 35,000,000 NEWARK NJ TAX ANTICIPATION NOTES SERIES H (OTHER REVENUE) 4.00 03/15/2011 35,175,700
 1,500,000 NEWARK NJ TAX APPEAL NOTES SERIES H (PROPERTY TAX REVENUE) 3.25 12/16/2010 1,502,070
 1,100,000 PERTH AMBOY NJ BOARD OF EDUCATION COP (LEASE REVENUE,
 ASSURED GUARANTY) 3.00 12/15/2011 1,120,251
 23,630,000 PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS 4003 ESSEX
 COUNTY (OTHER REVENUE, AMBAC INSURED)+/-SS. 0.47 12/15/2021 23,630,000
 36,095,000 PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS 4036
 (TOLL ROAD REVENUE, AMBAC INSURED)+/-SS. 0.39 01/01/2025 36,095,000
 9,000,000 SALEM COUNTY UTILITIES AUTHORITY (UTILITIES REVENUE)+/-SS. 0.95 11/01/2033 9,000,900
 17,000,000 SALEM COUNTY UTILITIES AUTHORITY (UTILITIES REVENUE)+/-SS. 0.95 11/01/2033 17,001,700
 205,624,486
 ------------------
NEW MEXICO: 0.14%
 1,170,000 NEW MEXICO MORTGAGE FINANCE AUTHORITY VILLA ALEGRE SERIES A
 (HOUSING REVENUEN FHA INSURED) 1.75 09/01/2012 1,182,308
 8,930,000 PUEBLO OF SANDIIA NM (OTHER REVENUE)+/-SS. 1.80 03/01/2015 8,930,000
 10,112,308
 ------------------
NEW YORK: 4.83%
 24,340,000 BINGHAMTON CITY SCHOOL DISTRICT (PROPERTY TAX REVENUE,
 STATE AID WITHHOLDING INSURED) 1.50 07/28/2011 24,488,717
 3,050,000 CHAUTAUQUA COUNTY NY IDAG JAMESTOWN COMMUNITY SERIES A
 (COLLEGE & UNIVERSITY REVENUE, CITIZENS BANK NA LOC)+/-SS. 0.39 08/01/2027 3,050,000
 5,075,000 CITY OF NEWBURGH NY (PROPERTY TAX REVENUE) 4.00 11/30/2010 5,079,669
 40,000,000 CITY OF SYRACUSE NY (PROPERTY TAX REVENUE, STATE AID
 WITHHOLDING INSURED) 1.50 06/30/2011 40,154,800
 14,000,000 COUNTY OF ROCKLAND NY (PROPERTY TAX REVENUE) 1.75 08/30/2011 14,098,700
 3,500,000 DUNKIRK CITY SCHOOL DISTRICT (PROPERTY TAX REVENUE, STATE
 AID WITHHOLDING INSURED) 2.00 07/28/2011 3,534,265
 5,392,685 GENERAL BROWN CENTRAL SCHOOL DISTRICT (PROPERTY TAX
 REVENUE, STATE AID WITHHOLDING INSURED) 2.00 06/24/2011 5,403,794
 27,390,000 GREATER SOUTH TIER BOARD OF COOPERATIVE EDUCATIONAL
 SERVICES DISTRICT (MISCELLANEOUS REVENUE, STATE AID
 WITHHOLDING INSURED) 1.50 06/30/2011 27,461,214
 2,930,000 GUILDERLAND NY IDA WILDWOOD PROJECT SERIES A (OTHER
 REVENUE, KEYBANK NA LOC)+/-SS. 0.45 07/01/2032 2,930,000
 9,000,000 LONG ISLAND POWER AUTHORITY SERIES D (UTILITIES REVENUE,
 AGM INSURED)+/-SS. 0.32 12/01/2029 9,000,000
 28,996,921 LOWVILLE CENTRAL SCHOOL DISTRICT (PROPERTY TAX REVENUE,
 STATE AID WITHHOLDING INSURED) 2.00 06/30/2011 29,205,119
 1,290,000 MONROE COUNTY NY GREATER ROCHESTER INTERNATIONAL AIRPORT
 (AIRPORT REVENUE, NATL-RE INSURED) 5.25 01/01/2011 1,299,340

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
NEW YORK (continued)
$ 3,515,000 NEW YORK CITY NY IDAG TERMINAL ONE GROUP ASSOCIATION
 PROJECT (LEASE REVENUE) 5.00% 01/01/2011 $ 3,541,292
 1,785,000 NEW YORK NY IDAG CAPITAL APPRECIATION YANKEE STADIUM
 PILOT (RECREATIONAL FACILITIES REVENUE, ASSURED GUARANTY)## 1.39 03/01/2011 1,774,629
 5,300,000 NEW YORK NY SUBSERIES C-4 (PROPERTY TAX REVENUE, AGM
 INSURED)+/-SS. 0.50 01/01/2032 5,300,000
 6,400,000 NEW YORK NY SUBSERIES H-6 (PROPERTY TAX REVENUE, NATL-RE
 INSURED)+/-SS. 0.32 08/01/2013 6,400,000
 22,820,000 NEW YORK NY SUBSERIES J3 (PROPERTY TAX REVENUE, ALLIED
 IRISH BANK PLC LOC)+/-SS. 1.70 08/01/2023 22,820,000
 5,235,000 NEW YORK STATE DORMITORY AUTHORITY (HCFR, AMBAC INSURED) 5.38 02/01/2017 5,239,188
 1,510,000 NEW YORK STATE DORMITORY AUTHORITY (HCFR, AMBAC INSURED) 5.38 02/01/2032 1,511,208
 250,000 NEW YORK STATE DORMITORY AUTHORITY NON STATE SUPPORTED
 DEBT EDUCATIONAL HOUSING SERVICES CUNY (COLLEGE &
 UNIVERSITY REVENUE) 5.00 07/01/2011 256,605
 7,960,000 NEW YORK STATE DORMITORY AUTHORITY PUTTABLE FLOATION
 OPTION TAX-EXEMPT RECEIPTS 3675 (INCOME TAX REVENUE, AMBAC
 INSURED)+/-SS. 0.46 03/15/2028 7,960,000
 2,350,000 NEW YORK STATE DORMITORY AUTHORITY SERIES B (COLLEGE &
 UNIVERSITY REVENUE)+/-SS. 5.25 11/15/2023 2,511,657
 1,325,000 NEW YORK STATE ENERGY R&D AUTHORITY PCR KEYSPAN
 GENERATION SERIES A (IDR, AMBAC INSURED)+/-SS. 1.40 10/01/2028 1,325,000
 1,900,000 NEW YORK STATE ENVIRONMENTAL FACILITIES CORPORATION WASTE
 MANAGEMENT PROJECT SERIES A (IDR)+/-SS. 4.55 05/01/2012 1,938,570
 3,025,000 NEW YORK STATE GOOD SAMARITAN HOSPITAL MEDICAL CENTER
 SERIES A (HCFR, NATL-RE INSURED) 5.70 07/01/2013 3,048,353
 10,900,000 NEW YORK STATE MORTGAGE AGENCY SERIES 153 (HOUSING
 REVENUE)+/-SS. 0.37 04/01/2047 10,900,000
 310,000 NEW YORK STATE URBAN DEVELOPMENT CAPITAL APPRECIATION
 STATE OFFICE SERIES S (LEASE REVENUE)## 0.39 01/01/2011 309,687
 35,830,000 NEW YORK URBAN DEVELOPMENT CORPORATION (MISCELLANEOUS
 REVENUE) 5.88 02/01/2013 36,272,501
 1,470,000 NIAGRA COUNTY NY IDA SOLID WASTE DISPOSAL SERIES A
 REFUNDING (IDR)+/-SS. 5.45 11/15/2026 1,519,230
 19,800,000 PATCHOGUE- MEDFORD UNION FREE SCHOOL DISTRICT (PROPERTY
 TAX REVENUE) 1.75 06/23/2011 19,918,206
 9,370,000 PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS 4291(OTHER
 REVENUE)+/-SS. 0.60 06/01/2031 9,370,000
 10,433,000 ROCKLAND COUNTY NY BOARD ANTICIPATION NOTES SERIES B (GO) 1.50 04/22/2011 10,438,529
 8,030,000 UTICA NY IDAG UTICA COLLEGE PROJECT SERIES B (COLLEGE &
 UNIVERSITY REVENUE, CITIZENS BANK LOC)+/-SS. 0.39 10/01/2034 8,030,000
 22,385,000 UTICA SCHOOL DISTRICT (PROPERTY TAX REVENUE, STATE AID
 WITHHOLDING INSURED) 2.00 09/09/2011 22,597,881
 4,310,000 WALTON CENTRAL SCHOOL DISTRICT (PROPERTY TAX REVENUE,
 STATE AID WITHHOLDING INSURED) 2.00 07/22/2011 4,337,325
 353,025,479
 ------------------
NORTH CAROLINA: 0.59%
 250,000 ALBEMARLE NC HOSPITAL AUTHORITY (HCFR) 5.00 10/01/2010 250,010
 1,100,000 NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY JOHNSON
 & WALES UNIVERSITY PROJECT SERIES A (COLLEGE & UNIVERSITY
 REVENUE, XLCA INSURED) 5.00 04/01/2011 1,116,313
 5,810,000 NORTH CAROLINA EASTERN MUNICIPAL POWER AGENCY SERIES C
 (ELECTRIC REVENUE, NATL-RE INSURED) 7.00 01/01/2013 6,204,557
 1,200,000 NORTH CAROLINA MEDICAL CARE COMMISSION CATHOLIC HEALTH EAST
 (HCFR) 2.50 11/15/2011 1,216,692
 1,085,000 NORTH CAROLINA MEDICAL CARE COMMISSION CATHOLIC HEALTH EAST
 (HCFR) 4.00 11/15/2012 1,138,892
 3,205,000 NORTH CAROLINA MEDICAL CARE COMMISSION FIRSTHEALTH CAROLINA
 SERIES C (HCFR) 3.00 10/01/2012 3,291,823
 14,000,000 NORTH CAROLINA MEDICAL CARE COMMISSION NOVANT HEALTH SERIES
 A (HCFR)+/-SS. 0.37 11/01/2028 14,000,000
 16,105,000 NORTH CAROLINA MEDICAL CARE COMMONWEALTH HEALTH CARE
 FACILITIES DUKE UNIVERSITY HEALTH SYSTEM SERIES A
 (HOSPITAL REVENUE)+/-SS. 0.57 06/01/2039 16,105,000
 43,323,287
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
NORTH DAKOTA: 0.08%
$ 875,000 FARGO ND MERITCARE OBLIGATED GROUP SERIES A (HCFR, NATL-RE
 INSURED) 5.50% 06/01/2011 $ 880,583
 865,000 GRAND FORKS ND UNITED HOSPITAL OBLIGATED GROUP (HCFR,
 NATL-RE INSURED) 6.63 12/01/2010 867,915
 4,000,000 NORTH DAKOTA RURAL WATER FINANCE CORPORATION PUBLIC
 PROJECTS CONSTRUCTION NOTES SERIES A-2 (WATER REVENUE)+/-SS. 0.75 10/01/2010 4,000,000
 5,748,498
 ------------------
OHIO: 2.12%
 9,000,000 AKRON OH HEALTH BENEFITS CLAIM BOND ANTICIPATION NOTES
 (INCOME TAX REVENUE) 1.75 03/17/2011 9,006,570
 13,341,050 AUSTINTOWN OHIO LOCAL SCHOOL DISTRICT IMPROVEMENT (GO) 2.50 11/17/2010 13,380,139
 2,245,000 BLUE ASH OHIO URSULINE ACADEMY PROJECT (OTHER REVENUE,
 FIFTH THIRD BANK LOC)+/-SS. 0.44 06/01/2031 2,245,000
 235,000 CITY OF LORAIN OH (PROPERTY TAX REVENUE) 4.75 12/30/2010 236,041
 1,025,000 CITY OF LORAIN OH (PROPERTY TAX REVENUE) 3.63 09/22/2011 1,030,002
 1,000,000 CITY OF STEUBENVILLE OH (HCFR) 2.00 10/01/2012 1,001,070
 2,250,000 CITY OF WARRENSVILLE HEIGHTS OH (OTHER REVENUE) 3.00 02/03/2011 2,257,065
 18,795,000 CLEVELAND OH WATER RESOURCES SERIES S (WATER & SEWER
 REVENUE)+/-SS. 2.00 01/01/2033 18,795,000
 1,600,000 CLEVELAND OHIO COP CLEVELAND STADIUM PROJECT SERIES A
 REFUNDING (LEASE REVENUE) 2.00 11/15/2010 1,601,584
 1,545,000 CLEVELAND OHIO COP CLEVELAND STADIUM PROJECT SERIES A
 REFUNDING (LEASE REVENUE) 4.00 11/15/2011 1,589,589
 1,105,000 CUYAHOGA COUNTY OH UNIVERSITY HOSPITAL HEALTH SYSTEM
 PROJECT SERIES A (HCFR) 5.50 01/15/2011 1,108,370
 1,120,000 HAMILTON COUNTY OH EDR STATE XAVIER HIGH SCHOOL PROJECT
 (PRIVATE SCHOOLS REVENUE, FIFTH THIRD BANK LOC)+/-SS. 0.44 04/01/2028 1,120,000
 3,800,000 LORAIN OHIO PORT AUTHORITY HORIZON ACTIVITIES CENTER
 PROJECT (FIFTH THIRD BANK LOC)+/-SS. 0.44 07/01/2028 3,800,000
 3,000,000 MONTGOMERY COUNTY OH CATHOLIC HEALTH SERIES C-2 (HCFR)+/-SS. 4.10 10/01/2041 3,106,050
 4,400,000 OHIO STATE AIR QUALITY DEVELOPMENT AUTHORITY POLLUTION
 CONTROL SERIES A (ELECTRIC, POWER & LIGHT REVENUE)+/-SS. 2.25 12/01/2023 4,403,784
 1,860,000 OHIO STATE HIGHER EDUCATIONAL FACILITIES ASHLAND
 UNIVERSITY PROJECT (LEASE REVENUE) 4.25 09/01/2011 1,881,390
 5,500,000 OHIO STATE WATER DEVELOPMENT AUTHORITY PCR FIRST ENERGY
 SERIES B (RESOURCE RECOVERY REVENUE)+/-SS. 3.00 10/01/2033 5,559,400
 5,900,000 OHIO STATE WATER DEVELOPMENT AUTHORITY PCR FIRSTENERGY
 SERIES A (WATER REVENUE)+/-SS. 4.75 08/01/2029 6,094,877
 4,500,000 OHIO STATE WATER DEVELOPMENT AUTHORITY SOLID WASTE
 MANAGEMENT INCORPORATED PROJECT (RESOURCE RECOVERY)+/-SS. 1.50 06/01/2013 4,502,295
 310,000 OHIO STATE WATER DEVELOPMENT AUTHORITY WASTE MANAGEMENT
 PROJECT (RESOURCE RECOVERY REVENUE)+/-SS. 2.63 07/01/2021 312,096
 39,170,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 567 (OTHER
 REVENUE, NATL-RE INSURED)+/-SS. 0.39 04/01/2026 39,170,000
 19,000,000 THREE RIVERS LOCAL SCHOOL DISTRICT (PROPERTY TAX REVENUE) 2.50 11/01/2010 19,016,150
 4,280,000 TOLEDO OH SPECIAL GO (OTHER REVENUE) 4.00 06/01/2011 4,328,621
 4,845,000 VILLAGE OF OAKWOOD OH (OTHER REVENUE) 1.50 10/06/2011 4,877,898
 2,257,869 VILLAGE OF WATERVILLE OH (OTHER REVENUE) 3.00 08/04/2011 2,267,013
 2,330,000 WOODLAWN OH COMMUNITY CENTER (PROPERTY TAX REVENUE) 4.00 11/24/2010 2,335,732
 155,025,736
 ------------------
OKLAHOMA: 0.42%
 5,000,000 CLEVELAND COOUNTY OK PUBLIC FACILITIES AUTHORITY
 EDUCATIONAL FACILITIES NORMAN PUBLIC SCHOOLS PROJECT
 (LEASE REVENUE) 4.00 06/01/2013 5,320,400
 2,000,000 CLEVELAND COUNTY OK PUBLIC FACILITIES AUTHORITY
 EDUCATIONAL FACILITIES NORMAN PUBLIC SCHOOLS PROJECT
 (LEASE REVENUE) 3.50 06/01/2012 2,070,760
 4,365,000 MCGEE CREEK AUTHORITY (UTILITIES REVENUE, NATL-RE INSURED) 6.00 01/01/2013 4,566,227
 4,670,000 OKLAHOMA CITY AIRPORT TRUST LIEN 27TH SERIES B
 (AIRPORT REVENUE, AGM INSURED) 5.38 07/01/2011 4,687,886

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
OKLAHOMA (continued)
$ 1,000,000 OKLAHOMA COUNTY OK FINANCE AUTHORITY PUTNAM CITY PUBLIC
 SCHOOLS PROJECT (LEASE REVENUE) 3.00% 03/01/2011 $ 1,007,930
 3,825,000 OKLAHOMA COUNTY OK FINANCE AUTHORITY PUTNAM CITY PUBLIC
 SCHOOLS PROJECT (LEASE REVENUE) 3.50 03/01/2012 3,931,373
 485,000 OKLAHOMA HOUSING FINANCE AGENCY SFMR HOMEOWNER LOAN
 PROGRAM SERIES D2 (HOUSING REVENUE, GNMA/FNMA INSURED) 7.10 09/01/2028 492,503
 7,130,000 OKLAHOMA SCHOOL DISTRICTS & COUNTY REVENUE ANTICIPATION
 PROGRAM (PROPERTY TAX REVENUE) 1.50 06/30/2011 7,129,786
 1,000,000 TULSA COUNTY OK INDUSTRIAL AUTHORITY JENKS PUBLIC SCHOOL
 (LEASE REVENUE) 5.00 09/01/2011 1,042,430
 175,000 TULSA OK AIRPORT IMPROVEMENT TRUST SERIES A (AIRPORT
 REVENUE) 3.00 06/01/2011 176,747
 30,426,042
 ------------------
OREGON: 0.54%
 3,700,000 OREGON STATE FACILITIES AUTHORITY HAZELDEN SPRINGBROOK
 PROJECT A (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 2.25 11/01/2025 3,700,000
 35,465,000 SALEM OR HOSPITAL FACILITY AUTHORITY SALEM HOSPITAL
 PROJECT SERIES C (OTHER REVENUE, ALLIED IRISH BANK PLC
 LOC)+/-SS. 1.75 08/15/2036 35,465,000
 39,165,000
 ------------------
PENNSYLVANIA: 7.92%
 5,200,000 ALLEGHENY COUNTY PA AIRPORT AUTHORITY PITTSBURGH
 INTERNATIONAL AIRPORT (AIRPORT REVENUE, NATL-RE INSURED) 5.75 01/01/2011 5,240,404
 4,995,000 ALLEGHENY COUNTY PA AIRPORT AUTHORITY PITTSBURGH
 INTERNATIONAL AIRPORT SERIES A (AIRPORT REVENUE, NATL-RE
 INSURED)+/-SS. 4.00 01/01/2011 5,015,929
 3,520,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY HEALTH
 SYSTEM WESTERN PENNSYLVANIA SERIES A (HCFR) 5.00 11/15/2010 3,520,563
 6,275,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY
 UNIVERSITY OF PITTSBURGH MEDICAL CENTRE SERIES A (HCFR) 4.00 05/15/2012 6,555,932
 21,000,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY
 UNIVERSITY OF PITTSBURGH MEDICAL CENTRE SERIES F
 (HCFR)+/-SS. 1.32 05/15/2038 20,792,100
 2,525,000 ALLEGHENY COUNTY PA IDA DUQUENSE LIGHT PCR (ELECTRIC,
 POWER & LIGHT REVENUE, AMBAC INSURED)+/-SS. 4.05 09/01/2011 2,574,137
 7,000,000 ALLEGHENY COUNTY PA SANITATION AUTHORITY (SEWER REVENUE,
 NATL-RE INSURED) 5.50 12/01/2020 7,131,180
 3,650,000 BEAVER COUNTY PA IDA PCR FIRSTENERGY SERIES B (IDR)+/-SS. 3.00 10/01/2047 3,689,420
 2,795,000 BLAIR COUNTY PA ALTOONA REGIONAL HEALTH SYSTEM (HCFR) 4.00 11/15/2011 2,868,173
 2,865,000 BLAIR COUNTY PA ALTOONA REGIONAL HEALTH SYSTEM (HCFR) 4.00 11/15/2012 2,975,560
 1,315,000 BLAIR COUNTY PA ALTOONA REGIONAL HEALTH SYSTEM (HCFR) 4.00 11/15/2013 1,370,888
 7,700,000 BUCKS COUNTY PA INDUSTRIAL DEVELOPMENT AUTHORITY (OTHER
 REVENUE)+/-SS. 1.60 05/01/2033 7,700,000
 3,850,000 CITY OF PITTSBURGH CA (PROPERTY TAX REVENUE, AGM INSURED) 5.00 09/01/2011 3,994,298
 15,000 DELAWARE COUNTY PA AUTHORITY NEUMANN COLLEGE (COLLEGE &
 UNIVERSITY REVENUE) 5.13 10/01/2011 15,504
 3,705,000 DELAWARE COUNTY PA IDA RESOURCE RECOVERY FACILITY SERIES
 A (RESOURCE RECOVERY REVENUE) 6.10 07/01/2013 3,709,557
 47,800,000 DELAWARE VALLEY PA REGIONAL FINANCIAL AUTHORITY MODE 1
 (OTHER REVENUE, BAYERISCHE LANDESBANK LOC)+/-SS. 0.30 08/01/2016 47,800,000
 4,300,000 DELAWARE VALLEY PA REGIONAL FINANCIAL AUTHORITY SERIES
 1985 B (OTHER REVENUE, BAYERISCHE LANDESBANK LOC)+/-SS. 0.32 12/01/2020 4,300,000
 4,500,000 DELAWARE VALLEY PA REGIONAL FINANCIAL AUTHORITY SERIES A
 (OTHER REVENUE, BAYERISCHE LANDESBANK LOC)+/-SS. 0.32 12/01/2017 4,500,000
 6,500,000 DELAWARE VALLEY PA REGIONAL FINANCIAL AUTHORITY SERIES A
 (OTHER REVENUE, BAYERISCHE LANDESBANK LOC)+/-SS. 0.32 12/01/2019 6,500,000
 6,300,000 DELAWARE VALLEY PA REGIONAL FINANCIAL AUTHORITY SERIES A
 (OTHER REVENUE, BAYERISCHE LANDESBANK LOC)+/-SS. 0.32 12/01/2020 6,300,000
 31,800,000 DELAWARE VALLEY PA REGIONAL FINANCIAL AUTHORITY SERIES D
 (OTHER REVENUE, BAYERISCHE LANDESBANK LOC)+/-SS. 0.32 12/01/2020 31,800,000
 1,165,000 ERIE COUNTY PA ST. VINCENTS HEALTH SERIES A (HCFR) 4.00 07/01/2011 1,176,347
 1,635,000 GALLERY CERTIFICATE TRUST PA (AUTO PARKING REVENUE, FSA
 INSURED) 4.50 02/15/2013 1,639,480

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
PENNSYLVANIA (continued)
$ 6,420,000 HARRISBURG PA AUTHORITY CAPITAL APPRECIATION LIMITED
 OBLIGATION SERIES C (RESOURCE RECOVERY REVENUE)## 4.48% 12/15/2010 $ 6,360,872
 20,400,000 HARRISBURG PA AUTHORITY RESOURCE RECOVERY FACILITY SERIES
 D-1 (OTHER REVENUE, AGM INSURED)+/-SS. 6.75 12/01/2033 20,493,636
 2,700,000 HARRISBURG PA AUTHORITY RESOURCES GUARANTEED SUBORDINATED
 SERIES D-2 (HCFR, NATL-RE INSURED)+/-SS. 5.00 12/01/2033 2,719,467
 890,000 LYCOMING COUNTY PA SUSQUEHANNA HEALTH SYSTEM PROJECT A
 (HCFR) 4.00 07/01/2012 917,376
 1,185,000 MONTGOMERY COUNTY IDA ACTS RETIREMENT LIFE COMMUNITY
 SERIES A-1 (HCFR) 5.00 11/15/2010 1,189,586
 1,000,000 NORTHAMPTON COUNTY PA GENERAL PURPOSE AUTHORITY SAINT
 LUKES HOSPITAL PROJECT SERIES A (HOSPITAL REVENUE) 4.00 08/15/2011 1,018,300
 3,500,000 PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY
 (EDR)+/-SS. 1.50 06/01/2028 3,499,195
 5,680,000 PENNSYLVANIA EDFA ALBERT EINSTEIN HEALTHCARE SERIES A
 (HCFR) 5.00 10/15/2011 5,811,435
 4,075,000 PENNSYLVANIA EDFA ALBERT EINSTEIN HEALTHCARE SERIES A
 (HCFR) 5.00 10/15/2012 4,233,803
 10,300,000 PENNSYLVANIA EDFA COLVER PROJECT SERIES F (RESOURCE
 RECOVERY REVENUE, AMBAC INSURED) 4.50 12/01/2010 10,322,042
 8,755,000 PENNSYLVANIA EDFA COLVER PROJECT SERIES F (RESOURCE
 RECOVERY REVENUE, AMBAC INSURED) 5.00 12/01/2012 8,889,214
 9,150,000 PENNSYLVANIA EDFA COLVER PROJECT SERIES F (RESOURCE
 RECOVERY REVENUE, AMBAC INSURED) 5.00 12/01/2013 9,240,128
 5,400,000 PENNSYLVANIA EDFA COLVER PROJECT SERIES F REFUNDING
 (RESOURCE RECOVERY REVENUE) 4.50 12/01/2011 5,433,966
 10,285,000 PENNSYLVANIA EDFA MAIN LINE HEALTH (OTHER REVENUE)+/-SS. 0.67 10/01/2027 10,120,543
 65,000,000 PENNSYLVANIA EDFA THOMAS JEFFERSON UNIVERSITY HOSPITAL
 SYSTEM (PROPERTY TAX REVENUE)+/-SS. 0.67 10/01/2037 64,079,600
 7,700,000 PENNSYLVANIA EDFA WASTE MANAGEMENT INCORPORATED PROJECT
 (RESOURCE RECOVERY REVENUE)+/-SS. 2.63 12/01/2033 7,770,301
 3,040,000 PENNSYLVANIA STATE HEFAR ASSOCIATED INDEPENDENT COLLEGES
 SERIES 13 (COLLEGE & UNIVERSITY REVENUE)+/-SS. 2.13 11/01/2031 3,040,000
 7,390,000 PENNSYLVANIA STATE HEFAR HONEYSUCKLE STUDENT HOLDING
 SERIES A (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK
 PLC LOC)+/-SS. 1.40 07/01/2034 7,390,000
 3,000,000 PENNSYLVANIA STATE HEFAR UNIVERSITY OF PITSSBURGH MEDICAL
 CENTRE SERIES E (HCFR) 3.50 05/15/2012 3,110,250
 7,905,000 PENNSYLVANIA STATE HEFAR UNIVERSITY OF PITSSBURGH MEDICAL
 CENTRE SERIES E (HCFR) 3.50 05/15/2013 8,346,020
 2,750,000 PENNSYLVANIA STATE HIGHER EDUCATION ASSISTANCE AGENCY
 CAPITAL ACQUISITION (OTHER REVENUE, NATLE-RE OF AGENCY
 INSURED) 6.13 12/15/2020 2,776,263
 10,000,000 PENNSYLVANIA STATE HIGHER EDUCATION ASSISTANCE AGENCY
 CAPITAL ACQUISITION (OTHER REVENUE, NATLE-RE OF AGENCY
 INSURED) 5.88 12/15/2025 10,090,300
 11,495,000 PENNSYLVANIA STATE ST. JOSEPHS UNIVERSITY SERIES A
 (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC)+/-SS. 1.75 07/15/2036 11,495,000
 51,900,000 PENNSYLVANIA STATE TURNPIKE COMMISSION SERIES B-2
 (TOLL ROAD REVENUE, BANK OF AMERICA NA LOC)+/-SS. 0.26 12/01/2038 51,900,000
 14,500,000 PENNSYLVANIA STATE TURNPIKE COMMISSION SERIES C
 (TOLL ROAD REVENUE)+/-SS. 0.89 12/01/2012 14,404,590
 15,000,000 PENNSYLVANIA STATE TURNPIKE COMMISSION SERIES C
 (TOLL ROAD REVENUE)+/-SS. 1.17 12/01/2013 14,859,750
 1,455,000 PHILADELPHIA PA (AIRPORT REVENUE, NATL-RE FGIC INSURED) 5.38 06/15/2012 1,459,467
 1,265,000 PHILADELPHIA PA 1998 7TH GENERAL ORDINANCE (UTILITIES
 REVENUE, AMBAC INSURED) 4.00 10/01/2010 1,265,101
 1,705,000 PHILADELPHIA PA 1998 8TH GENERAL ORDINANCE SERIES A
 (UTILITIES REVENUE) 5.00 08/01/2012 1,807,812
 500,000 PHILADELPHIA PA 7TH SERIES 1998 GENERAL ORDINANCE
 (UTILITIES REVENUE, AMBAC INSURED) 5.00 10/01/2013 542,895
 245,000 PHILADELPHIA PA GAS WORKS CAPITAL APPRECIATION ELEVENTH
 SERIES C (NATURAL GAS REVENUE, AMBAC INSURED)## 4.05 01/01/2012 232,922
 805,000 PHILADELPHIA PA GAS WORKS EIGHTEENTH SERIES CIFG
 (NATURAL GAS REVENUE, CIFG INSURED) 5.00 08/01/2011 829,222
 1,305,000 PHILADELPHIA PA IDA COMMERCIAL DEVELOPMENT RED LION
 (IDR, PNC BANK NA LOC)+/-SS. 4.50 12/01/2016 1,313,757
 3,170,000 PHILADELPHIA PA IDA SERIES A (LEASE REVENUE, NATL-RE FGIC
 INSURED) 5.00 10/01/2011 3,272,391

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
PENNSYLVANIA (continued)
$ 3,255,000 PHILADELPHIA PA MUNICIPAL AUTHORITY LEASE SERIES B
 (LEASE REVENUE, AGM INSURED) 5.25% 11/15/2011 $ 3,397,374
 3,800,000 PHILADELPHIA PA REDEVELOPMENT AUTHORITY NEIGHBORHOOD
 TRANSFORMATION SERIES A (OTHER REVENUE, NATL-RE FGIC
 INSURED) 5.25 04/15/2011 3,882,422
 4,250,000 PHILADELPHIA PA SCHOOL DISTRICT SERIES C (PROPERTY TAX
 REVENUE, STATE AID WITHHOLDING) 5.00 09/01/2011 4,398,793
 6,100,000 PHILADELPHIA PA SCHOOL DISTRICT SERIES C (PROPERTY TAX
 REVENUE, STATE AID WITHHOLDING) 5.00 09/01/2012 6,518,338
 75,820,000 PHILADELPHIA PA SCHOOL DISTRICT TAX & REVENUE ANTIC NOTES
 SERIES A (EDUCATION REVENUE) 2.50 06/30/2011 76,663,118
 1,380,000 SAYRE PA HCFA GUTHRIE HEALTH SERIES A (HCFR) 6.00 12/01/2010 1,390,612
 1,040,000 WESTMORELAND COUNTY PA IDA EXCELA HEALTH PROJECT (OTHER
 REVENUE) 3.00 07/01/2012 1,059,074
 578,714,407
 ------------------
PUERTO RICO: 0.68%
 500,000 PUERTO RICO COMMONWEALTH (INCOME TAX REVENUE, NATL-RE
 INSURED)+/-SS. 0.87 07/01/2011 494,640
 8,000,000 PUERTO RICO COMMONWEALTH AQUEDUCT & SEWER AUTHORITY
 (WATER REVENUE, NATL-RE INSURED)+/-SS. 0.69 07/01/2011 7,771,667
 90,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION
 AUTHORITY FLOATERS SERIES DCL 008 (TOLL ROAD REVENUE, FSA
 INSURED, DEXIA CREDIT LOCAL LOC)+/-SS. 0.42 07/01/2030 90,000
 8,445,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION
 AUTHORITY FLOATERS SERIES DCL 019 (TOLL ROAD REVENUE, FSA
 INSURED, DEXIA CREDIT LOCAL LOC)+/-SS. 0.42 01/01/2029 8,445,000
 2,000,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION
 AUTHORITY SERIES 2447 (OTHER REVENUE, ASSURED
 GUARANTY)+/-SS. 0.28 07/01/2036 2,000,000
 18,370,000 PUERTO RICO COMMONWEALTH INFRASTRUCTURE FINANCING
 AUTHORITY SERIES B (OTHER REVENUE)+/-SS. 0.92 10/01/2040 18,370,000
 10,955,000 PUERTO RICO HFA VIVIENDA MODERNIZATION (HOUSING REVENUE) 4.75 10/01/2011 10,969,899
 1,452,000 PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS 267 (AMBAC
 INSURED)+/-SS. 0.49 08/01/2047 1,452,000
 49,593,206
 ------------------
RHODE ISLAND: 0.11%
 655,000 PROVIDENCE RI PUBLIC BUILDING AUTHORITY SCHOOL & PUBLIC
 FACILITY PROJECT SERIES A (LEASE REVENUE, AMBAC INSURED) 5.38 12/15/2011 669,593
 1,420,000 RHODE ISLAND HOUSING & MORTGAGE FINANCE CORPORATION
 HOMEOWN OPPORTUNITY SERIES 50-A (HOUSING REVENUE) 3.55 10/01/2011 1,455,855
 5,860,000 RHODE ISLAND STATE HEALTH & EDUCATIONAL BUILDING
 CORPORATION HEALTH FACILITIES SAINT ANTONINE SERIES A
 (HOSPITAL REVENUE, ALLIED IRISH BANKS PLC LOC)+/-SS. 1.70 11/01/2018 5,860,000
 7,985,448
 ------------------
SOUTH CAROLINA: 1.37%
 7,000,000 GREENVILLE HOSPITAL SYSTEM SC SERIES B (HCFR, SUNTRUST
 BANK LOC)+/-SS. 0.59 05/01/2033 7,000,000
 2,250,000 ORANGEBURG SC JOINT GOVERNMENTAL ACTION AUTHORITY (SALES
 TAX REVENUE, NATL-RE INSURED) 5.00 10/01/2010 2,250,225
 2,010,000 ORANGEBURG SC JOINT GOVERNMENTAL ACTION AUTHORITY (SALES
 TAX REVENUE, NATL-RE INSURED) 5.00 04/01/2011 2,040,532
 4,075,000 ORANGEBURG SC JOINT GOVERNMENTAL ACTION AUTHORITY (SALES
 TAX REVENUE, NATL-RE INSURED) 5.00 10/01/2011 4,196,191
 16,070,000 PIEDMONT SC MUNICIPAL POWER AGENCY CAPITAL APPRECIATION
 2004 UNREFUNDED BALANCE (ELECTRIC, POWER & LIGHT
 REVENUE)## 5.02 01/01/2013 14,364,491
 1,000,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY ANMED
 HEALTH PROJECT (HCFR) 5.00 02/01/2013 1,075,240
 1,000,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY
 GEORGETOWN MEMORIAL HOSPITAL (HCFR, AMBAC INSURED) 5.50 11/01/2012 1,012,680

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
SOUTH CAROLINA (continued)
$ 41,985,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY
 PALMETTO HEALTH (HCFR)+/-SS. 1.02% 08/01/2039 $ 39,819,834
 28,110,000 TOBACCO SETTLEMENT REVENUE MANAGEMENT AUTHORITY SC
 (TOBACCO REVENUE) 5.00 06/01/2018 28,133,894
 99,893,087
 ------------------
SOUTH DAKOTA: 0.24%
 400,000 MINNEHAHA COUNTY SD BETHANY LUTHERAN HOME PROJECT SERIES A
 (HCFR) 7.00 12/01/2023 451,704
 1,920,000 SOUTH DAKOTA HOUSING DEVELOPMENT AUTHORITY HOMEOWNERSHIP
 MORTGAGE SERIES A (HOUSING REVENUE) 3.85 05/01/2011 1,950,374
 15,000,000 SOUTH DAKOTA STATE HEFA ARERA HEALTH SERIES C
 (HOSPITAL REVENUE, ALLIED IRISH BANKS PLC LOC)+/-SS. 2.50 07/01/2033 15,000,000
 17,402,078
 ------------------
TENNESSEE: 3.89%
 1,075,000 CHATTANOOGA HAMILTON COUNTY TN ERLANGER HEALTH
 (HCFR, AGM INSURED) 5.00 10/01/2012 1,150,949
 2,220,000 CHATTANOOGA HAMILTON COUNTY TN ERLANGER HEALTH
 (HCFR, AGM INSURED) 5.00 10/01/2012 2,376,843
 20,570,000 ELIZABETHTON TN HEALTH & EDUCATIONAL FACILITIES BOARD
 HOSPITAL SERIES B MBIA (HCFR, NATL-RE IBC INSURED) 7.75 07/01/2029 22,924,237
 1,685,000 FRANKLIN COUNTY TN HEFA ANDREWS SEWANEE SCHOOL PROJECT
 (PRIVATE SCHOOLS REVENUE, AMSOUTH BANK)+/-SS. 1.23 09/01/2019 1,685,000
 1,335,000 JACKSON TN ENERGY AUTHORITY ELECTRIC SYSTEM
 (ELECTRIC REVENUE, FIFTH THIRD BANK LOC)+/-SS. 0.44 04/01/2029 1,335,000
 6,000,000 JOHNSON CITY TN HEALTH & EDUCATIONAL FACILITIES BOARD 1ST
 MORTGAGE MOUNTAIN STATES (HCFR) 7.50 07/01/2033 6,695,580
 8,000,000 JOHNSON CITY TN HEALTH & EDUCATIONAL FACILITIES BOARD 1ST
 MORTGAGE MOUNTAIN STATES (HCFR, NATL-RE INSURED) 7.50 07/01/2025 8,927,440
 8,960,000 JOHNSON CITY TN HEALTH & EDUCATIONAL FACILITIES BOARD 1ST
 MORTGAGE MOUNTAIN STATES (HCFR, NATL-RE-INSURED) 7.50 07/01/2025 9,998,733
 4,645,000 JOHNSON CITY TN HEALTH & EDUCATIONAL FACILITIES BOARD
 MOUNTAIN STATES HEALTH ALLIANCE (HOSPITAL REVENUE) 3.00 07/01/2011 4,666,274
 3,635,000 JOHNSON CITY TN HEALTH & EDUCATIONAL FACILITIES BOARD
 MOUNTAIN STATES HEALTH ALLIANCE (HOSPITAL REVENUE) 5.00 07/01/2012 3,784,653
 775,000 JOHNSON CITY TN HEALTH & EDUCATIONAL FACILITIES BOARD
 MOUNTAIN STATES HEALTH ALLIANCE (HOSPITAL REVENUE,
 NATL-RE-INSURED) 6.00 07/01/2012 830,335
 10,630,000 KNOX COUNTY TN HEALTH EDUCATIONAL & HOUSING FACILITIES
 BOARD FORT SANDERS ALLIANCE (HCFR, NATL-RE INSURED) 5.75 01/01/2012 11,118,980
 4,865,000 METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON COUNTY TN
 HEALTH & EDUCATIONAL FACILITIES BOARD MEHARRY MEDICAL
 COLLEGE (COLLEGE & UNIVERSITY REVENUE, FIFTH THIRD BANK
 LOC)+/-SS. 0.44 12/01/2024 4,865,000
 2,850,000 METROPOLITAN GOVERNMENT OF NASHVILLE & DAVIDSON COUNTY TN
 (UTILITIES REVENUE, NATL-RE INSURED) 5.20 01/01/2013 3,033,597
 2,000,000 SEVIER COUNTY TN PUBLIC BUILDING AUTHORITY (MISCELLANEOUS
 REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 1.20 06/01/2031 2,000,000
 53,990,000 SEVIER COUNTY TN PUBLIC BUILDING AUTHORITY (MISCELLANEOUS
 REVENUE, ALLIED IRISH BANK PLC LOC)+/-SS. 1.20 06/01/2032 53,990,000
 18,460,000 SEVIER COUNTY TN PUBLIC BUILDING AUTHORITY GO LOCAL
 GOVERNMENT PUBLIC IMPROVEMENT SERIES B-2 (OTHER REVENUE,
 ALLIED IRISH BANK PLC LOC)+/-SS. 1.20 06/01/2039 18,460,000
 25,900,000 SEVIER COUNTY TN PUBLIC BUILDING AUTHORITY LOCAL GOVERNMENT
 IMPROVEMENT SERIES K-1 (OTHER REVENUE)+/-SS. 0.66 06/01/2034 25,900,000
 16,160,000 SEVIER COUNTY TN {UBLIC BUILDING AUTHORITY LOCAL GOVERNMENT
 PUBLIC IMPROVEMENT SERIES C-2 (OTHER REVENUE, ALLIED IRISH
 BANKS PLC LOC)+/-SS. 1.20 06/01/2017 16,160,000
 4,900,000 SHELBY COUNTY TN HEALTH & EDUCATIONAL FACILITIES BOARD
 SOUTHERN COLLEGE OF OPTOMETRY PROJECT (COLLEGE & UNIVERSITY
 REVENUE, ALLIED IRISH BANKS PLC LOC)+/-SS. 1.50 06/01/2026 4,900,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
TENNESSEE (continued)
$ 30,965,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES A
 (NATURAL GAS REVENUE) 5.00% 09/01/2011 $ 31,950,616
 4,915,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES A
 (NATURAL GAS REVENUE) 5.00 02/01/2012 5,177,559
 1,965,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES A
 (NATURAL GAS REVENUE) 5.00 02/01/2014 2,105,262
 12,380,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES A
 (NATURAL GAS REVENUE) 5.00 09/01/2014 13,360,248
 7,805,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES A
 (UTILITIES REVENUE) 5.00 09/01/2012 8,251,524
 2,770,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES A
 (UTILITIES REVENUE) 5.00 09/01/2013 2,973,207
 8,785,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES C
 (NATURAL GAS REVENUE) 5.00 02/01/2011 8,906,233
 7,000,000 WILSON COUNTY TN KNIGHT LEASING COMPANY PROJECT (IDR,
 REGIONS BANK LOC)+/-SS. 1.28 05/01/2020 7,000,000
 284,527,270
 ------------------
TEXAS: 9.34%
 10,000,000 ARLINGTON TX SPECIAL OBLIGATION DALLAS COWBOYS SERIES A
 (SALES TAX REVENUE, NATL-RE INSURED) 5.00 08/15/2034 10,004,900
 1,100,000 AUSTIN TX UTILITY SYSTEM CAPITAL APPRECIATION REFUNDING
 (OTHER REVENUE, AMBAC INSURED)## 0.79 11/15/2010 1,098,900
 5,000,000 BRAZOS RIVER TX AUTHORITY (INDUSTRIAL DEVELOPMENT REVENUE) 3.63 04/01/2012 5,068,050
 10,000,000 BRAZOS RIVER TX HARBOR NAVIGATION DISTRICT BRAZORIA
 COUNTY DOW CHEMICAL COMPANY PROJECT SERIES A-1 (IDR)+/-SS. 6.25 05/15/2033 10,554,400
 3,000,000 BRAZOS RIVER TX HARBOR NAVIGATION DISTRICT THE DOW
 CHEMICAL COMPANY (OTHER REVENUE) 5.25 10/01/2011 3,039,540
 3,500,000 BRAZOS RIVER TX HARBOR NAVIGATION DISTRICT THE DOW
 CHEMICAL COMPANY SERIES B 1 (OTHER REVENUE)+/-SS. 5.50 05/15/2033 3,571,050
 10,000,000 BRAZOS RIVER TX HARBOR NAVIGATION DISTRICT THE DOW
 CHEMICAL COMPANY SERIES B 3 (OTHER REVENUE)+/-SS. 5.50 05/15/2033 10,210,700
 510,000 GARZA COUNTY TX PUBLIC FACILITY CORPORATION PROJECT
 (LEASE REVENUE) 5.00 10/01/2011 525,785
 6,000,000 GULF COAST TX IDA MARINE TERM AMOCO OIL COMPANY PROJECT
 (IDR)+/-SS. 2.50 06/01/2025 6,000,840
 11,500,000 HARRIS COUNTY TX CULTURAL EDUCATION FACILITIES FINANCE
 CORPORATION YMCA GREATER HOUSTON SERIES B (RECREATIONAL
 REVENUE, ALLIED IRISH BANK LOC)+/-SS. 2.23 06/01/2038 11,500,000
 9,975,000 HARRIS COUNTY TX HEALTH FACILITIES CHRISTUS HEALTH SERIES
 A-5 (HCFR, AGM INSURED)+/-SS. 1.35 07/01/2036 9,975,000
 13,300,000 HARRIS COUNTY TX HEALTH FACILITIES DEVELOPMENT CORPORATION
 (HCFR, AGM INSURED)+/-SS. 0.94 07/01/2031 13,300,000
 3,925,000 HARRIS COUNTY TX HEALTH FACILITIES DEVELOPMENT CORPORATION
 (HCFR, AGM INSURED)+/-SS. 0.94 07/01/2031 3,925,000
 1,255,000 HIDALGO COUNTY TX HEALTH SERVICES CORPORATION MISSION
 HOSPITAL INCORPORATED PROJECT (HCFR) 5.00 08/15/2011 1,281,079
 11,000,000 HOUSTON TX FIRST LIEN SERIES C (UTILITIES REVENUE, AMBAC
 INSURED)+/-SS. 5.00 05/15/2034 11,294,360
 3,625,000 HOUSTON TX FIRST LIEN SERIES C1 (UTILITIES REVENUE, AMBAC
 INSURED)+/-SS. 5.00 05/15/2034 3,722,005
 3,000,000 HOUSTON TX SUB LIEN SERIES A (AIRPORT REVENUE, AGM INSURED) 5.75 07/01/2011 3,010,980
 2,200,000 HOUSTON TX SUB LIEN SERIES B (AIRPORT REVENUE, NATL-RE
 FGIC INSURED) 5.25 07/01/2011 2,207,766
 8,775,000 LUBBOCK TX HEALTH FACILITIES DEVELOPMENT CORPORATION ST.
 JOSEPH HEALTH SYSTEMS SERIES A (HCFR)+/-SS. 3.05 07/01/2030 8,949,974
 4,500,000 MATAGORDA COUNTY TX PCR AEP TEXAS CENTER PROJECT NAVIGATION
 DISTRICT # 1 (IDR)+/-SS. 5.13 06/01/2030 4,598,775
 12,750,000 MISSION TX ECONOMIC DEVELOPMENT CORPORATION SOLID WASTE
 DISPOSAL REPUBLIC SERVICES INCORPORATED SERIES A
 (RESOURCE RECOVERY REVENUE)+/-SS. 1.30 01/01/2020 12,750,000
 4,230,000 NORTH CENTRAL TEXAS HEALTH FACILITY DEVELOPMENT CORPORATION
 CHILDREN'S MEDICAL CENTER PROJECT (HCFR, NATL-RE INSURED) 5.75 08/15/2013 4,243,325
 59,765,000 NORTH TEXAS HIGHER EDUCATION AUTHORITY INCORPORATED STUDENT
 LOAN SERIES 1 CLASS A-1 (STUDENT LOAN REVENUE)+/-SS. 0.96 07/01/2019 59,681,329

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
TEXAS (continued)
$ 18,765,000 NORTH TEXAS TOLLWAY AUTHORITY FIRST TIER PUTTABLE SERIES
 L-2 (TRANSPORTATION REVENUE)+/-SS. 6.00% 01/01/2038 $ 20,592,899
 15,000,000 NORTH TEXAS TOLLWAY AUTHORITY FIRST TIER SERIES E2 (OTHER
 REVENUE)+/-SS. 5.25 01/01/2038 15,741,300
 500,000 NORTHEAST HOSPITAL AUTHORITY TX NORTHEAST MEDICAL CENTER
 (HCFR, AGM INSURED) 6.25 05/15/2011 516,035
 9,000,000 NORTHSIDE TEXAS INDEPENDENT SCHOOL DISTRICT SCHOOL BUILDING
 (PROPERTY TAX REVENUE)+/-SS. 2.10 06/01/2039 9,080,280
 6,850,000 PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS 265 (WATER
 REVENUE, FSA INSURED)+/-SS. 0.50 12/01/2028 6,850,000
 1,525,000 SABINE RIVER TX INDUSTRIAL NORTHEAST TEXAS NATIONAL RURAL
 UTILITY COMPANY 84Q (INDUSTRIAL REVENUE)+/-SS. 1.20 08/15/2014 1,524,985
 2,000,000 SHERMAN TX INDEPENDENT SCHOOL DISTRICT SCHOOL BUILDING
 (PROPERTY TAX REVENUE, PSF GUARANTEED)+/-SS. 1.65 08/01/2036 2,000,000
 46,340,000 STATE OF TEXAS (MISCELLANEOUS REVENUE)+/-SS. 0.37 06/01/2038 46,340,000
 18,800,000 TARRANT COUNTY TX CULTURAL EDUCATIONAL FACILITIES FINANCE
 CORPORATION SCOTT WHITE MEMORIAL HOSPITAL SERIES C (HCFR,
 COMPASS BANK LOC)+/-SS. 0.30 08/15/2046 18,800,000
 4,055,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORPORATION I
 SENIOR LIEN SERIES A (NATURAL GAS REVENUE) 5.00 12/15/2011 4,219,957
 117,485,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORPORATION I
 SENIOR LIEN SERIES D (NATURAL GAS REVENUE) 5.63 12/15/2017 126,479,652
 51,280,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORPORATION
 SERIES A (MISCELLANEOUS REVENUE)+/-SS. 0.90 09/15/2017 48,570,365
 105,650,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORPORATION
 SERIES B (UTILITIES REVENUE)+/-SS. 0.74 09/15/2017 100,841,869
 6,500,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORPORATION
 SERIES B (UTILITIES REVENUE)+/-SS. 0.75 12/15/2017 5,771,805
 4,985,000 TEXAS MUNICIPAL POWER AGENCY UNREFUNDED BALANCE
 (ELECTRIC, POWER & LIGHT REVENUE, AMBAC INSURED)## 1.05 09/01/2011 4,936,446
 3,200,000 TEXAS STATE LINKED SAVERS & RIBS (PROPERTY TAX REVENUE) 6.20 09/30/2011 3,244,960
 56,545,000 TEXAS STATE MOBILITY FUND SERIES B (PROPERTY TAX
 REVENUE)+/-SS. 0.60 04/01/2030 56,545,000
 2,215,000 TEXAS TRANSPORTATION COMMISSION FIRST TIER (TOLL ROADS
 REVENUE)+/-SS. 5.00 08/15/2042 2,243,751
 6,400,000 TITUS FRESH WATER SUPPLY DISTRICT TX FRESH WATER SUPPLY
 DISTRICT # 1 POWER COMPANY (UTILITIES REVENUE) 4.50 07/01/2011 6,530,880
 1,000,000 WEST SIDE CALHOUN COUNTY TX NAVY DISTRICT BP CHEMICALS
 INCORPORATED PROJECT (IDR)+/-SS. 0.33 10/01/2030 1,000,000
 682,343,942
 ------------------
UTAH: 0.83%
 22,235,000 PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS 4320 (SALES
 TAX REVENUE, NATL-RE INSURED)+/-SS. 0.40 06/15/2035 22,235,000
 13,740,000 PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS 4321
 (NATL-RE INSURED)+/-SS. 0.47 04/01/2029 13,740,000
 65,000 UTAH STATE HFA SFMR SERIES E 2 CLASS I (SFMR, FHA INSURED) 6.00 01/01/2031 65,295
 11,825,000 UTAH STATE HOUSING CORPORATION SFMR SERIES E CLASS 1
 (SFMR)+/-SS. 0.33 01/01/2037 11,825,000
 13,050,000 UTAH STATE HOUSING CORPORATION SFMR SERIES G (SFMR)+/-SS. 0.33 01/01/2037 13,050,000
 60,915,295
 ------------------
VIRGIN ISLANDS: 0.22%
 2,000,000 VIRGIN ISLANDS PFA SENIOR LIEN SERIES B (OTHER REVENUE) 5.00 10/01/2011 2,068,120
 4,500,000 VIRGIN ISLANDS PFA SENIOR LIEN SERIES B (OTHER REVENUE) 5.00 10/01/2012 4,765,095
 1,000,000 VIRGIN ISLANDS PFA SUB LIEN SERIES C (OTHER REVENUE) 5.00 10/01/2010 1,000,090
 2,000,000 VIRGIN ISLANDS PFA SUB LIEN SERIES C (OTHER REVENUE) 5.00 10/01/2011 2,061,100
 3,000,000 VIRGIN ISLANDS PFA SUB LIEN SERIES C (OTHER REVENUE) 5.00 10/01/2012 3,175,950
 300,000 VIRGIN ISLANDS PUBLIC FINANCE AUTHORITY (SALES TAX REVENUE) 4.00 10/01/2012 311,109
 400,000 VIRGIN ISLANDS PUBLIC FINANCE AUTHORITY (SALES TAX REVENUE) 4.00 10/01/2013 420,476
 1,000,000 VIRGIN ISLANDS WATER & POWER AUTHORITY SERIES A
 (UTILITIES REVENUE) 4.00 07/01/2011 1,018,520
 1,000,000 VIRGIN ISLANDS WATER & POWER AUTHORITY SERIES A
 (UTILITIES REVENUE) 4.00 07/01/2012 1,035,130
 15,855,590
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
VIRGINIA: 2.32%
$ 2,250,000 ALBEMARLE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY
 ((RECREATIONAL REVENUE, SUNTRUST BANK LOC)+/-SS. 0.62% 06/01/2037 $ 2,250,000
 18,000,000 ALBEMARLE COUNTY VA IDR JEFFERSON SCHOLARS FOUNDATION
 PROJECT (OTHER REVENUE, SUNTRUST BANK LOC)+/-SS. 0.62 10/01/2037 18,000,000
 15,025,000 ALEXANDRIA VA IDA AMERICAN SOCIETY CLINICAL SERIES B
 (OTHER REVENUE, SUNTRUST BANK LOC)+/-SS. 0.45 10/01/2043 15,025,000
 2,785,000 ARLINGTON COUNTY VA IDA WASTE MANAGEMENT SERIES B
 (RESOURCE RECOVERY REVENUE, AGM INSURED) 5.38 01/01/2011 2,796,029
 8,000,000 BOTETOURT COUNTY VA IDA ALTEC INDUSTRIES INCORPORATED
 (IDR, AMSOUTH BANK LOC)+/-SS. 0.50 01/01/2027 8,000,000
 5,250,000 CHARLES CITY COUNTY ECONOMIC DEVELOPMENT AUTHORITY
 (RESOURCE RECOVERY REVENUE)+/-SS. 1.80 02/01/2029 5,249,843
 3,500,000 COUNTY OF PITTSYLVANIA VA (PROPERTY TAX REVENUE) 3.50 07/15/2013 3,563,840
 4,000,000 COVINGTON VA BOND ANTICIPATION NOTES (PROPERTY TAX REVENUE) 3.38 12/01/2012 4,094,480
 4,275,000 HOPEWELL VA (SEWER REVENUE) 4.00 11/15/2012 4,421,162
 7,000,000 LOUISA VA IDA VIRGINIA ELECTRIC & POWER COMPANY PROJECT
 SERIES A (IDR)+/-SS. 1.38 09/01/2030 7,004,340
 5,000,000 PENINSULA PORTS AUTHORITY VA DOMINION TERM ASSOCIATION
 PROJECT (OTHER REVENUE)+/-SS. 5.00 10/01/2033 5,134,850
 1,095,000 RICHMOND VA IDR GOVERNMENT FACILITIES REVENUE BONDS
 (LEASE REVENUE, AMBAC INSURED) 5.00 07/15/2011 1,127,226
 3,350,000 SMYTH COUNTY VA INDUSTRIAL DEVELOPMENT AUTHORITY (HCFR) 2.50 07/01/2011 3,358,409
 3,560,000 SMYTH COUNTY VA INDUSTRIAL DEVELOPMENT AUTHORITY (HCFR) 3.00 07/01/2012 3,598,804
 3,600,000 VIRGINIA BEACH VA RESIDENTIAL RENTAL SILVER HILL (MFHR,
 SUNTRUST BANK LOC)+/-SS. 0.67 05/01/2025 3,600,000
 1,355,000 VIRGINIA HOUSING DEVELOPMENT AUTHORITY COMMONWEALTH
 MORTGAGE SERIES D (HOUSING REVENUE, GO OF AUTHORITY) 5.13 10/01/2010 1,355,122
 31,550,000 VIRGINIA PUBLIC BUILDING AUTHORITY (OTHER REVENUE)+/-SS. 0.33 08/01/2025 31,550,000
 49,700,000 VIRGINIA SMALL BUSINESS FINANCING AUTHORITY (HCFR
 REVENUE)+/-SS. 0.50 07/01/2042 49,700,000
 169,829,105
 ------------------
WASHINGTON: 1.03%
 3,885,000 GREATER WENATCHEE REGIONAL EVENTS CENTER LIMITED SALES
 TAX BOND ANTICIPATION NOTES (SALES TAX REVENUE, GO OF
 DISTRICT) 5.00 12/01/2011 3,907,067
 5,825,000 PORT OF SEATTLE WA SERIES B (PORT, AIRPORT & MARINA
 REVENUE, AMBAC INSURED) +/-SS. 5.25 12/01/2014 5,854,358
 1,000,000 PORT OF SEATTLE WA SERIES B (PORT, AIRPORT & MARINA
 REVENUE, NATL-RE FGIC INSURED)+/-SS. 5.50 09/01/2011 1,041,050
 560,000 REGIONAL EVENTS CENTER SPECIAL TAX BOND ANTICIPATION
 NOTES SERIES A (OTHER REVENUE, GO OF DISTRICT) 5.25 12/01/2011 564,088
 675,000 TOBACCO SETTLEMENT AUTHORITY OF WASHINGTON (TOBACCO
 REVENUE) +/-SS. 6.25 06/01/2011 689,897
 10,000,000 WASHINGTON STATE COP CONVENTION & TRADE CENTER (LEASE
 REVENUE, NATL-RE INSURED) +/-SS. 5.25 07/01/2014 10,033,600
 2,000,000 WASHINGTON STATE EDFA WASTE MANAGEMENT (RESOURCE RECOVERY
 REVENUE)+/-SS. 1.75 06/01/2020 1,998,520
 570,000 WASHINGTON STATE HEALTH CARE FACILITIES AUTHORITY CENTRAL
 WASHINGTON HEALTH SERVICES (HCFR) +/-SS. 5.00 07/01/2011 581,269
 560,000 WASHINGTON STATE HEALTH CARE FACILITIES AUTHORITY CENTRAL
 WASHINGTON HEALTH SERVICES (HCFR) +/-SS. 5.00 07/01/2012 583,548
 35,545,000 WASHINGTON STATE HEALTH CARE FACILITIES AUTHORITY SERIES
 A (HCFR)+/-SS. 2.00 09/01/2034 35,545,000
 13,350,000 WASHINGTON STATE HOUSING FINANCING SEATTLE APARTMENT
 MUSEUM PROJECT (OTHER REVENUE, ALLIED IRISH BANK PLC
 LOC)+/-SS. 1.60 07/01/2033 13,350,000
 1,300,000 WASHINGTON STATE PUBLIC POWER SUPPLY SYSTEM NUCLEAR
 PROJECT # 1ENERGY NORTHWEST (ELECTRIC REVENUE, AGM
 INSURED)+/-SS. 0.66 07/01/2011 1,271,463
 75,419,860
 ------------------
WISCONSIN: 0.86%
 500,000 KRONENWETTER WI RDA (OTHER REVENUE) +/-SS. 4.50 05/01/2011 500,615
 780,000 MONONA SEWER SYSTEMS REVENUE WISCONSIN BOND ANTICIPATION
 NOTES (SEWER REVENUE) 4.50 05/01/2011 781,981

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
WISCONSIN (continued)
$ 7,645,000 PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS 4391(OTHER
 REVENUE, DEXIA SA SPA)+/-SS. 0.43% 09/01/2017 $ 7,645,000
 3,300,000 RHINELANDER WI SCHOOL DISTRICT (MISCELLANEOUS REVENUE) 2.00 07/01/2011 3,307,656
 1,010,000 WISCONSIN HEALTH & EDUCATIONAL FACILITIES AUTHORITY
 (HCFR) +/-SS. 3.00 06/01/2011 1,017,878
 2,810,000 WISCONSIN HEALTH & EDUCATIONAL FACILITIES AUTHORITY
 (HCFR) +/-SS. 4.00 06/01/2012 2,900,904
 870,000 WISCONSIN HEALTH & EDUCATIONAL FACILITIES AUTHORITY
 (HCFR) +/-SS. 3.00 12/15/2012 891,237
 245,000 WISCONSIN HEALTH & EDUCATIONAL FACILITIES AUTHORITY
 (HCFR, AMBAC INSURED) +/-SS. 5.63 02/15/2013 254,714
 7,240,000 WISCONSIN STATE HEFA AURORA HEALTH CARE OBLIGATED (HCFR,
 NATL-RE INSURED) +/-SS. 5.25 08/15/2012 7,260,055
 4,785,000 WISCONSIN STATE HEFA LUTHERAN CHILD & FAMILY SERVICE
 INCORPORATED (HCFR, MARSHALL & ILSLEY BANK LOC)+/-SS. 1.58 07/01/2038 4,785,000
 23,165,000 WISCONSIN STATE HEFA RIPON COLLEGE (COLLEGE & UNIVERSITY
 REVENUE, MARSHALL & ILSLEY BANK LOC)+/-SS. 1.48 06/01/2036 23,165,000
 4,254,000 WISCONSIN STATE HEFA SINAI SAMARITAN SERIES A (HCFR,
 MARSHALL & ILSLEY BANK LOC)+/-SS. 0.27 09/01/2019 4,254,000
 6,465,000 WISCONSIN STATE HEFAR FRANCISCAN SISTERS SERIES B (HCFR,
 MARSHALL & ILSLEY BANK LOC)+/-SS. 1.48 09/01/2033 6,464,979
 63,229,019
 ------------------
WYOMING: 0.02%
 1,230,000 SWEETWATER COUNTY WY IMPROVEMENT PROJECTS JOINT POWERS
 BOARD (LEASE REVENUE, NATL-RE INSURED) 5.00 06/15/2012 1,264,784
 ------------------
TOTAL MUNICIPAL BONDS & NOTES (COST $7,073,271,116) 7,106,445,212
 ------------------
SHORT-TERM INVESTMENTS: 2.79%
COMMERCIAL PAPER: 0.90%
 35,000,000 COUNTY OF TRIMBLE KY 1.15 10/05/2010 35,000,000
 8,000,000 JEFFERSON COUNTY KY POLLUTION 1.15 10/05/2010 8,000,000
 22,500,000 JEFFERSON COUNTY KY POLLUTION 1.00 12/01/2010 22,500,000
 65,500,000
 ------------------

SHARES YIELD
--------------- -------------
INVESTMENT COMPANIES: 1.88%
 137,114,891 WELLS FARGO ADVANTAGE NATIONAL TAX-FREE MONEY MARKET
 TRUST(L)(U) 0.13 137,114,891
 ------------------

PRINCIPAL INTEREST RATE
--------------- -------------
US TREASURY BILLS: 0.01%
$ 900,000 UNITED STATES TREASURY BILL### 0.15 12/23/2010 899,679
 ------------------
TOTAL SHORT-TERM INVESTMENTS (COST $203,514,570) 203,514,570
 ------------------
TOTAL INVESTMENTS IN SECURITIES
(COST $7,276,785,686)* 100.05% 7,309,959,782
OTHER ASSETS AND LIABILITIES, NET (0.05) (3,542,413)
 ------ ------------------
TOTAL NET ASSETS 100.00% $ 7,306,417,369
 ------ ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MUNICIPAL BONDS & NOTES: 97.87%
ALABAMA: 0.58%
$ 740,000 BIRMINGHAM AL NEW PUBLIC HOUSING AUTHORITY
 (HOUSING REVENUE, GUARANTEE AGREEMENT) 5.00% 06/01/2011 $ 761,009
 ------------------
GUAM: 3.70%
 1,000,000 GUAM GOVERNMENT LIMITED SERIES A (GO - STATES, TERRITORIES,
 AGM INSURED) 5.50 12/01/2010 1,007,960
 1,000,000 GUAM GOVERNMENT SECTION 30 SERIES A (OTHER REVENUE) 5.50 12/01/2019 1,113,080
 1,600,000 GUAM INTERNATIONAL AIRPORT AUTHORITY SERIES B (AIRPORT
 REVENUE, MBIA INSURED) 5.25 10/01/2016 1,703,824
 500,000 GUAM INTERNATIONAL AIRPORT AUTHORITY SERIES C
 (AIRPORT REVENUE, NATL-RE INSURED) 5.38 10/01/2017 520,275
 5,000 GUAM POWER AUTHORITY SERIES A (ELECTRIC REVENUE, AMBAC
 INSURED) 5.25 10/01/2013 5,001
 500,000 TERRITORY OF GUAM LIMITED OBLIGATION SECTION 30 SERIES A
 (MISCELLANEOUS REVENUE) 5.00 12/01/2013 532,995
 4,883,135
 ------------------
PUERTO RICO: 43.09%
 500,000 UNREFUNDED BALANCE CAPITAL FUNDING PROGRAM
 (HOUSING REVENUE, HUD LOAN INSURED) 5.00 12/01/2015 543,710
 335,000 UNREFUNDED BALANCE CAPITAL FUNDING PROGRAM
 (HOUSING REVENUE, HUD LOAN INSURED) 5.00 12/01/2019 353,944
 260,000 UNREFUNDED BALANCE CAPITAL FUNDING PROGRAM
 (HOUSING REVENUE, HUD LOAN INSURED) 5.00 12/01/2020 273,242
 250,000 CHILDREN'S TRUST FUND PUERTO RICO TOBACCO SETTLEMENT
 ASSET-BACKED (EXCISE TAX REVENUE) 4.13 05/15/2011 251,893
 750,000 CHILDREN'S TRUST FUND PUERTO RICO TOBACCO SETTLEMENT
 ASSET-BACKED (EXCISE TAX REVENUE) 5.00 05/15/2011 759,705
 25,000 PUERTO RICO AQUEDUCT & SEWER AUTHORITY
 (WATER REVENUE, NATL-RE INSURED) 6.25 07/01/2012 27,510
 500,000 PUERTO RICO COMMONWEALTH (INCOME TAX REVENUE, NATL-RE
 INSURED)+/-SS.(A)(M)(N) 0.87 07/01/2011 494,640
 1,000,000 PUERTO RICO COMMONWEALTH AQUEDUCT & SEWER AUTHORITY
 (WATER REVENUE, NATL-RE INSURED)+/-SS.(A)(M)(N) 0.69 07/01/2011 971,458
 1,500,000 PUERTO RICO COMMONWEALTH GOVERNMENT DEVELOPMENT SERIES B
 (OTHER REVENUE) 5.00 12/01/2010 1,510,350
 885,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION AUTHORITY
 FLOATERS SERIES DCL 008 (TOLL ROAD REVENUE, FSA INSURED,
 DEXIA CREDIT LOCAL LOC)+/-SS. 0.42 07/01/2030 885,000
 460,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION AUTHORITY
 FLOATERS SERIES DCL 019 (TOLL ROAD REVENUE, FSA INSURED,
 DEXIA CREDIT LOCAL LOC)+/-SS. 0.42 01/01/2029 460,000
 1,000,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION AUTHORITY
 REFUNDING SERIES L (TRANSPORTATION REVENUE, CIFG INSURED) 5.25 07/01/2019 1,098,070
 2,000,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION AUTHORITY
 SERIES 2447 (OTHER REVENUE, ASSURED GUARANTY)+/-SS. 0.28 07/01/2036 2,000,000
 165,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION AUTHORITY
 SERIES A (FUEL SALES TAX REVENUE, AMBAC INSURED) 5.50 07/01/2013 179,835
 300,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION AUTHORITY
 SERIES W (FUEL SALES TAX REVENUE, AGM INSURED) 5.50 07/01/2013 321,162
 1,795,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION AUTHORITY
 SERIES W (TRANSPORTATION REVENUE, MERRILL LYNCH INSURED) 5.50 07/01/2015 1,989,919
 1,500,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION AUTHORITY
 SERIES W MBIA (FUEL SALES TAX REVENUE, NATL-RE IBC INSURED) 5.50 07/01/2013 1,586,190
 11,920,000 PUERTO RICO COMMONWEALTH INFRASTRUCTURE FINANCING AUTHORITY
 SERIES B (OTHER REVENUE)+/-SS. 0.92 10/01/2040 11,920,000
 100,000 PUERTO RICO COMMONWEALTH PUBLIC IMPROVEMENT
 (OTHER REVENUE, AGM INSURED) 5.25 07/01/2020 113,332
 350,000 PUERTO RICO COMMONWEALTH REFUNDING (OTHER REVENUE, FGIC
 INSURED) 5.50 07/01/2013 381,469

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
PUERTO RICO (continued)
$ 200,000 PUERTO RICO COMMONWEALTH REFUNDING INSURED PUBLIC
 IMPROVEMENT SERIES A (FUEL SALES TAX REVENUE,
 NATL-RE INSURED) 5.50% 07/01/2016 $ 221,878
 1,000,000 PUERTO RICO COMMONWEALTH REFUNDING PUBLIC IMPROVEMENT
 SERIES A-AGC-ICC (SALES TAX REVENUE, GUARANTEE AGREEMENT) 5.50 07/01/2018 1,153,790
 5,690,000 PUERTO RICO ELECTRIC POWER AUTHORITY (ELECTRIC REVENUE)+/-SS. 0.42 07/01/2026 5,690,000
 650,000 PUERTO RICO ELECTRIC POWER AUTHORITY SERIES 00
 (ELECTRIC REVENUE, CIFG INSURED) 5.00 07/01/2013 704,431
 900,000 PUERTO RICO ELECTRIC POWER AUTHORITY SERIES JJ
 (ELECTRIC REVENUE, XLCA INSURED) 5.25 07/01/2012 959,526
 640,000 PUERTO RICO ELECTRIC POWER AUTHORITY SERIES KK
 (ELECTRIC REVENUE, XLCA INSURED) 5.00 07/01/2011 658,918
 2,500,000 PUERTO RICO ELECTRIC POWER AUTHORITY SERIES UU
 (UTILITIES REVENUE)+/-SS. 0.88 07/01/2029 1,946,050
 500,000 PUERTO RICO ELECTRIC POWER AUTHORITY SERIES WW
 (POWER REVENUE) 5.00 07/01/2011 514,780
 500,000 PUERTO RICO ELECTRIC POWER AUTHORITY SERIES WW
 (POWER REVENUE) 5.25 07/01/2033 520,625
 500,000 PUERTO RICO HFA CAPITAL FUNDING MODERNIZATION
 (HOUSING REVENUE) 5.50 12/01/2018 571,525
 4,220,000 PUERTO RICO HFA CAPITAL FUNDING MODERNIZATION
 (HOUSING REVENUE) 5.13 12/01/2027 4,375,001
 265,000 PUERTO RICO HFA UNREFUNDED BALANCE CAPITAL FUND PROGRAM
 (HFFA, HUD INSURED) 5.00 12/01/2014 291,625
 520,000 PUERTO RICO HFA UNREFUNDED BALANCE CAPITAL FUNDING PROGRAM
 (HOUSING REVENUE, HUD LOAN INSURED) 5.00 12/01/2011 543,733
 2,090,000 PUERTO RICO HFA VIVIENDA MODERNIZATION (HOUSING REVENUE) 4.75 10/01/2011 2,092,842
 535,000 PUERTO RICO INDUSTRIAL TOURIST EDUCATIONAL MEDICAL &
 ENVIRONMENTAL CONTROL FACILITIES FINANCING AUHORITY
 INTERMEDIATE AMERICAN UNIVERSITY SERIES A
 (COLLEGE & UNIVERSITY REVENUE, NATL-RE INSURED) 5.00 10/01/2010 535,070
 25,000 PUERTO RICO INDUSTRIAL TOURIST EDUCATIONAL MEDICAL &
 ENVIRONMENTAL CONTROL FACILITIES FINANCING AUTHORITY FHA
 INSURED DR. PILA HOSPITAL PROJECT A (HCFR) 6.50 11/15/2020 25,397
 10,000 PUERTO RICO INDUSTRIAL TOURIST EDUCATIONAL MEDICAL &
 ENVIRONMENTAL CONTROL FACILITIES FINANCING AUTHORITY FHA
 INSURED DR. PILA HOSPITAL PROJECT A (HCFR, FHA INSURED) 5.88 08/01/2012 10,033
 175,000 PUERTO RICO INDUSTRIAL TOURIST EDUCATIONAL MEDICAL &
 ENVIRONMENTAL CONTROL FACILITIES FINANCING AUTHORITY FHA
 INSURED DR. PILA HOSPITAL PROJECT A (HCFR, NATL-RE INSURED) 5.50 07/01/2017 175,210
 600,000 PUERTO RICO INDUSTRIAL TOURIST EDUCATIONAL MEDICAL &
 ENVIRONMENTAL CONTROL FACILITIES UNIVERSITY PLAZA PROJECT
 SERIES A (COLLEGE & UNIVERSITY REVENUE, NATL-RE INSURED) 5.63 07/01/2013 604,674
 105,000 PUERTO RICO MUNICIPAL FINANCE AGENCY SERIES B
 (PROPERTY TAX REVENUE, CIFG INSURED) 5.25 07/01/2017 115,397
 30,000 PUERTO RICO PUBLIC BUILDINGS AUTHORITY GOVERNMENT
 FACILITIES SERIES D PREREFUNDED (LEASE REVENUE) 5.13 07/01/2024 32,369
 10,000 PUERTO RICO PUBLIC BUILDINGS AUTHORITY GOVERNMENT
 FACILITIES SERIES D UNREFUNDED (LEASE REVENUE,
 COMMONWEALTH GUARANTEED) 5.13 07/01/2024 10,087
 1,465,000 PUERTO RICO PUBLIC BUILDINGS AUTHORITY PREREFUNDED CAPITAL
 APPRECIATION SERIES D (LEASE REVENUE, AMBAC
 INSURED)+/-SS.##oo 0.31 07/01/2030 1,600,630
 1,500,000 PUERTO RICO PUBLIC FINANCE CORPORATION COMMONWEALTH
 APPROPRIATION SERIES A (OTHER REVENUE, AMBAC INSURED) 5.13 06/01/2024 1,746,570
 1,200,000 PUERTO RICO PUBLIC IMPROVEMENT SERIES A
 (GO - STATE, MBIA INSURED) 6.25 07/01/2013 1,332,852
 200,000 PUERTO RICO SALES TAX FINANCING CORPORATION FIRST
 SUBSERIES A (SALES TAX REVENUE) 4.63 08/01/2019 222,070
 2,000,000 PUERTO RICO SALES TAX FINANCING CORPORATION FIRST
 SUBSERIES A (SALES TAX REVENUE) 6.38 08/01/2039 2,283,300
 1,185,000 UNIVERSITY OF PUERTO RICO SERIES P (EDUCATION REVENUE) 5.00 06/01/2017 1,249,369
 500,000 UNIVERSITY OF PUERTO RICO SERIES Q (EDUCATION REVENUE) 5.00 06/01/2016 535,295
 56,844,476
 ------------------
TEXAS: 1.35%
 2,000,000 TARRANT COUNTY TX HOUSING FINANCE CORPORATION COMPOUND
 INTEREST (SFMR, NATL-RE INSURED)## 3.59 09/15/2016 1,781,940
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
VIRGIN ISLANDS: 7.01%
$ 255,000 TOBACCO SETTLEMENT FINANCING CORPORATION VIRGIN ISLANDS
 ASSET-BACKED BONDS (TOBACCO SETTLEMENT FUNDED REVENUE)+/-SS. 4.60% 05/15/2011 $ 257,675
 150,000 UNIVERSITY OF THE VIRGIN ISLANDS SERIES A
 (COLLEGE & UNIVERSITY REVENUE, ACA GO INSURED) 5.85 12/01/2014 153,147
 125,000 VIRGIN ISLANDS PFA (OTHER REVENUE, AGM BANK INSURED) 4.00 10/01/2010 125,010
 590,000 VIRGIN ISLANDS PFA (OTHER REVENUE, AGM INSURED) 5.00 10/01/2014 666,010
 250,000 VIRGIN ISLANDS PFA (SALES TAX REVENUE, NATL-RE INSURED) 5.00 10/01/2016 277,643
 10,000 VIRGIN ISLANDS PFA ESCROWED TO MATURITY SERIES A
 (OTHER REVENUE) 7.30 10/01/2018 12,359
 250,000 VIRGIN ISLANDS PFA GROSS TAX RECEIPTS
 (SALES TAX REVENUE, NATL-RE INSURED) 5.00 10/01/2012 264,728
 500,000 VIRGIN ISLANDS PFA SENIOR LIEN CAPITAL PROJECTS SERIES A-1
 (OTHER REVENUE) 3.00 10/01/2013 510,610
 2,700,000 VIRGIN ISLANDS PFA SENIOR LIEN MATCHING FUND LOAN NOTE
 SERIES A (SEWER REVENUE) 5.25 10/01/2019 2,864,700
 1,000,000 VIRGIN ISLANDS PFA SUB MATCHING FUND LOAN NOTES SERIES A
 (MISCELLANOUS REVENUE) 6.00 10/01/2039 1,066,560
 1,000,000 VIRGIN ISLANDS PUBLIC FINANCE AUTHORITY SERIES A
 (MISCELLANEOUS REVENUE REVENUE) 6.75 10/01/2037 1,128,560
 500,000 VIRGIN ISLANDS WATER & POWER AUTHORITY (ELECTRIC REVENUE,
 NATL-RE INSURED) 5.30 07/01/2021 500,525
 1,000,000 VIRGIN ISLANDS WATER & POWER AUTHORITY SERIES A
 (ELECTRIC REVENUE) 5.00 07/01/2018 1,110,710
 300,000 VIRGIN ISLANDS WATER & POWER AUTHORITY SERIES A
 (WATER REVENUE) 5.00 07/01/2031 304,440
 9,242,677
 ------------------
WEST VIRGINIA: 0.30%
 470,000 KANAWHA MERCER NICHOLAS COUNTIES WV PREREFUNDED (SFMR)## 4.86 02/01/2015 402,842
 ------------------
WISCONSIN: 41.84%
 20,000 ASHWAUBENON WI CDA ARENA PROJECT (LEASE REVENUE) 4.80 06/01/2016 21,085
 100,000 ASHWAUBENON WI CDA ARENA PROJECT (LEASE REVENUE) 5.05 06/01/2019 106,307
 815,000 ASHWAUBENON WI CDA ARENA PROJECT (LEASE REVENUE) 5.10 06/01/2020 867,070
 80,000 BARABOO WI CDA (HOUSING REVENUE) 4.80 03/01/2011 80,918
 50,000 BROWN COUNTY WI HOUSING AUTHORITY UNIVERSITY VILLAGE
 HOUSING INCORPORATED PROJECT SERIES B (COLLEGE &
 UNIVERSITY REVENUE) 4.20 04/01/2012 50,596
 100,000 BROWN COUNTY WI HOUSING AUTHORITY UNIVERSITY VILLAGE
 HOUSING INCORPORATED PROJECT SERIES B (COLLEGE & UNIVERSITY
 REVENUE) 4.50 04/01/2014 101,139
 1,540,000 CUDAHY WI CDA REDEVELOPMENT LEASE REVENUE REFUNDING
 SERIES B (LEASE REVENUE) 4.55 06/01/2019 1,582,350
 660,000 DELAFIELD WI CDA ST. JOHNS NORTHWESTERN MILITARY
 (RECREATIONAL FACILITIES REVENUE) 4.60 06/01/2030 705,705
 500,000 DELAFIELD WI CDA ST. JOHNS NORTHWESTERN MILITARY
 (RECREATIONAL FACILITIES REVENUE) 4.70 06/01/2034 530,065
 100,000 FONTANA ON GENEVA LAKE CDA (LEASE REVENUE) 4.45 06/01/2025 98,680
 100,000 GLENDALE WI CDA BAYSHORE PUBLIC PARKING A
 (AUTO PARKING REVENUE) 4.75 10/01/2020 106,418
 145,000 GLENDALE WI CDA TAX INCREMENT 6 (LEASE REVENUE) 5.00 10/01/2019 147,854
 10,000 GREEN BAY BROWN COUNTY WI PROFESSIONAL FOOTBALL STADIUM
 DISTRICT LAMBEAU FIELD RENOVATION PROJECT A
 (SALES TAX REVENUE, AMBAC INSURED) 4.45 02/01/2011 10,140
 215,000 GREEN BAY BROWN COUNTY WI PROFESSIONAL FOOTBALL STADIUM
 DISTRICT LAMBEAU FIELD RENOVATION PROJECT A
 (SALES TAX REVENUE, AMBAC INSURED) 4.75 02/01/2014 217,922
 140,000 GREEN BAY BROWN COUNTY WI PROFESSIONAL FOOTBALL STADIUM
 DISTRICT LAMBEAU FIELD RENOVATION PROJECT A
 (SALES TAX REVENUE, AMBAC INSURED) 5.00 02/01/2019 141,701
 1,250,000 GREEN BAY WI HOUSING AUTHORITY STUDENT UNIVERSITY VILLAGE
 HOUSING (COLLEGE & UNIVERSITY REVENUE) 5.00 04/01/2030 1,302,425
 1,445,000 GREEN BAY WI HOUSING AUTHORITY UNIVERSITY VILLAGE HOUSING
 INCORPORATED (COLLEGE & UNIVERSITY REVENUE) 5.00 04/01/2016 1,577,969
 250,000 GREEN BAY WI RDA BELLIN MEMORIAL HOSPITAL (HCFR) 5.50 12/01/2023 270,288
 20,000 GREEN BAY WI RDA BELLIN MEMORIAL HOSPITAL SERIES A (HCFR) 5.00 02/15/2013 20,665
 10,000 GREEN BAY WI RDA BELLIN MEMORIAL HOSPITAL SERIES A (HCFR) 5.50 02/15/2021 10,153

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
WISCONSIN (continued)
$ 100,000 GREEN BAY WI RDA PINE STREET PARKING RAMP PROJECT
 (LEASE REVENUE) 1.50% 04/01/2012 $ 101,146
 320,000 GREEN BAY WI RDA PINE STREET PARKING RAMP PROJECT
 (LEASE REVENUE) 2.10 04/01/2014 330,554
 125,000 GREEN BAY WI RDA PINE STREET PARKING RAMP PROJECT
 (LEASE REVENUE) 2.50 04/01/2015 130,790
 405,000 GREEN BAY WI RDA PINE STREET PARKING RAMP PROJECT
 (LEASE REVENUE) 2.70 04/01/2016 424,841
 500,000 GREENFIELD WI CDA HOUSING REVENUE LAYTON TERRACE PROJECT
 (HOUSING REVENUE)+/-SS. 4.75 09/01/2033 503,995
 245,000 JOHNSON CREEK WI CDA PREREFUNDED (LEASE REVENUE) 4.65 12/01/2012 246,769
 10,000 JOHNSON CREEK WI CDA PREREFUNDED (LEASE REVENUE) 5.00 12/01/2016 10,078
 500,000 KRONENWETTER WI RDA (OTHER REVENUE) 4.50 05/01/2011 500,615
 200,000 LITTLE CHUTE WI CDA (LEASE REVENUE) 4.25 03/01/2017 209,484
 200,000 LITTLE CHUTE WI CDA (LEASE REVENUE) 4.35 03/01/2018 208,550
 5,000,000 MADISON WI CDA WISCONSIN ALUMNI RESEARCH FOUNDATION
 (COLLEGE & UNIVERSITY REVENUE) 5.00 10/01/2039 5,418,150
 265,000 MILWAUKEE RDA MILWAUKEE SCHOOL ENERGY PROJECT SERIES B
 (COLLEGE & UNIVERSITY REVENUE) 4.00 07/01/2011 269,134
 1,000,000 MILWAUKEE WI HOUSING AUTHORITY VETERANS HOUSING PROJECT
 (HOUSING REVENUE, FNMA INSURED) 5.10 07/01/2022 1,066,340
 1,350,000 MILWAUKEE WI RDA HEARTLOVE PLACE PROJECT
 (OTHER REVENUE, CITIZENS BANK LOC)+/-SS. 1.28 06/01/2037 1,350,000
 470,000 MILWAUKEE WI RDA MILWAUKEE SCHOOL ENGINEERING PROJECT
 SERIES B (COLLEGE & UNIVERSITY REVENUE, MARSHALL &
 ILSLEY LOC) 5.05 07/01/2019 483,856
 470,000 MILWAUKEE WI RDA MILWAUKEE SCHOOL ENGINEERING PROJECT
 SERIES B (COLLEGE & UNIVERSITY REVENUE, MARSHALL &
 ILSLEY LOC) 5.15 07/01/2020 483,527
 470,000 MILWAUKEE WI RDA MILWAUKEE SCHOOL ENGINEERING PROJECT
 SERIES B (COLLEGE & UNIVERSITY REVENUE, MARSHALL &
 ILSLEY LOC) 5.20 07/01/2021 483,343
 470,000 MILWAUKEE WI RDA MILWAUKEE SCHOOL ENGINEERING PROJECT
 SERIES B (COLLEGE & UNIVERSITY REVENUE, MARSHALL &
 ILSLEY LOC) 5.30 07/01/2022 483,226
 470,000 MILWAUKEE WI RDA MILWAUKEE SCHOOL ENGINEERING PROJECT
 SERIES B (COLLEGE & UNIVERSITY REVENUE, MARSHALL &
 ILSLEY LOC) 5.35 07/01/2023 483,075
 50,000 MILWAUKEE WI RDA PUBLIC SCHOOLS (OTHER REVENUE,
 AMBAC INSURED) 3.80 08/01/2014 53,286
 550,000 MILWAUKEE WI RDA PUBLIC SCHOOLS (OTHER REVENUE,
 AMBAC MORAL OBLIGATION INSURED) 4.25 08/01/2019 570,757
 100,000 MILWAUKEE WI RDA PUBLIC SCHOOLS NEIGHBORHOOD SCHOOLS
 SERIES A (OTHER REVENUE, AMBAC INSURED) 4.20 08/01/2012 105,936
 100,000 MILWAUKEE WI RDA SCHOOL ENGINEERING PROJECT SERIES A
 (COLLEGE & UNIVERSITY REVENUE, AMBAC INSURED) 4.20 10/01/2010 100,011
 750,000 MILWAUKEE WI RDA SCIENCE EDUCATION CONSORTIUM PROJECT
 SERIES A (OTHER REVENUE) 5.13 08/01/2015 751,748
 300,000 MILWAUKEE WI RDA SCIENCE EDUCATION CONSORTIUM PROJECT
 SERIES A (OTHER REVENUE) 5.63 08/01/2025 295,089
 500,000 MILWAUKEE WI RDA SCIENCE EDUCATION CONSORTIUM PROJECT
 SERIES A (OTHER REVENUE) 5.75 08/01/2035 479,565
 95,000 MILWAUKEE WI RDA SUMMERFEST PROJECT (LEASE REVENUE) 4.20 08/01/2011 97,802
 1,000,000 MONROE WI REDEVELOPMENT AUTHORITY MONROE CLINIC
 INCORPORATED (HCFR) 5.50 02/15/2029 1,034,500
 1,500,000 MONROE WI REDEVELOPMENT AUTHORITY MONROE CLINIC
 INCORPORATED (HCFR) 5.88 02/15/2039 1,559,670
 300,000 NEENAH WI CDA SERIES A (LEASE REVENUE) 4.13 12/01/2018 319,818
 1,000,000 NEENAH WI CDA SERIES A (LEASE REVENUE) 5.13 12/01/2023 1,076,760
 350,000 OAKFIELD WI CDA (LEASE REVENUE) 5.40 12/01/2021 354,452
 200,000 OSCEOLA WI RDA (LEASE REVENUE) 4.65 12/01/2010 200,898
 325,000 OSCEOLA WI RDA (LEASE REVENUE) 4.75 12/01/2011 334,916
 235,000 OSCEOLA WI RDA (LEASE REVENUE) 5.15 12/01/2015 240,504
 410,000 OSCEOLA WI RDA (LEASE REVENUE) 5.38 12/01/2020 415,519
 500,000 OSHKOSH WI RDA (LEASE REVENUE) 4.25 07/01/2030 515,980
 1,545,000 SOUTHEAST WISCONSIN PROFESSIONAL BASEBALL PARK DISTRICT
 JUNIOR LIEN SERIES B (SALES TAX REVENUE, NATL-RE INSURED) 5.50 12/15/2015 1,641,114
 1,300,000 SOUTHEAST WISCONSIN PROFESSIONAL BASEBALL PARK DISTRICT
 JUNIOR LIEN SERIES B (SALES TAX REVENUE, NATL-RE INSURED) 5.50 12/15/2017 1,379,729

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
WISCONSIN (continued)
$ 160,000 SOUTHEAST WISCONSIN PROFESSIONAL BASEBALL PARK DISTRICT
 SERIES A (SALES TAX REVENUE, NATL-RE INSURED) 5.50% 12/15/2015 $ 187,650
 100,000 SOUTHEAST WISCONSIN PROFESSIONAL BASEBALL PARK DISTRICT
 SERIES A (SALES TAX REVENUE, NATL-RE INSURED) 5.00 12/15/2017 105,535
 1,765,000 SOUTHEAST WISCONSIN PROFESSIONAL BASEBALL PARK DISTRICT
 SERIES A (SALES TAX REVENUE, NATL-RE INSURED) 5.50 12/15/2017 2,100,156
 280,000 SOUTHEAST WISCONSIN PROFESSIONAL BASEBALL PARK DISTRICT
 SERIES A (SALES TAX REVENUE, NATL-RE INSURED) 5.50 12/15/2018 343,490
 240,000 SOUTHEAST WISCONSIN PROFESSIONAL BASEBALL PARK DISTRICT
 SERIES A (SALES TAX REVENUE, NATL-RE INSURED) 5.50 12/15/2021 297,542
 1,600,000 SOUTHEAST WISCONSIN PROFESSIONAL BASEBALL PARK DISTRICT
 SERIES A (SALES TAX REVENUE, NATL-RE INSURED) 5.50 12/15/2023 1,910,160
 1,705,000 SOUTHEAST WISCONSIN PROFESSIONAL BASEBALL PARK DISTRICT
 SERIES A (SALES TAX REVENUE, NATL-RE INSURED) 5.50 12/15/2026 2,005,540
 120,000 ST. CROIX FALLS WI CDA (LEASE REVENUE) 4.40 12/01/2011 124,283
 80,000 ST. CROIX FALLS WI CDA (LEASE REVENUE) 4.50 12/01/2011 82,211
 160,000 ST. CROIX FALLS WI CDA (LEASE REVENUE) 4.50 12/01/2012 165,384
 90,000 ST. CROIX FALLS WI CDA (LEASE REVENUE) 4.85 12/01/2014 93,983
 275,000 STURGEON BAY WI WATERFRONT RDA REFUNDED SERIES A
 (OTHER REVENUE) 4.50 10/01/2021 289,696
 100,000 STURTEVANT WI CDA (LEASE REVENUE) 5.00 12/01/2012 100,719
 300,000 STURTEVANT WI CDA (LEASE REVENUE) 4.40 12/01/2015 304,530
 200,000 STURTEVANT WI CDA (LEASE REVENUE) 4.55 12/01/2016 202,806
 300,000 SUN PRAIRIE WI CDA TAX INCREMENTAL # 6 & 7 (LEASE REVENUE) 3.80 02/01/2018 316,221
 220,000 SUN PRAIRIE WI CDA TAX INCREMENTAL # 6 & 7 (LEASE REVENUE) 4.00 02/01/2019 229,423
 250,000 SUN PRAIRIE WI CDA TAX INCREMENTAL # 6 & 7 (LEASE REVENUE) 4.50 02/01/2022 262,223
 100,000 VERONA WI CDA (ECONOMIC DEVELOPMENT REVENUE) 4.30 02/01/2015 105,892
 775,000 VERONA WI CDA (LEASE REVENUE) 5.38 12/01/2022 798,056
 70,000 WARRENS WI CDA (LEASE REVENUE) 5.00 11/01/2016 62,609
 120,000 WARRENS WI CDA (LEASE REVENUE) 5.10 11/01/2020 96,812
 300,000 WARRENS WI CDA (OTHER REVENUE) 3.70 10/01/2014 300,000
 50,000 WATERFORD WI CDA PREREFUNDED (LEASE REVENUE) 5.35 10/01/2014 50,007
 95,000 WATERFORD WI CDA PREREFUNDED (LEASE REVENUE) 5.80 10/01/2023 95,014
 550,000 WAUKESHA COUNTY WI HOUSING AUTHORITY BROOKFIELD WOODS
 PROJECT (HOUSING REVENUE, FIRSTAR BANK LOC)+/-SS. 4.80 03/01/2034 551,386
 105,000 WAUKESHA COUNTY WI HOUSING AUTHORITY STEEPLE VIEW
 INCORPORATED PROJECT (HOUSING REVENUE, ASSOCIATED BANK
 LOC)+/-SS. 0.68 12/01/2034 105,000
 340,000 WAUKESHA COUNTY WI HOUSING AUTHORITY THE ARBORETUM PROJECT
 (HOUSING REVENUE)+/-SS. 5.00 12/01/2027 351,506
 720,000 WESTON WI CDA SERIES A (LEASE REVENUE) 5.25 10/01/2020 778,838
 1,340,000 WISCONSIN CENTER DISTRICT CAPITAL APPRECIATION BONDS
 (TAX REVENUE, AGM INSURED)## 3.33 12/15/2030 538,760
 230,000 WISCONSIN CENTER DISTRICT JUNIOR DEDICATED
 (OTHER REVENUE, AGM INSURED) 5.25 12/15/2027 275,069
 280,000 WISCONSIN CENTER DISTRICT JUNIOR DEDICATED
 (TAX REVENUE, AGM INSURED) 5.25 12/15/2015 326,147
 385,000 WISCONSIN CENTER DISTRICT JUNIOR DEDICATED
 (TAX REVENUE, AGM INSURED) 5.25 12/15/2016 453,441
 50,000 WISCONSIN CENTER DISTRICT JUNIOR DEDICATED
 (TAX REVENUE, AGM INSURED) 5.25 12/15/2018 59,309
 500,000 WISCONSIN CENTER DISTRICT JUNIOR DEDICATED
 (TAX REVENUE, AGM INSURED) 5.25 12/15/2019 594,560
 405,000 WISCONSIN CENTER DISTRICT JUNIOR DEDICATED
 (TAX REVENUE, AGM INSURED) 5.25 12/15/2023 480,938
 65,000 WISCONSIN DELLS CDA SERIES A (LEASE REVENUE) 4.65 09/01/2014 66,154
 70,000 WISCONSIN DELLS CDA SERIES A (LEASE REVENUE) 4.80 09/01/2015 71,122
 80,000 WISCONSIN DELLS CDA SERIES A (LEASE REVENUE) 5.00 09/01/2017 81,054
 125,000 WISCONSIN HFA REVENUE PREREFUNDED (HOUSING REVENUE, FHA
 INSURED) 6.10 06/01/2021 151,181
 335,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT AUTHORITY AMT
 SERIES A (HOUSING REVENUE, GO OF AUTHORITY) 4.75 05/01/2037 341,067
 25,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT AUTHORITY AMT
 SERIES A (HOUSING REVENUE, GO OF AUTHORITY) 4.63 11/01/2037 24,047

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
WISCONSIN (continued)
$ 290,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT AUTHORITY AMT
 SERIES A (HOUSING REVENUE, GO OF AUTHORITY) 4.70% 05/01/2047 $ 273,038
 1,960,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT AUTHORITY AMT
 SERIES A (ECONOMIC DEVELOPMENT REVENUE)+/-SS. 4.25 12/01/2035 2,108,705
 2,015,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT AUTHORITY AMT
 SERIES E (HOUSING REVENUE, GO OF AUTHORITY) 4.90 11/01/2035 2,034,687
 2,245,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT VARIOUS AMT
 SERIES E (HOUSING REVENUE, GO OF AUTHORITY HUD LOAN)+/-SS. 0.27 05/01/2030 2,245,000
 55,205,928
 ------------------
TOTAL MUNICIPAL BONDS & NOTES (COST $123,817,519) 129,122,007
 ------------------
TOTAL INVESTMENTS IN SECURITIES
(COST $123,817,519)* 97.87% $ 129,122,007
OTHER ASSETS AND LIABILITIES, NET 2.13 2,810,120
 ------ ------------------
TOTAL NET ASSETS 100.00% $ 131,932,127
 ------ ------------------

 SIGNIFICANT OTHER SIGNIFICANT
 QUOTED PRICES OBSERVABLE INPUTS UNOBSERVABLE INPUTS
 INVESTMENTS IN SECURITIES (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL
-------------------------------------- ------------- ----------------- ------------------- --------------
CALIFORNIA LIMITED-TERM TAX FREE FUND
Municipal bonds & notes $ 0 $ 348,611,037 $ 190,525 $ 348,801,562
Short-term investments
 INVESTMENT COMPANIES 23,494,764 0 0 23,494,764
 ------------ -------------- ----------- --------------
 $ 23,494,764 $ 348,611,037 $ 190,525 $ 372,296,326
 ------------ -------------- ----------- --------------
CALIFORNIA TAX-FREE FUND
Municipal bonds & notes $ 0 $ 800,458,064 $ 1,809,989 $ 802,268,053
Short-term investments
 INVESTMENT COMPANIES 21,925,159 0 0 21,925,159
 ------------ -------------- ----------- --------------
 $ 21,925,159 $ 802,268,053 $ 0 $ 824,193,212
 ------------ -------------- ----------- --------------
COLORADO TAX-FREE FUND
Municipal bonds & notes $ 0 $ 116,106,542 $ 0 $ 116,106,542
Short-term investments
 INVESTMENT COMPANIES 7,494,318 0 0 7,494,318
 ------------ -------------- ----------- --------------
 $ 7,494,318 $ 116,106,542 $ 0 $ 123,600,860
 ------------ -------------- ----------- --------------
INTERMEDIATE TAX/AMT-FREE FUND
Municipal bonds & notes $ 0 $1,275,414,129 $ 8,256,447 $1,283,670,576
Short-term investments
 INVESTMENT COMPANIES 7,917,438 0 0 7,917,438
 ------------ -------------- ----------- --------------
 $ 7,917,438 $1,275,414,129 $ 8,256,447 $1,291,588,014
 ------------ -------------- ----------- --------------
MINNESOTA TAX-FREE FUND
Municipal bonds & notes $ 0 $ 197,216,346 $ 1,323,390 $ 198,539,736
Short-term investments
 INVESTMENT COMPANIES 197,937 0 0 197,937
 ------------ -------------- ----------- --------------
 $ 197,937 $ 197,216,346 $ 1,323,390 $ 198,737,673
 ------------ -------------- ----------- --------------
MUNICIPAL BOND FUND
Municipal bonds & notes $ 0 $2,570,961,694 $29,743,279 $2,600,704,973
Short-term investments
 INVESTMENT COMPANIES 24,195,312 0 0 24,195,312
 U.S. TREASURY OBLIGATIONS 0 2,699,039 0 2,699,039
 ------------ -------------- ----------- --------------
 $ 24,195,312 $2,573,660,733 $29,743,279 $2,627,599,324
 ------------ -------------- ----------- --------------
SHORT-TERM MUNICIPAL BOND FUND
Mortgage-backed securities $ 0 $ 77,038,098 $ 0 $ 77,038,098
Municipal bonds & notes 0 3,783,240,871 0 $3,783,240,871
Short-term investments
 INVESTMENT COMPANIES 30,548,574 0 0 30,548,574
 U.S. TREASURY OBLIGATIONS 0 1,299,537 0 1,299,537
 ------------ -------------- ----------- --------------
 $ 30,548,574 $3,861,578,506 $ 0 $3,892,127,080
 ------------ -------------- ----------- --------------
ULTRA SHORT-TERM MUNICIPAL INCOME FUND
Municipal bonds & notes $ 0 $7,053,667,452 $52,777,760 $7,106,445,212
Commercial paper 0 65,500,000 0 65,500,000
Short-term investments
 INVESTMENT COMPANIES 137,114,891 0 0 137,114,891
 U.S. TREASURY OBLIGATIONS 0 899,679 0 899,679
 ------------ -------------- ----------- --------------
 $137,114,891 $7,120,067,131 52,777,760 $7,309,959,782
 ------------ -------------- ----------- --------------
WISCONSIN TAX-FREE FUND
Municipal bonds & notes $ 0 $ 127,655,909 $ 1,466,098 $ 129,122,007
 ------------ -------------- ----------- --------------

 ULTRA
 CALIFORNIA SHORT-TERM
 LIMITED- INTERMEDIATE MUNICIPAL WISCONSIN
 TERM TAX CALIFORNIA TAX- TAX/AMT-FREE MINNESOTA MUNICIPAL INCOME TAX-FREE
 FREE FUND FREE FUND FUND TAX-FREE FUND BOND FUND FUND FUND
 MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL
 BONDS AND BONDS AND BONDS AND BONDS AND BONDS AND BONDS AND BONDS AND
 NOTES NOTES NOTES NOTES NOTES NOTES NOTES
 ---------- --------------- ------------ ------------- ----------- ------------ ----------
BALANCE AS OF JUNE 30, 2010 $190,397 $1,808,771 $7,843,782 $1,320,682 $28,833,984 $151,435,669 $1,454,715
 Realized gains or losses 0 0 0 0 0 104,175 0
 Change in unrealized gains or
 losses 128 231 391,267 2,708 736,377 198,727 1,439
 Amortization 0 987 21,398 0 76,668 199,706 9,944
 Net purchases (sales) 0 0 0 0 96,250 (6,026,059) 0
 Transfers in and/or out of
 Level 3 0 0 0 0 0 (93,134,458) 0
 -------- ---------- ---------- ---------- ----------- ------------ ----------
BALANCE AS OF SEPTEMBER 30, 2010 $190,525 1,809,989 $8,256,447 $1,323,390 $29,743,279 $52,777,760 $1,466,098
 -------- ---------- ---------- ---------- ----------- ------------ ----------
CHANGE IN UNREALIZED GAINS OR
 LOSSES INCLUDED IN EARNINGS
 RELATING TO SECURITIES STILL
 HELD AT SEPTEMBER 30, 2010 $ 128 $ 1,217 $ 412,666 $ 2,708 $ 813,046 $ 110,748 $ 11,383
 -------- ---------- ---------- ---------- ----------- ------------ ----------

 INITIAL VALUE AT NET UNREALIZED
 EXPIRATION CONTRACT SEPTEMBER 30, APPRECIATION/
 DATE CONTRACTS TYPE AMOUNT 2010 (DEPRECIATION)
 ------------- ---------- -------------- ------------ ------------- --------------
MUNICIPAL BOND FUND December 2010 465 Short 30-Year U.S. $ 62,221,929 $ 62,179,219 $ 42,710
 Treasury Bonds

MUNICIPAL BOND FUND December 2010 1030 Short 10-Year U.S. 128,779,371 129,828,281 (1,048,910)
 Treasury Notes
SHORT-TERM MUNICIPAL BOND FUND December 2010 1525 Short 5-Year U.S. 183,058,821 184,322,462 (1,263,641)
 Treasury Notes
ULTRA SHORT-TERM MUNICIPAL December 2010 1200 Short 2-Year U.S. 262,835,220 263,381,251 (546,031)
 INCOME FUND Treasury Notes

 INTEREST
PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
--------- ------------- -------- ------------- ------------
ASSET BACKED SECURITIES: 2.03%
$ 13,379 CAPITAL AUTO RECEIVABLES ASSET TRUST SERIES 2007-4 CLASS A3B+/- 0.96% 12/15/2011 $ 13,384
 165,000 CHASE ISSUANCE TRUST SERIES 2009-A3 CLASS A3 2.40 06/17/2013 167,221
 90,000 DISCOVER CARD MASTER TRUST SERIES 2008-A3 CLASS A3 5.10 10/15/2013 92,265
 70,000 DISCOVER CARD MASTER TRUST SERIES 2008-A4 CLASS A4 5.65 12/15/2015 78,441
TOTAL ASSET BACKED SECURITIES (COST $339,360) 351,311
 ------------
MORTGAGE-BACKED SECURITIES: 108.08%
COLLATERALIZED MORTGAGE OBLIGATIONS: 8.12%
 130,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES SERIES 2007-T28
 CLASS AAB 5.75 09/11/2042 145,068
 100,000 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES
 2004-LB4A CLASS A4 4.58 10/15/2037 102,323
 80,000 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C7
 CLASS A4 5.96 06/10/2046 88,800
 36,743 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES
 2002-C2 CLASS A2 5.39 10/15/2038 37,323
 60,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES SERIES
 2007-CB18 CLASS A4 5.44 06/12/2047 62,891
 100,000 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2005-C1
 CLASS A3 4.55 02/15/2030 102,076
 108,680 LEHMAN BROTHERS-UBS COMMERCIAL MORTGAGE TRUST SERIES 2003-C8
 CLASS A3 4.83 11/15/2027 113,158
 90,000 LEHMAN BROTHERS-UBS COMMERCIAL MORTGAGE TRUST SERIES 2006-C1
 CLASS A4 5.16 02/15/2031 97,892
 90,000 MERRILL LYNCH/COUNTRYWIDE COMMERCIAL MORTGAGE PASS-THROUGH
 CERTIFICATES SERIES 2006-4 CLASS A3 5.17 12/12/2049 93,227
 105,000 MORGAN STANLEY CAPITAL I SERIES 2004-T15 CLASS A4 5.27 06/13/2041 114,467
 90,000 MORGAN STANLEY CAPITAL I SERIES 2006-HQ8 CLASS A4 5.56 03/12/2044 98,357
 120,000 MORGAN STANLEY CAPITAL I TRUST SERIES 2007-IQ16 CLASS A4 5.81 12/12/2049 127,035
 200,000 TIAA REAL ESTATE CDO LIMITED SERIES 2007-C4 CLASS A3 6.04 08/15/2039 223,622
 1,406,239
 ------------
FEDERAL HOME LOAN MORTGAGE CORPORATION: 3.92%
 73,632 FHLMC #A77459 7.50 05/01/2038 81,881
 49,937 FHLMC #A93454 5.00 08/01/2040 52,491
 158,672 FHLMC #F60001 4.50 01/01/2024 166,949
 80,968 FHLMC SERIES R008 CLASS FK+/- 0.66 07/15/2023 80,942
 113,505 FHLMC SERIES T-42 CLASS A5 7.50 02/25/2042 133,014
 79,114 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-57 CLASS
 2A1+/- 4.24 07/25/2043 83,058
 76,344 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-59 CLASS
 2A1+/- 4.17 10/25/2043 80,149
 678,484
 ------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 81.87%
 140,000 FNMA%% 3.50 09/25/2025 144,419
 790,000 FNMA%% 4.00 08/25/2040 811,971
 2,435,000 FNMA%% 5.50 07/25/2038 2,588,330
 1,585,000 FNMA%% 6.00 07/25/2038 1,702,388
 305,000 FNMA%% 6.50 09/25/2038 332,545
 34,481 FNMA #256986 7.00 11/01/2037 38,295
 172,859 FNMA #257307 6.00 08/01/2038 185,783
 98,252 FNMA #460207 5.60 11/01/2013 98,883
 102,166 FNMA #461110 4.62 07/01/2013 108,647
 98,515 FNMA #462846 4.15 07/01/2014 106,672
 168,490 FNMA #464369 3.32 02/01/2015 178,547
 29,954 FNMA #464495 4.68 02/01/2020 33,235
 350,000 FNMA #465804 0.01 11/01/2010 349,386
 197,658 FNMA #466017 0.00 10/01/2010 197,658

 INTEREST
PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
--------- ------------- -------- ------------- ------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued)
$ 144,871 FNMA #888707 7.50% 10/01/2037 $ 162,020
 75,759 FNMA #934370 5.50 08/01/2038 81,096
 222,773 FNMA #941312 6.50 07/01/2037 243,351
 55,516 FNMA #976190 7.50 05/01/2038 61,769
 174,975 FNMA #987853 5.50 08/01/2038 187,685
 179,454 FNMA #995591 7.00 03/01/2024 193,788
 554,249 FNMA #AB1469 4.50 09/01/2040 577,892
 848,325 FNMA #AD7136 5.00 07/01/2040 893,575
 1,548,282 FNMA #AD9194 5.00 08/01/2040 1,630,869
 1,549,000 FNMA #AE3049 4.50 09/01/2040 1,614,469
 53,651 FNMA SERIES 2005-W4 CLASS 3A+/- 3.90 06/25/2035 56,778
 57,103 FNMA SERIES 2010-74 CLASS FG+/- 0.49 03/25/2037 57,089
 1,080,000 FNMA %% 4.50 03/25/2024 1,135,687
 141,000 FNMA %% 5.50 03/25/2024 151,674
 121,559 FNMA WHOLE LOAN SERIES 2004-W11 CLASS 1A3 7.00 05/25/2044 141,161
 95,352 FNMA WHOLE LOAN SERIES 2004-W15 CLASS 1A3 7.00 08/25/2044 110,728
 14,176,390
 ------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION: 14.17%
 765,000 GNMA%% 4.50 05/20/2040 805,641
 497,786 GNMA #4747 5.00 07/20/2040 531,775
 2,752,018 GNMA SERIES 2002-53 CLASS IO+/- (c) 0.77 04/16/2042 45,170
 125,000 GNMA SERIES 2004-10 CLASS C 4.67 07/16/2031 137,086
 37,746 GNMA SERIES 2005-90 CLASS A 3.76 09/16/2028 39,021
 194,740 GNMA SERIES 2006-3 CLASS A 4.21 01/16/2028 198,502
 89,705 GNMA SERIES 2007-12 CLASS A 3.96 06/16/2031 93,587
 33,872 GNMA SERIES 2007-69 CLASS TA 4.59 06/16/2031 34,624
 165,000 GNMA SERIES 2007-75 CLASS B 5.05 10/16/2014 182,117
 3,857,740 GNMA SERIES 2008-22 CLASS XM IO (c) 1.27 02/16/2050 170,996
 135,000 GNMA SERIES 2008-86 CLASS D 5.46 04/16/2040 153,021
 62,891 GNMA SERIES 2010-105 CLASS QF+/- 0.61 04/20/2039 62,881
 2,454,421
 ------------
TOTAL MORTGAGE-BACKED SECURITIES (COST $18,486,140) 18,715,534
 ------------
SHORT-TERM INVESTMENTS: 65.37%
US TREASURY BILLS: 0.29%
 50,000 US TREASURY BILL ### 0.15 12/23/2010 49,982
 ------------

SHARES YIELD
------ --------
INVESTMENT COMPANIES: 65.08%
 11,268,501 WELLS FARGO ADVANTAGE GOVERNMENT MONEY MARKET
 FUND(B)(L)(U) 0.05 11,268,501
TOTAL SHORT-TERM INVESTMENTS (COST $11,318,486) 11,318,483
 ------------
TOTAL INVESTMENTS IN SECURITIES
(COST $30,143,986)* 175.48% $ 30,385,328
OTHER ASSETS AND LIABILITIES, NET (75.48) (13,069,613)
 ------ ------------
TOTAL NET ASSETS 100.00% $ 17,315,715
 ------ ------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MUNICIPAL BONDS & NOTES: 88.81%
ALABAMA: 0.34%
$ 25,000 COUNTY OF JEFFERSON AL SEWER REVENUE SERIES C-5 (SEWER TAX
 REVENUE, XLCA COMPANY INSURED)+/-SS. (M)(N)(A) 0.77% 02/01/2040 $ 11,500
 25,000 COUNTY OF JEFFERSON AL SEWER REVENUE SUB-SERIES B-1-C
 (SEWER TAX REVENUE, FGIC INSURED)+/-SS. (M)(N)(A) 0.77 02/01/2042 11,500
 23,000
 ------------------
ARIZONA: 2.93%
 100,000 ARIZONA SCHOOL FACILITIES BOARD REVENUE STATE SCHOOL TRUST
 (OTHER REVENUE, AMBAC INSURED) 5.00 07/01/2016 111,498
 85,000 VERRADO AZ COMMUNITY FACILITIES DISTRICT # 1 (PROPERTY TAX
 REVENUE) 4.85 07/15/2014 85,245
 196,743
 ------------------
CALIFORNIA: 13.92%
 400,000 ALAMEDA CA CORRIDOR TRANSPORTATION AUTHORITY SUB LIEN
 SERIES A (TRANSPORTATION REVENUE, AMBAC INSURED)## 5.19 10/01/2018 261,136
 100,000 CALIFORNIA PCFA SERIES B REPUBLIC SERVICES INCORPORATED
 PROJECT SERIES B (RESOURCE RECOVERY REVENUE)+/-SS. 5.25 06/01/2023 103,709
 80,000 CORONA-NORCA CA USD CAPITAL APPRECIATION ELECTION 2006
 SERIES C (PROPERTY TAX REVENUE, AGM INSURED)+/-SS. 6.80 08/01/2039 61,824
 200,000 ESCONDIDO CA UNION HIGH SCHOOL DISTRICT CAPITAL
 APPRECIATION ELECTION 2008 SERIES A (PROPERTY TAX REVENUE,
 ASSURED GUARANTY)## 5.81 08/01/2029 69,640
 200,000 GILROY CA USD CAPITAL APPRECIATION BONDS ELECTION 2008-S
 (PROPERTY TAX REVENUE, ASSURED GUARANTY)## 6.02 08/01/2032 55,122
 100,000 HAWTHORNE CA SCHOOL DISTRICT CAPITAL APPRECIATION ELECTION
 OF 1997 (TAX REVENUE, NATL-RE INSURED)## 5.68 11/01/2025 40,052
 45,000 NORTHERN CA GAS AUTHORITY # 1 LIBOR (UTILITIES REVENUE)+/-SS. 0.96 07/01/2017 38,500
 100,000 OAKLAND CA USD ALAMEDA COUNTY ELECTION 2006 SERIES A
 (PROPERTY TAX REVENUE) 6.50 08/01/2024 114,559
 50,000 RICHMOND CA JOINT POWERS FINANCING AUTHORITY CIVIC CENTER
 PROJECT (LEASE REVENUE, ASSURED GUARANTY) 5.88 08/01/2037 54,318
 250,000 SAN DIEGO COUNTY CA COP (LEASE REVENUE, AMBAC INSURED)## 4.65 07/01/2030 83,173
 100,000 UNIVERSITY OF CALIFORNIA REGENTS MEDICAL CENTER SERIES C-2
 (HCFR)+/-SS. 1.04 05/15/2047 53,137
 935,170
 ------------------
COLORADO: 3.47%
 200,000 COLORADO ECFA CHARTER SCHOOL-AMERICAN ACADEMY PROJECT
 (LEASE REVENUE, MORAL OBLIGATION) 7.13 12/01/2033 233,092
 ------------------
FLORIDA: 2.13%
 175,000 CITY OF SUNRISE FL PUBLIC FACILITIES CAPITAL APPRECIATION
 SERIES B (SALES TAX REVENUE, NATL-RE INSURED)## 4.50 10/01/2016 143,064
 ------------------
GEORGIA: 5.12%
 50,000 ATLANTA GA DEVELOPMENT AUTHORITY TUFF YAMACRAW LLC PROJECT
 SERIES A (IDR, AMBAC INSURED) 5.00 01/01/2027 49,721
 75,000 MAIN STREET GA NATURAL GAS INCORPORATED SERIES A (UTILITIES
 REVENUE) 5.00 03/15/2022 79,709
 200,000 MAIN STREET GA NATURAL GAS INCORPORATED SERIES B (UTILITIES
 REVENUE) 5.00 03/15/2015 214,614
 344,044
 ------------------
IDAHO: 5.49%
 100,000 BOISE-KUNA ID IRRIGATION DISTRICT ARROWROCK HYDROELECTRIC
 PROJECT (UTILITIES REVENUE) 7.38 06/01/2040 115,310

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
IDAHO (continued)
$ 250,000 IDAHO HOUSING & FINANCE ASSOCIATION LIBERTY CHARTER SCHOOL
 SERIES A (OTHER REVENUE) 6.00% 06/01/2038 $ 253,500
 368,810
 ------------------
ILLINOIS: 5.99%
 90,000 ILLINOIS FINANCE AUTHORITY MEDICAL DISTRICT COMMISSION
 PROJECT A (HCFR, CIFG INSURED) 4.13 09/01/2018 92,255
 40,000 ILLINOIS HOUSING DEVELOPMENT AUTHORITY SERIES A-1 (MFHR,
 GNMA INSURED) 5.05 12/20/2020 40,094
 100,000 ILLINOIS STATE (GO, AMBAC INSURED) 5.00 11/01/2025 103,199
 150,000 LAKE COUNTY IL COMMUNITY HIGH SCHOOL DISTRICT # 117 ANTIOCH
 CAPITAL APPRECIATION SERIES B (PROPERTY TAX REVENUE,
 NATL-RE FGIC INSURED)## 4.68 12/01/2016 117,660
 75,000 LAKE COUNTY IL SCHOOL DISTRICT # 38 BIG HOLLOW CAPITAL
 APPRECIATION (PROPERTY TAX REVENUE, AMBAC INSURED)## 5.54 02/01/2019 49,132
 402,340
 ------------------
INDIANA: 4.08%
 150,000 INDIANA STATE ASCENSION HEALTH SERVICES SERIES B-3 (HCFR)
 +/-SS. 1.93 11/15/2031 150,000
 110,000 JASPER COUNTY IN PCR NORTHERN SERIES B (IDR, NATL-RE FGIC
 INSURED) 5.60 11/01/2016 123,637
 273,637
 ------------------
IOWA: 0.73%
 50,000 XENIA RURAL WATER DISTRIBUTION IA (UTILITIES REVENUE, CIFG
 INSURED) 3.70 12/01/2010 49,083
 ------------------
KANSAS: 2.02%
 75,000 WYANDOTTE COUNTY KS UNITED GOVERNMENT REFERENDUM SALES TAX
 SECOND LIEN AREA B (SALES TAX REVENUE) 5.00 12/01/2020 78,575
 100,000 WYANDOTTE COUNTY/KANSAS CITY KS CAPITAL APPRECIATION SALES
 TAX SUBORDINATE LIEN (SALES TAX REVENUE)## 6.07 06/01/2021 56,879
 135,454
 ------------------
KENTUCKY: 1.93%
 150,000 KENTUCKY EDFA NORTON HEALTHCARE INCORPORATED SERIES B
 (HCFR, NATL-RE INSURED)## 5.80 10/01/2023 75,759
 50,000 KENTUCKY EDFA UNREFUNDED BALANCE NORTON C (HCFR, NATL-RE
 INSURED)+/-SS. 5.95 10/01/2017 53,765
 129,524
 ------------------
LOUISIANA: 0.79%
 50,000 NEW ORLEANS LA AVIATION BOARD GULF OPPORTUNITY ZONE
 CONSOLIDATED RENTAL CAR SERIES A (TRANSPORTATION REVENUE) 6.50 01/01/2040 53,344
 ------------------
MARYLAND: 1.53%
 100,000 FREDERICK COUNTY MD SPECIAL OBLIGATION URBAN CDA CLASS A
 (IDR) 5.00 07/01/2040 102,712
 ------------------
MASSACHUSETTS: 1.71%
 100,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY SABIS
 INTERNATIONAL CHARTER SERIES A (OTHER REVENUE) 8.00 04/15/2039 114,851
 ------------------
MICHIGAN: 6.39%
 200,000 COMSTOCK MI PUBLIC SCHOOLS CAPITAL APPRECIATION (PROPERTY
 TAX REVENUE, AMBAC INSURED)## 4.60 05/01/2014 184,370
 100,000 MICHIGAN MUNICIPAL BOND AUTHORITY LOCAL GOVERNMENT LOAN
 PROGRAM SERIES A (OTHER REVENUE, AMBAC INSURED) 5.00 05/01/2013 104,002

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
MICHIGAN (continued)
$ 50,000 MICHIGAN MUNICIPAL BOND AUTHORITY LOCAL GOVERNMENT LOAN
 PROGRAM SERIES G (OTHER REVENUE, AMBAC INSURED)## 7.05% 05/01/2016 $ 40,385
 100,000 WAYNE CHARTER COUNTY MI AIRPORT AMT CLASS A (TRANSPORTATION
 REVENUE) 5.38 12/01/2015 100,345
 429,102
 ------------------
MISSOURI: 3.09%
 190,000 ST. LOUIS MO LAMBERT-ST. LOUIS INTERNATIONAL AIRPORT
 SERIES B (TRANSPORTATION REVENUE, NATL-RE FGIC INSURED) 6.00 07/01/2013 207,258
 ------------------
NEVADA: 1.41%
 85,000 CLARK COUNTY NV SCHOOL DISTRICT SERIES B (PROPERTY TAX
 REVENUE, AGM INSURED) 5.00 06/15/2017 94,733
 ------------------
NEW JERSEY: 1.61%
 100,000 NEW JERSEY STATE HIGHER EDUCATION ASSISTANCE AUTHORITY
 SERIES A (STUDENT LOAN REVENUE) 5.63 06/01/2030 108,369
 ------------------
NEW YORK: 1.58%
 50,000 SENECA COUNTY NY IDAG SENECA MEADOWS INCORPORATED PROJECT
 (IDR)+/-SS. 6.63 10/01/2035 50,558
 50,000 YONKERS NY IDAG SARAH LAWRENCE COLLEGE PROJECT SERIES A
 (EDUCATION REVENUE) 5.75 06/01/2024 55,580
 106,138
 ------------------
PENNSYLVANIA: 1.27%
 85,000 CHESTER COUNTY PA IDA RENAISSANCE ACADEMY PROJECT SERIES A
 (PRIVATE SCHOOL REVENUE) 5.25 10/01/2010 85,000
 ------------------
PUERTO RICO: 0.85%
 50,000 PUERTO RICO SALES TAX FINANCING CORPORATION FIRST
 SUB-SERIES A (SALES TAX REVENUE) 6.38 08/01/2039 57,083
 ------------------
SOUTH CAROLINA: 5.51%
 100,000 ALLENDALE COUNTY SC SCHOOL DISTRICT ENERGY SAVINGS SPECIAL
 OBLIGATION (LEASE REVENUE, STATE AID WITHHOLDING) 8.50 12/01/2018 106,364
 240,000 TOWN OF NEWBERRY SC NEWBERRY COUNTY SCHOOL DISTRICT PROJECT
 (LEASE REVENUE) 5.25 12/01/2017 263,498
 369,862
 ------------------
TENNESSEE: 3.55%
 100,000 ELIZABETHTON TN HEALTH & EDUCATIONAL FACILITIES BOARD
 PREFUNDED SERIES B (HCFR, NATL-RE IBC INSURED) 7.75 07/01/2029 111,445
 20,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES A
 (UTILITIES REVENUE) 5.00 09/01/2013 21,467
 100,000 TENNESSEE ENERGY ACQUISITION CORPORATION SERIES A
 (UTILITIES REVENUE) 5.25 09/01/2019 105,134
 238,046
 ------------------
TEXAS: 8.83%
 80,000 GARZA COUNTY TX PUBLIC FACILITY CORPORATION (LEASE REVENUE) 4.75 10/01/2010 80,005
 100,000 HOUSTON TX AIRPORT SYSTEMS AMT SUB SERIES C (TRANSPORTATION
 REVENUE, XLCA INSURED)+/-SS. (M)(N)(A) 0.51 07/01/2032 89,450
 250,000 LA VERNIA TX HIGHER EDUCATION FINANCE CORPORATION SERIES A
 (EDUCATIONAL FACILITIES REVENUE) 6.25 02/15/2017 275,890
 35,000 SABINE RIVER TX AUTHORITY PCR TXU ELECTRIC COMPANY PROJECT
 SERIES B (RESOURCE RECOVERY REVENUE)+/-SS. 5.75 05/01/2030 33,338
 50,000 TEXAS PRIVATE ACTIVITY SURFACE (TRANSPORTATION REVENUE) 7.50 06/30/2032 57,341

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
--------------- ----------------------------------------------------------- ------------- ------------- ------------------
TEXAS (continued)
$ 50,000 TEXAS PRIVATE ACTIVITY SURFACE (TRANSPORTATION REVENUE) 7.50% 06/30/2033 $ 57,260
 593,284
 ------------------
UTAH: 1.75%
 125,000 SPANISH FORK CITY UT AMERICAN LEADERSHIP ACADEMY
 (EDUCATIONAL FACILITIES REVENUE)++ 5.55 11/15/2021 117,763
 ------------------
VIRGIN ISLANDS: 0.79%
 50,000 VIRGIN ISLANDS PFA SUB MATCHING LOAN NOTES SERIES A (OTHER
 REVENUE) 6.00 10/01/2039 53,328
 ------------------
TOTAL MUNICIPAL BONDS & NOTES (COST $5,627,754) 5,964,834
 ------------------

 SHARES YIELD
--------------- -------------
SHORT-TERM INVESTMENTS: 10.27%
INVESTMENT COMPANIES: 10.27%
 689,713 WELLS FARGO NATIONAL TAX-FREE MONEY MARKET TRUST(L)(U) 0.13 689,713
TOTAL SHORT-TERM INVESTMENTS (COST $689,713) 689,713
 ------------------
TOTAL INVESTMENTS IN SECURITIES
(COST $6,317,467)* 99.08% 6,654,547
OTHER ASSETS AND LIABILITIES, NET 0.92 61,818
 ------ ------------------
TOTAL NET ASSETS 100.00% $ 6,716,365
 ====== ------------------

By: /s/ Karla M. Rabusch

 Karla M. Rabusch
 President

Date: November 24, 2010

By: /s/ Karla M. Rabusch

 Karla M. Rabusch
 President

Date: November 24, 2010


By: /s/ Kasey Phillips


 Kasey Phillips
 Treasurer

Date: November 24, 2010