Investment Portfolio

as of August 31, 2006 (Unaudited)

Principal

Amount ($)

Value ($)

Municipal Bonds and Notes 154.6%

Alabama 5.2%

Alabama, Port Authority Revenue, Docks Department, AMT, 6.3%, 10/1/2021 (a)

8,250,000

8,431,583

Camden, AL, Industrial Development Board Revenue, AMT, Series B, 6.375%, 12/1/2024

1,000,000

1,092,830

Huntsville, AL, Hospital & Healthcare Revenue, Health Care Authority, Series A, 5.75%, 6/1/2031

5,500,000

5,860,690

Huntsville, AL, Water & Sewer Revenue, AMT, 5.75%, 10/1/2011 (a)

8,560,000

9,154,834

24,539,937

Arizona 1.7%

Arizona, Hospital & Healthcare Revenue, Health Facilities Authority, Catholic Healthcare West, Series A, 6.625%, 7/1/2020

7,000,000

7,735,630

California 17.1%

California, Electric Revenue, Department of Water Resources and Power Supply, Series A, 5.375%, 5/1/2022

7,350,000

8,098,891

California, Special Assessment Revenue, Golden State Tobacco Securitization Corp.:

Series B, 5.625%, 6/1/2038

7,080,000

7,880,323

Series 2003-A-1, 6.75%, 6/1/2039

11,730,000

13,243,405

California, State General Obligation:

Series 2, 5.0%, 9/1/2019

4,385,000

4,699,361

5.0%, 12/1/2020

4,600,000

4,861,280

5.0%, 3/1/2022 (a)

3,500,000

3,720,290

5.0%, 6/1/2028

3,000,000

3,139,350

5.125%, 4/1/2024

4,400,000

4,683,888

5.25%, 12/1/2021

10,215,000

11,075,716

5.25%, 4/1/2030

6,250,000

6,552,750

California, State Public Works Board, Lease Revenue, Department of Mental Health, Series A, 5.5%, 6/1/2021

5,000,000

5,525,050

California, State Revenue Lease, Public Works Board, Department of Corrections, Series C, 5.5%, 6/1/2021

2,500,000

2,747,850

Mount Diablo, CA, Unified School District, Election of 2002, 5.0%, 6/1/2029 (a)

2,000,000

2,110,780

Palmdale, CA, Water District Revenue, Certificates of Participation, 5.0%, 10/1/2034 (a)

2,000,000

2,080,820

80,419,754

Colorado 6.9%

Colorado, Hospital & Healthcare Revenue, Portercare Adventist Health Project, 6.5%, 11/15/2031

1,000,000

1,139,160

Colorado, Hospital & Healthcare Revenue, Poudre Valley Health Facilities:

Series A, 5.5%, 12/1/2017 (a)

6,145,000

6,547,620

Series A, 6.0%, 12/1/2015 (a)

5,705,000

6,165,451

Series A, 6.0%, 12/1/2016 (a)

2,000,000

2,161,420

Colorado, Single Family Housing Revenue, AMT, Series B2, 7.25%, 10/1/2031

260,000

266,087

Colorado, Transportation/Tolls Revenue, Anticipation Note, Prerefunded, 6.0%, 6/15/2011 (a)

10,000,000

10,888,600

Denver, CO, Airport Revenue, AMT, Series A, 6.0%, 11/15/2014 (a)

5,000,000

5,405,550

32,573,888

District of Columbia 8.7%

District of Columbia, Ballpark Revenue, Series B-1, 5.0%, 2/1/2017 (a)

2,275,000

2,456,227

District of Columbia, Core City General Obligation, Series B, 5.5%, 6/1/2011 (a)

20,000,000

21,596,200

District of Columbia, ETM, Series A, Prerefunded, 5.5%, 6/1/2014 (a)

640,000

676,122

District of Columbia, General Obligation:

Prerefunded, Series A-2005, 5.25%, 6/1/2027 (a)

2,585,000

2,682,997

Series A-2005, 5.25%, 6/1/2027 (a)

8,245,000

8,506,696

District of Columbia, Howard University Revenue, Series A, 5.0%, 10/1/2023 (a)

2,810,000

2,982,450

District of Columbia, State General Obligation, Series A, 5.5%, 6/1/2014 (a)

1,860,000

1,958,989

40,859,681

Florida 6.5%

Dade County, FL, Airport Revenue, AMT, Series A, 5.75%, 10/1/2026 (a)

13,000,000

13,278,850

Dade County, FL, Special Assessment Revenue:

Series B, Prerefunded, Zero Coupon, 10/1/2022 (a)

7,735,000

3,068,784

Series B, Prerefunded, Zero Coupon, 10/1/2024 (a)

16,955,000

5,924,586

Hillsborough County, FL, Industrial Development Revenue, University Community Hospital Project, Series A, 5.625%, 8/15/2023

1,000,000

1,044,490

Miami-Dade County, FL, Transportation/Tolls Revenue, Expressway Authority:

6.0%, 7/1/2013 (a)

1,665,000

1,817,247

6.0%, 7/1/2014 (a)

1,000,000

1,091,440

Orange County, FL, Health Facilities Authority Revenue, Orlando Regional Healthcare System, 5.75%, 12/1/2032

1,000,000

1,109,160

Palm Beach County, FL, School District Revenue Lease, Series A, Prerefunded, 5.75%, 8/1/2017 (a)

2,850,000

3,097,209

30,431,766

Georgia 1.9%

Atlanta, GA, General Obligation, Series A, 5.0%, 12/1/2021 (a)

4,455,000

4,773,221

Atlanta, GA, Water & Wastewater Revenue, Water Utilities Improvements, 5.0%, 11/1/2024 (a)

4,000,000

4,214,840

8,988,061

Hawaii 7.3%

Hawaii, Airport System Revenue, AMT, Series B, 6.5%, 7/1/2013 (a)

8,800,000

9,684,312

Hawaii, Electric Revenue, Department of Budget & Finance, AMT:

Series D, 6.15%, 1/1/2020 (a)

2,195,000

2,329,861

Series A, 6.2%, 5/1/2026 (a)

13,200,000

13,357,740

Hawaii, Port Authority Revenue, AMT:

Series A, 6.0%, 7/1/2011 (a)

2,950,000

3,203,198

Series A, 6.0%, 7/1/2012 (a)

3,135,000

3,381,944

Hawaii, State General Obligation, Series CT, Prerefunded, 5.75%, 9/1/2014 (a)

2,310,000

2,472,693

34,429,748

Idaho 0.0%

Idaho, Single Family Housing Revenue, AMT, Series C2, 6.9%, 7/1/2025

115,000

115,163

Illinois 9.6%

Chicago, IL, Airport Revenue, O’Hare International Airport, AMT, 5.5%, 1/1/2014 (a)

10,000,000

10,538,000

Chicago, IL, Core City General Obligation:

Series A, Prerefunded, 6.0%, 1/1/2014 (a)

2,085,000

2,280,364

Series A, Prerefunded, 6.125%, 1/1/2015 (a)

2,000,000

2,195,880

Series A, 6.125%, 1/1/2016 (a)

2,000,000

2,195,880

Chicago, IL, O’Hare International Airport Revenue, Series A, 5.0%, 1/1/2019 (a)

4,000,000

4,271,840

Chicago, IL, Other General Obligation, Neighborhoods Alive 21 Project:

Series A, Prerefunded, 6.0%, 1/1/2015 (a)

1,000,000

1,093,700

Series A, 6.0%, 1/1/2017 (a)

1,000,000

1,093,700

Chicago, IL, Water Revenue, Series A, 5.0%, 11/1/2020 (a)

3,615,000

3,878,425

Illinois, Development Finance Authority, Hospital Revenue, Adventist Health System, Sunbelt Obligation, 5.5%, 11/15/2020

2,500,000

2,665,150

Illinois, Health Facilities Authority Revenue, Children’s Memorial Hospital, Series A, Prerefunded, 5.625%, 8/15/2019 (a)

4,000,000

4,262,280

Illinois, Higher Education Revenue, DePaul University, Educational Facilities Authority:

Prerefunded, 5.625%, 10/1/2013 (a)

2,695,000

2,923,186

Prerefunded, 5.625%, 10/1/2015 (a)

1,710,000

1,854,786

Illinois, Sales & Special Tax Revenue, Metropolitan Pier & Exposition Authority:

Series A, ETM, 5.5%, 6/15/2017 (a)

1,955,000

2,227,273

Series A, 5.5%, 6/15/2017 (a)

1,555,000

1,761,457

Will County, IL, Industrial Development Revenue, Mobil Oil Refining Corp. Project, AMT, 6.0%, 2/1/2027

2,000,000

2,036,860

45,278,781

Indiana 1.2%

Indiana, Hospital & Healthcare Revenue, Health Facilities Authority, 5.5%, 11/1/2031

5,000,000

5,471,200

Kansas 0.7%

Overland Park, KS, Industrial Development Revenue, Series A, 7.375%, 1/1/2032

3,000,000

3,288,030

Kentucky 1.4%

Kentucky, Hospital & Healthcare Revenue, Economic Development Finance Authority, Norton Healthcare, Inc.:

Series A, 6.5%, 10/1/2020

2,000,000

2,170,120

Series A, 6.625%, 10/1/2028

4,000,000

4,353,240

6,523,360

Louisiana 0.5%

Louisiana, Electric Revenue, 5.75%, 1/1/2013 (a)

2,000,000

2,216,980

Maine 1.4%

Maine, Hospital & Healthcare Revenue, Series D, 5.7%, 7/1/2013 (a)

375,000

375,559

Maine, Transportation/Tolls Revenue, 5.0%, 7/1/2017 (a)

6,165,000

6,352,601

6,728,160

Maryland 0.6%

Maryland, Hospital & Healthcare Revenue, University of Maryland Medical System, 6.75%, 7/1/2030

2,500,000

2,802,700

Massachusetts 3.5%

Massachusetts, Airport Revenue, AMT, Series B, 5.5%, 7/1/2009 (a)

8,000,000

8,375,840

Massachusetts, Airport Revenue, U.S. Airways, Inc. Project, AMT, Series A, 5.875%, 9/1/2023 (a)

5,000,000

5,108,500

Massachusetts, Port Authority Revenue, AMT, Series B, 5.5%, 7/1/2015 (a)

3,000,000

3,158,430

16,642,770

Michigan 2.2%

Chippewa County, MI, Hospital & Healthcare Revenue, Chippewa County War Memorial, Series B, 5.625%, 11/1/2014

1,500,000

1,505,895

Michigan, Industrial Development Revenue:

5.5%, 6/1/2018 (a)

3,425,000

3,649,680

5.75%, 6/1/2016 (a)

4,640,000

4,984,706

10,140,281

Minnesota 1.6%

Minneapolis & St. Paul, MN, Airport Revenue, AMT, Series B, 6.0%, 1/1/2012 (a)

4,395,000

4,716,406

Minneapolis & St. Paul, MN, Port Authority Revenue, AMT, Series B, 5.625%, 1/1/2015 (a)

2,500,000

2,630,875

7,347,281

Missouri 0.1%

Missouri, Hospital & Healthcare Revenue, Lake of the Ozarks General Hospital, 6.5%, 2/15/2021

365,000

372,873

Nevada 2.4%

Las Vegas, NV, Core City General Obligation, Water & Sewer Revenue, 5.375%, 4/1/2014 (a)

2,705,000

2,904,331

Nevada, State General Obligation, Capital Improvement and Cultural Affairs Project, Series A, 5.5%, 2/1/2014

2,575,000

2,712,943

Washoe County, NV, School District General Obligation, Prerefunded, 5.75%, 6/1/2014 (a)

5,450,000

5,810,354

11,427,628

New Jersey 11.0%

New Jersey, Casino Reinvestment Development Authority, Hotel Room Fee Revenue, 5.0%, 1/1/2025 (a)

4,000,000

4,246,840

New Jersey, Economic Development Authority Revenue, Cigarette Tax, 5.75%, 6/15/2034

1,090,000

1,161,351

New Jersey, Hospital & Healthcare Revenue, General Hospital Center at Passaic, ETM, 6.75%, 7/1/2019 (a)

5,000,000

6,134,700

New Jersey, Industrial Development Revenue, American Water Co., Inc. Project, AMT, Series A, 6.875%, 11/1/2034 (a)

10,775,000

10,831,677

New Jersey, Industrial Development Revenue, Economic Development Authority, Harrogate, Inc., Series A, 5.875%, 12/1/2026

1,400,000

1,442,126

New Jersey, Resource Recovery Revenue, Tobacco Settlement Financing Corp., 5.75%, 6/1/2032

2,280,000

2,395,710

New Jersey, State Agency General Obligation Lease, Transportation Trust Fund Authority, Series A, Prerefunded, 5.75%, 6/15/2017

10,000,000

10,768,100

New Jersey, Transportation/Tolls Revenue, Economic Development Authority, Series A, Prerefunded, 5.75%, 5/1/2013 (a)

6,000,000

6,335,040

New Jersey, Transportation/Tolls Revenue, Garden State Parkway Project, Prerefunded, 5.6%, 1/1/2017 (a)

8,000,000

8,580,720

51,896,264

New York 13.3%

Nassau County, NY, Hospital & Healthcare, 6.0%, 8/1/2015 (a)

3,390,000

3,684,015

New York, State Agency General Obligation Lease, Higher Education Revenue, Dormitory Authority, Bronx-Lebanon, Hospital Center, Series E, 5.2%, 2/15/2016

1,770,000

1,825,542

New York, State Agency General Obligation Lease, Higher Education Revenue, Dormitory Authority, City University, Series A, 5.625%, 7/1/2016

1,500,000

1,674,870

New York, State Agency General Obligation Lease, Higher Education Revenue, Dormitory

Authority, Jamaica Hospital, Series F, 5.2%, 2/15/2016

1,000,000

1,031,380

New York, State General Obligation, Tobacco Settlement Financing Corp.:

Series A-1, 5.25%, 6/1/2022 (a)

10,000,000

10,717,100

Series A-1, 5.5%, 6/1/2019

1,900,000

2,066,421

New York, Tobacco Settlement Financing Corp., Series B-1C, 5.5%, 6/1/2019

5,500,000

5,981,745

New York, Transportation/Tolls Revenue:

Prerefunded, 5.625%, 4/1/2013 (a)

5,000,000

5,306,450

Prerefunded, 5.75%, 4/1/2014 (a)

2,000,000

2,128,700

New York, NY, Core City General Obligation, Series F, 5.25%, 8/1/2015

5,000,000

5,313,000

New York, NY, General Obligation:

Series G, 5.0%, 12/1/2023

2,000,000

2,099,780

Series D, 5.0%, 11/1/2024

7,500,000

7,860,525

Series F, Prerefunded, 5.25%, 8/1/2015 (a)

50,000

51,682

Series F, 5.25%, 8/1/2015 (a)

4,950,000

5,096,916

New York, NY, Sales & Special Tax Revenue, Transitional Finance Authority:

Series B, Prerefunded, 6.125%, 11/15/2014

1,645,000

1,807,312

Series B, 6.125%, 11/15/2014

355,000

390,028

Series B, Prerefunded, 6.125%, 11/15/2015

3,000,000

3,296,010

Niagara Falls, NY, School District General Obligation, 5.6%, 6/15/2014 (a)

1,180,000

1,332,574

Rensselaer County, NY, Industrial Development Agency, Civic Facility Revenue, Hawthorne Ridge Project, 3.36% *, 10/30/2035, Citizens Bank NA (b)

1,000,000

1,000,000

62,664,050

North Carolina 1.7%

Charlotte, NC, Airport Revenue, AMT:

Series B, 5.75%, 7/1/2013 (a)

2,480,000

2,615,805

Series B, 5.875%, 7/1/2014 (a)

1,140,000

1,206,211

North Carolina, Electric Revenue, Municipal Power Agency:

Series C, 5.375%, 1/1/2017

1,000,000

1,062,690

Series B, 6.375%, 1/1/2013

3,000,000

3,238,080

8,122,786

North Dakota 0.8%

Grand Forks, ND, Hospital & Healthcare Revenue, Altru Health Care System, 7.125%, 8/15/2024

3,400,000

3,770,566

Ohio 2.0%

Green Springs, OH, Senior Care Revenue, St. Francis Health Care Center Project, Series A, 7.125%, 5/15/2025

6,000,000

5,780,580

Ohio, Higher Education Revenue, University of Findlay Project:

6.125%, 9/1/2016

2,000,000

2,020,000

6.15%, 9/1/2011

1,635,000

1,651,350

9,451,930

Oregon 3.3%

Oregon, Other Revenue Lease, Department of Administrative Services:

Series A, 5.5%, 5/1/2010 (a)

2,245,000

2,296,074

Series A, 5.6%, 5/1/2011 (a)

2,120,000

2,169,608

Oregon, State General Obligation Lease, Department of Administrative Services, Series A, Prerefunded, 6.25%, 5/1/2017 (a)

1,000,000

1,099,050

Oregon, State Revenue Lease, Department of Administrative Services, Series A, Prerefunded, 6.25%, 5/1/2018 (a)

1,000,000

1,099,050

Portland, OR, Special Assessment Revenue, Downtown Waterfront:

Series A, 5.625%, 6/15/2015 (a)

3,100,000

3,336,530

Series A, 5.75%, 6/15/2018 (a)

2,225,000

2,406,226

Series A, 5.75%, 6/15/2019 (a)

2,820,000

3,049,689

15,456,227

Pennsylvania 2.3%

Pennsylvania, Hospital & Healthcare Revenue, Economic Development Financing Authority, UPMC Health System, Series A, 6.0%, 1/15/2031

2,570,000

2,801,711

Philadelphia, PA, Gas Works Revenue, Series A-1, 5.0%, 9/1/2029 (a)

5,000,000

5,205,600

Philadelphia, PA, Municipal Authority Revenue, Series B, 5.25%, 11/15/2018 (a)

2,500,000

2,683,450

10,690,761

Puerto Rico 0.2%

Commonwealth of Puerto Rico, Public Improvement, Series A, 5.25%, 7/1/2030

1,000,000

1,061,860

Rhode Island 0.9%

Rhode Island, Special Assessment Revenue, Series A, 6.125%, 6/1/2032

4,000,000

4,242,600

South Carolina 2.7%

Greenwood County, SC, Hospital & Healthcare Revenue, South Carolina Memorial Hospital, 5.5%, 10/1/2031

1,500,000

1,569,840

South Carolina, Hospital & Healthcare Revenue, Jobs Economic Development Authority, Palmetto Health Alliance, Series A, Prerefunded, 7.375%, 12/15/2021

2,000,000

2,320,180

South Carolina, Jobs Economic Development Authority, Hospital Facilities Revenue, Palmetto Health:

Series C, Prerefunded, 7.0%, 8/1/2030

4,825,000

5,743,921

Series C, 7.0%, 8/1/2030

595,000

691,176

South Carolina, Tobacco Settlement Revenue Management Authority, Series B, 6.0%, 5/15/2022

2,000,000

2,117,580

12,442,697

Tennessee 4.9%

Clarksville, TN, Natural Gas Acquisition Corp., Gas Revenue, 5.0%, 12/15/2021

2,000,000

2,154,400

Memphis-Shelby County, TN, Airport Revenue, AMT, Series D, 6.25%, 3/1/2017 (a)

4,690,000

5,074,721

Shelby County, TN, Health Educational & Housing Facility Board, Hospital Revenue, Methodist Health Care:

EMT, 6.5%, 9/1/2026

2,615,000

3,013,029

Prerefunded, 6.5%, 9/1/2026

4,385,000

5,052,441

Tennessee, Energy Acquisition Corp., Gas Revenue, Series A, 5.25%, 9/1/2019

7,000,000

7,726,880

23,021,471

Texas 18.5%

Austin, TX, Sales & Special Tax Revenue, Hotel Occupancy Tax:

6.0%, 11/15/2013 (a)

3,190,000

3,422,136

6.0%, 11/15/2015 (a)

3,480,000

3,733,240

6.0%, 11/15/2016 (a)

3,625,000

3,888,791

Brazos River, TX, Pollution Control Revenue, Brazos River Authority, Texas Utilities Electric Co. Project, AMT, Series C, 5.75% *, 5/1/2036

3,965,000

4,212,138

Dallas-Fort Worth, TX, Airport Revenue, International Airport, AMT, Series A, 5.875%, 11/1/2016 (a)

6,500,000

7,055,490

El Paso, TX, State General Obligation:

5.875%, 8/15/2012 (a)

1,000,000

1,022,010

5.875%, 8/15/2013 (a)

1,570,000

1,604,556

5.875%, 8/15/2014 (a)

1,665,000

1,701,647

Granbury, TX, Independent School District, 5.0%, 8/1/2024

3,365,000

3,549,301

Harris County, TX, Hospital & Healthcare Revenue, Health Facilities Development Corp., Memorial Hermann Healthcare Systems, Series A, 6.375%, 6/1/2029

5,500,000

6,187,720

Houston, TX, Airport Revenue, People Mover Project, AMT, Series A, 5.5%, 7/15/2017 (a)

3,300,000

3,342,834

Houston, TX, Port Authority Revenue, Airport Revenue, AMT, Series A, 5.875%, 7/1/2014 (a)

3,960,000

4,219,023

Red River, TX, School District Revenue Lease, St. Mark’s School Project, 6.0%, 8/15/2019

5,390,000

5,767,785

Socorro, TX, Independent School District, 5.0%, 8/15/2025

5,135,000

5,413,420

Tarrant County, TX, Hospital & Healthcare Revenue, Health Facilities Development Corp., 6.7%, 11/15/2030

4,500,000

5,061,465

Texas, Industrial Development Revenue, Waste Disposal Authority, AMT, Series A, 6.1%, 8/1/2024

2,000,000

2,155,380

Texas, State General Obligation, College Student Loans, AMT, 5.0%, 8/1/2021

4,015,000

4,016,325

Texas, State Turnpike Authority, Dallas Northway Revenue, 5.5%, 1/1/2015 (a)

14,605,000

15,223,230

Texas, White Settlement, Independent School District, 5.125%, 8/15/2026

5,035,000

5,359,455

86,935,946

Washington 5.8%

Seattle, WA, Airport Revenue, AMT, Series B, 6.0%, 2/1/2013 (a)

7,355,000

8,175,597

Seattle, WA, Special Assessment Revenue, AMT:

Series B, 5.5%, 9/1/2011 (a)

1,085,000

1,151,793

Series B, 5.75%, 9/1/2013 (a)

1,045,000

1,111,096

Skagit County, WA, School District General Obligation, School District No. 1, Burlington Edison, 5.625%, 12/1/2014 (a)

1,570,000

1,699,164

Snohomish County, WA, Electric Revenue, Public Utility District No. 1, 5.375%, 12/1/2024 (a)

3,000,000

3,190,860

Washington, Electric Revenue, Energy Northwest Columbia Generating, Series B, 6.0%, 7/1/2018 (a)

3,000,000

3,338,070

Washington, Hospital & Healthcare Revenue, Group Health Coop of Puget Sound, 5.375%, 12/1/2017 (a)

1,500,000

1,605,720

Washington, State General Obligation:

Series A, 5.5%, 7/1/2013

2,000,000

2,103,320

Series A, 5.5%, 7/1/2016

4,835,000

5,084,776

27,460,396

West Virginia 4.4%

West Virginia, Hospital & Healthcare Revenue, Hospital Finance Authority, Charleston Medical Center:

Series A, 6.75%, 9/1/2022

2,355,000

2,600,815

6.75%, 9/1/2030

395,000

433,777

West Virginia, Hospital Finance Authority, Charleston Medical Center:

Prerefunded, 6.75%, 9/1/2022

9,645,000

10,841,463

Prerefunded, 6.75%, 9/1/2030

3,605,000

4,052,200

West Virginia, Water & Sewer Revenue, Water Development Authority, Series B, 5.25%, 11/1/2023 (a)

2,740,000

2,977,421

20,905,676

Wisconsin 2.3%

Badge, WI, Tobacco Asset Securitization Corp., 6.125%, 6/1/2027

4,230,000

4,508,334

Wisconsin, Hospital & Healthcare Revenue, Health & Education Facilities Authority, Aurora Health Care, Inc., Series A, 5.6%, 2/15/2029

6,000,000

6,222,900

10,731,234

% of

Net Assets

Value ($)

Total Investment Portfolio (Cost $677,040,763)

154.6

727,188,136

Other Assets and Liabilities, Net

1.7

8,207,104

Preferred Shares, at Redemption Value

(56.3)

(265,000,000)

Net Assets Applicable to Common Shareholders

100.0

470,395,240

For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

*

Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of August 31, 2006.

(a)

Bond is insured by one of these companies:

As a % of Total

Insurance Coverage

Investment Portfolio

Ambac Financial Group, Inc.

17.2

Financial Guaranty Insurance Company

12.4

Financial Security Assurance, Inc.

15.7

MBIA Corp.

13.2

(b)

Security incorporates a letter of credit from a major bank.

AMT: Subject to alternative minimum tax.

ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized by US Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated.

Prerefunded: Bonds which are prerefunded are collateralized by US Treasury securities which are held in escrow and are used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.