Opinion

William E. Frazier & Mary A. Frazier

Court: United States Tax Court
Filed: Apr 24, 2024
Status: Unpublished
Cited by: 0 cases
Authority: More cited than 15.9%

taxpayers were prejudiced because taxpayers did not have the opportunity to present evidence on the new theory

How later courts described this case

taxpayers were prejudiced because taxpayers did not have the opportunity to present evidence on the new theory
applying the Cohan rule to estimating cost basis
“[A] partner may not deduct the expenses of the partnership on his individual return, even if the expenses were incurred by the partner in furtherance of partnership business.”
taxpayer was prejudiced because taxpayer would have introduced additional evidence had it known of the new theory

Written by the judges who cited it.

The opinion

United States Tax Court

CORRECTED

T.C. Memo. 2024-3

WILLIAM E. FRAZIER AND MARY A. FRAZIER, ET AL., 1

Petitioners

COMMISSIONER OF INTERNAL REVENUE,

Respondent

—————

Docket Nos. 8427-14, 8548-14, Filed January 8, 2024.

18494-15, 18521-15,

18721-15, 18745-15,

18797-15, 18799-15.

—————

Jaye A. Calhoun and Ray C. Mayo, Jr., for petitioners.

Edwin B. Cleverdon, for respondent.

CONTENTS

MEMORANDUM FINDINGS OF FACT AND OPINION ..................... 9

FINDINGS OF FACT ............................................................................ 15

I. Petitioners: the Fraziers and their wholly-owned C

corporation, LHDC ...................................................................... 15

II. LHDC administered Section 8 housing programs for

certain public housing agencies in Louisiana. ........................... 16

1 Cases of the following petitioners are consolidated herewith: Louisiana

Housing Development Corp., Docket Nos. 8548-14, 18721-15, and 18799-15; William

E. Frazier, Docket No. 18494-15; Mary A. Frazier, Docket No. 18521-15; and William

E. Frazier and Mary A. Frazier, Docket Nos. 8427-14, 18745-15, and 18797-15. Cases

with docket numbers 18725-15 and 18726-15, regarding deficiencies for tax years 2013,

were also consolidated with these cases, but were settled before trial.

Served 04/24/24

[*2]

III. Louisiana Assisted administered Section 8 housing

programs for certain other public housing agencies in

Louisiana. .................................................................................... 16

IV. LHDC agreed to make payments to Gary Lala.......................... 17

V. Hurricane Katrina affected LHDC operations. .......................... 17

VI. LHDC began administering Disaster Housing Assistance

Program payments for Jefferson Parish PHA............................ 17

VII. In 2006, LHDC and Lala replaced their 2003 contract with

a new contract. ............................................................................ 17

VIII. Louisiana Assisted began administering DHAP payments

for Mississippi Gulf Coast; Bobbie sold 50% of her share of

Louisiana Assisted to LHDC in exchange for LHDC’s

assistance in doing so. ................................................................. 19

IX. Business operations of LHDC and Louisiana Assisted

during the years at issue............................................................. 19

X. During the years at issue, Louisiana Assisted made cash

distributions to LHDC and reimbursed LHDC for certain

expenses. ...................................................................................... 21

A. During the years at issue, Trombetta’s accounting firm

prepared income statements for LHDC. ............................... 21

B. During the years at issue, Louisiana Assisted paid cash

distributions to LHDC. .......................................................... 23

C. During the years at issue, Louisiana Assisted made

reimbursements payments to LHDC. ................................... 24

XI. In 2012, LHDC sold of its 50% membership interest in

Louisiana Assisted to Bobbie. ..................................................... 24

XII. In 2012, the Fraziers sold securities from the Merrill Lynch

brokerage account. ...................................................................... 25

XIII. In 2012, the Fraziers sold securities from the Franklin

Growth Fund, receiving $40,867 of proceeds. ............................ 48

[*3]

XIV. In 2012, the Fraziers’ received $1,417 from “Columbia

Seligman Comm. And Info.”........................................................ 48

XV. In 2012, the Fraziers received taxable wages, interest,

dividends, IRA distributions, pension distributions, social

security benefits, and Schedule E income and had federal

income tax withholding. .............................................................. 48

XVI. In 2012, the Fraziers paid state and local income taxes and

real estate taxes. ......................................................................... 48

XVII. Tax reporting: Louisiana Assisted’s Forms 1065, the

Fraziers’ Forms 1040 and 2012 Form 1099-B, and LHDC’s

Forms 1120 .................................................................................. 48

A. Louisiana Assisted ................................................................. 49

1. Overview of Louisiana Assisted’s tax reporting:

Forms 1065 .................................................................. 49

2. Louisiana Assisted’s tax reporting by year ................ 51

a. 2009 ................................................................... 51

b. 2010 ................................................................... 54

c. 2011 ................................................................... 57

d. 2012 ................................................................... 59

B. The Fraziers ........................................................................... 62

1. The Fraziers’ tax reporting for 2009........................... 62

2. The Fraziers’ tax reporting for 2010........................... 65

3. The Fraziers’ tax reporting for 2011........................... 68

4. The Fraziers’ 2012 tax year ........................................ 72

C. LHDC...................................................................................... 72

1. LHDC’s tax reporting for 2009 ................................... 72

2. LHDC’s tax reporting for 2010 ................................... 76

[*4] 3. LHDC’s tax reporting for 2011 ................................... 79

4. LHDC’s tax reporting for 2012 ................................... 83

XVIII. Notices of deficiency .................................................................... 87

A. The Fraziers ........................................................................... 87

1. 2009 tax year ............................................................... 87

2. 2010 tax year ............................................................... 90

3. 2011 tax year ............................................................... 92

4. 2012 tax year ............................................................... 93

B. LHDC...................................................................................... 97

1. 2009 tax year ............................................................... 97

2. 2010 tax year ............................................................... 99

3. 2011 tax year ............................................................. 100

OPINION .............................................................................................. 102

I. LHDC was the other member of Louisiana Assisted. .............. 106

A. Under Louisiana law, the other membership interest in

Louisiana Assisted was owned by LHDC. .......................... 106

B. Under federal tax law, the other membership interest

in Louisiana Assisted was owned by LHDC. ...................... 113

C. The IRS’s Danielson argument is inapposite because

petitioners are not attempting to disavow the terms of

the 2007 oral agreement. ..................................................... 114

II. The tax consequences to LHDC and the Fraziers of LHDC

being the other member of Louisiana Assisted ........................ 115

A. Legal Concepts ..................................................................... 115

1. Tax Court jurisdiction ............................................... 115

2. Taxation of entities treated as partnerships ............ 116

[*5] B. Analysis ................................................................................ 117

1. 2009 tax year ............................................................. 117

a. The Fraziers .................................................... 118

b. LHDC .............................................................. 118

2. 2010 tax year ............................................................. 120

a. The Fraziers .................................................... 121

b. LHDC .............................................................. 121

3. 2011 tax year ............................................................. 122

a. The Fraziers .................................................... 123

b. LHDC .............................................................. 124

4. 2012 tax year ............................................................. 124

a. The Fraziers .................................................... 126

b. LHDC .............................................................. 126

III. We do not sustain the IRS’s adjustments to LHDC’s 2010

and 2011 salary-and-wage deductions and to LHDC’s 2011

professional-fee deductions. ...................................................... 127

A. The entire amounts of disallowed salaries and wages

and professional fees were paid. .......................................... 131

B. The IRS is not permitted to rely on the new theory

raised on brief....................................................................... 132

IV. The Fraziers had $3,856 short-term capital gain and

$2,283 in long-term capital gain for 2012 from the sales of

capital assets from the Merrill Lynch brokerage account. ...... 135

A. The law ................................................................................. 135

B. Analysis of the Fraziers’ sales of securities from the

Merrill Lynch brokerage account ........................................ 136

1. Cost basis ................................................................... 136

[*6] a. The Fraziers had basis of $30,642 in the

2,332 shares of Columbia Tax Exempt

Fund A that they acquired on June 8,

2011, and sold on March 15, 2012.................. 137

b. The Fraziers had basis of (a) $13.14 in the

1 share of Columbia Tax Exempt Fund A

that they acquired on January 26, 2012,

and sold on March 15, 2012; and (b) $4.06

in the 0.309 of a share of Columbia Tax

Exempt Fund A that they acquired on

January 26, 2012, and sold on March 27,

2012. ................................................................ 137

c. The Fraziers had basis of (a) $19,003 in

the 1,829 shares of Blackrock Municipal I

that they acquired on June 8, 1994, and

sold on March 15, 2012; and (b) $26,214 in

the (separately listed on the Form 1099-B)

2,523 shares of Blackrock Municipal I that

they acquired on June 8, 1994, and sold on

March 15, 2012. .............................................. 138

2. The securities sold from the Merrill Lynch

brokerage account in 2012 were capital assets. ....... 138

3. Holding periods for the five sales of securities for

which the Form 1099-B states the cost basis are

“N/A” .......................................................................... 139

4. The Fraziers’ long-term capital gain is computed

without the $5.62 loss disallowed by the wash-

sale. ............................................................................ 139

5. The Fraziers’ short-term and long-term capital

gains from the sales of securities from the Merrill

Lynch brokerage account assuming that the total

proceeds from the sales were $307,261 (the total

of the amounts stated in the Form 1099-B) ............. 140

6. The Fraziers’ short-term and long-term capital

gains from the sales of securities from the Merrill

Lynch brokerage account after accounting for the

$665 discrepancy between the total proceeds in

[*7] the Form 1099-B and the total proceeds in the

stipulation.................................................................. 141

V. The Fraziers had $40,867 in short-term capital gain from

the sale of securities from the Franklin Growth Fund. ........... 143

VI. For 2012, the Fraziers had $1,417 in short-term capital

gain from “Columbia Seligman Comm. And Info.” .................. 143

VII. The Fraziers received $24,425 in Schedule E income,

$1,545 in ordinary dividends, and $4,636 in qualified

dividends for 2012. .................................................................... 145

VIII. For 2012, the Fraziers are entitled to the standard

deduction of $14,200. ................................................................. 146

IX. The Fraziers’ income for 2012 is computed with two

personal exemptions for a total of $7,600................................. 148

X. The Fraziers’ liability for section 6662 accuracy-related

penalties..................................................................................... 148

A. For 2009, the Fraziers are not liable for the accuracy-

related penalty under section 6662(a)................................. 150

B. For 2010, the Fraziers are not liable for the accuracy-

related penalty under section 6662(a) because the

understatement is not substantial, a point that will be

confirmed by Rule 155 computations. ................................. 151

C. For 2011, the Fraziers are not liable for the accuracy-

related penalty under section 6662(a) because the

understatement is not substantial, a point that will be

confirmed by Rule 155 computations. ................................. 152

XI. The Fraziers’ liability for section 6651(a)(1) additions to tax

.................................................................................................... 153

A. The law ................................................................................. 153

B. Analysis ................................................................................ 156

1. For 2009, the Fraziers are liable for the section

6651(a)(1) addition to tax. ......................................... 156

[*8] 2. For 2010, the Fraziers are liable for the section

6651(a)(1) addition to tax. ......................................... 157

3. For 2011, the Fraziers are liable for the section

6651(a)(1) addition to tax. ......................................... 158

4. For 2012, the Fraziers are not liable for the

section 6651(a)(1) addition to tax. ............................ 159

XII. The Fraziers’ liability for the section 6651(a)(2) addition to

tax for 2012 ................................................................................ 160

A. Petitioners waived the argument that (1) the IRS did

not prepare a valid substitute for return under section

6020(b) and (2) the IRS has not produced evidence that

it prepared such a return. .................................................... 162

B. For 2012, should the Rule 155 computations show a

positive amount as the correct amount of tax, the

Fraziers are liable for the section 6651(a)(2) addition to

tax. ........................................................................................ 163

XIII. LHDC’s liability for section 6662 accuracy-related

penalties..................................................................................... 164

A. For 2009, if Rule 155 computations show a substantial

understatement, LHDC is liable for the section 6662(a)

penalty for the entire underpayment. ................................. 166

B. For 2010, LHDC is not liable for the accuracy-related

penalty under 6662(a). ......................................................... 168

C. For 2011, LHDC is not liable for the accuracy-related

penalty under 6662(a). ......................................................... 169

XIV. LHDC’s liability for section 6651(a)(1) additions to tax .......... 170

A. For 2009, LHDC is liable for the section 6651(a)(1)

addition to tax. ..................................................................... 171

B. For 2010, LHDC is liable for the section 6651(a)(1)

addition to tax. ..................................................................... 172

[*9] MEMORANDUM FINDINGS OF FACT AND OPINION

MORRISON, Judge: During the 2009, 2010, 2011, and 2012 tax

years (years at issue), William and Mary Frazier were the sole

shareholders of Louisiana Housing Development Corporation (LHDC),

a subchapter C corporation. The Fraziers are a married couple who filed

joint income tax returns for 2009, 2010, and 2011, but they did not file

a return for 2012. Respondent, or the IRS, issued notices of deficiency to

the Fraziers and LHDC (collectively, petitioners) determining income

tax deficiencies, accuracy-related penalties, and additions to tax. In

these consolidated cases, the Fraziers and LHDC seek judicial review of

these determinations:

§ 6651(a)(1) § 6651(a)(2)

Docket § 6662

Petitioner(s) Year Deficiency addition to addition to

number penalty

tax tax

8427-14 William & Mary Frazier 2009 $1,051,988 $210,398 $261,807 $—

8548-14 LHDC 2009 313,155 62,631 77,7933 —

18745-15 William & Mary Frazier 2010 211,420 42,284 52,855 —

18721-15 LHDC 2010 9,270 20,299 15,224 —

18797-15 William & Mary Frazier 2011 167,051 33,410 41,763 —

18799-15 LHDC 2011 177,759 36,152 — —

18521-15 Mary Frazier 2012 267,458 — 60,178 29,420

18494-15 William Frazier 2012 268,506 — 60,414 29,536

The Fraziers and LHDC filed timely Petitions under section 6213(a).

The Fraziers were residents of Louisiana when they filed their Petitions.

LHDC’s principal place of business was in Louisiana when it filed its

petitions. We have jurisdiction to resolve these cases under section

6213(a). 2

2 Unless otherwise indicated, references to sections are to the Internal Revenue

Code of 1986, Title 26 U.S.C., in effect at all relevant times, regulation references are

to the Code of Federal Regulations, Title 26 (Treas. Reg.), in effect at all relevant times,

and Rule references are to the Tax Court Rules of Practice and Procedure.

[*10] We use short names for certain persons and entities:

Short name of

Full name Description

person or entity

William William Frazier A petitioner, married to Mary

Mary Mary Frazier A petitioner, married to William

William & Mary Collective name for William and Mary

The Fraziers

Frazier Frazier

Louisiana Housing A C corporation owned 75% by Mary

LHDC Development and 25% by William

Corporation

Louisiana Assisted A limited liability company that, from

Louisiana Assisted Housing Company, 2007 to 2012, was owned 50% by Bobbie

LLC Robinson and 50% by LHDC.

Tracy Tracy Robinson Daughter of William and Mary

Chief operating officer of LHDC and

from 2007 to 2012, the 50% owner of

Bobbie Bobbie Robinson

Louisiana Assisted; Bobbie is not

related to either Tracy or Robert

Robert Robert Robinson Husband of Tracy, unrelated to Bobbie

The accountant for LHDC and the

Trombetta Mark Trombetta

Fraziers

The parties have resolved some issues through concessions. The

remaining issues are resolved as follows:

1. It is undisputed that Louisiana Assisted Housing Company, LLC

(Louisiana Assisted) was treated as a partnership for federal

income tax purposes from 2009 through 2012 and was not subject

to TEFRA proceedings for those years. See sec. 6221. The Fraziers

and LHDC contend that in 2007 Bobbie sold half her 100%

membership interest in Louisiana Assisted to LHDC and

repurchased the interest in 2012. The IRS contends that in 2007

Bobbie sold half her 100% membership interest in Louisiana

Assisted to William and repurchased the interest in 2012. We

agree with the Fraziers and LHDC. Therefore, LHDC was the

owner of the 50% membership interest opposite Bobbie from 2009

through 2012.

[*11]

2. The tax consequences of LHDC being a 50% member of Louisiana

Assisted are as follows:

a. For 2009, the Fraziers’ income does not include the

$2,987,744 distributive share of Louisiana Assisted’s

nonseparately stated income and the $3,156 distributive

share of Louisiana Assisted’s separately stated interest

income (because William was not a member of Louisiana

Assisted). We disallow the $2,987,744 deduction that the

Fraziers reported to cancel the effect of their reporting the

$2,987,744 distributive share of nonseparately stated

income in their income (dummy deduction). LHDC’s

income includes its $2,987,744 distributive share of

Louisiana Assisted’s nonseparately stated income and its

$3,156 distributive share of Louisiana Assisted’s

separately stated interest income. LHDC’s income does not

include its $2,165,000 cash distribution from Louisiana

Assisted that it reported as its income. LHDC’s outside

basis is increased by $2,990,900 total distributive share of

income from Louisiana Assisted and decreased by the

$2,165,000 distribution of cash from Louisiana Assisted.

b. For 2010, the Fraziers’ income does not include the

$643,165 distributive share of Louisiana Assisted’s

nonseparately stated income and the $3,392 distributive

share of Louisiana Assisted’s separately stated interest

income (because William was not a member of Louisiana

Assisted). We disallow the $643,165 dummy deduction that

the Fraziers reported to cancel the effect of their reporting

the $643,165 distributive share of nonseparately stated

income in their income. LHDC’s income includes its

$643,165 distributive share of Louisiana Assisted’s

nonseparately stated income and its $3,392 distributive

share of Louisiana Assisted’s separately stated interest

income. LHDC’s income does not include its $765,000 cash

distribution from Louisiana Assisted that it reported as its

income. LHDC’s outside basis is increased by the $646,557

total distributive share of income from Louisiana Assisted

and decreased by the $765,000 distribution of cash from

Louisiana Assisted.

[*12] c. For 2011, the Fraziers’ income does not include the $7,586

distributive share of Louisiana Assisted’s nonseparately

stated loss and the $1,839 distributive share of Louisiana

Assisted’s separately stated interest income (because

William was not a member of Louisiana Assisted). The

Fraziers’ income does not include the $450,000 cash

distribution from Louisiana Assisted to LHDC that the

Fraziers reported as their income. We disallow the

$450,000 dummy deduction that the Fraziers reported to

cancel the effect of their reporting the $450,000 cash

distribution in their income. LHDC’s income includes its

$7,586 distributive share of Louisiana Assisted’s

nonseparately stated loss and its $1,839 distributive share

of Louisiana Assisted’s separately stated interest income.

LHDC’s income does not include its $450,000 cash

distribution from Louisiana Assisted that it reported in its

income. LHDC’s outside basis is decreased by the $5,747

net distributive share of loss from Louisiana Assisted and

further decreased by the $450,000 distribution of cash from

Louisiana Assisted.

d. For 2012, William’s income does not include the $932,972

distributive share of Louisiana Assisted’s income (because

William was not a member of Louisiana Assisted). William

is not entitled to a $932,972 deduction the purpose of which

would be to cancel the effect of including in William’s

income the $932,972 distributive share. 3

3. In OPINION Part III, we hold that the IRS erred in disallowing

$424,935 of the $2,770,775 deduction claimed by LHDC for

salaries and wages for 2010, in disallowing $358,922 of the

$2,326,404 deduction claimed by LHDC for salaries and wages for

3 The Fraziers did not file a tax return for 2012. Trombetta, the Fraziers’ and

LHDC’s accountant, sent the IRS an unfiled Form 1040, U.S. Individual Income Tax

Return, for 2012, which includes a Schedule C and Schedule E. The parties stipulate

that “[t]he Fraziers reported Schedule E income . . . from [Louisiana Assisted] . . .

during . . . 2012 in the amount[] of . . . $932,972.00” and that “[t]he Fraziers claimed

Schedule C deductions related to alleged payments to LHDC for taxable year[] . . . 2012

in the amount[] of . . . $932,972.00 . . . which respondent disallowed for lack of

substantiation and for lack of business purpose.” While the $932,972 dummy deduction

was not disallowed or even addressed in either William’s or Mary’s 2012 notices of

deficiency, we hold that the parties tried the deductibility of this $932,972 dummy

deduction by consent under Rule 41(b)(1).

[*13] 2011, and in disallowing $158,993 of the $1,818,542 deduction

claimed by LHDC for professional fees for 2011.

4. In OPINION Part IV, we address capital gains from the sale of

the securities from the Fraziers’ Merrill Lynch brokerage account.

In 2012, the Fraziers sold a group of securities from their Merrill

Lynch brokerage account which are the subject of the Form 1099-

B, Proceeds from Broker and Barter Exchange Transactions,

provided to the Fraziers and the IRS by Merrill Lynch. 4 The only

issues in dispute involving the securities sold from the Merrill

Lynch brokerage account are the amounts of basis of: (1) the 2,332

shares of Columbia Tax Exempt Fund A that were acquired on

June 8, 2011, and sold on March 15, 2012; (2) the one share of

Columbia Tax Exempt Fund A that was acquired on January 26,

2012, and sold on March 15, 2012; (3) the 0.309 of a share of

Columbia Tax Exempt Fund A that was acquired on January 26,

2012, and sold on March 27, 2012; (4) the 1,829 shares of

Blackrock Municipal I that were acquired on June 8, 1994, and

sold on March 15, 2012; and (5) the 2,523 shares of Blackrock

Municipal I that were acquired on June 8, 1994, and sold on

March 15, 2012. We resolve these issues as follows:

a. The Fraziers had a basis of $30,642 in the 2,332 shares of

Columbia Tax Exempt Fund A that were acquired on June

8, 2011, and sold on March 15, 2012. We hold that the

disposition of these securities resulted in short-term

capital gain.

b. The Fraziers had a basis of $13.14 in the one share of

Columbia Tax Exempt Fund A that was acquired on

January 26, 2012, and sold on March 15, 2012. We hold

that the disposition of this share resulted in short-term

capital gain.

c. The Fraziers had a basis of $4.06 in the 0.309 of a share of

Columbia Tax Exempt Fund A that was acquired on

January 26, 2012, and sold on March 27, 2012. We hold

4 We observe that there is a $665 discrepancy between the stipulated amount

of proceeds of $306,596 and the $307,261 of proceeds stated by the Form 1099-B, which

the Fraziers actually received. We hold the parties to their stipulation under Rule

91(e). The $665 discrepancy must be accounted for by reducing proceeds from the 2012

sales of securities from the Merrill Lynch brokerage account that the Fraziers held for

more than one year.

[*14] that the disposition of this fraction of a share resulted in

short-term capital gain.

d. The Fraziers had a basis of $19,003 in the 1,829 shares of

Blackrock Municipal I that were acquired on June 8, 1994,

and sold on March 15, 2012. We hold that the disposition

of these securities resulted in long-term capital gain.

e. The Fraziers had a basis of $26,214 in the 2,523 shares of

Blackrock Municipal I that were acquired on June 8, 1994,

and sold on March 15, 2012. We hold that the disposition

of these securities resulted in long-term capital gain.

5. In OPINION Part V, we address capital gains from the sale of the

securities from the Fraziers’ Franklin Growth Fund. In 2012, the

Fraziers sold a group of securities from their Franklin Growth

Fund. We hold that the Fraziers’ basis in the securities was $0

and we hold that the disposition of these securities resulted in a

short-term capital gain of $40,867 to the Fraziers.

6. In OPINION Part VI, we address capital gains from an amount

of $1,417 received by the Fraziers from “Columbia Seligman

Comm. And Info.” In 2012, the Fraziers received an amount of

$1,417 from “Columbia Seligman Comm. And Info.” We hold that

the Fraziers’ basis was $0 and that the Fraziers received $1,417

in a short-term capital gain from “Columbia Seligman Comm.

And Info.”

7. In OPINION Part VII, we hold that the Fraziers received $24,425

in Schedule E income, $1,545 in ordinary dividends, and $4,636

in qualified dividends in 2012.

8. In OPINION Part VIII, we hold that the Fraziers are entitled to

the standard deduction of $14,200 for 2012.

9. In OPINION Part IX, we hold that the Fraziers’ income for 2012

is computed with two personal exemptions for a total of $7,600.

10. In OPINION Part X, we address the Fraziers’ liability for section

6662 penalties. The Fraziers are not liable for the section 6662(a)

penalty for 2009 because they do not have an underpayment of

tax for 2009. The Fraziers are not liable for section 6662(a)

penalties for 2010 and 2011 because the understatements are not

[*15] substantial, a point that will be confirmed by computations under

Rule 155.

11. In OPINION Part XI, we address the Fraziers’ liability for section

6651(a)(1) additions to tax. The Fraziers are liable for section

6651(a)(1) additions to tax for 2009, 2010, and 2011. The Fraziers

are not liable for the section 6651(a)(1) addition to tax for 2012.

12. In OPINION Part XII, we address the Fraziers’ liability for the

section 6651(a)(2) additions to tax for 2012. The Fraziers are

liable for the section 6651(a)(2) addition to tax for 2012 should the

Rule 155 computations show a positive amount as the correct

amount of tax.

13. In OPINION Part XIII, we address LHDC’s liability for section

6662 penalties. LHDC is liable for the section 6662(a) penalty for

2009 if Rule 155 calculations show the existence of a substantial

understatement of tax. LHDC is not liable for section 6662(a)

penalties for 2010 and 2011 because it does not have

underpayments of tax for 2010 and 2011.

14. In OPINION Part XIV, we address LHDC’s liability for 6651(a)(1)

additions to tax. LHDC is liable for section 6651(a)(1) additions to

tax for 2009 and 2010.

FINDINGS OF FACT

The parties stipulated some facts. Unless otherwise stated, we

agree with the facts to which the parties have stipulated.

I. Petitioners: the Fraziers and their wholly-owned C corporation,

LHDC

William and Mary founded LHDC in 1971. During the tax years

at issue, 2009–2012, Mary held 75% of LHDC’s shares, and William held

25% of its shares. William was the president of LHDC. Mary’s exact role

in the company is not revealed by the record, but was insignificant

compared to her husband’s. LHDC used the cash basis for accounting

during all years at issue. William and Mary were over 65 years old at

the end of 2012.

[*16] II. LHDC administered Section 8 housing programs for certain

public housing agencies in Louisiana.

LHDC was engaged in the business of administering the Section

8 housing program for public housing agencies (PHAs) in Louisiana.

In the early 1970s, the PHA of the City of Shreveport, Louisiana, 5

engaged LHDC to administer the Section 8 housing program on its

behalf. A few years later, during the late 1970s, LHDC received a second

contract to administer Section 8 funds on behalf of the PHA of Jefferson

Parish, Louisiana. 6

III. Louisiana Assisted administered Section 8 housing programs for

certain other public housing agencies in Louisiana.

In 2000, Bobbie formed Louisiana Assisted to administer the

Section 8 housing program for Plaquemines Parish PHA. (Initially,

Plaquemines Parish did not have a PHA, and Bobbie helped the Parish

create one.) Bobbie was LHDC’s chief operating officer and its program

administrator for Jefferson Parish. William knew about Louisiana

Assisted and gave Bobbie his full consent for her to operate it. Louisiana

Assisted expanded its administration of the Section 8 housing program

from Plaquemines Parish to other PHAs that were too small to be

profitable for LHDC. Bobbie was Louisiana Assisted’s sole member until

2007. 7 During all years at issue, Louisiana Assisted used the cash basis

of accounting for federal income tax purposes. During all years at issue,

Louisiana Assisted was a Louisiana limited liability company operating

out of Gretna, Louisiana with a mailing address in Metairie, Louisiana.

Both Gretna and Metairie are in Jefferson Parish Louisiana.

5 Shreveport is located in Caddo Parish in the northern part of Louisiana.

6 In Louisiana, parishes are the sub-state governmental units analogous to

counties in other states. Where the city and parish governments are consolidated, the

consolidated city-parish is the sub-state governmental unit corresponding to

consolidated city-county units in other states. Cities 101 – Consolidations, National

League of Cities, https://www.nlc.org/resource/cities-101-consolidations/ (last visited

Sept. 9, 2021).

7 It is unclear how Louisiana Assisted was treated for federal income tax

purposes when Bobbie was its sole member. Louisiana Assisted was a single-member

LLC. For federal income tax purposes, it would have been treated either as (1) a

disregarded entity (and sole proprietorship of Bobbie) or (2) a corporation. See Treas.

Reg. § 301.7701-3(a), (b)(1)(ii).

[*17] IV. LHDC agreed to make payments to Gary Lala.

In 2003, LHDC’s contract with the Jefferson Parish PHA was up

for renewal. A former vice chairman of the Jefferson Parish PHA, Gary

Lala (Lala), contacted William. Lala suggested that he would attempt to

secure the contract for himself unless LHDC entered into a business

arrangement with him. Lala’s best friend was the chairman of the board

of the Jefferson Parish PHA, Barry Bordelon. Not wanting LHDC to lose

the Jefferson Parish Section 8 housing program contract, William

agreed that Lala could receive payments from LHDC. Lala and LHDC

drew up a contract in 2003. That contract is not in the record.

V. Hurricane Katrina affected LHDC operations.

Hurricane Katrina, which hit the Gulf Coast in August 2005,

destroyed LHDC’s Jefferson Parish office and disrupted LHDC’s

operations. To help LHDC recover, William and Mary’s daughter Tracy

and her husband Robert moved from Austin, Texas to work for LHDC.

Tracy was a lawyer with a solo practice in Austin, Texas. Before that

she had worked as an in-house tax lawyer for Exxon Mobil and BP. After

the post-Katrina move to Louisiana, Tracy began to perform regulatory

compliance work for LHDC. Robert had been working as an information-

technology professional in Austin. After the post-Katrina move to

Louisiana, he began working for LHDC without a specific title. In 2014,

he became its president.

VI. LHDC began administering Disaster Housing Assistance

Program payments for Jefferson Parish PHA.

Katrina displaced many people living in Jefferson Parish and

other parts of the U.S. Gulf Coast. The Federal Emergency Management

Agency partnered with HUD to develop the Disaster Housing Assistance

Program (DHAP), whose purpose was to provide disaster-relief housing

for victims displaced by Katrina. LHDC received a contract with

Jefferson Parish PHA to administer its DHAP payments.

VII. In 2006, LHDC and Lala replaced their 2003 contract with a new

contract.

The 2003 contract between LHDC and Lala was replaced with a

new contract each time LHDC renewed its contract with the Jefferson

Parish PHA. In 2006, the 2003 LHDC-Lala contract was replaced by a

new contract.

[*18] The 2006 contract, which was signed by William Frazier as

LHDC’s “duly authorized President,” provided that Lala would be

employed as the vice president of LHDC. Under the contract, LHDC was

required to pay Lala a base fee of $400,080 per year. In addition to this

base fee, Lala was to be paid a fee calculated by reference to increased

fees received by LHDC for administering Section 8 payments:

An additional monthly fee of 33% of the net increase in the Base

Administrative Fee received by LHDC above the sum received for the

same month in the previous calendar year. Should the gross unit

administrative fee 8 that LHDC receives from the Authority fall below

the Base Administrative Fee for the same month in the previous

calendar year, 33% of the reduction shall be offset against future or

current payments. 9

“Base Administrative Fee” was defined as the fee that LHDC

received each month for providing Section 8-related administrative

services to PHAs.

Furthermore, the contract required LHDC to pay Lala 50% of fees

that LHDC earned from new programs:

Additional compensation: Fees for any new programs such as

Disaster Voucher Program (DVP) one time placement fees, affordable

housing, homeownership and consulting grants, all shall be paid at a

rate of one-half (50%)

The contract also provided that Lala was entitled to

reimbursement for business-related meals, entertainment, travel, and

telephone expenses of $4,000 per month.

Except for exercising his influence with the Jefferson Parish

PHA, Lala seems to have performed little work for LHDC. He did not

8 The contract does not define “gross unit administrative fee.” There is nothing

else in the record that allows us to discern what the “gross unit administrative fee” is.

We need not make a finding as to what constitutes the “gross unit administrative fee”

because the specific terms of Lala’s compensation under his contract with LHDC has

no bearing on the outcome of the issues under dispute.

9 The contract does not elaborate on what payments the 33% reductions are

offset against. Like the “gross unit administrative fee,” see supra note 8, we need not

make a finding as to what payments the 33% reductions are being offset against

because the specific terms of Lala’s compensation under his contract with LHDC has

no bearing on the outcome of the issues in dispute.

[*19] have an office at the LHDC headquarters. He went into LHDC’s

headquarters infrequently, if ever. Other LHDC workers considered him

a political “leech.”

VIII. Louisiana Assisted began administering DHAP payments for

Mississippi Gulf Coast; Bobbie sold 50% of her share of Louisiana

Assisted to LHDC in exchange for LHDC’s assistance in doing so.

Around 2007, HUD awarded Louisiana Assisted a contract to

administer DHAP payments for portions of the Mississippi Gulf Coast. 10

These payments were apparently handled without the involvement of a

PHA. Bobbie, who was the sole owner of Louisiana Assisted, was

concerned that Louisiana Assisted lacked the necessary personnel, office

space, and information technology, for such an undertaking. Bobbie

orally agreed with William that Louisiana Assisted could use LHDC’s

personnel, office space, and information technology to administer the

DHAP payments to residents of the Mississippi Gulf Coast in exchange

for LHDC receiving a 50% membership interest in Louisiana Assisted.

We refer to this agreement as the 2007 oral agreement.

William and Bobbie were concerned that Lala would take the view

that he was entitled to a portion of the Louisiana Assisted fees for the

Mississippi Gulf Coast under his 2006 agreement with LHDC.

Therefore, they attempted to conceal that LHDC had received a 50%

membership interest in Louisiana Assisted. As described later, the tax

returns of Louisiana Assisted, the Fraziers, and LHDC, were prepared

in such a way as to hide LHDC’s ownership interest in Louisiana

Assisted and report that William was the owner.

IX. Business operations of LHDC and Louisiana Assisted during the

years at issue

During the years at issue, 2009–2012, LHDC and Louisiana

Assisted were administering the following housing programs:

10 The Mississippi Gulf Coast refers to the area of the State of Mississippi that

is along the Gulf of Mexico.

[*20] LHDC Louisiana Assisted

Section 8 City of Shreveport PHA Plaquemines Parish PHA

Jefferson Parish PHA Other PHAs

Other PHAs

DHAP Jefferson Parish PHA Areas of Mississippi Gulf Coast (no

PHAs involved)

Pursuant to the 2007 oral agreement, LHDC provided Louisiana

Assisted services (through its workers, both workers treated as

employees and workers treated as independent contractors), office

space, and information systems, to assist Louisiana Assisted in

administering the Mississippi Gulf Coast DHAP program. LHDC also

administered its own contracts.

LHDC and Louisiana Assisted each had their own workers and

their own payment system for making wage and non-wage payments to

the workers. LHDC paid its workers (and paid non-wage payroll

expenses) through the use of Creative Payroll Solutions, a professional

employer organization.

Creative Payroll Solutions performed LHDC’s payroll function,

which includes paying those workers that LHDC treated as employees,

and performing payroll services related to payroll compliance, workers’

compensation, health insurance, retirement, 401(k), dental plans, and

company benefit plans. 11 Creative Payroll Solutions also paid

professional fees to workers who were not treated as employees.

The people who worked for LHDC, and who were treated as

employees by LHDC, were paid by Creative Payroll Solutions, which in

turn received payment from LHDC. The wage for each such worker was

determined by LHDC. LHDC would pay Creative Payroll Solutions

amounts equal to (1) wages for all such workers, (2) payroll expenses

that were not related to wages, and (3) a fee for Creative Payroll

11 Trombetta ran Creative Payroll Solutions. Trombetta was also the Fraziers’

and LHDC’s long-time accountant. He began working for them in the mid-1980s. He

was a certified public accountant and was licensed with the State of Louisiana to

practice accounting. Trombetta prepared the Fraziers’ Forms 1040, U.S. Individual

Income Tax Return; LHDC’s Forms 1120, U.S. Corporation Income Tax Return; and

LHDC’s annual income statement. Another accounting firm prepared the Forms 1065,

U.S. Return of Partnership Income, for Louisiana Assisted.

[*21] Solutions. Every two weeks Creative Payroll Solutions would pay

these workers their wages.

LHDC paid Creative Payroll Solutions $2,770,775.28 in 2010,

which is the same amount that LHDC reported as a deduction for

salaries and wages on its 2010 tax return. LHDC paid Creative Payroll

Solutions $2,326,406.19 in 2011, which is the same amount that LHDC

reported as a deduction for salaries and wages on its 2011 tax return.

Our reasoning for the findings in this paragraph is discussed infra,

OPINION Part III.B.1.

Creative Payroll Solutions also wrote checks on behalf of LHDC

to various payees for professional fees. Creative Payroll Solutions had a

facsimile of William’s signature that it used to sign the checks to these

payees.

LHDC paid professional fees in the amount of $1,818,542 in 2011,

which is the same amount that LHDC reported as a deduction for

professional fees on its 2011 tax return. Our reasoning for this finding

is discussed infra, OPINION Part III.B.2.

X. During the years at issue, Louisiana Assisted made cash

distributions to LHDC and reimbursed LHDC for certain

expenses.

During the years at issue, Louisiana Assisted made two types of

transfers of funds to LHDC for two reasons. First, Louisiana Assisted

made cash distributions to LHDC, and second, Louisiana Assisted

reimbursed LHDC for certain expenses paid for work performed on

behalf of Louisiana Assisted. LHDC’s income statements and

Trombetta’s testimony help us trace the movements of cash from

Louisiana Assisted to LHDC.

A. During the years at issue, Trombetta’s accounting firm

prepared income statements for LHDC.

For the years at issue, Trombetta’s accounting firm prepared an

income statement for LHDC. These income statements show LHDC’s

revenue and expenditures for the calendar years of 2009, 2010, 2011,

and 2012. Although they were not filed with the IRS as part of LHDC’s

tax returns, Trombetta used them in preparing LHDC’s tax returns.

Three line items in LHDC’s income statements represent cash

received from Louisiana Assisted:

[*22] (1) “Fees – LA Assisted Housing, LLC,” which is in LHDC’s 2009

and 2010 income statements, but not in LHDC’s 2011 and 2012

income statements;

(2) “Fees Reimbursed LA Assisted Housing,” which is in LHDC’s

income statements for all four years (2009–2012); and

(3) “Other Income,” which is only in LHDC’s 2012 income

statement.

The following table shows the amounts recorded for these three

categories (i.e., “Fees – LA Assisted Housing, LLC,” “Fees Reimbursed

LA Assisted Housing,” and “Other Income”) along with amounts

recorded for “Total Sales” (for reference) in LHDC’s income statements

for every tax year at issue:

Fees

Income Fees – LA

Reimbursed

Statement Assisted Other Income Total Sales

LA Assisted

Year Housing, LLC

Housing

2009 $2,165,000 $17,560 N/A $9,239,547

2010 765,000 17,460 N/A 5,528,510

2011 N/A 477,114 N/A 4,830,470

2012 N/A 926,434 165,000 4,731,274

We now address some aspects of LHDC’s income statements that

are not explained by the statements but by other parts of the record.

First, for 2009 and 2010, Trombetta intended for “Fees – LA

Assisted Housing, LLC” to show cash distributions from Louisiana

Assisted and “Fees Reimbursed LA Assisted Housing” to show

reimbursements for costs that LHDC paid for work performed on behalf

of Louisiana Assisted.

Second, the 2011 income statement does not have the “Fees – LA

Assisted Housing, LLC.” Instead, Trombetta recorded the total $477,114

of cash that LHDC received from Louisiana Assisted (consisting of the

$450,000 cash distribution and $27,114 of reimbursements) in “Fees

Reimbursed LA Assisted Housing” for 2011. The $450,000 cash

distribution component in “Fees Reimbursed LA Assisted Housing” in

LHDC’s 2011 income statement matches the $450,000 reported in the

[*23] “Distributions” box in Louisiana Assisted’s 2011 Schedule K–1

issued to William. 12

Third, the information in the record is inconsistent as to the total

amount of money that LHDC received from Louisiana Assisted in 2012.

Louisiana Assisted reported a $942,271 distribution on the Schedule

K–1 issued to William. LHDC’s 2012 income statement did not have a

“Fees – LA Assisted Housing, LLC” line item. We might expect that the

“Fees Reimbursed LA Assisted Housing” line item contained the

combined amount of money that LHDC received from Louisiana

Assisted for the cash distribution and reimbursements—since that was

the case in 2011. However, the “Fees Reimbursed LA Assisted Housing”

line item for 2012 shows $926,434, which is less than the $942,271

reported as a distribution on the Schedule K–1.

We make no finding as to whether $942,271, $926,434, or another

amount was the actual amount of combined cash that LHDC received

from Louisiana Assisted in 2012 for the cash distribution and

reimbursements.

Lastly, the $165,000 of “Other Income” on LHDC’s 2012 income

statement refers to the proceeds from the sale of the 50% Louisiana

Assisted membership interest pursuant to the 2012 agreement.

B. During the years at issue, Louisiana Assisted paid cash

distributions to LHDC.

In the early phase of Louisiana Assisted and LHDC’s

collaboration, Bobbie would write checks for cash distributions from

Louisiana Assisted to herself and to LHDC. For the checks she made out

to LHDC, she would mail them directly to Trombetta’s office, a member

of which would then deposit each check into LHDC’s account.

But recall supra FINDINGS OF FACT Part IV, that, in 2003,

LHDC and Lala had entered into a contract in which LHDC had agreed

to hire Lala as vice-president of LHDC and agreed to compensate him

in part based on certain types of fees earned by LHDC. Lala had already

attempted to collect compensation from LHDC (to which the Fraziers

believed he was not entitled under the terms of the contract) based on

his broad interpretation of the new programs clause. Although, the fees

to which Lala was entitled under the contract arguably did not include

12 Louisiana Assisted issued Schedules K–1 to Bobbie and William for 2009,

2010, 2011, and 2012. See infra FINDINGS OF FACT Part XVII.A.1.

[*24] cash distributions from Louisiana Assisted, the Fraziers were

concerned that if Lala discovered that LHDC was an owner of Louisiana

Assisted, he would attempt to claim a portion of LHDC’s cash

distributions from Louisiana Assisted as part of his compensation.

Therefore, William asked Bobbie to make the distribution checks out to

him, instead of LHDC, in order to conceal the revenue from Lala. Bobbie

made the checks out to William and sent them to Trombetta who

deposited them directly into LHDC’s account.

The cash distributions continued to be paid to LHDC despite the

checks being written out to William. William never received any cash

distributions from Louisiana Assisted.

Louisiana Assisted paid cash distributions to LHDC of $2,165,000

in 2009, $765,000 in 2010, $450,000 in 2011, and an undetermined

amount, in 2012.

C. During the years at issue, Louisiana Assisted made

reimbursements payments to LHDC.

Louisiana Assisted made reimbursement payments to LHDC of

$17,560 in 2009, $17,460 in 2010, $27,114 in 2011, and an indeterminate

amount in 2012.

Both LHDC and Louisiana Assisted paid expenses for salary and

wages of their respective workers. Workers performing duties for LHDC

were expected to perform the same work for Louisiana Assisted on

DHAP contracts if needed. There were no intercompany payments for

these services other than the understanding that part of the

consideration that LHDC provided in exchange for its 50% interest in

Louisiana Assisted was to allow Louisiana Assisted to use LHDC’s

personnel to administer Louisiana Assisted’s DHAP contracts.

XI. In 2012, LHDC sold of its 50% membership interest in Louisiana

Assisted to Bobbie.

In 2012, LHDC sold its 50% membership interest in Louisiana

Assisted back to Bobbie for $165,000. She sent the check directly to

Trombetta, who deposited the money in LHDC’s account.

[*25] XII. In 2012, the Fraziers sold securities from the Merrill Lynch

brokerage account.

During 2012, the Fraziers made 1,030 sales of securities from

their Merrill Lynch brokerage account. Each of these 1,030 sales was

reported on a Form 1099-B, Proceeds from Broker and Barter Exchange

Transactions, that was sent by Merrill Lynch to the Fraziers. We

admitted the Form 1099-B into evidence. The IRS suggests that the

information in the Form 1099-B sent to the Fraziers is different from

the information on the Form 1099-B Merrill Lynch sent to the IRS.

However, the Form 1099-B Merrill Lynch sent to the IRS is not in

evidence. Therefore, we cannot determine if the information on the Form

1099-B sent to the Fraziers is different from the information on the

Form 1099-B sent to the IRS.

The 1,030 sales reported on the Form 1099-B sent by Merrill

Lynch to the Fraziers involved the following eight securities:

Abbreviation Used in Form

Full Name CUSIP

1099-B

Columbia Tax Exempt Fund A 19765L850 Col. Tax Ex. Fd. A

Nuveen Louisiana Municipal Nuveen LA Muni A

67065P881

Bond A

Blackrock National Municipal I 09253C876 Blackrock Nat I

Orange County FL A Sales 684515PY9 Orange Cty FL A

New York N Y Subser 64966JD78 NY Subser

Michigan Municipal BD Auth. MI Muni Auth Rev

59455TZN5

Rev.

Nuveen Quality Income Nuveen Qlty Muni

670977107

Municipal

BlackRock MuniHoldings Fund II 09253P109 Blackrock MH II

Replicated below is the information found in the Form 1099-B

sent by Merrill Lynch to the Fraziers:

[*26] Wash sale Gain or

Date of Date of sale Cost basis

Security Quantity Amount loss loss

acquisition or exchange

disallowed

Col. Tax Ex. Fd. A 1/31/2012 3/15/2012 17.000 $235.46 $238.16 0.00 −$2.70

Col. Tax Ex. Fd. A 2/29/2012 3/15/2012 1.000 13.85 13.99 0.00 −0.14

Col. Tax Ex. Fd. A 2/29/2012 3/15/2012 15.000 207.76 209.85 0.00 −2.09

Col. Tax Ex. Fd. A 2/29/2012 3/27/2012 0.132 1.83 1.85 0.00 −0.02

Col. Tax Ex. Fd. A 4/30/2012 5/22/2012 0.488 6.89 6.77 0.00 0.12

Col. Tax Ex. Fd. A 5/31/2012 6/26/2012 0.001 0.01 0.01 0.00 0.00

Col. Tax Ex. Fd. A 3/30/2012 7/23/2012 6.000 85.62 83.28 0.00 2.34

Col. Tax Ex. Fd. A 7/31/2012 8/21/2012 0.004 0.06 0.05 0.00 0.01

Nuveen LA Muni A 1/31/2012 3/15/2012 1.000 11.21 11.13 0.00 0.08

Nuveen LA Muni A 1/31/2012 3/15/2012 13.000 145.74 147.03 0.00 −1.29

Nuveen LA Muni A 2/29/2012 3/15/2012 1.000 11.21 11.32 0.00 −0.11

Nuveen LA Muni A 2/29/2012 3/15/2012 13.000 145.75 147.16 0.00 −1.41

Nuveen LA Muni A 2/29/2012 3/27/2012 0.040 0.45 0.45 0.00 0.00

Nuveen LA Muni A 4/30/2012 5/22/2012 0.913 10.39 10.23 0.00 0.16

Nuveen LA Muni A 6/1/2012 6/26/2012 0.002 0.02 0.02 0.00 0.00

Nuveen LA Muni A 3/30/2012 7/23/2012 5.000 57.55 56.05 0.00 1.50

Nuveen LA Muni A 7/31/2012 8/21/2012 0.003 0.03 0.03 0.00 0.00

Blackrock Nat I 1/31/2012 3/15/2012 18.000 193.33 194.94 0.00 −1.61

Blackrock Nat I 2/29/2012 3/15/2012 1.000 10.74 10.67 0.00 0.07

Blackrock Nat I 2/29/2012 3/15/2012 17.000 182.6 183.94 0.00 −1.34

Blackrock Nat I 2/29/2012 3/23/2012 0.365 3.91 3.95 0.00 −0.04

Blackrock Nat I 4/30/2012 5/18/2012 0.550 6.02 5.9 0.00 0.12

Blackrock Nat I 5/31/2012 6/22/2012 0.001 0.01 0.01 0.00 0.00

Blackrock Nat I 3/30/2012 7/23/2012 6.000 66.54 64.44 0.00 2.10

Blackrock Nat I 7/31/2012 8/17/2012 0.0030 0.03 0.03 0.00 0.00

Orange Cty FL A 4/5/2012 12/11/2012 10,000.000 12,248.80 11,361.59 0.00 887.21

NY Subser 4/11/2012 12/7/2012 10,000.000 12,700.00 12,137.27 0.00 562.73

MI Muni Auth Rev 3/21/2012 4/13/2012 10,000.000 11,886.10 11,437.06 0.00 449.04

Col. Tax Ex. Fd. A 3/31/2011 3/15/2012 17.000 235.45 214.84 0.00 20.61

Col. Tax Ex. Fd. A 4/29/2011 3/15/2012 16.000 221.60 205.41 0.00 16.19

Col. Tax Ex. Fd. A 4/29/2011 3/15/2012 1.000 13.84 12.65 0.00 1.19

Col. Tax Ex. Fd. A 5/31/2011 3/15/2012 1.000 13.85 13.00 0.00 0.85

Col. Tax Ex. Fd. A 5/31/2011 3/15/2012 19.000 263.15 248.02 0.00 15.13

Col. Tax Ex. Fd. A 6/30/2011 3/15/2012 16.000 221.60 209.92 0.00 11.68

Col. Tax Ex. Fd. A 6/30/2011 3/15/2012 1.000 13.85 13.08 0.00 0.77

Col. Tax Ex. Fd. A 7/29/2011 3/15/2012 18.000 249.30 237.95 0.00 11.35

Col. Tax Ex. Fd. A 7/29/2011 3/15/2012 1.000 13.85 13.17 0.00 0.68

Col. Tax Ex. Fd. A 8/31/2011 3/15/2012 17.000 235.45 226.77 0.00 8.68

Col. Tax Ex. Fd. A 9/30/2011 3/15/2012 17.000 235.45 229.50 0.00 5.95

Col. Tax Ex. Fd. A 10/31/2011 3/15/2012 17.000 235.45 227.62 0.00 7.83

Col. Tax Ex. Fd. A 10/31/2011 3/15/2012 1.000 13.85 13.42 0.00 0.43

Col. Tax Ex. Fd. A 11/30/2011 3/15/2012 16.000 221.60 214.88 0.00 6.72

Col. Tax Ex. Fd. A 11/30/2011 3/15/2012 1.000 13.85 13.41 0.00 0.44

Col. Tax Ex. Fd. A 12/30/2011 3/15/2012 16.000 221.60 218.39 0.00 3.21

Nuveen LA Muni A 3/31/2011 3/15/2012 14.000 156.95 142.37 0.00 14.58

Nuveen LA Muni A 3/31/2011 3/15/2012 1.000 11.21 10.21 0.00 1.00

Nuveen LA Muni A 4/29/2011 3/15/2012 14.000 156.95 144.75 0.00 12.20

[*27] Wash sale Gain or

Date of Date of sale Cost basis

Security Quantity Amount loss loss

acquisition or exchange

disallowed

Nuveen LA Muni A 4/29/2011 3/15/2012 1.000 11.21 10.24 0.00 0.97

Nuveen LA Muni A 5/31/2011 3/15/2012 14.000 156.95 147.70 0.00 9.25

Nuveen LA Muni A 6/30/2011 3/15/2012 14.000 156.95 148.68 0.00 8.27

Nuveen LA Muni A 6/30/2011 3/15/2012 1.000 11.21 10.48 0.00 0.73

Nuveen LA Muni A 7/29/2011 3/15/2012 14.000 156.95 149.93 0.00 7.02

Nuveen LA Muni A 8/31/2011 3/15/2012 14.000 156.95 151.33 0.00 5.62

Nuveen LA Muni A 9/30/2011 3/15/2012 14.000 156.95 153.16 0.00 3.79

Nuveen LA Muni A 10/31/2011 3/15/2012 14.000 156.95 152.17 0.00 4.78

Nuveen LA Muni A 10/31/2011 3/15/2012 1.000 11.21 10.75 0.00 0.46

Nuveen LA Muni A 11/30/2011 3/15/2012 14.000 156.95 152.74 0.00 4.21

Nuveen LA Muni A 12/30/2011 3/15/2012 14.000 156.95 155.12 0.00 1.83

Blackrock Nat I 3/31/2011 3/15/2012 21.000 225.55 204.11 0.00 21.44

Blackrock Nat I 4/29/2011 3/15/2012 20.000 214.81 197.40 0.00 17.41

Blackrock Nat I 4/29/2011 3/15/2012 1.000 10.74 9.79 0.00 0.95

Blackrock Nat I 5/31/2011 3/15/2012 20.000 214.81 200.60 0.00 14.21

Blackrock Nat I 5/31/2011 3/15/2012 1.000 10.74 9.92 0.00 0.82

Blackrock Nat I 6/30/2011 3/15/2012 20.000 214.81 200.99 0.00 13.82

Blackrock Nat I 7/29/2011 3/15/2012 20.000 214.81 202.19 0.00 12.62

Blackrock Nat I 7/29/2011 3/15/2012 1.000 10.74 10.05 0.00 0.69

Blackrock Nat I 8/31/2011 3/15/2012 19.000 204.07 194.56 0.00 9.51

Blackrock Nat I 9/30/2011 3/15/2012 18.000 193.32 187.38 0.00 5.94

Blackrock Nat I 9/30/2011 3/15/2012 1.000 10.74 10.35 0.00 0.39

Blackrock Nat I 10/31/2011 3/15/2012 18.000 193.33 186.12 0.00 7.21

Blackrock Nat I 11/30/2011 3/15/2012 18.000 193.33 185.75 0.00 7.58

Blackrock Nat I 11/30/2011 3/15/2012 1.000 10.74 10.34 0.00 0.40

Blackrock Nat I 12/30/2011 3/15/2012 18.000 193.33 188.81 0.00 4.52

Blackrock Nat I 12/30/2011 3/15/2012 1.000 10.74 10.36 0.00 0.38

Col. Tax Ex. Fd. A 5/4/1991 4/26/2012 8.000 112.08 115.62 0.00 −3.54

Nuveen LA Muni A 9/18/1993 4/26/2012 4.000 45.16 45.00 0.00 0.16

Nuveen LA Muni A 10/20/1993 4/26/2012 2.000 22.58 22.64 0.00 −0.06

Blackrock Nat I 8/10/1999 4/26/2012 5.000 54.25 54.35 0.00 −0.10

Nuveen Qlty Muni 6/26/1991 3/15/2012 1,000.000 14,586.74 15,000.00 0.00 −413.26

Blackrock MH II 2/24/1998 3/15/2012 1,400.000 22,123.80 21,000.00 0.00 1,123.80

Col. Tax Ex. Fd. A 3/19/1991 3/15/2012 10.000 138.49 136.96 0.00 1.53

Col. Tax Ex. Fd. A 4/19/1991 3/15/2012 8.000 110.79 115.37 4.58 0.00

Col. Tax Ex. Fd. A 4/19/1991 3/15/2012 4.000 55.40 57.68 0.00 −2.28

Col. Tax Ex. Fd. A 5/23/1991 3/15/2012 13.000 180.04 187.07 0.00 −7.03

Col. Tax Ex. Fd. A 6/19/1991 3/15/2012 11.000 152.34 150.28 0.00 2.06

Col. Tax Ex. Fd. A 7/19/1991 3/15/2012 12.000 166.20 172.70 0.00 −6.50

Col. Tax Ex. Fd. A 8/20/1991 3/15/2012 12.000 166.19 174.54 0.00 −8.35

Col. Tax Ex. Fd. A 9/20/1991 3/15/2012 12.000 166.20 168.14 0.00 −1.94

Col. Tax Ex. Fd. A 10/22/1991 3/15/2012 11.000 152.35 162.54 0.00 −10.19

Col. Tax Ex. Fd. A 11/25/1991 3/15/2012 12.000 166.19 176.71 0.00 −10.52

Col. Tax Ex. Fd. A 12/24/1991 3/15/2012 12.000 166.19 168.49 0.00 −2.30

Col. Tax Ex. Fd. A 1/21/1992 3/15/2012 12.000 166.20 177.78 0.00 −11.58

Col. Tax Ex. Fd. A 2/20/1992 3/15/2012 12.000 166.19 168.05 0.00 −1.86

Col. Tax Ex. Fd. A 3/19/1992 3/15/2012 11.000 152.34 160.56 0.00 −8.22

[*28] Wash sale Gain or

Date of Date of sale Cost basis

Security Quantity Amount loss loss

acquisition or exchange

disallowed

Col. Tax Ex. Fd. A 4/21/1992 3/15/2012 13.000 180.05 190.40 0.00 −10.35

Col. Tax Ex. Fd. A 5/20/1992 3/15/2012 12.000 166.19 169.08 0.00 −2.89

Col. Tax Ex. Fd. A 6/19/1992 3/15/2012 12.000 166.20 178.32 0.00 −12.12

Col. Tax Ex. Fd. A 7/22/1992 3/15/2012 12.000 166.19 182.52 0.00 −16.33

Col. Tax Ex. Fd. A 8/19/1992 3/15/2012 11.000 152.35 167.69 0.00 −15.34

Col. Tax Ex. Fd. A 9/22/1992 3/15/2012 13.000 180.04 196.44 0.00 −16.40

Col. Tax Ex. Fd. A 10/20/1992 3/15/2012 12.000 166.20 179.50 0.00 −13.30

Col. Tax Ex. Fd. A 11/20/1992 3/15/2012 43.000 595.55 624.96 0.00 −29.41

Col. Tax Ex. Fd. A 12/22/1992 3/15/2012 11.000 152.35 163.93 0.00 −11.58

Col. Tax Ex. Fd. A 1/22/1993 3/15/2012 12.000 166.20 179.28 0.00 −13.08

Col. Tax Ex. Fd. A 2/23/1993 3/15/2012 13.000 180.04 197.00 0.00 −16.96

Col. Tax Ex. Fd. A 3/22/1993 3/15/2012 10.000 138.50 146.04 0.00 −7.54

Col. Tax Ex. Fd. A 4/22/1993 3/15/2012 12.000 166.19 184.46 0.00 −18.27

Col. Tax Ex. Fd. A 5/20/1993 3/15/2012 12.000 166.20 176.12 0.00 −9.92

Col. Tax Ex. Fd. A 6/23/1993 3/15/2012 12.000 166.20 185.02 0.00 −18.82

Col. Tax Ex. Fd. A 7/21/1993 3/15/2012 11.000 152.35 171.85 0.00 −19.50

Col. Tax Ex. Fd. A 8/20/1993 3/15/2012 12.000 166.20 179.58 0.00 −13.38

Col. Tax Ex. Fd. A 9/22/1993 3/15/2012 12.000 166.20 189.41 0.00 −23.21

Col. Tax Ex. Fd. A 10/20/1993 3/15/2012 10.000 138.50 152.21 0.00 −13.71

Col. Tax Ex. Fd. A 11/22/1993 3/15/2012 38.000 526.30 576.90 0.00 −50.60

Col. Tax Ex. Fd. A 12/22/1993 3/15/2012 12.000 166.20 186.40 0.00 −20.20

Col. Tax Ex. Fd. A 1/21/1994 3/15/2012 12.000 166.20 178.92 0.00 −12.72

Col. Tax Ex. Fd. A 2/25/1994 3/15/2012 12.000 166.20 185.56 0.00 −19.36

Col. Tax Ex. Fd. A 3/22/1994 3/15/2012 11.000 152.35 157.82 0.00 −5.47

Col. Tax Ex. Fd. A 4/21/1994 3/15/2012 13.000 180.05 189.10 0.00 −9.05

Col. Tax Ex. Fd. A 5/19/1994 3/15/2012 13.000 180.05 189.08 0.00 −9.03

Col. Tax Ex. Fd. A 6/21/1994 3/15/2012 14.000 193.90 204.23 0.00 −10.33

Col. Tax Ex. Fd. A 7/19/1994 3/15/2012 11.000 152.34 160.36 0.00 −8.02

Col. Tax Ex. Fd. A 8/23/1994 3/15/2012 13.000 180.05 189.40 0.00 −9.35

Col. Tax Ex. Fd. A 9/21/1994 3/15/2012 13.000 180.05 186.25 0.00 −6.20

Col. Tax Ex. Fd. A 10/19/1994 3/15/2012 13.000 180.05 184.91 0.00 −4.86

Col. Tax Ex. Fd. A 11/18/1994 3/15/2012 55.000 761.75 702.70 0.00 59.05

Col. Tax Ex. Fd. A 11/21/1994 3/15/2012 15.000 207.75 195.37 0.00 12.38

Col. Tax Ex. Fd. A 12/20/1994 3/15/2012 14.000 193.90 188.98 0.00 4.92

Col. Tax Ex. Fd. A 1/19/1995 3/15/2012 13.000 180.05 179.27 0.00 0.78

Col. Tax Ex. Fd. A 2/23/1995 3/15/2012 15.000 207.75 210.87 0.00 −3.12

Col. Tax Ex. Fd. A 3/21/1995 3/15/2012 11.000 152.35 158.18 0.00 −5.83

Col. Tax Ex. Fd. A 4/19/1995 3/15/2012 13.000 180.05 187.64 0.00 −7.59

Col. Tax Ex. Fd. A 5/19/1995 3/15/2012 13.000 180.05 189.53 0.00 −9.48

Col. Tax Ex. Fd. A 6/21/1995 3/15/2012 14.000 193.90 202.23 0.00 −8.33

Col. Tax Ex. Fd. A 7/20/1995 3/15/2012 12.000 166.20 174.98 0.00 −8.78

Col. Tax Ex. Fd. A 8/21/1995 3/15/2012 14.000 193.90 198.98 0.00 −5.08

Col. Tax Ex. Fd. A 9/19/1995 3/15/2012 13.000 180.05 191.15 0.00 −11.10

Col. Tax Ex. Fd. A 10/23/1995 3/15/2012 13.000 180.05 191.92 0.00 −11.87

Col. Tax Ex. Fd. A 11/21/1995 3/15/2012 14.000 193.90 205.48 0.00 −11.58

Col. Tax Ex. Fd. A 11/21/1995 3/15/2012 24.000 332.40 346.57 0.00 −14.17

Col. Tax Ex. Fd. A 12/19/1995 3/15/2012 12.000 166.20 178.84 0.00 −12.64

[*29] Wash sale Gain or

Date of Date of sale Cost basis

Security Quantity Amount loss loss

acquisition or exchange

disallowed

Col. Tax Ex. Fd. A 1/19/1996 3/15/2012 13.000 180.05 194.16 0.00 −14.11

Col. Tax Ex. Fd. A 2/21/1996 3/15/2012 14.000 193.90 210.73 0.00 −16.83

Col. Tax Ex. Fd. A 3/19/1996 3/15/2012 12.000 166.20 174.11 0.00 −7.91

Col. Tax Ex. Fd. A 4/19/1996 3/15/2012 14.000 193.90 202.23 0.00 −8.33

Col. Tax Ex. Fd. A 5/21/1996 3/15/2012 15.000 207.75 216.85 0.00 −9.10

Col. Tax Ex. Fd. A 6/19/1996 3/15/2012 13.000 180.05 185.73 0.00 −5.68

Col. Tax Ex. Fd. A 7/19/1996 3/15/2012 13.000 180.05 187.18 0.00 −7.13

Col. Tax Ex. Fd. A 8/20/1996 3/15/2012 14.000 193.90 204.73 0.00 −10.83

Col. Tax Ex. Fd. A 9/19/1996 3/15/2012 14.000 193.90 203.47 0.00 −9.57

Col. Tax Ex. Fd. A 10/21/1996 3/15/2012 14.000 193.90 204.23 0.00 −10.33

Col. Tax Ex. Fd. A 11/19/1996 3/15/2012 43.000 595.55 615.97 0.00 −20.42

Col. Tax Ex. Fd. A 11/19/1996 3/15/2012 14.000 193.90 203.23 0.00 −9.33

Col. Tax Ex. Fd. A 12/27/1996 3/15/2012 14.000 193.90 201.98 0.00 −8.08

Col. Tax Ex. Fd. A 1/21/1997 3/15/2012 15.000 207.75 215.21 0.00 −7.46

Col. Tax Ex. Fd. A 2/21/1997 3/15/2012 14.000 193.90 204.77 0.00 −10.87

Col. Tax Ex. Fd. A 3/21/1997 3/15/2012 13.000 180.05 188.07 0.00 −8.02

Col. Tax Ex. Fd. A 4/21/1997 3/15/2012 15.000 207.75 213.87 0.00 −6.12

Col. Tax Ex. Fd. A 5/21/1997 3/15/2012 14.000 193.90 202.65 0.00 −8.75

Col. Tax Ex. Fd. A 6/19/1997 3/15/2012 14.000 193.90 205.48 0.00 −11.58

Col. Tax Ex. Fd. A 7/21/1997 3/15/2012 14.000 193.90 207.48 0.00 −13.58

Col. Tax Ex. Fd. A 8/19/1997 3/15/2012 15.000 207.75 220.10 0.00 −12.35

Col. Tax Ex. Fd. A 9/19/1997 3/15/2012 14.000 193.90 207.23 0.00 −13.33

Col. Tax Ex. Fd. A 10/21/1997 3/15/2012 15.000 207.75 219.74 0.00 −11.99

Col. Tax Ex. Fd. A 11/19/1997 3/15/2012 4.000 55.39 56.70 0.00 −1.31

Col. Tax Ex. Fd. A 11/19/1997 3/15/2012 14.000 193.90 206.73 0.00 −12.83

Col. Tax Ex. Fd. A 11/19/1997 3/15/2012 2.000 27.69 28.71 0.00 −1.02

Col. Tax Ex. Fd. A 12/19/1997 3/15/2012 14.000 193.90 208.48 0.00 −14.58

Col. Tax Ex. Fd. A 1/21/1998 3/15/2012 15.000 207.75 225.89 0.00 −18.14

Col. Tax Ex. Fd. A 2/20/1998 3/15/2012 14.000 193.90 210.59 0.00 −16.69

Col. Tax Ex. Fd. A 3/19/1998 3/15/2012 13.000 180.05 194.39 0.00 −14.34

Col. Tax Ex. Fd. A 4/21/1998 3/15/2012 16.000 221.60 237.56 0.00 −15.96

Col. Tax Ex. Fd. A 5/19/1998 3/15/2012 13.000 180.05 193.46 0.00 −13.41

Col. Tax Ex. Fd. A 6/22/1998 3/15/2012 15.000 207.75 223.51 0.00 −15.76

Col. Tax Ex. Fd. A 7/21/1998 3/15/2012 15.000 207.75 222.95 0.00 −15.20

Col. Tax Ex. Fd. A 8/19/1998 3/15/2012 13.000 180.05 194.85 0.00 −14.80

Col. Tax Ex. Fd. A 9/21/1998 3/15/2012 15.000 207.75 225.84 0.00 −18.09

Col. Tax Ex. Fd. A 10/27/1998 3/15/2012 15.000 207.75 226.99 0.00 −19.24

Col. Tax Ex. Fd. A 11/19/1998 3/15/2012 49.000 678.65 716.97 0.00 −38.32

Col. Tax Ex. Fd. A 11/20/1998 3/15/2012 14.000 193.90 208.23 0.00 −14.33

Col. Tax Ex. Fd. A 12/21/1998 3/15/2012 14.000 193.90 209.23 0.00 −15.33

Col. Tax Ex. Fd. A 1/20/1999 3/15/2012 15.000 207.75 222.68 0.00 −14.93

Col. Tax Ex. Fd. A 2/22/1999 3/15/2012 15.000 207.75 222.87 0.00 −15.12

Col. Tax Ex. Fd. A 3/19/1999 3/15/2012 13.000 180.05 192.99 0.00 −12.94

Col. Tax Ex. Fd. A 4/20/1999 3/15/2012 15.000 207.75 221.61 0.00 −13.86

Col. Tax Ex. Fd. A 5/19/1999 3/15/2012 15.000 207.75 219.50 0.00 −11.75

Col. Tax Ex. Fd. A 6/21/1999 3/15/2012 15.000 207.75 215.74 0.00 −7.99

Col. Tax Ex. Fd. A 7/20/1999 3/15/2012 16.000 221.60 229.69 0.00 −8.09

[*30] Wash sale Gain or

Date of Date of sale Cost basis

Security Quantity Amount loss loss

acquisition or exchange

disallowed

Col. Tax Ex. Fd. A 8/19/1999 3/15/2012 16.000 221.60 223.19 0.00 −1.59

Col. Tax Ex. Fd. A 9/21/1999 3/15/2012 17.000 235.45 236.07 0.00 −0.62

Col. Tax Ex. Fd. A 10/19/1999 3/15/2012 15.000 207.75 205.06 0.00 2.69

Col. Tax Ex. Fd. A 11/19/1999 3/15/2012 24.000 332.40 324.11 0.00 8.29

Col. Tax Ex. Fd. A 11/19/1999 3/15/2012 17.000 235.45 231.99 0.00 3.46

Col. Tax Ex. Fd. A 12/21/1999 3/15/2012 17.000 235.45 227.64 0.00 7.81

Col. Tax Ex. Fd. A 1/20/2000 3/15/2012 17.000 235.45 226.13 0.00 9.32

Col. Tax Ex. Fd. A 2/22/2000 3/15/2012 17.000 235.45 226.13 0.00 9.32

Col. Tax Ex. Fd. A 3/21/2000 3/15/2012 17.000 235.45 229.89 0.00 5.56

Col. Tax Ex. Fd. A 4/19/2000 3/15/2012 16.000 221.60 218.72 0.00 2.88

Col. Tax Ex. Fd. A 5/18/2000 3/15/2012 18.000 249.30 238.43 0.00 10.87

Col. Tax Ex. Fd. A 6/19/2000 3/15/2012 18.000 249.30 245.24 0.00 4.06

Col. Tax Ex. Fd. A 7/18/2000 3/15/2012 16.000 221.60 220.82 0.00 0.78

Col. Tax Ex. Fd. A 8/18/2000 3/15/2012 17.000 235.45 236.32 0.00 −0.87

Col. Tax Ex. Fd. A 9/18/2000 3/15/2012 16.000 221.60 223.00 0.00 −1.40

Col. Tax Ex. Fd. A 10/18/2000 3/15/2012 17.000 235.45 235.51 0.00 −0.06

Col. Tax Ex. Fd. A 11/17/2000 3/15/2012 11.000 152.35 147.48 0.00 4.87

Col. Tax Ex. Fd. A 11/20/2000 3/15/2012 19.000 263.15 262.15 0.00 1.00

Col. Tax Ex. Fd. A 12/18/2000 3/15/2012 15.000 207.75 213.87 0.00 −6.12

Col. Tax Ex. Fd. A 1/18/2001 3/15/2012 17.000 235.45 244.72 0.00 −9.27

Col. Tax Ex. Fd. A 2/20/2001 3/15/2012 18.000 249.30 256.70 0.00 −7.40

Col. Tax Ex. Fd. A 3/19/2001 3/15/2012 14.000 193.90 202.98 0.00 −9.08

Col. Tax Ex. Fd. A 4/18/2001 3/15/2012 16.000 221.60 227.24 0.00 −5.64

Col. Tax Ex. Fd. A 5/18/2001 3/15/2012 17.000 235.45 241.20 0.00 −5.75

Col. Tax Ex. Fd. A 6/18/2001 3/15/2012 17.000 235.45 243.21 0.00 −7.76

Col. Tax Ex. Fd. A 7/18/2001 3/15/2012 16.000 221.60 229.80 0.00 −8.20

Col. Tax Ex. Fd. A 8/20/2001 3/15/2012 17.000 235.45 246.74 0.00 −11.29

Col. Tax Ex. Fd. A 9/18/2001 3/15/2012 14.000 193.90 205.23 0.00 −11.33

Col. Tax Ex. Fd. A 10/18/2001 3/15/2012 16.000 221.60 232.35 0.00 −10.75

Col. Tax Ex. Fd. A 11/19/2001 3/15/2012 16.000 221.60 231.84 0.00 −10.24

Col. Tax Ex. Fd. A 11/21/2001 3/15/2012 2.000 27.69 28.31 0.00 −0.62

Col. Tax Ex. Fd. A 12/18/2001 3/15/2012 16.000 221.60 225.54 0.00 −3.94

Col. Tax Ex. Fd. A 1/18/2002 3/15/2012 17.000 235.45 245.04 0.00 −9.59

Col. Tax Ex. Fd. A 2/19/2002 3/15/2012 18.000 249.30 258.62 0.00 −9.32

Col. Tax Ex. Fd. A 3/18/2002 3/15/2012 15.000 207.75 213.31 0.00 −5.56

Col. Tax Ex. Fd. A 4/18/2002 3/15/2012 17.000 235.45 242.91 0.00 −7.46

Col. Tax Ex. Fd. A 5/20/2002 3/15/2012 17.000 235.45 242.09 0.00 −6.64

Col. Tax Ex. Fd. A 6/18/2002 3/15/2012 16.000 221.60 231.34 0.00 −9.74

Col. Tax Ex. Fd. A 7/18/2002 3/15/2012 16.000 221.60 232.64 0.00 −11.04

Col. Tax Ex. Fd. A 8/19/2002 3/15/2012 17.000 235.45 248.29 0.00 −12.84

Col. Tax Ex. Fd. A 9/18/2002 3/15/2012 15.000 207.75 222.54 0.00 −14.79

Col. Tax Ex. Fd. A 10/18/2002 3/15/2012 17.000 235.45 247.91 0.00 −12.46

Col. Tax Ex. Fd. A 11/15/2002 3/15/2012 12.000 166.20 178.21 0.00 −12.01

Col. Tax Ex. Fd. A 11/15/2002 3/15/2012 5.000 69.24 70.88 0.00 −1.64

Col. Tax Ex. Fd. A 11/18/2002 3/15/2012 17.000 235.45 247.46 0.00 −12.01

Col. Tax Ex. Fd. A 12/18/2002 3/15/2012 17.000 235.45 247.49 0.00 −12.04

Col. Tax Ex. Fd. A 1/21/2003 3/15/2012 19.000 263.15 276.09 0.00 −12.94

[*31] Wash sale Gain or

Date of Date of sale Cost basis

Security Quantity Amount loss loss

acquisition or exchange

disallowed

Col. Tax Ex. Fd. A 2/18/2003 3/15/2012 15.000 207.75 220.28 0.00 −12.53

Col. Tax Ex. Fd. A 3/18/2003 3/15/2012 15.000 207.75 221.61 0.00 −13.86

Col. Tax Ex. Fd. A 4/21/2003 3/15/2012 18.000 249.30 263.71 0.00 −14.41

Col. Tax Ex. Fd. A 5/19/2003 3/15/2012 15.000 207.75 224.28 0.00 −16.53

Col. Tax Ex. Fd. A 6/18/2003 3/15/2012 16.000 221.60 239.22 0.00 −17.62

Col. Tax Ex. Fd. A 7/18/2003 3/15/2012 16.000 221.60 235.39 0.00 −13.79

Col. Tax Ex. Fd. A 8/18/2003 3/15/2012 15.000 221.60 230.37 0.00 −8.77

Col. Tax Ex. Fd. A 9/18/2003 3/15/2012 17.000 235.45 248.06 0.00 −12.61

Col. Tax Ex. Fd. A 10/20/2003 3/15/2012 18.000 249.30 260.27 0.00 −10.97

Col. Tax Ex. Fd. A 11/14/2003 3/15/2012 11.000 152.35 155.12 0.00 −2.77

Col. Tax Ex. Fd. A 11/18/2003 3/15/2012 16.000 221.60 234.20 0.00 −12.60

Col. Tax Ex. Fd. A 12/18/2003 3/15/2012 16.000 221.60 234.35 0.00 −12.75

Col. Tax Ex. Fd. A 1/20/2004 3/15/2012 19.000 263.15 279.31 0.00 −16.16

Col. Tax Ex. Fd. A 2/18/2004 3/15/2012 15.000 207.75 221.61 0.00 −13.86

Col. Tax Ex. Fd. A 3/18/2004 3/15/2012 14.000 193.90 208.73 0.00 −14.83

Col. Tax Ex. Fd. A 4/19/2004 3/15/2012 16.000 221.60 231.79 0.00 −10.19

Col. Tax Ex. Fd. A 5/18/2004 3/15/2012 15.000 207.75 214.40 0.00 −6.65

Col. Tax Ex. Fd. A 6/18/2004 3/15/2012 17.000 235.45 242.55 0.00 −7.10

Col. Tax Ex. Fd. A 7/19/2004 3/15/2012 16.000 221.60 231.22 0.00 −9.62

Col. Tax Ex. Fd. A 8/18/2004 3/15/2012 17.000 235.45 246.97 0.00 −11.52

Col. Tax Ex. Fd. A 9/20/2004 3/15/2012 18.000 249.30 261.54 0.00 −12.24

Col. Tax Ex. Fd. A 10/18/2004 3/15/2012 17.000 235.45 247.74 0.00 −12.29

Col. Tax Ex. Fd. A 11/18/2004 3/15/2012 13.000 180.05 189.75 0.00 −9.70

Col. Tax Ex. Fd. A 11/18/2004 3/15/2012 17.000 235.45 246.08 0.00 −10.63

Col. Tax Ex. Fd. A 12/20/2004 3/15/2012 18.000 249.30 260.57 0.00 −11.27

Col. Tax Ex. Fd. A 1/18/2005 3/15/2012 17.000 235.45 246.87 0.00 −11.42

Col. Tax Ex. Fd. A 2/18/2005 3/15/2012 17.000 235.45 247.21 0.00 −11.76

Col. Tax Ex. Fd. A 3/18/2005 3/15/2012 16.000 221.60 231.55 0.00 −9.95

Col. Tax Ex. Fd. A 4/18/2005 3/15/2012 17.000 235.45 245.39 0.00 −9.94

Col. Tax Ex. Fd. A 5/18/2005 3/15/2012 17.000 235.45 245.97 0.00 −10.52

Col. Tax Ex. Fd. A 6/20/2005 3/15/2012 19.000 263.15 273.47 0.00 −10.32

Col. Tax Ex. Fd. A 7/18/2005 3/15/2012 16.000 221.60 231.50 0.00 −9.90

Col. Tax Ex. Fd. A 8/18/2005 3/15/2012 18.000 249.30 259.24 0.00 −9.94

Col. Tax Ex. Fd. A 9/19/2005 3/15/2012 19.000 263.15 270.79 0.00 −7.64

Col. Tax Ex. Fd. A 10/18/2005 3/15/2012 17.000 235.45 241.80 0.00 −6.35

Col. Tax Ex. Fd. A 11/17/2005 3/15/2012 12.000 166.20 164.20 0.00 2.00

Col. Tax Ex. Fd. A 11/17/2005 3/15/2012 18.000 249.30 254.16 0.00 −4.86

Col. Tax Ex. Fd. A 12/16/2005 3/15/2012 18.000 249.30 254.47 0.00 −5.17

Col. Tax Ex. Fd. A 12/19/2005 3/15/2012 1.000 13.85 13.71 0.00 0.14

Col. Tax Ex. Fd. A 1/17/2006 3/15/2012 18.000 249.30 255.11 0.00 −5.81

Col. Tax Ex. Fd. A 2/17/2006 3/15/2012 20.000 277.00 282.09 0.00 −5.09

Col. Tax Ex. Fd. A 2/21/2006 3/15/2012 1.000 13.85 13.91 0.00 −0.06

Col. Tax Ex. Fd. A 3/17/2006 3/15/2012 16.000 221.60 226.96 0.00 −5.36

Col. Tax Ex. Fd. A 4/17/2006 3/15/2012 19.000 263.15 266.88 0.00 −3.73

Col. Tax Ex. Fd. A 5/17/2006 3/15/2012 18.000 249.30 252.88 0.00 −3.58

Col. Tax Ex. Fd. A 5/18/2006 3/15/2012 1.000 13.84 13.87 0.00 −0.03

Col. Tax Ex. Fd. A 6/16/2006 3/15/2012 19.000 263.15 266.19 0.00 −3.04

[*32] Wash sale Gain or

Date of Date of sale Cost basis

Security Quantity Amount loss loss

acquisition or exchange

disallowed

Col. Tax Ex. Fd. A 7/17/2006 3/15/2012 18.000 249.30 252.43 0.00 −3.13

Col. Tax Ex. Fd. A 7/18/2006 3/15/2012 1.000 13.84 13.80 0.00 0.04

Col. Tax Ex. Fd. A 8/17/2006 3/15/2012 19.000 263.15 267.10 0.00 −3.95

Col. Tax Ex. Fd. A 9/15/2006 3/15/2012 19.000 263.15 267.43 0.00 −4.28

Col. Tax Ex. Fd. A 10/17/2006 3/15/2012 19.000 263.15 267.10 0.00 −3.95

Col. Tax Ex. Fd. A 10/18/2006 3/15/2012 1.000 13.84 13.95 0.00 −0.11

Col. Tax Ex. Fd. A 11/17/2006 3/15/2012 12.000 166.20 163.49 0.00 2.71

Col. Tax Ex. Fd. A 11/17/2006 3/15/2012 20.000 277.00 279.98 0.00 −2.98

Col. Tax Ex. Fd. A 11/20/2006 3/15/2012 1.000 13.84 13.61 0.00 0.23

Col. Tax Ex. Fd. A 12/15/2006 3/15/2012 16.000 221.60 225.25 0.00 −3.65

Col. Tax Ex. Fd. A 12/18/2006 3/15/2012 1.000 13.85 13.76 0.00 0.09

Col. Tax Ex. Fd. A 1/17/2007 3/15/2012 18.000 249.30 251.68 0.00 −2.38

Col. Tax Ex. Fd. A 2/16/2007 3/15/2012 20.000 277.00 279.16 0.00 −2.16

Col. Tax Ex. Fd. A 2/20/2007 3/15/2012 1.000 13.85 13.76 0.00 0.09

Col. Tax Ex. Fd. A 3/16/2007 3/15/2012 16.000 221.60 224.68 0.00 −3.08

Col. Tax Ex. Fd. A 4/17/2007 3/15/2012 13.000 180.05 183.95 0.00 −3.90

Col. Tax Ex. Fd. A 5/17/2007 3/15/2012 14.000 193.90 197.25 0.00 −3.35

Col. Tax Ex. Fd. A 6/15/2007 3/15/2012 14.000 193.90 195.73 0.00 −1.83

Col. Tax Ex. Fd. A 7/17/2007 3/15/2012 14.000 193.90 195.99 0.00 −2.09

Col. Tax Ex. Fd. A 8/17/2007 3/15/2012 14.000 193.90 194.98 0.00 −1.08

Col. Tax Ex. Fd. A 9/17/2007 3/15/2012 13.000 180.05 183.01 0.00 −2.96

Col. Tax Ex. Fd. A 10/17/2007 3/15/2012 14.000 193.90 196.16 0.00 −2.26

Col. Tax Ex. Fd. A 11/16/2007 3/15/2012 17.000 235.45 235.25 0.00 0.20

Col. Tax Ex. Fd. A 11/16/2007 3/15/2012 14.000 193.90 194.98 0.00 −1.08

Col. Tax Ex. Fd. A 12/17/2007 3/15/2012 12.000 166.20 168.51 0.00 −2.31

Col. Tax Ex. Fd. A 12/18/2007 3/15/2012 1.000 13.85 13.57 0.00 0.28

Col. Tax Ex. Fd. A 1/17/2008 3/15/2012 19.000 263.15 265.08 0.00 −1.93

Col. Tax Ex. Fd. A 2/15/2008 3/15/2012 19.000 263.15 261.50 0.00 1.65

Col. Tax Ex. Fd. A 3/17/2008 3/15/2012 17.000 235.45 231.68 0.00 3.77

Col. Tax Ex. Fd. A 4/17/2008 3/15/2012 18.000 249.30 246.51 0.00 2.79

Col. Tax Ex. Fd. A 4/18/2008 3/15/2012 1.000 13.85 13.61 0.00 0.24

Col. Tax Ex. Fd. A 5/16/2008 3/15/2012 18.000 249.30 247.15 0.00 2.15

Col. Tax Ex. Fd. A 5/19/2008 3/15/2012 1.000 13.85 13.31 0.00 0.54

Col. Tax Ex. Fd. A 6/17/2008 3/15/2012 18.000 249.30 243.96 0.00 5.34

Col. Tax Ex. Fd. A 7/17/2008 3/15/2012 16.000 221.60 218.35 0.00 3.25

Col. Tax Ex. Fd. A 8/15/2008 3/15/2012 15.000 207.75 205.04 0.00 2.71

Col. Tax Ex. Fd. A 8/18/2008 3/15/2012 1.000 13.85 13.58 0.00 0.27

Col. Tax Ex. Fd. A 9/17/2008 3/15/2012 17.000 235.45 228.54 0.00 6.91

Col. Tax Ex. Fd. A 10/17/2008 3/15/2012 22.000 304.70 270.14 0.00 34.56

Col. Tax Ex. Fd. A 10/20/2008 3/15/2012 1.000 13.85 12.08 0.00 1.77

Col. Tax Ex. Fd. A 11/17/2008 3/15/2012 81.000 1,121.85 1,025.69 0.00 96.16

Col. Tax Ex. Fd. A 11/17/2008 3/15/2012 18.000 249.30 230.04 0.00 19.26

Col. Tax Ex. Fd. A 12/17/2008 3/15/2012 19.000 263.15 231.00 0.00 32.15

Col. Tax Ex. Fd. A 1/16/2009 3/15/2012 19.000 263.15 248.41 0.00 14.74

Col. Tax Ex. Fd. A 2/17/2009 3/15/2012 16.000 221.60 210.15 0.00 11.45

Col. Tax Ex. Fd. A 2/18/2009 3/15/2012 1.000 13.85 12.91 0.00 0.94

Col. Tax Ex. Fd. A 3/17/2009 3/15/2012 15.000 207.75 193.31 0.00 14.44

[*33] Wash sale Gain or

Date of Date of sale Cost basis

Security Quantity Amount loss loss

acquisition or exchange

disallowed

Col. Tax Ex. Fd. A 3/18/2009 3/15/2012 1.000 13.84 12.80 0.00 1.04

Col. Tax Ex. Fd. A 4/17/2009 3/15/2012 10.000 138.50 126.84 0.00 11.66

Col. Tax Ex. Fd. A 5/15/2009 3/15/2012 9.000 124.65 116.71 0.00 7.94

Col. Tax Ex. Fd. A 5/18/2009 3/15/2012 1.000 13.85 13.02 0.00 0.83

Col. Tax Ex. Fd. A 6/24/2009 3/15/2012 13.000 180.05 173.48 0.00 6.57

Col. Tax Ex. Fd. A 7/8/2009 3/15/2012 8.000 110.80 102.85 0.00 7.95

Col. Tax Ex. Fd. A 7/9/2009 3/15/2012 6.000 83.10 77.18 0.00 5.92

Col. Tax Ex. Fd. A 7/24/2009 3/15/2012 6.000 83.10 79.40 0.00 3.70

Col. Tax Ex. Fd. A 8/24/2009 3/15/2012 14.000 193.90 186.94 0.00 6.96

Col. Tax Ex. Fd. A 8/25/2009 3/15/2012 1.000 13.84 13.26 0.00 0.58

Col. Tax Ex. Fd. A 9/24/2009 3/15/2012 14.000 193.90 193.90 0.00 0.00

Col. Tax Ex. Fd. A 10/26/2009 3/15/2012 15.000 207.75 203.79 0.00 3.96

Col. Tax Ex. Fd. A 11/24/2009 3/15/2012 14.000 193.90 189.15 0.00 4.75

Col. Tax Ex. Fd. A 12/17/2009 3/15/2012 16.000 221.60 212.55 0.00 9.05

Col. Tax Ex. Fd. A 12/18/2009 3/15/2012 95.000 1,315.75 1,262.01 0.00 53.74

Col. Tax Ex. Fd. A 12/18/2009 3/15/2012 1.000 13.85 13.34 0.00 0.51

Col. Tax Ex. Fd. A 1/20/2010 3/15/2012 18.000 249.30 239.40 0.00 9.90

Col. Tax Ex. Fd. A 2/19/2010 3/15/2012 14.000 193.90 186.22 0.00 7.68

Col. Tax Ex. Fd. A 2/22/2010 3/15/2012 1.000 13.84 13.30 0.00 0.54

Col. Tax Ex. Fd. A 3/22/2010 3/15/2012 16.000 221.60 213.89 0.00 7.71

Col. Tax Ex. Fd. A 4/21/2010 3/15/2012 16.000 221.60 214.17 0.00 7.43

Col. Tax Ex. Fd. A 5/20/2010 3/15/2012 15.000 207.75 201.58 0.00 6.17

Col. Tax Ex. Fd. A 5/21/2010 3/15/2012 1.000 13.85 13.41 0.00 0.44

Col. Tax Ex. Fd. A 6/21/2010 3/15/2012 17.000 235.45 226.73 0.00 8.72

Col. Tax Ex. Fd. A 7/22/2010 3/15/2012 16.000 221.60 215.57 0.00 6.03

Col. Tax Ex. Fd. A 8/23/2010 3/15/2012 16.000 221.60 219.40 0.00 2.20

Col. Tax Ex. Fd. A 8/23/2010 3/15/2012 1.000 13.85 13.42 0.00 0.43

Col. Tax Ex. Fd. A 9/22/2010 3/15/2012 15.000 207.75 206.45 0.00 1.30

Col. Tax Ex. Fd. A 10/22/2010 3/15/2012 15.000 207.75 206.21 0.00 1.54

Col. Tax Ex. Fd. A 10/22/2010 3/15/2012 1.000 13.84 13.68 0.00 0.16

Col. Tax Ex. Fd. A 11/22/2010 3/15/2012 16.000 221.60 210.90 0.00 10.70

Col. Tax Ex. Fd. A 11/22/2010 3/15/2012 1.000 13.85 13.53 0.00 0.32

Col. Tax Ex. Fd. A 12/16/2010 3/15/2012 38.000 526.30 482.19 0.00 44.11

Col. Tax Ex. Fd. A 12/16/2010 3/15/2012 13.000 180.05 164.89 0.00 15.16

Col. Tax Ex. Fd. A 1/31/2011 3/15/2012 26.000 360.10 326.66 0.00 33.44

Col. Tax Ex. Fd. A 2/28/2011 3/15/2012 16.000 221.60 203.94 0.00 17.66

Nuveen LA Muni A 11/6/1992 3/15/2012 932.000 10,447.72 10,014.53 0.00 433.19

Nuveen LA Muni A 12/2/1992 3/15/2012 3.000 33.62 31.56 0.00 2.06

Nuveen LA Muni A 12/23/1992 3/15/2012 4.000 44.83 42.04 0.00 2.79

Nuveen LA Muni A 1/6/1993 3/15/2012 5.000 56.05 52.70 0.00 3.35

Nuveen LA Muni A 2/3/1993 3/15/2012 5.000 56.04 53.15 0.00 2.89

Nuveen LA Muni A 3/3/1993 3/15/2012 4.000 44.83 44.16 0.00 0.67

Nuveen LA Muni A 4/5/1993 3/15/2012 5.000 56.05 54.20 0.00 1.85

Nuveen LA Muni A 5/5/1993 3/15/2012 5.000 56.04 54.55 0.00 1.49

Nuveen LA Muni A 6/3/1993 3/15/2012 4.000 44.84 43.72 0.00 1.12

Nuveen LA Muni A 7/6/1993 3/15/2012 5.000 56.04 55.45 0.00 0.59

Nuveen LA Muni A 8/4/1993 3/15/2012 5.000 56.05 55.15 0.00 0.90

[*34] Wash sale Gain or

Date of Date of sale Cost basis

Security Quantity Amount loss loss

acquisition or exchange

disallowed

Nuveen LA Muni A 9/3/1993 3/15/2012 4.000 44.83 45.00 0.17 0.00

Nuveen LA Muni A 10/5/1993 3/15/2012 2.000 22.42 22.64 0.22 0.00

Nuveen LA Muni A 10/5/1993 3/15/2012 3.000 33.63 33.96 0.00 −0.33

Nuveen LA Muni A 11/4/1993 3/15/2012 4.000 44.83 45.24 0.00 −0.41

Nuveen LA Muni A 12/3/1993 3/15/2012 5.000 56.05 55.55 0.00 0.50

Nuveen LA Muni A 12/16/1993 3/15/2012 3.000 33.62 33.69 0.00 −0.07

Nuveen LA Muni A 1/5/1994 3/15/2012 5.000 56.05 56.15 0.00 −0.10

Nuveen LA Muni A 2/3/1994 3/15/2012 5.000 56.05 56.60 0.00 −0.55

Nuveen LA Muni A 3/2/1994 3/15/2012 4.000 44.84 43.92 0.00 0.92

Nuveen LA Muni A 4/8/1994 3/15/2012 5.000 56.05 52.15 0.00 3.90

Nuveen LA Muni A 5/10/1994 3/15/2012 5.000 56.05 52.05 0.00 4.00

Nuveen LA Muni A 6/2/1994 3/15/2012 5.000 56.05 52.40 0.00 3.65

Nuveen LA Muni A 7/6/1994 3/15/2012 5.000 56.04 51.85 0.00 4.19

Nuveen LA Muni A 8/3/1994 3/15/2012 5.000 56.05 52.75 0.00 3.30

Nuveen LA Muni A 9/2/1994 3/15/2012 5.000 56.05 52.60 0.00 3.45

Nuveen LA Muni A 10/4/1994 3/15/2012 5.000 56.05 51.30 0.00 4.75

Nuveen LA Muni A 11/2/1994 3/15/2012 5.000 56.05 49.95 0.00 6.10

Nuveen LA Muni A 12/6/1994 3/15/2012 5.000 56.04 48.65 0.00 7.39

Nuveen LA Muni A 1/4/1995 3/15/2012 6.000 67.26 59.70 0.00 7.56

Nuveen LA Muni A 2/2/1995 3/15/2012 5.000 56.05 51.15 0.00 4.90

Nuveen LA Muni A 3/2/1995 3/15/2012 5.000 56.05 52.50 0.00 3.55

Nuveen LA Muni A 4/5/1995 3/15/2012 5.000 56.04 52.65 0.00 3.39

Nuveen LA Muni A 5/2/1995 3/15/2012 5.000 56.04 52.40 0.00 3.64

Nuveen LA Muni A 6/5/1995 3/15/2012 5.000 56.05 54.00 0.00 2.05

Nuveen LA Muni A 7/6/1995 3/15/2012 5.000 56.04 53.05 0.00 2.99

Nuveen LA Muni A 8/2/1995 3/15/2012 5.000 56.04 53.20 0.00 2.84

Nuveen LA Muni A 9/5/1995 3/15/2012 5.000 56.05 53.65 0.00 2.40

Nuveen LA Muni A 10/4/1995 3/15/2012 5.000 56.05 53.70 0.00 2.35

Nuveen LA Muni A 11/2/1995 3/15/2012 6.000 67.26 65.22 0.00 2.04

Nuveen LA Muni A 12/5/1995 3/15/2012 5.000 56.05 55.45 0.00 0.60

Nuveen LA Muni A 1/4/1996 3/15/2012 5.000 56.05 55.90 0.00 0.15

Nuveen LA Muni A 2/2/1996 3/15/2012 5.000 56.05 55.75 0.00 0.30

Nuveen LA Muni A 3/4/1996 3/15/2012 5.000 56.05 55.15 0.00 0.90

Nuveen LA Muni A 4/2/1996 3/15/2012 5.000 56.05 53.95 0.00 2.10

Nuveen LA Muni A 5/2/1996 3/15/2012 5.000 56.05 53.45 0.00 2.60

Nuveen LA Muni A 6/7/1996 3/15/2012 5.000 56.04 53.55 0.00 2.49

Nuveen LA Muni A 7/3/1996 3/15/2012 6.000 67.26 64.56 0.00 2.70

Nuveen LA Muni A 8/2/1996 3/15/2012 5.000 56.05 54.10 0.00 1.95

Nuveen LA Muni A 9/5/1996 3/15/2012 5.000 56.05 53.95 0.00 2.10

Nuveen LA Muni A 9/12/1996 3/15/2012 622.000 6,972.64 7,014.79 0.00 −42.15

Nuveen LA Muni A 10/2/1996 3/15/2012 7.000 78.47 76.58 0.00 1.89

Nuveen LA Muni A 10/7/1996 3/15/2012 8.000 89.68 92.00 0.00 −2.32

Nuveen LA Muni A 11/4/1996 3/15/2012 8.000 89.68 92.00 0.00 −2.32

Nuveen LA Muni A 11/5/1996 3/15/2012 8.000 89.68 88.16 0.00 1.52

Nuveen LA Muni A 12/2/1996 3/15/2012 8.000 89.68 93.44 0.00 −3.76

Nuveen LA Muni A 12/3/1996 3/15/2012 8.000 89.68 89.60 0.00 0.08

Nuveen LA Muni A 1/6/1997 3/15/2012 8.000 89.68 92.16 0.00 −2.48

[*35] Wash sale Gain or

Date of Date of sale Cost basis

Security Quantity Amount loss loss

acquisition or exchange

disallowed

Nuveen LA Muni A 1/7/1997 3/15/2012 8.000 89.68 88.80 0.00 0.88

Nuveen LA Muni A 2/3/1997 3/15/2012 8.000 89.68 92.56 0.00 −2.88

Nuveen LA Muni A 2/6/1997 3/15/2012 9.000 100.89 99.45 0.00 1.44

Nuveen LA Muni A 3/3/1997 3/15/2012 8.000 89.68 92.80 0.00 −3.12

Nuveen LA Muni A 3/5/1997 3/15/2012 8.000 89.68 88.88 0.00 0.80

Nuveen LA Muni A 4/3/1997 3/15/2012 8.000 89.68 87.44 0.00 2.24

Nuveen LA Muni A 4/7/1997 3/15/2012 8.000 89.68 91.20 0.00 −1.52

Nuveen LA Muni A 5/2/1997 3/15/2012 9.000 100.89 99.00 0.00 1.89

Nuveen LA Muni A 5/5/1997 3/15/2012 8.000 89.68 92.00 0.00 −2.32

Nuveen LA Muni A 6/2/1997 3/15/2012 8.000 89.68 92.72 0.00 −3.04

Nuveen LA Muni A 6/5/1997 3/15/2012 8.000 89.68 88.80 0.00 0.88

Nuveen LA Muni A 7/7/1997 3/15/2012 8.000 89.68 94.24 0.00 −4.56

Nuveen LA Muni A 7/7/1997 3/15/2012 9.000 100.89 100.62 0.00 0.27

Nuveen LA Muni A 8/4/1997 3/15/2012 8.000 89.68 95.12 0.00 −5.44

Nuveen LA Muni A 8/5/1997 3/15/2012 8.000 89.68 91.28 0.00 −1.60

Nuveen LA Muni A 9/2/1997 3/15/2012 8.000 89.68 94.16 0.00 −4.48

Nuveen LA Muni A 9/4/1997 3/15/2012 9.000 100.89 101.52 0.00 −0.63

Nuveen LA Muni A 10/3/1997 3/15/2012 8.000 89.68 91.04 0.00 −1.36

Nuveen LA Muni A 10/6/1997 3/15/2012 8.000 89.68 95.36 0.00 −5.68

Nuveen LA Muni A 11/3/1997 3/15/2012 8.000 89.68 94.88 0.00 −5.20

Nuveen LA Muni A 11/4/1997 3/15/2012 9.000 100.89 102.24 0.00 −1.35

Nuveen LA Muni A 12/1/1997 3/15/2012 8.000 89.68 95.52 0.00 −5.84

Nuveen LA Muni A 12/2/1997 3/15/2012 8.000 89.68 91.52 0.00 −1.84

Nuveen LA Muni A 1/2/1998 3/15/2012 3.000 33.63 34.56 0.00 −0.93

Nuveen LA Muni A 1/2/1998 3/15/2012 13.000 145.73 149.76 0.00 −4.03

Nuveen LA Muni A 1/5/1998 3/15/2012 8.000 89.68 96.72 0.00 −7.04

Nuveen LA Muni A 2/2/1998 3/15/2012 8.000 89.68 96.72 0.00 −7.04

Nuveen LA Muni A 2/3/1998 3/15/2012 9.000 100.89 104.22 0.00 −3.33

Nuveen LA Muni A 3/2/1998 3/15/2012 8.000 89.68 96.08 0.00 −6.40

Nuveen LA Muni A 3/3/1998 3/15/2012 8.000 89.68 92.08 0.00 −2.40

Nuveen LA Muni A 4/3/1998 3/15/2012 9.000 100.89 103.59 0.00 −2.70

Nuveen LA Muni A 4/6/1998 3/15/2012 8.000 89.68 96.72 0.00 −7.04

Nuveen LA Muni A 5/4/1998 3/15/2012 8.000 89.68 95.44 0.00 −5.76

Nuveen LA Muni A 5/5/1998 3/15/2012 9.000 100.89 102.69 0.00 −1.80

Nuveen LA Muni A 6/1/1998 3/15/2012 8.000 89.68 96.56 0.00 −6.88

Nuveen LA Muni A 6/3/1998 3/15/2012 9.000 100.89 104.04 0.00 −3.15

Nuveen LA Muni A 7/6/1998 3/15/2012 8.000 89.68 96.48 0.00 −6.80

Nuveen LA Muni A 7/6/1998 3/15/2012 9.000 100.89 103.77 0.00 −2.88

Nuveen LA Muni A 8/3/1998 3/15/2012 8.000 89.68 96.24 0.00 −6.56

Nuveen LA Muni A 8/7/1998 3/15/2012 9.000 100.89 103.68 0.00 −2.79

Nuveen LA Muni A 9/4/1998 3/15/2012 9.000 100.89 104.85 0.00 −3.96

Nuveen LA Muni A 9/8/1998 3/15/2012 8.000 89.68 97.20 0.00 −7.52

Nuveen LA Muni A 10/5/1998 3/15/2012 8.000 89.68 99.12 0.00 −9.44

Nuveen LA Muni A 10/5/1998 3/15/2012 9.000 100.89 106.11 0.00 −5.22

Nuveen LA Muni A 11/2/1998 3/15/2012 8.000 89.68 97.12 0.00 −7.44

Nuveen LA Muni A 11/4/1998 3/15/2012 9.000 100.89 104.67 0.00 −3.78

Nuveen LA Muni A 12/3/1998 3/15/2012 9.000 100.89 104.94 0.00 −4.05

[*36] Wash sale Gain or

Date of Date of sale Cost basis

Security Quantity Amount loss loss

acquisition or exchange

disallowed

Nuveen LA Muni A 12/7/1998 3/15/2012 8.000 89.68 97.20 0.00 −7.52

Nuveen LA Muni A 12/8/1998 3/15/2012 7.000 78.47 81.48 0.00 −3.01

Nuveen LA Muni A 12/23/1998 3/15/2012 10.000 112.10 115.70 0.00 −3.60

Nuveen LA Muni A 1/4/1999 3/15/2012 8.000 89.68 96.80 0.00 −7.12

Nuveen LA Muni A 2/1/1999 3/15/2012 8.000 89.68 97.12 0.00 −7.44

Nuveen LA Muni A 2/3/1999 3/15/2012 9.000 100.89 104.67 0.00 −3.78

Nuveen LA Muni A 3/1/1999 3/15/2012 8.000 89.68 96.00 0.00 −6.32

Nuveen LA Muni A 3/2/1999 3/15/2012 9.000 100.89 103.50 0.00 −2.61

Nuveen LA Muni A 4/5/1999 3/15/2012 8.000 89.68 96.00 0.00 −6.32

Nuveen LA Muni A 4/5/1999 3/15/2012 10.000 112.10 115.00 0.00 −2.90

Nuveen LA Muni A 5/3/1999 3/15/2012 8.000 89.68 95.92 0.00 −6.24

Nuveen LA Muni A 5/4/1999 3/15/2012 9.000 100.89 103.41 0.00 −2.52

Nuveen LA Muni A 6/1/1999 3/15/2012 8.000 89.68 94.64 0.00 −4.96

Nuveen LA Muni A 6/2/1999 3/15/2012 9.000 100.89 101.97 0.00 −1.08

Nuveen LA Muni A 7/2/1999 3/15/2012 10.000 112.10 111.30 0.00 0.80

Nuveen LA Muni A 7/6/1999 3/15/2012 8.000 89.68 92.96 0.00 −3.28

Nuveen LA Muni A 8/2/1999 3/15/2012 8.000 89.68 92.56 0.00 −2.88

Nuveen LA Muni A 8/3/1999 3/15/2012 10.000 112.10 110.80 0.00 1.30

Nuveen LA Muni A 9/2/1999 3/15/2012 10.000 112.10 108.40 0.00 3.70

Nuveen LA Muni A 9/7/1999 3/15/2012 8.000 89.68 90.32 0.00 −0.64

Nuveen LA Muni A 10/4/1999 3/15/2012 8.000 89.68 89.28 0.00 0.40

Nuveen LA Muni A 10/4/1999 3/15/2012 10.000 112.10 106.90 0.00 5.20

Nuveen LA Muni A 11/1/1999 3/15/2012 9.000 100.89 98.19 0.00 2.70

Nuveen LA Muni A 11/2/1999 3/15/2012 11.000 123.31 114.95 0.00 8.36

Nuveen LA Muni A 12/2/1999 3/15/2012 11.000 123.31 115.61 0.00 7.70

Nuveen LA Muni A 12/6/1999 3/15/2012 9.000 100.89 98.73 0.00 2.16

Nuveen LA Muni A 12/21/1999 3/15/2012 11.000 123.31 113.74 0.00 9.57

Nuveen LA Muni A 1/3/2000 3/15/2012 9.000 100.89 96.75 0.00 4.14

Nuveen LA Muni A 2/2/2000 3/15/2012 12.000 134.52 122.04 0.00 12.48

Nuveen LA Muni A 2/7/2000 3/15/2012 9.000 100.89 96.12 0.00 4.77

Nuveen LA Muni A 3/2/2000 3/15/2012 11.000 123.31 113.52 0.00 9.79

Nuveen LA Muni A 3/6/2000 3/15/2012 9.000 100.89 97.20 0.00 3.69

Nuveen LA Muni A 4/3/2000 3/15/2012 9.000 100.89 98.91 0.00 1.98

Nuveen LA Muni A 4/4/2000 3/15/2012 11.000 123.31 115.83 0.00 7.48

Nuveen LA Muni A 5/1/2000 3/15/2012 9.000 100.89 97.74 0.00 3.15

Nuveen LA Muni A 5/2/2000 3/15/2012 11.000 123.31 114.40 0.00 8.91

Nuveen LA Muni A 6/2/2000 3/15/2012 11.000 123.31 113.30 0.00 10.01

Nuveen LA Muni A 6/5/2000 3/15/2012 9.000 100.89 97.20 0.00 3.69

Nuveen LA Muni A 7/3/2000 3/15/2012 9.000 100.89 98.73 0.00 2.16

Nuveen LA Muni A 7/5/2000 3/15/2012 11.000 123.31 115.61 0.00 7.70

Nuveen LA Muni A 8/2/2000 3/15/2012 11.000 123.31 117.04 0.00 6.27

Nuveen LA Muni A 8/7/2000 3/15/2012 8.000 89.68 89.28 0.00 0.40

Nuveen LA Muni A 9/5/2000 3/15/2012 8.000 89.68 90.24 0.00 −0.56

Nuveen LA Muni A 9/5/2000 3/15/2012 12.000 134.52 129.60 0.00 4.92

Nuveen LA Muni A 10/2/2000 3/15/2012 8.000 89.68 89.20 0.00 0.48

Nuveen LA Muni A 10/3/2000 3/15/2012 11.000 123.31 117.48 0.00 5.83

Nuveen LA Muni A 11/2/2000 3/15/2012 11.000 123.31 118.14 0.00 5.17

[*37] Wash sale Gain or

Date of Date of sale Cost basis

Security Quantity Amount loss loss

acquisition or exchange

disallowed

Nuveen LA Muni A 11/6/2000 3/15/2012 8.000 89.68 89.60 0.00 0.08

Nuveen LA Muni A 12/4/2000 3/15/2012 8.000 89.68 90.16 0.00 −0.48

Nuveen LA Muni A 12/4/2000 3/15/2012 11.000 123.31 118.80 0.00 4.51

Nuveen LA Muni A 12/27/2000 3/15/2012 11.000 123.31 121.66 0.00 1.65

Nuveen LA Muni A 1/2/2001 3/15/2012 8.000 89.68 92.88 0.00 −3.20

Nuveen LA Muni A 2/2/2001 3/15/2012 12.000 134.52 133.68 0.00 0.84

Nuveen LA Muni A 2/5/2001 3/15/2012 8.000 89.68 93.20 0.00 −3.52

Nuveen LA Muni A 3/2/2001 3/15/2012 11.000 123.31 122.43 0.00 0.88

Nuveen LA Muni A 3/5/2001 3/15/2012 8.000 89.68 93.04 0.00 −3.36

Nuveen LA Muni A 4/2/2001 3/15/2012 8.000 89.68 93.20 0.00 −3.52

Nuveen LA Muni A 4/3/2001 3/15/2012 11.000 123.31 122.76 0.00 0.55

Nuveen LA Muni A 5/2/2001 3/15/2012 11.000 123.31 120.78 0.00 2.53

Nuveen LA Muni A 5/7/2001 3/15/2012 8.000 89.68 92.16 0.00 −2.48

Nuveen LA Muni A 6/4/2001 3/15/2012 8.000 89.68 92.64 0.00 −2.96

Nuveen LA Muni A 6/4/2001 3/15/2012 12.000 134.52 132.96 0.00 1.56

Nuveen LA Muni A 7/2/2001 3/15/2012 8.000 89.68 92.80 0.00 −3.12

Nuveen LA Muni A 7/3/2001 3/15/2012 11.000 123.31 122.21 0.00 1.10

Nuveen LA Muni A 8/2/2001 3/15/2012 11.000 123.31 123.86 0.00 −0.55

Nuveen LA Muni A 8/6/2001 3/15/2012 8.000 89.68 94.08 0.00 −4.40

Nuveen LA Muni A 9/4/2001 3/15/2012 8.000 89.68 95.04 0.00 −5.36

Nuveen LA Muni A 9/5/2001 3/15/2012 12.000 134.52 136.56 0.00 −2.04

Nuveen LA Muni A 10/1/2001 3/15/2012 8.000 89.68 94.40 0.00 −4.72

Nuveen LA Muni A 10/2/2001 3/15/2012 11.000 123.31 124.30 0.00 −0.99

Nuveen LA Muni A 11/2/2001 3/15/2012 11.000 123.31 125.73 0.00 −2.42

Nuveen LA Muni A 11/5/2001 3/15/2012 8.000 89.68 95.36 0.00 −5.68

Nuveen LA Muni A 12/3/2001 3/15/2012 8.000 89.68 93.76 0.00 −4.08

Nuveen LA Muni A 12/4/2001 3/15/2012 12.000 134.52 134.76 0.00 −0.24

Nuveen LA Muni A 12/27/2001 3/15/2012 12.000 134.52 132.36 0.00 2.16

Nuveen LA Muni A 1/7/2002 3/15/2012 8.000 89.68 92.56 0.00 −2.88

Nuveen LA Muni A 2/4/2002 3/15/2012 8.000 89.68 93.76 0.00 −4.08

Nuveen LA Muni A 2/4/2002 3/15/2012 12.000 134.52 134.52 0.00 0.00

Nuveen LA Muni A 3/4/2002 3/15/2012 8.000 89.68 93.92 0.00 −4.24

Nuveen LA Muni A 3/4/2002 3/15/2012 12.000 134.52 135.24 0.00 −0.72

Nuveen LA Muni A 4/1/2002 3/15/2012 8.000 89.68 91.84 0.00 −2.16

Nuveen LA Muni A 4/2/2002 3/15/2012 12.000 134.52 132.00 0.00 2.52

Nuveen LA Muni A 5/2/2002 3/15/2012 12.000 134.52 133.56 0.00 0.96

Nuveen LA Muni A 5/6/2002 3/15/2012 8.000 89.68 93.12 0.00 −3.44

Nuveen LA Muni A 6/3/2002 3/15/2012 8.000 89.68 93.20 0.00 −3.52

Nuveen LA Muni A 6/4/2002 3/15/2012 12.000 134.52 133.92 0.00 0.60

Nuveen LA Muni A 7/1/2002 3/15/2012 8.000 89.68 93.44 0.00 −3.76

Nuveen LA Muni A 7/2/2002 3/15/2012 13.000 145.73 145.47 0.00 0.26

Nuveen LA Muni A 8/2/2002 3/15/2012 12.000 134.52 136.08 0.00 −1.56

Nuveen LA Muni A 8/5/2002 3/15/2012 8.000 89.68 95.04 0.00 −5.36

Nuveen LA Muni A 9/3/2002 3/15/2012 8.000 89.68 95.68 0.00 −6.00

Nuveen LA Muni A 9/4/2002 3/15/2012 12.000 134.52 137.52 0.00 −3.00

Nuveen LA Muni A 10/2/2002 3/15/2012 12.000 134.52 139.80 0.00 −5.28

Nuveen LA Muni A 10/7/2002 3/15/2012 8.000 89.68 97.36 0.00 −7.68

[*38] Wash sale Gain or

Date of Date of sale Cost basis

Security Quantity Amount loss loss

acquisition or exchange

disallowed

Nuveen LA Muni A 11/4/2002 3/15/2012 8.000 89.68 94.40 0.00 −4.72

Nuveen LA Muni A 11/4/2002 3/15/2012 13.000 145.73 147.29 0.00 −1.56

Nuveen LA Muni A 12/2/2002 3/15/2012 8.000 89.68 93.76 0.00 −4.08

Nuveen LA Muni A 12/3/2002 3/15/2012 12.000 134.52 134.76 0.00 −0.24

Nuveen LA Muni A 12/30/2002 3/15/2012 12.000 134.52 137.16 0.00 −2.64

Nuveen LA Muni A 1/6/2003 3/15/2012 8.000 89.68 95.12 0.00 −5.44

Nuveen LA Muni A 2/3/2003 3/15/2012 8.000 89.68 94.72 0.00 −5.04

Nuveen LA Muni A 2/4/2003 3/15/2012 12.000 134.52 136.08 0.00 −1.56

Nuveen LA Muni A 3/3/2003 3/15/2012 8.000 89.68 96.24 0.00 −6.56

Nuveen LA Muni A 3/4/2003 3/15/2012 12.000 134.52 138.24 0.00 −3.72

Nuveen LA Muni A 4/2/2003 3/15/2012 13.000 145.73 148.46 0.00 −2.73

Nuveen LA Muni A 4/7/2003 3/15/2012 8.000 89.68 94.72 0.00 −5.04

Nuveen LA Muni A 5/2/2003 3/15/2012 12.000 134.52 138.48 0.00 −3.96

Nuveen LA Muni A 5/5/2003 3/15/2012 8.000 89.68 96.32 0.00 −6.64

Nuveen LA Muni A 6/2/2003 3/15/2012 8.000 89.68 97.92 0.00 −8.24

Nuveen LA Muni A 6/3/2003 3/15/2012 12.000 134.52 140.76 0.00 −6.24

Nuveen LA Muni A 7/2/2003 3/15/2012 12.000 134.52 139.44 0.00 −4.92

Nuveen LA Muni A 7/7/2003 3/15/2012 8.000 89.68 96.72 0.00 −7.04

Nuveen LA Muni A 8/4/2003 3/15/2012 8.000 89.68 92.64 0.00 −2.96

Nuveen LA Muni A 8/4/2003 3/15/2012 12.000 134.52 132.96 0.00 1.56

Nuveen LA Muni A 9/2/2003 3/15/2012 8.000 89.68 92.56 0.00 −2.88

Nuveen LA Muni A 9/3/2003 3/15/2012 13.000 145.73 144.04 0.00 1.69

Nuveen LA Muni A 10/2/2003 3/15/2012 12.000 134.52 136.92 0.00 −2.40

Nuveen LA Muni A 10/6/2003 3/15/2012 8.000 89.68 94.40 0.00 −4.72

Nuveen LA Muni A 11/3/2003 3/15/2012 8.000 89.68 94.48 0.00 −4.80

Nuveen LA Muni A 11/4/2003 3/15/2012 13.000 145.73 147.03 0.00 −1.30

Nuveen LA Muni A 12/1/2003 3/15/2012 8.000 89.68 94.96 0.00 −5.28

Nuveen LA Muni A 12/2/2003 3/15/2012 12.000 134.52 136.44 0.00 −1.92

Nuveen LA Muni A 12/30/2003 3/15/2012 13.000 145.73 149.24 0.00 −3.51

Nuveen LA Muni A 1/5/2004 3/15/2012 8.000 89.68 95.52 0.00 −5.84

Nuveen LA Muni A 2/2/2004 3/15/2012 8.000 89.68 96.00 0.00 −6.32

Nuveen LA Muni A 2/3/2004 3/15/2012 12.000 134.52 138.00 0.00 −3.48

Nuveen LA Muni A 3/1/2004 3/15/2012 8.000 89.68 97.28 0.00 −7.60

Nuveen LA Muni A 3/2/2004 3/15/2012 13.000 145.73 151.45 0.00 −5.72

Nuveen LA Muni A 4/2/2004 3/15/2012 12.000 134.52 138.36 0.00 −3.84

Nuveen LA Muni A 4/5/2004 3/15/2012 8.000 89.68 94.88 0.00 −5.20

Nuveen LA Muni A 5/3/2004 3/15/2012 8.000 89.68 93.52 0.00 −3.84

Nuveen LA Muni A 5/4/2004 3/15/2012 14.000 156.94 156.80 0.00 0.14

Nuveen LA Muni A 6/1/2004 3/15/2012 8.000 89.68 92.56 0.00 −2.88

Nuveen LA Muni A 6/2/2004 3/15/2012 13.000 145.73 144.04 0.00 1.69

Nuveen LA Muni A 7/2/2004 3/15/2012 13.000 145.73 144.69 0.00 1.04

Nuveen LA Muni A 7/6/2004 3/15/2012 8.000 89.68 93.68 0.00 −4.00

Nuveen LA Muni A 8/2/2004 3/15/2012 8.000 89.68 93.92 0.00 −4.24

Nuveen LA Muni A 8/3/2004 3/15/2012 14.000 156.94 157.50 0.00 −0.56

Nuveen LA Muni A 9/2/2004 3/15/2012 13.000 145.73 148.33 0.00 −2.60

Nuveen LA Muni A 9/7/2004 3/15/2012 8.000 89.68 94.96 0.00 −5.28

Nuveen LA Muni A 10/4/2004 3/15/2012 8.000 89.68 94.88 0.00 −5.20

[*39] Wash sale Gain or

Date of Date of sale Cost basis

Security Quantity Amount loss loss

acquisition or exchange

disallowed

Nuveen LA Muni A 10/4/2004 3/15/2012 13.000 145.73 147.81 0.00 −2.08

Nuveen LA Muni A 11/1/2004 3/15/2012 8.000 89.68 95.52 0.00 −5.84

Nuveen LA Muni A 11/2/2004 3/15/2012 13.000 145.73 148.72 0.00 −2.99

Nuveen LA Muni A 12/2/2004 3/15/2012 14.000 156.94 158.34 0.00 −1.40

Nuveen LA Muni A 12/6/2004 3/15/2012 8.000 89.68 95.04 0.00 −5.36

Nuveen LA Muni A 12/28/2004 3/15/2012 14.000 156.94 159.32 0.00 −2.38

Nuveen LA Muni A 1/3/2005 3/15/2012 8.000 89.68 95.44 0.00 −5.76

Nuveen LA Muni A 2/2/2005 3/15/2012 13.000 145.73 149.76 0.00 −4.03

Nuveen LA Muni A 2/7/2005 3/15/2012 8.000 89.68 96.88 0.00 −7.20

Nuveen LA Muni A 3/2/2005 3/15/2012 13.000 145.73 148.46 0.00 −2.73

Nuveen LA Muni A 3/7/2005 3/15/2012 8.000 89.68 95.68 0.00 −6.00

Nuveen LA Muni A 4/4/2005 3/15/2012 8.000 89.68 94.56 0.00 −4.88

Nuveen LA Muni A 4/4/2005 3/15/2012 13.000 145.73 147.03 0.00 −1.30

Nuveen LA Muni A 5/2/2005 3/15/2012 8.000 89.68 95.68 0.00 −6.00

Nuveen LA Muni A 5/3/2005 3/15/2012 13.000 145.73 148.98 0.00 −3.25

Nuveen LA Muni A 6/2/2005 3/15/2012 12.000 134.52 138.60 0.00 −4.08

Nuveen LA Muni A 6/6/2005 3/15/2012 8.000 89.68 96.56 0.00 −6.88

Nuveen LA Muni A 7/5/2005 3/15/2012 8.000 89.68 96.00 0.00 −6.32

Nuveen LA Muni A 7/5/2005 3/15/2012 13.000 145.73 149.89 0.00 −4.16

Nuveen LA Muni A 8/1/2005 3/15/2012 8.000 89.68 95.44 0.00 −5.76

Nuveen LA Muni A 8/2/2005 3/15/2012 13.000 145.73 148.59 0.00 −2.86

Nuveen LA Muni A 9/2/2005 3/15/2012 13.000 145.73 149.63 0.00 −3.90

Nuveen LA Muni A 9/6/2005 3/15/2012 9.000 100.89 107.64 0.00 −6.75

Nuveen LA Muni A 10/3/2005 3/15/2012 8.000 89.68 93.84 0.00 −4.16

Nuveen LA Muni A 10/4/2005 3/15/2012 13.000 145.73 146.12 0.00 −0.39

Nuveen LA Muni A 11/1/2005 3/15/2012 13.000 145.73 144.95 0.00 0.78

Nuveen LA Muni A 11/1/2005 3/15/2012 8.000 89.68 92.88 0.00 −3.20

Nuveen LA Muni A 12/1/2005 3/15/2012 13.000 145.73 144.95 0.00 0.78

Nuveen LA Muni A 12/2/2005 3/15/2012 1.000 11.21 11.08 0.00 0.13

Nuveen LA Muni A 12/5/2005 3/15/2012 8.000 89.68 92.48 0.00 −2.80

Nuveen LA Muni A 12/5/2005 3/15/2012 19.000 212.99 210.33 0.00 2.66

Nuveen LA Muni A 12/6/2005 3/15/2012 1.000 11.21 11.09 0.00 0.12

Nuveen LA Muni A 12/27/2005 3/15/2012 13.000 145.73 144.95 0.00 0.78

Nuveen LA Muni A 12/28/2005 3/15/2012 1.000 11.21 11.15 0.00 0.06

Nuveen LA Muni A 1/3/2006 3/15/2012 8.000 89.68 93.28 0.00 −3.60

Nuveen LA Muni A 2/1/2006 3/15/2012 13.000 145.73 144.82 0.00 0.91

Nuveen LA Muni A 2/2/2006 3/15/2012 1.000 11.21 11.15 0.00 0.06

Nuveen LA Muni A 2/6/2006 3/15/2012 8.000 89.68 93.28 0.00 −3.60

Nuveen LA Muni A 3/1/2006 3/15/2012 13.000 145.73 145.60 0.00 0.13

Nuveen LA Muni A 3/6/2006 3/15/2012 8.000 89.68 93.04 0.00 −3.36

Nuveen LA Muni A 4/3/2006 3/15/2012 8.000 89.68 92.64 0.00 −2.96

Nuveen LA Muni A 4/3/2006 3/15/2012 14.000 156.94 155.26 0.00 1.68

Nuveen LA Muni A 4/4/2006 3/15/2012 1.000 11.21 11.10 0.00 0.11

Nuveen LA Muni A 5/1/2006 3/15/2012 8.000 89.68 92.00 0.00 −2.32

Nuveen LA Muni A 5/1/2006 3/15/2012 14.000 156.94 154.28 0.00 2.66

Nuveen LA Muni A 6/1/2006 3/15/2012 14.000 156.94 154.70 0.00 2.24

Nuveen LA Muni A 6/5/2006 3/15/2012 8.000 89.68 92.64 0.00 −2.96

[*40] Wash sale Gain or

Date of Date of sale Cost basis

Security Quantity Amount loss loss

acquisition or exchange

disallowed

Nuveen LA Muni A 7/3/2006 3/15/2012 8.000 89.68 91.76 0.00 −2.08

Nuveen LA Muni A 7/3/2006 3/15/2012 14.000 156.94 153.86 0.00 3.08

Nuveen LA Muni A 7/5/2006 3/15/2012 1.000 11.21 10.97 0.00 0.24

Nuveen LA Muni A 8/1/2006 3/15/2012 14.000 156.94 155.12 0.00 1.82

Nuveen LA Muni A 8/7/2006 3/15/2012 8.000 89.68 92.88 0.00 −3.20

Nuveen LA Muni A 9/1/2006 3/15/2012 14.000 156.94 156.94 0.00 0.00

Nuveen LA Muni A 9/5/2006 3/15/2012 8.000 89.68 93.52 0.00 −3.84

Nuveen LA Muni A 10/2/2006 3/15/2012 8.000 89.68 94.08 0.00 −4.40

Nuveen LA Muni A 10/2/2006 3/15/2012 14.000 156.94 157.78 0.00 −0.84

Nuveen LA Muni A 10/3/2006 3/15/2012 1.000 11.21 11.27 0.00 −0.06

Nuveen LA Muni A 11/1/2006 3/15/2012 14.000 156.94 158.76 0.00 −1.82

Nuveen LA Muni A 11/6/2006 3/15/2012 8.000 89.68 94.24 0.00 −4.56

Nuveen LA Muni A 12/1/2006 3/15/2012 14.000 156.94 160.16 0.00 −3.22

Nuveen LA Muni A 12/4/2006 3/15/2012 8.000 89.68 95.28 0.00 −5.60

Nuveen LA Muni A 12/5/2006 3/15/2012 8.000 89.68 91.20 0.00 −1.52

Nuveen LA Muni A 12/6/2006 3/15/2012 1.000 11.21 11.40 0.00 −0.19

Nuveen LA Muni A 12/27/2006 3/15/2012 14.000 156.94 158.20 0.00 −1.26

Nuveen LA Muni A 1/3/2007 3/15/2012 8.000 89.68 94.40 0.00 −4.72

Nuveen LA Muni A 2/1/2007 3/15/2012 14.000 156.94 157.22 0.00 −0.28

Nuveen LA Muni A 2/2/2007 3/15/2012 1.000 11.21 11.24 0.00 −0.03

Nuveen LA Muni A 2/5/2007 3/15/2012 8.000 89.68 93.92 0.00 −4.24

Nuveen LA Muni A 3/1/2007 3/15/2012 14.000 156.94 158.76 0.00 −1.82

Nuveen LA Muni A 3/5/2007 3/15/2012 8.000 89.68 94.88 0.00 −5.20

Nuveen LA Muni A 4/2/2007 3/15/2012 8.000 89.68 94.00 0.00 −4.32

Nuveen LA Muni A 4/2/2007 3/15/2012 10.000 112.10 112.60 0.00 −0.50

Nuveen LA Muni A 4/3/2007 3/15/2012 1.000 11.21 11.25 0.00 −0.04

Nuveen LA Muni A 5/1/2007 3/15/2012 10.000 112.10 112.80 0.00 −0.70

Nuveen LA Muni A 5/7/2007 3/15/2012 8.000 89.68 94.24 0.00 −4.56

Nuveen LA Muni A 6/1/2007 3/15/2012 10.000 112.10 111.80 0.00 0.30

Nuveen LA Muni A 6/4/2007 3/15/2012 8.000 89.68 93.36 0.00 −3.68

Nuveen LA Muni A 6/4/2007 3/15/2012 1.000 11.21 11.18 0.00 0.03

Nuveen LA Muni A 7/2/2007 3/15/2012 8.000 89.68 92.80 0.00 −3.12

Nuveen LA Muni A 7/2/2007 3/15/2012 10.000 112.10 111.10 0.00 1.00

Nuveen LA Muni A 8/1/2007 3/15/2012 10.000 112.10 111.20 0.00 0.90

Nuveen LA Muni A 8/2/2007 3/15/2012 1.000 11.21 11.11 0.00 0.10

Nuveen LA Muni A 8/6/2007 3/15/2012 8.000 89.68 92.64 0.00 −2.96

Nuveen LA Muni A 9/4/2007 3/15/2012 8.000 89.68 92.24 0.00 −2.56

Nuveen LA Muni A 9/4/2007 3/15/2012 10.000 112.10 110.50 0.00 1.60

Nuveen LA Muni A 9/5/2007 3/15/2012 1.000 11.21 11.11 0.00 0.10

Nuveen LA Muni A 10/1/2007 3/15/2012 8.000 89.68 93.44 0.00 −3.76

Nuveen LA Muni A 10/1/2007 3/15/2012 10.000 112.10 111.90 0.00 0.20

Nuveen LA Muni A 10/2/2007 3/15/2012 1.000 11.21 11.20 0.00 0.01

Nuveen LA Muni A 11/1/2007 3/15/2012 10.000 112.10 112.00 0.00 0.10

Nuveen LA Muni A 11/2/2007 3/15/2012 1.000 11.21 11.21 0.00 0.00

Nuveen LA Muni A 11/5/2007 3/15/2012 8.000 89.68 93.44 0.00 −3.76

Nuveen LA Muni A 12/3/2007 3/15/2012 8.000 89.68 93.60 0.00 −3.92

Nuveen LA Muni A 12/3/2007 3/15/2012 10.000 112.10 112.10 0.00 0.00

[*41] Wash sale Gain or

Date of Date of sale Cost basis

Security Quantity Amount loss loss

acquisition or exchange

disallowed

Nuveen LA Muni A 12/6/2007 3/15/2012 13.000 145.73 145.34 0.00 0.39

Nuveen LA Muni A 12/7/2007 3/15/2012 1.000 11.21 11.12 0.00 0.09

Nuveen LA Muni A 12/28/2007 3/15/2012 11.000 123.31 121.77 0.00 1.54

Nuveen LA Muni A 1/7/2008 3/15/2012 8.000 89.68 93.68 0.00 −4.00

Nuveen LA Muni A 2/1/2008 3/15/2012 15.000 168.15 166.95 0.00 1.20

Nuveen LA Muni A 2/4/2008 3/15/2012 8.000 89.68 92.80 0.00 −3.12

Nuveen LA Muni A 3/3/2008 3/15/2012 9.000 100.89 98.73 0.00 2.16

Nuveen LA Muni A 3/3/2008 3/15/2012 16.000 179.36 167.20 0.00 12.16

Nuveen LA Muni A 3/4/2008 3/15/2012 1.000 11.21 10.63 0.00 0.58

Nuveen LA Muni A 4/1/2008 3/15/2012 16.000 179.36 171.36 0.00 8.00

Nuveen LA Muni A 4/7/2008 3/15/2012 8.000 89.68 89.76 0.00 −0.08

Nuveen LA Muni A 5/1/2008 3/15/2012 16.000 179.36 172.80 0.00 6.56

Nuveen LA Muni A 5/5/2008 3/15/2012 8.000 89.68 90.16 0.00 −0.48

Nuveen LA Muni A 6/2/2008 3/15/2012 8.000 89.68 90.56 0.00 −0.88

Nuveen LA Muni A 6/2/2008 3/15/2012 16.000 179.36 173.28 0.00 6.08

Nuveen LA Muni A 7/1/2008 3/15/2012 16.000 179.36 170.72 0.00 8.64

Nuveen LA Muni A 7/7/2008 3/15/2012 8.000 89.68 89.68 0.00 0.00

Nuveen LA Muni A 8/1/2008 3/15/2012 16.000 179.36 169.60 0.00 9.76

Nuveen LA Muni A 8/4/2008 3/15/2012 9.000 100.89 99.72 0.00 1.17

Nuveen LA Muni A 8/4/2008 3/15/2012 1.000 11.21 10.61 0.00 0.60

Nuveen LA Muni A 9/2/2008 3/15/2012 8.000 89.68 89.20 0.00 0.48

Nuveen LA Muni A 9/2/2008 3/15/2012 17.000 190.57 181.56 0.00 9.01

Nuveen LA Muni A 10/1/2008 3/15/2012 18.000 201.78 182.16 0.00 19.62

Nuveen LA Muni A 10/6/2008 3/15/2012 9.000 100.89 95.13 0.00 5.76

Nuveen LA Muni A 11/3/2008 3/15/2012 9.000 100.89 90.90 0.00 9.99

Nuveen LA Muni A 11/3/2008 3/15/2012 19.000 212.99 183.73 0.00 29.26

Nuveen LA Muni A 12/1/2008 3/15/2012 10.000 112.10 99.40 0.00 12.70

Nuveen LA Muni A 12/1/2008 3/15/2012 19.000 212.99 181.07 0.00 31.92

Nuveen LA Muni A 12/2/2008 3/15/2012 1.000 11.21 9.48 0.00 1.73

Nuveen LA Muni A 12/5/2008 3/15/2012 14.000 156.94 131.46 0.00 25.48

Nuveen LA Muni A 12/26/2008 3/15/2012 20.000 224.20 182.80 0.00 41.40

Nuveen LA Muni A 12/29/2008 3/15/2012 1.000 11.21 9.16 0.00 2.05

Nuveen LA Muni A 1/5/2009 3/15/2012 10.000 112.10 96.30 0.00 15.80

Nuveen LA Muni A 2/2/2009 3/15/2012 9.000 100.89 90.90 0.00 9.99

Nuveen LA Muni A 2/2/2009 3/15/2012 19.000 212.99 183.54 0.00 29.45

Nuveen LA Muni A 3/2/2009 3/15/2012 10.000 112.10 99.60 0.00 12.50

Nuveen LA Muni A 3/2/2009 3/15/2012 19.000 212.99 181.26 0.00 31.73

Nuveen LA Muni A 3/3/2009 3/15/2012 1.000 11.21 9.52 0.00 1.69

Nuveen LA Muni A 4/1/2009 3/15/2012 19.000 212.99 180.88 0.00 32.11

Nuveen LA Muni A 4/2/2009 3/15/2012 1.000 11.21 9.53 0.00 1.68

Nuveen LA Muni A 4/6/2009 3/15/2012 10.000 112.10 99.30 0.00 12.80

Nuveen LA Muni A 5/1/2009 3/15/2012 14.000 156.94 136.08 0.00 20.86

Nuveen LA Muni A 5/4/2009 3/15/2012 9.000 100.89 91.80 0.00 9.09

Nuveen LA Muni A 6/1/2009 3/15/2012 9.000 100.89 93.33 0.00 7.56

Nuveen LA Muni A 6/1/2009 3/15/2012 13.000 145.73 129.48 0.00 16.25

Nuveen LA Muni A 6/2/2009 3/15/2012 1.000 11.21 9.93 0.00 1.28

[*42] Wash sale Gain or

Date of Date of sale Cost basis

Security Quantity Amount loss loss

acquisition or exchange

disallowed

Nuveen LA Muni A 7/1/2009 3/15/2012 14.000 156.94 138.46 0.00 18.48

Nuveen LA Muni A 7/6/2009 3/15/2012 9.000 100.89 92.97 0.00 7.92

Nuveen LA Muni A 8/3/2009 3/15/2012 9.000 100.89 93.78 0.00 7.11

Nuveen LA Muni A 8/3/2009 3/15/2012 13.000 145.73 129.74 0.00 15.99

Nuveen LA Muni A 8/4/2009 3/15/2012 1.000 11.21 9.98 0.00 1.23

Nuveen LA Muni A 9/1/2009 3/15/2012 13.000 145.73 131.95 0.00 13.78

Nuveen LA Muni A 9/2/2009 3/15/2012 1.000 11.21 10.20 0.00 1.01

Nuveen LA Muni A 9/8/2009 3/15/2012 9.000 100.89 96.03 0.00 4.86

Nuveen LA Muni A 10/1/2009 3/15/2012 13.000 145.73 137.02 0.00 8.71

Nuveen LA Muni A 10/5/2009 3/15/2012 9.000 100.89 99.00 0.00 1.89

Nuveen LA Muni A 11/2/2009 3/15/2012 9.000 100.89 97.11 0.00 3.78

Nuveen LA Muni A 11/2/2009 3/15/2012 13.000 145.73 134.68 0.00 11.05

Nuveen LA Muni A 11/3/2009 3/15/2012 1.000 11.21 10.36 0.00 0.85

Nuveen LA Muni A 12/1/2009 3/15/2012 13.000 145.73 134.68 0.00 11.05

Nuveen LA Muni A 12/2/2009 3/15/2012 1.000 11.21 10.40 0.00 0.81

Nuveen LA Muni A 12/7/2009 3/15/2012 9.000 100.89 97.56 0.00 3.33

Nuveen LA Muni A 12/28/2009 3/15/2012 13.000 145.73 135.07 0.00 10.66

Nuveen LA Muni A 1/4/2010 3/15/2012 9.000 100.89 97.38 0.00 3.51

Nuveen LA Muni A 2/1/2010 3/15/2012 9.000 100.89 97.65 0.00 3.24

Nuveen LA Muni A 2/1/2010 3/15/2012 13.000 145.73 135.33 0.00 10.40

Nuveen LA Muni A 2/2/2010 3/15/2012 1.000 11.21 10.43 0.00 0.78

Nuveen LA Muni A 3/1/2010 3/15/2012 9.000 100.89 97.92 0.00 2.97

Nuveen LA Muni A 3/1/2010 3/15/2012 13.000 145.73 135.72 0.00 10.01

Nuveen LA Muni A 3/2/2010 3/15/2012 1.000 11.21 10.44 0.00 0.77

Nuveen LA Muni A 4/1/2010 3/15/2012 13.000 145.73 135.72 0.00 10.01

Nuveen LA Muni A 4/5/2010 3/15/2012 9.000 100.89 97.92 0.00 2.97

Nuveen LA Muni A 4/5/2010 3/15/2012 1.000 11.21 10.44 0.00 0.77

Nuveen LA Muni A 4/30/2010 3/15/2012 13.000 145.73 136.89 0.00 8.84

Nuveen LA Muni A 5/3/2010 3/15/2012 9.000 100.89 98.73 0.00 2.16

Nuveen LA Muni A 5/3/2010 3/15/2012 1.000 11.21 10.53 0.00 0.68

Nuveen LA Muni A 5/28/2010 3/15/2012 13.000 145.73 137.54 0.00 8.19

Nuveen LA Muni A 6/1/2010 3/15/2012 1.000 11.21 10.58 0.00 0.63

Nuveen LA Muni A 6/7/2010 3/15/2012 9.000 100.89 99.09 0.00 1.80

Nuveen LA Muni A 6/30/2010 3/15/2012 13.000 145.73 137.01 0.00 8.72

Nuveen LA Muni A 7/6/2010 3/15/2012 9.000 100.89 98.91 0.00 1.98

Nuveen LA Muni A 7/30/2010 3/15/2012 13.000 145.73 138.32 0.00 7.41

Nuveen LA Muni A 7/30/2010 3/15/2012 1.000 11.21 10.54 0.00 0.67

Nuveen LA Muni A 8/2/2010 3/15/2012 9.000 100.89 99.72 0.00 1.17

Nuveen LA Muni A 8/31/2010 3/15/2012 13.000 145.73 140.79 0.00 4.94

Nuveen LA Muni A 8/31/2010 3/15/2012 1.000 11.21 10.68 0.00 0.53

Nuveen LA Muni A 9/7/2010 3/15/2012 8.000 89.68 90.08 0.00 −0.40

Nuveen LA Muni A 9/30/2010 3/15/2012 13.000 145.73 140.66 0.00 5.07

Nuveen LA Muni A 9/30/2010 3/15/2012 1.000 11.21 10.82 0.00 0.39

Nuveen LA Muni A 10/4/2010 3/15/2012 8.000 89.68 90.08 0.00 −0.40

Nuveen LA Muni A 10/29/2010 3/15/2012 13.000 145.73 139.87 0.00 5.86

Nuveen LA Muni A 11/1/2010 3/15/2012 8.000 89.68 89.68 0.00 0.00

Nuveen LA Muni A 11/30/2010 3/15/2012 14.000 156.94 147.13 0.00 9.81

[*43] Wash sale Gain or

Date of Date of sale Cost basis

Security Quantity Amount loss loss

acquisition or exchange

disallowed

Nuveen LA Muni A 11/30/2010 3/15/2012 1.000 11.21 10.77 0.00 0.44

Nuveen LA Muni A 12/6/2010 3/15/2012 9.000 100.89 98.37 0.00 2.52

Nuveen LA Muni A 12/31/2010 3/15/2012 14.000 156.94 143.36 0.00 13.58

Nuveen LA Muni A 1/3/2011 3/15/2012 9.000 100.89 96.03 0.00 4.86

Nuveen LA Muni A 1/31/2011 3/15/2012 14.000 156.94 141.40 0.00 15.54

Nuveen LA Muni A 1/31/2011 3/15/2012 1.000 11.21 10.30 0.00 0.91

Nuveen LA Muni A 2/28/2011 3/15/2012 14.000 156.95 143.21 0.00 13.74

Nuveen LA Muni A 2/28/2011 3/15/2012 1.000 11.21 10.11 0.00 1.10

Blackrock Nat I 7/26/1999 3/15/2012 5.000 53.70 54.35 0.65 0.00

Blackrock Nat I 7/26/1999 3/15/2012 16.000 171.83 173.93 0.00 −2.10

Blackrock Nat I 8/25/1999 3/15/2012 11.000 118.13 119.21 0.00 −1.08

Blackrock Nat I 9/27/1999 3/15/2012 20.000 214.80 202.67 0.00 12.13

Blackrock Nat I 10/15/1999 3/15/2012 3.000 32.21 32.94 0.00 −0.73

Blackrock Nat I 10/25/1999 3/15/2012 8.000 85.92 81.60 0.00 4.32

Blackrock Nat I 11/26/1999 3/15/2012 5.000 53.70 49.96 0.00 3.74

Blackrock Nat I 12/27/1999 3/15/2012 5.000 53.70 48.95 0.00 4.75

Blackrock Nat I 1/25/2000 3/15/2012 5.000 53.70 48.36 0.00 5.34

Blackrock Nat I 2/25/2000 3/15/2012 20.000 214.80 195.95 0.00 18.85

Blackrock Nat I 3/27/2000 3/15/2012 3.000 32.22 33.24 0.00 −1.02

Blackrock Nat I 4/17/2000 3/15/2012 2.000 21.48 16.59 0.00 4.89

Blackrock Nat I 4/25/2000 3/15/2012 3.000 32.22 33.07 0.00 −0.85

Blackrock Nat I 5/25/2000 3/15/2012 3.000 32.21 32.39 0.00 −0.18

Blackrock Nat I 6/15/2000 3/15/2012 2.000 21.47 16.51 0.00 4.96

Blackrock Nat I 6/26/2000 3/15/2012 3.000 32.22 33.17 0.00 −0.95

Blackrock Nat I 7/25/2000 3/15/2012 3.000 32.22 33.53 0.00 −1.31

Blackrock Nat I 8/15/2000 3/15/2012 2.000 21.48 16.88 0.00 4.60

Blackrock Nat I 8/25/2000 3/15/2012 75.000 805.50 782.45 0.00 23.05

Blackrock Nat I 9/15/2000 3/15/2012 2.000 21.48 16.92 0.00 4.56

Blackrock Nat I 9/25/2000 3/15/2012 15.000 161.10 151.81 0.00 9.29

Blackrock Nat I 10/25/2000 3/15/2012 11.000 118.14 118.30 0.00 −0.16

Blackrock Nat I 11/15/2000 3/15/2012 2.000 21.48 16.80 0.00 4.68

Blackrock Nat I 11/27/2000 3/15/2012 3.000 32.22 33.68 0.00 −1.46

Blackrock Nat I 12/15/2000 3/15/2012 2.000 21.47 17.20 0.00 4.27

Blackrock Nat I 12/26/2000 3/15/2012 5.000 53.70 51.89 0.00 1.81

Blackrock Nat I 1/25/2001 3/15/2012 3.000 32.21 34.49 0.00 −2.28

Blackrock Nat I 2/15/2001 3/15/2012 2.000 21.48 17.26 0.00 4.22

Blackrock Nat I 2/26/2001 3/15/2012 3.000 32.21 34.51 0.00 −2.30

Blackrock Nat I 3/15/2001 3/15/2012 2.000 21.48 17.32 0.00 4.16

Blackrock Nat I 3/26/2001 3/15/2012 3.000 32.22 34.71 0.00 −2.49

Blackrock Nat I 4/25/2001 3/15/2012 3.000 32.22 33.79 0.00 −1.57

Blackrock Nat I 5/15/2001 3/15/2012 2.000 21.47 16.93 0.00 4.54

Blackrock Nat I 5/25/2001 3/15/2012 3.000 32.22 34.02 0.00 −1.80

Blackrock Nat I 6/15/2001 3/15/2012 2.000 21.48 17.11 0.00 4.37

Blackrock Nat I 6/25/2001 3/15/2012 5.000 53.70 51.42 0.00 2.28

Blackrock Nat I 7/25/2001 3/15/2012 5.000 53.70 51.78 0.00 1.92

Blackrock Nat I 8/27/2001 3/15/2012 44.000 472.56 472.77 0.00 −0.21

Blackrock Nat I 9/17/2001 3/15/2012 3.000 32.22 35.04 0.00 −2.82

[*44] Wash sale Gain or

Date of Date of sale Cost basis

Security Quantity Amount loss loss

acquisition or exchange

disallowed

Blackrock Nat I 9/25/2001 3/15/2012 3.000 32.22 34.64 0.00 −2.42

Blackrock Nat I 10/25/2001 3/15/2012 2.000 21.48 17.39 0.00 4.09

Blackrock Nat I 11/15/2001 3/15/2012 3.000 32.22 34.78 0.00 −2.56

Blackrock Nat I 11/26/2001 3/15/2012 2.000 21.48 17.22 0.00 4.26

Blackrock Nat I 12/17/2001 3/15/2012 3.000 32.22 33.58 0.00 −1.36

Blackrock Nat I 12/26/2001 3/15/2012 7.000 75.18 67.68 0.00 7.50

Blackrock Nat I 1/25/2002 3/15/2012 2.000 21.48 17

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