FUND STATISTICS

as of February 29, 2008

TENNESSEE TAX-FREE INCOME SERIES

Portfolio Composition:	*100% Tennessee Municipal Bonds*

Inception Date:	December 15, 1993
Total Net Assets:	$97,179,616.01
Dividends:	Accrued - Daily
	Distributed - Quarterly

Quality Composition:	Short-Term	0.00%
	Aaa/AAA	63.09%
	Aa/AA	35.76%
	A	0.34%
	Baa/BBB	0.81%
	Non-Rated*	0.00%

TENNESSEE TAX-FREE SHORT-TO-MEDIUM SERIES

Portfolio Composition:	*100% Tennessee Municipal Bonds*

Inception Date:	November 1, 1994
Total Net Assets:	$9,751,465.12
Dividends:	Accrued - Daily
	Distributed - Monthly

Quality Composition:	Short-Term	0.00%
	Aaa/AAA	71.97%
	Aa/AA	22.88%
	A	0.00%
	Baa/BBB	4.38%
	Non-Rated*	0.77%

* We buy non-rated bonds only if, in our opinion, they are of investment grade quality.

We do not buy bonds that are subject to the Alternative Minimum Tax.

(Portfolio listings are available upon request.)