<SEC-DOCUMENT>0000950123-11-044464.txt : 20110504
<SEC-HEADER>0000950123-11-044464.hdr.sgml : 20110504
<ACCEPTANCE-DATETIME>20110504125941
ACCESSION NUMBER: 0000950123-11-044464
CONFORMED SUBMISSION TYPE: N-CSRS
PUBLIC DOCUMENT COUNT: 7
CONFORMED PERIOD OF REPORT: 20110228
FILED AS OF DATE: 20110504
DATE AS OF CHANGE: 20110504
EFFECTIVENESS DATE: 20110504
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: RIVERSOURCE CALIFORNIA TAX-EXEMPT TRUST
CENTRAL INDEX KEY: 0000792717
IRS NUMBER: 411560213
STATE OF INCORPORATION: MN
FISCAL YEAR END: 0831
FILING VALUES:
FORM TYPE: N-CSRS
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-04646
FILM NUMBER: 11809265
BUSINESS ADDRESS:
STREET 1: 50606 AMERIPRISE FINANCIAL CENTER
STREET 2: H27/5228
CITY: MINNEAPOLIS
STATE: MN
ZIP: 55474
BUSINESS PHONE: 612-671-4321
MAIL ADDRESS:
STREET 1: 50606 AMERIPRISE FINANCIAL CENTER
STREET 2: H27/5228
CITY: MINNEAPOLIS
STATE: MN
ZIP: 55474
FORMER COMPANY:
FORMER CONFORMED NAME: AXP CALIFORNIA TAX-EXEMPT TRUST
DATE OF NAME CHANGE: 19990628
FORMER COMPANY:
FORMER CONFORMED NAME: IDS CALIFORNIA TAX EXEMPT TRUST
DATE OF NAME CHANGE: 19920703
<SERIES-AND-CLASSES-CONTRACTS-DATA>
<EXISTING-SERIES-AND-CLASSES-CONTRACTS>
<SERIES>
<OWNER-CIK>0000792717
<SERIES-ID>S000003336
<SERIES-NAME>RiverSource California Tax-Exempt Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000009057
<CLASS-CONTRACT-NAME>RiverSource California Tax-Exempt Fund Class C
<CLASS-CONTRACT-TICKER-SYMBOL>RCTCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000009058
<CLASS-CONTRACT-NAME>RiverSource California Tax-Exempt Fund Class A
<CLASS-CONTRACT-TICKER-SYMBOL>ICALX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000009059
<CLASS-CONTRACT-NAME>RiverSource California Tax-Exempt Fund Class B
<CLASS-CONTRACT-TICKER-SYMBOL>ACABX
</CLASS-CONTRACT>
</SERIES>
</EXISTING-SERIES-AND-CLASSES-CONTRACTS>
</SERIES-AND-CLASSES-CONTRACTS-DATA>
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>c63554canvcsrs.htm
<DESCRIPTION>FORM N-CSRS
<TEXT>
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<TITLE>nvcsrs</TITLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt"> </DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt"> </DIV>
<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>
<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>
<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM N-CSR</B>
</DIV>
<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CERTIFIED SHAREHOLDER REPORT OF REGISTERED<BR>
MANAGEMENT INVESTMENT COMPANIES</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Investment Company Act File Number 811-4646</B></DIV>
<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>RiverSource California Tax-Exempt Trust</B>
</DIV>
<DIV align="center" style="font-size: 24pt; margin-top: 0pt"><B><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px"> </DIV></B>
</DIV>
<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in charter)</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt">50606 Ameriprise Financial Center, Minneapolis, Minnesota 55474</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px"> </DIV></DIV>
<DIV align="center" style="font-size: 10pt">(Address of principal executive offices) (Zip code)</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Scott R. Plummer — 5228 Ameriprise Financial Center, Minneapolis, MN 55474
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px"> </DIV>
</DIV>
<DIV align="center" style="font-size: 10pt">(Name and address of agent for service)</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Registrant’s telephone number, including area code: <u>(612) 671-1947</u>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date of fiscal year end: <u>August 31</u>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date of reporting period: <u>February 28, 2011</u>
</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt"> </DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt"> </DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> <!-- /Folio -->
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- TOC -->
<A name="C63554toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>
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<TR><TD></TD><TD colspan="8"><A HREF="#C63554000">Item 1. Reports to Stockholders</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#C63554001">Item 2. Code of Ethics. Not applicable for semi-annual reports</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#C63554002">Item 3. Audit Committee Financial Expert. Not applicable for semi-annual reports</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#C63554003">Item 4. Principal Accountant Fees and Services. Not applicable for semi-annual reports</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#C63554004">Item 5. Audit Committee of Listed Registrants. Not applicable</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#C63554005">Item 6. Investments</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#C63554006">Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#C63554007">Item 8. Portfolio Managers of Closed-End Management Investment Companies</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#C63554008">Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#C63554009">Item 10. Submission of Matters to a Vote of Security Holders</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#C63554010">Item 11. Controls and Procedures</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#C63554011">Item 12. Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#C63554012">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="c63554caexv99wcert.htm">EX-99.CERT</A></TD></TR>
<TR><TD colspan="9"><A HREF="c63554caexv99w906cert.htm">EX-99.906CERT</A></TD></TR>
</TABLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<!-- link2 "Item 1. Reports to Stockholders" -->
<DIV align="left"><A NAME="C63554000"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item 1. Reports to Stockholders.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Semiannual Report</B>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> <!-- /Folio -->
</DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
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<FONT style="font-family: Arial, Helvetica; color: #8E2344">Semiannual
Report<BR>
</FONT>
</DIV>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-size: 12pt; font-family: Arial, Helvetica">
<IMG src="c63554cac63554_clmbfc.gif" alt="(COLUMBIA MANAGEMENT LOGO)">
</FONT>
</DIV>
<DIV style="margin-top: 108pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-size: 18pt; font-family: Arial, Helvetica; color: #8E2344">Columbia</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-size: 18pt; font-family: Arial, Helvetica; color: #8E2344">Minnesota
Tax-Exempt Fund</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="font-size: 20pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-size: 13pt; font-family: Arial, Helvetica; color: #8E2344">Semiannual
Report for the Period Ended</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-size: 13pt; font-family: Arial, Helvetica; color: #8E2344">February 28,
2011</FONT></B>
</DIV>
<DIV style="margin-top: 39pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">The
Fund seeks to provide shareholders with a high level of income
generally exempt from federal income tax as well as from
Minnesota state and local income tax.</FONT></B>
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV style="width: 100%; border-top: 1px solid #8E2344; padding-top: 1pt; border-right: 1px solid #8E2344; padding-right: 1pt; border-bottom: 1px solid #8E2344; padding-bottom: 1pt; border-left: 1px solid #8E2344; padding-left: 1pt"><!-- Begin box 1 -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344"> Not
FDIC
insured <FONT style="font-size: 3pt">-</FONT></FONT><FONT style="font-family: Arial, Helvetica; color: #8E2344"> No
bank
guarantee <FONT style="font-size: 3pt">-</FONT></FONT><FONT style="font-family: Arial, Helvetica; color: #8E2344"> May
lose value</FONT></B>
</DIV>
<DIV style="margin-top: 4pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
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<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Table
of Contents
<FONT style="word-spacing: 223pt; white-space: nowrap; font-size: 1pt; color: #8E2344"><U>­
­</U></FONT></FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
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<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Your Fund at a Glance
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
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<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
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</TD>
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<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Fund Expenses Example
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7
</TD>
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</TD>
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<TD>
</TD>
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</TD>
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<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Portfolio of Investments
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
9
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Statement of Assets and Liabilities
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
19
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
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<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
</TR>
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<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Statement of Operations
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Statement of Changes in Net Assets
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
21
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Financial Highlights
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
23
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Notes to Financial Statements
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
27
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Proxy Voting
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
41
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Approval of Investment Management Services Agreement
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
41
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Results of Meeting of Shareholders
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
42
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica">See the
Fund’s prospectus for risks associated with investing in
the Fund.</FONT></B>
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">2  COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Your
Fund at a Glance<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica">(Unaudited)</FONT></B>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">FUND
SUMMARY</FONT></B>
</DIV>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
<TD width="4%"></TD>
<TD width="96%"></TD>
</TR>
<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TD> <FONT style="font-family: Arial, Helvetica">></FONT><FONT style="font-size: 11pt"> 
</FONT>
</TD>
<TD align="left"> <FONT style="font-size: 11pt">Columbia Minnesota Tax-Exempt
Fund’s (the Fund) Class A shares, excluding sales
charge, fell 4.24% for the six months ended February 28,
2011.
</FONT>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TD> <FONT style="font-family: Arial, Helvetica">></FONT><FONT style="font-size: 11pt"> 
</FONT>
</TD>
<TD align="left"> <FONT style="font-size: 11pt">The Fund underperformed the
Barclays Capital Municipal Bond Minnesota 3 Plus Year Enhanced
Index, which decreased 2.51%, as well as the Lipper Minnesota
Municipal Debt Funds Index, which was down 3.31% for the same
period.
</FONT>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TD> <FONT style="font-family: Arial, Helvetica">></FONT><FONT style="font-size: 11pt"> 
</FONT>
</TD>
<TD align="left"> <FONT style="font-size: 11pt">A broad barometer applicable to
the Fund, the Barclays Capital Municipal Bond Index, was also
down 3.51% for the same six month period.
</FONT>
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">ANNUALIZED
TOTAL RETURNS
</FONT></B><I><FONT style="font-size: 9pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(for
period ended February 28, 2011)</FONT></FONT></I>
</DIV>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="43%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="3%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=06 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=06 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=06 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">6
months*</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">1 year</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">3 years</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">5 years</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">10
years</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -12pt; margin-left: 12pt">
<FONT style="color: #8E2344">Columbia Minnesota Tax-Exempt Fund
Class A (excluding sales charge)
</FONT>
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<FONT style="color: #8E2344">-4.24%
</FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<FONT style="color: #8E2344">+0.86%
</FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<FONT style="color: #8E2344">+5.45%
</FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<FONT style="color: #8E2344">+3.50%
</FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<FONT style="color: #8E2344">+4.11%
</FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Barclays Capital Municipal Bond Minnesota 3 Plus Year Enhanced
Index<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>
(unmanaged)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-2.51%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+2.60%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+6.43%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+4.72%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+5.11%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Barclays Capital Municipal Bond
Index<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>
(unmanaged)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-3.51%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+1.72%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+5.57%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+4.07%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+4.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Lipper Minnesota Municipal Debt Funds
Index<SUP style="font-size: 85%; vertical-align: top">(3)</SUP>
(unmanaged)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-3.31%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+1.48%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+5.05%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.44%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+4.21%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">*
</FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Not
annualized.
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<I><FONT style="font-size: 11pt; font-family: Arial, Helvetica">The
performance information shown represents past performance and is
not a guarantee of future results. The investment return and
principal value of your investment will fluctuate so that your
shares, when redeemed, may be worth more or less than their
original cost. Current performance may be lower or higher than
the performance information shown. You may obtain performance
information current to the most recent month-end by contacting
your financial intermediary, visiting columbiamanagement.com or
calling 800.345.6611.</FONT></I>
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-size: 11pt; font-family: Arial, Helvetica">The
4.75% sales charge applicable to Class A shares of the Fund
is not reflected in the table above. If reflected, returns would
be lower than those shown. The
</FONT>
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT  3</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Your
Fund at a
Glance </FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 30pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-size: 11pt; font-family: Arial, Helvetica">performance
of other classes may vary from that shown because of differences
in fees and expenses. The Fund’s returns reflect the effect
of fee waivers/expense reimbursements, if any. Without such
waivers/reimbursements, the Fund’s returns would be lower.
See the Average Annual Total Returns table for performance of
other share classes of the Fund.
</FONT>
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-size: 11pt; font-family: Arial, Helvetica">The
indices do not reflect the effects of sales charges, expenses
(excluding Lipper) and taxes. It is not possible to invest
directly in an index.
</FONT>
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
Barclays Capital Municipal Bond Minnesota 3 Plus Year Enhanced
Index, an unmanaged index, is a market value-weighted index of
Minnesota investment-grade fixed-rate municipal bonds with
maturities of three years or more.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(2)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
Barclays Capital Municipal Bond Index, an unmanaged index, is
made up of a representative list of general obligation, revenue,
insured and pre-refunded bonds. The index is frequently used as
a general measure of tax-exempt bond market performance.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
</TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
Barclays Capital indices reflect reinvestment of all
distributions and changes in market prices.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(3)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
Lipper Minnesota Municipal Debt Funds Index includes the 10
largest municipal debt funds in Minnesota tracked by Lipper Inc.
The Lipper index’s returns include net reinvested dividends.
</FONT></TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">4  COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 30pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">AVERAGE
ANNUAL TOTAL RETURNS</FONT></B>
</DIV>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="38%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="2%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=align1 -->
<TD width="2%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="5%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=align1 -->
<TD width="2%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="5%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=align1 -->
<TD width="2%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="5%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=align1 -->
<TD width="2%"> </TD> <!-- colindex=06 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=06 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=06 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=06 type=align1 -->
<TD width="2%"> </TD> <!-- colindex=07 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=07 type=lead -->
<TD width="9%" align="right"> </TD> <!-- colindex=07 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=07 type=align1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="25" align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">at
February 28, 2011</FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Since<BR>
</FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<I><FONT style="font-family: Arial, Helvetica">Without sales
charge</FONT></I>
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">6
months*</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">1 year</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">3 years</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">5 years</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">10
years</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">inception**</FONT></B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 12pt">
Class A <I><FONT style="font-size: 8pt">(inception
8/18/86)</FONT></I>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-4.24
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+0.86
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+5.45
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.50
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+4.11
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
N/A
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 12pt">
Class B <I><FONT style="font-size: 8pt">(inception
3/20/95)</FONT></I>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-4.77
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+0.09
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+4.66
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+2.72
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.33
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
N/A
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 12pt">
Class C <I><FONT style="font-size: 8pt">(inception
6/26/00)</FONT></I>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-4.60
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+0.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+4.66
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+2.73
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.33
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
N/A
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 12pt">
Class Z <I><FONT style="font-size: 8pt">(inception
9/27/10)</FONT></I>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
N/A
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
N/A
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
N/A
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
N/A
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
N/A
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-4.26
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%*
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
<I><FONT style="font-size: 8pt">With sales charge</FONT></I>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 12pt">
Class A <I><FONT style="font-size: 8pt">(inception
8/18/86)</FONT></I>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-8.79
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-3.93
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.75
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+2.50
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.60
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
N/A
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 12pt">
Class B <I><FONT style="font-size: 8pt">(inception
3/20/95)</FONT></I>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-9.46
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-4.75
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.74
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+2.37
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.33
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
N/A
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 12pt">
Class C <I><FONT style="font-size: 8pt">(inception
6/26/00)</FONT></I>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-5.54
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-0.87
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+4.66
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+2.73
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.33
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
N/A
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<I><FONT style="font-family: Arial, Helvetica">The “Without
sales charge” returns for Class A, Class B and
Class C shares do not include applicable initial or
contingent deferred sales charges. If included, returns would be
lower than those shown. The “With sales charge”
returns for Class A, Class B and Class C shares
include: the maximum initial sales charge of 4.75% for
Class A shares; the applicable contingent deferred sales
charge (CDSC) for Class B shares (applied as follows: first
year 5%; second year 4%; third and fourth years 3%; fifth year
2%; sixth year 1%; no sales charge thereafter); and a 1% CDSC
for Class C shares sold within one year after purchase.
Class Z shares are not subject to sales charges and have
limited eligibility. See the Fund’s prospectus for
details.</FONT></I>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD align="right" valign="top">
<I><FONT style="font-size: 9pt; font-family: Arial, Helvetica">*
</FONT></I></TD>
<TD></TD>
<TD valign="bottom">
<I><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Not
annualized.</FONT></I></TD>
</TR>
<TR>
<TD align="right" valign="top">
<I><FONT style="font-size: 9pt; font-family: Arial, Helvetica">**
</FONT></I></TD>
<TD></TD>
<TD valign="bottom">
<I><FONT style="font-size: 9pt; font-family: Arial, Helvetica">For
classes with less than 10 years performance.</FONT></I></TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT  5</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Your
Fund at a
Glance </FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 30pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">PORTFOLIO
STATISTICS</FONT></B>
</DIV>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="76%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="5%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="19%"> </TD> <!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Weighted average
life<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
17.3 years
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Effective
duration<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
9.8 years
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Weighted
average
life</FONT></B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">
measures a bond’s maturity, which takes into consideration
the possibility that the issuer may call the bond before its
maturity date.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(2)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Effective
duration</FONT></B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">
measures the sensitivity of a security’s price to parallel
shifts in the yield curve (the graphical depiction of the levels
of interest rates from two years out to 30 years). Positive
duration means that as rates rise, the price decreases, and
negative duration means that as rates rise, the price increases.
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">QUALITY
BREAKDOWN<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></B><FONT style="font-family: Arial, Helvetica; color: #8E2344">
<I><FONT style="font-size: 9pt">(at February 28,
2011)</FONT></I>
</FONT>
</DIV>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="91%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="4%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="3%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
AAA rating
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12.6
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
AA rating
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
20.3
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
A rating
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
40.2
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
BBB rating
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
17.0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Non-investment grade
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.9
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Non-rated
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Percentages
indicated are based upon total fixed income securities
(excluding Cash & Cash Equivalents).
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">Ratings apply to the
underlying holdings of the Fund and not the Fund itself.
Whenever possible, the Standard and Poor’s rating is used
to determine the credit quality of a security. Standard and
Poor’s rates the creditworthiness of municipal bonds, with
15 categories, ranging from AAA (highest) to D (lowest). Ratings
from AA to CCC may be modified by the addition of a plus (+) or
minus (-) sign to show relative standing within the major rating
categories. If Standard and Poor’s doesn’t rate a
security, then Moody’s rating is used. Columbia Management
Investment Advisers, LLC (the Investment Manager) rates a
security using an internal rating system when Moody’s
doesn’t provide a rating. Ratings for 7.5% of the bond
portfolio assets were determined through internal analysis.
</FONT>
</DIV>
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<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">6  COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Fund
Expenses Example<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica">(Unaudited)</FONT></B>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
As a shareholder of the Fund, you incur two types of costs:
(i) transaction costs, including sales charges (loads) on
purchase payments; and (ii) ongoing costs, which may
include management fees; distribution and service
<FONT style="white-space: nowrap">(Rule 12b-1)</FONT>
fees; and other Fund fees and expenses. This example is intended
to help you understand your ongoing costs (in dollars) of
investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds. In addition to
the ongoing expenses which the Fund bears directly, the
Fund’s shareholders indirectly bear the ongoing expenses of
any funds in which the Fund invests (also referred to as
“acquired funds”), including affiliated and
non-affiliated pooled investment vehicles (including mutual
funds and exchange traded funds). The Fund’s indirect
expense from investing in the acquired funds is based on the
Fund’s pro rata portion of the ongoing expenses charged by
acquired funds using the expense ratio of each of the acquired
funds as of the acquired fund’s most recent shareholder
report.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The example is based on an investment of $1,000 invested at the
beginning of the period indicated and held until
February 28, 2011.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Actual
Expenses</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The first line of the table provides information about actual
account values and actual expenses for each class. You may use
the information in this line, together with the amount you
invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example,
an $8,600 account value divided by $1,000 = 8.6), then
multiply the result by the number in the first line under the
heading titled “Expenses paid during the period” to
estimate the expenses you paid on your account during this
period.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Hypothetical
Example for Comparison Purposes</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The second line of the table provides information about
hypothetical account values and hypothetical expenses based on
the actual expense ratio for each class and an assumed rate of
return of 5% per year before expenses, which is not the
actual return for the class. The hypothetical account values and
expenses may not be used to estimate the actual ending account
balance or expenses you paid for the period. You may use this
information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Please note that the expenses shown in the table are meant to
highlight your ongoing costs only and do not reflect any
transactional costs, such as sales charges (loads). Therefore,
the second line of the table is useful in comparing ongoing
costs only, and will not help you determine the relative total
costs of owning different funds. In addition, if these
transactional costs were included, your costs would have been
higher.
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT  7</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Fund
Expenses Example
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 30pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
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<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="1%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
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<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
<TD width="1%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="11%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Beginning<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Ending<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Expenses<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">account value<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">account value<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">paid during<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Annualized<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Sept. 1,
2010<SUP style="font-size: 85%; vertical-align: top">(a)</SUP></FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Feb. 28,
2011</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">the
period<SUP style="font-size: 85%; vertical-align: top">(b)</SUP></FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">expense
ratio</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class A
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 12pt">
Actual<SUP style="font-size: 85%; vertical-align: top">(c)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
957.60
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.83
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 12pt">
Hypothetical<BR>
(5% return before expenses)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,020.88
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.96
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class B
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 12pt">
Actual<SUP style="font-size: 85%; vertical-align: top">(c)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
952.30
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7.45
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 12pt">
Hypothetical<BR>
(5% return before expenses)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,017.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7.70
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class C
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 12pt">
Actual<SUP style="font-size: 85%; vertical-align: top">(c)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
954.00
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7.46
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 12pt">
Hypothetical<BR>
(5% return before expenses)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,017.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7.70
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class Z
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 12pt">
Actual<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
957.40
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.11
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.51%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 12pt">
Hypothetical<BR>
(5% return before expenses)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,022.27
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.56
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.51%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(a)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
beginning account value for Class Z is as of
September 27, 2010 (when shares became available) for
actual expense calculations.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(b)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Expenses
are equal to the annualized expense ratio for each class as
indicated above, multiplied by the average account value over
the period, multiplied by
<FONT style="white-space: nowrap">181/365</FONT> (to
reflect the one-half year period). Actual expenses for
Class Z are equal to the annualized expense ratio for the
class as indicated above, multiplied by the average account
value over the period, multiplied by
<FONT style="white-space: nowrap">154/365</FONT> (to
reflect the number of days in the period).
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(c)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Based
on the actual return for the six months ended February 28,
2011: -4.24% for Class A, -4.77% for Class B and
-4.60% for Class C.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(d)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Based
on the actual return for the period from September 27, 2010
(when shares became available) to February 28, 2011 of
-4.26% for Class Z.
</FONT></TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">8  COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Portfolio
of Investments<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<I>Columbia Minnesota Tax-Exempt Fund</I>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">February 28,
2011 (Unaudited)</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<I><FONT style="font-size: 9pt; font-family: Arial, Helvetica">(Percentages
represent value of investments compared to net assets)</FONT></I>
</DIV>
<DIV style="margin-top: 10pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="33%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="10%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="21%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="4%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="22%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Coupon<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Principal<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Issuer</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Rate</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Amount</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Value</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B><FONT style="font-size: 11pt">Municipal Bonds
(96.2%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD colspan="13">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">ADVANCED
REFUNDED (2.1%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Puerto Rico Electric Power Authority<BR>
Prerefunded Revenue Bonds<BR>
Series 2003NN (NPFGC) (a)
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07/01/32
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$2,820,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$3,098,334
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
State of Minnesota<BR>
Prerefunded Unlimited General Obligation Bonds<BR>
Series 2002
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11/01/15
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,575,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,853,492
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6,951,826
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">AIRPORT (3.3%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Minneapolis-St. Paul Metropolitan Airports Commission<BR>
Revenue Bonds<BR>
Senior Series 2010A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
01/01/35
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
8,670,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
8,480,387
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Minneapolis-St. Paul Metropolitan Airports Commission (b)<BR>
Revenue Bonds<BR>
Series 2009B AMT
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
01/01/22
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,200,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,251,436
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
10,731,823
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">COLLEGE (11.8%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Minnesota Higher Education Facilities Authority<BR>
Revenue Bonds<BR>
Bethel University<BR>
6th Series 2007R
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
05/01/37
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,235,780
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 4pt">
Carleton College<BR>
6th Series 2008T
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
01/01/28
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,117,750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 11pt">
Series 2010D
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
03/01/40
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,100,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,099,979
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 4pt">
College of St. Scholastica<BR>
Series 2010H
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
12/01/30
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
730,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
710,056
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
12/01/35
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
840,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
796,497
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
12/01/40
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
425,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
391,276
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 4pt">
<FONT style="white-space: nowrap">Series 2011-7J</FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
12/01/40
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.300
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,350,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,367,037
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 4pt">
Gustavus Adolphus College<BR>
<FONT style="white-space: nowrap">Series 2010-7B</FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10/01/35
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,095,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,086
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 4pt">
Hamline University<BR>
7th Series 2010E
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10/01/29
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
400,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
387,740
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 4pt">
St. Benedict College<BR>
Series 2008V
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
03/01/18
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
532,715
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
03/01/23
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
800,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
789,912
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 4pt">
St. John’s University<BR>
6th Series 2005G
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10/01/22
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,126,780
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 4pt">
6th Series 2008U
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10/01/28
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
982,410
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10/01/33
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
825,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
764,585
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 4pt">
University of St. Thomas<BR>
6th Series 2008W
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10/01/30
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,625,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,762,170
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 4pt">
6th Series 2009X
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
04/01/39
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,900,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,828,950
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Minnesota Higher Education Facilities Authority (d)<BR>
Revenue Bonds<BR>
Hamline University
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 4pt">
7th Series 2011K2
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10/01/32
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
800,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
804,928
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10/01/40
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,447,360
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
St. Cloud Housing & Redevelopment Authority<BR>
Revenue Bonds<BR>
State University Foundation Project<BR>
Series 2002
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
05/01/18
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,108,510
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
University of Minnesota<BR>
Revenue Bonds<BR>
Series 2009A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
04/01/34
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,036,530
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
38,291,051
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Financial Statements.
</FONT>
</DIV>
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT  9</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Portfolio
of Investments
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="33%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="10%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="21%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="4%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="22%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Coupon<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Principal<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Issuer</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Rate</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Amount</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Value</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B><FONT style="font-size: 11pt">Municipal Bonds
(continued)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">COUNTY (0.8%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
County of Ramsey<BR>
Unlimited General Obligation Bonds<BR>
Capital Improvement Plan<BR>
Series 2007A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
02/01/23
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$1,125,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$1,225,091
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
02/01/24
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,170,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,262,278
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,487,369
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">ELECTRIC (17.0%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of Chaska<BR>
Refunding Revenue Bonds<BR>
Generating Facilities<BR>
Series 2005A
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10/01/20
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,165,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,228,842
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10/01/30
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,800,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,804,446
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Minnesota Municipal Power Agency<BR>
Revenue Bonds<BR>
Series 2004A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10/01/29
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,547,245
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 11pt">
Series 2005
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10/01/30
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,015,750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 11pt">
Series 2007
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10/01/32
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,870,970
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 11pt">
Series 2010A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10/01/35
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,223,240
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Northern Municipal Power Agency<BR>
Revenue Bonds<BR>
Series 2007A (AMBAC)
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
01/01/26
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,521,450
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 11pt">
Series 2008A (AGM)
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
01/01/21
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,651,275
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Southern Minnesota Municipal Power Agency<BR>
Revenue Bonds<BR>
Series 2002A (AMBAC)
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
01/01/17
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,540,720
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Southern Minnesota Municipal Power Agency (c)<BR>
Revenue Bonds<BR>
Capital Appreciation Zero Coupon<BR>
Series 1994A (NPFGC)
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
01/01/19
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
15,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
11,226,150
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
01/01/26
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
11,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,565,770
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Western Minnesota Municipal Power Agency<BR>
Revenue Bonds<BR>
Series 2003A (NPFGC)
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
01/01/26
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7,250,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7,234,485
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
55,430,343
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">HEALTH CARE —
HOSPITAL (24.9%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of Maple Grove<BR>
Revenue Bonds<BR>
Maple Grove Hospital Corp.<BR>
Series 2007
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
05/01/20
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,013,710
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
05/01/21
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,503,840
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
05/01/37
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,715,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,210,778
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 4pt">
North Memorial Health Care<BR>
Series 2005
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
09/01/35
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,172,525
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of Minneapolis<BR>
Revenue Bonds<BR>
Fairview Health Services<BR>
Series 2008A
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11/15/32
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,240,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,629,646
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of Northfield<BR>
Revenue Bonds<BR>
Series 2006
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11/01/31
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.375
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,364,865
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of Rochester<BR>
Revenue Bonds<BR>
Olmsted Medical Center<BR>
Series 2010
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07/01/30
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.875
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,425,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,357,697
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of Shakopee<BR>
Revenue Bonds<BR>
St. Francis Regional Medical Center<BR>
Series 2004
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
09/01/25
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.100
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6,300,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6,012,153
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of St. Cloud<BR>
Revenue Bonds<BR>
Centracare Health System<BR>
Series 2010A
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
05/01/30
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,963,560
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Financial Statements.
</FONT>
</DIV>
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">10  COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="33%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="10%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="21%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="4%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="22%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Coupon<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Principal<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Issuer</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Rate</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Amount</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Value</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B><FONT style="font-size: 11pt">Municipal Bonds
(continued)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">HEALTH CARE —
HOSPITAL (CONTINUED)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of St. Louis Park<BR>
Refunding Revenue Bonds<BR>
Park Nicollet Health Services<BR>
Series 2009
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07/01/39
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4,900,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4,600,708
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 4pt">
Revenue Bonds<BR>
Park Nicollet Health Services<BR>
Series 2008C
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07/01/26
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,963,370
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of Stillwater<BR>
Revenue Bonds<BR>
Health System Obligation Group<BR>
Series 2005
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
06/01/25
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,750,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,669,483
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of Winona<BR>
Refunding Revenue Bonds<BR>
Winona Health Obligation Group<BR>
Series 2007
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07/01/31
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.150
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,736,060
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
County of Chippewa<BR>
Revenue Bonds<BR>
Montevideo Hospital Project<BR>
Series 2007
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
03/01/20
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.375
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,940,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,905,410
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
03/01/21
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.375
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,045,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,017,036
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
County of Meeker<BR>
Revenue Bonds<BR>
Memorial Hospital Project<BR>
Series 2007
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11/01/27
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
946,590
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11/01/37
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,250,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,006,100
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Minneapolis & St. Paul Housing &
Redevelopment Authority<BR>
Revenue Bonds<BR>
Children’s Health Care Facilities<BR>
Series 2010A
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08/15/25
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,026,840
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08/15/30
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,439,200
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08/15/35
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,275,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,247,473
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Perham Hospital District<BR>
Revenue Bonds<BR>
Perham Memorial Hospital & Home<BR>
Series 2010
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
03/01/40
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,441,690
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
St. Paul Housing & Redevelopment Authority<BR>
Revenue Bonds<BR>
Allina Health Systems<BR>
<FONT style="white-space: nowrap">Series 2009A-1</FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11/15/29
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,750,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,753,507
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Gillette Children’s Specialty<BR>
Series 2009
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
02/01/27
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6,145,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,821,527
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
02/01/29
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,475,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,318,877
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
HealthPartners Obligation Group Project<BR>
Series 2006
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
05/15/23
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
972,690
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
05/15/36
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6,443,550
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
05/15/26
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
924,440
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Healtheast Project<BR>
Series 2005
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11/15/25
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,854,180
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11/15/35
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,267,590
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Staples United Hospital District<BR>
Unlimited General Obligation Bonds<BR>
Health Care Facilities-Lakewood<BR>
Series 2004
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
12/01/34
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,525,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,382,766
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
80,967,861
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">HEALTH CARE — LIFE
CARE CENTER (3.0%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Annandale Economic Development Authority<BR>
Revenue Bonds<BR>
Annandale Care Center Project<BR>
Series 2007A
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11/01/37
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.900
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,385,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,882,260
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of North Oaks<BR>
Revenue Bonds<BR>
Presbyterian Homes<BR>
Series 2007
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10/01/27
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,250,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,142,063
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10/01/33
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,637,180
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Financial Statements.
</FONT>
</DIV>
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT  11</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Portfolio
of Investments
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="33%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="10%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="21%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="4%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="22%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Coupon<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Principal<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Issuer</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Rate</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Amount</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Value</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B><FONT style="font-size: 11pt">Municipal Bonds
(continued)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">HEALTH CARE — LIFE
CARE CENTER (CONTINUED)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of Rochester<BR>
Refunding Revenue Bonds<BR>
Madonna Towers, Inc. Project<BR>
Series 2007A
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11/01/28
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.875
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$2,050,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$1,858,386
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Duluth Housing & Redevelopment Authority<BR>
Revenue Bonds
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 4pt">
Benedictine Health Center Project<BR>
Series 2007
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11/01/33
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.875
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,258,830
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
9,778,719
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">HEALTH CARE — NURSING
HOME (1.7%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of Fergus Falls<BR>
Revenue Notes<BR>
Pioneer Retirement Community<BR>
Series 2010
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11/15/11
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,495,650
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of Sartell<BR>
Revenue Bonds<BR>
Country Manor Campus<BR>
Series 2010A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
09/01/30
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
840,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
796,572
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
09/01/36
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
925,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
869,074
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
09/01/42
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.375
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,435,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,283,373
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,444,669
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">HEALTH CARE —
OTHER (1.0%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of Minneapolis<BR>
Revenue Bonds<BR>
National Marrow Donor Program<BR>
Series 2010
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08/01/25
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.875
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,350,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,183,237
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,183,237
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">HOUSING —
MULTI-FAMILY (2.1%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Austin Housing & Redevelopment Authority<BR>
Refunding Revenue Bonds<BR>
Chauncey & Courtyard Apartments<BR>
Series 2010
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
01/01/31
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,250,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,257,163
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of Bloomington<BR>
Refunding Revenue Bonds<BR>
Gideon Pond Commons LLC<BR>
Senior Series 2010
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
12/01/26
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
953,110
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
12/01/30
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,834,070
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of Oak Park Heights<BR>
Revenue Bonds<BR>
Housing Oakgreen Commons Project<BR>
Series 2010
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08/01/45
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,805,060
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6,849,403
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">HOUSING —
OTHER (2.0%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Minneapolis/St. Paul Housing Finance Board<BR>
Mortgage-Backed Revenue Bonds<BR>
City Living<BR>
<FONT style="white-space: nowrap">Series 2006A-5</FONT>
(GNMA/FNMA/FHLMC)
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
04/01/27
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.450
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,431,428
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,493,924
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Minnesota Housing Finance Agency (b)<BR>
Revenue Bonds<BR>
Residential Housing Finance<BR>
Series 2006M AMT
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
01/01/37
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,380,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,495,549
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 11pt">
Series 2007D AMT
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
01/01/38
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,480,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,594,229
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6,583,702
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">HOUSING — SINGLE
FAMILY (2.7%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Minneapolis/St. Paul Housing Finance Board<BR>
Revenue Bonds<BR>
Single Family Housing<BR>
<FONT style="white-space: nowrap">Series 2005A-4</FONT>
AMT (b)
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
12/01/37
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.700
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
91,737
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
84,716
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Minnesota Housing Finance Agency (b)<BR>
Revenue Bonds<BR>
Residential Housing Finance<BR>
Series 2002B AMT
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07/01/33
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.650
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,650,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,650,066
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 11pt">
Series 2006B AMT
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07/01/26
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,725,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,640,889
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07/01/31
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.850
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,325,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,146,533
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Financial Statements.
</FONT>
</DIV>
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">12  COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="33%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="10%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="21%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="4%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="22%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Coupon<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Principal<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Issuer</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Rate</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Amount</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Value</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B><FONT style="font-size: 11pt">Municipal Bonds
(continued)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">HOUSING — SINGLE
FAMILY (CONTINUED)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 11pt">
Series 2006I AMT
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07/01/26
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.050
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$3,430,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$3,363,390
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
8,885,594
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">LEASE (6.2%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Duluth Independent School District No. 709<BR>
Certificate of Participation<BR>
Series 2008B (School District Credit Enhancement Program)
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
02/01/26
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,103,480
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
St. Paul Port Authority<BR>
Revenue Bonds<BR>
Office Building at Cedar Street<BR>
<FONT style="white-space: nowrap">Series 2003-12</FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
12/01/23
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,215,600
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
12/01/27
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
10,815,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
10,984,904
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
20,303,984
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">MISCELLANEOUS
REVENUE (1.8%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of Minneapolis<BR>
Limited Tax Supported Common Revenue Bonds<BR>
Open Access Tech International, Inc.<BR>
Series 2010
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
12/01/30
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,045,960
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of Minneapolis (b)<BR>
Limited Tax Revenue Bonds<BR>
Common Bond Fund<BR>
<FONT style="white-space: nowrap">Series 2007-2A</FONT>
AMT
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
06/01/22
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,035,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,016,267
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
06/01/28
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,357,950
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Minneapolis Community Planning & Economic Development
Department<BR>
Limited Tax Revenue Bonds<BR>
Common Bond Fund<BR>
<FONT style="white-space: nowrap">Series 1996-1</FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
06/01/11
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
155,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
156,908
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 11pt">
<FONT style="white-space: nowrap">Series 1997-7A</FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
06/01/12
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
80,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
80,774
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Minneapolis Community Planning & Economic<BR>
Development Department (b)<BR>
Prerefunded Limited Tax Revenue Bonds<BR>
Common Bond Fund<BR>
<FONT style="white-space: nowrap">Series 2001-2A</FONT>
AMT
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
06/01/19
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.875
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,014,180
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
St. Paul Housing & Redevelopment Authority<BR>
Refunding Revenue Bonds<BR>
Parking Facilities Project<BR>
Series 2010A
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08/01/35
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,200,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,109,244
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,781,283
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">SALES OR USE
TAX (3.8%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
County of Hennepin<BR>
Revenue Bonds<BR>
2nd Lien Ballpark Project<BR>
Series 2008B
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
12/15/27
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,205,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,307,770
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
12/15/29
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,825,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,887,525
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Puerto Rico Sales Tax Financing Corp.<BR>
Revenue Bonds<BR>
1st Subordinated Series 2010C (a)
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08/01/41
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6,925,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6,237,901
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,433,196
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">SCHOOL (3.9%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Edina Independent School District No. 273<BR>
Unlimited General Obligation Bonds<BR>
Series 2004
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
02/01/24
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,400,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,428,390
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Lake Superior Independent School District No. 381<BR>
Prerefunded Unlimited General Obligation Bonds<BR>
Building<BR>
Series 2002A (AGM) (School District Credit Enhancement
Program)
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
04/01/13
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
65,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
70,807
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 4pt">
Unlimited General Obligation Bonds<BR>
Building<BR>
Series 2002A (AGM) (School District Credit Enhancement
Program)
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
04/01/13
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,730,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,876,064
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Financial Statements.
</FONT>
</DIV>
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT  13</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Portfolio
of Investments
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="33%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="10%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="21%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="4%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="22%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Coupon<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Principal<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Issuer</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Rate</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Amount</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Value</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B><FONT style="font-size: 11pt">Municipal Bonds
(continued)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">SCHOOL (CONTINUED)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Rocori Area Schools Independent School District No. 750<BR>
Unlimited General Obligation Bonds<BR>
School Building<BR>
Series 2009B (School District Credit Enhancement Program)
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
02/01/34
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$2,200,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$2,231,856
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
St. Paul Housing & Redevelopment Authority<BR>
Refunding Revenue Bonds<BR>
St. Paul Academy & Summit School<BR>
Series 2007
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10/01/24
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,126,700
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,733,817
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">SPECIAL DISTRICT —
SPECIAL TAX (1.2%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of Lakeville<BR>
Revenue Bonds<BR>
Series 2007
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
02/01/22
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
175,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
150,252
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
02/01/27
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
225,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
188,761
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Territory of Guam<BR>
Revenue Bonds<BR>
Section 30<BR>
Series 2009A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
12/01/34
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,406,865
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,745,878
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">SPECIAL DISTRICT — TAX
INCREMENT (0.7%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
St. Paul Port Authority<BR>
Tax Allocation Bonds<BR>
River Bend Project Lot 1<BR>
<FONT style="white-space: nowrap">Series 2007-5</FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
02/01/32
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.375
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,600,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,323,464
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,323,464
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">STATE (5.4%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
State of Minnesota<BR>
Unlimited General Obligation Bonds<BR>
Various Purpose<BR>
Series 2010A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08/01/16
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,804,550
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 4pt">
Unlimited General Obligation Refunding Bonds<BR>
Various Purpose<BR>
Series 2010D
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08/01/19
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
10,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
11,782,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
17,586,550
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">STUDENT
LOAN (0.8%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Minnesota Office of Higher Education<BR>
Revenue Bonds<BR>
Supplemental Student Loan Program<BR>
Series 2010 (e)
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11/01/29
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,550,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,492,319
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,492,319
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">Total Municipal Bonds</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="9" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
(Cost: $313,258,702)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$312,986,088
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B><FONT style="font-size: 11pt">Floating Rate
Notes (1.1%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD colspan="13">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Minneapolis & St. Paul Housing &
Redevelopment Authority<BR>
Revenue Bonds<BR>
Allina Health Systems<BR>
VRDN
<FONT style="white-space: nowrap">Series 2009B-2</FONT>
(JP Morgan Chase Bank) (f)
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11/15/35
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.220
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,400,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,400,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="color: #8E2344">Total Floating Rate
Notes</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="9" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
(Cost: $3,400,000)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$3,400,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Financial Statements.
</FONT>
</DIV>
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">14  COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="48%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="5%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="13%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="27%"> </TD> <!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Shares</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Value</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="7" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B><FONT style="font-size: 11pt">Money Market Fund
(—%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
JPMorgan Tax-Free Money Market Fund, 0.000% (g)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
141,168
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$141,168
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="7" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="7" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="5" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
<B><FONT style="color: #8E2344">Total Money Market
Fund</FONT></B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
(Cost: $141,168)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$141,168
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="7" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="7" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="5" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
<B><FONT style="color: #8E2344">Total Investments</FONT></B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
(Cost: $316,799,870)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$316,527,256
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="5" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
<B><FONT style="color: #8E2344">Other Assets &
Liabilities, Net</FONT></B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
8,754,666
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="7" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="7" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
<B><FONT style="color: #8E2344">Net Assets</FONT></B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$325,281,922
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="7" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="7" style="border-top: 3px double #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 19pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Notes
to Portfolio of Investments<BR>
</FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="4%"></TD>
<TD width="1%"></TD>
<TD width="95%"></TD>
</TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(a)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Municipal
obligations include debt obligations issued by or on behalf of
states, territories, possessions, or sovereign nations within
the territorial boundaries of the United States. These
securities represented 2.87% of net assets at February 28,
2011.
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(b)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">At
February 28, 2011, the value of securities subject to
alternative minimum tax represented 6.03% of net assets.
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(c)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Zero
coupon bond.
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(d)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Represents
a security purchased on a when-issued or delayed delivery basis.
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(e)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Identifies
issues considered to be illiquid as to their marketability. The
aggregate value of such securities at February 28, 2011 was
$2,492,319, representing 0.77% of net assets. Information
concerning such security holdings at February 28, 2011 was
as follows:
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV style="margin-left: 5%; margin-right: 0%">
<TABLE border="0" width="95%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="64%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="3%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="11%"> </TD> <!-- colindex=02 type=maindata -->
<TD width="11%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="9%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Acquisition<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Security</FONT></B>
</TD>
<TD>
</TD>
<TD nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Dates</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Cost</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Minnesota Office of Higher Education <BR>
Revenue Bonds<BR>
Supplemental Student Loan Program<BR>
Series 2010
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
12-02-10
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$2,550,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="4%"></TD>
<TD width="1%"></TD>
<TD width="95%"></TD>
</TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(f)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
Fund is entitled to receive principal and interest from the
party, if indicated in parentheses, after a day or a week’s
notice or upon maturity. The maturity date disclosed represents
the final maturity. Interest rate varies to reflect current
market conditions, rate shown is the effective rate on
February 28, 2011.
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(g)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
rate shown is the
<FONT style="white-space: nowrap">seven-day</FONT>
current annualized yield at February 28, 2011.
</FONT></TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Financial Statements.
</FONT>
</DIV>
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT  15</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Portfolio
of Investments
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 19pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Abbreviation
Legend<BR>
</FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-left: 5%; margin-right: 0%">
<TABLE border="0" width="95%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="9%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="5%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="86%"> </TD> <!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
AGM
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Assured Guaranty Municipal Corporation
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
AMBAC
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Ambac Assurance Corporation
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
FHLMC
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Federal Home Loan Mortgage Corporation
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
FNMA
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Federal National Mortgage Association
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
GNMA
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Government National Mortgage Association
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
NPFGC
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
National Public Finance Guarantee Corporation
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
VRDN
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Variable Rate Demand Note
</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Financial Statements.
</FONT>
</DIV>
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">16  COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 19pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Fair
Value Measurements<BR>
</FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">Generally accepted
accounting principles (GAAP) require disclosure regarding the
inputs and valuation techniques used to measure fair value and
any changes in valuation inputs or techniques. In addition,
investments shall be disclosed by major category.
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">The Fund categorizes
its fair value measurements according to a three-level hierarchy
that maximizes the use of observable inputs and minimizes the
use of unobservable inputs by prioritizing that the most
observable input be used when available. Observable inputs are
those that market participants would use in pricing an
investment based on market data obtained from sources
independent of the reporting entity. Unobservable inputs are
those that reflect the Fund’s assumptions about the
information market participants would use in pricing an
investment. An investment’s level within the fair value
hierarchy is based on the lowest level of any input that is
deemed significant to the asset or liability’s fair value
measurement. The input levels are not necessarily an indication
of the risk or liquidity associated with investments at that
level. For example, certain U.S. government securities are
generally high quality and liquid, however, they are reflected
as Level 2 because the inputs used to determine fair value
may not always be quoted prices in an active market.
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">Fair value inputs
are summarized in the three broad levels listed below:
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
<TD width="5%"></TD>
<TD width="2%"></TD>
<TD width="93%"></TD>
</TR>
<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TD> </TD>
<TD> •<FONT style="font-family: Arial, Helvetica"> 
</FONT>
</TD>
<TD align="left">
<FONT style="font-family: Arial, Helvetica">Level 1 —
Valuations based on quoted prices for investments in active
markets that the Fund has the ability to access at the
measurement date (including NAV for open-end mutual funds).
Valuation adjustments are not applied to Level 1
investments.
</FONT>
</TD>
</TR>
<TR style="line-height: 6pt; font-size: 1pt"><TD> </TD></TR>
<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TD> </TD>
<TD> •<FONT style="font-family: Arial, Helvetica"> 
</FONT>
</TD>
<TD align="left">
<FONT style="font-family: Arial, Helvetica">Level 2 —
Valuations based on other significant observable inputs
(including quoted prices for similar securities, interest rates,
prepayment speeds, credit risks, etc.).
</FONT>
</TD>
</TR>
<TR style="line-height: 6pt; font-size: 1pt"><TD> </TD></TR>
<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TD> </TD>
<TD> •<FONT style="font-family: Arial, Helvetica"> 
</FONT>
</TD>
<TD align="left">
<FONT style="font-family: Arial, Helvetica">Level 3 —
Valuations based on significant unobservable inputs (including
the Fund’s own assumptions and judgment in determining the
fair value of investments).
</FONT>
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">Inputs that are used
in determining fair value of an investment may include price
information, credit data, volatility statistics, and other
factors. These inputs can be either observable or unobservable.
The availability of observable inputs can vary between
investments, and is affected by various factors such as the type
of investment, and the volume and level of activity for that
investment or similar investments in the marketplace. The inputs
will be considered by the Fund Administrator, along with
any other relevant factors in the calculation of an
investment’s fair value. The Fund uses prices and inputs
that are current as of the measurement date, which may include
periods of market dislocations. During these periods, the
availability of prices and inputs may be reduced for many
investments. This condition could cause an investment to be
reclassified between the various levels within the hierarchy.
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">Investments falling
into the Level 3 category are primarily supported by quoted
prices from brokers and dealers participating in the market for
those investments. However, these may be classified as
Level 3 investments due to lack of market transparency and
corroboration to support these quoted prices. Additionally,
valuation models may be used as the pricing source for any
remaining investments classified as Level 3. These models
rely on one or more significant unobservable
</FONT>
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Financial Statements.
</FONT>
</DIV>
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT  17</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Portfolio
of Investments
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 19pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Fair
Value Measurements (continued)<BR>
</FONT></B>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">inputs
<FONT style="white-space: nowrap">and/or</FONT>
significant assumptions by the Fund Administrator. Inputs used
in valuations may include, but are not limited to, financial
statement analysis, capital account balances, discount rates and
estimated cash flows, and comparable company data.
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">The following table
is a summary of the inputs used to value the Fund’s
investments as of February 28, 2011:
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="35%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="4%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="12%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="4%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="10%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="4%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="9%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
<TD width="4%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="10%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="14" align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Fair Value at
February 28, 2011</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #8E2344">
<B><FONT style="font-family: Arial, Helvetica">Level 1<BR>
</FONT></B>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #8E2344">
<B><FONT style="font-family: Arial, Helvetica">Level 2<BR>
</FONT></B>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Quoted Prices<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Other<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Level 3<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">in Active<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Significant<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Significant<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Markets for<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Observable<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Unobservable<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Description(a)</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Identical
Assets</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Inputs(b)</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Inputs</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Total</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -7pt; margin-left: 7pt">
Bonds
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Municipal Bonds
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$312,986,088
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$312,986,088
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
Total Bonds
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
312,986,088
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
312,986,088
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
Other
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Floating Rate Notes
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,400,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,400,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Unaffiliated Money Market Fund(c)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
141,168
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
141,168
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
Total Other
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
141,168
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,400,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,541,168
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$141,168
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$316,386,088
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$316,527,256
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="4%"></TD>
<TD width="1%"></TD>
<TD width="95%"></TD>
</TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(a)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">See
the Portfolio of Investments for all investment classifications
not indicated in the table.
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(b)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">There
were no significant transfers between Levels 1 and 2 during
the period.
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(c)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Money
market fund that is a sweep investment for cash balances in the
Fund at February 28, 2011.
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">How
to find information about the Fund’s quarterly portfolio
holdings</FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">
</DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="4%"></TD>
<TD width="1%"></TD>
<TD width="95%"></TD>
</TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(i)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
Fund files its complete schedule of portfolio holdings with the
Securities and Exchange Commission (Commission) for the first
and third quarters of each fiscal year on
<FONT style="white-space: nowrap">Form N-Q;</FONT>
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(ii)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
Fund’s
<FONT style="white-space: nowrap">Forms N-Q</FONT>
are available on the Commission’s website at
<FONT style="white-space: nowrap">http://www.sec.gov;</FONT>
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(iii)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
Fund’s
<FONT style="white-space: nowrap">Forms N-Q</FONT>
may be reviewed and copied at the Commission’s Public
Reference Room in Washington, DC (information on the operations
of the Public Reference Room may be obtained by calling
800.SEC.0330); and
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(iv)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
Fund’s complete schedule of portfolio holdings, as filed on
<FONT style="white-space: nowrap">Form N-Q,</FONT>
can be obtained without charge, upon request, by calling
800.345.6611.
</FONT></TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Financial Statements.
</FONT>
</DIV>
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">18  COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Statement
of Assets and Liabilities<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">February 28,
2011 (Unaudited)</FONT></B>
</DIV>
<DIV style="margin-top: 5pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="84%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="3%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="11%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="5" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Assets</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Investments, at value (identified cost $316,799,870)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
316,527,256
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Receivable for:
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Capital shares sold
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,091,552
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Investments sold
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
9,963,439
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Interest
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,983,898
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Expense reimbursement due from Investment Manager
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,026
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Total assets
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
331,567,171
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="5" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Liabilities</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Payable for:
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Investments purchased on a delayed delivery basis
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,205,465
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Capital shares purchased
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
948,013
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Dividend distributions to shareholders
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,042,532
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Investment management fees
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
10,818
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Distribution fees
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
8,291
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Transfer agent fees
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
14,977
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Administration fees
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,874
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Other expenses
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
53,279
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Total liabilities
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6,285,249
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net assets applicable to outstanding shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
325,281,922
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Represented
by</FONT></B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Paid-in capital
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
325,879,790
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Undistributed net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
157,430
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Accumulated net realized loss
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(482,684
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Unrealized appreciation (depreciation) on:
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Investments
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(272,614
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Total — representing net assets applicable to
outstanding shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
325,281,922
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net assets applicable to outstanding shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class A
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
299,171,481
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class B
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,653,636
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class C
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
21,454,449
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class Z
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,356
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Shares outstanding
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class A
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
58,342,147
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class B
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
906,651
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class C
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,183,646
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class Z
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
459
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net asset value per share
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class A<SUP style="font-size: 85%; vertical-align: top">(a)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class B
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class C
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class Z
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(a)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">The
maximum offering price per share for Class A is $5.39. The
offering price is calculated by dividing the net asset value by
1.0 minus the maximum sales charge of 4.75%.
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 4pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">The accompanying
Notes to Financial Statements are an integral part of this
statement.
</FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT  19</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Statement
of Operations<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Six
months ended February 28, 2011 (Unaudited)</FONT></B>
</DIV>
<DIV style="margin-top: 5pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="84%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="3%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="11%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="5" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Net investment
income</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Income:
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Interest
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
8,317,900
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Dividends
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
900
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Total income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
8,318,800
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Expenses:
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Investment management fees
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
682,654
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Distribution fees
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class A
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
390,753
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class B
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
26,204
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class C
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
103,400
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Transfer agent fees
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class A
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
88,552
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class B
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,581
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class C
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,665
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Administration fees
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
118,484
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Compensation of board members
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,185
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Custodian fees
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,235
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Printing and postage fees
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
30,523
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Registration fees
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
44,750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Professional fees
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
17,545
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Other
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6,401
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Total expenses
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,524,932
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Fees waived or expenses reimbursed by Investment Manager and its
affiliates
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(90,705
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Total net expenses
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,434,227
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6,884,573
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="5" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Realized and
unrealized gain (loss) — net</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net realized gain (loss) on:
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Investments
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,471,389
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Futures contracts
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(803,993
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net realized gain
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
667,396
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net change in unrealized appreciation (depreciation) on:
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Investments
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(24,103,803
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Futures contracts
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
921,807
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net change in unrealized depreciation
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(23,181,996
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net realized and unrealized loss
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(22,514,600
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net decrease in net assets from operations
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(15,630,027
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 4pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">The accompanying
Notes to Financial Statements are an integral part of this
statement.
</FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">20  COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Statement
of Changes in Net Assets<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV style="margin-top: 5pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="64%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="15%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="13%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">February 28,
2011<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Year ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Six months
ended</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">August 31,
2010</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">(Unaudited)</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="9" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Operations</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6,884,573
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
13,555,198
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net realized gain
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
667,396
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,016,061
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net change in unrealized appreciation (depreciation)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(23,181,996
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
17,837,727
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net change in net assets resulting from operations
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(15,630,027
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
33,408,986
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Distributions to shareholders from:
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 16pt">
Net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 36pt">
Class A
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(6,453,715
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(12,657,930
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 36pt">
Class B
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(88,230
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(291,452
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 36pt">
Class C
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(350,205
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(540,302
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 36pt">
Class Z
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(44
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Net realized gains
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 36pt">
Class A
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(64,546
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 36pt">
Class B
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(1,085
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 36pt">
Class C
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(4,359
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 36pt">
Class Z
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(1
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Total distributions to shareholders
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(6,962,185
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(13,489,684
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Increase (decrease) in net assets from share transactions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(7,453,657
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,321,225
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Total increase (decrease) in net assets
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(30,045,869
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
32,240,527
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net assets at beginning of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
355,327,791
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
323,087,264
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net assets at end of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
325,281,922
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
355,327,791
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Undistributed net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
157,430
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
165,051
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 4pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">The accompanying
Notes to Financial Statements are an integral part of this
statement.
</FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT  21</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Statement
of Changes in Net Assets
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 7pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="40%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="3%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="9%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="11%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="9%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="11%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="6" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Six months
ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="6" nowrap align="right" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="6" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">February 28,
2011<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="6" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Year ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="6" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">(Unaudited)</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="6" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">August 31,
2010<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Shares</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica"> Dollars
($)</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Shares</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Dollars
($)</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="17" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Capital stock
activity</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Class A shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Subscriptions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,174,043
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
16,669,576
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7,034,394
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
37,207,620
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Conversions from Class B
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
8,574
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
43,296
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
617,718
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,304,794
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Distributions reinvested
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,053,437
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,497,208
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,967,844
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
10,438,744
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Redemptions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(6,094,790
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(31,487,339
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(7,854,631
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(41,510,181
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 24pt">
Net increase (decrease)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(1,858,736
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(9,277,259
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,765,325
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
9,440,977
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Class B shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Subscriptions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6,528
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
35,342
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
88,218
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
465,460
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Distributions reinvested
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
15,664
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
81,813
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
48,196
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
255,516
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Conversions to Class A
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(8,557
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(43,296
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(617,718
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(3,304,794
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Redemptions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(160,305
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(830,778
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(221,359
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(1,173,555
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 24pt">
Net decrease
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(146,670
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(756,919
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(702,663
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(3,757,373
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Class C shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Subscriptions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
852,563
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,469,614
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,459,649
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7,728,212
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Distributions reinvested
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
61,539
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
320,727
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
86,617
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
459,808
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Redemptions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(427,382
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(2,212,328
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(292,815
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(1,550,399
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 24pt">
Net increase
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
486,720
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,578,013
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,253,451
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6,637,621
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Class Z shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Subscriptions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
457
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Distributions reinvested
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
8
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 24pt">
Net increase
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
459
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,508
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
<B>Total net increase (decrease)</B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
<B>(1,518,227</B>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<B>)</B>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
<B>(7,453,657</B>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<B>)</B>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
<B>2,316,113</B>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
<B>12,321,225</B>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">The accompanying
Notes to Financial Statements are an integral part of this
statement.
</FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">22  COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Financial
Highlights<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The following tables are intended to help you understand the
Fund’s financial performance. Certain information reflects
financial results for a single share of a class held for the
periods shown. For periods ended 2007 and after, per share net
investment income (loss) amounts are calculated based on average
shares outstanding during the period. Total returns assume
reinvestment of all dividends and distributions. Total returns
do not reflect payment of sales charges, if any, and are not
annualized for periods of less than one year.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="5%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="6%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="5%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="5%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="5%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=06 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=06 type=lead -->
<TD width="5%" align="right"> </TD> <!-- colindex=06 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=06 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=07 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=07 type=lead -->
<TD width="5%" align="right"> </TD> <!-- colindex=07 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=07 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=08 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=08 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=08 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Six months<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">February 28,<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Year ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">Class A<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2011<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #8E2344">
<B><FONT style="font-family: Arial, Helvetica">Year ended
August 31,</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">June 30,<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 10pt; font-family: Arial, Helvetica; color: #8E2344">Per
share data</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">(Unaudited)</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2010</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2009</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2008</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2007</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2006<SUP style="font-size: 85%; vertical-align: top">(a)</SUP></FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2006</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net asset value, beginning of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.47
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.11
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.14
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.27
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.35
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B>Income from investment operations:</B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.11
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.22
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.21
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.21
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.19
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net realized and unrealized gain (loss) on investments
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.34
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.30
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.05
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total from investment operations
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.23
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.52
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.26
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.06
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.01
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="29" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B>Less distributions to shareholders from:</B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -48pt; margin-left: 48pt">
Net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.11
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.21
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.21
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.21
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.19
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net realized gains
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.00
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(b)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.01
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total distributions to shareholders
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.11
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.21
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.21
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.21
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.19
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.19
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -48pt; margin-left: 48pt">
Net asset value, end of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.47
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.11
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.14
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.27
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Total
return</FONT></B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(4.24%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
10.38%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.50%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.50%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.26%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.56%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.29%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="29" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Ratios to
average net
assets<SUP style="font-size: 85%; vertical-align: top">(c)</SUP></FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Expenses prior to fees waived or expenses reimbursed (including
interest and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.84%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.82%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.88%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.99%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.05%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.06%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.01%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net expenses after fees waived or expenses reimbursed (including
interest and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(d),(f)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.84%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.95%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(g)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.99%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.98%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.96%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Expenses prior to fees waived or expenses reimbursed (excluding
interest and fee expense)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.84%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.82%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.83%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.83%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.85%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.87%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.86%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net expenses after fees waiver or expenses reimbursed (excluding
interest and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(f)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(g)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.81%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.13%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.08%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.31%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.05%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.70%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.60%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.52%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="29" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Supplemental
data</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net assets, end of period (in thousands)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$299,171
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$329,335
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$301,421
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$289,301
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$287,818
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$308,554
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$303,211
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Portfolio turnover
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
21%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
33%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
23%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
26%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
13%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 4pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Financial Highlights.
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT  23</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Financial
Highlights
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 15pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="12%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="6%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="3%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="3%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="4%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=06 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=06 type=lead -->
<TD width="4%" align="right"> </TD> <!-- colindex=06 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=06 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=07 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=07 type=lead -->
<TD width="4%" align="right"> </TD> <!-- colindex=07 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=07 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=08 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=08 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=08 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Six months<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">February 28,<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Year ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">Class B<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2011<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #8E2344">
<B><FONT style="font-family: Arial, Helvetica">Year ended
August 31,</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">June 30,<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 10pt; font-family: Arial, Helvetica; color: #8E2344">Per
share data</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">(Unaudited)</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2010</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2009</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2008</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2007</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2006<SUP style="font-size: 85%; vertical-align: top">(a)</SUP></FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2006</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net asset value, beginning of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.48
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.12
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.27
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.35
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B>Income from investment operations:</B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.09
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.14
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net realized and unrealized gain (loss) <BR>
on investments
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.35
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.31
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.04
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.11
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total from investment operations
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.26
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.49
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.22
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.14
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.04
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B>Less distributions to shareholders from:</B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.09
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.14
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net realized gains
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.00
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(b)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.01
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total distributions to shareholders
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.09
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net asset value, end of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.48
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.12
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.27
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Total
return</FONT></B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(4.77%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
9.75%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.50%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.72%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.70%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.42%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(0.47%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="29" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Ratios to
average net
assets<SUP style="font-size: 85%; vertical-align: top">(c)</SUP></FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Expenses prior to fees waived or <BR>
expenses reimbursed (including interest <BR>
and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.60%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.57%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.63%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.75%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.80%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.81%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.77%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net expenses after fees waived or <BR>
expenses reimbursed (including interest <BR>
and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(d),(f)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.55%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.59%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.70%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(g)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.75%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.74%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.72%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Expenses prior to fees waived or <BR>
expenses reimbursed (excluding <BR>
interest and fee expense)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.60%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.57%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.58%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.59%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.60%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.62%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.62%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net expenses after fees waiver or <BR>
expenses reimbursed (excluding <BR>
interest and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(f)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.55%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(g)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.55%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.55%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.57%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.36%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.31%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.56%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.29%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.93%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.81%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.75%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="29" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Supplemental
data</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net assets, end of period (in thousands)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4,654
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5,768
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$9,062
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$13,969
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$19,654
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$29,477
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$34,361
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Portfolio turnover
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
21%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
33%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
23%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
26%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
13%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 4pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Financial Highlights.
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">24  COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 15pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="12%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="6%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="4%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="4%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="3%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=06 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=06 type=lead -->
<TD width="3%" align="right"> </TD> <!-- colindex=06 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=06 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=07 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=07 type=lead -->
<TD width="4%" align="right"> </TD> <!-- colindex=07 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=07 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=08 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=08 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=08 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Six months<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">February 28,<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Year ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">Class C<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2011<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #8E2344">
<B><FONT style="font-family: Arial, Helvetica">Year ended
August 31,</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">June 30,<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 10pt; font-family: Arial, Helvetica; color: #8E2344">Per
share data</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">(Unaudited)</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2010</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2009</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2008</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2007</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2006<SUP style="font-size: 85%; vertical-align: top">(a)</SUP></FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2006</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net asset value, beginning of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.47
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.12
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.27
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.35
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B>Income from investment operations:</B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.09
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.14
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net realized and unrealized gain (loss) <BR>
on investments
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.34
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.30
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.04
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.11
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total from investment operations
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.25
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.48
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.22
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.14
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.04
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B>Less distributions to shareholders from:</B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.09
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.14
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net realized gains
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.00
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(b)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.01
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total distributions to shareholders
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.09
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net asset value, end of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.47
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.12
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.27
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Total
return</FONT></B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(4.60%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
9.56%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.51%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.72%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.70%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.42%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(0.47%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="29" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Ratios to
average net
assets<SUP style="font-size: 85%; vertical-align: top">(c)</SUP></FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Expenses prior to fees waived or <BR>
expenses reimbursed (including interest <BR>
and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.59%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.57%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.63%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.75%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.80%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.82%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.77%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net expenses after fees waived or <BR>
expenses reimbursed (including interest <BR>
and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(d),(f)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.59%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.70%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(g)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.75%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.74%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.72%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Expenses prior to fees waived or <BR>
expenses reimbursed (excluding <BR>
interest and fee expense)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.59%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.57%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.58%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.59%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.60%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.63%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.62%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net expenses after fees waiver or <BR>
expenses reimbursed (excluding <BR>
interest and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(f)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(g)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.55%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.55%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.57%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.38%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.32%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.55%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.29%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.94%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.84%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.76%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="29" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Supplemental
data</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net assets, end of period (in thousands)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$21,454
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$20,225
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$12,605
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$8,460
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$7,032
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$8,151
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$8,203
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Portfolio turnover
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
21%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
33%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
23%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
26%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
13%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 4pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Financial Highlights.
</FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT  25</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Financial
Highlights
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 15pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="79%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="6%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="13%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Six months
ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">Class Z<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">February 28,
2011<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 10pt; font-family: Arial, Helvetica; color: #8E2344">Per
share data</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">(Unaudited)<SUP style="font-size: 85%; vertical-align: top">(h)</SUP></FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net asset value, beginning of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.46
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B>Income from investment operations:</B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net realized and unrealized loss<BR>
on investments
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.33
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total from investment operations
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.23
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B>Less distributions to shareholders from:</B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net realized gains
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.00
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(b)</SUP>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total distributions to shareholders
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net asset value, end of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Total
return</FONT></B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(4.26%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Ratios to
average net
assets<SUP style="font-size: 85%; vertical-align: top">(c)</SUP></FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Expenses prior to fees waived or <BR>
expenses
reimbursed<SUP style="font-size: 85%; vertical-align: top">(f)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.51%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net expenses after fees waived or <BR>
expenses reimbursed
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.51%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.45%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Supplemental
data</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net assets, end of period (in thousands)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$2
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Portfolio turnover
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Notes
to Financial Highlights</FONT></B>
</DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(a)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">For
the period from July 1, 2006 to August 31, 2006. In
2006, the Fund’s fiscal year end was changed from
June 30 to August 31.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(b)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">Rounds
to less than $0.01.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(c)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">In
addition to the fees and expenses which the Fund bears directly,
the Fund indirectly bears a pro rata share of the fees and
expenses of the acquired funds in which it invests. Such
indirect expenses are not included in the reported expense
ratios.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(d)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">Ratios
include interest and fee expense related to the Fund’s
participation in certain inverse floater programs, if any. Due
to an equal increase in interest income from fixed rate
municipal bonds held in trust, there is no impact on the
Fund’s net assets, net asset value per share, total return
or net investment income.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(e)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">Annualized.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(f)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">The
Investment Manager and its affiliates agreed to waive/reimburse
certain fees and expenses (excluding fees and expenses of
acquired funds).
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(g)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">Expense
ratio is before the reduction of earnings/bank fee credits on
cash balances. For the year ended August 31, 2008,
earnings/bank fee credits lowered the expense ratio by 0.01% of
average daily net assets.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(h)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">For
the period from September 27, 2010 (when shares became
available) to February 28, 2011.
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 4pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">The accompanying
Notes to Financial Statements are an integral part of the
statement.
</FONT>
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">26  COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Notes
to Financial Statements<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica">February 28,
2011 (Unaudited)</FONT></B>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica">Note 1. Organization</FONT></B>
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Columbia Minnesota Tax-Exempt Fund (the Fund), a series of
RiverSource Special Tax-Exempt Series Trust (the Trust), is
a non-diversified fund. The Trust is registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as an
open-end management investment company organized as a
Massachusetts business trust. On February 15, 2011,
shareholders approved a proposal to reorganize the Fund into a
newly formed series of Columbia Funds Series Trust II
(formerly known as RiverSource Series Trust), a
Massachusetts business trust. The reorganization was completed
on March 7, 2011.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Fund Shares</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Trust has unlimited authorized shares of beneficial interest
(without par value). The Fund offers Class A, Class B,
Class C, and Class Z shares. All share classes have
identical voting, dividend and liquidation rights. Each share
class has its own expense structure and sales charges, as
applicable.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Class A shares are subject to a maximum front-end sales
charge of 4.75% based on the investment amount. Class A
shares purchased without an initial sales charge in accounts
aggregating $1 million at the time of purchase are subject
to a 1.00% contingent deferred sales charge (CDSC) if the shares
are sold within 18 months of purchase, charged as follows:
1.00% CDSC if redeemed within 12 months of purchase, and
0.50% CDSC if redeemed more than 12, but less than 18, months
after purchase.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Fund no longer accepts investments by new or existing
investors in the Fund’s Class B shares, except in
connection with the reinvestment of any dividend
<FONT style="white-space: nowrap">and/or</FONT>
capital gain distributions in Class B shares of the Fund
and exchanges by existing Class B shareholders of certain
other funds within the Columbia Family of Funds. Class B
shares may be subject to a maximum CDSC of 5.00% based upon the
holding period after purchase. Class B shares will
generally convert to Class A shares eight years after
purchase.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Class C shares are subject to a 1.00% CDSC on shares
redeemed within one year of purchase.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Class Z shares are not subject to sales charges and are
available only to certain investors, as described in the
Fund’s prospectus. Class Z shares became effective
September 27, 2010.
</DIV>
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<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT  27</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Notes
to Financial Statements
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
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<B><FONT style="font-family: Arial, Helvetica">Note 2. Summary
of Significant Accounting Policies</FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Use
of Estimates</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The preparation of financial statements in accordance with U.S.
generally accepted accounting principles (GAAP) requires
management to make certain estimates and assumptions that affect
the reported amounts of assets and liabilities, the disclosure
of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenue and
expenses during the reporting period. Actual results could
differ from those estimates.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The following is a summary of significant accounting policies
consistently followed by the Fund in the preparation of its
financial statements.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Security
Valuation</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
All securities are valued at the close of business of the New
York Stock Exchange (NYSE). Equity securities are valued at the
last quoted sales price on the principal exchange or market on
which they trade, except for securities traded on the NASDAQ
Stock Market, which are valued at the NASDAQ official close
price. Unlisted securities or listed securities for which there
were no sales during the day are valued at the mean of the
latest quoted bid and asked prices on such exchanges or markets.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Debt securities are generally traded in the over-the-counter
market and are valued by an independent pricing service using an
evaluated bid. When market quotes are not readily available, the
pricing service, in determining fair values of debt securities,
takes into consideration such factors as current quotations by
broker/dealers, coupon, maturity, quality, type of issue,
trading characteristics, and other yield and risk factors it
deems relevant in determining valuations.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Investments in other open-end investment companies, including
money market funds, are valued at net asset value.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Short-term securities purchased within 60 days to maturity
are valued at amortized cost, which approximates market value.
The value of short-term securities originally purchased with
maturities greater than 60 days is determined based on an
amortized value to par upon reaching 60 days to maturity.
Short-term securities maturing in more than 60 days from
the valuation date are valued at the market price or approximate
market value based on current interest rates.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Futures and options on futures are valued daily based upon the
last sale price at the close of the market on the principal
exchange on which they are traded.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The policy adopted by the Board generally contemplates the use
of fair valuation in the event that price quotations or
valuations are not readily available, price quotations or
valuations from other sources are not reflective of market value
and
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">28  COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
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thus deemed unreliable, or a significant event has occurred in
relation to a security or class of securities (such as foreign
securities) that is not reflected in price quotations or
valuations from other sources. A fair value price is a good
faith estimate of the value of a security at a given point in
time.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Derivative
Instruments</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Fund invests in certain derivative instruments as detailed
below to meet its investment objectives. Derivatives are
instruments whose values depend on, or are derived from, in
whole or in part, the value of one or more other assets, such as
securities, currencies, commodities or indices. Derivative
instruments may be used to maintain cash reserves while
maintaining exposure to certain other assets, to offset
anticipated declines in values of investments, to facilitate
trading, to reduce transaction costs and to pursue higher
investment returns. The Fund may also use derivative instruments
to mitigate certain investment risks, such as foreign currency
exchange rate risk, interest rate risk and credit risk.
Derivatives may involve various risks, including the potential
inability of the counterparty to fulfill its obligation under
the terms of the contract, the potential for an illiquid
secondary market and the potential for market movements which
may expose the Fund to gains or losses in excess of the amount
shown in the Statement of Assets and Liabilities.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Fund and any counterparty are required to maintain an
agreement that requires the Fund and that counterparty to
monitor (on a daily basis) the net fair value of all derivatives
entered into pursuant to the contract between the Fund and such
counterparty. If the net fair value of such derivatives between
the Fund and that counterparty exceeds a certain threshold (as
defined in the agreement), the Fund or the counterparty (as the
case may be) is required to post cash
<FONT style="white-space: nowrap">and/or</FONT>
securities as collateral. Fair values of derivatives presented
in the financial statements are not netted with the fair value
of other derivatives or with any collateral amounts posted by
the Fund or any counterparty.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Futures
Contracts</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Futures contracts represent commitments for the future purchase
or sale of an asset at a specified price on a specified date.
The Fund bought and sold futures contracts to manage exposure to
movements in interest rates. Upon entering into futures
contracts, the Fund bears risks which may include interest
rates, exchange rates or securities prices moving unexpectedly,
in which case, the Fund may not achieve the anticipated benefits
of the futures contracts and may realize a loss. Additional
risks include counterparty credit risk, the possibility of an
illiquid market, and that a change in the value of the contract
or option may not correlate with changes in the value of the
underlying asset.
</DIV>
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<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT  29</FONT></B>
</DIV>
<P>
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<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Notes
to Financial Statements
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Upon entering into a futures contract, the Fund pledges cash or
securities with the broker in an amount sufficient to meet the
initial margin requirement. Subsequent payments (variation
margin) are made or received by the Fund each day. The variation
margin payments are equal to the daily change in the contract
value and are recorded as variation margin receivable or payable
and are offset in unrealized gains or losses. The Fund
recognizes a realized gain or loss when the contract is closed
or expires. Futures contracts involve, to varying degrees, risk
of loss in excess of the variation margin disclosed in the
Statement of Assets and Liabilities.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Effects
of Derivative Transactions in the Financial Statements</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The following tables are intended to provide additional
information about the effect of derivatives on the financial
statements of the Fund including: the fair value of derivatives
by risk category and the location of those fair values in the
Statement of Assets and Liabilities; the impact of derivative
transactions on the Fund’s operations over the period
including realized gains or losses and unrealized gains or
losses. The derivative schedules following the Portfolio of
Investments present additional information regarding derivatives
outstanding at the end of the period, if any.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Fair
Values of Derivative Instruments at February 28,
2011</FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
At February 28, 2011, the fund had no outstanding
derivatives.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<TR>
<TD width="44%"></TD>
<TD width="56%"></TD>
</TR>
<TR valign="top">
<TD>
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Effect
of Derivative Instruments in the Statement of Operations<BR>
for the Six Months Ended February 28, </FONT></B>
</TD>
<TD>
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">2011</FONT></B>
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="84%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="1%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="4%"> </TD> <!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #8E2344">
<B><FONT style="font-family: Arial, Helvetica">Amount of
Realized Gain (Loss) on Derivatives Recognized in
Income</FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Risk
Exposure Category</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Futures</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="center" valign="bottom">
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Interest rate contracts
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
(803,993
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
)
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="85%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="7%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="1%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="4%"> </TD> <!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #8E2344">
<B><FONT style="font-family: Arial, Helvetica">Change in
Unrealized Appreciation (Depreciation) on Derivatives Recognized
in Income</FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Risk
Exposure Category</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Futures</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="center" valign="bottom">
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Interest rate contracts
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
921,807
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Volume
of Derivative Activity</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica">Futures</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
At February 28, 2011, the Fund had no outstanding futures
contracts. The monthly average gross notional amount for short
contracts was $7.3 million for the six months ended
February 28, 2011. The fair value of such contracts at
February 28, 2011 is set forth in the table above.
</DIV>
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<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">30  COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
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<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Delayed
Delivery Securities and Forward Sale Commitments</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Fund may trade securities on other than normal settlement
terms, including securities purchased or sold on a
“when-issued” basis. This may increase the risk if the
other party to the transaction fails to deliver and causes the
Fund to subsequently invest at less advantageous prices. The
Fund identifies within its portfolio of investments cash or
liquid securities in an amount equal to the delayed delivery
commitment.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Fund may enter into forward sale commitments to hedge its
portfolio positions or to sell mortgage-backed securities it
owns under delayed delivery arrangements. Proceeds of forward
sale commitments are not received until the contractual
settlement date. While a forward sale commitment is outstanding,
equivalent deliverable securities or an offsetting forward
purchase commitment deliverable on or before the sale commitment
date, are used to satisfy the commitment.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Unsettled forward sale commitments are valued at the current
market value of the underlying securities, generally according
to the procedures described under “Security Valuation”
above. The forward sale commitment is
<FONT style="white-space: nowrap">“marked-to-market”</FONT>
daily and the change in market value is recorded by the Fund as
an unrealized gain or loss. If the forward sale commitment is
closed through the acquisition of an offsetting purchase
commitment, the Fund realizes a gain or loss. If the Fund
delivers securities under the commitment, the Fund realizes a
gain or a loss from the sale of the securities based upon the
market price established at the date the commitment was entered
into.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Security
Transactions</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Security transactions are accounted for on the trade date. Cost
is determined and gains (losses) are based upon the specific
identification method for both financial statement and federal
income tax purposes.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Income
Recognition</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Interest income is recorded on the accrual basis. Market premium
and discount are amortized and accreted, respectively, on all
debt securities, unless otherwise noted. Original issue discount
is accreted to interest income over the life of the security
with a corresponding increase in the cost basis, if any. For
convertible securities, premiums attributable to the conversion
feature are not amortized.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Expenses</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
General expenses of the Trust are allocated to the Fund and
other funds of the Trust based upon relative net assets or other
expense allocation methodologies determined by the nature of the
expense. Expenses directly attributable to a
</DIV>
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<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT  31</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Notes
to Financial Statements
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
specific class of shares are charged to that share class.
Expenses directly attributable to a Fund are charged to the Fund.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Determination
of Class Net Asset Value</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
All income, expenses (other than
<FONT style="white-space: nowrap">class-specific</FONT>
expenses which are charged directly to that share class, as
shown in the Statement of Operations) and realized and
unrealized gains (losses) are allocated to each class of the
Fund on a daily basis for purposes of determining the net asset
value of each class. Income and expenses are allocated to each
class based on the settled shares method, while realized and
unrealized gains (losses) are allocated based on the relative
net assets of each class.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Federal
Income Tax Status</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Fund intends to qualify each year as a regulated investment
company (RIC) under Subchapter M of the Internal Revenue Code,
as amended, and will distribute substantially all of its taxable
income for its tax year, and as such will not be subject to
federal income taxes. In addition, the Fund intends to
distribute in each calendar year substantially all of its net
investment income, capital gains and certain other amounts, if
any, such that the Fund should not be subject to federal excise
tax. Therefore, no federal income or excise tax provision is
recorded.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Distributions
to Shareholders</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Distributions from net investment income are declared daily and
paid monthly. Net realized capital gains, if any, are
distributed at least annually. Income distributions and capital
gain distributions are determined in accordance with federal
income tax regulations which may differ from GAAP.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Guarantees
and Indemnifications</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Under the Fund’s organizational documents, its officers and
directors are indemnified against certain liabilities arising
out of the performance of their duties to the Fund. In addition,
certain of the Fund’s contracts with its service providers
contain general indemnification clauses. The Fund’s maximum
exposure under these arrangements is unknown since the amount of
any future claims that may be made against the Fund cannot be
determined and the Fund has no historical basis for predicting
the likelihood of any such claims.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica">Note 3. Fees
and Compensation Paid to Affiliates</FONT></B>
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Investment
Management Fees</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Under an Investment Management Services Agreement (IMSA),
Columbia Management Investment Advisers, LLC (the Investment
Manager) determines which securities will be purchased, held or
sold. The management fee is an
</DIV>
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<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">32  COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
annual fee that is equal to a percentage of the Fund’s
average daily net assets that declines from 0.410% to 0.250% as
the Fund’s net assets increase. The management fee for the
six months ended February 28, 2011 was 0.40% of the
Fund’s average daily net assets.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
In September 2010, the Board approved an amended IMSA that
includes a management fee rate that declines from 0.400% to
0.270% as the Fund’s net assets increase and would increase
the management fee rate payable to the Investment Manager at
certain asset levels. The amended IMSA was approved by the
Fund’s shareholders at a meeting held on February 15,
2011 and became effective March 1, 2011.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Administration
Fees</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Under an Administrative Services Agreement, the Fund pays the
Fund Administrator an annual fee for administration and
accounting services equal to a percentage of the Fund’s
average daily net assets that declines from 0.07% to 0.04% as
the Fund’s net assets increase. The fee for the six months
ended February 28, 2011 was 0.07% of the Fund’s
average daily net assets. Prior to January 1, 2011,
Ameriprise Financial, Inc. served as the
Fund Administrator. Since January 1, 2011, Columbia
Management Investment Advisers, LLC has served as the
Fund Administrator.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Other
Fees</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Other expenses are for, among other things, certain expenses of
the Fund or the Board including: Fund boardroom and office
expense, employee compensation, employee health and retirement
benefits, and certain other expenses. Payment of these Fund and
Board expenses is facilitated by a company providing limited
administrative services to the Fund and the Board. For the six
months ended February 28, 2011, other expenses paid to this
company were $725.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Compensation
of Board Members</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Under a Deferred Compensation Plan (the Plan), the board members
who are not “interested persons” of the Fund as
defined under the 1940 Act may defer receipt of their
compensation. Deferred amounts are treated as though equivalent
dollar amounts had been invested in shares of the Fund or
certain other funds managed by the Investment Manager. The
Fund’s liability for these amounts is adjusted for market
value changes and remains in the Fund until distributed in
accordance with the Plan.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Transfer
Agent Fees</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Under a Transfer Agency Agreement, Columbia Management
Investment Services Corp. (the Transfer Agent) is responsible
for providing transfer agency services to the Fund.
</DIV>
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<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT  33</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Notes
to Financial Statements
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Prior to September 7, 2010, the Transfer Agent received
annual account-based service fees for Class A, Class B
and Class C shares which amount varied by class. In
addition, the Transfer Agent charged an annual fee per inactive
account and received reimbursement from the Fund for certain
<FONT style="white-space: nowrap">out-of-pocket</FONT>
expenses.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Under a new Transfer Agency Agreement effective
September 7, 2010, the Transfer Agent has contracted with
Boston Financial Data Services (BFDS) to serve as
<FONT style="white-space: nowrap">sub-transfer</FONT>
agent. The Transfer Agent receives monthly account-based service
fees based on the number of open accounts and is reimbursed by
the Fund for the fees and expenses the Transfer Agent pays to
financial intermediaries that maintain omnibus accounts with the
Fund subject to an annual limitation (that varies by class) that
is a percentage of the average aggregate value of the
Fund’s shares maintained in each such omnibus account
(other than omnibus accounts for which American Enterprise
Investment Services Inc. is the broker of record or accounts
where the beneficial shareholder is a customer of Ameriprise
Financial Services, Inc., which are paid a per account fee). The
Transfer Agent also pays the fees of BFDS for services as
<FONT style="white-space: nowrap">sub-transfer</FONT>
agent and is not entitled to reimbursement for such fees from
the Fund.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Transfer Agent also receives compensation from fees for
various shareholder services and reimbursements.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
For the six months ended February 28, 2011, the Fund’s
annualized effective transfer agent fee rates as a percentage of
average daily net assets of each class were as follows:
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="95%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class A
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.06
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class B
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.06
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class C
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.06
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class Z
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Distribution
Fees</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Fund has an agreement with Columbia Management Investment
Distributors, Inc. (the Distributor) for distribution and
shareholder services. Under a Plan and Agreement of Distribution
pursuant to
<FONT style="white-space: nowrap">Rule 12b-1,</FONT>
the Fund pays a fee at an annual rate of up to 0.25% of the
Fund’s average daily net assets attributable to
Class A shares and a fee at an annual rate of up to 1.00%
of the Fund’s average daily net assets attributable to
Class B and Class C shares. For Class B and
Class C shares, of the 1.00% fee, up to 0.75% is reimbursed
for distribution expenses.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The amount of distribution expenses incurred by the Distributor
and not yet reimbursed (unreimbursed expense) was approximately
$172,000 and $175,000 for Class B and Class C shares,
respectively. These amounts are based on the
</DIV>
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<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">34  COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
most recent information available as of January 31, 2011,
and may be recovered from future payments under the distribution
plan or CDSCs. To the extent the unreimbursed expense has been
fully recovered, the distribution fee is reduced.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Sales
Charges</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Sales charges, including front-end and CDSCs, received by the
Distributor for distributing Fund shares were $225,666 for
Class A, $320 for Class B and $1,748 for Class C
for the six months ended February 28, 2011.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Expenses
Waived/Reimbursed by the Investment Manager and its
Affiliates</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
For the six months ended February 28, 2011, the Investment
Manager and its affiliates waived/reimbursed certain fees and
expenses such that net expenses (excluding fees and expenses of
acquired funds*) were as follows:
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="95%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class A
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.79
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class B
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class C
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class Z
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.51
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The waived/reimbursed fees and expenses for the transfer agent
fees at the class level were as follows:
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="90%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="7%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class A
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
26,032
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class B
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
493
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class C
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,715
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The management fees waived/reimbursed at the Fund level were
$62,465.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Under an agreement which was effective until October 31,
2010, the Investment Manager and its affiliates contractually
agreed to waive certain fees and reimburse certain expenses such
that net expenses (excluding fees and expenses of acquired
funds*) would not exceed the following percentage of the
class’ average daily net assets:
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="95%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class A
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.79
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class B
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.55
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class C
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Effective November 1, 2010, the Investment Manager and its
affiliates have contractually agreed to waive certain fees and
reimburse certain expenses until October 31, 2011, unless
sooner terminated at the sole discretion of the Board,
</DIV>
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<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT  35</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Notes
to Financial Statements
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
such that net expenses (excluding fees and expenses of acquired
funds*), will not exceed the following percentage of the
class’ average daily net assets:
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="95%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class A
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.79
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class B
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class C
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class Z
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.54
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">*
</FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">In
addition to the fees and expenses which the Fund bears directly,
the Fund indirectly bears a pro rata share of the fees and
expenses of the funds in which it invests (also referred to as
“acquired funds”), including affiliated and
non-affiliated pooled investment vehicles (including mutual
funds and exchange traded funds). Because the acquired funds
have varied expense and fee levels and the Fund may own
different proportions of acquired funds at different times, the
amount of fees and expenses incurred indirectly by the Fund will
vary.
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica">Note 4. Portfolio
Information</FONT></B>
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The cost of purchases and proceeds from sales of securities,
excluding short-term obligations, aggregated to $38,922,090 and
$52,788,874, respectively, for the six months ended
February 28, 2011.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica">Note 5. Line
of Credit</FONT></B>
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Fund has entered into a revolving credit facility with a
syndicate of banks led by JPMorgan Chase Bank, N.A. (the
Administrative Agent), whereby the Fund may borrow for the
temporary funding of shareholder redemptions or for other
temporary or emergency purposes. The credit facility became
effective on October 14, 2010, replacing a prior credit
facility. The credit facility agreement, which is a collective
agreement between the Fund and certain other funds managed by
the Investment Manager, severally and not jointly, permits
collective borrowings up to $300 million. The borrowers
shall have the right, upon written notice to the Administrative
Agent, to request an increase of up to $200 million in the
aggregate amount of the credit facility from new or existing
lenders, provided that the aggregate amount of the credit
facility shall at no time exceed $500 million.
Participation in such increase by any existing lender shall be
at such lender’s sole discretion. Interest is charged to
each fund based on its borrowings at a rate equal to the sum of
the federal funds rate plus (i) 1.25% per annum plus
(ii) if one-month LIBOR exceeds the federal funds rate, the
amount of such excess. Each borrowing under the credit facility
matures no later than 60 days after the date of borrowing.
The Fund also pays a commitment fee equal to its pro rata share
of the amount of the credit facility at a rate of 0.10% per
annum.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Prior to October 14, 2010, the credit facility agreement,
which was a collective agreement between the Fund and certain
other funds managed by the Investment Manager, severally and not
jointly, permitted collective borrowings up to
</DIV>
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<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">36  COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
$300 million. The Fund also paid a commitment fee equal to
its pro rata share of the amount of the credit facility at a
rate of 0.10% per annum, in addition to an upfront fee equal to
its pro rata share of 0.04% of the amount of the credit
facility. The Fund had no borrowings for the six months ended
February 28, 2011.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica">Note 6.
Federal Tax Information</FONT></B>
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The timing and character of income and capital gain
distributions are determined in accordance with income tax
regulations, which may differ from GAAP. Reclassifications are
made to the Fund’s capital accounts for permanent tax
differences to reflect income and gains available for
distribution (or available capital loss carryforwards) under
income tax regulations.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
At February 28, 2011, the cost of investments for federal
income tax purposes was approximately $316,800,000 and the
approximate unrealized appreciation and depreciation based on
that cost was:
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="86%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="11%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Unrealized appreciation
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6,996,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Unrealized depreciation
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(7,269,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Unrealized depreciation
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(273,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The following capital loss carryforward, determined as of
August 31, 2010 may be available to reduce taxable income
arising from future net realized gains on investments, if any,
to the extent permitted by the Internal Revenue Code:
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="89%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Year
of Expiration</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Amount</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -9pt; margin-left: 9pt">
2017
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
173,241
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
It is unlikely the Board will authorize a distribution of any
net realized capital gains until the available capital loss
carryforward has been offset or expires. There is no assurance
that the Fund will be able to utilize all of its capital loss
carryforward before it expires.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Management of the Fund has concluded that there are no
significant uncertain tax positions that would require
recognition in the financial statements. However,
management’s conclusion may be subject to review and
adjustment at a later date based on factors including, but not
limited to, new tax laws, regulations, and administrative
interpretations (including relevant court decisions). The
Fund’s federal tax returns for the prior three fiscal years
remain subject to examination by the Internal Revenue Service.
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT  37</FONT></B>
</DIV>
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<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
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</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Notes
to Financial Statements
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
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<B><FONT style="font-family: Arial, Helvetica">Note 7. Significant
Risks</FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Non-Diversification
Risk</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
A non-diversified fund is permitted to invest a greater
percentage of its total assets in fewer companies than a
diversified fund. The Fund may, therefore, have a greater risk
of loss from a few issuers than a similar fund that invests more
broadly.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Geographic
Concentration Risk</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Because state-specific tax-exempt funds invest primarily in the
municipal securities issued by the state and political
<FONT style="white-space: nowrap">sub-divisions</FONT>
of the state, the Fund will be particularly affected by
political and economic conditions and developments in the state
in which it invests. The Fund may, therefore, have a greater
risk than that of a municipal bond fund which is more
geographically diversified. The value of the municipal
securities owned by the Fund also may be adversely affected by
future changes in federal or state income tax laws.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica">Note 8. Subsequent
Events</FONT></B>
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Management has evaluated the events and transactions that have
occurred through the date the financial statements were issued
and noted no items requiring adjustment of the financial
statements or additional disclosure.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica">Note 9. Information
Regarding Pending and Settled Legal Proceedings</FONT></B>
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
In June 2004, an action captioned <I>John E. Gallus et al.
v. American Express Financial Corp. and American Express
Financial Advisors Inc.</I> was filed in the United States
District Court for the District of Arizona. The plaintiffs
allege that they are investors in several American Express
Company (now known as legacy RiverSource) mutual funds and they
purport to bring the action derivatively on behalf of those
funds under the Investment Company Act of 1940. The plaintiffs
allege that fees allegedly paid to the defendants by the funds
for investment advisory and administrative services are
excessive. The plaintiffs seek remedies including restitution
and rescission of investment advisory and distribution
agreements. The plaintiffs voluntarily agreed to transfer this
case to the United States District Court for the District of
Minnesota (the District Court). In response to defendants’
motion to dismiss the complaint, the District Court dismissed
one of plaintiffs’ four claims and granted plaintiffs
limited discovery. Defendants moved for summary judgment in
April 2007. Summary judgment was granted in the
defendants’ favor on July 9, 2007. The plaintiffs
filed a notice of appeal with the Eighth Circuit Court of
Appeals (the Eighth Circuit) on August 8, 2007. On
April 8, 2009, the Eighth Circuit reversed summary judgment
and remanded to the District Court for further proceedings. On
August 6, 2009, defendants filed a writ of certiorari with
the U.S. Supreme Court (the Supreme Court), asking the Supreme
Court to stay the District
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">38  COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
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<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
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<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
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Court proceedings while the Supreme Court considers and rules in
a case captioned <I>Jones v. Harris Associates,</I> which
involves issues of law similar to those presented in the Gallus
case. On March 30, 2010, the Supreme Court issued its
ruling in <I>Jones v. Harris Associates,</I> and on
April 5, 2010, the Supreme Court vacated the Eighth
Circuit’s decision in the Gallus case and remanded the case
to the Eighth Circuit for further consideration in light of the
Supreme Court’s decision in <I>Jones v. Harris
Associates</I>. On June 4, 2010, the Eighth Circuit
remanded the Gallus case to the District Court for further
consideration in light of the Supreme Court’s decision in
<I>Jones v. Harris Associates</I>. On December 9, 2010, the
District Court reinstated its July 9, 2007 summary judgment
order in favor of the defendants. On January 10, 2011,
plaintiffs filed a notice of appeal with the Eighth Circuit.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
In December 2005, without admitting or denying the
allegations, American Express Financial Corporation (AEFC, which
is now known as Ameriprise Financial, Inc. (Ameriprise
Financial)), entered into settlement agreements with the
Securities and Exchange Commission (SEC) and Minnesota
Department of Commerce (MDOC) related to market timing
activities. As a result, AEFC was censured and ordered to cease
and desist from committing or causing any violations of certain
provisions of the Investment Advisers Act of 1940, the
Investment Company Act of 1940, and various Minnesota laws. AEFC
agreed to pay disgorgement of $10 million and civil money
penalties of $7 million. AEFC also agreed to retain an
independent distribution consultant to assist in developing a
plan for distribution of all disgorgement and civil penalties
ordered by the SEC in accordance with various undertakings
detailed at
<FONT style="white-space: nowrap">http://www.sec.gov/litigation/admin/ia-2451.pdf.</FONT>
Ameriprise Financial and its affiliates have cooperated with the
SEC and the MDOC in these legal proceedings, and have made
regular reports to the funds’ Boards of Directors/Trustees.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Ameriprise Financial and certain of its affiliates have
historically been involved in a number of legal, arbitration and
regulatory proceedings, including routine litigation, class
actions, and governmental actions, concerning matters arising in
connection with the conduct of their business activities.
Ameriprise Financial believes that the Funds are not currently
the subject of, and that neither Ameriprise Financial nor any of
its affiliates are the subject of, any pending legal,
arbitration or regulatory proceedings that are likely to have a
material adverse effect on the Funds or the ability of
Ameriprise Financial or its affiliates to perform under their
contracts with the Funds. Ameriprise Financial is required to
make <FONT style="white-space: nowrap">10-Q,</FONT>
<FONT style="white-space: nowrap">10-K</FONT> and, as
necessary,
<FONT style="white-space: nowrap">8-K</FONT> filings
with the Securities and Exchange Commission on legal and
regulatory matters that relate to Ameriprise Financial and its
affiliates. Copies of these filings may be obtained by accessing
the SEC website at www.sec.gov.
</DIV>
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<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT  39</FONT></B>
</DIV>
<P>
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<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Notes
to Financial Statements
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
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There can be no assurance that these matters, or the adverse
publicity associated with them, will not result in increased
fund redemptions, reduced sale of fund shares or other adverse
consequences to the Funds. Further, although we believe
proceedings are not likely to have a material adverse effect on
the Funds or the ability of Ameriprise Financial or its
affiliates to perform under their contracts with the Funds,
these proceedings are subject to uncertainties and, as such, we
are unable to estimate the possible loss or range of loss that
may result. An adverse outcome in one or more of these
proceedings could result in adverse judgments, settlements,
fines, penalties or other relief that could have a material
adverse effect on the consolidated financial condition or
results of operations of Ameriprise Financial.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">40  COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
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<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
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<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Proxy
Voting<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The policy of the Board is to vote the proxies of the companies
in which the Fund holds investments consistent with the
procedures as stated in the Statement of Additional Information
(SAI). You may obtain a copy of the SAI without charge by
calling 800.345.6611; contacting your financial intermediary;
visiting columbiamanagement.com; or searching the website of the
Securities and Exchange Commission (SEC) at
<FONT style="white-space: nowrap">http://www.sec.gov.</FONT>
Information regarding how the Fund voted proxies relating to
portfolio securities is filed with the SEC by August 31 for
the most recent
<FONT style="white-space: nowrap">12-month</FONT>
period ending June 30 of that year, and is available
without charge by visiting columbiamanagement.com; or searching
the website of the SEC at www.sec.gov.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Approval
of Investment Management Services</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-size: 18pt; font-family: Arial, Helvetica; color: #8E2344">Agreement<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
In September 2010, in connection with various initiatives
to integrate the legacy Columbia Funds and legacy RiverSource
Funds, for which Columbia Management Investment Advisers, LLC
(Columbia Management) serves as investment manager, the
Fund’s Board of Trustees (the Board) approved, subject to
approval by shareholders, a new investment management services
agreement between the Fund and Columbia Management (the IMS
Agreement), which will have the effect of increasing the
effective management fee rate payable to Columbia Management at
certain asset levels. The IMS Agreement was approved by the
Fund’s shareholders at a meeting held on February 15,
2011. A discussion regarding the basis for the approval by the
Board of the IMS Agreement is set forth under
“Proposal 4 — Approve Proposed IMS
Agreement — Board Considerations,” in the
definitive proxy statement filed with the Securities and
Exchange Commission by RiverSource Special Tax-Exempt
Series Trust, on behalf of the Fund, on December 28,
2010, and is incorporated herein by reference.
</DIV>
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<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT  41</FONT></B>
</DIV>
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<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
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<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Results
of Meeting of Shareholders<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<I><FONT style="font-family: 'Times New Roman', Times">Columbia
Minnesota Tax-Exempt Fund</FONT></I>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Special
Meeting of Shareholders held on February 15, 2011<BR>
(Unaudited)</FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
A brief description of the proposal(s) voted upon at the meeting
and the votes cast for, against or withheld, as well as the
number of abstentions and broker non-votes as to the proposals
are set forth below. A vote is based on total dollar interest in
the Fund.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Proposal 1. To elect trustees to the Board.*
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
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<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
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<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Dollars Voted<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Dollars Voted<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Broker<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">“For”</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">“Withhold”</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Abstentions</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Non-Votes</FONT></B>
</TD>
<TD>
</TD>
</TR>
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<DIV style="text-indent: -8pt; margin-left: 8pt">
01.
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
Kathleen Blatz
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
257,387,769.632
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
11,757,209.690
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
02.
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Edward J. Boudreau, Jr. 
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
256,686,038.951
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,458,940.371
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
03.
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Pamela G. Carlton
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
256,577,463.647
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,567,515.675
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
04.
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
William P. Carmichael
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
256,504,325.559
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,640,653.763
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
05.
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Patricia M. Flynn
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
256,491,961.764
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,653,017.558
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
06.
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
William A. Hawkins
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
256,763,069.598
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,381,909.724
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
07.
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
R. Glenn Hilliard
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
256,777,128.640
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,367,850.682
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
08.
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Stephen R. Lewis, Jr. 
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
256,678,176.583
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,466,802.739
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
09.
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
John F. Maher
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
257,016,440.518
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,128,538.804
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
10.
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
John J. Nagorniak
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
256,847,456.303
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,297,523.019
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
11.
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Catherine James Paglia
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
257,016,493.091
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,128,486.231
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
12.
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Leroy C. Richie
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
256,863,481.181
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,281,498.141
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
13.
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Anthony M. Santomero
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
256,660,505.777
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,484,473.545
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
14.
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Minor M. Shaw
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
257,059,313.736
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,085,665.586
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
15.
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
Alison Taunton-Rigby
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
256,647,379.427
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,497,599.895
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
16.
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
William F. Truscott
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
257,099,077.555
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,045,901.767
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Proposal 2. To approve a proposed amendment to the
Declaration of Trust.*
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="1%" align="right"> </TD> <!-- colindex=01 type=lead -->
<TD width="19%" align="right"> </TD> <!-- colindex=01 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=01 type=hang1 -->
<TD width="12%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="15%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="12%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="14%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="12%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Dollars
Voted<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Dollars
Voted<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Broker<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">“For”</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">“Against”</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Abstentions</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Non-Votes</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
251,878,296.841
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
10,329,904.124
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
6,936,773.227
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
5.130
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
<TD width="2%"></TD>
<TD width="98%"></TD>
</TR>
<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TD> <I><FONT style="font-family: Arial, Helvetica">* </FONT></I></TD>
<TD align="left">
<I><FONT style="font-family: Arial, Helvetica">All dollars of
RiverSource Special Tax-Exempt Series Trust are voted
together as a single class for election of trustees and the
proposed amendment to the Declaration of Trust.</FONT></I>
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Proposal 3. To approve a proposed Agreement and Plan of
Redomiciling.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="1%" align="right"> </TD> <!-- colindex=01 type=lead -->
<TD width="19%" align="right"> </TD> <!-- colindex=01 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=01 type=hang1 -->
<TD width="10%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="14%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="10%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="14%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="10%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="15%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Dollars
Voted<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Dollars
Voted<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Broker<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">“For”</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">“Against”</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Abstentions</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Non-Votes</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
192,936,588.324
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
8,658,648.870
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
6,546,653.487
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
26,694,652.680
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">42  COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 15pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Proposal 4. To approve a proposed Investment Management
Services Agreement with Columbia Management Investment Advisers,
LLC.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="1%" align="right"> </TD> <!-- colindex=01 type=lead -->
<TD width="19%" align="right"> </TD> <!-- colindex=01 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=01 type=hang1 -->
<TD width="10%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="14%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="10%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="14%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="10%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="15%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Dollars
Voted<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Dollars
Voted<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Broker<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">“For”</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">“Against”</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Abstentions</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Non-Votes</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
194,195,353.201
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
7,928,980.950
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
6,017,556.530
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
26,694,652.680
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Proposal 5. To approve a proposal to authorize Columbia
Management Investment Advisers, LLC to enter into and materially
amend subadvisory agreements in the future, with the approval of
the Company’s board of trustees, but without obtaining
shareholder approval.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="1%" align="right"> </TD> <!-- colindex=01 type=lead -->
<TD width="21%" align="right"> </TD> <!-- colindex=01 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=01 type=hang1 -->
<TD width="9%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="15%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="9%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="14%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="9%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="15%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Dollars
Voted<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Dollars
Voted<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Broker<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">“For”</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">“Against”</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Abstentions</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Non-Votes</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
189,385,218.967
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
12,422,179.753
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
6,334,491.961
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
26,694,652.680
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">COLUMBIA
MINNESOTA TAX-EXEMPT FUND — 2011 SEMIANNUAL
REPORT  43</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 95%; margin-left: 2%"><!-- BEGIN PAGE WIDTH -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Columbia
Minnesota Tax-Exempt Fund</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">P.O.
Box 8081
</FONT>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Boston,
MA <FONT style="white-space: nowrap">02266-8081</FONT>
</FONT>
</DIV>
<DIV style="margin-top: 11pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">columbiamanagement.com</FONT></B>
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="23%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="51%"> </TD> <!-- colindex=02 type=maindata -->
<TD width="2%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="23%"> </TD> <!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<IMG src="c63554cac63554_clmbbc.gif" alt="(COLUMBIA MANAGEMENT LOGO)">
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
This report must be accompanied or preceded by the Fund’s
current prospectus. The Fund is distributed by Columbia
Management Investment Distributors, Inc., member FINRA and
managed by Columbia Management Investment Advisers, LLC.<BR>
<SUP style="font-size: 85%; vertical-align: text-top">©</SUP>2011
Columbia Management Investment Advisers, LLC. All rights
reserved.
</TD>
<TD>
</TD>
<TD align="right" valign="bottom" style="font-family: Arial, Helvetica; font-size: 9pt">
S-6329 AC (4/11)
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<!-- XBRL Pagebreak Begin -->
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica; color: #8E2344">Semiannual
Report<BR>
</FONT>
</DIV>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-size: 12pt; font-family: Arial, Helvetica">
<IMG src="c63554cas44362_clmbfc.gif" alt="(COLUMBIA MANAGEMENT LOGO)">
</FONT>
</DIV>
<DIV style="margin-top: 80pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-size: 18pt; font-family: Arial, Helvetica; color: #8E2344">RiverSource
California Tax-Exempt Fund</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-size: 18pt; font-family: Arial, Helvetica; color: #8E2344">RiverSource
New York Tax-Exempt Fund</FONT></B>
</DIV>
<DIV style="font-size: 20pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-size: 13pt; font-family: Arial, Helvetica; color: #8E2344">Semiannual
Report for the Period Ended</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-size: 13pt; font-family: Arial, Helvetica; color: #8E2344">February 28,
2011</FONT></B>
</DIV>
<DIV style="margin-top: 39pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Each
Fund seeks to provide shareholders with a high level of income
generally exempt from federal income tax as well as from the
respective state and local income tax.</FONT></B>
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV style="width: 100%; border-top: 1px solid #8E2344; padding-top: 1pt; border-right: 1px solid #8E2344; padding-right: 1pt; border-bottom: 1px solid #8E2344; padding-bottom: 1pt; border-left: 1px solid #8E2344; padding-left: 1pt"><!-- Begin box 1 -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344"> Not
FDIC
insured <FONT style="font-size: 3pt">-</FONT></FONT><FONT style="font-family: Arial, Helvetica; color: #8E2344"> No
bank
guarantee <FONT style="font-size: 3pt">-</FONT></FONT><FONT style="font-family: Arial, Helvetica; color: #8E2344"> May
lose value</FONT></B>
</DIV>
<DIV style="margin-top: 4pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
</DIV><!-- End box 1 -->
<!-- XBRL Pagebreak Begin -->
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Table
of Contents<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
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<DIV style="text-indent: -12pt; margin-left: 12pt">
Your Fund at a Glance
</DIV>
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3
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<DIV style="text-indent: -10pt; margin-left: 22pt">
RiverSource California Tax-Exempt Fund
</DIV>
</TD>
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</TD>
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3
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<DIV style="text-indent: -10pt; margin-left: 22pt">
RiverSource New York Tax-Exempt Fund
</DIV>
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7
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<DIV style="text-indent: -12pt; margin-left: 12pt">
Fund Expenses Examples
</DIV>
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11
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<DIV style="text-indent: -12pt; margin-left: 12pt">
Portfolios of Investments
</DIV>
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14
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<DIV style="text-indent: -12pt; margin-left: 12pt">
Statements of Assets and Liabilities
</DIV>
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31
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<DIV style="text-indent: -12pt; margin-left: 12pt">
Statements of Operations
</DIV>
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32
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<DIV style="text-indent: -12pt; margin-left: 12pt">
Statements of Changes in Net Assets
</DIV>
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33
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<DIV style="text-indent: -12pt; margin-left: 12pt">
Financial Highlights
</DIV>
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35
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<DIV style="text-indent: -12pt; margin-left: 12pt">
Notes to Financial Statements
</DIV>
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<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
43
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<DIV style="text-indent: -12pt; margin-left: 12pt">
Proxy Voting
</DIV>
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<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
57
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<DIV style="text-indent: -12pt; margin-left: 12pt">
Results of Meeting of Shareholders
</DIV>
</TD>
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<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
58
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</TD>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 2%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">RiverSource
California Tax-Exempt Fund and RiverSource New York Tax-Exempt
Fund are, singularly and collectively, where the context
requires, referred to as either “the Fund,” “each
Fund” or “the Funds.”
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 2%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">In August 2010,
the Board of Trustees of RiverSource California Tax-Exempt Fund
and RiverSource New York Tax-Exempt Fund (each an Acquired Fund)
approved a proposal to merge each Acquired Fund with and into
the corresponding Acquiring Fund shown below:
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-left: 2%; margin-right: 0%">
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<B><FONT style="font-family: Arial, Helvetica">Acquired
Fund</FONT></B>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Acquiring
Fund</FONT></B>
</TD>
</TR>
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<DIV style="text-indent: -10pt; margin-left: 10pt">
RiverSource California Tax-Exempt Fund
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD align="left" valign="top" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
Columbia California Tax-Exempt Fund
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -10pt; margin-left: 10pt">
RiverSource New York Tax-Exempt Fund
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
Columbia New York Tax-Exempt Fund
</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 2%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">Each merger is
expected to be a tax-free reorganization for U.S. federal income
tax purposes. More information about each Acquiring Fund and the
definitive terms of each merger are included in proxy materials
mailed to shareholders who owned shares of the Acquired Funds on
Dec. 17, 2010. Each proposal was approved at a meeting of
shareholders held on Feb., 15, 2011, and is expected to close
before the end of the second quarter 2011. For more information,
see “Results of Meeting of Shareholders”.
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica">See the
Fund’s prospectus for risks associated with investing in
the Fund.</FONT></B>
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">2  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
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<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Your
Fund at a Glance<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica">(Unaudited)</FONT></B>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<I><FONT style="font-family: 'Times New Roman', Times">RiverSource
California Tax-Exempt Fund</FONT></I>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">FUND
SUMMARY</FONT></B>
</DIV>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
<TD width="4%"></TD>
<TD width="96%"></TD>
</TR>
<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TD> <FONT style="font-family: Arial, Helvetica">></FONT><FONT style="font-size: 11pt"> 
</FONT>
</TD>
<TD align="left"> <FONT style="font-size: 11pt">RiverSource California Tax-Exempt
Fund’s (the Fund) Class A shares, excluding sales
charge, declined 6.84% for the six months ended Feb. 28,
2011.
</FONT>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TD> <FONT style="font-family: Arial, Helvetica">></FONT><FONT style="font-size: 11pt"> 
</FONT>
</TD>
<TD align="left"> <FONT style="font-size: 11pt">The Fund underperformed the
Barclays Capital Municipal Bond California 2 Plus Year Index,
which fell 4.61%, and the Lipper California Municipal Debt Funds
Index, which fell 5.52% for the same period.
</FONT>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TD> <FONT style="font-family: Arial, Helvetica">></FONT><FONT style="font-size: 11pt"> 
</FONT>
</TD>
<TD align="left"> <FONT style="font-size: 11pt">A broad barometer applicable to
the Fund, the Barclays Capital Municipal Bond Index, was down
3.51% for the same six month period.
</FONT>
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">ANNUALIZED
TOTAL RETURNS
</FONT></B><I><FONT style="font-size: 9pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(for
period ended Feb. 28, 2011)</FONT></FONT></I>
</DIV>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
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<TD width="6%" align="right"> </TD> <!-- colindex=03 type=body -->
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<TD width="3%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
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<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
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<TD width="3%"> </TD> <!-- colindex=06 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=06 type=lead -->
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<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">6
months*</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">1 year</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">3 years</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">5 years</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">10
years</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
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<TD align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -10pt; margin-left: 10pt">
<FONT style="color: #8E2344">RiverSource California
<FONT style="white-space: nowrap">Tax-Exempt</FONT>
Fund<BR>
Class A (excluding sales charge)
</FONT>
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<FONT style="color: #8E2344">-6.84%
</FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<FONT style="color: #8E2344">-0.90%
</FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<FONT style="color: #8E2344">+4.06%
</FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<FONT style="color: #8E2344">+2.47%
</FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<FONT style="color: #8E2344">+3.61%
</FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Barclays Capital Municipal Bond California 2 Plus Year
Index<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>
(unmanaged)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-4.61%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+2.30%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+5.30%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.68%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+4.70%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Barclays Capital Municipal Bond
Index<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>
(unmanaged)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-3.51%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+1.72%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+5.57%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+4.07%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+4.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Lipper California Municipal Debt Funds
Index<SUP style="font-size: 85%; vertical-align: top">(3)</SUP>
(unmanaged)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-5.52%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+0.52%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+4.00%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+2.38%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.72%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">*
</FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Not
annualized.
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<I><FONT style="font-size: 11pt; font-family: Arial, Helvetica">The
performance information shown represents past performance and is
not a guarantee of future results. The investment return and
principal value of your investment will fluctuate so that your
shares, when redeemed, may be worth more or less than their
original cost. Current performance may be lower or higher than
the performance information shown. You may obtain performance
information current to the most recent month-end by contacting
your financial intermediary, visiting columbiamanagement.com or
calling 800.345.6611.</FONT></I>
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  3</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Your
Fund at a
Glance </FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<I><FONT style="font-family: 'Times New Roman', Times">RiverSource
California Tax-Exempt Fund</FONT></I>
</DIV>
<DIV style="margin-top: 11pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-size: 11pt; font-family: Arial, Helvetica">The
4.75% sales charge applicable to Class A shares of the Fund
is not reflected in the table above. If reflected, returns would
be lower than those shown. The performance of other classes may
vary from that shown because of differences in fees and
expenses. The Fund’s returns reflect the effect of fee
waivers/expense reimbursements, if any. Without such
waivers/reimbursements, the Fund’s returns would be lower.
See the Average Annual Total Returns table for performance of
other share classes of the Fund.
</FONT>
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-size: 11pt; font-family: Arial, Helvetica">The
indices do not reflect the effects of sales charges, expenses
(excluding Lipper) and taxes. It is not possible to invest
directly in an index.
</FONT>
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
Barclays Capital Municipal Bond California 2 Plus Year Index, an
unmanaged index, is a market value-weighted index of California
investment-grade fixed-rate municipal bonds with maturities of
two years or more.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(2)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
Barclays Capital Municipal Bond Index, an unmanaged index, is
made up of a representative list of general obligation, revenue,
insured and pre-refunded bonds. The index is frequently used as
a general measure of tax-exempt bond market performance.
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 2%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">The Barclays Capital
indices reflect reinvestment of all distributions and changes in
market prices.
</FONT>
</DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(3)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
Lipper California Municipal Debt Funds Index includes the 30
largest municipal debt funds in California tracked by Lipper
Inc. The Lipper index’s returns include net reinvested
dividends.
</FONT></TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">4  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<I><FONT style="font-family: 'Times New Roman', Times">RiverSource
California Tax-Exempt Fund</FONT></I>
</DIV>
<DIV style="margin-top: 11pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">AVERAGE
ANNUAL TOTAL RETURNS</FONT></B>
</DIV>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="44%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="3%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=align1 -->
<TD width="3%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="5%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=align1 -->
<TD width="3%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=align1 -->
<TD width="3%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=align1 -->
<TD width="3%"> </TD> <!-- colindex=06 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=06 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=06 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=06 type=align1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="21" align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">at Feb. 28,
2011</FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<I><FONT style="font-family: Arial, Helvetica">Without sales
charge</FONT></I>
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">6
months*</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">1 year</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">3 years</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">5 years</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">10
years</FONT></B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 12pt">
Class A <I><FONT style="font-size: 8pt">(inception
<FONT style="white-space: nowrap">8/18/86)</FONT></FONT></I>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-6.84
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-0.90
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+4.06
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+2.47
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.61
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 12pt">
Class B <I><FONT style="font-size: 8pt">(inception
<FONT style="white-space: nowrap">3/20/95)</FONT></FONT></I>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-7.19
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-1.45
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.28
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+1.74
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+2.83
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 12pt">
Class C <I><FONT style="font-size: 8pt">(inception
<FONT style="white-space: nowrap">6/26/00)</FONT></FONT></I>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-7.36
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-1.65
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.21
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+1.70
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+2.83
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
<I><FONT style="font-size: 8pt">With sales charge</FONT></I>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 12pt">
Class A <I><FONT style="font-size: 8pt">(inception
<FONT style="white-space: nowrap">8/18/86)</FONT></FONT></I>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-11.26
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-5.60
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+2.39
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+1.48
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 12pt">
Class B <I><FONT style="font-size: 8pt">(inception
<FONT style="white-space: nowrap">3/20/95)</FONT></FONT></I>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-11.74
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-6.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+2.35
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+1.40
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+2.83
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 12pt">
Class C <I><FONT style="font-size: 8pt">(inception
<FONT style="white-space: nowrap">6/26/00)</FONT></FONT></I>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-8.27
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-2.59
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.21
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+1.70
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+2.83
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<I><FONT style="font-family: Arial, Helvetica">The “Without
sales charge” returns for Class A, Class B and
Class C shares do not include applicable initial or
contingent deferred sales charges. If included, returns would be
lower than those shown. The “With sales charge”
returns for Class A, Class B and Class C shares
include: the maximum initial sales charge of 4.75% for
Class A shares; the applicable contingent deferred sales
charge (CDSC) for Class B shares (applied as follows: first
year 5%; second year 4%; third and fourth years 3%; fifth year
2%; sixth year 1%; no sales charge thereafter); and a 1% CDSC
for Class C shares sold within one year after
purchase.</FONT></I>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
<TD width="2%"></TD>
<TD width="98%"></TD>
</TR>
<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TD> <I><FONT style="font-family: Arial, Helvetica">* </FONT></I></TD>
<TD align="left">
<I><FONT style="font-family: Arial, Helvetica">Not
annualized.</FONT></I>
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  5</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Your
Fund at a
Glance </FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<I><FONT style="font-family: 'Times New Roman', Times">RiverSource
California Tax-Exempt Fund</FONT></I>
</DIV>
<DIV style="margin-top: 11pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">PORTFOLIO
STATISTICS</FONT></B>
</DIV>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="76%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="5%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="19%"> </TD> <!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Weighted average
life<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
20.3 years
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Effective
duration<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
11.3 years
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Weighted
average
life</FONT></B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">
measures a bond’s maturity, which takes into consideration
the possibility that the issuer may call the bond before its
maturity date.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(2)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Effective
duration</FONT></B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">
measures the sensitivity of a security’s price to parallel
shifts in the yield curve (the graphical depiction of the levels
of interest rates from two years out to 30 years). Positive
duration means that as rates rise, the price decreases, and
negative duration means that as rates rise, the price increases.
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">QUALITY
BREAKDOWN<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></B><FONT style="font-family: Arial, Helvetica; color: #8E2344">
<I><FONT style="font-size: 9pt">(at Feb. 28,
2011)</FONT></I>
</FONT>
</DIV>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="91%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="4%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="3%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
AAA rating
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.7
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
AA rating
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
27.7
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
A rating
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
57.3
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
BBB rating
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
11.1
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Non-investment grade
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.2
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Percentages
indicated are based upon total fixed income securities
(excluding Cash & Cash Equivalents).
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">Ratings apply to the
underlying holdings of the Fund and not the Fund itself.
Whenever possible, the Standard and Poor’s rating is used
to determine the credit quality of a security. Standard and
Poor’s rates the creditworthiness of municipal bonds, with
15 categories, ranging from AAA (highest) to D (lowest). Ratings
from AA to CCC may be modified by the addition of a plus (+) or
minus (-) sign to show relative standing within the major rating
categories. If Standard and Poor’s doesn’t rate a
security, then Moody’s rating is used. Columbia Management
Investment Advisers, LLC (the Investment Manager) rates a
security using an internal rating system when Moody’s
doesn’t provide a rating. Ratings for 5.3% of the bond
portfolio assets were determined through internal analysis.
</FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">6  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Your
Fund at a Glance<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica">(Unaudited)</FONT></B>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<I><FONT style="font-family: 'Times New Roman', Times">RiverSource
New York Tax-Exempt Fund</FONT></I>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">FUND
SUMMARY</FONT></B>
</DIV>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
<TD width="4%"></TD>
<TD width="96%"></TD>
</TR>
<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TD> <FONT style="font-family: Arial, Helvetica">></FONT><FONT style="font-size: 11pt"> 
</FONT>
</TD>
<TD align="left"> <FONT style="font-size: 11pt">RiverSource New York Tax-Exempt
Fund’s (the Fund) Class A shares, excluding sales
charge, declined 4.28% for the six months ended Feb. 28,
2011.
</FONT>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TD> <FONT style="font-family: Arial, Helvetica">></FONT><FONT style="font-size: 11pt"> 
</FONT>
</TD>
<TD align="left"> <FONT style="font-size: 11pt">The Fund underperformed the
Barclays Capital Municipal Bond New York 4 Plus Year Index,
which fell 3.91%, and outperformed the Lipper New York Municipal
Debt Funds Index, which fell 5.09% for the same period.
</FONT>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TD> <FONT style="font-family: Arial, Helvetica">></FONT><FONT style="font-size: 11pt"> 
</FONT>
</TD>
<TD align="left"> <FONT style="font-size: 11pt">A broad barometer applicable to
the Fund, the Barclays Capital Municipal Bond Index, was down
3.51% for the same six month period.
</FONT>
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">ANNUALIZED
TOTAL RETURNS
</FONT></B><I><FONT style="font-size: 9pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(for
period ended Feb. 28, 2011)</FONT></FONT></I>
</DIV>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="43%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="3%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=06 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=06 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=06 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">6
months*</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">1 year</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">3 years</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">5 years</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">10
years</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -10pt; margin-left: 10pt">
<FONT style="color: #8E2344">RiverSource New York
<FONT style="white-space: nowrap">Tax-Exempt</FONT>
Fund<BR>
Class A (excluding sales charge)
</FONT>
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<FONT style="color: #8E2344">-4.28%
</FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<FONT style="color: #8E2344">+0.66%
</FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<FONT style="color: #8E2344">+4.97%
</FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<FONT style="color: #8E2344">+3.13%
</FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<FONT style="color: #8E2344">+3.90%
</FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Barclays Capital Municipal Bond New York 4 Plus Year
Index<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>
(unmanaged)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-3.91%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+1.69%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+6.06%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+4.26%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+5.06%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Barclays Capital Municipal Bond
Index<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>
(unmanaged)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-3.51%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+1.72%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+5.57%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+4.07%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+4.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Lipper New York Municipal Debt Funds
Index<SUP style="font-size: 85%; vertical-align: top">(3)</SUP>
(unmanaged)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-5.09%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+0.25%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+4.48%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+2.93%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.94%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">*
</FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Not
annualized.
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<I><FONT style="font-size: 11pt; font-family: Arial, Helvetica">The
performance information shown represents past performance and is
not a guarantee of future results. The investment return and
principal value of your investment will fluctuate so that your
shares, when redeemed, may be worth more or less than their
original cost. Current performance may be lower or higher than
the performance information shown. You may obtain performance
information current to the most recent month-end by contacting
your financial intermediary, visiting columbiamanagement.com or
calling 800.345.6611.</FONT></I>
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  7</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Your
Fund at a
Glance </FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<I><FONT style="font-family: 'Times New Roman', Times">RiverSource
New York Tax-Exempt Fund</FONT></I>
</DIV>
<DIV style="margin-top: 11pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-size: 11pt; font-family: Arial, Helvetica">The
4.75% sales charge applicable to Class A shares of the Fund
is not reflected in the table above. If reflected, returns would
be lower than those shown. The performance of other classes may
vary from that shown because of differences in fees and
expenses. The Fund’s returns reflect the effect of fee
waivers/expense reimbursements, if any. Without such
waivers/reimbursements, the Fund’s returns would be lower.
See the Average Annual Total Returns table for performance of
other share classes of the Fund.
</FONT>
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-size: 11pt; font-family: Arial, Helvetica">The
indices do not reflect the effects of sales charges, expenses
(excluding Lipper) and taxes. It is not possible to invest
directly in an index.
</FONT>
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
Barclays Capital Municipal Bond New York 4 Plus Year Index, an
unmanaged index, is a market value-weighted index of New York
investment-grade fixed-rate municipal bonds with maturities of
four years or more.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(2)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
Barclays Capital Municipal Bond Index, an unmanaged index, is
made up of a representative list of general obligation, revenue,
insured and pre-refunded bonds. The index is frequently used as
a general measure of tax-exempt bond market performance.
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 2%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">The Barclays Capital
indices reflect reinvestment of all distributions and changes in
market prices.
</FONT>
</DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(3)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
Lipper New York Municipal Debt Funds Index includes the 30
largest municipal debt funds in New York tracked by Lipper Inc.
The Lipper index’s returns include net reinvested dividends.
</FONT></TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">8  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<I><FONT style="font-family: 'Times New Roman', Times">RiverSource
New York Tax-Exempt Fund</FONT></I>
</DIV>
<DIV style="margin-top: 11pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">AVERAGE
ANNUAL TOTAL RETURNS</FONT></B>
</DIV>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="43%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="3%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=align1 -->
<TD width="3%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=align1 -->
<TD width="3%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=align1 -->
<TD width="3%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=align1 -->
<TD width="3%"> </TD> <!-- colindex=06 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=06 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=06 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=06 type=align1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="21" align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">at Feb. 28,
2011</FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<I><FONT style="font-family: Arial, Helvetica">Without sales
charge</FONT></I>
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">6
months*</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">1 year</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">3 years</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">5 years</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">10
years</FONT></B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 12pt">
Class A <I><FONT style="font-size: 8pt">(inception
<FONT style="white-space: nowrap">8/18/86)</FONT></FONT></I>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-4.28
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+0.66
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+4.97
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.90
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 12pt">
Class B <I><FONT style="font-size: 8pt">(inception
<FONT style="white-space: nowrap">3/20/95)</FONT></FONT></I>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-4.64
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-0.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+4.19
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+2.36
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.12
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 12pt">
Class C <I><FONT style="font-size: 8pt">(inception
<FONT style="white-space: nowrap">6/26/00)</FONT></FONT></I>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-4.64
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+0.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+4.19
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+2.36
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.12
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
<I><FONT style="font-size: 8pt">With sales charge</FONT></I>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 12pt">
Class A <I><FONT style="font-size: 8pt">(inception
<FONT style="white-space: nowrap">8/18/86)</FONT></FONT></I>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-8.83
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-4.12
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.29
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+2.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.40
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 12pt">
Class B <I><FONT style="font-size: 8pt">(inception
<FONT style="white-space: nowrap">3/20/95)</FONT></FONT></I>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-9.33
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-4.93
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.26
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+2.01
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.12
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 12pt">
Class C <I><FONT style="font-size: 8pt">(inception
<FONT style="white-space: nowrap">6/26/00)</FONT></FONT></I>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-5.58
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-0.86
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+4.19
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+2.36
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
+3.12
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<I><FONT style="font-family: Arial, Helvetica">The “Without
sales charge” returns for Class A, Class B and
Class C shares do not include applicable initial or
contingent deferred sales charges. If included, returns would be
lower than those shown. The “With sales charge”
returns for Class A, Class B and Class C shares
include: the maximum initial sales charge of 4.75% for
Class A shares; the applicable contingent deferred sales
charge (CDSC) for Class B shares (applied as follows: first
year 5%; second year 4%; third and fourth years 3%; fifth year
2%; sixth year 1%; no sales charge thereafter); and a 1% CDSC
for Class C shares sold within one year after
purchase.</FONT></I>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
<TD width="2%"></TD>
<TD width="98%"></TD>
</TR>
<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TD> <I><FONT style="font-family: Arial, Helvetica">* </FONT></I></TD>
<TD align="left">
<I><FONT style="font-family: Arial, Helvetica">Not
annualized.</FONT></I>
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  9</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Your
Fund at a
Glance </FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<I><FONT style="font-family: 'Times New Roman', Times">RiverSource
New York Tax-Exempt Fund</FONT></I>
</DIV>
<DIV style="margin-top: 11pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">PORTFOLIO
STATISTICS</FONT></B>
</DIV>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="76%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="5%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="19%"> </TD> <!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Weighted average
life<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
18.1 years
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Effective
duration<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
9.9 years
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Weighted
average
life</FONT></B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">
measures a bond’s maturity, which takes into consideration
the possibility that the issuer may call the bond before its
maturity date.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(2)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Effective
duration</FONT></B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">
measures the sensitivity of a security’s price to parallel
shifts in the yield curve (the graphical depiction of the levels
of interest rates from two years out to 30 years). Positive
duration means that as rates rise, the price decreases, and
negative duration means that as rates rise, the price increases.
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">QUALITY
BREAKDOWN<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></B><FONT style="font-family: Arial, Helvetica; color: #8E2344">
<I><FONT style="font-size: 9pt">(at Feb. 28,
2011)</FONT></I>
</FONT>
</DIV>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="91%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="4%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="3%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
AAA rating
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
9.2
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
AA rating
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
41.7
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
A rating
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
23.0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
BBB rating
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
19.1
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Non-investment grade
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.3
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Non-rated
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.7
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Percentages
indicated are based upon total fixed income securities
(excluding Cash & Cash Equivalents).
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">Ratings apply to the
underlying holdings of the Fund and not the Fund itself.
Whenever possible, the Standard and Poor’s rating is used
to determine the credit quality of a security. Standard and
Poor’s rates the creditworthiness of municipal bonds, with
15 categories, ranging from AAA (highest) to D (lowest). Ratings
from AA to CCC may be modified by the addition of a plus (+) or
minus (-) sign to show relative standing within the major rating
categories. If Standard and Poor’s doesn’t rate a
security, then Moody’s rating is used. Columbia Management
Investment Advisers, LLC (the Investment Manager) rates a
security using an internal rating system when Moody’s
doesn’t provide a rating. Ratings for 1.7% of the bond
portfolio assets were determined through internal analysis.
</FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">10  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Fund
Expenses Examples<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica">(Unaudited)</FONT></B>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
As a shareholder of the Fund, you incur two types of costs:
(i) transaction costs, including sales charges (loads) on
purchase payments; and (ii) ongoing costs, which may
include management fees; distribution and service
<FONT style="white-space: nowrap">(Rule 12b-1)</FONT>
fees; and other Fund fees and expenses. This example is intended
to help you understand your ongoing costs (in dollars) of
investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds. In addition to
the ongoing expenses which the Fund bears directly, the
Fund’s shareholders indirectly bear the ongoing expenses of
any funds in which the Fund invests (also referred to as
“acquired funds”), including affiliated and
non-affiliated pooled investment vehicles (including mutual
funds and exchange traded funds). The Fund’s indirect
expense from investing in the acquired funds is based on the
Fund’s pro rata portion of the ongoing expenses charged by
acquired funds using the expense ratio of each of the acquired
funds as of the acquired fund’s most recent shareholder
report.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The example is based on an investment of $1,000 invested at the
beginning of the period indicated and held until Feb. 28,
2011.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Actual
Expenses</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The first line of each table provides information about actual
account values and actual expenses for each class. You may use
the information in this line, together with the amount you
invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example,
an $8,600 account value divided by $1,000 = 8.6), then
multiply the result by the number in the first line under the
heading titled “Expenses paid during the period” to
estimate the expenses you paid on your account during this
period.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Hypothetical
Example for Comparison Purposes</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The second line of each table provides information about
hypothetical account values and hypothetical expenses based on
each actual expense ratio for each class and an assumed rate of
return of 5% per year before expenses, which is not the
actual return for the class. The hypothetical account values and
expenses may not be used to estimate the actual ending account
balance or expenses you paid for the period. You may use this
information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Please note that the expenses shown in the table are meant to
highlight your ongoing costs only and do not reflect any
transactional costs, such as sales charges (loads). Therefore,
the second line of the table is useful in comparing ongoing
costs only, and will not help you determine each relative total
costs of owning different funds. In addition, if these
transactional costs were included, your costs would have been
higher.
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  11</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Fund
Expenses Examples
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<I><FONT style="font-family: 'Times New Roman', Times">RiverSource
California Tax-Exempt Fund</FONT></I>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="43%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="12%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="1%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="12%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="1%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="10%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
<TD width="1%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="11%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Beginning<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Ending<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Expenses<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">account value<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">account value<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">paid during<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Annualized<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Sept. 1,
2010</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Feb. 28,
2011</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">the
period<SUP style="font-size: 85%; vertical-align: top">(a)</SUP></FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">expense
ratio</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class A
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 12pt">
Actual<SUP style="font-size: 85%; vertical-align: top">(b)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
931.60
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.78
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 12pt">
Hypothetical<BR>
(5% return before expenses)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,020.88
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.96
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class B
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 12pt">
Actual<SUP style="font-size: 85%; vertical-align: top">(b)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
928.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7.36
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 12pt">
Hypothetical<BR>
(5% return before expenses)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,017.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7.70
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class C
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 12pt">
Actual<SUP style="font-size: 85%; vertical-align: top">(b)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
926.40
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7.36
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 12pt">
Hypothetical<BR>
(5% return before expenses)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,017.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7.70
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(a)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Expenses
are equal to the annualized expense ratio for each class as
indicated above, multiplied by the average account value over
the period, multiplied by
<FONT style="white-space: nowrap">181/365</FONT> (to
reflect the one-half year period).
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(b)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Based
on the actual return for the six months ended Feb. 28,
2011: -6.84% for Class A, -7.19% for Class B and
-7.36% for Class C.
</FONT></TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">12  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<I><FONT style="font-family: 'Times New Roman', Times">RiverSource
New York Tax-Exempt Fund</FONT></I>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="43%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="12%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="1%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="12%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="1%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="10%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
<TD width="1%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="11%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Beginning<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Ending<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Expenses<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">account value<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">account value<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">paid during<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Annualized<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Sept. 1,
2010</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Feb. 28,
2011</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">the
period<SUP style="font-size: 85%; vertical-align: top">(a)</SUP></FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">expense
ratio</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class A
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 12pt">
Actual<SUP style="font-size: 85%; vertical-align: top">(b)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
957.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.83
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 12pt">
Hypothetical<BR>
(5% return before expenses)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,020.88
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.96
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class B
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 12pt">
Actual<SUP style="font-size: 85%; vertical-align: top">(b)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
953.60
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7.46
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 12pt">
Hypothetical<BR>
(5% return before expenses)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,017.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7.70
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class C
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 12pt">
Actual<SUP style="font-size: 85%; vertical-align: top">(b)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
953.60
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7.46
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: 0pt; margin-left: 12pt">
Hypothetical<BR>
(5% return before expenses)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,017.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7.70
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(a)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Expenses
are equal to the annualized expense ratio for each class as
indicated above, multiplied by the average account value over
the period, multiplied by
<FONT style="white-space: nowrap">181/365</FONT> (to
reflect the one-half year period).
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(b)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Based
on the actual return for the six months ended Feb. 28,
2011: -4.28% for Class A, -4.64% for Class B and
-4.64% for Class C.
</FONT></TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  13</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Portfolio
of Investments<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<I><FONT style="font-family: 'Times New Roman', Times">RiverSource
California Tax-Exempt Fund</FONT></I>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Feb. 28,
2011 (Unaudited) </FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<I><FONT style="font-size: 9pt; font-family: Arial, Helvetica">(Percentages
represent value of investments compared to net assets)</FONT></I>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Investments
in Securities</FONT></B>
</DIV>
<DIV style="margin-top: 8pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 6pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="32%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="12%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="18%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="23%"> </TD> <!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="11" align="left" valign="bottom">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Municipal
Bonds (95.7%)</FONT></B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Issue<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Coupon<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Principal<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Description(d,e)</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Rate</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Amount</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Value(a)</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
Advanced Refunded (0.6%)
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Health Facilities Financing Authority<BR>
Revenue Bonds<BR>
Providence Health<BR>
Series 2008
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10-01-38
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$30,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$37,965
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Los Angeles Harbor Department<BR>
Revenue Bonds<BR>
Series 1988 Escrowed to Maturity
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10-01-18
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7.600
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
665,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
797,661
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
835,626
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Airport (3.1%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
County of Sacramento<BR>
Revenue Bonds<BR>
Senior Series 2009B
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07-01-39
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,005,760
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Los Angeles Department of Airports<BR>
Subordinated Revenue Bonds<BR>
Los Angeles International<BR>
Series 2010B
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
05-15-35
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
(g)
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
934,710
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
San Diego County Regional Airport Authority<BR>
Subordinated Revenue Bonds<BR>
Series 2010A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07-01-34
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,350,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,227,137
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,167,607
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">City (1.2%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of Martinez<BR>
Unlimited General Obligation Bonds<BR>
Election of 2008<BR>
Series 2009A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-34
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,560,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,591,106
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">College (9.2%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Educational Facilities Authority<BR>
Revenue Bonds<BR>
Loyola Marymount University<BR>
Series 2010A
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10-01-40
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
850,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
762,637
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Municipal Finance Authority<BR>
Revenue Bonds<BR>
Biola University<BR>
Series 2008
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10-01-28
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.800
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,946,180
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Municipal Finance Authority<BR>
Revenue Bonds<BR>
Loma Linda University<BR>
Series 2007
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
04-01-32
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,300,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,946,260
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California State University<BR>
Revenue Bonds<BR>
Systemwide<BR>
Series 2009A
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11-01-29
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,019,590
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Statewide Communities Development Authority<BR>
Revenue Bonds<BR>
Polytechnic School<BR>
Series 2009
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
12-01-34
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
464,525
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Statewide Communities Development Authority<BR>
Revenue Bonds<BR>
Thomas Jefferson School of Law<BR>
Series 2008A
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10-01-38
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,004,820
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
University of California<BR>
Revenue Bonds<BR>
General<BR>
Series 2009Q
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
05-15-34
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,750,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,684,743
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
University of California<BR>
Revenue Bonds<BR>
Series 2008D
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
05-15-27
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,470,510
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,299,265
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Electric (3.9%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Statewide Communities Development Authority<BR>
Refunding Revenue Bonds<BR>
Southern California Education<BR>
Series 2010A
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
09-01-29
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,310,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,198,925
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Portfolio of Investments.
</FONT>
</DIV>
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">14  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 6pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="32%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="12%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="18%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="23%"> </TD> <!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="11" align="left" valign="bottom">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Municipal
Bonds (continued)</FONT></B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Issue<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Coupon<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Principal<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Description(d,e)</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Rate</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Amount</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Value(a)</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Electric (cont.) </FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of Vernon<BR>
Revenue Bonds<BR>
Series 2009A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-21
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$1,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$1,539,780
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Walnut Energy Center Authority<BR>
Revenue Bonds<BR>
Series 2004A (AMBAC)
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
01-01-29
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,501,150
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,239,855
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Health Care —
Hospital (21.7%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Health Facilities Financing Authority<BR>
Refunding Revenue Bonds<BR>
Cedars-Sinai Medical Center<BR>
Series 2005
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11-15-34
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,525,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,361,535
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Health Facilities Financing Authority<BR>
Revenue Bonds<BR>
Adventist Health System West<BR>
Series 2009A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
09-01-39
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,820,420
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Health Facilities Financing Authority<BR>
Revenue Bonds<BR>
Cedars-Sinai Medical Center<BR>
Series 2009
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-15-39
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,303,755
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Health Facilities Financing Authority<BR>
Revenue Bonds<BR>
Providence Health & Services<BR>
Series 2008C
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10-01-28
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
541,680
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Health Facilities Financing Authority<BR>
Revenue Bonds<BR>
Providence Health Services<BR>
Series 2009B
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10-01-39
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,200,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,066,560
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Health Facilities Financing Authority<BR>
Revenue Bonds<BR>
Sutter Health<BR>
Series 2008A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-15-30
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,260,325
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Health Facilities Financing Authority<BR>
Unrefunded Revenue Bonds<BR>
Providence Health<BR>
Series 2008
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10-01-38
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,470,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,594,274
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Municipal Finance Authority<BR>
Revenue Bonds<BR>
Community Hospitals<BR>
Series 2009
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
02-01-39
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,250,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,742,220
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Statewide Communities Development Authority<BR>
Revenue Bonds<BR>
Catholic Healthcare West<BR>
Series 2008B
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07-01-30
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,975,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,919,898
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Statewide Communities Development Authority<BR>
Revenue Bonds<BR>
Cottage Health Obligation Group<BR>
Series 2010
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11-01-30
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
300,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
281,766
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Statewide Communities Development Authority<BR>
Revenue Bonds<BR>
John Muir Health<BR>
Series 2006A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-15-32
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,450,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,202,746
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Statewide Communities Development Authority<BR>
Revenue Bonds<BR>
Kaiser Permanente<BR>
Series 2006B
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
03-01-45
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
851,090
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Statewide Communities Development Authority<BR>
Revenue Bonds<BR>
Sutter Health<BR>
Series 2011A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-15-42
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
990,200
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of Torrance<BR>
Revenue Bonds<BR>
Torrance Memorial Medical Center<BR>
Series 2010A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
09-01-30
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,100,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,858,248
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of Turlock<BR>
Certificate of Participation<BR>
Emanuel Medical Center<BR>
Series 2007A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10-15-31
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,930,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,190,334
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Sierra View Local Health Care District<BR>
Revenue Bonds<BR>
Series 2007
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07-01-37
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,738,460
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
28,723,511
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Portfolio of Investments.
</FONT>
</DIV>
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  15</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Portfolio
of Investments
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<I><FONT style="font-family: Arial, Helvetica">RiverSource
California Tax-Exempt Fund</FONT></I>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 6pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="32%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="12%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="18%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="23%"> </TD> <!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="11" align="left" valign="bottom">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Municipal
Bonds (continued)</FONT></B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Issue<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Coupon<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Principal<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Description(d,e)</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Rate</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Amount</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Value(a)</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Housing —
Other (1.1%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Statewide Communities Development Authority<BR>
Revenue Bonds<BR>
CHF — Irvine LLC — UCI East Campus<BR>
Series 2008
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
05-15-32
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$1,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$1,417,410
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Housing — Single
Family (1.2%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Housing Finance Agency<BR>
Revenue Bonds<BR>
Home Mortgage<BR>
Series 2006H (FGIC) A.M.T.
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-30
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
965,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
978,993
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Housing Finance Agency<BR>
Revenue Bonds<BR>
Home Mortgage<BR>
Series 2006K A.M.T.
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
02-01-42
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
570,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
578,698
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,557,691
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Lease (2.7%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Los Angeles Municipal Improvement Corp.<BR>
Revenue Bonds<BR>
Series 2008B
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
09-01-38
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,657,040
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
San Mateo County Board of Education<BR>
Refunding Certificate of Participation<BR>
Series 2009
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
06-01-35
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
981,090
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,638,130
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Miscellaneous
Revenue (1.9%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Infrastructure & Economic Development
Bank<BR>
Revenue Bonds<BR>
Series 2008
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
02-01-33
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,600,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,485,782
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Port
District (0.7%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Port of Oakland<BR>
Unrefunded Revenue Bonds<BR>
Series 2000K (NPFGC/FGIC) A.M.T.
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11-01-18
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
995,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
995,557
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Sales or Use
Tax (0.7%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Riverside County Transportation Commission<BR>
Limited Tax Revenue Bonds<BR>
Series 2010A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
06-01-32
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
964,400
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">School (14.6%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Alhambra Unified School District<BR>
Unlimited General Obligation Bonds<BR>
Capital Appreciation<BR>
Zero Coupon<BR>
Series 1999A (AGM)
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
09-01-22
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.950
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,055,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
(b)
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
526,772
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Centinela Valley Union High School District<BR>
Unlimited General Obligation Bonds<BR>
Series 2002A (NPFGC)
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-31
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,866,980
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Chabot-Las Positas Community College District<BR>
Unlimited General Obligation Bonds<BR>
Capital Appreciation Election of 2004<BR>
Zero Coupon<BR>
Series 2006B (AMBAC)
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-19
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.745
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
(b)
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
659,310
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Encinitas Union School District<BR>
Unlimited General Obligation Bonds<BR>
Capital Appreciation<BR>
Zero Coupon<BR>
Series 1996 (NPFGC)
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-15
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.850
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
(b)
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,146,125
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Lakeside Union School District/San Diego County<BR>
Unlimited General Obligation Bonds<BR>
Series 2009
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-33
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,750,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,735,948
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Menifee Union School District<BR>
Unlimited General Obligation Bonds<BR>
Election of 2008<BR>
Series 2008A
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-33
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,125,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,151,374
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Merced Community College District<BR>
Refunding Revenue Bonds<BR>
School Facilities Financing Authority<BR>
Series 2006 (NPFGC)
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-21
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
700,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
777,588
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
San Bernardino Community College District<BR>
Unlimited General Obligation Bonds<BR>
Election of 2002<BR>
Series 2008A
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-33
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,065,850
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
San Diego Community College District<BR>
Unlimited General Obligation Bonds<BR>
Election of 2006<BR>
Series 2007 (AGM)
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-30
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,481,475
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Portfolio of Investments.
</FONT>
</DIV>
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">16  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
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<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
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<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
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<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="11" align="left" valign="bottom">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Municipal
Bonds (continued)</FONT></B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Issue<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Coupon<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Principal<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Description(d,e)</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Rate</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Amount</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Value(a)</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">School (cont.) </FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
San Juan Unified School District<BR>
Unlimited General Obligation Bonds<BR>
Capital Appreciation<BR>
Zero Coupon<BR>
Series 1999 (AGM)
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-21
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.680
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$820,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
(b)
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$465,383
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-24
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.700
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,810,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
(b)
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
804,925
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
San Mateo County Community College District<BR>
Unlimited General Obligation Bonds<BR>
Election of 2001<BR>
Series 2002A (NPFGC/FGIC)
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
09-01-18
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.375
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,053,770
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Simi Valley School Financing Authority<BR>
Refunding Revenue Bonds<BR>
Unified School District<BR>
Series 2007 (AGM)
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-23
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,584,915
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Twin Rivers Unified School District<BR>
Unlimited General Obligation Bonds<BR>
Election of 2006<BR>
Series 2008 (AGM)
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-25
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,011,330
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
19,331,745
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Special District —
Assessment (1.1%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Anaheim Community Facilities District
<FONT style="white-space: nowrap">No. 06-2</FONT><BR>
Special Tax Bonds<BR>
Stadium Lofts<BR>
Series 2007
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
09-01-37
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
757,480
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Orange Unified School District
<FONT style="white-space: nowrap">No. 2005-2</FONT>
Community Facilities<BR>
Special Tax Bonds<BR>
Del Rio School Facilities<BR>
Series 2007
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
09-01-37
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
714,000
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,471,480
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Special District — Tax
Allocation (12.1%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Bakersfield Redevelopment Agency<BR>
Tax Allocation Bonds<BR>
Old Town Kern Pioneer<BR>
Series 2009A
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-29
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,615,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,538,449
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Bakersfield Redevelopment Agency<BR>
Tax Allocation Bonds<BR>
Southeast Bakersfield<BR>
Series 2009B
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-29
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
720,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
702,331
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Carson Redevelopment Agency<BR>
Tax Allocation Bonds<BR>
Housing<BR>
Series 2010A
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10-01-30
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,300,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,075,568
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Folsom Redevelopment Agency<BR>
Tax Allocation Bonds<BR>
Central Folsom Redevelopment Project<BR>
Series 2009
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-29
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
800,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
738,480
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-36
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
800,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
725,920
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Inglewood Redevelopment Agency<BR>
Refunding Tax Allocation Bonds<BR>
Merged Redevelopment Project<BR>
Series 1998A (AMBAC)
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
05-01-23
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,100,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,056,715
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Lammersville School District No. 2002 Community
Facilities<BR>
Special Tax Bonds<BR>
Mountain House<BR>
Series 2006
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
09-01-35
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
767,400
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Palmdale Civic Authority<BR>
Refunding Revenue Bonds<BR>
Redevelopment Project No. 1<BR>
Series 2009A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07-01-27
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,780,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,814,278
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Pittsburg Redevelopment Agency<BR>
Tax Allocation Bonds<BR>
Los Medanos Community Development Project<BR>
Zero Coupon<BR>
Series 1999 (AMBAC)
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-24
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.050
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,100,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
(b)
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
812,679
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Rancho Cucamonga Redevelopment Agency<BR>
Tax Allocation Bonds<BR>
Housing Set Aside<BR>
Series 2007A (NPFGC)
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
09-01-34
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,200,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,755,952
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Riverside County Redevelopment Agency<BR>
Tax Allocation Bonds<BR>
Housing<BR>
Series 2010A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10-01-39
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,350,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,211,436
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Portfolio of Investments.
</FONT>
</DIV>
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  17</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Portfolio
of Investments
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<I><FONT style="font-family: Arial, Helvetica">RiverSource
California Tax-Exempt Fund</FONT></I>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 6pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="32%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="12%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="18%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="23%"> </TD> <!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="11" align="left" valign="bottom">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Municipal
Bonds (continued)</FONT></B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Issue<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Coupon<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Principal<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Description(d,e)</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Rate</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Amount</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Value(a)</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Special District — Tax
Allocation (cont.) </FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
San Francisco City & County Redevelopment Agency<BR>
Tax Allocation Bonds<BR>
Mission Bay North Redevelopment<BR>
Series 2009C
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-29
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$507,560
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-39
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,625,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,630,119
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
San Francisco City & County Redevelopment Agency<BR>
Tax Allocation Bonds<BR>
Mission Bay South Redevelopment<BR>
Series 2009D
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-29
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.375
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
491,205
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
San Francisco City & County Redevelopment Agency<BR>
Tax Allocation Bonds<BR>
Redevelopment Projects<BR>
Series 2009B
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-28
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
310,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
324,142
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
16,152,234
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">State (12.8%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
State of California<BR>
Unlimited General Obligation Bonds<BR>
Series 2004
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
02-01-22
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,010,030
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
State of California<BR>
Unlimited General Obligation Bonds<BR>
Various Purpose<BR>
Series 2003
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11-01-24
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,022,660
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
State of California<BR>
Unlimited General Obligation Bonds<BR>
Various Purpose<BR>
Series 2007
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
12-01-32
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,801,240
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
State of California<BR>
Unlimited General Obligation Bonds<BR>
Various Purpose<BR>
Series 2009
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
04-01-31
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,031,900
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
State of California<BR>
Unlimited General Obligation Bonds<BR>
Various Purpose<BR>
Series 2010
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
03-01-24
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,043,520
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
03-01-30
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,710
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
State of California<BR>
Unlimited General Obligation Refunding Bonds<BR>
Series 2007
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-30
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,340,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,947,917
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
State of California<BR>
Unlimited General Obligation Refunding Bonds<BR>
Various Purpose<BR>
Series 2008
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
04-01-33
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,437,750
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
04-01-38
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,762,160
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
State of California<BR>
Unrefunded Unlimited General Obligation Bonds<BR>
Series 2004
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
04-01-29
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.300
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,010
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
17,059,897
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Toll Road (0.8%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
San Joaquin Hills Transportation Corridor Agency<BR>
Revenue Bonds<BR>
Senior Lien<BR>
Series 1993
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
01-01-33
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,400,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,027,838
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Water &
Sewer (6.3%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Anaheim Public Financing Authority<BR>
Revenue Bonds<BR>
Series 2007 (NPFGC)
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
02-01-33
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,795,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,628,026
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Eastern Municipal Water District<BR>
Certificate of Participation<BR>
Series 2008H
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07-01-33
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
963,450
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Eastern Municipal Water District<BR>
Special Tax Bonds<BR>
District
<FONT style="white-space: nowrap">No. 2004-27</FONT>
Cottonwood<BR>
Series 2006
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
09-01-27
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
200,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
165,826
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
09-01-36
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
378,480
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Rowland Water District<BR>
Certificate of Participation<BR>
Recycled Water Project<BR>
Series 2008
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
12-01-39
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,235,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,328,021
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Portfolio of Investments.
</FONT>
</DIV>
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">18  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 6pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="32%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="12%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="18%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="23%"> </TD> <!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="11" align="left" valign="bottom">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Municipal
Bonds (continued)</FONT></B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Issue<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Coupon<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Principal<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Description(d,e)</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Rate</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Amount</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Value(a)</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Water &
Sewer (cont.) </FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Turlock Public Financing Authority<BR>
Revenue Bonds<BR>
Series 2008
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
05-01-32
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$2,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$1,863,280
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
8,327,083
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Total Municipal Bonds </FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="9" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
(Cost: $133,324,286)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$127,286,218
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="11" align="left" valign="bottom">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Municipal
Notes (1.7%)</FONT></B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Amount<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Issue<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Effective<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Payable
at<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Description(c,d,e)</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Yield</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Maturity</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Value(a)</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Infrastructure & Economic Development
Bank<BR>
Refunding Revenue Bonds<BR>
Pacific Gas & Electric Co.<BR>
V.R.D.N. Series 2009A (Wells Fargo Bank)
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11-01-26
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.170
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$1,300,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$1,300,000
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
California Statewide Communities Development Authority<BR>
Refunding Revenue Bonds<BR>
Los Angeles County Museum of Art<BR>
V.R.D.N. Series 2008D (Wells Fargo Bank)
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
12-01-34
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.170
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Total Municipal Notes </FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="9" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
(Cost: $2,300,000)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$2,300,000
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 6pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="55%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="5%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="10%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="23%"> </TD> <!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="7" align="left" valign="bottom">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Money
Market Fund (0.1%)</FONT></B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Shares</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Value(a)</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
JPMorgan Tax-Free Money Market Fund, 0.000%
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
191,398
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
(f)
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$191,398
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="7" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="7" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="7" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Total Money Market
Fund</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="5" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
(Cost: $191,398)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$191,398
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="7" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="7" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="7" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Total Investments in
Securities</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="5" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
(Cost: $135,815,684)(h)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$129,777,616
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="7" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="7" style="border-top: 3px double #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 19pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Notes
to Portfolio of Investments<BR>
</FONT></B>
</DIV>
<DIV style="margin-top: 5pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="4%"></TD>
<TD width="1%"></TD>
<TD width="95%"></TD>
</TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(a)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Securities
are valued by using policies described in Note 2 to the
financial statements.
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(b)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">For
zero coupons, the interest rate disclosed represents the
annualized effective yield on the date of acquisition.
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(c)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
maturity date disclosed represents the final maturity. Interest
rate varies to reflect current market conditions; rate shown is
the effective rate on Feb. 28, 2011.
</FONT></TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  19</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Portfolio
of Investments
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<I><FONT style="font-family: Arial, Helvetica">RiverSource
California Tax-Exempt Fund</FONT></I>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 19pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Notes
to Portfolio of Investments (continued)<BR>
</FONT></B>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="4%"></TD>
<TD width="1%"></TD>
<TD width="95%"></TD>
</TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(d)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
following abbreviations may be used in the portfolio security
descriptions to identify the insurer
<FONT style="white-space: nowrap">and/or</FONT>
guarantor of the issue:
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-left: 5%; margin-right: 0%">
<TABLE border="0" width="95%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="8%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%"> </TD> <!-- colindex=02 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="89%"> </TD> <!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
ACA
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
ACA Financial Guaranty Corporation
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
AGCP
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Assured Guaranty Corporation
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
AGM
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Assured Guaranty Municipal Corporation
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
AMBAC
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Ambac Assurance Corporation
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
BHAC
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Berkshire Hathaway Assurance Corporation
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
BIG
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Bond Investors Guarantee
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
BNY
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Bank of New York
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
CGIC
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Capital Guaranty Insurance Company
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
CIFG
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
IXIS Financial Guaranty
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
FGIC
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Financial Guaranty Insurance Company
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
FHA
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Federal Housing Authority
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
FHLMC
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Federal Home Loan Mortgage Corporation
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
FNMA
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Federal National Mortgage Association
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
GNMA
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Government National Mortgage Association
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
MGIC
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Mortgage Guaranty Insurance Corporation
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
NPFGC
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
National Public Finance Guarantee Corporation
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
TCRS
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Transferable Custodial Receipts
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
XLCA
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
XL Capital Assurance
</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="4%"></TD>
<TD width="1%"></TD>
<TD width="95%"></TD>
</TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(e)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
following abbreviations may be used in the portfolio
descriptions:
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV style="margin-left: 5%; margin-right: 0%">
<TABLE border="0" width="95%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="9%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%"> </TD> <!-- colindex=02 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="88%"> </TD> <!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
A.M.T.
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="right" valign="bottom" style="font-family: Arial, Helvetica">
Alternative Minimum Tax — At Feb. 28, 2011, the value
of securities subject to alternative minimum tax represented
1.92% of net assets.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
B.A.N.
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Bond Anticipation Note
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
C.P.
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
Commercial Paper
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
R.A.N.
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Revenue Anticipation Note
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
T.A.N.
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Tax Anticipation Note
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
T.R.A.N.
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Tax & Revenue Anticipation Note
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
V.R.
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
Variable Rate
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
V.R.D.B.
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Variable Rate Demand Bond
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
V.R.D.N.
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Variable Rate Demand Note
</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="4%"></TD>
<TD width="1%"></TD>
<TD width="95%"></TD>
</TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(f)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
rate shown is the
<FONT style="white-space: nowrap">seven-day</FONT>
current annualized yield at Feb. 28, 2011.
</FONT></TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">20  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 19pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Notes
to Portfolio of Investments (continued)<BR>
</FONT></B>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="4%"></TD>
<TD width="1%"></TD>
<TD width="95%"></TD>
</TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(g)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Identifies
issues considered to be illiquid as to their marketability (see
Note 2 to the financial statements). The aggregate value of
such securities at Feb. 28, 2011 was $934,710, representing
0.70% of net assets. Information concerning such security
holdings at Feb. 28, 2011 was as follows:
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-left: 5%; margin-right: 0%">
<TABLE border="0" width="95%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="64%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="3%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="11%"> </TD> <!-- colindex=02 type=maindata -->
<TD width="11%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="9%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Acquisition<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Security</FONT></B>
</TD>
<TD>
</TD>
<TD nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Dates</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Cost</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Los Angeles Department of Airports<BR>
Subordinated Revenue Bonds<BR>
Los Angeles International<BR>
Series 2010B<BR>
5.000% 2035
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
10-29-10
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$1,005,778
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="4%"></TD>
<TD width="1%"></TD>
<TD width="95%"></TD>
</TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(h)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">At
Feb. 28, 2011, the cost of securities for federal income
tax purposes was approximately $135,816,000 and the approximate
aggregate gross unrealized appreciation and depreciation based
on that cost was:
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-left: 5%; margin-right: 0%">
<TABLE border="0" width="95%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="85%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="3%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="10%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Unrealized appreciation
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$1,669,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Unrealized depreciation
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(7,707,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net unrealized depreciation
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$(6,038,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  21</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Portfolio
of Investments
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<I><FONT style="font-family: Arial, Helvetica">RiverSource
California Tax-Exempt Fund</FONT></I>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 19pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Fair
Value Measurements<BR>
</FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">Generally accepted
accounting principles (GAAP) require disclosure regarding the
inputs and valuation techniques used to measure fair value and
any changes in valuation inputs or techniques. In addition,
investments shall be disclosed by major category.
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">The Fund categorizes
its fair value measurements according to a three-level hierarchy
that maximizes the use of observable inputs and minimizes the
use of unobservable inputs by prioritizing that the most
observable input be used when available. Observable inputs are
those that market participants would use in pricing an
investment based on market data obtained from sources
independent of the reporting entity. Unobservable inputs are
those that reflect the Fund’s assumptions about the
information market participants would use in pricing an
investment. An investment’s level within the fair value
hierarchy is based on the lowest level of any input that is
deemed significant to the asset or liability’s fair value
measurement. The input levels are not necessarily an indication
of the risk or liquidity associated with investments at that
level. For example, certain U.S. government securities are
generally high quality and liquid, however, they are reflected
as Level 2 because the inputs used to determine fair value
may not always be quoted prices in an active market.
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">Fair value inputs
are summarized in the three broad levels listed below:
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
<TD width="5%"></TD>
<TD width="2%"></TD>
<TD width="93%"></TD>
</TR>
<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TD> </TD>
<TD> •<FONT style="font-family: Arial, Helvetica"> 
</FONT>
</TD>
<TD align="left">
<FONT style="font-family: Arial, Helvetica">Level 1 —
Valuations based on quoted prices for investments in active
markets that the Fund has the ability to access at the
measurement date (including NAV for open-end mutual funds).
Valuation adjustments are not applied to Level 1
investments.
</FONT>
</TD>
</TR>
<TR style="line-height: 6pt; font-size: 1pt"><TD> </TD></TR>
<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TD> </TD>
<TD> •<FONT style="font-family: Arial, Helvetica"> 
</FONT>
</TD>
<TD align="left">
<FONT style="font-family: Arial, Helvetica">Level 2 —
Valuations based on other significant observable inputs
(including quoted prices for similar securities, interest rates,
prepayment speeds, credit risks, etc.).
</FONT>
</TD>
</TR>
<TR style="line-height: 6pt; font-size: 1pt"><TD> </TD></TR>
<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TD> </TD>
<TD> •<FONT style="font-family: Arial, Helvetica"> 
</FONT>
</TD>
<TD align="left">
<FONT style="font-family: Arial, Helvetica">Level 3 —
Valuations based on significant unobservable inputs (including
the Fund’s own assumptions and judgment in determining the
fair value of investments).
</FONT>
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">Inputs that are used
in determining fair value of an investment may include price
information, credit data, volatility statistics, and other
factors. These inputs can be either observable or unobservable.
The availability of observable inputs can vary between
investments, and is affected by various factors such as the type
of investment, and the volume and level of activity for that
investment or similar investments in the marketplace. The inputs
will be considered by the Fund Administrator, along with any
other relevant factors in the calculation of an
investment’s fair value. The Fund uses prices and inputs
that are current as of the measurement date, which may include
periods of market dislocations. During these periods, the
availability of prices and inputs may be reduced for many
investments. This condition could cause an investment to be
reclassified between the various levels within the hierarchy.
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">Investments falling
into the Level 3 category are primarily supported by quoted
prices from brokers and dealers participating in the market for
those investments. However, these may be classified as
Level 3 investments due to lack of market transparency and
corroboration to support these quoted prices. Additionally,
valuation models may be used as the pricing source for any
remaining investments classified as Level 3. These models
rely on one or more significant unobservable
</FONT>
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">22  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 19pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Fair
Value Measurements (continued)<BR>
</FONT></B>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">inputs
<FONT style="white-space: nowrap">and/or</FONT>
significant assumptions by the Fund Administrator. Inputs used
in valuations may include, but are not limited to, financial
statement analysis, capital account balances, discount rates and
estimated cash flows, and comparable company data.
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">The following table
is a summary of the inputs used to value the Fund’s
investments as of Feb. 28, 2011:
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="35%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="4%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="12%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="4%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="10%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="4%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="9%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
<TD width="4%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="10%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="14" align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Fair Value at
Feb. 28, 2011</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #8E2344">
<B><FONT style="font-family: Arial, Helvetica">Level 1<BR>
</FONT></B>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #8E2344">
<B><FONT style="font-family: Arial, Helvetica">Level 2<BR>
</FONT></B>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Quoted Prices<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Other<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Level 3<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">in Active<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Significant<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Significant<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Markets for<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Observable<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Unobservable<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Description(a)</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Identical
Assets</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Inputs(b)</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Inputs</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Total</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -7pt; margin-left: 7pt">
Bonds
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Municipal Bonds
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$127,286,218
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$127,286,218
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
Total Bonds
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
127,286,218
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
127,286,218
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
Other
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Municipal Notes
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,300,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,300,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Unaffiliated Money Market Fund(c)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
191,398
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
191,398
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
Total Other
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
191,398
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,300,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,491,398
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$191,398
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$129,586,218
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$129,777,616
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="4%"></TD>
<TD width="1%"></TD>
<TD width="95%"></TD>
</TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(a)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">See
the Portfolio of Investments for all investment classifications
not indicated in the table.
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(b)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">There
were no significant transfers between Levels 1 and 2 during
the period.
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(c)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Money
market fund that is a sweep investment for cash balances in the
Fund at Feb. 28, 2011.
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">How
to find information about the Fund’s quarterly portfolio
holdings</FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">
</DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="4%"></TD>
<TD width="1%"></TD>
<TD width="95%"></TD>
</TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(i)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
Fund files its complete schedule of portfolio holdings with the
Securities and Exchange Commission (Commission) for the first
and third quarters of each fiscal year on
<FONT style="white-space: nowrap">Form N-Q;</FONT>
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(ii)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
Fund’s
<FONT style="white-space: nowrap">Forms N-Q</FONT>
are available on the Commission’s website at
<FONT style="white-space: nowrap">http://www.sec.gov;</FONT>
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(iii)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
Fund’s
<FONT style="white-space: nowrap">Forms N-Q</FONT>
may be reviewed and copied at the Commission’s Public
Reference Room in Washington, DC (information on the operations
of the Public Reference Room may be obtained by calling
800.SEC.0330); and
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(iv)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
Fund’s complete schedule of portfolio holdings, as filed on
<FONT style="white-space: nowrap">Form N-Q,</FONT>
can be obtained without charge, upon request, by calling
800.345.6611.
</FONT></TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  23</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Portfolio
of Investments<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<I><FONT style="font-family: 'Times New Roman', Times">RiverSource
New York Tax-Exempt Fund</FONT></I>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Feb. 28,
2011 (Unaudited) </FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<I><FONT style="font-size: 9pt; font-family: Arial, Helvetica">(Percentages
represent value of investments compared to net assets)</FONT></I>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Investments
in Securities</FONT></B>
</DIV>
<DIV style="margin-top: 8pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 6pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="36%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="10%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="16%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="23%"> </TD> <!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="11" align="left" valign="bottom">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Municipal
Bonds (95.1%)</FONT></B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Issue<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Coupon<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Principal<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Description(b,c)</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Rate</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Amount</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Value(a)</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
Airport-Special Facility (1.6%)
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Port Authority of New York & New Jersey<BR>
Revenue Bonds<BR>
JFK International Air Terminal<BR>
Series 2010
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
12-01-42
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$800,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$774,368
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">College (28.7%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
City of Troy<BR>
Revenue Bonds<BR>
Rensselaer Polytechnic<BR>
Series 2010A
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
09-01-30
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
480,135
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
09-01-40
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
750,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
695,790
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Dutchess County Industrial Development Agency<BR>
Refunding Revenue Bonds<BR>
Bard College Civic Facilities<BR>
<FONT style="white-space: nowrap">Series 2007A-1</FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-22
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
511,335
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Nassau County Industrial Development Agency<BR>
Refunding Revenue Bonds<BR>
New York Institute of Technology Project<BR>
Series 2000A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
03-01-26
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
485,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
459,547
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York State Dormitory Authority<BR>
Revenue Bonds<BR>
Brooklyn Law School<BR>
Series 2003B (XLCA)
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07-01-30
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
988,450
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York State Dormitory Authority<BR>
Revenue Bonds<BR>
City University<BR>
Consolidated 5th General Resources<BR>
Series 2008B
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07-01-27
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,019,010
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York State Dormitory Authority<BR>
Revenue Bonds<BR>
Consolidated City University System<BR>
Series 1993A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07-01-13
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,400,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,523,575
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York State Dormitory Authority<BR>
Revenue Bonds<BR>
Cornell University<BR>
Series 2006A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07-01-31
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,015,380
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York State Dormitory Authority<BR>
Revenue Bonds<BR>
Education<BR>
Series 2008B
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
03-15-38
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,007,800
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York State Dormitory Authority<BR>
Revenue Bonds<BR>
Manhattan Marymount College<BR>
Series 2009
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07-01-29
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
482,835
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York State Dormitory Authority<BR>
Revenue Bonds<BR>
Rochester Institute of Technology<BR>
Series 2008A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07-01-33
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,056,970
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York State Dormitory Authority<BR>
Revenue Bonds<BR>
Teacher’s College<BR>
Series 2009
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
03-01-39
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
505,155
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York State Dormitory Authority<BR>
Revenue Bonds<BR>
The New School<BR>
Series 2010
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07-01-40
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
487,175
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York State Dormitory Authority<BR>
Revenue Bonds<BR>
University of Rochester<BR>
Series 2009A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07-01-39
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
900,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
883,440
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York State Dormitory Authority<BR>
Unrefunded Revenue Bonds<BR>
Series 1990B
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
05-15-11
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
645,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
654,585
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Portfolio of Investments.
</FONT>
</DIV>
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">24  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 6pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="36%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="10%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="16%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="23%"> </TD> <!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="11" align="left" valign="bottom">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Municipal
Bonds (continued)</FONT></B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Issue<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Coupon<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Principal<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Description(b,c)</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Rate</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Amount</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Value(a)</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">College (cont.) </FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Seneca County Industrial Development Agency<BR>
Revenue Bonds<BR>
New York Chiropractic College<BR>
Series 2007
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10-01-27
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$750,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$697,755
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
13,468,937
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">County (3.0%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
County of Monroe<BR>
Unlimited General Obligation Refunding & Public<BR>
Improvement Bonds<BR>
Series 1996 (NPFGC)
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
03-01-15
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,250,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,405,913
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Electric (1.7%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Long Island Power Authority<BR>
Revenue Bonds<BR>
Series 2009A
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
04-01-23
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
750,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
785,790
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Health Care —
Hospital (14.5%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Albany Industrial Development Agency<BR>
Revenue Bonds<BR>
St. Peters Hospital Project<BR>
Series 2008A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11-15-27
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
927,410
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Monroe County Industrial Development Corp.<BR>
Revenue Bonds<BR>
Unity Hospital Rochester Project<BR>
Series 2010 (FHA)
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-15-35
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
534,870
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York State Dormitory Authority<BR>
Revenue Bonds<BR>
Mount Sinai Hospital<BR>
Series 2010A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07-01-26
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
675,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
670,316
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York State Dormitory Authority<BR>
Revenue Bonds<BR>
New York University Hospital Center<BR>
Series 2006A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07-01-20
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
504,160
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York State Dormitory Authority<BR>
Revenue Bonds<BR>
New York University Hospital Center<BR>
Series 2007B
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07-01-24
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
640,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
641,318
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York State Dormitory Authority<BR>
Revenue Bonds<BR>
New York University Hospital Center<BR>
Series 2011A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07-01-31
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
200,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
199,034
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York State Dormitory Authority<BR>
Revenue Bonds<BR>
North Shore Long Island Jewish<BR>
Series 2009A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
05-01-37
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
750,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
726,690
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York State Dormitory Authority<BR>
Revenue Bonds<BR>
Orange Regional Medical Center<BR>
Series 2008
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
12-01-29
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,250,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,178,812
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York State Dormitory Authority<BR>
Revenue Bonds<BR>
Sloan-Kettering Memorial Center<BR>
<FONT style="white-space: nowrap">Series 2006-1</FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
07-01-35
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
984,710
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Westchester County Healthcare Corp.<BR>
Revenue Bonds<BR>
Senior Lien<BR>
<FONT style="white-space: nowrap">Series 2010C-2</FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11-01-37
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
488,710
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6,856,030
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Health Care — Life
Care Center (2.2%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Suffolk County Economic Development Corp.<BR>
Refunding Revenue Bonds<BR>
Peconic Landing Southold<BR>
Series 2010
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
12-01-40
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
325,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
303,687
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Ulster County Industrial Development Agency<BR>
Revenue Bonds<BR>
Series 2007A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
09-15-42
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
752,920
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,056,607
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Health Care —
Other (0.9%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Dutchess County Local Development Corp.<BR>
Revenue Bonds<BR>
Anderson Center Services, Inc. Project<BR>
Series 2010
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10-01-30
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
450,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
416,340
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Portfolio of Investments.
</FONT>
</DIV>
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  25</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Portfolio
of Investments
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<I><FONT style="font-family: Arial, Helvetica">RiverSource New
York Tax-Exempt Fund</FONT></I>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 6pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="36%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="10%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="16%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="23%"> </TD> <!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="11" align="left" valign="bottom">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Municipal
Bonds (continued)</FONT></B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Issue<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Coupon<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Principal<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Description(b,c)</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Rate</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Amount</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Value(a)</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Housing —
Multi-family (1.0%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Housing Development Corp.<BR>
Revenue Bonds<BR>
Series 2009M
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11-01-45
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.150
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$473,730
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Housing — Single
Family (3.3%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York Mortgage Agency<BR>
Revenue Bonds<BR>
<FONT style="white-space: nowrap">Series 2002-101</FONT>
A.M.T.
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
04-01-32
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.400
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,095,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,062,763
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York Mortgage Agency<BR>
Revenue Bonds<BR>
<FONT style="white-space: nowrap">Series 2007-140</FONT>
A.M.T.
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10-01-21
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.600
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
497,290
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,560,053
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Lease (1.1%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York City Industrial Development Agency<BR>
Revenue Bonds<BR>
Terminal One Group Association Project<BR>
Series 2005 A.M.T.
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
01-01-24
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
499,050
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Miscellaneous
Revenue (9.0%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Metropolitan Transportation Authority<BR>
Revenue Bonds<BR>
Series 2005F
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11-15-35
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
462,585
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Metropolitan Transportation Authority<BR>
Revenue Bonds<BR>
Series 2006A
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11-15-22
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
750,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
774,690
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Metropolitan Transportation Authority<BR>
Revenue Bonds<BR>
Series 2009A
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11-15-26
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.300
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
700,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
728,791
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Metropolitan Transportation Authority<BR>
Revenue Bonds<BR>
Series 2010D
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11-15-34
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
450,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
423,761
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York City Industrial Development Agency<BR>
Revenue Bonds<BR>
Queens Baseball Stadium Pilot<BR>
Series 2006 (AMBAC)
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
01-01-24
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
469,695
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York City Industrial Development Agency<BR>
Revenue Bonds<BR>
Yankee Stadium Pilot<BR>
Series 2009
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
03-01-49
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
250,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
272,405
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York City Trust for Cultural Resources<BR>
Refunding Revenue Bonds<BR>
Museum of Modern Art<BR>
<FONT style="white-space: nowrap">Series 2010-1A</FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10-01-17
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
250,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
284,098
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York City Trust for Cultural Resources<BR>
Revenue Bonds<BR>
Lincoln Center<BR>
Series 2008C
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
12-01-18
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
750,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
844,424
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,260,449
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Port
District (3.2%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Port Authority of New York & New Jersey<BR>
Revenue Bonds<BR>
Consolidated 143rd<BR>
Series 2006 (AGM) A.M.T.
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10-01-21
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,029,590
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Port Authority of New York & New Jersey<BR>
Revenue Bonds<BR>
Consolidated 147th<BR>
Series 2007 (NPFGC/FGIC) A.M.T.
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
10-15-26
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
489,880
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,519,470
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Sales or Use
Tax (2.1%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Puerto Rico Sales Tax Financing Corp.<BR>
Revenue Bonds<BR>
1st Subordinated<BR>
Series 2010C
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
08-01-41
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,100,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
(d)
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
990,858
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Special District —
Special Tax (5.2%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Metropolitan Transportation Authority<BR>
Revenue Bonds<BR>
Series 2009B
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11-15-34
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,467,270
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Portfolio of Investments.
</FONT>
</DIV>
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">26  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 6pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="36%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="10%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="16%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="23%"> </TD> <!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="11" align="left" valign="bottom">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Municipal
Bonds (continued)</FONT></B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Issue<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Coupon<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Principal<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Description(b,c)</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Rate</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Amount</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Value(a)</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Special District —
Special Tax (cont.) </FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York City Transitional Finance Authority<BR>
Revenue Bonds<BR>
Fiscal 2009<BR>
<FONT style="white-space: nowrap">Series 2009S-5</FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
01-15-32
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$992,260
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,459,530
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Toll Road (5.9%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York State Thruway Authority<BR>
Revenue Bonds<BR>
Series 2007H (NPFGC/FGIC)
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
01-01-23
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
524,760
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York State Thruway Authority<BR>
Revenue Bonds<BR>
<FONT style="white-space: nowrap">Series 2009A-1</FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
04-01-29
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,016,590
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Triborough Bridge & Tunnel Authority<BR>
Refunding Revenue Bonds<BR>
Series 2002B
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11-15-29
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,005,380
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Triborough Bridge & Tunnel Authority<BR>
Revenue Bonds<BR>
Series 2008C
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
11-15-38
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
250,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
245,203
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,791,933
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Water &
Sewer (11.7%)</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Erie County Water Authority<BR>
Revenue Bonds<BR>
4th Resolution<BR>
Series 2007 (NPFGC)
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
12-01-34
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
480,680
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York City Municipal Water Finance Authority<BR>
Revenue Bonds<BR>
Fiscal 2009<BR>
Series 2008A
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
06-15-40
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,055,310
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York City Municipal Water Finance Authority<BR>
Revenue Bonds<BR>
Series 2008CC
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
06-15-34
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,491,720
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York City Municipal Water Finance Authority<BR>
Revenue Bonds<BR>
Series 2008DD
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
06-15-38
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
500,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
451,930
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York State Environmental Facilities Corp.<BR>
Revenue Bonds<BR>
Revolving Funds<BR>
New York City Municipal Water Project<BR>
Series 2002B
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
06-15-31
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,006,540
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
New York State Environmental Facilities Corp.<BR>
Revenue Bonds<BR>
Revolving Funds<BR>
New York City Municipal Water Project<BR>
Series 2002K
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 12pt">
06-15-28
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,035,180
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,521,360
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Total Municipal Bonds </FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="9" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
(Cost: $44,838,016)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$44,840,418
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11" style="border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 6pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="55%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="5%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="10%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="23%"> </TD> <!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="7" align="left" valign="bottom">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Money
Market Fund (1.6%)</FONT></B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Shares</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Value(a)</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
JPMorgan Tax-Free Money<BR>
Market Fund, 0.000%
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
750,767
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
(e)
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$750,767
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="7" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="7" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="7" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Total Money Market
Fund</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="5" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
(Cost: $750,767)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$750,767
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="7" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="7" style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="7" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="color: #8E2344">Total Investments in
Securities</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="5" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
(Cost: $45,588,783)(f)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$45,591,185
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="7" valign="top" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="7" style="border-top: 3px double #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 19pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Notes
to Portfolio of Investments<BR>
</FONT></B>
</DIV>
<DIV style="margin-top: 5pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="4%"></TD>
<TD width="1%"></TD>
<TD width="95%"></TD>
</TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(a)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Securities
are valued by using policies described in Note 2 to the
financial statements.
</FONT></TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  27</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Portfolio
of Investments
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<I><FONT style="font-family: Arial, Helvetica">RiverSource New
York Tax-Exempt Fund</FONT></I>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 19pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Notes
to Portfolio of Investments (continued)<BR>
</FONT></B>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="4%"></TD>
<TD width="1%"></TD>
<TD width="95%"></TD>
</TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(b)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
following abbreviations may be used in the portfolio security
descriptions to identify the insurer
<FONT style="white-space: nowrap">and/or</FONT>
guarantor of the issue:
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV style="margin-left: 5%; margin-right: 0%">
<TABLE border="0" width="95%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="8%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%"> </TD> <!-- colindex=02 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="89%"> </TD> <!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
ACA
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
ACA Financial Guaranty Corporation
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
AGCP
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Assured Guaranty Corporation
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
AGM
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Assured Guaranty Municipal Corporation
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
AMBAC
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Ambac Assurance Corporation
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
BHAC
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Berkshire Hathaway Assurance Corporation
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
BIG
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Bond Investors Guarantee
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
BNY
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Bank of New York
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
CGIC
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Capital Guaranty Insurance Company
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
CIFG
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
IXIS Financial Guaranty
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
FGIC
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Financial Guaranty Insurance Company
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
FHA
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Federal Housing Authority
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
FHLMC
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Federal Home Loan Mortgage Corporation
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
FNMA
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Federal National Mortgage Association
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
GNMA
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Government National Mortgage Association
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
MGIC
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Mortgage Guaranty Insurance Corporation
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
NPFGC
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
National Public Finance Guarantee Corporation
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
TCRS
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Transferable Custodial Receipts
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
XLCA
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
XL Capital Assurance
</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="4%"></TD>
<TD width="1%"></TD>
<TD width="95%"></TD>
</TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(c)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
following abbreviations may be used in the portfolio
descriptions:
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV style="margin-left: 5%; margin-right: 0%">
<TABLE border="0" width="95%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="9%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%"> </TD> <!-- colindex=02 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="88%"> </TD> <!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
A.M.T.
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Alternative Minimum Tax — At Feb. 28, 2011, the
value of securities subject to alternative minimum tax
represented 7.59% of net assets.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
B.A.N.
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Bond Anticipation Note
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
C.P.
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
Commercial Paper
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
R.A.N.
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Revenue Anticipation Note
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
T.A.N.
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Tax Anticipation Note
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
T.R.A.N.
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Tax & Revenue Anticipation Note
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
V.R.
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
Variable Rate
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
V.R.D.B.
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Variable Rate Demand Bond
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
V.R.D.N.
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
—
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Variable Rate Demand Note
</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="4%"></TD>
<TD width="1%"></TD>
<TD width="95%"></TD>
</TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(d)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
fund may invest in debt obligations issued by or on behalf of
territories and possessions of the United States and sovereign
nations within the borders of the United States. These
securities amounted to 2.10% of net assets at Feb. 28, 2011.
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(e)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
rate shown is the
<FONT style="white-space: nowrap">seven-day</FONT>
current annualized yield at Feb. 28, 2011.
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(f)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">At
Feb. 28, 2011, the cost of securities for federal income
tax purposes was approximately $45,589,000 and the approximate
aggregate gross unrealized appreciation and depreciation based
on that cost was:
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="margin-left: 5%; margin-right: 0%">
<TABLE border="0" width="95%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="88%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="3%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="7%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Unrealized appreciation
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$990,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Unrealized depreciation
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(988,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net unrealized appreciation
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$2,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">28  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 19pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Fair
Value Measurements<BR>
</FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">Generally accepted
accounting principles (GAAP) require disclosure regarding the
inputs and valuation techniques used to measure fair value and
any changes in valuation inputs or techniques. In addition,
investments shall be disclosed by major category.
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">The Fund categorizes
its fair value measurements according to a three-level hierarchy
that maximizes the use of observable inputs and minimizes the
use of unobservable inputs by prioritizing that the most
observable input be used when available. Observable inputs are
those that market participants would use in pricing an
investment based on market data obtained from sources
independent of the reporting entity. Unobservable inputs are
those that reflect the Fund’s assumptions about the
information market participants would use in pricing an
investment. An investment’s level within the fair value
hierarchy is based on the lowest level of any input that is
deemed significant to the asset or liability’s fair value
measurement. The input levels are not necessarily an indication
of the risk or liquidity associated with investments at that
level. For example, certain U.S. government securities are
generally high quality and liquid, however, they are reflected
as Level 2 because the inputs used to determine fair value
may not always be quoted prices in an active market.
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">Fair value inputs
are summarized in the three broad levels listed below:
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
<TD width="5%"></TD>
<TD width="2%"></TD>
<TD width="93%"></TD>
</TR>
<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TD> </TD>
<TD> •<FONT style="font-family: Arial, Helvetica"> 
</FONT>
</TD>
<TD align="left">
<FONT style="font-family: Arial, Helvetica">Level 1 —
Valuations based on quoted prices for investments in active
markets that the Fund has the ability to access at the
measurement date (including NAV for open-end mutual funds).
Valuation adjustments are not applied to Level 1
investments.
</FONT>
</TD>
</TR>
<TR style="line-height: 6pt; font-size: 1pt"><TD> </TD></TR>
<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TD> </TD>
<TD> •<FONT style="font-family: Arial, Helvetica"> 
</FONT>
</TD>
<TD align="left">
<FONT style="font-family: Arial, Helvetica">Level 2 —
Valuations based on other significant observable inputs
(including quoted prices for similar securities, interest rates,
prepayment speeds, credit risks, etc.).
</FONT>
</TD>
</TR>
<TR style="line-height: 6pt; font-size: 1pt"><TD> </TD></TR>
<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TD> </TD>
<TD> •<FONT style="font-family: Arial, Helvetica"> 
</FONT>
</TD>
<TD align="left">
<FONT style="font-family: Arial, Helvetica">Level 3 —
Valuations based on significant unobservable inputs (including
the Fund’s own assumptions and judgment in determining the
fair value of investments).
</FONT>
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">Inputs that are used
in determining fair value of an investment may include price
information, credit data, volatility statistics, and other
factors. These inputs can be either observable or unobservable.
The availability of observable inputs can vary between
investments, and is affected by various factors such as the type
of investment, and the volume and level of activity for that
investment or similar investments in the marketplace. The inputs
will be considered by the Fund Administrator, along with any
other relevant factors in the calculation of an
investment’s fair value. The Fund uses prices and inputs
that are current as of the measurement date, which may include
periods of market dislocations. During these periods, the
availability of prices and inputs may be reduced for many
investments. This condition could cause an investment to be
reclassified between the various levels within the hierarchy.
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">Investments falling
into the Level 3 category are primarily supported by quoted
prices from brokers and dealers participating in the market for
those investments. However, these may be classified as
Level 3 investments due to lack of market transparency and
corroboration to support these quoted prices. Additionally,
valuation models may be used as the pricing source for any
remaining investments classified as Level 3. These models
rely on one or more significant unobservable
</FONT>
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  29</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Portfolio
of Investments
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<I><FONT style="font-family: Arial, Helvetica">RiverSource New
York Tax-Exempt Fund</FONT></I>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 19pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Fair
Value Measurements (continued)<BR>
</FONT></B>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">inputs
<FONT style="white-space: nowrap">and/or</FONT>
significant assumptions by the Fund Administrator. Inputs used
in valuations may include, but are not limited to, financial
statement analysis, capital account balances, discount rates and
estimated cash flows, and comparable company data.
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">The following table
is a summary of the inputs used to value the Fund’s
investments as of Feb. 28, 2011:
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="37%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="4%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="12%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="4%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="9%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="4%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="9%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
<TD width="4%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="9%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="14" align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Fair Value at
Feb. 28, 2011</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #8E2344">
<B><FONT style="font-family: Arial, Helvetica">Level 1<BR>
</FONT></B>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #8E2344">
<B><FONT style="font-family: Arial, Helvetica">Level 2<BR>
</FONT></B>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Quoted Prices<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Other<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Level 3<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">in Active<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Significant<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Significant<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Markets for<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Observable<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Unobservable<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Description(a)</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Identical
Assets</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Inputs(b)</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Inputs</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Total</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -7pt; margin-left: 7pt">
Bonds
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Municipal Bonds
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$-
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$44,840,418
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$-
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$44,840,418
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
Total Bonds
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
44,840,418
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
44,840,418
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
Other
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Unaffiliated Money Market Fund(c)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
750,767
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
750,767
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
Total Other
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
750,767
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
-
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
750,767
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
Total
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$750,767
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$44,840,418
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$-
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$45,591,185
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="4%"></TD>
<TD width="1%"></TD>
<TD width="95%"></TD>
</TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(a)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">See
the Portfolio of Investments for all investment classifications
not indicated in the table.
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(b)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">There
were no significant transfers between Levels 1 and 2 during
the period.
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(c)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Money
market fund that is a sweep investment for cash balances in the
Fund at Feb. 28, 2011.
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">How
to find information about the Fund’s quarterly portfolio
holdings</FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">
</DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="4%"></TD>
<TD width="1%"></TD>
<TD width="95%"></TD>
</TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(i)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
Fund files its complete schedule of portfolio holdings with the
Securities and Exchange Commission (Commission) for the first
and third quarters of each fiscal year on
<FONT style="white-space: nowrap">Form N-Q;</FONT>
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(ii)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
Fund’s
<FONT style="white-space: nowrap">Forms N-Q</FONT>
are available on the Commission’s website at
<FONT style="white-space: nowrap">http://www.sec.gov;</FONT>
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(iii)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
Fund’s
<FONT style="white-space: nowrap">Forms N-Q</FONT>
may be reviewed and copied at the Commission’s Public
Reference Room in Washington, DC (information on the operations
of the Public Reference Room may be obtained by calling
800.SEC.0330); and
</FONT></TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt"><TD> </TD></TR>
<TR>
<TD valign="top">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #8E2344">(iv)
</FONT></B></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">The
Fund’s complete schedule of portfolio holdings, as filed on
<FONT style="white-space: nowrap">Form N-Q,</FONT>
can be obtained without charge, upon request, by calling
800.345.6611.
</FONT></TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">30  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Statements
of Assets and Liabilities<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="69%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="11%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="10%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica"> RiverSource<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">RiverSource<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">California<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">New York<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Tax-Exempt<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Tax-Exempt<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Feb. 28,
2011 (Unaudited)</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Fund</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Fund</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="9" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Assets</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Investments in securities, at value (identified cost
$135,624,286 and $44,838,016)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
129,586,218
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
44,840,418
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Money market fund (identified cost $191,398 and $750,767)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
191,398
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
750,767
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Total investments in securities (identified cost $135,815,684
and $45,588,783)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
129,777,616
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
45,591,185
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Capital shares receivable
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
342,725
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
127,168
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Accrued interest receivable
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,719,399
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
656,144
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Receivable for investment securities sold
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,984,338
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,008,300
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Receivable from Investment Manager
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
624
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
801
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Total assets
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
133,824,702
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
47,383,598
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="9" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Liabilities</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Dividends payable to shareholders
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
472,756
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
156,200
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Capital shares payable
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
231,045
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
23,927
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Accrued investment management services fees
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,483
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,585
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Accrued distribution fees
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,008
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,092
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Accrued transfer agency fees
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7,089
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,384
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Accrued administrative services fees
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
765
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
271
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Other accrued expenses
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
42,469
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
35,875
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Total liabilities
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
761,615
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
221,334
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net assets applicable to outstanding shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
133,063,087
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
47,162,264
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Represented
by</FONT></B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Shares of beneficial interest — $.01 par value
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
283,194
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
98,081
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Additional paid-in capital
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
141,702,102
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
47,755,510
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Undistributed net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
40,363
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
29,127
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Accumulated net realized gain (loss)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(2,924,504
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(722,856
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Unrealized appreciation (depreciation) on investments
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(6,038,068
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,402
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Total — representing net assets applicable to
outstanding shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
133,063,087
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
47,162,264
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="54%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="5%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="4%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="11%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="10%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net assets applicable to outstanding shares:
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
Class A
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
128,679,299
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
45,120,584
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
Class B
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,580,792
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,142,910
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
Class C
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,802,996
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
898,770
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Outstanding shares of beneficial interest:
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
Class A
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
27,386,911
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
9,383,361
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
Class B
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
336,651
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
237,775
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
Class C
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
595,821
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
186,930
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net asset value per share:
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
Class A
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.70
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.81
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
Class B
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.70
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.81
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
Class C
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.70
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.81
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">The
maximum offering price per share for Class A for
RiverSource California Tax-Exempt Fund and RiverSource New York
Tax-Exempt Fund is $4.93 and $5.05, respectively. The offering
price is calculated by dividing the net asset value by 1.0 minus
the maximum sales charge of 4.75%.
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 4pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">The accompanying
Notes to Financial Statements are an integral part of this
statement.
</FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  31</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Statements
of Operations<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="70%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="11%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="9%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">RiverSource<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">RiverSource<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">California<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">New York<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Tax-Exempt<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Tax-Exempt<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Six
months ended Feb. 28, 2011 (Unaudited)</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Fund</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Fund</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="9" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Investment
income</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Income:
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Interest
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,738,392
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,247,329
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Income distributions from money market fund
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
529
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
158
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Total income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,738,921
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,247,487
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Expenses:
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Investment management services fees
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
293,954
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
103,764
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Distribution fees
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class A
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
173,010
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
60,478
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class B
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
8,297
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6,205
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class C
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
16,624
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,966
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Transfer agency fees
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class A
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
31,438
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
15,241
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class B
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
392
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
401
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class C
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
747
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
308
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Administrative services fees
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
50,187
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
17,716
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Compensation of board members
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,793
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
631
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Custodian fees
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,765
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,675
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Printing and postage
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
10,881
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
9,335
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Registration fees
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
22,625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
23,530
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Professional fees
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
15,581
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
15,155
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Other
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,462
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,433
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Total expenses
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
632,756
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
261,838
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Expenses waived/reimbursed by the Investment Manager and
its affiliates
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(47,672
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(53,528
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Total net expenses
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
585,084
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
208,310
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Investment income (loss) — net
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,153,837
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,039,177
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="9" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Realized and
unrealized gain (loss) — net</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net realized gain (loss) on:
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Security transactions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
107,069
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
311,846
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Futures contracts
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(381,641
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(133,010
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net realized gain (loss) on investments
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(274,572
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
178,836
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net change in unrealized appreciation (depreciation) on
investments
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(13,465,772
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(3,586,242
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net gain (loss) on investments
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(13,740,344
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(3,407,406
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net increase (decrease) in net assets resulting from operations
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(10,586,507
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(2,368,229
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 4pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">The accompanying
Notes to Financial Statements are an integral part of this
statement.
</FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">32  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Statements
of Changes in Net Assets<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV style="margin-top: 5pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="64%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="14%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="11%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">RiverSource<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">California
Tax-Exempt Fund</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Six months
ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Year ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Feb. 28,
2011</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Aug. 31,
2010</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">(Unaudited)</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="9" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Operations and
distributions</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Investment income (loss) — net
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,153,837
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6,931,740
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net realized gain (loss) on investments
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(274,572
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
495,144
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net change in unrealized appreciation (depreciation) on
investments
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(13,465,772
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
9,180,683
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net increase (decrease) in net assets resulting from operations
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(10,586,507
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
16,607,567
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Distributions to shareholders from:
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 36pt">
Class A
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(3,111,129
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(6,684,509
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 36pt">
Class B
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(31,115
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(94,683
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 36pt">
Class C
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(62,322
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(115,684
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Total distributions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(3,204,566
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(6,894,876
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="9" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Share
transactions</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Proceeds from sales
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class A shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,761,097
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
10,286,444
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class B shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
24,991
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
110,245
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class C shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
395,337
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,269,416
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Reinvestment of distributions at net asset value
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class A shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,232,773
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,687,234
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class B shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
25,952
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
78,581
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class C shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
48,452
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
97,962
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Conversions from Class B to Class A
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class A shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
857,465
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class B shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(857,465
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Payments for redemptions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class A shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(14,291,962
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(31,452,135
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class B shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(98,237
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(433,433
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class C shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(810,826
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(704,431
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Increase (decrease) in net assets from share transactions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(8,712,423
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(16,060,117
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Total increase (decrease) in net assets
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(22,503,496
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(6,347,426
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net assets at beginning of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
155,566,583
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
161,914,009
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net assets at end of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
133,063,087
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
155,566,583
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Undistributed net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
40,363
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
91,092
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 4pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">The accompanying
Notes to Financial Statements are an integral part of this
statement.
</FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  33</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Statements
of Changes in Net Assets
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 2pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="65%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="14%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="11%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">RiverSource<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">New York
Tax-Exempt Fund</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Six months
ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Year ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Feb. 28,
2011</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Aug. 31,
2010</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">(Unaudited)</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="9" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Operations and
distributions</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Investment income (loss) — net
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,039,177
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,217,773
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net realized gain (loss) on investments
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
178,836
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
186,501
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net change in unrealized appreciation (depreciation) on
investments
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(3,586,242
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,802,633
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net increase (decrease) in net assets resulting from operations
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(2,368,229
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,206,907
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Distributions to shareholders from:
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 36pt">
Class A
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(999,198
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(2,111,568
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 36pt">
Class B
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(20,990
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(66,311
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 36pt">
Class C
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(16,829
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(33,291
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Total distributions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(1,037,017
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(2,211,170
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD colspan="9" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Share
transactions</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Proceeds from sales
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class A shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
911,118
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,019,900
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class B shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7,917
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
138,460
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class C shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
84,202
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
261,296
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Reinvestment of distributions at net asset value
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class A shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
818,529
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,708,225
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class B shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
16,500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
53,938
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class C shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
15,221
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
29,780
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Conversions from Class B to Class A
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class A shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
581,010
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class B shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(581,010
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Payments for redemptions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class A shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(5,786,452
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(8,721,884
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class B shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(127,916
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(430,054
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 24pt">
Class C shares
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(168,622
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(237,290
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Increase (decrease) in net assets from share transactions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(4,229,503
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(4,177,629
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Total increase (decrease) in net assets
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(7,634,749
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(1,181,892
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net assets at beginning of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
54,797,013
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
55,978,905
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Net assets at end of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
47,162,264
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
54,797,013
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD style="border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 2px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -12pt; margin-left: 12pt">
Undistributed net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
29,127
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
26,967
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 4pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">The accompanying
Notes to Financial Statements are an integral part of this
statement.
</FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">34  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Financial
Highlights<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The following tables are intended to help you understand each
Fund’s financial performance. Certain information reflects
financial results for a single share of a class held for the
periods shown. For periods ended 2007 and after, per share net
investment income (loss) amounts are calculated based on average
shares outstanding during the period. Total returns assume
reinvestment of all dividends and distributions. Total returns
do not reflect payment of sales charges, if any, and are not
annualized for periods of less than one year.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<I>RiverSource California Tax-Exempt Fund</I>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 6pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="11%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="6%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="13%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="3%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=06 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=06 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=06 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=06 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=07 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=07 type=lead -->
<TD width="4%" align="right"> </TD> <!-- colindex=07 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=07 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=08 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=08 type=lead -->
<TD width="7%" align="right"> </TD> <!-- colindex=08 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Six month
ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Year ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Feb. 28,<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #8E2344">
<B><FONT style="font-family: Arial, Helvetica">Year ended
Aug. 31,</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">June 30,<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2011</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2010</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2009</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2008</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2007</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2006<SUP style="font-size: 85%; vertical-align: top">(a)</SUP></FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2006</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">(Unaudited)</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<B><FONT style="font-size: 9pt; color: #8E2344">Class A <BR>
Per share data</FONT></B>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net asset value, beginning of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.85
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.90
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.06
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.27
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
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</TD>
<TD style="border-top: 1px solid #8E2344">
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<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
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</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B>Income from investment operations:</B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net investment income (loss)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.11
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.22
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.21
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.19
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net gains (losses) (both realized and unrealized)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.46
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.31
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.05
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.09
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total from investment operations
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.35
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.53
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.11
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.07
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.04
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B>Less distributions:</B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Dividends from net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.11
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.22
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.21
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.19
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Distributions from realized gains
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.04
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.06
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total distributions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.11
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.22
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.21
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.24
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.25
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net asset value, end of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.70
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.85
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.90
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.06
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Total
return</FONT></B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(6.84%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
11.17%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.59%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.13%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.35%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.63%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.81%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="29" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Ratios to
average net
assets<SUP style="font-size: 85%; vertical-align: top">(b)</SUP></FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Gross expenses prior to expense <BR>
waiver/reimbursement <BR>
(including interest and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(c)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.86%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.85%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.86%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.87%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.88%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.87%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.88%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net expenses after expense<BR>
waiver/reimbursement <BR>
(including interest and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(c),(e)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.82%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.80%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(f)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.80%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.81%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Gross expenses prior to expense <BR>
waiver/reimbursement <BR>
(excluding interest and fee expense)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.86%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.85%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.83%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.86%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.87%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.87%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.88%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net expenses after expense<BR>
waiver/reimbursement <BR>
(excluding interest and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(f)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.81%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net investment income (loss)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.43%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.43%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.01%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.89%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.81%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.69%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="29" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Supplemental
data</FONT></B><FONT style="font-size: 10pt; color: #8E2344">
</FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net assets, end of period (in millions)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$129
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$150
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$157
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$172
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$164
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$170
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$171
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Portfolio turnover rate
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
19%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
49%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
49%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
62%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
20%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 4pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Financial Highlights.
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  35</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Financial
Highlights
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 6pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="12%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="6%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="11%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="3%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=06 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=06 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=06 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=06 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=07 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=07 type=lead -->
<TD width="4%" align="right"> </TD> <!-- colindex=07 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=07 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=08 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=08 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=08 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Six month<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Year ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">ended
Feb. 28,<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #8E2344">
<B><FONT style="font-family: Arial, Helvetica">Year ended
Aug. 31,</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">June 30,<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2011</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2010</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2009</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2008</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2007</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2006<SUP style="font-size: 85%; vertical-align: top">(a)</SUP></FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2006</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">(Unaudited)</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<B><FONT style="font-size: 9pt; color: #8E2344">Class B <BR>
Per share data</FONT></B>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net asset value, beginning of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.85
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.90
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.06
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.27
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B>Income from investment operations:</B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net investment income (loss)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.09
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net gains (losses) (both realized and unrealized)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.46
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.31
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.06
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.09
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total from investment operations
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.37
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.49
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.12
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.07
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B>Less distributions:</B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Dividends from net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.09
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Distributions from realized gains
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.04
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.06
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total distributions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.09
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.21
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net asset value, end of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.70
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.85
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.90
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.06
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Total
return</FONT></B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(7.19%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
10.34%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.81%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.37%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.59%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.50%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.05%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="29" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Ratios to
average net
assets<SUP style="font-size: 85%; vertical-align: top">(b)</SUP></FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Gross expenses prior to expense<BR>
waiver/reimbursement<BR>
(including interest and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(c)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.61%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.60%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.61%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.62%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.63%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.62%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.63%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net expenses after expense<BR>
waiver/reimbursement<BR>
(including interest and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(c),(e)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.57%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.55%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(f)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.55%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.55%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.57%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Gross expenses prior to expense<BR>
waiver/reimbursement<BR>
(excluding interest and fee expense)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.61%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.60%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.58%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.61%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.62%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.62%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.63%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net expenses after expense<BR>
waiver/reimbursement<BR>
(excluding interest and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(f)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.55%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.57%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net investment income (loss)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.68%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.67%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.78%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.27%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.12%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.01%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.92%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="29" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Supplemental
data</FONT></B><FONT style="font-size: 10pt; color: #8E2344">
</FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net assets, end of period (in millions)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$2
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$2
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$3
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$6
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$9
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$11
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Portfolio turnover rate
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
19%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
49%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
49%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
62%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
20%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 4pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Financial Highlights.
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">36  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 6pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="11%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="6%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="13%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="3%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=06 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=06 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=06 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=06 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=07 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=07 type=lead -->
<TD width="4%" align="right"> </TD> <!-- colindex=07 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=07 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=08 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=08 type=lead -->
<TD width="7%" align="right"> </TD> <!-- colindex=08 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Six month
ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Feb. 28,<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Year ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2011</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #8E2344">
<B><FONT style="font-family: Arial, Helvetica">Year ended
Aug. 31,</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">June
30,</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">(Unaudited)</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2010</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2009</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2008</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2007</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2006<SUP style="font-size: 85%; vertical-align: top">(a)</SUP></FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2006</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<B><FONT style="font-size: 9pt; color: #8E2344">Class C <BR>
Per share data</FONT></B>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net asset value, beginning of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.85
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.91
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.04
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.07
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.28
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B>Income from investment operations:</B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net investment income (loss)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.09
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net gains (losses) (both realized and unrealized)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.47
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.32
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.07
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.09
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total from investment operations
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.38
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.50
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.11
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.07
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B>Less distributions:</B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Dividends from net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.09
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Distributions from realized gains
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.04
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.06
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total distributions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.09
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.21
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net asset value, end of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.70
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.85
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.91
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.04
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.07
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Total
return</FONT></B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(7.36%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
10.55%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.60%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.38%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.60%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.50%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.06%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="29" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Ratios to
average net
assets<SUP style="font-size: 85%; vertical-align: top">(b)</SUP></FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Gross expenses prior to expense<BR>
waiver/reimbursement<BR>
(including interest and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(c)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.61%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.60%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.61%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.62%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.63%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.63%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.64%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net expenses after expense<BR>
waiver/reimbursement<BR>
(including interest and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(c),(e)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.57%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.55%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(f)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.55%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.55%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.58%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Gross expenses prior to expense<BR>
waiver/reimbursement<BR>
(excluding interest and fee expense)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.61%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.60%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.58%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.61%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.62%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.63%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.64%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net expenses after expense<BR>
waiver/reimbursement<BR>
(excluding interest and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(f)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.55%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.58%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net investment income (loss)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.67%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.67%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.78%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.18%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.13%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.05%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.93%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="29" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Supplemental
data</FONT></B><FONT style="font-size: 10pt; color: #8E2344">
</FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net assets, end of period (in millions)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$3
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$3
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$3
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$3
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$2
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$2
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$2
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Portfolio turnover rate
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
19%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
49%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
49%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
62%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
20%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 4pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Financial Highlights.
</FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  37</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Financial
Highlights
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Notes
to Financial Highlights</FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">
</DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(a)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">For
the period from July 1, 2006 to Aug. 31, 2006. In
2006, the Fund’s fiscal year end was changed from June 30
to Aug. 31.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(b)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">In
addition to the fees and expenses the Fund bears directly, the
Fund indirectly bears a pro rata share of the fees and expenses
of the acquired funds in which it invests. Such indirect
expenses are not included in the reported expense ratios.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(c)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">Ratios
include interest and fee expense related to the Fund’s
participation in certain inverse floater programs, if any. Due
to an equal increase in interest income from fixed rate
municipal bonds held in trust, there is no impact on the
Fund’s net assets, net asset value per share, total return
or net investment income.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(d)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">Annualized.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(e)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">The
Investment Manager and its affiliates agreed to waive/reimburse
certain fees and expenses (excluding fees and expenses of
acquired funds).
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(f)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">Expense
ratio is before the reduction for earnings/bank fee credits on
cash balances. For the year ended Aug. 31, 2008,
earnings/bank fee credits lowered the expense ratio by 0.01% of
average daily net assets.
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 4pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">The accompanying
Notes to Financial Statements are an integral part of this
statement.
</FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">38  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<I>RiverSource New York Tax-Exempt Fund</I>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 6pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="13%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="6%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="11%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=06 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=06 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=06 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=06 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=07 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=07 type=lead -->
<TD width="4%" align="right"> </TD> <!-- colindex=07 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=07 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=08 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=08 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=08 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Six months<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Year ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">ended
Feb. 28,<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="14" align="center" valign="bottom" style="border-bottom: 1px solid #8E2344">
<B><FONT style="font-family: Arial, Helvetica">Year ended
Aug. 31,</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">June 30,<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2011</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2010</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2009</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2008</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2007</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2006<SUP style="font-size: 85%; vertical-align: top">(a)</SUP></FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2006</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">(Unaudited)</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<B><FONT style="font-size: 9pt; color: #8E2344">Class A <BR>
Per share data</FONT></B>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net asset value, beginning of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.86
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.85
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.93
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.05
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.95
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B>Income from investment operations:</B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net investment income (loss)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.19
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.19
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net gains (losses) (both realized and unrealized)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.31
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.27
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.01
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.07
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.11
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total from investment operations
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.21
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.47
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.21
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.08
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.01
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B>Less distributions:</B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Dividends from net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.11
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.19
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.19
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Distributions from realized gains
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.01
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.01
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.05
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total distributions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.11
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.21
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.24
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net asset value, end of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.81
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.86
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.85
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.93
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.05
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.95
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Total
return</FONT></B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(4.28%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
9.94%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.62%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.59%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.53%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.67%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.20%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="29" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Ratios to
average net
assets<SUP style="font-size: 85%; vertical-align: top">(b)</SUP></FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Gross expenses prior to expense<BR>
waiver/reimbursement<BR>
(including interest and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(c)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.00%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.99%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.02%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.12%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.18%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.20%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.13%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net expenses after expense<BR>
waiver/reimbursement<BR>
(including interest and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(c),(e)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.81%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.93%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(f)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.00%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.98%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.98%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Gross expenses prior to expense<BR>
waiver/reimbursement<BR>
(excluding interest and fee expense)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.00%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.99%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.00%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.98%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.97%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.01%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.96%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net expenses after expense<BR>
waiver/reimbursement<BR>
(excluding interest and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(f)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.79%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.81%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net investment income (loss)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.14%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.10%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.30%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4.03%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.81%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.77%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.75%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="29" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Supplemental
data</FONT></B><FONT style="font-size: 10pt; color: #8E2344">
</FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net assets, end of period (in millions)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$45
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$52
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$53
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$53
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$58
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$63
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$63
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Portfolio turnover rate
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
9%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
34%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
31%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
28%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
17%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 4pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Financial Highlights.
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  39</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Financial
Highlights
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 6pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="13%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="6%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="11%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=06 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=06 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=06 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=06 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=07 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=07 type=lead -->
<TD width="4%" align="right"> </TD> <!-- colindex=07 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=07 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=08 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=08 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=08 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Six months<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Year ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">ended
Feb. 28,<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #8E2344">
<B><FONT style="font-family: Arial, Helvetica">Year ended
Aug. 31,</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">June 30,<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2011</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2010</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2009</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2008</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2007</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2006<SUP style="font-size: 85%; vertical-align: top">(a)</SUP></FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2006</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">(Unaudited)</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
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</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
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<!-- TableOutputBody -->
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<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<B><FONT style="font-size: 9pt; color: #8E2344">Class B <BR>
Per share data</FONT></B>
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<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
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<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net asset value, beginning of period
</DIV>
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<TD>
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<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
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<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.13
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<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
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<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.86
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.85
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.93
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.05
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.95
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
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</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
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<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
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<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
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<TD style="border-top: 1px solid #8E2344">
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<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
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<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
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<DIV style="text-indent: -4pt; margin-left: 4pt">
<B>Income from investment operations:</B>
</DIV>
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<TD>
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<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
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<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
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</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
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<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net investment income (loss)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.08
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net gains (losses) (both realized and unrealized)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.31
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.27
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.07
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.11
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
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</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total from investment operations
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.23
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.44
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.09
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.04
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B>Less distributions:</B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Dividends from net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.09
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Distributions from realized gains
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.01
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.01
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.05
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total distributions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.09
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net asset value, end of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.81
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.86
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.85
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.93
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.05
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.95
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Total
return</FONT></B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(4.64%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
9.12%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.83%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.83%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.76%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.55%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="29" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Ratios to
average net
assets<SUP style="font-size: 85%; vertical-align: top">(b)</SUP></FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Gross expenses prior to expense<BR>
waiver/reimbursement<BR>
(including interest and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(c)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.75%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.74%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.77%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.87%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.93%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.95%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.88%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net expenses after expense<BR>
waiver/reimbursement<BR>
(including interest and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(c),(e)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.56%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.68%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(f)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.76%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.74%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.75%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Gross expenses prior to expense<BR>
waiver/reimbursement<BR>
(excluding interest and fee expense)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.75%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.74%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.75%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.73%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.72%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.76%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.71%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net expenses after expense<BR>
waiver/reimbursement<BR>
(excluding interest and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(f)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.55%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.55%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.58%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net investment income (loss)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.39%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.34%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.28%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.05%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.98%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.98%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="29" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Supplemental
data</FONT></B><FONT style="font-size: 10pt; color: #8E2344">
</FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net assets, end of period (in millions)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$1
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$1
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$2
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$7
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$8
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Portfolio turnover rate
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
9%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
34%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
31%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
28%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
17%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 4pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Financial Highlights.
</FONT>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">40  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 6pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="13%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="6%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="11%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=06 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=06 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=06 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=06 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=07 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=07 type=lead -->
<TD width="4%" align="right"> </TD> <!-- colindex=07 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=07 type=hang1 -->
<TD width="6%"> </TD> <!-- colindex=08 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=08 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=08 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Six months<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Year ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">ended
Feb. 28,<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #8E2344">
<B><FONT style="font-family: Arial, Helvetica">Year ended
Aug. 31,</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">June 30,<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2011</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2010</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2009</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2008</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2007</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2006<SUP style="font-size: 85%; vertical-align: top">(a)</SUP></FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">2006</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">(Unaudited)</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<B><FONT style="font-size: 9pt; color: #8E2344">Class C <BR>
Per share data</FONT></B>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net asset value, beginning of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.86
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.85
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.92
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.05
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.95
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B>Income from investment operations:</B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net investment income (loss)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.08
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net gains (losses) (both realized and unrealized)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.31
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.27
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.06
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.12
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total from investment operations
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.23
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.44
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B>Less distributions:</B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Dividends from net investment income
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.09
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Distributions from realized gains
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.01
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.01
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.05
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Total distributions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.09
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net asset value, end of period
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.81
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.86
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.85
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.92
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$5.05
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$4.95
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Total
return</FONT></B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(4.64%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
9.12%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.84%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.04%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
.56%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(.55%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="29" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Ratios to
average net
assets<SUP style="font-size: 85%; vertical-align: top">(b)</SUP></FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Gross expenses prior to expense<BR>
waiver/reimbursement<BR>
(including interest and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(c)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.75%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.74%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.77%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.87%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.93%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.97%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.89%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net expenses after expense<BR>
waiver/reimbursement<BR>
(including interest and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(c),(e)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.56%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.68%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(f)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.76%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.74%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.75%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Gross expenses prior to expense<BR>
waiver/reimbursement<BR>
(excluding interest and fee expense)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.75%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.74%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.75%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.73%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.72%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.78%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.72%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net expenses after expense<BR>
waiver/reimbursement<BR>
(excluding interest and fee
expense)<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(f)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.55%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.55%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.58%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net investment income (loss)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.40%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.35%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.55%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.28%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.05%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3.01%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2.99%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="29" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -6pt; margin-left: 6pt">
<B><FONT style="font-size: 10pt; color: #8E2344">Supplemental
data</FONT></B><FONT style="font-size: 10pt; color: #8E2344">
</FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Net assets, end of period (in millions)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$1
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$1
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$1
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$1
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$1
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$1
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
$1
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -4pt; margin-left: 4pt">
Portfolio turnover rate
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
9%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
34%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
31%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
28%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
7%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
17%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 4pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">See accompanying
Notes to Financial Highlights.
</FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  41</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Financial
Highlights
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Notes
to Financial Highlights</FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">
</DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(a)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">For
the period from July 1, 2006 to Aug. 31, 2006. In
2006, the Fund’s fiscal year end was changed from June 30
to Aug. 31.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(b)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">In
addition to the fees and expenses the Fund bears directly, the
Fund indirectly bears a pro rata share of the fees and expenses
of the acquired funds in which it invests. Such indirect
expenses are not included in the reported expense ratios.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(c)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">Ratios
include interest and fee expense related to the Fund’s
participation in certain inverse floater programs, if any. Due
to an equal increase in interest income from fixed rate
municipal bonds held in trust, there is no impact on the
Fund’s net assets, net asset value per share, total return
or net investment income.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(d)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">Annualized.
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(e)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">The
Investment Manager and its affiliates agreed to waive/reimburse
certain fees and expenses (excluding fees and expenses of
acquired funds).
</FONT></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(f)</SUP></FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">Expense
ratio is before the reduction for earnings/bank fee credits on
cash balances. For the year ended Aug. 31, 2008,
earnings/bank fee credits lowered the expense ratio by 0.01% of
average daily net assets.
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 4pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-family: Arial, Helvetica">The accompanying
Notes to Financial Statements are an integral part of this
statement.
</FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">42  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Notes
to Financial Statements<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica">(Unaudited as of
Feb. 28, 2011)</FONT></B>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>
<TR valign="top">
<TD>
<B><FONT style="font-family: Arial, Helvetica">1. </FONT></B>
</TD>
<TD>
<B><FONT style="font-family: Arial, Helvetica">ORGANIZATION</FONT></B>
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
RiverSource California Tax-Exempt Trust and RiverSource Special
Tax-Exempt Series Trust are organized as Massachusetts
business trusts. RiverSource California Tax-Exempt Trust
includes only RiverSource California Tax-Exempt Fund.
RiverSource New York Tax-Exempt Fund is a series of RiverSource
Special Tax-Exempt Series Trust (together with RiverSource
California Tax-Exempt Fund, herein after referred to as the
Funds). The Funds are non-diversified, open-end management
investment companies as defined in the Investment Company Act of
1940, as amended (the 1940 Act). Each Fund has unlimited
authorized shares of beneficial interest.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Each Fund offers Class A, Class B and Class C
shares.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Class A shares are subject to a maximum front-end sales
charge of 4.75% based on the investment amount. Class A
shares purchased without an initial sales charge in accounts
aggregating $1 million to $50 million at the time of
purchase are subject to a 1.00% contingent deferred sales charge
(CDSC) if the shares are sold within 18 months of purchase,
charged as follows: 1.00% CDSC if redeemed within 12 months
of purchase, and 0.50% CDSC if redeemed more than 12, but less
than 18, months after purchase.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Each Fund no longer accepts investments by new or existing
investors in the Funds’ Class B shares, except in
connection with the reinvestment of any dividend
<FONT style="white-space: nowrap">and/or</FONT>
capital gain distributions in Class B shares of the Fund
and exchanges by existing Class B shareholders of certain
other funds within the Columbia Family of Funds. Class B
shares may be subject to a maximum CDSC of 5.00% based upon the
holding period after purchase. Class B shares will
generally convert to Class A shares eight years after
purchase.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Class C shares are subject to a 1.00% CDSC on shares
redeemed within one year of purchase.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
All classes of shares have identical voting, dividend and
liquidation rights. Class specific expenses (e.g., distribution
and service fees, transfer agency fees) differ among classes.
Income, expenses (other than class specific expenses) and
realized and unrealized gains or losses on investments are
allocated to each class of shares based upon its relative net
assets.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>
<TR valign="top">
<TD>
<B><FONT style="font-family: Arial, Helvetica">2. </FONT></B>
</TD>
<TD>
<B><FONT style="font-family: Arial, Helvetica">SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES</FONT></B>
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Use
of estimates</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Preparing financial statements that conform to U.S. generally
accepted accounting principles requires management to make
estimates (e.g., on assets,
</DIV>
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<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  43</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Notes
to Financial Statements
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
liabilities and contingent assets and liabilities) that could
differ from actual results.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Valuation
of securities</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
All securities are valued at the close of business of the New
York Stock Exchange (NYSE). Securities traded on national
securities exchanges or included in national market systems are
valued at the last quoted sales price from the primary exchange.
Debt securities are generally traded in the over-the-counter
market and are valued by an independent pricing service using an
evaluated bid. When market quotes are not readily available, the
pricing service, in determining fair values of debt securities,
takes into consideration such factors as current quotations by
broker/dealers, coupon, maturity, quality, type of issue,
trading characteristics, and other yield and risk factors it
deems relevant in determining valuations. The policy adopted by
each Fund’s Board of Trustees (the Board) generally
contemplate the use of fair valuation in the event that price
quotations or valuations are not readily available, price
quotations or valuations from other sources are not reflective
of market value and thus deemed unreliable, or a significant
event has occurred in relation to a security or class of
securities that is not reflected in price quotations or
valuations from other sources. A fair value price is a good
faith estimate of the value of a security at a given point in
time.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Short-term securities maturing in more than 60 days from
the valuation date are valued at the market price or approximate
market value based on current interest rates. Typically, those
maturing in 60 days or less that originally had maturities
of more than 60 days at acquisition date are valued at
amortized cost using the market value on the 61st day before
maturity. Short-term securities maturing in 60 days or less
at acquisition date are valued at amortized cost. Amortized cost
is an approximation of market value. Investments in money market
funds are valued at net asset value.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Futures and options on futures are valued daily based upon the
last sale price at the close of the market on the principal
exchange on which they are traded.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Illiquid
securities</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
At Feb. 28, 2011, investments in securities included issues
that are illiquid which the Funds currently limit to 15% of net
assets, at market value, at the time of purchase. The aggregate
value of such securities at Feb. 28, 2011 was as follows:
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="74%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="4%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="4%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="6%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="6%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Percentage<BR>
</FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Fund</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Value</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">of
net assets</FONT></B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -9pt; margin-left: 9pt">
RiverSource California Tax-Exempt Fund
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
934,710
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
0.70
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
%
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Certain illiquid securities may be valued, in good faith, by
management at fair value according to procedures approved by the
Board. According to Board guidelines, certain unregistered
securities are determined to be liquid and are not
</DIV>
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<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">44  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
included within the 15% limitation specified above. Assets are
liquid if they can be sold or disposed of in the ordinary course
of business within seven days at approximately the value at
which the asset is valued by each Fund.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Guarantees
and indemnifications</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Under each Fund’s organizational documents, its officers
and trustees are indemnified against certain liabilities arising
out of the performance of their duties to each Fund. In
addition, certain of each Fund’s contracts with its service
providers contain general indemnification clauses. Each
Fund’s maximum exposure under these arrangements is unknown
since the amount of any future claims that may be made against
each Fund cannot be determined and each Fund has no historical
basis for predicting the likelihood of any such claims.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Federal
taxes</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Each Fund’s policy is to comply with Subchapter M of the
Internal Revenue Code that applies to regulated investment
companies and to distribute substantially all of its taxable
income (which includes net short-term capital gains) and
tax-exempt ordinary income to shareholders. No provision for
income or excise taxes is thus required. Each Fund is treated as
a separate entity for federal income tax purposes.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Management of each Fund has concluded that there are no
significant uncertain tax positions that would require
recognition in the financial statements. Generally, the tax
authorities can examine all tax returns filed for the last three
years.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Dividends
to shareholders</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Dividends from net investment income, declared daily and payable
monthly, when available, are reinvested in additional shares of
each Fund at net asset value or payable in cash. Capital gains,
when available, are normally distributed along with the last
income dividend of the calendar year.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Other</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Security transactions are accounted for on the date securities
are purchased or sold. Interest income, including amortization
of premium, market discount and original issue discount using
the effective interest method, is accrued daily.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>
<TR valign="top">
<TD>
<B><FONT style="font-family: Arial, Helvetica">3. </FONT></B>
</TD>
<TD>
<B><FONT style="font-family: Arial, Helvetica">DERIVATIVES
INSTRUMENTS</FONT></B>
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Each Fund invests in certain derivative instruments as detailed
below to meet its investment objectives. Derivatives are
instruments whose values depend on, or are derived from, in
whole or in part, the value of one or more other assets, such as
securities, currencies, commodities or indices. Derivative
instruments may be used to maintain cash reserves while
maintaining exposure to certain other assets, to offset
anticipated declines in values of investments, to facilitate
trading, to
</DIV>
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<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  45</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Notes
to Financial Statements
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
reduce transaction costs and to pursue higher investment
returns. Each Fund may also use derivative instruments to
mitigate certain investment risks, such as foreign currency
exchange rate risk, interest rate risk and credit risk.
Derivatives may involve various risks, including the potential
inability of the counterparty to fulfill its obligation under
the terms of the contract, the potential for an illiquid
secondary market and the potential for market movements which
may expose the Funds to gains or losses in excess of the amount
shown in the Statements of Assets and Liabilities.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Each Fund and any counterparty are required to maintain an
agreement that requires each Fund and that counterparty to
monitor (on a daily basis) the net fair value of all derivatives
entered into pursuant to the contract between each Fund and such
counterparty. If the net fair value of such derivatives between
each Fund and that counterparty exceeds a certain threshold (as
defined in the agreement), each Fund or the counterparty (as the
case may be) is required to post cash
<FONT style="white-space: nowrap">and/or</FONT>
securities as collateral. Fair values of derivatives presented
in the financial statements are not netted with the fair value
of other derivatives or with any collateral amounts posted by
each Fund or any counterparty.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Futures
contracts</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Futures contracts represent commitments for the future purchase
or sale of an asset at a specified price on a specified date.
Each Fund bought and sold futures contracts to manage exposure
to movements in interest rates. Upon entering into futures
contracts, each Fund bears risks which may include interest
rates, exchange rates or securities prices moving unexpectedly,
in which case, each Fund may not achieve the anticipated
benefits of the futures contracts and may realize a loss.
Additional risks include counterparty credit risk, the
possibility of an illiquid market, and that a change in the
value of the contract or option may not correlate with changes
in the value of the underlying asset.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Upon entering into a futures contract, each Fund pledges cash or
securities with the broker in an amount sufficient to meet the
initial margin requirement. Subsequent payments (variation
margin) are made or received by each Fund each day. The
variation margin payments are equal to the daily change in the
contract value and are recorded as variation margin receivable
or payable and are offset in unrealized gains or losses. Each
Fund recognizes a realized gain or loss when the contract is
closed or expires. Futures contracts involve, to varying
degrees, risk of loss in excess of the variation margin
disclosed in the Statements of Assets and Liabilities.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Effects
of derivative transactions on the financial statements</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The following tables are intended to provide additional
information about the effect of derivatives on the financial
statements of each Fund including: the fair value of derivatives
by risk category and the location of those fair values in the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">46  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Statements of Assets and Liabilities; the impact of derivative
transactions on each Fund’s operations over the period
including realized gains or losses and unrealized gains or
losses. The derivative schedules following the Portfolios of
Investments present additional information regarding derivative
instruments outstanding at the end of the period, if any.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<I>RiverSource California Tax-Exempt Fund</I>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Fair
values of derivative instruments at Feb. 28, 2011</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
At Feb. 28, 2011, the Fund had no outstanding derivatives.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Effect
of derivative instruments in the Statement of Operations<BR>
for the six months ended Feb. 28, 2011</FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="82%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="3%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="1%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="4%"> </TD> <!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #8E2344">
<B><FONT style="font-family: Arial, Helvetica">Amount of
realized gain (loss) on derivatives recognized in
income</FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Risk
exposure category</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Futures</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="center" valign="bottom">
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Interest rate contracts
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
(381,641
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
)
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="82%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="3%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="1%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="4%"> </TD> <!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #8E2344">
<B><FONT style="font-family: Arial, Helvetica">Change in
unrealized appreciation (depreciation) on derivatives recognized
in income</FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Risk
exposure category</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Futures</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="center" valign="bottom">
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Interest rate contracts
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
427,591
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Volume
of derivative activity</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica">Futures</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
At Feb. 28, 2011, the Fund had no outstanding futures
contracts. The monthly average gross notional amount for short
contracts was $3.9 million for the six months ended
Feb. 28, 2011.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<I>RiverSource New York Tax-Exempt Fund</I>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Fair
values of derivative instruments at Feb. 28, 2011</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
At Feb. 28, 2011, the Fund had no outstanding derivatives.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Effect
of derivative instruments in the Statement of Operations<BR>
for the six months ended Feb. 28, 2011</FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="82%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="3%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="1%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="4%"> </TD> <!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #8E2344">
<B><FONT style="font-family: Arial, Helvetica">Amount of
realized gain (loss) on derivatives recognized in
income</FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Risk
exposure category</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Futures</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="center" valign="bottom">
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Interest rate contracts
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
(133,010
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
)
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="82%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="3%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="1%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="4%"> </TD> <!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #8E2344">
<B><FONT style="font-family: Arial, Helvetica">Change in
unrealized appreciation (depreciation) on derivatives recognized
in income</FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Risk
exposure category</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Futures</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD nowrap align="center" valign="bottom">
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Interest rate contracts
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
147,912
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  47</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Notes
to Financial Statements
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Volume
of derivative activity</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica">Futures</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
At Feb. 28, 2011, the Fund had no outstanding futures
contracts. The monthly average gross notional amount for short
contracts was $1.2 million for the six months ended
Feb. 28, 2011.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>
<TR valign="top">
<TD>
<B><FONT style="font-family: Arial, Helvetica">4. </FONT></B>
</TD>
<TD>
<B><FONT style="font-family: Arial, Helvetica">EXPENSES AND
SALES CHARGES</FONT></B>
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Investment
management services fees</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Under an Investment Management Services Agreement, Columbia
Management Investment Advisers, LLC (the Investment Manager)
determines which securities will be purchased, held or sold. The
management fee is an annual fee that is equal to a percentage of
each Fund’s average daily net assets that declines from
0.41% to 0.25% as each Fund’s net assets increase. The
management fee for the six months ended Feb. 28, 2011 was
0.41% of each Fund’s average daily net assets.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Administrative
services fees</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Under an Administrative Services Agreement, each Fund pays the
Fund Administrator an annual fee for administration and
accounting services equal to a percentage of each Fund’s
average daily net assets that declines from 0.07% to 0.04% as
each Fund’s net assets increase. The fee for the six months
ended Feb. 28, 2011 was 0.07% of each Fund’s average
daily net assets. Prior to Jan. 1, 2011, Ameriprise
Financial, Inc. served as the Fund’s Administrator. Since
Jan. 1, 2011, Columbia Management Investment Advisers, LLC
has served as the Fund’s Administrator.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Other
fees</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Other expenses are for, among other things, certain expenses of
the Funds or the Board including: Fund boardroom and office
expense, employee compensation, employee health and retirement
benefits, and certain other expenses. Payment of these Fund and
Board expenses is facilitated by a company providing limited
administrative services to the Funds and the Board. For the six
months ended Feb. 28, 2011, other expenses paid to this
company were as follows:
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="91%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Fund</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Amount</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -9pt; margin-left: 9pt">
RiverSource California Tax-Exempt Fund
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
307
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
RiverSource New York Tax-Exempt Fund
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
108
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Compensation
of board members</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Under a Deferred Compensation Plan (the Plan), the board members
who are not “interested persons” of each Fund as
defined under the 1940 Act may defer receipt of their
compensation. Deferred amounts are treated as though equivalent
dollar amounts had been invested in shares of each Fund or
certain other funds
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">48  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
managed by the Investment Manager. Each Fund’s liability
for these amounts is adjusted for market value changes and
remains in the Funds until distributed in accordance with the
Plan.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Transfer
agency fees</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Under a Transfer Agency Agreement, Columbia Management
Investment Services Corp. (the Transfer Agent) is responsible
for providing transfer agency services to the Funds.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Prior to Sept. 7, 2010, the Transfer Agent received annual
account-based service fees from Class A, Class B and
Class C shares that varied by class. In addition, the
Transfer Agent charged an annual fee per inactive account and
received reimbursement from the Funds for certain
<FONT style="white-space: nowrap">out-of-pocket</FONT>
expenses.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Under a new Transfer Agency Agreement effective Sept. 7,
2010, the Transfer Agent has contracted with Boston Financial
Data Services (BFDS) to serve as
<FONT style="white-space: nowrap">sub-transfer</FONT>
agent. The Transfer Agent receives monthly account-based service
fees based on the number of open accounts and is reimbursed by
the Funds for the fees and expenses the Transfer Agent pays to
financial intermediaries that maintain omnibus accounts with the
Funds subject to an annual limitation (that varies by class)
that is a percentage of the average aggregate value of each
Fund’s shares maintained in each such omnibus account
(other than omnibus accounts for which American Enterprise
Investment Services Inc. is the broker of record or accounts
where the beneficial shareholder is a customer of Ameriprise
Financial Services, Inc., which are paid a per account fee). The
Transfer Agent pays the fees of BFDS for services as
<FONT style="white-space: nowrap">sub-transfer</FONT>
agent and is not entitled to reimbursement for such fees from
the Funds.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Transfer Agent also receives compensation from fees for
various shareholder services and reimbursements for certain
<FONT style="white-space: nowrap">out-of-pocket</FONT>
expenses.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
For the six months ended Feb. 28, 2011, each Fund’s
annualized effective transfer agent fee rates as a percentage of
average daily net assets of each class were as follows:
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="69%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Fund</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Class
A</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Class
B</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Class
C</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -9pt; margin-left: 9pt">
RiverSource California Tax-Exempt Fund
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
0.05
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
%
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
0.05
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
%
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
0.05
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
RiverSource New York Tax-Exempt Fund
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.06
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.07
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.06
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Distribution
fees</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Each Fund has an agreement with Columbia Management Investment
Distributors, Inc. (the Distributor) for distribution and
shareholder services. Under a Plan and Agreement of Distribution
pursuant to
<FONT style="white-space: nowrap">Rule 12b-1,</FONT>
each Fund paid a fee at an annual rate of up to 0.25% of each
Fund’s average daily net assets attributable to
Class A shares and a fee at an annual rate of up to 1.00%
of
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  49</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Notes
to Financial Statements
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
each Fund’s average daily net assets attributable to
Class B and Class C shares. For Class B and
Class C shares, of the 1.00% fee, up to 0.75% is reimbursed
for distribution expenses.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The amount of distribution expenses incurred by the Distributor
and not yet reimbursed (unreimbursed expense) for each Fund was
approximately as follows:
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="78%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="7%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="7%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Fund</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Class
B</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Class
C</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -9pt; margin-left: 9pt">
RiverSource California Tax-Exempt Fund
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
67,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
31,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
RiverSource New York Tax-Exempt Fund
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
50,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
11,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
These amounts are based on the most recent information available
as of Jan. 31, 2011, and may be recovered from future
payments under the distribution plan or CDSCs. To the extent the
unreimbursed expense has been fully recovered, the distribution
fee is reduced.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Sales
charges</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Sales charges, including front-end and CDSCs, received by the
Distributor for distributing the Funds’ shares for the six
months ended Feb. 28, 2011 were as follows:
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="68%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="7%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Fund</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Class
A</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Class
B</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Class
C</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -9pt; margin-left: 9pt">
RiverSource California Tax-Exempt Fund
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
33,180
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
615
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
1,290
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
RiverSource New York Tax-Exempt Fund
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
6,805
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
348
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
8
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Expenses
waived/reimbursed by the Investment Manager and its
affiliates</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
For the six months ended Feb. 28, 2011, the Investment
Manager and its affiliates waived/reimbursed certain fees and
expenses such that the Funds’ net expenses (excluding
interest and fee expenses related to each Fund’s
participation in certain inverse floater programs and fees and
expenses of acquired funds*) were as follows:
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="69%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Fund</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Class
A</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Class
B</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Class
C</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -9pt; margin-left: 9pt">
RiverSource California Tax-Exempt Fund
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
0.79
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
%
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
1.54
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
%
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
1.54
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
RiverSource New York Tax-Exempt Fund
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.79
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The waived/reimbursed fees and expenses for the transfer agency
fees at the class level were as follows:
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="68%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="7%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="6%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Fund</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Class
A</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Class
B</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Class
C</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -9pt; margin-left: 9pt">
RiverSource California Tax-Exempt Fund
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
10,677
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
143
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
256
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
RiverSource New York Tax-Exempt Fund
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,565
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
153
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
114
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">50  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The management fees waived/reimbursed at the Fund level were as
follows:
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="90%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="7%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Fund</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Amount</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -9pt; margin-left: 9pt">
RiverSource California Tax-Exempt Fund
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
36,596
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
RiverSource New York Tax-Exempt Fund
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
47,696
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Investment Manager and its affiliates have contractually
agreed to waive certain fees and reimburse certain expenses
until Oct. 31, 2011, unless sooner terminated at the sole
discretion of the Board, such that net expenses (excluding
interest and fee expenses related to each Fund’s
participation in certain inverse floater programs and fees and
expenses of acquired funds*), will not exceed the following
percentage of the class’ average daily net assets for each
Fund:
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="95%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="2%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class A
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.79
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class B
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Class C
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1.54
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">*
</FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">In
addition to the fees and expenses which each Fund bears
directly, each Fund indirectly bears a pro rata share of the
fees and expenses of the funds in which it invests (also
referred to as “acquired funds”), including affiliated
and
<FONT style="white-space: nowrap">non-affiliated</FONT>
pooled investment vehicles (including mutual funds and exchange
traded funds). Because the acquired funds have varied expense
and fee levels and each Fund may own different proportions of
acquired funds at different times, the amount of fees and
expenses incurred indirectly by each Fund will vary.
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>
<TR valign="top">
<TD>
<B><FONT style="font-family: Arial, Helvetica">5. </FONT></B>
</TD>
<TD>
<B><FONT style="font-family: Arial, Helvetica">SECURITIES
TRANSACTIONS</FONT></B>
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
For the six months ended Feb. 28, 2011, cost of purchases
and proceeds from sales (other than short-term obligations)
aggregated for each Fund were as follows:
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="68%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="12%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="12%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Fund</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Purchases</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Proceeds</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -9pt; margin-left: 9pt">
RiverSource California Tax-Exempt Fund
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
16,954,854
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
27,652,685
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
RiverSource New York Tax-Exempt Fund
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,469,893
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
10,247,248
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Realized gains and losses are determined on an identified cost
basis.
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  51</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Notes
to Financial Statements
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>
<TR valign="top">
<TD>
<B><FONT style="font-family: Arial, Helvetica">6. </FONT></B>
</TD>
<TD>
<B><FONT style="font-family: Arial, Helvetica">SHARE
TRANSACTIONS</FONT></B>
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Transactions in shares for each Fund for the periods indicated
were as follows:
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="36%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="11%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="12%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="11%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="12%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">RiverSource<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">RiverSource<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #8E2344">
<B><FONT style="font-family: Arial, Helvetica">California
Tax-Exempt Fund</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #8E2344">
<B><FONT style="font-family: Arial, Helvetica">New York
Tax-Exempt Fund</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Six months<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Six months<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Year ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Year ended<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Feb. 28,
2011</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Aug. 31,
2010</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Feb. 28,
2011</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Aug. 31,
2010</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -9pt; margin-left: 9pt">
<B>Class A</B>
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Sold
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
776,424
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
2,072,217
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
183,714
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
605,714
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Converted from Class B*
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
170,810
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
115,280
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Reinvested distributions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
461,449
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
940,186
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
167,028
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
342,209
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Redeemed
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(2,978,325
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(6,337,261
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(1,188,134
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(1,747,965
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Net increase (decrease)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(1,740,452
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(3,154,048
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(837,392
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(684,762
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
<B>Class B</B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Sold
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,883
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
22,170
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
1,582
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
28,066
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Reinvested distributions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,377
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
15,777
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,369
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
10,817
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Converted to Class A*
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(170,810
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
—
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(115,280
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Redeemed
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(20,193
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(87,065
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(26,599
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(86,438
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Net increase (decrease)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(9,933
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(219,928
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(21,648
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(162,835
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
<B>Class C</B>
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Sold
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
78,763
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
254,958
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
17,110
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
52,644
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Reinvested distributions
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
9,989
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
19,629
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,106
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,965
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Redeemed
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(170,393
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(140,622
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(35,811
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(47,733
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
Net increase (decrease)
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(81,641
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
133,965
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
(15,595
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
)
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
10,876
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">*
</FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">Automatic
conversion of Class B shares to Class A shares based
on the original purchase date.
</FONT></TD>
</TR>
</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>
<TR valign="top">
<TD>
<B><FONT style="font-family: Arial, Helvetica">7. </FONT></B>
</TD>
<TD>
<B><FONT style="font-family: Arial, Helvetica">BANK
BORROWINGS</FONT></B>
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Each Fund has entered into a revolving credit facility with a
syndicate of banks led by JPMorgan Chase Bank, N.A. (the
Administrative Agent), whereby each Fund may borrow for the
temporary funding of shareholder redemptions or for other
temporary or emergency purposes. The credit facility became
effective on Oct. 14, 2010, replacing a prior credit
facility. The credit facility agreement, which is a collective
agreement between each Fund and certain other funds managed by
the Investment Manager, severally and not jointly, permits
collective borrowings up to $300 million. The borrowers
shall have the right, upon written notice to the Administrative
Agent, to request an increase of up to $200 million in the
aggregate amount of the credit facility from new or existing
lenders, provided that the aggregate amount of the credit
facility shall at no time exceed $500 million.
Participation in such increase by any existing lender shall be
at such lender’s sole discretion.
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">52  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Interest is charged to each fund based on its borrowings at a
rate equal to the sum of the federal funds rate plus
(i) 1.25% per annum plus (ii) if one-month LIBOR
exceeds the federal funds rate, the amount of such excess. Each
borrowing under the credit facility matures no later than
60 days after the date of borrowing. The Fund also pays a
commitment fee equal to its pro rata share of the amount of the
credit facility at a rate of 0.10% per annum.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Prior to Oct. 14, 2010, the credit facility agreement,
which was a collective agreement between each Fund and certain
other funds managed by the Investment Manager, severally and not
jointly, permitted collective borrowings up to
$300 million. Each Fund also paid a commitment fee equal to
its pro rata share of the amount of the credit facility at a
rate of 0.10% per annum, in addition to an upfront fee equal to
its pro rata share of 0.04% of the amount of the credit
facility. The Funds had no borrowings during the six months
ended Feb. 28, 2011.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>
<TR valign="top">
<TD>
<B><FONT style="font-family: Arial, Helvetica">8. </FONT></B>
</TD>
<TD>
<B><FONT style="font-family: Arial, Helvetica">FEDERAL TAX
INFORMATION</FONT></B>
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Net investment income (loss) and net realized gains (losses) may
differ for financial statement and tax purposes primarily
because of futures contracts, post-October losses and market
discount. The character of distributions made during the year
from net investment income or net realized gains may differ from
their ultimate characterization for federal income tax purposes.
Also, due to the timing of dividend distributions, the fiscal
year in which amounts are distributed may differ from the year
that the income or realized gains were recorded by the Funds.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
For federal income tax purposes, capital loss carry-overs at
Aug. 31, 2010 were as follows:
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="87%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="10%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Fund</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Carry-over</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -9pt; margin-left: 9pt">
RiverSource California Tax-Exempt Fund
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
2,029,072
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
RiverSource New York Tax-Exempt Fund
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
643,568
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
At the end of the most recent fiscal year, if the capital loss
carry-overs are not offset by subsequent capital gains, they
will expire as follows:
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="61%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="10%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="3%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Fund</FONT></B>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">2016</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">2017</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">2018</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -9pt; margin-left: 9pt">
RiverSource California Tax-Exempt Fund
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
359,905
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
1,247,347
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
$
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
421,820
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
RiverSource New York Tax-Exempt Fund
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
3,664
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
341,015
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
298,889
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
It is unlikely the Board will authorize a distribution of any
net realized capital gains until the available capital loss
carry-overs have been offset or expire. There is no assurance
that the Funds will be able to utilize all of their capital loss
carry-overs before they expire.
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  53</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Notes
to Financial Statements
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
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<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>
<TR valign="top">
<TD>
<B><FONT style="font-family: Arial, Helvetica">9. </FONT></B>
</TD>
<TD>
<B><FONT style="font-family: Arial, Helvetica">RISKS RELATING TO
CERTAIN INVESTMENTS</FONT></B>
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Non-diversification
risk</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Each Fund is non-diversified. A non-diversified fund may invest
more of its assets in fewer companies than if it were a
diversified fund. Because each investment has a greater effect
on each Fund’s performance, each Fund may be more exposed
to the risks of loss and volatility than a fund that invests
more broadly.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Geographic
concentration risk</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Because state-specific tax-exempt funds invest primarily in the
municipal securities issued by the state and political
<FONT style="white-space: nowrap">sub-divisions</FONT>
of the state, each Fund will be particularly affected by
political and economic conditions and developments in the state
in which it invests. This vulnerability to factors affecting the
state fund’s tax-exempt investments will be significantly
greater than that of a more geographically diversified fund,
which may result in greater losses and volatility. The value of
municipal securities owned by a Fund also may be adversely
affected by future changes in federal or state income tax laws.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<TR>
<TD width="5%"></TD>
<TD width="95%"></TD>
</TR>
<TR valign="top">
<TD>
<B><FONT style="font-family: Arial, Helvetica">10. </FONT></B>
</TD>
<TD>
<B><FONT style="font-family: Arial, Helvetica">SUBSEQUENT
EVENTS</FONT></B>
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Management has evaluated Fund related events and transactions
that occurred during the period from the date of the Statements
of Assets and Liabilities through the date of issuance of each
Fund’s financial statements. There were no events or
transactions that occurred during the period that materially
impacted the amounts or disclosures in each Fund’s
financial statements, other than as noted below.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
In August 2010, the Board of Trustees of RiverSource California
Tax-Exempt Fund approved a proposal to merge the Fund into
Columbia California Tax-Exempt Fund. The merger is expected to
be a tax-free reorganization for U.S. federal income tax
proposes. The proposal was approved at a special meeting of
shareholders held on Feb. 15, 2011, and the merger is
expected to take place before the end of the second quarter 2011.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
In August 2010, the Board of Trustees of RiverSource New York
Tax-Exempt Fund approved a proposal to merge the Fund into
Columbia New York Tax-Exempt Fund. The merger is expected to be
a tax-free reorganization for U.S. federal income tax proposes.
The proposal was approved at a special meeting of shareholders
held on Feb. 15, 2011, and the merger is expected to take
place before the end of the second quarter 2011.
</DIV>
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<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">54  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
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<TR>
<TD width="5%"></TD>
<TD width="95%"></TD>
</TR>
<TR valign="top">
<TD>
<B><FONT style="font-family: Arial, Helvetica">11. </FONT></B>
</TD>
<TD>
<B><FONT style="font-family: Arial, Helvetica">INFORMATION
REGARDING PENDING AND SETTLED LEGAL PROCEEDINGS</FONT></B>
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
In June 2004, an action captioned <I>John E. Gallus et al.
v. American Express Financial Corp. and American Express
Financial Advisors Inc.</I> was filed in the United States
District Court for the District of Arizona. The plaintiffs
allege that they are investors in several American Express
Company (now known as legacy RiverSource) mutual funds and they
purport to bring the action derivatively on behalf of those
funds under the Investment Company Act of 1940. The plaintiffs
allege that fees allegedly paid to the defendants by the funds
for investment advisory and administrative services are
excessive. The plaintiffs seek remedies including restitution
and rescission of investment advisory and distribution
agreements. The plaintiffs voluntarily agreed to transfer this
case to the United States District Court for the District of
Minnesota (the District Court). In response to defendants’
motion to dismiss the complaint, the District Court dismissed
one of plaintiffs’ four claims and granted plaintiffs
limited discovery. Defendants moved for summary judgment in
April 2007. Summary judgment was granted in the
defendants’ favor on July 9, 2007. The plaintiffs
filed a notice of appeal with the Eighth Circuit Court of
Appeals (the Eighth Circuit) on August 8, 2007. On
April 8, 2009, the Eighth Circuit reversed summary judgment
and remanded to the District Court for further proceedings. On
August 6, 2009, defendants filed a writ of certiorari with
the U.S. Supreme Court (the Supreme Court), asking the Supreme
Court to stay the District Court proceedings while the Supreme
Court considers and rules in a case captioned <I>Jones v. Harris
Associates,</I> which involves issues of law similar to those
presented in the Gallus case. On March 30, 2010, the
Supreme Court issued its ruling in <I>Jones v. Harris
Associates,</I> and on April 5, 2010, the Supreme Court
vacated the Eighth Circuit’s decision in the Gallus case
and remanded the case to the Eighth Circuit for further
consideration in light of the Supreme Court’s decision in
<I>Jones v. Harris Associates.</I> On June 4, 2010, the
Eighth Circuit remanded the Gallus case to the District Court
for further consideration in light of the Supreme Court’s
decision in <I>Jones v. Harris Associates.</I> On
December 9, 2010, the District Court reinstated its
July 9, 2007 summary judgment order in favor of the
defendants. On January 10, 2011, plaintiffs filed a notice
of appeal with the Eighth Circuit.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
In December 2005, without admitting or denying the
allegations, American Express Financial Corporation (AEFC, which
is now known as Ameriprise Financial, Inc. (Ameriprise
Financial)), entered into settlement agreements with the
Securities and Exchange Commission (SEC) and Minnesota
Department of Commerce (MDOC) related to market timing
activities. As a result, AEFC was censured and ordered to cease
and desist from committing or causing any violations of certain
provisions of the Investment Advisers Act of 1940, the
</DIV>
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<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  55</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Notes
to Financial Statements
</FONT></B><I><FONT style="font-size: 12pt"><FONT style="font-family: Arial, Helvetica; color: #8E2344">(continued)<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></FONT></I>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt"> </DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Investment Company Act of 1940, and various Minnesota laws. AEFC
agreed to pay disgorgement of $10 million and civil money
penalties of $7 million. AEFC also agreed to retain an
independent distribution consultant to assist in developing a
plan for distribution of all disgorgement and civil penalties
ordered by the SEC in accordance with various undertakings
detailed at
<FONT style="white-space: nowrap">http://www.sec.gov/litigation/admin/ia-2451.pdf.</FONT>
Ameriprise Financial and its affiliates have cooperated with the
SEC and the MDOC in these legal proceedings, and have made
regular reports to the funds’ Boards of Directors/Trustees.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Ameriprise Financial and certain of its affiliates have
historically been involved in a number of legal, arbitration and
regulatory proceedings, including routine litigation, class
actions, and governmental actions, concerning matters arising in
connection with the conduct of their business activities.
Ameriprise Financial believes that the Funds are not currently
the subject of, and that neither Ameriprise Financial nor any of
its affiliates are the subject of, any pending legal,
arbitration or regulatory proceedings that are likely to have a
material adverse effect on the Funds or the ability of
Ameriprise Financial or its affiliates to perform under their
contracts with the Funds. Ameriprise Financial is required to
make <FONT style="white-space: nowrap">10-Q,</FONT>
<FONT style="white-space: nowrap">10-K</FONT> and, as
necessary,
<FONT style="white-space: nowrap">8-K</FONT> filings
with the Securities and Exchange Commission on legal and
regulatory matters that relate to Ameriprise Financial and its
affiliates. Copies of these filings may be obtained by accessing
the SEC website at www.sec.gov.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
There can be no assurance that these matters, or the adverse
publicity associated with them, will not result in increased
fund redemptions, reduced sale of fund shares or other adverse
consequences to the Funds. Further, although we believe
proceedings are not likely to have a material adverse effect on
the Funds or the ability of Ameriprise Financial or its
affiliates to perform under their contracts with the Funds,
these proceedings are subject to uncertainties and, as such, we
are unable to estimate the possible loss or range of loss that
may result. An adverse outcome in one or more of these
proceedings could result in adverse judgments, settlements,
fines, penalties or other relief that could have a material
adverse effect on the consolidated financial condition or
results of operations of Ameriprise Financial.
</DIV>
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<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">56  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
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</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Proxy
Voting<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The policy of the Board is to vote the proxies of the companies
in which each Fund holds investments consistent with the
procedures as stated in the Statement of Additional Information
(SAI). You may obtain a copy of the SAI without charge by
calling 800.345.6611; contacting your financial intermediary;
visiting columbiamanagement.com; or searching the website of the
Securities and Exchange Commission (SEC) at
<FONT style="white-space: nowrap">http://www.sec.gov.</FONT>
Information regarding how each Fund voted proxies relating to
portfolio securities is filed with the SEC by August 31 for
the most recent
<FONT style="white-space: nowrap">12-month</FONT>
period ending June 30 of that year, and is available
without charge by visiting columbiamanagement.com; or searching
the website of the SEC at www.sec.gov.
</DIV>
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<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  57</FONT></B>
</DIV>
<P>
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<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
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<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Results
of Meeting of Shareholders<BR>
<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV></FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<I>Columbia California Tax-Exempt Fund</I>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Special
Meeting of Shareholders held on Feb. 15, 2011<BR>
(Unaudited)</FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
A brief description of the proposals voted upon at the meeting
and the votes cast for, against or withheld, as well as the
number of abstentions and broker non-votes as to the proposals
are set forth below. A vote is based on total dollar interest in
the Fund.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Proposal 1</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
To elect trustees to the Board.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
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<TD width="22%"> </TD> <!-- colindex=02 type=maindata -->
<TD width="5%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="13%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=04 type=gutter -->
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<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="9%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=hang1 -->
<TD width="5%"> </TD> <!-- colindex=06 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=06 type=lead -->
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<TD width="1%" align="left"> </TD> <!-- colindex=06 type=hang1 -->
</TR>
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<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Dollars Voted<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Dollars Voted<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Broker<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">“For”</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">“Withhold”</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Abstentions</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Non-Votes</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
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<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -8pt; margin-left: 8pt">
01
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
Kathleen Blatz
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
92,386,932.297
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
4,676,243.141
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
02
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Edward J. Boudreau, Jr. 
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
92,299,563.771
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,763,611.667
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
03
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Pamela G. Carlton
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
92,335,655.845
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,727,519.593
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
04
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
William P. Carmichael
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
92,395,897.088
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,667,278.350
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
05
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Patricia M. Flynn
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
92,302,362.440
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,760,812.998
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
06
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
William A. Hawkins
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
92,029,143.846
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,034,031.592
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
07
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
R. Glenn Hilliard
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
92,308,528.521
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,754,646.917
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
08
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Stephen R. Lewis, Jr. 
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
92,314,964.193
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,748,211.245
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
09
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
John F. Maher
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
92,214,976.366
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,848,199.072
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
10
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
John J. Nagorniak
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
92,308,528.521
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,754,646.917
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
11
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Catherine James Paglia
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
92,308,528.521
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,754,646.917
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
12
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Leroy C. Richie
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
92,002,016.563
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,061,158.875
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
13
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Anthony M. Santomero
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
91,990,289.661
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
5,072,885.777
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
14
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Minor M. Shaw
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
92,323,928.943
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,739,246.495
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
15
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
Alison Taunton-Rigby
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
92,305,729.893
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,757,445.545
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
16
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
William F. Truscott
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
92,290,635.537
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
4,772,539.900
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Proposal 2</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
To approve a proposed amendment to the Declaration of Trust.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="1%" align="right"> </TD> <!-- colindex=01 type=lead -->
<TD width="17%" align="right"> </TD> <!-- colindex=01 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=01 type=hang1 -->
<TD width="13%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="14%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="13%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="14%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="13%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Dollars
Voted<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Dollars
Voted<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Broker<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">“For”</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">“Against”</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Abstentions</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Non-Votes</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
89,313,382.729
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
4,947,321.464
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
2,802,466.505
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
4.740
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #8E2344"></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">58  RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV style="font-size: 8pt; margin-left: 0%; width: 100%; align: left; border-bottom: 4pt solid #8E2344"></DIV>
<DIV style="margin-top: 15pt; font-size: 1pt"> </DIV>
<!-- XBRL Pagebreak End -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<I>Columbia New-York Tax-Exempt Fund</I>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Special
Meeting of Shareholders held on Feb. 15, 2011<BR>
(Unaudited)</FONT></B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
A brief description of the proposals voted upon at the meeting
and the votes cast for, against or withheld, as well as the
number of abstentions and broker non-votes as to the proposals
are set forth below. A vote is based on total dollar interest in
the Fund.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Proposal 1</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
To elect trustees to the Board.*
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="8%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="22%"> </TD> <!-- colindex=02 type=maindata -->
<TD width="4%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="15%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="4%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="13%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
<TD width="4%"> </TD> <!-- colindex=05 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=05 type=lead -->
<TD width="9%" align="right"> </TD> <!-- colindex=05 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=05 type=hang1 -->
<TD width="4%"> </TD> <!-- colindex=06 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=06 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=06 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Dollars Voted<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Dollars Voted<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Broker<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">“For”</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">“Withhold”</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Abstentions</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Non-Votes</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
<DIV style="text-indent: -8pt; margin-left: 8pt">
01
</DIV>
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
Kathleen Blatz
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
257,387,769.632
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
11,757,209.690
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
02
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Edward J. Boudreau, Jr. 
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
256,686,038.951
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,458,940.371
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
03
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Pamela G. Carlton
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
256,577,463.647
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,567,515.675
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
04
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
William P. Carmichael
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
256,504,325.559
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,640,653.763
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
05
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Patricia M. Flynn
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
256,491,961.764
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,653,017.558
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
06
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
William A. Hawkins
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
256,763,069.598
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,381,909.724
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
07
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
R. Glenn Hilliard
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
256,777,128.640
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,367,850.682
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
08
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Stephen R. Lewis, Jr. 
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
256,678,176.583
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,466,802.739
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
09
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
John F. Maher
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
257,016,440.518
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,128,538.804
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
10
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
John J. Nagorniak
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
256,847,456.303
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,297,523.019
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
11
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Catherine James Paglia
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
257,016,493.091
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,128,486.231
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
12
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Leroy C. Richie
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
256,863,481.181
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,281,498.141
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
13
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Anthony M. Santomero
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
256,660,505.777
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,484,473.545
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
14
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
Minor M. Shaw
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
257,059,313.736
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,085,665.586
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
15
</DIV>
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
Alison Taunton-Rigby
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
256,647,379.427
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,497,599.895
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
16
</DIV>
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
William F. Truscott
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
257,099,077.555
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
12,045,901.767
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
0.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<B><FONT style="font-family: Arial, Helvetica; color: #8E2344">Proposal 2</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
To approve a proposed amendment to the Declaration of Trust.*
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="1%" align="right"> </TD> <!-- colindex=01 type=lead -->
<TD width="19%" align="right"> </TD> <!-- colindex=01 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=01 type=hang1 -->
<TD width="12%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=02 type=lead -->
<TD width="15%" align="right"> </TD> <!-- colindex=02 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=02 type=hang1 -->
<TD width="12%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=03 type=lead -->
<TD width="14%" align="right"> </TD> <!-- colindex=03 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=03 type=hang1 -->
<TD width="12%"> </TD> <!-- colindex=04 type=gutter -->
<TD width="1%" align="right"> </TD> <!-- colindex=04 type=lead -->
<TD width="8%" align="right"> </TD> <!-- colindex=04 type=body -->
<TD width="1%" align="left"> </TD> <!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Dollars
Voted<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Dollars
Voted<BR>
</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Broker<BR>
</FONT></B>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">“For”</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">“Against”</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Abstentions</FONT></B>
</TD>
<TD>
</TD>
<TD>
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<B><FONT style="font-family: Arial, Helvetica">Non-Votes</FONT></B>
</TD>
<TD>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
251,878,296.841
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
10,329,904.124
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
6,936,773.227
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
5.130
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD style="border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #8E2344">
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="2%"></TD>
<TD width="1%"></TD>
<TD width="97%"></TD>
</TR>
<TR>
<TD valign="top">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">*
</FONT></TD>
<TD></TD>
<TD valign="bottom">
<FONT style="font-size: 8pt; font-family: Arial, Helvetica">All
dollars of RiverSource Special Tax-Exempt Series Trust are
voted together as a single class for election of trustees and
the proposed amendment to the Declaration of Trust.
</FONT></TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<P>
<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<DIV align="right"><DIV style="text-align: left; font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #8E2344"></DIV></DIV><B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #8E2344">RIVERSOURCE
STATE TAX-EXEMPT FUNDS — 2011 SEMIANNUAL
REPORT  59</FONT></B>
</DIV>
<P>
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63556toc">Table of Contents</A></H5><P>
<DIV style="width: 77%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 95%; margin-left: 2%"><!-- BEGIN PAGE WIDTH -->
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">RiverSource
State Tax-Exempt Funds</FONT></B>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">P.O.
Box 8081
</FONT>
</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<FONT style="font-size: 9pt; font-family: Arial, Helvetica">Boston,
MA 02266-8081
</FONT>
</DIV>
<DIV style="margin-top: 11pt; font-size: 1pt"> </DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">columbiamanagement.com</FONT></B>
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt"> </DIV>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
<TD width="23%"> </TD> <!-- colindex=01 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=02 type=gutter -->
<TD width="52%"> </TD> <!-- colindex=02 type=maindata -->
<TD width="1%"> </TD> <!-- colindex=03 type=gutter -->
<TD width="23%"> </TD> <!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<IMG src="c63554cas44362_clmbbc.gif" alt="(COLUMBIA MANAGEMENT LOGO)">
</TD>
<TD>
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
This report must be accompanied or preceded by the Fund’s
current prospectus. The Funds are distributed by Columbia
Management Investment Distributors, Inc., member FINRA and
managed by Columbia Management Investment Advisers, LLC.<BR>
<SUP style="font-size: 85%; vertical-align: text-top">©</SUP>2011
Columbia Management Investment Advisers, LLC. All rights
reserved.
</TD>
<TD>
</TD>
<TD align="right" valign="bottom" style="font-family: Arial, Helvetica; font-size: 9pt">
S-6331 A (4/11)
</TD>
</TR>
</TABLE>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV>
<!-- XBRL Pagebreak Begin -->
<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item 2. Code of Ethics. Not applicable for semi-annual reports" -->
<DIV align="left"><A NAME="C63554001"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Item 2. Code of Ethics. Not applicable for semi-annual reports.
</DIV>
<!-- link2 "Item 3. Audit Committee Financial Expert. Not applicable for semi-annual reports" -->
<DIV align="left"><A NAME="C63554002"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Item 3. Audit Committee Financial Expert. Not applicable for semi-annual
reports.
</DIV>
<!-- link2 "Item 4. Principal Accountant Fees and Services. Not applicable for semi-annual reports" -->
<DIV align="left"><A NAME="C63554003"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Item 4. Principal Accountant Fees and Services. Not applicable for
semi-annual reports.
</DIV>
<!-- link2 "Item 5. Audit Committee of Listed Registrants. Not applicable" -->
<DIV align="left"><A NAME="C63554004"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Item 5. Audit Committee of Listed Registrants. Not applicable.
</DIV>
<!-- link2 "Item 6. Investments" -->
<DIV align="left"><A NAME="C63554005"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Item 6. Investments.
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left">(a)</TD>
<TD width="1%"> </TD>
<TD>The registrant’s “Schedule 1 — Investments in securities of unaffiliated issuers” (as set
forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left">(b)</TD>
<TD width="1%"> </TD>
<TD>Not applicable.</TD>
</TR>
</TABLE>
</DIV>
<!-- link2 "Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable" -->
<DIV align="left"><A NAME="C63554006"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies. Not applicable.
</DIV>
<!-- link2 "Item 8. Portfolio Managers of Closed-End Management Investment Companies" -->
<DIV align="left"><A NAME="C63554007"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable.
</DIV>
<!-- link2 "Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable" -->
<DIV align="left"><A NAME="C63554008"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers. Not applicable.
</DIV>
<!-- link2 "Item 10. Submission of Matters to a Vote of Security Holders" -->
<DIV align="left"><A NAME="C63554009"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Item 10. Submission of Matters to a Vote of Security Holders.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">There were no material changes to the procedure by which shareholders may recommend
nominees to the registrant’s board of directors.
</DIV>
<!-- link2 "Item 11. Controls and Procedures" -->
<DIV align="left"><A NAME="C63554010"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Item 11. Controls and Procedures.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(a) The registrant’s principal executive officer and principal financial officer,
based on their evaluation of the registrant’s disclosure controls and procedures as of a
date within 90 days of the filing of this report, have concluded that such controls and
procedures are adequately designed to ensure that information required to be disclosed
by the registrant in Form N-CSR is accumulated and communicated to the registrant’s
management, including the principal executive officer and principal financial officer,
or persons performing similar functions, as appropriate to allow timely decisions
regarding required disclosure.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(b) There was no change in the registrant’s internal controls over financial reporting
that occurred during the registrant’s second fiscal quarter of the period covered by this
report that has materially affected, or is reasonably likely to materially affect, the
registrant’s internal control over financial reporting.
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> <!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item 12. Exhibits" -->
<DIV align="left"><A NAME="C63554011"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Item 12. Exhibits.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semi
annual reports.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR
270.30a-2(a)) attached hereto as Exhibit 99.CERT.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)(3) Not applicable.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR
270.30a-2(b)) attached hereto as Exhibit 99.906CERT.
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> <!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C63554toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="C63554012"></A></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURES
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the Registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="15%"> </TD>
<TD width="2%"> </TD>
<TD width="50%"> </TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Registrant)
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">RiverSource California Tax-Exempt Trust</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="2%"> </TD>
<TD width="1%"> </TD>
<TD width="35%"> </TD>
<TD width="1%"> </TD>
<TD width="35%"> </TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">/s/ J. Kevin Connaughton
<DIV style="font-size: 1pt; border-top: 1px solid #000000"> </DIV>
J. Kevin Connaughton
</TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">President and Principal Executive Officer</TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top" align="left">Date April 21, 2011</TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="2%"> </TD>
<TD width="1%"> </TD>
<TD width="35%"> </TD>
<TD width="1%"> </TD>
<TD width="35%"> </TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">/s/ J. Kevin Connaughton
<DIV style="font-size: 1pt; border-top: 1px solid #000000"> </DIV>
J. Kevin Connaughton
</TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">President and Principal Executive Officer</TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top" align="left">Date April 21, 2011</TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">/s/ Michael G. Clarke
<DIV style="font-size: 1pt; border-top: 1px solid #000000"> </DIV>
Michael G. Clarke
</TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">Treasurer and Principal Financial Officer</TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top" align="left">Date April 21, 2011</TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> <!-- /Folio -->
</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c63554caexv99wcert.htm
<DESCRIPTION>EX-99.CERT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wcert</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Certification Pursuant to<BR>
270.30a-2 of the Investment Company Act of 1940
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I, J. Kevin Connaughton, certify that:
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left">1.</TD>
<TD width="1%"> </TD>
<TD>I have reviewed this report on Form N-CSR of RiverSource California Tax-Exempt Trust;</TD>
</TR>
</TABLE>
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left">2.</TD>
<TD width="1%"> </TD>
<TD>Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of
the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;</TD>
</TR>
</TABLE>
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left">3.</TD>
<TD width="1%"> </TD>
<TD>Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of
operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;</TD>
</TR>
</TABLE>
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left">4.</TD>
<TD width="1%"> </TD>
<TD>The registrant’s other certifying officers and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD>
</TR>
</TABLE>
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left">a)</TD>
<TD width="1%"> </TD>
<TD>Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;</TD>
</TR>
</TABLE>
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left">b)</TD>
<TD width="1%"> </TD>
<TD>Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes with generally accepted accounting principles;</TD>
</TR>
</TABLE>
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left">c)</TD>
<TD width="1%"> </TD>
<TD>Evaluated the effectiveness of the registrant’s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures as of a date within 90 days prior to the filing date of this report based on
such evaluation; and</TD>
</TR>
</TABLE>
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left">d)</TD>
<TD width="1%"> </TD>
<TD>Disclosed in this report any change in the registrant’s internal control over financial
reporting that occurred during the second fiscal quarter of the period covered by this
report that has materially affected, or is reasonably likely to materially affect, the
registrant’s internal control over financial reporting; and</TD>
</TR>
</TABLE>
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left">5.</TD>
<TD width="1%"> </TD>
<TD>The registrant’s other certifying officers and I have disclosed, to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions):</TD>
</TR>
</TABLE>
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left">a)</TD>
<TD width="1%"> </TD>
<TD>All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the registrant’s ability to record, process, summarize, and report financial information;
and</TD>
</TR>
</TABLE>
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left">b)</TD>
<TD width="1%"> </TD>
<TD>Any fraud, whether or not material, that involves management or other employees who have a
significant role in the registrant’s internal control over financial reporting.</TD>
</TR>
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="36%"> </TD>
<TD width="2%"> </TD>
<TD width="0%"> </TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: April 21, 2011</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ J. Kevin Connaughton
<DIV style="font-size: 1pt; border-top: 1px solid #000000"> </DIV>
J. Kevin Connaughton
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">President and Principal Executive Officer</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> <!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Certification Pursuant to<BR>
270.30a-2 of the Investment Company Act of 1940
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I, Michael G. Clarke, certify that:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. I have reviewed this report on Form N-CSR of RiverSource California Tax-Exempt Trust;
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left">2.</TD>
<TD width="1%"> </TD>
<TD>Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of
the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;</TD>
</TR>
</TABLE>
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left">3.</TD>
<TD width="1%"> </TD>
<TD>Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of
operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;</TD>
</TR>
</TABLE>
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left">4.</TD>
<TD width="1%"> </TD>
<TD>The registrant’s other certifying officers and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD>
</TR>
</TABLE>
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left">a)</TD>
<TD width="1%"> </TD>
<TD>Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;</TD>
</TR>
</TABLE>
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left">b)</TD>
<TD width="1%"> </TD>
<TD>Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes with generally accepted accounting principles;</TD>
</TR>
</TABLE>
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left">c)</TD>
<TD width="1%"> </TD>
<TD>Evaluated the effectiveness of the registrant’s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures as of a date within 90 days prior to the filing date of this report based on
such evaluation; and</TD>
</TR>
</TABLE>
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left">d)</TD>
<TD width="1%"> </TD>
<TD>Disclosed in this report any change in the registrant’s internal control over financial
reporting that occurred during the second fiscal quarter of the period covered by this
report that has materially affected, or is reasonably likely to materially affect, the
registrant’s internal control over financial reporting; and</TD>
</TR>
</TABLE>
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left">5.</TD>
<TD width="1%"> </TD>
<TD>The registrant’s other certifying officers and I have disclosed, to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions):</TD>
</TR>
</TABLE>
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left">a)</TD>
<TD width="1%"> </TD>
<TD>All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the registrant’s ability to record, process, summarize, and report financial information;
and</TD>
</TR>
</TABLE>
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left">b)</TD>
<TD width="1%"> </TD>
<TD>Any fraud, whether or not material, that involves management or other employees who have a
significant role in the registrant’s internal control over financial reporting.</TD>
</TR>
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="35%"> </TD>
<TD width="2%"> </TD>
<TD width="0%"> </TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: April 21, 2011</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Michael G. Clarke
<DIV style="font-size: 1pt; border-top: 1px solid #000000"> </DIV>
Michael G. Clarke
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Treasurer and Principal Financial Officer</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> <!-- /Folio -->
</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>3
<FILENAME>c63554caexv99w906cert.htm
<DESCRIPTION>EX-99.906CERT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w906cert</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTIFICATION</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to Section 906<BR>
of the Sarbanes-Oxley Act of 2002
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Certified Shareholder Report of RiverSource California Tax-Exempt Trust
(the “Trust”) on Form N-CSR for the period ending February 28, 2011, as filed with the Securities
and Exchange Commission on the date hereof (“the Report”), the undersigned hereby certifies that,
to his knowledge:
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent"> </TD>
<TD width="3%" nowrap align="left">1.</TD>
<TD width="1%"> </TD>
<TD>The Report fully complies with the requirements of Section 13(a) or 15(d) of the
Securities Exchange Act of 1934; and</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent"> </TD>
<TD width="3%" nowrap align="left">2.</TD>
<TD width="1%"> </TD>
<TD>The information contained in the Report fairly presents, in all material respects,
the financial condition and results of operations of the Trust.</TD>
</TR>
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="48%"> </TD>
<TD width="2%"> </TD>
<TD width="35%"> </TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: April 21, 2011
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">/s/ J. Kevin Connaughton
<DIV style="font-size: 1pt; border-top: 1px solid #000000"> </DIV> J.
Kevin Connaughton</TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">President and Principal Executive Officer</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: April 21, 2011
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">/s/ Michael G. Clarke
<DIV style="font-size: 1pt; border-top: 1px solid #000000"> </DIV> Michael
G. Clarke</TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">Treasurer and Principal Financial Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002 HAS BEEN PROVIDED TO THE REGISTRANT AND WILL BE RETAINED BY THE REGISTRANT AND FURNISHED TO
THE SECURITIES AND EXCHANGE COMMISSION (THE “COMMISSION”) OR ITS STAFF UPON REQUEST.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section
1350 and is not being filed as part of the Form N-CSR with the Commission.
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> <!-- /Folio -->
</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>c63554cac63554_clmbfc.gif
<DESCRIPTION>GRAPHIC
<TEXT>
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