| Security | CUSIP | Shares | Traded Market Value | % of Holding ↓ |
| PR WILLIAM VRN 11/01/32 | 741758HE9 | 3,855,000 | $3,855,000.00 | 6.37% |
| ALACHUA CNTY VRN 06/15/34 | 01068LAB6 | 3,510,000 | $3,510,000.00 | 5.80% |
| DENVER CO VRN 11/15/25 | 249181Q92 | 3,450,000 | $3,450,000.00 | 5.70% |
| GREAT FALLS VRN 01/01/38 | 390438AB5 | 3,000,000 | $3,000,000.00 | 4.96% |
| MASS ST DEV. VRN 05/01/27 | 57583HAF4 | 3,000,000 | $3,000,000.00 | 4.96% |
| MISSOURI ST HLTH 11/10/08 | 60636GAB6 | 3,000,000 | $3,000,000.00 | 4.96% |
| OREGON HSG VRN 10/15/38 | 68608AAP5 | 3,000,000 | $3,000,000.00 | 4.96% |
| WASHINGTON VAR 09/30/30 | 939759AH9 | 3,000,000 | $3,000,000.00 | 4.96% |
| WASHINGTON VRN 09/15/40 | 93978REN9 | 3,000,000 | $3,000,000.00 | 4.96% |
| SAN ANTONIO VRN 07/20/47 | 796265GT7 | 2,985,000 | $2,985,000.00 | 4.93% |
| GULF COAST VRN 02/01/32 | 402205AD0 | 2,700,000 | $2,700,000.00 | 4.46% |
| INDIANA ST VRN 08/01/39 | 454912AU0 | 2,500,000 | $2,500,000.00 | 4.13% |
| MEDFORD OR VRN 08/15/37 | 584283EK7 | 2,375,000 | $2,375,000.00 | 3.92% |
| PALM BEACH VRN 07/01/32 | 696547CN6 | 2,200,000 | $2,200,000.00 | 3.63% |
| LA USD TRANS 3% 07/30/09 | 544646RH7 | 2,000,000 | $2,021,694.89 | 3.34% |
| FIDELITY TAX FREE #257 | 316176106 | 2,010,354 | $2,010,354.00 | 3.32% |
| JACKSONVILLE 11/03/08 | 46947QBA8 | 2,000,000 | $2,000,000.00 | 3.30% |
| DELAWARE ST VRN 05/15/37 | 246387MN1 | 2,000,000 | $2,000,000.00 | 3.30% |
| PA ECONOMIC VRN 10/01/29 | 708686CF5 | 2,000,000 | $2,000,000.00 | 3.30% |
| VALDOSTA GA 5.00 02/01/09 | 919069AE4 | 1,790,000 | $1,803,737.65 | 2.98% |
| DREYFUS MMKT | 261993AA7 | 1,648,471 | $1,648,471.00 | 2.72% |
| FAIRFAX CTY 1.60 04/15/35 | 303823GH5 | 1,485,000 | $1,485,000.00 | 2.45% |
| SAVANNA IL VRN 06/01/09 | 804704AB0 | 1,400,000 | $1,400,000.00 | 2.31% |
| MEMPHIS-SHELBY 5 03/01/09 | 586111JP2 | 1,000,000 | $1,006,865.87 | 1.66% |
| BEAVER CTY VRN 11/01/25 | 074876GN7 | 1,000,000 | $1,000,000.00 | 1.65% |
| TEXAS TAX 3.00 08/28/09 | 8827216C2 | 500,000 | $505,539.73 | 0.83% |
| Total Fund Assets | | | $60,456,663.14 | 100.00% |
As of 10/31/2008.
Holdings subject to change.
